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The 5 Biggest Mistakes Which can Doom Your Retail Business .pptx

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The 5 Biggest Mistakes Which can Doom Your Retail Business .pptx

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Planogram software has become essential for retail businesses to stay competitive in today's retail environment by utilizing shelf space to promote products and generate sales. Planograms are visual merchandising tools, which help retailers plan and execute products on shelves to maximize space profitability. You can provide useful insights for increasing in-store sales by mapping each product to its precise display placement.

Planogram software has become essential for retail businesses to stay competitive in today's retail environment by utilizing shelf space to promote products and generate sales. Planograms are visual merchandising tools, which help retailers plan and execute products on shelves to maximize space profitability. You can provide useful insights for increasing in-store sales by mapping each product to its precise display placement.

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The 5 Biggest Mistakes Which can Doom Your Retail Business .pptx

  1. 1. The 5 Biggest Mistakes Which can Doom Your Retail Business
  2. 2. How visual merchandising can avoid common pitfalls in retail? • Provides useful insights for increasing in-store sales by mapping each product to its precise display placement. • This helps retailers plan and execute products on shelves to maximize space profitability.
  3. 3. Mistakes to Avoid in Retail in Order to Boost Sales Doing everything manually Over/underpricing products Not following marketing trends – being too niche Poor in-store inventory management Ignoring the importance of store layout
  4. 4. Doing everything manually • Prior to the development of computers, retailers used paper planograms to organize and plan their store shelves. • This resulted in serious consequences such as labor inefficiency, unsatisfied shoppers, poor profitability, unorganized shelf system, and more. • Using a cloud-based planogram in a store can execute shelf management processes properly.
  5. 5. Over/underpricing products • Mismanagement of product pricing has encouraged shoppers to demand products at prices that stores simply cannot afford. • Retailers can avoid such errors by planning the product execution using planogram strategies. • This makes it possible for retailers of every size to entice customers, understand their buying behavior, and maximize their profits on every sale.
  6. 6. Not following marketing trends – being too niche Most retailers stock the store with niche goods that they love. This approach will lead the store to target a segment of the market which is very narrow. For example, if you are a sports goods retailer that only sells tennis rackets, which may be too niche for your market segment. To entice people, your shop would need to sell other sports items and draw people who do not only play tennis. This means placing balls, bats or shoes for other target athletes.
  7. 7. Poor in-store inventory management Planograms can help retailers in proper assortment planning by guiding retailers in purchasing the right amount of stock for the retail store. When it becomes excess inventory, cross- merchandising them with other best-selling products can make shoppers purchase. Ensure days of supply analysis to understand the number of days a product is expected to last before it is restocked. This allows retailers to reduce out of stock and prevent shoppers from visiting other stores.
  8. 8. Ignoring the importance of store layout • You need to design store layouts to create first impressions on your customers. • Your store’s window displays should be compelling to shoppers and tell a story. For example, if it is Back-to-School season, then you could display items about kids preparing to head back to school. • Placing end cap displays or sidekick displays in a store can get the attention of the shoppers as they browse the aisle.
  9. 9. Use Nexgen POG to effectively plan and execute retail store shelves to improve sales. www.nexgenus.com sales@nexgenus.com

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