Retailing can be defined as the buying and selling of goods and services. It can also be defined as the timely delivery of goods and services demanded by consumers at prices that are competitive and affordable.
Retailing involves a direct interface with the customer and the coordination of business activities from end to end- right from the concept or design stage of a product or offering, to its delivery and post-delivery service to the customer.
Retail management includes all the steps required to bring the customers into the store and fulfill their buying needs.
Retail management makes shopping a pleasurable experience and ensures the customers leave the store with a smile. In simpler words, retail management helps customers shop without any difficulty.
Need for Retail Management – Why retail management?
Peter wanted to gift his wife a nice watch on her birthday. He went to the nearby store to check out few options. The retailer took almost an hour to find the watches. This irritated Peter and he vowed not to visit the store again.-An example of poor management.
You just can’t afford to make the customer wait for long. The merchandise needs to be well organized to avoid unnecessary searching.
“Retail management saves time and ensures the customers easily locate their desired merchandise and return home satisfied”
An effective management avoids unnecessary chaos at the store.
Effective Management controls shopliftings to a large extent.
The retailer must keep a record of all the products coming into the store.
The products must be well arranged on the assigned shelves according to size, color, gender, patterns etc.
Plan the store layout well.
The range of products available at the store must be divided into small groups comprising of similar products. Such groups are called categories. A customer can simply walk up to a particular category and look for products without much assistance.
A unique code must be assigned to each and every product for easy tracking.
Necessary labels must be put on the shelves for the customers to locate the merchandise on their own.
Don’t keep the customers waiting.
The retailer must ensure enough stock is available at the store.
The store manager, department managers, cashier and all other employees should be trained from time to time to extract the best out of them.
The store manager must make daily sales reports to keep a track of the cash flow.
Kash Retailing System can deal with:
Complete Kash RS Modules
Using cash register (Point Of Sale) module which can link to other financial packages
Kash Retailing System (KRS) Covers 4 modules: Point of Sales (POS), Franchises, Inventory control (Warehouses) & Clients.