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𝗢𝗳𝗳𝗹𝗶𝗻𝗲 𝗥𝗲𝘁𝗮𝗶𝗹𝗲𝗿𝘀 𝘁𝗼 𝗖𝗼𝗻𝘁𝗶𝗻𝘂𝗲 𝗧𝗼 𝗙𝗮𝗰𝗲 𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝗼𝗻 𝗳𝗿𝗼𝗺 𝗢𝗻𝗹𝗶𝗻𝗲 𝗣𝗹𝗮𝘆𝗲𝗿𝘀
ECommerce offers many such advantages to customers that are not present by default in traditional 𝗯𝗿𝗶𝗰𝗸-𝗮𝗻𝗱-𝗺𝗼𝗿𝘁𝗮𝗿 𝗿𝗲𝘁𝗮𝗶𝗹𝗶𝗻𝗴. Online orders can be placed 24/7 and the order fulfilment process nearly begins in real-time. The problem of space constraint is subdued in eCommerce which means customers have a wider range of options to choose from. On the contrary, physical retail stores must have active stock on the floor or in backstage stocking facilities to be able to offer and sell. ECommerce platforms also allow customers to make much more informed decisions in choosing and buying products by way of making an extensive range of product-related information to customers. This includes product descriptions, prices, alternate brands, and available packaging sizes. Even when working with retail management consulting firms, retailers should have a clear understanding of the features, information, and UX they want to incorporate into their eCommerce websites/apps.
Get advise for Retail Business Consulting : https://www.yourretailcoach.in/contact/
𝗖𝗿𝗲𝗮𝘁𝗶𝗻𝗴 𝗕𝗿𝗮𝗻𝗱 𝗥𝗲𝘀𝗼𝗻𝗮𝗻𝗰𝗲 𝘁𝗼 𝗥𝗲𝗺𝗮𝗶𝗻 𝗧𝗼𝘂𝗴𝗵
Producing the intended brand resonance has always been a challenge in retail, and now, also in eCommerce. Some of the reasons for this are competition, market saturation, frequently changing consumer behaviour, the impact of social media on span of attention and creating a long-lasting impression, and budgetary constraints.
A handful of very large businesses like MNCs may have the resourcefulness to push their brand images with mighty and extensive promotional campaigns. But that is not true for all businesses and also, it becomes difficult to achieve any convincing ROI from such massive investments into advertising and promotions.
The element of sameness in offerings is another roadblock in building a brand resonance. Sometimes it is challenging even for veteran retail consulting companies to deliver the targeted results – owing partly to gaps in strategies and partly to issues in implementation.
𝗠𝗮𝗻𝗮𝗴𝗶𝗻𝗴 𝗜𝗻𝘃𝗲𝗻𝘁𝗼𝗿𝘆 – 𝗧𝗵𝗶𝘀 𝗢𝗻𝗲 𝗡𝗲𝘃𝗲𝗿 𝗚𝗲𝘁𝘀 𝗘𝗮𝘀𝘆
A core task in retail inventory management is keeping track of goods in detail and with accuracy. No product variant can go accounted for. With inventory in different stages of its journey including storage, measuring goods is never an easy mountain to conquer.
Making accurate demand projections for the entire assortment is the next big challenge. After inventory or goods are procured, there is no turning back. It arrives and it gets stocked and all this procurement is taking place based on demand projections made earlier. If the demand projections turn out to be off the place, working capital gets stuck in the form of unsold goods.
As one of the emerging retail consulting firms in the global picture, YRC stresses that quality planning and operational precision help keep these and many other universal challenges at bay faced by retail brands and businesses from all over the world.
𝗧𝗿𝘆𝗶𝗻𝗴 𝘁𝗼 𝗔𝗰𝗵𝗶𝗲𝘃𝗲 𝗢𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗘𝘅𝗰𝗲𝗹𝗹𝗲𝗻𝗰𝗲 𝗪𝗶𝘁𝗵𝗼𝘂𝘁 𝗦𝗢𝗣𝘀
𝗥𝗲𝘁𝗮𝗶𝗹 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 demands careful planning and the use of tight tools and technologies. Every operational detail is important in executing business processes. Planning for what is already known as required to be done is immensely beneficial to avoid mismatches between desired and actual results or performance.
An important principle of operations management is to be process-driven. Not being process-driven is a major deterrent for retail brands and businesses in achieving operational excellence. With no or poor process mapping, employees may try to fill the void with what they believe to be right according to their sincere judgements. Such judgements need not necessarily align with the bigger business or functional objectives.
With more than 10 years of experience in retail consulting services, YRC maintains that the key to achieving operational excellence in retail lies in developing 𝗦𝗢𝗣𝘀 𝗳𝗼𝗿 𝗿𝗲𝘁𝗮𝗶𝗹 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗼𝗻𝘀, finding the best-fit retail IT solutions, and ensuring SOP-IT integration.
To speak to a professional retail consultant or to know more about YRC’s retail management consulting services, and Get advise for Retail Business Consulting : https://www.yourretailcoach.in/contact/
Rupal Nikhil Agarwal
YourRetailCoach
+91 98604 26700
[email protected]
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