"Business opportunities are like buses, there's always another one coming." - Richard Branson
The vibrant domestic market in India is throwing up unprecedented opportunities in the garment sector specially for the upcoming entrepreneurs. Some of the clothing manufacturers in India, who have been supplying goods to the reputed global garment and accessory retailers, are now toying with idea of launching their own brands. Few of the garment accessories suppliers sums up the general mood as " The investors are willing, the policies are favourable and by all angels this seems like an idea whose time as come! "
Recent news report confirms the fact that the organised garment & accessories sector currently valued at around Rs 320 billion, is projected to increase up to Rs 900 billion (approx.) in just about next five years.
Garment accessories exporters are willing to take this risk though not at the cost of diverting their attention from exports."We will continue to export the same volume which we are doing right now, though wouldn't mind venturing into launching our brands through some foreign partnerships or tie-ups" says one of the garment accessories manufacturer.
Industry insider confirms that amongst the Indian apparel manufacturers, those who are firming up plans to launch new brands or expand existing brands include Mandhana Industries, Orient Craft, SP Apparels and the South India based Royal Classic Group.
These companies hope to attract overseas investors or forge a tie-up with global brands, in accordance with current government of India policy, wherein, 51 percent FDI is permitted in single-brand retail.
Garment accessories, including cloth, zippers, buttons, labels account for around 30% of the total garment sector. Garment accessories suppliers are an important cog in the wheel of the entire garment business chain. Any change in the supply demand cycle will certainly affect the big players and could benefit the buyers due to increased competition.
Globally the scenario isn't as rosy. The USA is just out of the slump and expectedly would take sometime before going aggressive again. In other developing countries like Bangladesh etc. the situation is more grim due to difficult working conditions and harder trade restrictions.
The Indian garment industry is one of the well organized sector in India, far from reaching its saturation thus giving ample scope of opportunities to both the new and existing players. Industry analysts are keeping a constant watch on the upcoming developments with their fingers crossed.
Saturday, December 4, 2010
Receiving Area
Receiving new stock in a retail store needs to be a disciplined process if the business is not to lose money from lost, damaged or stolen goods.
Too often, retailers focus on the front of hours, the retail shop floor, to the detriment of the back of hours, back office functions which can make or break a retail business.
Many retail businesses do not even have a receiving area where goods coming into the business are placed and processed. This is a huge mistake.
I was involved with one retail business recently where more than two thousand dollars worth of stock was uncovered when we were reorganizing the back room. This stock, which have been thought to have been lost, was found hidden in a wall cavity behind a desk.
The cost to the business was not only the cost of the stock which was unsaleable when found but also the opportunity cost. This was a new line which the head office had ordered to trial. The stock loss was covered up. This was able to be done because of a poor goods inward process at the store level.
Here are some simple rules for organizing the receiving area of a retail store which should help avoid lost stock, mistakes and theft:
Require that all goods arriving in-store must be signed for.
Lay out goods inwards rules and responsibilities. Post these in a public place in your business but away from customers. Train all new employees in the process.
The process needs to explain the steps involved in getting new stock from its arrival in the business to the shop floor and how long this should take.
Set aside an area, no matter how small, where all goods are placed when they arrive into the business. Include in this an area for each step of the inwards process: receiving, checking, pricing, storage and damaged goods.
Establish a rule that the goods are not allowed to leave this area without permission of a manager.
Follow a clockwise approach as this is often found to work best. The goods come is and are placed to the left of a back room or a storage apace and move right to the next section and so on. If the business as such space of course.
Management should check in the stock arrivals process to ensure that processes are being followed and appropriate checks and balances are working.
Try and get your suppliers to provide you with invoices electronically before the goods arrive. This will save time and paperwork. It will also provide an external data feed and eliminate an opportunity for employee fraud should they receive less stock into the business than you actually receive.
Once you have established your goods inwards process and area, get all employees together and explain the new processes to them. Lay down your business rules and explain why you are going through this process.
Get the goods inward process right and you can expect to receive shrinkage, speed up the time it takes to get stock to the shop floor, reduce mistakes and make better quality business decisions.
Too often, retailers focus on the front of hours, the retail shop floor, to the detriment of the back of hours, back office functions which can make or break a retail business.
Many retail businesses do not even have a receiving area where goods coming into the business are placed and processed. This is a huge mistake.
I was involved with one retail business recently where more than two thousand dollars worth of stock was uncovered when we were reorganizing the back room. This stock, which have been thought to have been lost, was found hidden in a wall cavity behind a desk.
The cost to the business was not only the cost of the stock which was unsaleable when found but also the opportunity cost. This was a new line which the head office had ordered to trial. The stock loss was covered up. This was able to be done because of a poor goods inward process at the store level.
Here are some simple rules for organizing the receiving area of a retail store which should help avoid lost stock, mistakes and theft:
Require that all goods arriving in-store must be signed for.
Lay out goods inwards rules and responsibilities. Post these in a public place in your business but away from customers. Train all new employees in the process.
The process needs to explain the steps involved in getting new stock from its arrival in the business to the shop floor and how long this should take.
Set aside an area, no matter how small, where all goods are placed when they arrive into the business. Include in this an area for each step of the inwards process: receiving, checking, pricing, storage and damaged goods.
Establish a rule that the goods are not allowed to leave this area without permission of a manager.
Follow a clockwise approach as this is often found to work best. The goods come is and are placed to the left of a back room or a storage apace and move right to the next section and so on. If the business as such space of course.
Management should check in the stock arrivals process to ensure that processes are being followed and appropriate checks and balances are working.
Try and get your suppliers to provide you with invoices electronically before the goods arrive. This will save time and paperwork. It will also provide an external data feed and eliminate an opportunity for employee fraud should they receive less stock into the business than you actually receive.
Once you have established your goods inwards process and area, get all employees together and explain the new processes to them. Lay down your business rules and explain why you are going through this process.
Get the goods inward process right and you can expect to receive shrinkage, speed up the time it takes to get stock to the shop floor, reduce mistakes and make better quality business decisions.
Michaels Coupons
With the economy fluctuating each and every day, the cost of living has increased affecting the way people shop. As a result of this people are now shopping less leading to the closure of stores around the world due to lack of customers. But now more stores are attracting more customers by making shopping cheaper and easy. These stores offer tremendous discounts on anything from the basic necessities like clothing and food to pleasurable items. One of the largest chain of stores adopting this is the Michaels chain of stores.
Michaels, stores.Inc is one of the largest retail stores in the United States which deals with arts and crafts. Its first chain of store was founded in 1984 in Irving, Texas. After a few years, Michaels became a publicly renowned company which led to its expansion to over 1000 stores up to date. With time the chain covered a total of 500 locations with seven distribution centers located in 49 states in the US mainly Texas, Pennsylvania, Washington, Florida, Illinois and California. These distribution centers supply the stores with the merchandise every week; this is done by a transport network that uses contract carriers and trucks to deliver the stock. Michaels offers a range of 37,000 products consisting of beads, scrap books, picture frames, home décor items, artificial flowers, even paper and paint and so much more.
Due to its tremendous growth rate, it has been able to provide its customers with the famous Michaels coupons. These coupons help the customer save money by reducing the price of the products. There are usually two types of coupons: printable coupons and promotional offers. Printable Michael coupons can be found on Michaels.com website and several other websites that have collaborated with it; these websites like Savings.com or UltimateCoupons.com offer the featured Michaels coupons online whereby people interested in the goods available are offered discounts in terms of percentages off or dollars off. These coupons are issued weekly and the public is notified by an ad in the Sunday paper or online through the main website. These coupons last for a period of time before they expire then new coupons are advertised thus making it still interesting.
With printable Michaels coupons upcoming artists and people just interested in art and craft can now afford to undertake their craft projects without having to dry out their bank accounts; so just log in to Michaels website, sign up and enjoy the numerous offers provided.
Michaels, stores.Inc is one of the largest retail stores in the United States which deals with arts and crafts. Its first chain of store was founded in 1984 in Irving, Texas. After a few years, Michaels became a publicly renowned company which led to its expansion to over 1000 stores up to date. With time the chain covered a total of 500 locations with seven distribution centers located in 49 states in the US mainly Texas, Pennsylvania, Washington, Florida, Illinois and California. These distribution centers supply the stores with the merchandise every week; this is done by a transport network that uses contract carriers and trucks to deliver the stock. Michaels offers a range of 37,000 products consisting of beads, scrap books, picture frames, home décor items, artificial flowers, even paper and paint and so much more.
Due to its tremendous growth rate, it has been able to provide its customers with the famous Michaels coupons. These coupons help the customer save money by reducing the price of the products. There are usually two types of coupons: printable coupons and promotional offers. Printable Michael coupons can be found on Michaels.com website and several other websites that have collaborated with it; these websites like Savings.com or UltimateCoupons.com offer the featured Michaels coupons online whereby people interested in the goods available are offered discounts in terms of percentages off or dollars off. These coupons are issued weekly and the public is notified by an ad in the Sunday paper or online through the main website. These coupons last for a period of time before they expire then new coupons are advertised thus making it still interesting.
With printable Michaels coupons upcoming artists and people just interested in art and craft can now afford to undertake their craft projects without having to dry out their bank accounts; so just log in to Michaels website, sign up and enjoy the numerous offers provided.
Wednesday, September 1, 2010
Used Mannequins
Starting a new retail store is a very critical issue, it needs a large capital funds in order to set up everything in your store. For example, you need to spend money for decoration, you need to spend more on the merchandise you are selling and finally you need to spend money for the displaying fixtures.
Buying mannequins is one of the items that consume a lot of money. Some store owners would think of buying used mannequins but, is this good idea or not. Well, the answer for such question is not that easy because the word "used" includes several categories that come in different prices. Any store owner should make sure of what he is buying in order to be able to save money or else, he will end up paying more money than buying new mannequins.
First of all, you should inspect the quality and the status of the used fixtures and mannequins you are buying. It is imperative to get good quality mannequins or they won't be able to display the items you are selling in a good way. For example, imagine you are buying dented and scratched mannequins for a very low price and you are going to use such mannequins in your store, are they going to be good? The answer is definitely no.
If you are a retail store owner than you need to look at the liquidator stores in order to find those offering used mannequins with good quality. Try aiming for stores that are closing out and selling their stuff. This could be a good source of mannequins that are used but, with good quality. Avoid garage sales because all you would find there would be low grade mannequins.
Buying good quality pre-owned mannequins would save you a lot of money only if you are able to locate good quality ones. So, your primary goal is to find them and to make sure of the quality before you proceed with the purchase.
Before you start your search make sure that you determine how many mannequins you need, how many full length, how many upper half and how many lower half mannequins you need for your store. This is very important because most probably you won't find all what you are looking for in one place. This means you need to collect your mannequins from different stores and locations.
The last point is determining which type of mannequins you should go for. Wooden mannequins show wear and tear easily. A used one of this type would show many dents and scuffs if they have been used before. On the other hand, plastic mannequin is a better choice as they won't show the same level of wear and tear even if they have been used before.
Finally, make sure that you have checked the fixtures of your used mannequins as you may need to buy some new fixtures for the mannequins that you have purchased with a good price. Make sure you are getting a good deal for your mannequins and buy some extra ones as a reserve.
Buying mannequins is one of the items that consume a lot of money. Some store owners would think of buying used mannequins but, is this good idea or not. Well, the answer for such question is not that easy because the word "used" includes several categories that come in different prices. Any store owner should make sure of what he is buying in order to be able to save money or else, he will end up paying more money than buying new mannequins.
First of all, you should inspect the quality and the status of the used fixtures and mannequins you are buying. It is imperative to get good quality mannequins or they won't be able to display the items you are selling in a good way. For example, imagine you are buying dented and scratched mannequins for a very low price and you are going to use such mannequins in your store, are they going to be good? The answer is definitely no.
If you are a retail store owner than you need to look at the liquidator stores in order to find those offering used mannequins with good quality. Try aiming for stores that are closing out and selling their stuff. This could be a good source of mannequins that are used but, with good quality. Avoid garage sales because all you would find there would be low grade mannequins.
Buying good quality pre-owned mannequins would save you a lot of money only if you are able to locate good quality ones. So, your primary goal is to find them and to make sure of the quality before you proceed with the purchase.
Before you start your search make sure that you determine how many mannequins you need, how many full length, how many upper half and how many lower half mannequins you need for your store. This is very important because most probably you won't find all what you are looking for in one place. This means you need to collect your mannequins from different stores and locations.
The last point is determining which type of mannequins you should go for. Wooden mannequins show wear and tear easily. A used one of this type would show many dents and scuffs if they have been used before. On the other hand, plastic mannequin is a better choice as they won't show the same level of wear and tear even if they have been used before.
Finally, make sure that you have checked the fixtures of your used mannequins as you may need to buy some new fixtures for the mannequins that you have purchased with a good price. Make sure you are getting a good deal for your mannequins and buy some extra ones as a reserve.
Employment in a Retail
Finding a job vacancy in retail can be a challenge. Many vacancies are not advertised. Those that are are quickly snapped up because of the number of people looking for work. This is why you need a plan to land a retail job.
It takes hard work and commitment to land the job you want, it will rarely just fall into your lap. Like anything good in life, that which you have planned and worked for is more appreciated. This is especially true in landing a retail job since many opportunities fly under the radar.
The following advice not only helps you identify roles, it also helps sell you since that is what is most crucial in finding a job in a retail store, selling yourself, showing that you are the person the business should hire to help them grow the business.
Before you start looking for retail work, get stuck into some preparation. Take your time to think carefully about and work through these four points:
1. What type of retail job are you looking for? What type of retail, the hours, the location and the position within the business? It is important to know exactly what you are looking for.
2. Prepare your documentation package. Your documentation package should contain the information whichsells you. This ought to include an introductory letter, your resume (or CV as it can be called), references from past employment, police or security check (if appropriate to the role) and and other information which sells you.
3. Prepare yourself for making the pitch. Do you look the part for the type of store you want to pitch yourself to? If not, maybe this retail store is not for you. Think about that carefully. There is no point in looking like someone you are not. Alternatively, some simple work could make you look more appealing and appropriate to the business. Remember, it is a buyers market.
4. How will you sell yourself? prepare and rehearse several pitches: the 30 second intro, the two to five minute pitch and the fifteen minute presentation where you reveal your skills and passion for the business. The different pitches will help you prepare for the different situations you encounter. Practise in front of the mirror and with friends who will provide honest feedback.
With preparatory work done, you can turn your attention to actually looking for your ideal retail job. Here are some simple steps to follow:
1. Walk the shopping malls. Look at retail stores from the perspective of an employee. Develop a list of retail stores which interest you. Make sure that your interest in them will make a good and believable story as it is bound to be covered in an interview if you get to that point.
2. Research opportunities online. Research your shortlist of retail stores online. Visit their website, Facebook page, Twitter feed, MySpace page, blogs and any other online forum where you can find out more about them. If appropriate, comment on their blog - a good comment could get their attention.
3. make the move, offer yourself. Visit the retail businesses on your shortlist. Drop off your package and make a brief pitch. Keep your initial contact brief yet memorable - you want the people you com in contact with wanting you working for the business.
4. Follow-up after your initial contact. A day or two after your first contact, make a second contact with the retail store by a different means. If you dropped in on the first contact, follow up with a brief letter. If you first contacted the business by mail, drop in. Keep your follow up light.
The key message about finding a retail job is that you know what you want, have a plan and pursue your goal relentlessly, professionally and with passion. Passion is the key as this is what is more likely to win you the job.
It takes hard work and commitment to land the job you want, it will rarely just fall into your lap. Like anything good in life, that which you have planned and worked for is more appreciated. This is especially true in landing a retail job since many opportunities fly under the radar.
The following advice not only helps you identify roles, it also helps sell you since that is what is most crucial in finding a job in a retail store, selling yourself, showing that you are the person the business should hire to help them grow the business.
Before you start looking for retail work, get stuck into some preparation. Take your time to think carefully about and work through these four points:
1. What type of retail job are you looking for? What type of retail, the hours, the location and the position within the business? It is important to know exactly what you are looking for.
2. Prepare your documentation package. Your documentation package should contain the information whichsells you. This ought to include an introductory letter, your resume (or CV as it can be called), references from past employment, police or security check (if appropriate to the role) and and other information which sells you.
3. Prepare yourself for making the pitch. Do you look the part for the type of store you want to pitch yourself to? If not, maybe this retail store is not for you. Think about that carefully. There is no point in looking like someone you are not. Alternatively, some simple work could make you look more appealing and appropriate to the business. Remember, it is a buyers market.
4. How will you sell yourself? prepare and rehearse several pitches: the 30 second intro, the two to five minute pitch and the fifteen minute presentation where you reveal your skills and passion for the business. The different pitches will help you prepare for the different situations you encounter. Practise in front of the mirror and with friends who will provide honest feedback.
With preparatory work done, you can turn your attention to actually looking for your ideal retail job. Here are some simple steps to follow:
1. Walk the shopping malls. Look at retail stores from the perspective of an employee. Develop a list of retail stores which interest you. Make sure that your interest in them will make a good and believable story as it is bound to be covered in an interview if you get to that point.
2. Research opportunities online. Research your shortlist of retail stores online. Visit their website, Facebook page, Twitter feed, MySpace page, blogs and any other online forum where you can find out more about them. If appropriate, comment on their blog - a good comment could get their attention.
3. make the move, offer yourself. Visit the retail businesses on your shortlist. Drop off your package and make a brief pitch. Keep your initial contact brief yet memorable - you want the people you com in contact with wanting you working for the business.
4. Follow-up after your initial contact. A day or two after your first contact, make a second contact with the retail store by a different means. If you dropped in on the first contact, follow up with a brief letter. If you first contacted the business by mail, drop in. Keep your follow up light.
The key message about finding a retail job is that you know what you want, have a plan and pursue your goal relentlessly, professionally and with passion. Passion is the key as this is what is more likely to win you the job.
Satisfaction Survey
Your customers will have perceptions, impressions, and ideas about your business. What they think about your business can only come from one source and that is their experience of dealing with you. The information they have about your business is very important and it doesn't matter what sort of business you have, the perceptions of your customers deserve to be recognized. Customers can give you direction and ideas about improving their perceptions through better service, better appearance, inventory range, staff training, speed of service, accuracy of service and so on. Without this information you are, at best, guessing what they want.
One of the ways of getting this information so you can apply it to your business, is to conduct a survey. Unfortunately, a lot of the recent surveys that are carried out, have an inherent flaw. The questions, whilst important, can never drill down to the right place. This is because that when you ask a question, the answer often requires another question and it is impossible to anticipate the subsequent question. This means that a written survey form will always fall short in comparison to a verbal discussion with the customer. You can compromise by asking prepared questions and then posing subsequent questions to clarify or to amplify the answers.
Another reason why asking questions face-to-face is more likely to reveal important information is very simple. 85 to 90% of all communication is nonverbal. This means that the written questionnaire or survey form will never pick up this missing communication. The written survey form is used because it is more efficient in gathering a lot of information in a short space of time. However, as you can see, it is severely limited. Interpreting the results of a written survey on customer satisfaction is mainly guesswork or statistical. Either way, the outcome will be of limited value and may be, you should hesitate to make major decisions on the strength of a written survey.
Typical questions in written surveys tend to follow a predictable pattern and include assessments such as, "Please rate the helpfulness of our staff." The writer then has to circle and number between one and five to indicate their rating. "Please tell us how easy it was to find items in our store." And again the customer has to indicate their perception on a scale of 1 to 5.
However, the number one question to ask during a customer satisfaction survey is this, "If you had a magic wand what would you change in this store?" You can imagine that this would create the need for a lot of subsequent questions. Furthermore, this question is best asked face-to-face because of the potential information that can be gathered at this time. It has been suggested that this question should be asked frequently by the manager to people who are leaving the store having completed their purchasing. As you can imagine, it wouldn't take too long to compile a picture of how your customers perceive your business by asking this particular question.
One of the ways of getting this information so you can apply it to your business, is to conduct a survey. Unfortunately, a lot of the recent surveys that are carried out, have an inherent flaw. The questions, whilst important, can never drill down to the right place. This is because that when you ask a question, the answer often requires another question and it is impossible to anticipate the subsequent question. This means that a written survey form will always fall short in comparison to a verbal discussion with the customer. You can compromise by asking prepared questions and then posing subsequent questions to clarify or to amplify the answers.
Another reason why asking questions face-to-face is more likely to reveal important information is very simple. 85 to 90% of all communication is nonverbal. This means that the written questionnaire or survey form will never pick up this missing communication. The written survey form is used because it is more efficient in gathering a lot of information in a short space of time. However, as you can see, it is severely limited. Interpreting the results of a written survey on customer satisfaction is mainly guesswork or statistical. Either way, the outcome will be of limited value and may be, you should hesitate to make major decisions on the strength of a written survey.
Typical questions in written surveys tend to follow a predictable pattern and include assessments such as, "Please rate the helpfulness of our staff." The writer then has to circle and number between one and five to indicate their rating. "Please tell us how easy it was to find items in our store." And again the customer has to indicate their perception on a scale of 1 to 5.
However, the number one question to ask during a customer satisfaction survey is this, "If you had a magic wand what would you change in this store?" You can imagine that this would create the need for a lot of subsequent questions. Furthermore, this question is best asked face-to-face because of the potential information that can be gathered at this time. It has been suggested that this question should be asked frequently by the manager to people who are leaving the store having completed their purchasing. As you can imagine, it wouldn't take too long to compile a picture of how your customers perceive your business by asking this particular question.
Sunday, August 1, 2010
Pricing Your Products
The decision to hike or lower the prices on your products or services can be difficult and have a direct impact on your business. However the way you go about making these changes in price will determine the results of your new policy. For instance, two companies who change the prices on the same product by the same amount, may get varied outcomes depending on how they went about implementing the change.
You need to pay attention to the timing on your new policy. You need to know if your customers think you are giving them value for their money and you need to gauge the reaction of your competitors in advance.
One way of raising your prices is to implement one single large hike. This may be due to an increase in raw material costs or because you want to bring down the demand to a more manageable level.
In reality, however, most companies implement price hikes on a gradual basis. They feel their customers will accept the price rise better since they will not be hit by it in one shot. Sometimes customers may not even notice the price hikes if they are spread out over a long duration of time.
If your company produces a range of products or services, try increasing the prices on some of them and leave the others as before. It is also wise to assess the kind of product you have since some products are more sensitive to price hikes.
You should select the right time to introduce your new pricing policy. To lower prices, the timing should be such that you gain maximum mileage out of it. To increase pricing, select a time when you are likely to face the least amount of resistance. Your timing will also be decided by seasonal changes and sales cycles. For example, some retail stores increase the prices on their goods around the time Christmas is approaching since shoppers are in a hurry to buy and pay less attention to how much they are paying. A store that has recently been launched may keep prices down in order to attract clientele.
You can also modify the value of your goods while leaving the prices intact. For example, you may reduce the quantity of a product a bit but maintain the same price level as before. Most customers will not notice the change as long as it is not very substantial. The net effect of this policy would be the same as raising the price.
You need to pay attention to the timing on your new policy. You need to know if your customers think you are giving them value for their money and you need to gauge the reaction of your competitors in advance.
One way of raising your prices is to implement one single large hike. This may be due to an increase in raw material costs or because you want to bring down the demand to a more manageable level.
In reality, however, most companies implement price hikes on a gradual basis. They feel their customers will accept the price rise better since they will not be hit by it in one shot. Sometimes customers may not even notice the price hikes if they are spread out over a long duration of time.
If your company produces a range of products or services, try increasing the prices on some of them and leave the others as before. It is also wise to assess the kind of product you have since some products are more sensitive to price hikes.
You should select the right time to introduce your new pricing policy. To lower prices, the timing should be such that you gain maximum mileage out of it. To increase pricing, select a time when you are likely to face the least amount of resistance. Your timing will also be decided by seasonal changes and sales cycles. For example, some retail stores increase the prices on their goods around the time Christmas is approaching since shoppers are in a hurry to buy and pay less attention to how much they are paying. A store that has recently been launched may keep prices down in order to attract clientele.
You can also modify the value of your goods while leaving the prices intact. For example, you may reduce the quantity of a product a bit but maintain the same price level as before. Most customers will not notice the change as long as it is not very substantial. The net effect of this policy would be the same as raising the price.
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