As a retailer, you know that profit margins are important. But what is the average profit margin on retail? We take a look at the data to find out. For our business, we need to make sure that we’re always aware of our margins. After all, it’s one of the key indicators of how well […]
If you’re in retail, then you know that markdowns are a necessary evil. But what is a markdown in retail? I remember when I first started working in retail and someone told me we were going to have to start doing “markdowns.” I had no idea what that meant or why it was necessary. All […]
When planning to start a retail business you may wonder, ”where do retailers buy from? It’s important to know where to buy your merchandise from. I’ve been in the business for over 10 years and have learned a thing or two about product sourcing. In this blog post, I’ll share with you the best places […]
As a retailer, you’ve probably heard of cross selling and may have even tried it out in your store. But what is cross selling in retail, really?And how do you know whether or not cross selling is right for your business? This article tells you everything you need to know about cross selling including the […]
As a small business owner, you may be wondering “what are SKUs?” and how do you generate and implement them? Here’s everything you need to know about SKUs! If you’re in the retail business, then you know that SKUs are important. I remember when I first started my small business, I had no idea what […]
Some bad retail managers don’t know how to help their employees succeed. It would help if you had them on board with you and motivated to do their best work. These employees don’t care about their job; they want a paycheck. When managers come up with busy work to fill their employees’ time and not […]
When you fire an employee or they quit on their own, it can be a real blow to your business. Their absence leaves a hole that may never be filled. As a retailer, it’s really frustrating when I have merchandise that doesn’t sell or displays with gaps and schedules without enough employees. The more employee […]
One of my colleagues has been stealing all the sales from me by quickly and rudely approaching customers before I can. It’s not just that he makes a nuisance out of himself, but also refuses to listen when we talk about it. I need to know what I should do and say in order to […]
When I was training new franchisees, they would come in and tell me about the moment that made them want to own their own business. One of my favorite stories is when a woman told us how she wanted to open her own restaurant because she hated working at restaurants where customers treated her like […]
In this article, let’s talk about some excellent customer service examples. The best customer service is always responsive, timely, and courteous. In retail, this could imply remembering and appreciating repeat clients, establishing a local connection with customers, putting your product knowledge to good use, and more. Customer management features and reporting in the top retail […]
