We are just hearing from news the variant aspirations and developments of FDI in retail in Indian Domestic market, whether it is a Specialty Retailer, Hypermarket or Super Stores. Now it is matter of challenge to increase our success once they open. Indian retailers need to follow 4 – A`s i.e Acknowledge, Analyze, Alter and Act

Few Facts and real threat of largest Retail Company in the World:

• 4 out of 10 Women will shop at Wal-mart
• Wal-mart being the largest employer than the US Army
• One in three Procter & Gamble products is sold through Wal-mart
• One out of every five toy purchases happen in Wal-mart
• Wal-mart can demand maximum margins from its vendors

Normal perception of a regional retailer is, My customers are loyal to my store but this will not suffice in the longer run, in today’s scenario where the expectation levels of a consumer has gone beyond our imagination.

In such developments, we to acknowledge the real threat and analyze our Current Infrastructure, Merchandise Mix, Trained sales team and finally the marketing plan through which we would be generating business.

Retail Infrastructure, which needs more attention to attract consumers and increase footfalls in our stores, this will lead a customer to spend maximum number of hours in your stores delivering business.

Merchandise Planning:

A store will perform better amidst of competition, through its forecast of understanding its consumer with latest fashion and trends,the overall goal is to have higher-end merchandise that isn’t as readily available with any big Discounter

Training & Development:

It is high time to analyze the sales team, do they value customer? Do they have a positive attitude? Do they no the features and benefits of the merchandise we sell? Does our sales staff know the technique of up selling. The major focus on comprehensive retail training will bring in results interpreting better customer service, creating disparity among parity

Reviewing Marketing Plan:

Analyzing, examining the existing marketing efforts will show the way to improvise the current phase, especially store should create a consistent image in the market to have a defined customer segmentation. the plan should basically cover your existing consumer and consumers who don’t know your store. Finally it is a matter of differentiating your business and take on the big box.

Business Style:

Firstly differentiate whatever products you have against the big box, if they carry the same brand find another expensive brand, taking time to creatively build a compelling and selling display. Finally, if there is no way to change your product mix to different brands, consider discontinuing the items most likely to sold with the Discounter or a Big box.

Now you’re ready to take Action! Prioritize, Plan, Profit

Initially we need to look at the critical things for success, even if it is not easiest thing to do. Critical things are absolute must will really bring change in the business growth. They might include adding new lights to your store, hiring new employees, moving your layout plan, re-training your existing employees. Work your plan until you have accomplished much of your list.

If you go through this discomfort early, you could have different outcome when Wal-mart opens. Changes is much better when you initiate it. When you Acknowledge the threat ,Analyze the weakness, take action to change and Act on those items on daily basis, you will be leagues ahead of your frightened competitor.

Happy Selling!!

Thanks and Regards,

S.Rabi Jayakumar
Head - Retail Operations
Mobile: 09323738042
Phone: +91 22 39402936 / 39407123
E.mail : [email protected]
Play at www.giniandjony.com

A leading retail Expert with variant expertise in Retail management and Operations

Article Source: http://EzineArticles.com/?expert=Rabi_Jayakumar