RETAIL SALE BOOSTER MODEL (RSBM)

What is Retail Sales Booster Model all about? The RSBM needs a deeper understanding of the RCSM first, so that the base of all retail problems can be addressed. Before we move on to the model, we need to know the basic things that we are lacking in the retail sector. Retail being the most glamorous industries now days, more and more people are diving in it. This leads to experimentation by each of them which seem to be a heap of customized burger at the end of the day. The retail area has not witnessed such destructive times like what it's facing now in the times of recession. We must know that if a business model is strong it will still survive odd days. This calls for the need of some standards that should be monitored 7X30X365.

  1. Set benchmark for footfall conversion.
  2. Set restriction for items/merchandise on floor per square feet.
  3. Set on regular mystery shopper's report to check standards.
  4. Set instant customer satisfaction measure at check out point.
The above are the basic that the retail industry is lacking. Only a few of them have adopted the mystery shopper's report.

RSBM



Linking the joints are treated separately, gives us the RSBM.

In order of cycle, it goes in this way.

  1. Management deciding on the merchandise.
  2. Availability on floor.
  3. Desired Visual Merchandising.
  4. Skilled retail staff.
  5. Inventory check and maintenance.
  6. Generation of MIS reports.
  7. Feedback for procurement.
From No. 7 it goes back to No. 1 and continues the cycle. The failure of a number of retail chains are no doubt due to the miss interpretation of the retail functioning chains. When the management takes into the space which should be taken by the floor staff, failure are bound to happen. The back office people just thinking of profits, do forget that the people on floors are the one who can estimate the most accurate conditions that are required for operations. Sadly most companies pay least attention to this and as a result we are witnessing the sudden fall in the number of retail outlets due to recession. Its advised to practice the RSBM step by step so as to built a strong foundation and see the revenues growing. Don't limit you sales to high value products only. Sell what the customer wants and not what you want!

Author:.

MBA in Marketing and HR from ICFAI university with past experinces from Shoppers' Stop Ltd, Coca Cola India, Michelin India Tyres Pvt Ltd. you can reach me at or prakaashguptaa@gmail.com

Go Deeper | Website

Want More?

 
New Graphic
Subscriber Counter