The activities that work towards the sale of products to the ultimate consumers are what form the basis of merchandise management, which is popularly known as retail merchandising. And as it is apparent, retailing is a flourishing business across the world, generating a large number of employment opportunities; it has become a subject of interest and importance to many analysts. The operations and merchandising ways employed by leading retailers, such as product offerings, pricing methods, corporate culture, etc., are analysed for guidance and learning by other retail businesses. These endeavours are paving the way for a brighter future of retailing.
What is the ulterior motive of studying merchandising management?
It is obviously boosting sales and generating revenue; thence keeping profit at the prime focus. This is done by attaining 100% customer satisfaction. Satisfaction cannot be achieved if retail transaction does not meet or exceed customer’s expectations, which can be in any form such as quality, price, customisation, easy accessibility, or any other benefit that elevates buying experience.
So, now the question is why to take so much of pains to satisfy the customer? If customer is fully satisfied, there are high chances of him/her recommending the product or service in a wholehearted manner as well as turning himself/herself into a loyal customer. This makes them an easy means of branding. In this way, one is ultimately looking forward to making the sales soar.
If sales increase, and expenses and purchases are kept in check, the company ends up making profits. And with continued profits, retailers add permanency to their stay in the business.
What makes retail merchandising an important topic?
Retailing is directly associated with the sale of goods. And the quantum of the distribution of products to the final customer is what decides the fate of the company. This makes this subject very important on its own. Moreover, the answer to how to retain the customer base and make the base expand is also dependent on merchandising management. This is crucial for the planning for profit maximisation.
This is now seen as a profitable investment, the result of which is quite promising in the long run. For sound merchandising, a clear marketing plan should be known. And a business should have a heart big enough for allocating a good budget for it in advance. There is nothing to worry as an overwhelming result is guaranteed.
Okay, how to play safe while adopting the merchandising management plan?
See, the simpler it sounds, the tougher it is. It is not just displaying products onto a shelf in an attractive manner. It is about planning, execution, gauging customers’ response and requirements, and coming up with right product mix. A good merchandising management plan takes care of the prospective customers, right from the launch of the product to compelling the customers to re-buy the product.
However, there are a few tips for making merchandising management a success. They are:
Keep customers best interests at heart;
Profit maximisation is what you should work upon;
Quality product with a difference is what should be provided;
Ensure that the product in question is relevant enough in the present scenario;
Gauge customers’ response and work according to it;
Easy availability and competitive price are the key players;
Attractive packaging can work; and
Other benefits can be promising too.
One should never forget that with trends, retailing rules change; and the change is frequent. This translates to the fact that merchandising is not a one-time job. Businesses have to make continuous efforts to ensure that their appeal remains high in the eyes of customers. Experienced companies, like Arcadia Corporate Merchandise Ltd, are making this job quite easy. They can provide value for money as well as do the job for you in the most professional way.