What is retail management?
Retail management means overseeing all aspects of running a successful retail store, from inventory management to customer service to testing product quality. Good retail managers consider their employees as well as their store and customers, making sure the store is a supportive and encouraging work environment.
Designing an effective retail management strategy means considering the major pillars of managing a retail business.
What are the pillars of retail management?
Understand consumer issues
When deciding what you’ll sell in your retail business, it’s essential to consider what issue your hypothetical customers have. Figure out what they’re looking for in a product and what matters to them.
Test and develop products
A good retail manager will know the products they are selling inside and out, meaning that they will know the strengths and weaknesses of everything their store carries. This knowledge helps you recommend products to visiting customers, and also helps you improve the quality of products you carry.
Comply with safety regulations
You should make sure all your products are safe, everything is labelled and stored correctly, and you are aware of applicable regulations surrounding the products you sell. Regularly inspecting your inventory and making your packaging as clear as possible helps with this.
Promote your brand
Retail management means you’re in charge of the way your store is perceived. Figure out what associations you want people to have with your brand, and work to create those associations with online and offline marketing. In addition to a social media presence, maintaining a clean storefront, prompt customer service, and decorating your shop a certain way help you communicate your brand.
Who benefits from retail management?
Retail management is useful to any retail store, no matter the size or location. Functions like inventory management, customer service, and marketing are integral to the success of any retail business. Consider all the aspects of retail management when designing your store policies and processes.