Retailers must act as agents for their customers. You become a personal buyer in a
sense. Your judgment in choosing appropriate, quality merchandise adds value to your
business. You are not simply a wholesaler or distributor. You and your retail store should
be a place where customers want to shop, because you provide a reliable source of what
they desire. Customers do business with those business, which serve them well. Be sure
your merchandise selection, displays, pricing and promotions all attract customers to your
store. Foot traffic is important; both browsers and buyers need to be regular visitors.
Successful retailers understand the need for dealing with suppliers who will stand
behind their merchandise, so that retailers can do the same. Seek out those vendors that
will guarantee any item for store credit if the customer is not satisfied. Only when
dealing with such suppliers can retailers offer the same warranty. You and the
manufacturer want to deliver quality products, such policies allow both of you to control
quality and customer satisfaction.
Today, retailing is vitally concerned with customer motivation. You want to know why
they buy one product rather than another of similar price and quality. You also want to
look for trends that may indicate the direction consumer tastes may take in the upcoming
months or year. Follow industry trade data and demographic surveys carefully. Keep up to
date on information about popular culture and hot, new products. Attend trade shows for
new product and promotion ideas. Also visit competitors’ stores. You need to know
what else is out there—your customers know.
Customers today are better informed than every before and they are bombarded with
visual appeals to buy. Your promotions need to have impact to draw consumer attention, so
you are not lost in the clutter of advertising messages in the marketplace. Retailers must
employ well-educated and articulate sales personnel—your sales force is the front
sales line and their quality directly reflects on the quality of the store. You want
everything in your store from merchandise and displays to sales people and return policies
to reflect the style and preferences of your target consumers.
Also keep in mind the mobility of your customer base. People are continuously moving in
and out of a store’s market area. There is always a new audience to reach. Attract
new customers and keep existing customers satisfied. If you are not located in a high
traffic boutique district or shopping center, you must be particularly diligent in drawing
new customers to your store.
If you would like to discuss retail merchandising, product selection or consumer
loyalty, contact the SCORE Association (Service Corps of Retired Executives). More than
12,000 volunteer, business counselors are available to provide free and confidential
business counseling to entrepreneurs. SCORE is a nonprofit association, which has assisted
more than 3.5 million entrepreneurs. To request a referral to the SCORE chapter nearest
you, call 1 (800) 634-0245.
