The Importance of Retail Planning
Retail is the distribution process of supplying customer products or services to consumers through multiple physical outlets to make a profit. Retailers meet demand identified via a physical supply chain. In retail, there are four components involved in determining a product’s demand: supply, demand, competition, and price. A retailer can increase sales by increasing supply while decreasing demand, but retailers cannot decrease demand by increasing supply at the expense of lower price. The goal of a retailer is to strike the ideal balance between supply and demand to maximize revenue while minimizing cost.
Having a broad range of offerings can increase customer service because a retailer has more options for the customer to select from. The increased choices can also minimize waste because a customer can visit a store that specializes in a particular product category and find just what they need. For example, a retail business specializing in baby toys would likely sell toys related to baby toys. If they offered books about baby care, a customer would be more likely to pick up the book rather than search the store for the appropriate books.
Social Media Marketing (SMM) enhances a retail store’s SMM by providing the ability to engage with customers online. SMM includes optimizing a retail website, creating an engaging Facebook page, Twitter account, Blog, and YouTube videos, and using other strategic social media tools. A retailer can optimize their SMM by incorporating these four key components: Search Engine Optimization (SEO), social media marketing, pre-selling/retention, and on-site customer service. An SEO plan will help the retailer to achieve the highest ranking for key keywords by using proven methods for optimizing content and website performance.
Social Media Marketing (SMM) enhances a retail business’s SMM by providing the ability to engage with customers online. Social Media Marketing (SMM) includes optimizing a retail website, creating an engaging Facebook page, Twitter account, blog, and YouTube videos, and using other strategic social media tools. A social media marketing plan will help the retailer to achieve the highest ranking for key keywords by using proven methods for optimizing content and website performance. Search Engine Optimization (SEO) will help the business reach the top of the SERPs for key keywords. This will create buyer personas and increase the retailer’s foot traffic.
Retail Blogs are a great way for retailers to stay in touch with customers. They provide a platform for sharing news and information, as well as information on new products, new lines and seasonal merchandise, sales events, and promotional opportunities. Retail Blogs should be written by someone who understands the retail industry and writing isn’t the easiest thing to do, so hiring a great writer is very important. Retail blogs are also great ways for retailers to engage their customers. Blogs are great ways for retailers to communicate with current customers, prospects, and those who might be interested in purchasing the retailer’s product line.
Inventory Management is one of the most important responsibilities of the retailer. It’s a challenge that requires many different types of skills in order to be successful. Inventory management involves the purchase, storage, and distribution of merchandise. Proper inventory control helps the business to gain an advantage over their competitors by providing customers with the merchandise they want when they need it.