Author: Dave Farrell
Source: Inside Retail
There are 10 fundamentals to retail. They are what separate the successful operators from the weak, the wishful and the deluded.
1. Retail is about people. By people. For people.
This is a simple truth, but it’s impeded by feeble administration and inconsequential management burdened by a flock of bootlickers. The reality belongs to the customer, but influence comes down to leadership.
2. The five senses of perception
Taste, sight, touch, smell, and sound. Stores are no longer a place to shop, instead, they are destinations for entertainment. Companies that stray from this and don’t satiate human desire and aspiration face irrelevance. This is reflected in the limits of online shopping seen in under-performing basket sizes, poor add-on execution and exorbitant hidden costs.
3. Tread the boards
The industry invests millions fabricating atmospheres in pursuit of the ultimate experience. They spare no expense on fixtures, lighting and fittings to coordinate ambience, packaging and point of sale to please the eye. They commit huge resources in the hope of predicting the psychological needs and wants of the shopper to lull them into ease of convenience. However, few consider the impact of human interaction; a gut evaluation based on eye contact, a nod or facial expression.
4. Attention to detail
Retail always has been and must always be an open and honest endeavour with an inherent passion for excellence. There is no room for hypocrisy and falsehood. It takes a blend of hard work and genius.
5. On trend
Experience comes before product. The clarity of a well-defined pricing strategy is elementary in building a loyal client base, whereas, the integrity of the model builds trust and engagement. The smallest deviation draws contempt and certain repercussion.
6. Entrepreneurial culture
Micromanagement is a deepening compulsion. It is time to let it be. Set out desired outcomes of compliance, vision and concept then step back and allow the freedom of spirit and intuition to deliver it. Find the courage to accept that every person is unique, or prepare for the crippling effect of 1984’s Orwellian servitude.
It is not about power, but influence. Summoning the grit to realise a change for the betterment of all; taking a stand in what you believe is right despite popular sentiment and regardless of the backlash; showing compassion and strength of character. Leadership serves the people, whilst management tends to one’s own flawed notion.
This is the most critical aspect, yet few do much besides pay lip service. It is not about collecting for charities by fleecing customers at the checkouts, nor is it about paying civil dues or placating a collective conscience. We need to engage in our neighbourhoods via inclusive and meaningful employment, especially those sidelined by differing ability and social prejudice, and develop a new reality of what we can do to improve upon practices in education, health and socioeconomic influences.
Retailing has a poor record when it comes to the sustainability of the planet, but the banning of single-use bags is but a diversionary ploy. Selling so-called ‘green’ products is no longer tolerable, because of the impact it has on natural resources, and placing the onus on the end user just doesn’t wash and says a lot about the industry’s mindset.
It’s a thermometer to the efficiencies of every outlet. Space integrity is of the utmost importance while capacity is but a state of mind. There must also be an attitude of what is not workable or plausible. Both factors are reliant on the aptitude of the leadership and in the team’s mentorship.