Retail Rajnish Essentials

3. We will focus on two major aspect that matter for a retailer : 1.How to get customers 2.How to Retain them There are certain key elements as to how customers behave and we shall take these one by one not necessarily in order of ‘top of the mind’ but as a step by step process if you wanted to set up your own stores and run them.

9. The key elements of visual merchandising are : 1. Planogram is a visual map of how exactly a certain area of the store should be merchandised in context of categories,minimum display units and customer movement. 2.Impulse Fixtures :The best time to sell an extra item is at the Cash desk.A simple experiment of Cashiers wearing Band Aid on the their Thumb improved the Band Aid Sales across the Chain manifolds.Usually these are items with marginal cash outflows and maximum consumer appeal,things that we buy everyday and would pick them up if we got reminded. 3.Stack High sell Low : Stacking high or creating a pile of stocks of a certain items gives an impression of abundance and if the Prices are attractive customers tend to pick One or two just like that.The retailer can look at low margins but high contribution through increased numbers 4.Demand Merchandise : If you have something unique in terms of Quality,Value or Price then the retailer can take the risk of putting these products in spaces that would compel the customer to walk the store looking for them. 5.Related Merchandise or adjacencies – Basically take advantage of the way we shop.Toys can be placed near Kids apparel,Locks next to Luggage,Belts near formal Trousers.Retailers call it market basket and the data is derived from analyzing bills of several customers.It is a time consuming process but the rewards are worth it. 6. Lighting – High and uniform lighting gives a sense of simplicity and efficiency whereas low and varied lighting gives a sense of sophistication and exclusivity.Lighting can effect sales by as much as 20 % so it is one element that a retailer cannot ignore. 7. Color :is a crucial element in purchase decision and people decide color before they buy size,fit or Price.While considering store interiors one must look at what mood one wants to create.Blue and white represent simplicity and are more suited for discount or hypermarket formats while red,black and orange would probably go with a more boutique kind of a feel.