Retail Business Kit for Dummies by Rick Segel, Chapter 27

Library Reference: HF 5429 S44 2001

Amazon Link: http://www.amazon.com/Retail-Business-Dummies-Rick-Segel/dp/076455381X/ref=pd_cp_b_0?pf_rd_p=413864201&pf_rd_s=center-41&pf_rd_t=201&pf_rd_i=B000X5ROVA&pf_rd_m=ATVPDKIKX0DER&pf_rd_r=06B81D8SDV4VFJVKHDZV

Quote: “Customers go to a specialty store so that they can feel special and buy special merchandises.”

Learning Expectations:

            I expect to learn how the ten reasons to shop at independent specialty stores works for a retail store and its effects on customers. I also expect to learn what are the things needed for the success of the ten reasons mentioned above.

Review:

According to the book chapter I have read, the ten reasons to shop at independent specialty stores is a way to be effective and efficient in the retail industry. It shows the readers the advantages that people can get from a small and independent specialty store. The versatility and flexibility of the undersized store gives them the ability to be agile and cope up much better with their customers.

The first topic that the chapter mentioned is that self-sufficient stores can give better service compared to others. It says so because despite being small in size they make it up by giving out much better service. The quality of their service is their lifeline and the only way for them to compete and survive the colossal competition in the retailing world. They can give out much greater quality compared to others because having a small store; they can interact and converse with their customers with ease and convenience. This conversation can give them a lot more not just better service. That is why communication plays a big role for the better service that independent retailers can have.

It is written in the second topic that small stores can provide customers the contact with the boss. Getting in touch with the boss or the owner doesn’t just give the customers a great service but it gives them the thought of being important. This thought of importance can do wonders for a retail shop because if ever customers feel that they are important for the shop they can become regular customers. And as we all know, having customers is the number one priority of all shops in the world.

The third topic mentioned that knowledgeable sales staff can contribute to the image of the retail store. Having the expertise of the sales staff is one of the things customers are looking for whenever buying products. They want the merchants to be knowledgeable about the product that they will about to purchase because the familiarity of the merchant about the product will also give them information about the product that they will purchase with the use of their hard earned cash.

The fourth topic in the book mentioned that unique merchandise is an advantage for a small retail shop. It is an advantage because having exclusive and distinct products gives the customers a chance to obtain and have products that nobody can buy anywhere. The variety that the uniqueness of the merchandises has gives the customers the urge to buy more. Customers don’t want anyone else to know what the prices of their gifts to their friends are or they don’t want to look the same as the others. The exclusive products that the independent store has also give the customers the sense of uniqueness for their lives.

The fifth topic says that customer-friendly store design gives the customers the ease to walk around the store and find that product that they desire to purchase much easily. The small store allows the customers to have convenience of having the product that they will purchase much faster because the staff could deliver it to them much quicker due to the small size of the store. Having a compact store also gives the staff the ease to manage the merchandises and clean the store much easily compared to a big store which is difficult to manage and clean at the same time.

            The sixth topic mentioned that there is no waiting at the register for an independent store. It says so because a small retail store can only hold numerous amounts of customers which are manageable. An ample amount of customers can only fit inside a small retail store which results to less customers falling in line and waiting for their turn to purchase or inquire.

            The seventh topic talks about having familiar faces inside independent retail stores. Having same persons working for the same old retail store gives advantages because whenever customers get used to those persons and in time befriends them, trust will grow and regular customers will flow. Customers who trust the staff who sells in a store gives that store a regular customer resulting to regular cash flow for the owner.

            The eighth topic mentions that security gives customers the confidence of going in and out of the store on a regular basis. Customers of all ages would have the assurance of safety to visit and purchase products to the retail store whatever the time maybe. Adults that purchase merchandise at night would have the reliance of having a safe time buying inside the retail store.

            It is written in the ninth topic that personalized service can also give the customers the feel of importance. Whenever customers feel that they are important to a store, they would come back again and again to that store. The personalization of the merchandises or services for the customers would build up trust and respect to them.

            Finally, in the tenth topic, it is said that distinctive packaging would allow customers to easily recognize the product. Customer recognition is a great advantage because whenever they see the distinctive packaging of a certain product they would build up trust and loyalty to that particular retail store. This method of packaging would attract a lot of customers and attracting customers means attracting profits too.

Lessons Learned:

            I have learned how the ten reasons to shop at independent specialty stores work for a retail store. Conversation with customers within a small store would do great wonders for an independent retail shop because of the proximity that they have with each other. Trust and loyalty would accumulate with each other making the network of people much larger than ever before.

I have also learned that using these methods wouldn’t just give additional profits but it will also attract a lot of customers that have a great chance of being regular and can become a friend.