retail operations management by waqas paracha
TRANSCRIPT
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WAQAS YOUNUS PARACHA
RETAIL OPERATIONS MANAGEMENT
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What is Retailing?
Retailing – a set of business activities that adds value to the products and services sold to consumers for their personal or family use.
A retailer is a business that sells products and/or services to consumers for personal or family use.
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How Retailers Add Value
Breaking Bulk-Buy it in quantities customers want
Holding Inventory-Buy it at a convenient place when you want it
Providing Assortment-Buy other products at the same time
Offering Services-See it before you buy, get credit, layaway
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Accounting Finance
MISOperations
Marketing
Human Resources
Retailers are a Business Like Manufacturers
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Retail Operations
Retail operations involves managing the day to day functions of retail establishment
Retail operation professionals manage retail establishment on a day to day basis and are responsible for maximizing store profits
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A Typical Retail Mix
Retail Strategy
Customer Service
Location
MerchandiseAssortment
PricingCommunication Mix
Store DesignAnd Display
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Retail Business Processes
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SAMPLE NEW STORE OPENING ACTIVITY
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Components of Store Operations
AdministrationVisual merchandisingITHR – talent search, recruiting, training, retention
and skill enhancement.SecurityMerchandising/stocking/shelvingMaintenance/cleanlinessPOS/Check outInventorySales
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Important aspects of Store Operations
Customer Service Leads to Loyalty
On Shelf Availability Revenue
In Store Processes Reduce Costs
Staff PlanningStaff Motivation
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Operations Manager Responsibility
Human resource specifically recruiting, hiring, training and development, performance management, payroll and schedule workplace scheduling
Store business operations including managing profit and loss, facility management, safety and security, loss prevention (also called shrinking) and banking
Product management including ordering, receiving, price changes, handling damaged products and returns
Team development, facilitating staff learning and development. Problem solving and handling of unusual circumstances Sales generation Safety and security Division of responsibility Hiring, training and development Visual merchandising and inventory control
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Retail KPIs Sales/square feet Sales/employee Average transaction (sales/ number of transactions) Inventory/stock/merchandise Inventory shrinkage/sales Items per ticket (total items sold/total transactions) Conversion rate (Total transaction/total traffic) Total sales Sales compared to last year (or any other period) Wage cost Average sales per customer/transaction Sales per hour (selling hours only) Sales per hour (labour hours only) Average sale Inventory turn Average gross margin Customers per day/week Items per customer
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Timelines (Project Charter)
Establishing Vision, Mission
and Goals
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THANK YOU