{"id":53876,"date":"2022-09-06T23:00:08","date_gmt":"2022-09-06T20:00:08","guid":{"rendered":"https:\/\/iconicerp.com\/?p=53876"},"modified":"2022-09-01T23:37:19","modified_gmt":"2022-09-01T20:37:19","slug":"retail-planning-7-steps-to-ensure-the-success-of-your-retail-business","status":"publish","type":"post","link":"https:\/\/iconicerp.com\/ar\/retail-planning-7-steps-to-ensure-the-success-of-your-retail-business\/","title":{"rendered":"Retail Planning: 7 Steps to Ensure the Success of Your Retail Business"},"content":{"rendered":"\n\n\n
When it comes to successfully making a return on investment for your retail business, it\u2019s critical to have a solid retail planning strategy. Whether you\u2019re selling toiletries, fashion, or furniture, retail planning is essential to guarantee you not only make a reasonable profit but avoid running your business into the ground. Look at Retail Planning: 7 Steps to Ensure the Success of Your Retail Business.<\/p>\n

Retail planning goes by many names, such as retail management, merchandise planning, or merchandise management. But what is it?<\/p>\n

What is retail planning?<\/strong><\/h2>\n

Simply put, retail planning involves using a fine-tuned, data-driven strategy to not just meet consumer demand, but also optimize and maximize your ROI, by making sure you have the right products at the right time, price, and amounts. In other words, it\u2019s effective cost management from a merchandise aspect.<\/p>\n

<\/figure>\n

Retail planning isn\u2019t something you can do overnight: to develop a truly effective strategy, you\u2019ll need to take several steps to ensure you have reasonable goals and objectives, understand your market and consumer behavior, and continue to optimize your strategy.<\/p>\n

Despite retail buying and merchandise marketing is some of the biggest expenses you\u2019ll incur, you can ensure you\u2019re in charge of your retail management and stay ahead of the curve with proper merchandise management.<\/p>\n

No clue where to begin? We\u2019ve outlined 7 high-level steps in the retail planning process to ensure you\u2019re off to a good start.<\/p>\n

1. Analyze your market<\/strong><\/h2>\n

While there are many situations where trusting your gut is a wise step, the retail planning process is definitely not one of them. To make sure that you have a realistic plan of attack, take some time to understand the market space you\u2019re in.<\/p>\n

A great way to do this is through the tried-and-true SWOT (strengths, weaknesses, opportunities, and threats) analysis of your competition. A retail SWOT analysis will help you understand the internal and external factors affecting your competition \u2014 and, by extension, possibly you \u2014 so you can gain actionable insights for your own retail business.\u00a0<\/strong><\/p>\n

For example, your competition\u2019s strengths could involve their USPs (unique selling propositions), their 24\/7 customer service support, or cheaper wholesale prices. Other options could be less tangible, such as their brand recognizability or authenticity, but could be equally important.<\/p>\n

When it comes to weaknesses, could range from a lack of an online presence, fewer payment options, limited selections of items, or anything that could potentially limit the retail business\u2019s competitive advantage.<\/p>\n

Opportunities can be both internal and external, such as the opportunity to open a new location or increase market share, or a sudden interest in retail vacancies from the general public. But these can also be more digital or long-term, such as the use of AI in customer service.<\/p>\n

Finally, threats could be things like a new competitor opening in the same niche, price wars, or lack of staffing or supply chain issues.<\/p>\n

By taking time to analyze your competitors, you won\u2019t be caught off-guard and can implement proper risk management strategies in your retail planning process.<\/p>\n

2. Analyze your customers\u2019 behavior\u00a0<\/strong><\/h2>\n

Predicting your customers\u2019 behaviors can be difficult, but if you want to really understand your clients and connect with them, you\u2019ll put in the effort to see how they interact with your retail brand.<\/p>\n

By understanding what are the demographics in your market, you can start to provide custom-tailored experiences to attract the right audience. That said, don\u2019t assume that you know who holds the purchasing power of your retail products.<\/p>\n

To avoid surprises like this, take time to understand your customers\u2019 backgrounds, habits, motivations, and even problems they might face during their touchpoints with your brand. If you empathize with your (potential) customers and put yourself in their shoes, you\u2019ll have a surefire method of making sure your merchandise planning strategy is a success.<\/p>\n

By using a mix of quantitative and qualitative methods such as online analytics tools, focus groups, feedback forms, and historical data, you\u2019ll be well on your way to a deeper understanding of your customers.<\/p>\n

\"Retail<\/a><\/p>\n

3. Set your objectives\u00a0<\/strong><\/h2>\n

No matter what branch of retail you\u2019re in, setting both short- and long-term goals is absolutely essential. When you\u2019re brainstorming on objectives to set, avoid the common pitfall of coming up with a generic objective such as \u201cincreasing sales.\u201d Instead, try to formulate a few SMART goals.<\/p>\n

A SMART goal is well-formulated and should be\u00a0s<\/strong>pecific,\u00a0m<\/strong>easurable,\u00a0a<\/strong>chievable,\u00a0r<\/strong>elevant, and\u00a0t<\/strong>ime-bound, and should be based on the above research steps. By asking yourself questions such as \u201cWhat do I want to accomplish?\u201d or \u201cHow will I know when I\u2019ve accomplished my goal?\u201d, you\u2019ll be able to formulate SMART goals in no time.<\/p>\n

What does a good SMART goal look like?\u00a0An internal objective could be: \u201cIncrease the revenue from holiday cards by 50% in both of our locations during November and December.\u201d Meanwhile, an external objective could be: \u201cIncrease the number of 4- and 5-star online customer reviews by 30% over the first quarter of 2022.\u201d\u00a0<\/strong><\/p>\n

4. Outline and implement your strategy<\/strong><\/h2>\n

Once you\u2019ve settled on your objectives, it\u2019s time to actually create your retail planning strategy and stock your shelves. This can be the most time-consuming and detailed step, as you\u2019ll need to take various factors into consideration before you actually get your product into your physical retail space.<\/p>\n

Make sure to give ample consideration to your\u00a0<\/strong>retail merchandising<\/strong>\u00a0which is the assortment of products you offer. How limited or broad do you want your range of products to be? For example, if you sell shoes, you\u2019ll have a relatively narrow mix, but it will be quite focused on that particular niche. Are there seasonal, high-demand items you\u2019ll need over a certain period?\u00a0<\/strong><\/p>\n

Target does an incredible job with its merchandising mix, particularly when it comes to seasonal periods. During the winter months, Target sets up the Wondershop \u2014 a section in its stores that\u2019s dedicated to holiday merch.<\/p>\n

<\/figure>\n

Meanwhile, during the summer months, Target\u2019s merchandising efforts are focused on products that people would need for summer activities, such as going to the beach. In the display below, we see Target cleverly cross-merchandising kids\u2019 sunscreen and swim diapers, because the team knows that parents are likely looking to purchase these items together.<\/p>\n

<\/figure>\n

Once you\u2019ve ironed out your merchandising and\u00a0assortment planning, think about retail pricing. While there isn\u2019t a one-size-fits-all approach, make sure your pricing is realistic, and perhaps offers options for customers from various socioeconomic statuses.\u00a0 Other factors to take into consideration include the placement of your retail products, your store floor plan, and how you\u2019ll market your products.<\/p>\n

Don\u2019t forget to factor marketing and advertising into the equation. While it\u2019s not uncommon to use physical advertising such as billboards, pamphlets, or posters, digital advertising is often an invaluable tool for your retail planning strategy. With $35.86 billion\u00a0projected to be spent on digital ads by U.S. retailers, it\u2019s clear it\u2019s a booming industry. That said, you\u2019ll need to set aside enough money from your budget to convert customers!<\/p>\n

In conclusion, by using the information gleaned from your research, you can make sure that your retail planning strategy is an accurate reflection of what your customers want, and exactly when they want it.<\/p>\n

5. Analyze your performance\u00a0<\/strong><\/h2>\n

Although you\u2019ve gotten your merchandise planning strategy in full gear, you\u2019re not done yet. We mentioned earlier that retail planning is a data-driven approach; now, as your strategy plays out, you\u2019re collecting data to analyze.<\/p>\n

While you should also look back at your results once you reach your goal, there\u2019s no need to wait until then to see if any adjustments can be made. After a few days, start looking at the metrics you wanted to reach and see how much progress you\u2019ve already made.<\/p>\n

Vend by Lightspeed can help you tremendously in this regard. Vend\u2019s\u00a0POS reporting and analytics features allow you to build your own reports and view the performance of your business based on various factors, including sales per category, customer group, staff member, etc.<\/p>\n

Be sure to include your staff in this process. Some questions you could ask your team include: Is it on par with your initial expectations? If it isn\u2019t, why not? Were your goals actually not realistic? How are customers reacting to your retail planning? What\u2019s going on with the competition? Keep these questions in mind to see if any changes can \u2014 or should \u2014 be made. By doing this, you can control your merchandise, so you won\u2019t face unexpected shortages or have too many products that you can\u2019t get rid of.<\/p>\n

Once you\u2019ve reached your target, or the season is over, make sure to get the broader picture. For example, you could look at what went on with your marketing, or how external opportunities or threats played a role in your strategy. Through this, you\u2019ll be able to contextualize the situation and have a clearer view of what happened.<\/p>\n

Once you\u2019ve analyzed the data from your previous season, you\u2019ll be able to use your learnings and insights for next season\u2019s merchandise retail planning, as the performance of the last season should play a crucial role in your upcoming retail plan.<\/p>\n

Rely on smart and updated\u00a0restaurant POS software<\/a>\u00a0and the right people to manage your business operations smoothly while you prepare for the next steps of your business.<\/p>\n

Don\u2019t forget to follow us on\u00a0Instagram<\/a> for more restaurant trends and updates!<\/p>\n

Retail Planning: 7 Steps to Ensure the Success of Your Retail Business, Retail Planning: 7 Steps to Ensure the Success of Your Retail Business, Retail Planning: 7 Steps to Ensure the Success of Your Retail Business.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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