3 Misconceptions About Retail
The retail industry is a goldmine which has had to adapt the inclusion of technology into the work space and its changes to the shopping experience. There are numerous retailers who have employed novel approaches in their businesses. However, a significant portion of stakeholders in this industry nurse some misconceptions about retail in their mind. This misconceptions are the reasons many of these unsung heroes are yet to break even in retail business. Hence, there is need to correct such notions so as to have a industry filled with business owners who are making progress in there business rather than frustrated entrepreneurs.
- Retail is pretty easy
The belief that retailing is a walk in the park is false. Think about it, the retailer is the last person in the chain of business. He is the person who interacts directly with the consumer. So he is technically the customer service agent representing the manufacturer and the distributors. While the manufacturer produces, and this wholesaler distributes, the retailer sell to the consumer, educates and answers consumers’ complaints. Do you consider this easy? There is nothing too difficult if you are giving it your all, but it is definitely not something easy to do.
- It requires no specific strategy
Like every other facet of business, there are specific strategies to be employed in retailing. This is evident in the way popular retail brands do their business and compete with other brands to survive. These brands adopt effective strategies based on their understanding of market. Certain factors which involve analyzing the market to know the best technological solution to adopt, the right method of customer relations, pricing, and instructing customers on how to use the product. Therefore, it is just like any other business undertaking.
- If your door is open, you will always get customers
People normally think a retail store, located in an open place and always open during the weekdays will always get buyers, but this has been confirmed over the years as false. Successful retail brands adopt techniques to market their goods to millions of potential customers world wide. These techniques could be advertisements on online platforms, television and radio stations. Since what bring sales is awareness, these techniques are indispensable in retailing. Of course, this is a norm in every other businesses. So let’s face it, is that a walk in the park?
The bottom line of this piece is that, the retailer is just like any other businessman trying to thrive in the competitive market. The responsibility is tasking and the expectation is high. Competition in retail business just like in manufacturing exist. In fact, it is to a much higher degree. When the effects of competition begins to set in business, a retailer needs to tighten his belt and make efforts to be in control. A large number of retail businesses have failed due to poor understanding of the aforementioned factors. The right mindset and approach is what will make the difference between a successful retailer and a failed retail business. So what do you have to say about this? Do you agree that retailers are the unsung heroes of the business world?