Retail Operations - Meaning, Scope, Examples and 5 S of Retail
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2 سال پیش
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Retail Operations
1. Scope of Retail Management
2. Buying and Merchandising
3. Store Operations
4. Human Resources
5. Marketing
6. Finance
7. Visual Merchandising
8. Supply Chain Management and Logistics
9. Sales
Scope of Retail Management
Buying and Merchandising
Key tasks in this area include selection of vendors, costing of merchandise procured, allocation of merchandise to the stores, developing distribution plans and calculating gross margins.
Store Operations
Store professionals in the store operations area oversee overall store operations and profits.
Responsibilities in operations may vary from being responsibilities for a department, floor, and entire store or for a group of stores.
Human resources
Human resources in retail includes recruiting and hiring employees at various levels within the organization.
If the employees whose duty is to convince the shopper and make them buy, are not trained and motivated, results will not be up to the mark.
Marketing
In retail marketing, functions may include different departments like advertising, sales, promotion, public relations etc.
The entail a good mix of push and pull strategy to convert visitors into customers
Finance
Retailers also has to take care of all accounting and treasury functions like accounting for income, paying expenses, maintaining financial records, cash flow control, banking, credit policies etc.
Auditing of stores for merchandise and money is another responsibility of this department.
Visual merchandising
Visual merchandising is largely associated with creating the overall look of the store.
Retailers are responsible for building and placement of design elements, enhance business image and differentiate themselves from the competitors.
Supply Chain Management & Logistics
Depending upon the size of the organization, retailer has to perform the functions of supply chain management.
Analyzing and negotiating contracts with suppliers, manufacturers and distributors, capacity and production planning, resources, allocation etc.
Sales
Selling goods to the customer at the right time, right place and in right quantity to the customer is one of the major function.
Sales ultimately determine the long term viability of a retail store; especially for stores such as a supermarket where the margins are thin.
5S of Retail Operations
Systems
Refer not only to information technology, but also to the processes and the procedures that the retailer has in place for ensuring the smooth functioning of the retail store.
Standards
Refer to the set of guidelines or the standards set by the retailer in terms of service within the environs of the store.
Stock
It is a reality that a customer does come to a retail store to buy merchandise and the ultimate aim of the retailer is to sell the products.
Space
Once the stock has reached the store, it needs to be displayed accurately in order to enable the customer to make a purchase.
Staff
It is essential for customer contact.
Ultimately, the employee of a retail store is like a walking billboard for the store.
Retail Store – Introduction
A retail store is the place where customers take decisions on the purchase of the products offered by the retailer.
It is the point of contact between the customer and the retailer.
It influences the perceptions that customers form in their minds about the store, the products, services and the staff.
From the management’s point of view, operations of the store are a major element of the cost.
Responsibilities of a Store Manager
Management of Employees
A store manager is the person ultimately responsible for the day-to-day operations or management of a retail store.
The store manager has to manage store employees working at various levels such as sales, store staff, cleaning staff and clerical staff.
Maintaining the Sales Environment
When a customer walks in – he/she should be motivated to shop, which ultimately entails an inviting sales environment.
It involves implementation of store layout plans, displaying merchandise, replenishment of stock, visual merchandising task and maintaining the sales record effectively.
Cost Minimization
It involves controlling expenses that are essential to run a store.
By way of applying cost effective policies, expenses can be reduced resulting in increased profitability. It is possible by elimination of waste, errors and accidents.
Recruitment, Training and Development
The store manager has to handle the job of recruiting the right employee for the right job.
Then train and adjust them according to the stores policies and working environment.
This video is on Retail Operations and it has the following sub-topics.
Time Stamps
0:00 What is Retail Operations?
0:33 Scope of Retail Management
3:13 5S of Retail Operations
4:21 Retail Store – Introduction
4:44 Responsibilities of a Store Manager
Retail Operations
1. Scope of Retail Management
2. Buying and Merchandising
3. Store Operations
4. Human Resources
5. Marketing
6. Finance
7. Visual Merchandising
8. Supply Chain Management and Logistics
9. Sales
Scope of Retail Management
Buying and Merchandising
Key tasks in this area include selection of vendors, costing of merchandise procured, allocation of merchandise to the stores, developing distribution plans and calculating gross margins.
Store Operations
Store professionals in the store operations area oversee overall store operations and profits.
Responsibilities in operations may vary from being responsibilities for a department, floor, and entire store or for a group of stores.
Human resources
Human resources in retail includes recruiting and hiring employees at various levels within the organization.
If the employees whose duty is to convince the shopper and make them buy, are not trained and motivated, results will not be up to the mark.
Marketing
In retail marketing, functions may include different departments like advertising, sales, promotion, public relations etc.
The entail a good mix of push and pull strategy to convert visitors into customers
Finance
Retailers also has to take care of all accounting and treasury functions like accounting for income, paying expenses, maintaining financial records, cash flow control, banking, credit policies etc.
Auditing of stores for merchandise and money is another responsibility of this department.
Visual merchandising
Visual merchandising is largely associated with creating the overall look of the store.
Retailers are responsible for building and placement of design elements, enhance business image and differentiate themselves from the competitors.
Supply Chain Management & Logistics
Depending upon the size of the organization, retailer has to perform the functions of supply chain management.
Analyzing and negotiating contracts with suppliers, manufacturers and distributors, capacity and production planning, resources, allocation etc.
Sales
Selling goods to the customer at the right time, right place and in right quantity to the customer is one of the major function.
Sales ultimately determine the long term viability of a retail store; especially for stores such as a supermarket where the margins are thin.
5S of Retail Operations
Systems
Refer not only to information technology, but also to the processes and the procedures that the retailer has in place for ensuring the smooth functioning of the retail store.
Standards
Refer to the set of guidelines or the standards set by the retailer in terms of service within the environs of the store.
Stock
It is a reality that a customer does come to a retail store to buy merchandise and the ultimate aim of the retailer is to sell the products.
Space
Once the stock has reached the store, it needs to be displayed accurately in order to enable the customer to make a purchase.
Staff
It is essential for customer contact.
Ultimately, the employee of a retail store is like a walking billboard for the store.
Retail Store – Introduction
A retail store is the place where customers take decisions on the purchase of the products offered by the retailer.
It is the point of contact between the customer and the retailer.
It influences the perceptions that customers form in their minds about the store, the products, services and the staff.
From the management’s point of view, operations of the store are a major element of the cost.
Responsibilities of a Store Manager
Management of Employees
A store manager is the person ultimately responsible for the day-to-day operations or management of a retail store.
The store manager has to manage store employees working at various levels such as sales, store staff, cleaning staff and clerical staff.
Maintaining the Sales Environment
When a customer walks in – he/she should be motivated to shop, which ultimately entails an inviting sales environment.
It involves implementation of store layout plans, displaying merchandise, replenishment of stock, visual merchandising task and maintaining the sales record effectively.
Cost Minimization
It involves controlling expenses that are essential to run a store.
By way of applying cost effective policies, expenses can be reduced resulting in increased profitability. It is possible by elimination of waste, errors and accidents.
Recruitment, Training and Development
The store manager has to handle the job of recruiting the right employee for the right job.
Then train and adjust them according to the stores policies and working environment.
This video is on Retail Operations and it has the following sub-topics.
Time Stamps
0:00 What is Retail Operations?
0:33 Scope of Retail Management
3:13 5S of Retail Operations
4:21 Retail Store – Introduction
4:44 Responsibilities of a Store Manager
2 سال پیش
در تاریخ 1401/09/01 منتشر شده
است.
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