Retail is the business of selling goods made by others to individual consumers. It’s a fragmented industry. The production in this industry is divided into different companies, yet, no single company has large enough share in the market to be able to influence the industry’s direction or price levels. Since, I’ve spent few years in retail I’ll discuss some factors, practices and challenges that my previous company encountered and discuss my value proposals on how to increase profits.
One of the most critical challenges that the retailers faced in all line of business was to provide consistently high quality goods and services to consumers. There is a growing group of evidence indicating that providing high quality of goods and services enhances profitability, increase market share and return on investment and reduces cost at the same time. It seems possible that the current emphasis on improving and maintaining high quality will have a substantial influence on industry’s practice all this years. Below are some of the common challenges that stop generating sale in the retail industry:
Physical challenges – (supplies or stocks that are missing, inaccessible or absent). This is commonly happening to retail shops such as stocks not arrived on time, equipment is broken or inadequate, systems are down or slow, and templates are outdated and etc. physical factors that leads to no sale at all.
Time Challenges – (not enough time to get all duties completed). It’s always seem to be more tasks than time in a retail operation but lack of time is not always mean of unmotivated employees. Inefficient processes, long procedure, competing priorities and time wasting activities are also a serious challenges that a company must not ignore. Distractions and constant interruptions, conflicting priorities, too many duties assigned, overcomplicated procedures and no guidelines about