Question

State the factors affecting modern store management in retail

Answer 1

Answer:

Size of the operations of retailing

The size of the retail operation can affect retail management to a large extent. Some businesses have a single store and e-commerce website while some businesses have different stores and websites to handle the operations globally. Businesses with different stores and websites would require a high level of retail management. They would need manifold merchandising approaches.

The size of the retail operations also affects the number of people involved in management. If the retail operation is executed at a small level, the owner can manage almost every operation by himself. However, if the retail operation is at a big level with multiple stores, brands and departments, then the people involved in inventory purchasing are likely to increase.

Separation of duties

Separation of duty is imperative for effective retail management. In an organisation, every individual has expertise in a single area. So, a person should be responsible for his area of expertise and must not be burdened with different duties at the same time. If the firm is large or medium-sized, different individuals must be hired for different duties. In retail merchandising, buying, planning and selling are considered to be the crucial duties which must be performed with immense dedication and hard-work as it affects the overall merchandising platform.

Channel of shopping

There are different channels of shopping which are being used by consumers to search or buy the products. These include brick-and-mortar stores, e-commerce websites, televisions ads and even catalogues. Retail merchandising and management are affected by these channels adopted by the businesses. For an effective availability of options to the potential customers, merchants must have a well organised marketing strategy. The businesses should adopt to exploit different channels and retail management would be required to handle every channel.