What is retail business?
Retail business is one of the popular business forms and is also a popular choice of many individuals and units today. Retail business can be said to be a form of commercial business that focuses more on individual consumers, with the ability to purchase single goods in small quantities.
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Retailing is buying products from manufacturers, wholesalers or large retail companies and reselling them to end consumers.
Retail organizations vary in size. They can be a single store or a chain of stores consisting of many branches, including department stores, specialty stores, discount stores, and consumer cooperatives.
6 popular retail business forms today
Some of the most popular forms of retail business today include:
Retail collect money
This is a form of retail business that separates cash collection and delivery to the buyer. Specifically, in this form, each stall will have a cashier who is responsible for collecting money for customers to come to the counter to receive goods delivered by sales staff. At the end of the shift (or the end of the day) to sell, the sales staff will base on the invoice and delivery to customers or inventory the goods in stock to determine the quantity of goods sold during the day, in the shift and make a report. sales report.
Retail cash collection directly
This is a form of retail business where the sales staff will collect money directly from customers and deliver goods to customers. After that, the clerk makes a deposit slip and pays the cashier. At the same time, inventorying the goods at the counter to determine the quantity of goods sold in the shift, during the day and making a sales report.
Self-service retail (optional)
This is also one of the most popular forms of retail business today, in which, customers can choose to pick up the goods they want to buy, bring them to the cashier to calculate and pay.
Cashiers check goods, calculate money, make sales invoices and collect money from customers. Sales staff are responsible for guiding customers and preserving goods at the counter (shelf) under their charge. Examples of this form of retail are large supermarkets, mini supermarkets…
Sale
This is a form where buyers get paid multiple times for a product they need. Commercial enterprises, in addition to the amount collected at the normal selling price, also collect from the buyer an interest on late payment.
For this form, both the seller and the buyer get quite a lot of benefits. Buyers can own the products they need immediately without having to pay large sums of money, the seller can sell one or more products and maintain a stable revenue + monthly profit based on the amount of money the buyer wants. buy in installments.
Vending
Vending is also one of the popular retail forms in which commercial enterprises use specialized vending machines for one or a few types of goods placed in public places. . After the customer puts money into the machine, the machine will automatically push the goods out to the buyer.
This form is not very popular in Vietnam, the vending machines are still mainly located in tourist destinations where there are many foreign visitors.
Send the agent to sell or consign the goods
Ddaa is a form of sales in which a commercial enterprise delivers goods to an agency or consigns it for direct sale. The party receiving as an agent or consignee will directly sell goods, pay for the goods and enjoy agency commissions.
The number of goods delivered to the consignment or agent establishments remains under the ownership of the commercial enterprise until the commercial enterprise is paid or accepted by the agency or consignee for payment or notified of the transaction. the number of goods sold, the new enterprise loses ownership of these goods.
The secret to success in retail business
For units and individuals who are intending to implement a retail business model, no matter what form they apply, you also need to consult and learn solutions to make your business more successful and effective.
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Here are some secrets of success in retail business that you can refer to and implement.
Renovate store appearance
One of the factors that attracts and makes customers want to visit your retail store is its appearance and appearance.
Specifically, the space of the store only needs to be just enough compared to the volume of goods on sale, if it is too large, customers will feel that the designs are few or too tight, and it will be difficult for customers to see and choose. The way the product is displayed also needs to change constantly to diversify the models and to hit the tastes, there are always new products, making customers stop to look and intend to buy.
If you are running discounts, promotions or have special policies for loyal customers, let customers know through posters, posters, and standees placed in front of the store.
Training professional retail staff
To operate a model well model or retail store, you will need a dedicated team of employees who understand the job and do the assigned tasks well.
Employees are people who have direct contact with customers, are the face of the business, therefore, sales staff must be fully equipped with knowledge about the products being sold, have an open, enthusiastic, and enthusiastic attitude. for the sake of customers.
However, don’t just ask the staff to follow your plan, let them participate in the planning and come up with store development ideas. Since your employees are in contact with customers on a daily basis, having a certain understanding of the customer, can generate invaluable ideas for your business. Don’t take their ideas lightly.
Optimizing technology devices
What differentiates and competes among retail businesses is the use of technology.
If you and your employees are “suffering” because the POS system, the store management system is old and no longer suitable, it’s time to renew it. Invest wisely in systems and products that can make your store grow.
Some business units provide their customers with their own purchasing apps
Currently, a number of businesses and units focusing on the retail sector have made many breakthroughs in combining technology with sales such as designing their own websites with integrated online ordering and door-to-door delivery functions. or an application to support customers in making purchases, electronic membership points cards…
Diversify payment methods
Another technology-related factor that is of interest at retail stores is electronic forms of payment. Instead of asking customers to pay in cash, you can expand them to more diverse and rich options such as payment by VISA, MASTERCARD, PAYPAL… or even apply to payment applications. current math such as MOMO, ZALOPAY, ONEPAY….
Invest in Marketing activities
One secret to success in the retail business that cannot be ignored is marketing. Marketing is the trend of the times, also a way for you to expand your business scale. Online business makes it easier for you to reach customers, save time and costs, and make shopping more convenient for customers.
In addition, you can also apply online marketing activities combined with traditional business to bring higher efficiency to your business.
Regularly survey and listen to customers’ opinions
Customers are also one of the important sources of information that you need to learn when operating a retail business.
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To make your business easier and more efficient, regularly create surveys, poll your customers about everything related to the store such as the layout, the products available, the attitude of the customers. staff level, customer experience when buying at the store…
Customer feedback is a valuable resource. Understanding what your customers are thinking will help you make better decisions about every aspect of your business including product, pricing, design and services.
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