Merchandise planning is the lifeblood of the retail industry, propelling businesses to new heights. For retailers in India, it holds even greater significance. Effective merchandise planning strategies allow retailers to stay ahead in a dynamic market, meet customer demands, and drive profits. From understanding market trends to optimising inventory, these strategies pave the path to [...]
In today's competitive marketplace, pricing strategies play a crucial role in the success of both manufacturers and retailers. One such strategy is the Manufacturer's Suggested Retail Price (MSRP). The Manufacturer's Suggested Retail Price (MSRP) is a pricing strategy manufacturers and retailers use. It serves as a baseline price recommended by the manufacturer for a product. [...]
Retail businesses and consumer goods companies require an effective sales territory management plan. A part of the sales merchandising activity is to define clear territories. It ensures the productivity of sales merchandisers or field representatives. The strategy helps the sales team to meet their business goals. In today's competitive market scenario, businesses struggle to meet [...]
Accurately pricing your products will give your business a competitive edge in the market. Shoppers usually compare the price of products offered by different stores before purchasing. In an attempt to gain customers' attention, retailers offer products at the lowest price and end up violating the MAP (minimum advertised price) policies that brands lay down. [...]
The size or nature of your business does not determine whether you 'need' a financial strategy. Hence, if you own a retail business, tackling the financial aspects of the operations is crucial. Without such a finance management system in place can negatively impact your store, including a loss of revenue. The solution lies in creating [...]
What is a Marketing Strategy? Every business' main aim is to generate profits. In a retail setting, companies create a plan to reach out to prospective consumers and convert them into customers that buy more products or services. Many promotional and advertising ideas are there for retail stores to employ, resulting in improved sales figures. [...]
Marketing is much more than generating eye-catching content and using engaging advertisements. One of the sole aspects of marketing is understanding consumer behaviour to offer products according to their tastes and preferences. What is Consumer Behaviour in Marketing? Consumer behaviour, by definition, is the study of customers, their likes, dislikes, and their trends in [...]
Managing the flow of inventories in your retail store can be challenging. Can you account for the value of your inventories manually? How do you understand when to buckle yourself up and sell them? Of course, you need a proper system and software for ensuring this, and store inventory control lets you accomplish all this. [...]
Are you confused about the prices you set for your store products? The price-quality model has gained considerable popularity in recent times owing to the increased consciousness amongst the customers where they pay for the quality of the items they purchase. While following the price-quality matrix might seem like a compromise for your profits, it [...]
Product Mix is a process through which you can combine several complementary products and form a meaningful arrangement in your store. Is your store looking cluttered and confusing? Beware this might reduce your customers as such stores might lead to confusion. Remember, the best way to ensure higher sales and a more remarkable customer base [...]
