The goal of any business is to make profit.
Not to provide the best customer service experience or to increase sales but the make profit.
The critical success factors for making profit in retail are:
- Increased sales
- Increase customer satisfaction
- Increased staff productivity
- Decreased shrinkage
This can be achieved through the use of beautify yet secure store design and attractive visual merchandise display.
I bought my son a bus in ASDA for £15.00. I saw the similar bus in Harrods for £29.99. I was puzzled as to why the same bus, probably made in the same factory in China is almost twice the price at Harrods.
The answer I came to discover later is in Harrods’ store design and visual merchandise display.
There are fundamental principles which underpin good store design are:
- Attract shoppers as they pass by the store
- Persuade them to enter the store
- Retain them for long in the store
- Persuade them to buy
There are fundamental principles which underpin good visual merchandise display are:
- Customer attraction
- Customer flow
- Persuasion to buy
- Shrinkage reduction
The ability to effectively embed these elements into your store design and visual merchandise display will enable you to make profit.
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