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INGREDIENTS FOR RETAIL SUCCESS Good Capital Backing: Capital support is a must because ideal location for retail outlets comes at a premium. Also,
phenomena of cash-rotation and credit facilities by and large don’t exist and overheads are high.
Focus On Home Segment: Corporate buying doesn’t happen from retail outlets. Thirty percent of IT purchases come from home segment and customers here look forward to the overall experience than a mere goods purchase.
Good Team Of Sales Persons: Should be capable of addressing customers’ queries, understanding his needs, suggesting the right kind of product and convincing him to buy it. The team should make sure that the customer leaves the outlet as a happy person whether or not he made the purchase.
Efficient Customer Relationship Management: Customer relationship begins after sales. Managing this relationship efficiently by offering high levels of service will ensure repeat visits and positive word-of-mouth publicity. Repeat sales contribute 30-40% to overall business of successful outlets.
Multi-brand, Multi-product Model: Be exclusive only if you are too sure of the brand. Having a multi-brand and multi-product model pays off well. Customers love to compare and then choose. Create good scope for up-selling and cross-selling.
Offer Value-added Services: Stock and display full range of models and peripherals. Make the outlets look like places where one is heard and responded to with greater technical expertise and support. Assure better after-sales service.
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