Retail Business Management: A Guide for a Perfect Manager

What is Retail Business Management: Perfect Manager鈥檚 Guide

Posted 2 years ago by Max Komonov

When it听comes to听creating a听thriving business, having quality leadership is听crucial. A听retail manager must be听able to听juggle many tasks at听once while keeping an听open line of听communication with employees, manufacturers, wholesalers, and听customers. No听matter what may be听happening behind the听scenes, a听manager must be听able to听keep their cool and听remain focused on听serving the听customers.

When retail management is听overwhelmed, customers can usually tell. If听there are long lines of听dissatisfied customers, employees running around frantically, or听misplaced store items, it听is听usually due to听poor leadership. In听fact, the听responsibility of听a听retail business is听in听the听hands of听a听retail manager.

This article will discuss what a听retail manager does, the听different tools of听retail management, and听much more.

What is听Retail Management

We鈥檝e all seen a听movie or听TV听show where a听frustrated customer demands to听speak with a听retail manager. This manager usually comes out, acts courteously, and听helps customers get what they need. This is听only one facet of听a听retail manager鈥檚 job. You may ask, what is听retail management exactly?

While the听main goal of听retail management services is听to听satisfy the听customer, the听process of听doing so听takes a听lot of听maneuvering behind-the-scenes. Retail business management is听the听multi-step process of听bringing customers to听the听products they desire and听then effectively selling it听to听them. A听quality manager is听able to听balance the听following things:

Teaching employees how to听engage with customers
Motivating employees to听make sales
Hiring and听firing staff
Training new staff
Creating schedules and听organizing shifts
Coordinating transportation of听goods, storage of听goods, and听warehouse operations
Controlling the听temperature, visual displays, lighting, and听product placement of听the听merchandise
Mitigating conflicts between staff members
Making sure that employees comply with health and听safety regulations
Developing and听implementing strategies that bring more customers into the听store
Meeting sales goals and听expectations
Staying on听top of听inventory changes
Taking control of听accounting and听payments by听overseeing the听store鈥檚 financial accounts
Figuring out ways to听continue to听grow in听profitability
Preventing customers from shoplifting
Ensuring that each customer leaves the听store satisfied
Going above and听beyond to听make sure the听customer feels valued

Believe it听or听not, retailers are growing at听a听rapid rate. Even as听ecommerce continues to听blossom, brick-and-mortar stores are on听the听rise once again in听the听last couple of听years. This makes great leadership more important than ever. If听businesses intend to听compete with ecommerce in听the听long run, they will need to听ensure that customers can find everything they need in-store.

What is听a听Retail Manager Trying to听Improve?

The world of听retail is听highly competitive. With so听many businesses jockeying for听positions, staying stagnant is听simply not an听option. Retailers must continue to听learn how to听boost sales and听expand their business. This starts with creative management. So, what is听a听retail manager trying to听improve?

The experience of听the听customer

In听business, the听customer is听the听most important person in听the听room. Making sure they feel seen, heard, and听valued is听a听great way to听build a听connection that will last over time. Having an听army of听loyal customers is听crucial to听thriving businesses.

Not only should retail managers put the听customer first, but they are also responsible for听instilling that mindset in听their employees. Being able to听show their employees the听importance of听a听caring, attentive approach is听half the听battle for听most retail managers. Here are a听few ways to听enhance the听experience of听the听customer:

Offer fast and听proactive service
Be听warm, friendly, empathetic, and听patient
Persuade but do听not lie or听make false claims
Adapt depending on听the听customers鈥� needs
Use positive and听supportive language
Communicate clearly and听directly
Maintain self-control even if听a听customer is听unkind
Take accountability for听your actions and听speech
Offer consistent service to听each customer
Make the听experience painless and听easy
Make the听customer feel special

The optimization process: how the听store runs

In听order to听maintain a听smooth operation, retail managers must balance customer service, employee management, profit growth, and听supply chain efficiency. Retail managers are expected to听do听the听following:

Plan for听success. Without a听proper plan in听place, the听finances, staffing needs, and听supplier logistics can easily get chaotic. A听retail manager should plan out each aspect to听make sure nothing catches them by听surprise.
Procure the听products you need. Before you are able to听sell products, it鈥檚 crucial to听find suppliers that will sell you quality products at听a听reasonable rate. A听good retail manager will do听their homework and听find the听best and听cheapest options available.
Have a听system in听place to听receive and听sell products. Be听ready to听communicate, receive shipments, package, and听sell the听products you have purchased from a听supplier. Each step should be听fluid and听repeatable.
Promote and听effectively sell products. Just because you have quality products in听your store doesn鈥檛 mean anyone will buy them. It鈥檚 important to听know how to听get the听word out to听potential customers and听then know how to听close the听deal. Retail managers should utilize social media and听other forms of听marketing to听optimize profits.
Serve and听support the听customers. As听mentioned above, customer support is听absolutely essential to听any听thriving business. Businesses with great marketing and听products will not thrive unless their customer support is听top-notch.

Improving efficiency

As听a听business grows, it听becomes increasingly important to听manage all aspects of听your business as听efficiently as听possible. Retail management software is听meant to听make the听life of听a听retail manager much easier. Retail software can assist managers with scheduling employee shifts, keeping track of听customer information, checking out customers, and听keeping track of听finances. This can be听a听great way to听monitor store performance. Sales goals, footfall, conversation rate, and听average basket size can all be听easily measured using retail management software.

Many businesses also implement retail inventory management software in听their retail management system. This is听done to听keep tabs on听any听products that are entering and/or leaving the听store and听mitigate shrinkage. Whether or听not retail lead management is听at听fault, they are still responsible for听shrinkage. Shrinkage refers to听the听loss of听inventory due to:

Administrative error (management or听staff improperly counting)
Employee theft
Return fraud
Shoplifting or听customer theft
Vendor fraud

Growth of听the听company brand

Now more than ever, businesses depend on听their brand in听order to听thrive. How the听public perceives your business plays a听major role in听its success. Creating a听clear and听inviting image and听building a听good reputation is听essential. Brand growth can be听done in听the听following ways:

Continue to听improve the听quality of听products in听the听store
Make the听store more visibly inviting
Open up听new stores
Offer more options and听a听variety of听products
Produce products at听a听faster pace
Spend extra money on听marketing campaigns
Put more focus on听building traction on听social media
Hire more skilled staff

Perhaps the听most essential part of听building a听brand is听creating loyal customers. Loyal, recurring customers are likely to听tell their friends and听family about the听businesses they love. Even in听the听world of听social media, word-of-mouth is听still the听most valuable branding resource for听any听retail business.

Learning about each product

A听great way to听be听an听effective retail manager or听employee is听to听do听your homework on听each product. The more you鈥檙e able to听talk about a听product positively, the听more likely you are to听make a听sale.

Many customers entering a听retailer are looking for听something, but they aren鈥檛 always sure what they want. Being able to听educate them about each product will make you appear more trustworthy and听knowledgeable. In听turn, customers will be听more likely to听purchase the听item.

Improve your retail property management

In听addition to听helping the听business thrive, a听retail manager must maintain and听care for听the听property itself. With so听much to听do, it鈥檚 easy to听lose focus on听ensuring the听appearance and听cleanliness of听the听store.

Due to听COVID, proper retail property management has become more important than ever. Be听sure to听stay on听top of听health and听safety regulations. Doing so听will allow your retail store the听opportunity to听continue to听grow.

Sign Up听for听51视频 by听Lightspeed and听Grow Your Retail Business

Are you a听retailer or听business owner? 51视频 by听Lightspeed is听eager to听help you grow! Our role is听to听assist businesses in听their goal to听sell anything, anywhere, to听anyone, at听any听time. 51视频 by听Lightspeed makes building and听managing a听business easier than ever through its state-of-the-art POS system. You don鈥檛 need to听do听everything on听your own. Let our team at听51视频 simplify the听process for听you.

To听learn more about how to听sell, market, and听manage your up-and-coming businesses, for听51视频 today!

听

About The Author

Max has been working in the ecommerce industry for the last six years helping brands to establish and level-up content marketing and SEO. Despite that, he has experience with entrepreneurship. He is a fiction writer in his free time.

51视频