• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
WittySparks Logo White

WittySparks

Ignite Your Thoughts

  • Topics
  • Reviews
  • Services
  • Newsletter
WittySparks / Business / Secrets for Success in Retail Management

Secrets for Success in Retail Management

Updated: January 29, 2022 by Kartik Subramaniam • 2 min read

BigBazaar - Retail Success

Recently I read the book It Happened in India which is a compendium of thoughts from the Future Group stable and the thoughts of none other than the King of retail, Mr. Kishore Biyani. The book takes the reader through the evolution and the milestones in the business life of Mr. Biyani. Alongside this development, it takes the reader through the evolution of the retail industry in India and eventually the coming together of the present Future Group.

The book has several interesting anecdotes which chalk out the path in the life of Mr. Biyani that eventually led him where he and his two most successful ventures stand at present- Pantaloon and Big Bazaar. In the course of narration, one also gets a glimpse at the consumer mindset and trivia of useful information on the buying behavior patterns of the Indian consumer.

IT Happened in India!

Following are a few select precious insights offered, for more read the book It Happened in India!

Franchisee model comes with its own share of disadvantages

Management is at the level of the store, so, chances of certain malpractices cannot be ruled out. The focus might not be on building long-term relationships but on profit generation. This might hurt the parent company in the long run as the former is not sustainable in the long run.

Lack of standardization

A large spread of stores could lead to some problems such as lack of standardization. Some other problems could pertain to delay in the submission of inventory statements and sales figures.

In Rome be a Roman!

An extension of this thought can be seen in terms of customization of the services based on the local geography of the place. This implies adapting and catering to the consumer based on cultural and local preferences could get you a band of loyal customers.

Fashion is perishable

Fashion is highly perishable and not getting goods sold in time is a risky proposition. So, do whatever to sell the goods!

Seeing is believing

Visual merchandising is the in thing and plays a vital role in the way a retail store is perceived by the consumer. Whether you achieve this through end cap displays, cardboard floor displays, or the like, displaying products in a visually pleasing way is key.

Choose your own retail layout

The book says that what works for one store or a chain of stores might not work for another set of stores. This implies that stores need to come out with a layout that would cater to their perceived consumers in the best possible manner. This could also depend upon the floor space and the choice of merchandise and goods to be sold.

Knowledge is power

Knowledge about your consumers is what is going to give an edge to retail stores, says the book. A diverse country such as India has a diverse consumer spread which makes it challenging for the store managers to come up with new and creative strategies to lure the consumer and bring them to their stores. This could be done by tapping occasions of the region such as festivals etc.

Knowing the pulse of the consumer also gives the retails some kind of a trend that they can use to chart their strategies for the future. The Future group has set up their own in-house facility to study consumer behavior patterns so that they can start abreast of the evolution that happens in the market.

Related Topics

  • Stop Loosing Customers: The Art of Creating a Killer Sales Page
  • How Two-Sided Marketplaces Create Value for Buyers and Sellers
  • Green Marketing 101: Tips To Effectively Promote Your Sustainable Products and Services
  • From Brand Awareness to Brand Affinity: The Emotional Side of Personal Branding

Topic: Business

Profile picture for Kartik Subramaniam Article by

Kartik Subramaniam

A dreamer of sorts & a Creative writer, passionate about reading diverse stuff.

View all posts by Kartik Subramaniam

Primary Sidebar

Featured Productivity Software

Notion logo
Notion

Notion Workspace can help you stay organized and take your productivity to the next level. Use Skillshare coupon code WITTYSPARKSFREE to watch the Notion Masterclass by Ali Abdaal for FREE.

Take Free Notion Masterclass

The Best Digital Marketing Tool

Semrush logo
Semrush

Semrush helps grow your business on your terms and gets to the top with 55+ marketing tools in 1. Get a flat 40% discount on Guru plan or Try 14-day PRO Trial.

Try Semrush for FREE

Footer

Explore Topics

  • Technology
  • Business
  • Marketing
  • SEO
  • View All Topics

Sponsors

Partnered with FreePik to use the licensed images.

turn to dhgate for smartphone

Affiliate Link Disclosure

If you make a purchase from links, we will receive a small commission. See our Affiliate Disclosure.

Follow Us

  • Facebook
  • Twitter
  • Pinterest
  • LinkedIn
  • Instagram
  • YouTube
  • RSS
  • Mastodon

Copyright © 2023 WittySparks - All rights reserved.
Hosted on Rocket.net

  • About Us
  • Contact Us
  • Privacy Policy