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Yesterday we discussed about Winning in Medium Term for non-retail businesses. Most of the things common but yet there are changes in parameters and approach for retail businesses.

Let’s have a look at what it is for retail businesses.

Some basic factors about retail business which are to be worked upon in this phase are
~ Retail Pricing Strategy
~ Designing a demand driven and efficient supply chain
~ Margin enhancement through cost of goods sold reduction

Then comes setting up parameters and working upon them & here for retail businesses some things which form a basic of these are
~ Re-invent core proposition about business offerings
~ Multi Channel Management
~ Design and business model and network around it which takes you to newer territories continuously and keep strengthening your already explored territories

For retail businesses this phase is about using the levers built around developing a differentiated retail identity, playing wider across channels of consumer access and setting up the operating model and store network for structural advantage.

If we talk about pricing in retail businesses which we yesterday read is the most important factor in this phase, then it have its own challenges for retail as compared with other businesses

Instead of writing here what should be done, let’s look at what is the most common mistakes retailers do while they come across this pricing topic.
~ Mainly they remain focused on securing margin at expense of long-term perception registration
~ Prices are set against competitor prices instead of customer’s willingness & ability to pay & value for their product and uniqueness it offers
~ Promotions are not introduced to boost sales tactically rather simply to match previous sales or to get a temporary growth figure to satisfy themselves
~ Setting prices by focusing on item-level or category-level sales instead of overall impact on business and customer loyalty
~ True logic of pricing quantity or quality hierarchy is unknown
~ Presence in the market to a larger audience plays a major role today & instead to reach there we keep playing around prices & strategies to satisfy our existing customers who normally are restrictive towards bold decisions to be taken
~ Transactions data is not leveraged enough to make micro-decisions on pricing

So if you are in retail business & are really looking forward to make an impact through your business & struggling to identify that transformational journey for self please do get in touch withΒ Synergeze Consultants Private LimitedΒ and we shall ensure that “WE PROMISE & WE DELIVER” especially when its about your business goals & growth path.

Till then do engage with me in the comments sections & let’s discuss what is your take on the journey of transformation upto here & till we discuss more on next Monday.

#gccoachΒ #SynergezeConsultantsΒ #BusinessTransformation

Small businesses at times seems to be ignoring many a thing, by just treating them as one more jargon in this new age of super complicated words and synonyms. Process Re-Engineering can be a game changer to businesses, as it can perform miracles on a failing or stagnant company and open new doors for a company on steady path of growth. However, the process is tricky and needs some pain-killers to supress the pain of change and pain of tearing down what we are used to and feel comfortable with. If ignoring this was a mistake, the next big mistake could be to settle for a cheap and basic process re-engineering tool in absence of an expert guidance. It could be that you tried saving a cent and lost a dollar. We atΒ Synergeze Consultants Private Limited, help businesses to implement the changes in an ongoing manner without effecting the current operations in any way and yet delivering the desired results. To learn more about our standardised approach which is customized for every single business please reach out to us. If you wish to be more profitable and save on all forms of costs – Your destination is our name – Synergeze Consultants Private Limited.
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