Retail might be a person’s targeted business. At the core of every transaction is human interaction. How this interaction is transacted can be the key purpose of distinction between one retain business and another. How retailers speak to customers can modification a business forever.
Too usually in these days’s retail world, the important of fine retail communication is lost. Businesses are too busy chasing revenue or worrying relating to alternative things to understand that it’s at the counter and addressing customers where a business will fail or succeed.
How retailers and their staff speak to customers is vitally important. Here are some easy tips for making a better expertise around how you speak to customers:
Be real. Customers acknowledge if you are faking the smile or interest. You are there serving behind the counter or within the look as a results of you’ve got chose to be there by obtaining out of bed within the morning. Respect your customers by being real and in the instant with them.
Respect them. Anyone who desires to pay cash in your retail store deserves respect regardless of how small or huge their transaction is. Show your respect by how you speak to them. Care and show it. Respect is shown not only inside the words you opt on but conjointly in your face and so the gestures that return with the words.
Speak to your customers and not at them. If they feel you’re treating them as an equal and not as on top of them they are further seemingly to go to once a lot of and surely that is what every retailer wants. Youngsters should be treated extra as customers and not as kids. Previous customers ought to be treated as customers and now as previous customers.
Have a laugh. Show some of your temperament in speaking together with your customers. Allow them to see that you’re not a robot just like the people behind the sales counter in an exceedingly very national retail store. By being humorous or personal is some respectful approach you may be able to bring a warm and human face to the retail business.
Remember how you want to be spoken to. Treat your customers as you need to be treated among the sale situation.
Take time out. If talking to customers with real respect could be a challenge as a result of one thing that went on, take your time out to refocus and recharge. Have a place in the business where you’ll go and, as they assert, get your head together.
How you speak to customers can build or break your retail business. Invest time in getting this right and you’ll have several customers walking out having enjoyed and trusted the experience. It is when they tell their friends that the business can see growth.
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Some retailers think that investing on a Retail Software is a complete waste of money since they won’t use even half its features. Well, it’s a complete false notion as this software does more than merely handling your point of sale. One can say that a complete Retail Software is meant for streamlining various operations of a business – right from sourcing, storing, and marketing to the point-of-sale. Once all these Retail functions are streamlined, success of a business is sure with increased profit margins.
Inventory Management Software for Retailers
All small and large retailers face problems related to the inventory, stock purchases and their returns. To handle stocks we often get Inventory Management Software, which may also form a part of an integrated Retail Software. Since inventory forms the core of every Retail business, it is always advisable for retailers to keep a software which takes complete record of their stock and warehouse. Again, it is worth mentioning here that an exclusive Inventory Management Software is more relevant to Manufacturing and Trading sectors while for retailers a comprehensive Retail Software suits the best.
One may not deny that an Inventory Management Software reduces paperwork as it efficiently records sales, purchases, sales and purchase returns, invoices, purchase orders, pay orders etc. However, an integrated Retail Software is always better for retailers as it is more affordable and controls other Retail operations along with warehouse and inventory.
Salient Features of Retail Software A Retail POS System is generally used at all checkout points where any kind of transaction is taking place. Its main utilities are scanning barcodes, generating purchase orders, receipts and vouchers. Advanced Retail Software with POS System comes with easy Graphical User Interface, remote support and good operating speed. Considering the growing competition, most POS software are reliable, affordable and the ones which can be easily installed. However, taking into account the size, structure and priority of the products a particular company may customize its Retail Software to suit its needs. To greatly reduce service time and increase work efficiency, all advanced Retail Software come with keyboard, mouse and touchscreen settings. POS System for various industries
It’s true that the concept of POS System in software is mainly attached to the Retail industry. However, there are many other industries where POS Software are equally in usage like Restaurant, Hotel, Sap and Salon, and Medical industries. POS System can take best control of Restaurant inventory and cashbox. Similarly in Hotels, POS Systems are integrated with Hotel Management Software to take complete records of a Hotel’s food inventory, sales, etc. In Spa and Salon, POS Systems are used to maintain performance based reports for instance appointments, customer database, roster, tills etc. Finally, in Medical and Pharmacy the usage of POS System has become widely prevalent for billing and complete check on stock, pilferage, expiry, claims etc.
If online travel and classifieds were the star performers of the last decade, e-retailing seems to be hogging the limelight this time around. India is rapidly emerging as a rewarding market for many e-retailing companies; who are currently present in the market with any one of the three forms (Non-warehouse, Warehouse and Hybrid) models. The broadband and mobile penetration, 3G rollout, cash on delivery, internet banking has led to rise in online transactions by 18.2% for the year 2011 compared to 2010. Indian e-retail market is also expected to be more than INR 10,000 Crore by 2015.
In our analysis we found that Computer peripherals, Camera & Mobile and Life Style segments are expected hold 1st, 2nd and 3rd positions respectively for 2011. Together they account for more than 70% of total market share in 2011. But by the end of 2015 Camera and Mobile is expected to take the top slot pushing computer peripheral to third position. In companies analysis segment Flipkart is the undisputed leader for the year 2011. Flipkart generated 4 times more revenue than its nearest competitor Yebhi in 2011. However according to our research findings scenario is likely to change in 2012 as Myntra is expected to take the second position leaving Yebhi to third position. For the year 2014 Flipkart and Myntra together is expected to hold more than 50% market share.
In any retail business, some products are returned from the point of consumption. Therefore, the challenge is to set up infrastructure and procedures for reverse logistics. The e-tailors need to have an understandable product return policy on the Web. This report provides a clear picture about the e-retailing scenario in India and its various issues like: Types of business model in Indian e-retail, key companies funding and revenue forecast, driving forces for e-retail, challenges in the e-retail.
Renub Research report entitled India E-Retail (E-Tailing) Market, Companies Revenue Analysis & Forecast to 2015 provides a comprehensive assessment of the fast-evolving, high-growth e-retail space. We recommend this report as must-read insight for e-retailing stakeholders.
The report covers the following points
E-Retail business model in India
India e-retail users transacting online growth forecast from (2010 to 2015)
Studied growth forecasts and India e-retail market sizing from (2009 to 2015)
Key players revenue analysis, forecast and funding trends of: Flipkart, Letsbuy, Myntra, HomeShop18, Yebhi, Snapdeal and Naptol from (2010 2014)
Market analysis and forecast for segments: Camera & Mobile, Computer Peripherals, Electronic gadgets, Life style, Books amd Home & kitchen Appliances (2009 2015)
Researched the drivers and challenges for the e-retail industry in India
Key Players Analysis
This section covers the key facts about the major companies that play an important role in India E-Retail Market. The companies analyzed in this section are as follows: Flipkart, Letsbuy, Myntra, HomeShop18, Yebhi, Snapdeal and Naptol. All the companies have been analyzed from two headings
1) Companies Revenue Analysis & Forecast
2) Companies Funding Sources form different private equity venture funds
Data Sources
This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by Renub Research team of industry experts.
Primary sources include industry surveys and telephone interviews with industry experts.
Secondary sources information and data has been collected from various printable and non-printable sources like search engines, News websites, Government Websites, Trade Journals, White papers, Government Agencies, Magazines, Newspapers, Trade associations, Books, Industry Portals, Industry Associations and access to more than 100 paid databases.
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I think it has got to be good idea for you to check out some reliable suppliers and also get epos system that suits well to your business really needs. Along with the mentioned benefits, you may get much more from quite in relation to payments an internet-based shopping. May truly complete solution to one’s business now being offered different trusted online stores.
The retail industry exemplifies the maxim, change is constant. Still, the approach of the industry towards emerging technology of cloud computing is somewhat baffling. Cloud computing, a paradigm shift after the client-server model break-through of the eighties, is starting to show up in every other business. Curious, retailing industry is clearly lagging behind. It happens when the practical applications of the technology can do wonders to the industry. The word ‘cloud’ in cloud computing is actually a metaphor used for internet. Using internet would have robbed the concept of its novelty.
Although everyone is familiar with information sharing through internet and worldwide web, performing all the operations of computing through the internet is not so familiar. Cloud computing exactly does the same. It shares information, software-applications and operating system-and infrastructure-hardware like servers and storage units – using internet. A revolutionary cloud computing model can avail high power computing to the customers who need to have only typical input/output infrastructure.
Software industry giants have already started providing their services on cloud. CRM of salesforce.com, office applications from Microsoft and Google and IBM enterprise solutions have already become popular. Sadly, retailing – one of the largest sectors of the economy – has not yet begun its experiences with cloud computing.
In the context of retail industry, cloud computing is particularly efficient in collection and analyses of huge volumes of sales data and in real time inventory management.
In retailing, points of sales generate large amounts of data each day. The sales data can be obtained through loyalty cards and discount coupons also. Most low and medium level retailers do not have the necessary resources to capture or utilize such enormous amounts of data. Cloud provider in retail can collect such data from sophisticated server networks connected to the supply chain to independent cash registers at family owned small stores and store it for the retailer. Such stored data may be accessed from anywhere, provided internet is accessible. A cloud computing provider can track performance of products in comparison to previous time periods. The cloud provider can identify the trend and seasonality component of each product, brand or category and identify and monitor the performance. Then it can provide analytical results to the retailers. The provider of the service can serve many retailers at the same time, without making each retailer do it individually for themselves.
The sales data collected from the point of sales is currently under-utilized. It is more due the incompatibility between volume of data and the processing power of the system. Such time consuming analyses fail to provide any useful insight in to customer behavior or trends in sales. The cloud provider can utilize high power computing resources and statistical models to analyse data in much shorter time. This is more so with to real-time analysis. Real-time analyses require huge capital expenditure and it incurs significant operating cost, often unaffordable to retailers.
A good cloud provider can easily help the retailer in understanding patterns and trends within large databases. It can be further utilized for creating analytical models, and to provide an edge to decision making. Thus retailers can increase their ability to forecast their customer’s behavior and plan accordingly. Retailers can then develop customer programs, marketing, merchandising and pricing strategies to attract more business. The cloud provider themselves design and provide such retailer specific plans.
Another important area of cloud application will be inventory management. Real time data and cloud architecture will largely reduce the problems like stock outs and overages. As well known, online retailers do not have inventory managed by themselves. Instead, it is done by the manufactures. Cloud computing can provide an efficient utilization of logistics, which will keep losses to the minimum in inventory management. What the online commerce does can be extended to whole of retail sector. Besides, as the cloud provider will be serving numerous retailers, they can very well manage difficult situations like stock unavailability. Cloud providers can provide valuable advises to retailers regarding product availability and back-up stock from forecasts. They can get realistic forecasts by analyzing huge amounts of data from numerous retailers. Thus retailers can develop a supply chain where the right product arrives at the right time.
Tier one retailers can save lot of expenditure in IT management, if they switch to cloud computing solutions. The complexity of keeping and managing individual systems can be avoided. Today large retailers struggle to keep tens of thousands of computers across hundreds of locations. The management of such a complex system causes enormous expenses for them. Such operations often cause poor decision making in their field of competency – retailing. Large expenses of management and administration of IT and networks can be reduced by simply switching over to a trusted cloud provider.
What is the difference between cloud computing and traditional model? Cloud computing has a number of advantages over the traditional software business in which retailers get licensed software installed in their systems. Here the retailers need not spend huge money on software licensing. They need not buy high end servers with high computing powers. There is no requirement of sophisticated storage units. The administration and networking of computers can be avoided. The pain of providing fire-wall and antivirus protection is avoided. Thus a there can be a significant reduction in investment as well as in operating costs.
One significant benefit for the cloud provider will be that of scale. Affordable solutions can be provided, considering the huge number of retailers in the industry. Most of the tasks to be performed by the provider will be of repetitive nature. Administration and management of databases can be easy due to centralization. The robustness of the whole system can also be ensured. Security and other reliability threats can be minimized due to the salient features of cloud architecture
The future of the cloud in retail starts with small retailers. Small retailers can effectively implement cloud solutions faster. Such solutions offer them significant cost reductions also. Any new venture in retail will also look for quick and easy implementation. An established cloud provider with a successful cloud model can provide quick and cheap solutions. The giants in retail industry may hesitate to adopt the cloud solution, considering the current maturity of the technology. With improvements in cloud applications as well as in internet technology, they will find it cost-effective to switch over. It is significant to note that innovations in most of the fields are taking place in the cloud computing model, not on traditional software business.
Retail cannot shy away from the emerging and powerful trend in the world of computing. With lots of cost-saving and time-saving measures, it will be inevitable that retail will adopt cloud computing once there evolve competent solutions.