What is Store Management [Manage Retail Store Efficiently]
The store department is the backend functionality of the organization which is given comparatively less importance. But have you ever wondered how much toll and responsibility they hold?
The store is where you keep all your raw materials and required goods for making the final product. This definition is in distinction to warehouses and stores according to operations management.
What is store management?
Store management means “Managing received goods, placing them in order, moving out in the display counter as required, and maintaining stock levels”. Some of the top function of the store department includes:
Order goods as per requirement
Checking and recording inventory on regular bases.
Handle damaged, expired goods
In retail store management, the store has final products and the store department plays an equal role as a marketing department.
The systemized store management practices will help you run your retail outlet effectively. Let’s deep-dive to understand the What and How of store management.
What is store management? How to Manage Retail Stores Efficiently
As a store manager, it is a very crucial part of your duty that you keep eye on each of these functions on daily bases. As simple as it is here, keeping a record of every item is draining at times. “The marketing manager deals with customers, the store managers deal with suppliers”. Both are tied in similar situations.
Inventory storage is a high and important factor in retail stores. Hence the retail business should improve their store management practices for success in the industry.
How store management can help your business?
The main aim of retail stores is to enhance buyer experience hence products are displayed in an organized and segregated format in these outlets. If you fail at keeping up to this segregation you may lose the store walk-ins.
Secondly, poor storage can lead to customers looking out for other optional stores if they do not find the item they asked for. This way the negligence in handling your outlet can lower customer satisfaction, low profits, and lose your identity in the market.
From the above, we understood how improper store management can lead to a decline in customers buying from your shop. But there are more reasons for which you have to focus on proper supervision of your unit.
Let me give you an example here, Mr. X went to an ABC shop to buy chocolate for his kids. Chocolate is a very common item found in any small to big store.
But sadly, Mr. Shopkeeper was not able to fulfill Mr. X’s order because they were not available to him. This is called understocking of items. Let’s see why Mr. M is sitting sadly in his shop.
The shop is furnished and organized, then why is Mr. M sad? Because he has items that are lesser in demand or mostly purchased on a monthly or quarterly basis. This is known as overstocking.
Both cases are very dangerous as it would be difficult to retain your regular customers. Many such reasons, such as keeping expired goods, etc. can also decline in purchase behaviors.
Hence, there is a strong need to keep stores filled with items according to demand in the market. Check the items in stock on a regular basis to move out damaged or expiring goods. Clean your store to make people feel that hygiene is also given equal importance.
What to do for effective store management?
Build your systems the right way: Just before you take in that next hire, think about how you can create a system that will flawlessly improve productivity. Make sure you create a step-by-step process of what’s next. In today’s era, there is a lot of software available to choose from per your convenience which can help in automating tasks such as keeping stock records, tracking inventory, supplier emails, etc. which can lower the list of individual tasks and help in smooth-running business.
For effective store management, taking the help of modern management tools can reduce a lot of work and burden.
POS System: Getting the right POS systemthat can automate your processes is very important in today’s time. POS Point of Sale, Business Management, and Automation Software is a perfect example of this. Instead of doing everything manually, the IVEPOS point of sale systemwill help you track sales and inventory in real time, manage employees and stores, and eventually increase your revenue as well.
Train your staff: You might say I do that, but once you build your process and systems make sure you train your employees to effectively use those systems, how to handle difficult situations and what to do in pressurized scenarios and monitor them for the same.
However, system implementation or staff training is not a one-time go, “Evaluating those systems and making changes as per the requirement will help you succeed.”
How do you maintain the store?
It is very important to manage stores as it will minimize the cost of production and maintain the current worth of stock as well. Follow these tips for regular maintenance:
Keep records of which products are moving faster and which are not
Schedule a day or two in a month to check the shelf life of each item
Notice what products the consumer is asking for more and then try adding those goods
Make sure you do pest control once a year to avoid damage from rats or insects
Follow proper storage instructions
Keep your store always full with items to choose from (No overstocking)
If the customer asks you for one product and if it is currently out of stock try to suggest a substitute for the same
Wrapping it up
Needless to say, managing a store is easier said than done. From inventory management to tracking sales, there are a lot of tasks and responsibilities which need to be taken care of. Doing all of this on your own can be difficult and can also result in errors. However, with the help of modern software and technology such as IVEPOS, you can scale up your business effectively.