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5ways of happy successful business

If you own or run a Retail Business in Saudi Arabia (KSA) below are 5 keys for your successful Retail Business Operations.

  1. Retail Mix
  2. Retail Strategy
  3. Inventory Management
  4. Customer Service & Retention
  5. Customer Management, Technology & Marketing

Retail Mix

A successful retail business is a combination of business attributes in several key areas, including location, product mix, store layout and design, communication and customer service.

  • Location wise in general, companies operate in standalone stores or in enclosed malls.
  • The product mix stands to be the basic with variety and assortment of products and services you offer.
  • Store layout and design includes the setup of your stores, the visual presentation and product placement.
  • Communication refers to the methods of promotion you use in marketing.
  • With regard to service, retailers typically provide low, moderate or high levels of service.

Retail Strategy

  • Determining and defining your Target Market, the total marketplace and the specific breakdown of the market segments to whom you are promoting your product.
  • Retail format channels through which you sell, including stores, the Internet, catalogs, kiosks and mobile devices and the types of products and services you offer should be appropriate communicating the same service and message through all mediums.
  • Merchandising must be single minded, Display must appeal to the target market& Advertising must talk to the target market.
  • Personnel’s must have empathy towards the target market
  • The Retail strategy should have advantages are strengths you can leverage for an extended period that competitors have difficulty copying.

Inventory Management

A good inventory system makes it easier to meet the needs of your customers it is the key to growing a successful business.
Advantages of a good inventory tracking system:

  • Theft control. Without an inventory system, it's impossible to know if you're being cheated by customers or employees until it's too late.
    Solutions for Theft Control:- Anti shoplifting Devices, CCTV Cameras, Biometric Devices, Anti-Theft Tags, Control Room Solutions.
  • Customer service. Avoid running out of stock and determine if an item's in stock or no and locate it more readily if you keep track. You can also locate out-of-stock items, their prices, and manufacturers.
    Solutions for Better Customer Service:- POS Terminal & ARQAM Software, Data Collectors, Barcode Scanners, Barcode Printers
  • Financial management. Inventory systems help you keep track of how your business is doing. Knowing the status of your stock is very important for successful retail business management.
    Solutions for Financial Management:- Banknote Counters, POS Arqam Software, Cash Drawers
  • Product tracking. You can track specific items and remove low sellers with sales or markdowns.
    Solutions for Product Tracking:- Data Collectors, Inventory Management Software
  • Improved profitability and cash flow. The right amount of inventory purchased helps to meet demands, while also reducing the amount of slow-moving, obsolete stock in your warehouse.
    Solutions for improved profitability & cash flow:- POS Terminal & ARQAM Software, Data Collectors, Barcode Scanners, Barcode Printers

Customer Service & Retention

  • Customer is the most Important in your Retail Business:- Make your business customer-focused. He should be the centre of your business and everything you do must revolve around that customer.
  • Customer Service is the Key:-  Customer service includes greeting customers, answering questions, making product recommendations, resolving complaints and offering advice.
  • Customer Retention:- Manage Loyalty Programmes that reward top customers for routine, consistent purchases over time. Retaining core customers is much more efficient than constantly losing customers and having to replace them.
  • Go the Extra Mile for your Customer:- Each time deliver a little more than they expect. Doing this each time or sometimes will make them loyal to your company for a long time.
  • Train your Employees:- Employees should be encouraged to take ownership and make an emotional investment in the customer interaction, showing customers they are what make the company successful (not their purchase, money or time).

Customer Management, Technology & Marketing

  • Visual Merchandizing:- Use different ways to arrange and display merchandise that will make it easier for customers to buy. Window displays, effective signage and aesthetically pleasing product displays can be used.
  • Digitization:- Internet has changed our shopping habits and will continue to do so. The emergence of “etail” from retail has been the biggest change over the past 10 years. Mobile commerce is making everything easily accessible just a click away.
  • Customer Analysis:- Have a tracking system for how many customers shop your store every day. Try to re-establish lost or inactive customers. Seek suggestions from your best customers on ways you can boost business. Use a store questionnaire to aid you in determining customers' needs.
  • Advertising & Branding:- Advertising techniques to create urgency and motivate customers can be used. Different aspects for promoting business can be used, new offers -- new items -- new prices -- special announcements -- stronger ads and better headlines . Use memorable advertising that sets your business apart from the competition. Branding can be done on Self Service Kiosks, Digital Signage’s, Id Cards & Stationery.
  • Be Easy to be found Online:- Have a strong Social Media Presence on Facebook, Linkedin, Twitter, Pinterest, Google+, Instagram, etc. Make it easy for those searching for your business to find you on their mobile phone. Your website and email marketing campaigns should be mobile friendly.