Hi everyone,
I am an HR Manager in the retail industry, and we have six outlets in Ernakulam. Can anyone help with ideas to motivate our staff uniquely? We face fierce competition, so I need innovative strategies for success. I am considering organizing training programs for our staff, but it may not be feasible to train everyone in a retail setting. Is there anyone who can suggest something new?
Thank you in advance for your valuable suggestions.
From India, Cochin
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I am an HR Manager in the retail industry, and we have six outlets in Ernakulam. Can anyone help with ideas to motivate our staff uniquely? We face fierce competition, so I need innovative strategies for success. I am considering organizing training programs for our staff, but it may not be feasible to train everyone in a retail setting. Is there anyone who can suggest something new?
Thank you in advance for your valuable suggestions.
From India, Cochin
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Dear Sreeja,
In your retail store, what do you sell? Is it FMCG or consumer durables? Is there any scope to introduce private labels? Do you have a central warehouse? You could have given this information if you wanted to be 'different'.
If you are really interested in doing something 'different', then please think of managing your back-end operations. Walmart is Walmart because they did research on their back-end activities and removed unnecessary costs wherever possible. You have the big daddy of retail to copy; will you be able to copy their practices?
In today's cutthroat competition, where capital is scarce, managing inventory is of paramount importance. If not managed well, precious capital gets blocked in the form of inventory. Managing inventory demands proper capacity planning, i.e., managing shelf space. There has to be a rationale behind what to store, how much to store, and where we store.
To do something 'different', check whether you will be able to do the following:
a) Implement scientific methods of demand forecasting. It includes Poisson distribution, regression analysis, sensitivity analysis, etc.
b) Measure various inventory costs with respect to your chain of stores.
c) Find out the applicability of probabilistic models of inventory management and implement them.
d) Do 'Make or Buy' analysis scientifically. Bring out private labels based on this analysis.
e) Manage the inventory for your vendors and cut down costs right at the supplier's place.
I have given a few points. There are many more points further. These will emerge only after studying your procurement practices. If you implement all or a few of the above points, possibly your store will become a case study for B-schools. Will it not be motivating for your owners or staff?
If you wish to avail yourself of consulting services for the implementation of the above, please approach me.
Thanks,
Dinesh V Divekar
dineshdivekar(at)yahoo.com
From India, Bangalore
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8218In your retail store, what do you sell? Is it FMCG or consumer durables? Is there any scope to introduce private labels? Do you have a central warehouse? You could have given this information if you wanted to be 'different'.
If you are really interested in doing something 'different', then please think of managing your back-end operations. Walmart is Walmart because they did research on their back-end activities and removed unnecessary costs wherever possible. You have the big daddy of retail to copy; will you be able to copy their practices?
In today's cutthroat competition, where capital is scarce, managing inventory is of paramount importance. If not managed well, precious capital gets blocked in the form of inventory. Managing inventory demands proper capacity planning, i.e., managing shelf space. There has to be a rationale behind what to store, how much to store, and where we store.
To do something 'different', check whether you will be able to do the following:
a) Implement scientific methods of demand forecasting. It includes Poisson distribution, regression analysis, sensitivity analysis, etc.
b) Measure various inventory costs with respect to your chain of stores.
c) Find out the applicability of probabilistic models of inventory management and implement them.
d) Do 'Make or Buy' analysis scientifically. Bring out private labels based on this analysis.
e) Manage the inventory for your vendors and cut down costs right at the supplier's place.
I have given a few points. There are many more points further. These will emerge only after studying your procurement practices. If you implement all or a few of the above points, possibly your store will become a case study for B-schools. Will it not be motivating for your owners or staff?
If you wish to avail yourself of consulting services for the implementation of the above, please approach me.
Thanks,
Dinesh V Divekar
dineshdivekar(at)yahoo.com
From India, Bangalore
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