Starting a new retail supermarket
Market research. Retail supermarkets perform well in or around densely populated areas owing to access to a larger customer base. However, market research is required to characterize customer behaviour, competition, pricing factors, locational feasibility, etc. Another strong reason to conduct market research is to gauge the socio-cultural environment, economic and financial developments, rules and regulations, infrastructural capabilities, etc. For example, if digital payment for shopping is common in a target market, it necessitates that the popular digital pay channels are made available. Market research is important to gain relevant insights for better marketing and operational strategies.
Supermarket business model. ( https://www.yourretailcoach.in/set-up-retail-store/ ) A comprehensive market research and SWOT analysis reveal any unfulfilled gaps in a market and the ways a new supermarket business can fill this void and build a strong business model around it. A business model does not only mean how a business generates revenue but also what it creates different and unique as value to customers and the needs of the market. The latter idea of a business model lends strength and agility to the revenue stream. For example, free home delivery may look like a service but it can also be used as a UVP (Unique Value Proposition) to the extent that it helps to capture market share.
Supermarket business plan. ( https://www.yourretailcoach.in/setup-e-commerce-business/ ) Commercial viability and profitability make a business thrive in the long run. A strong supermarket business plan must cover a comprehensive and detailed enumeration of the financial requirements and flow of revenue covering capital investments, operating expenses, estimated sales, etc. for a projected period of at least 3 to 5 years. It also helps in financial conduct as a guiding roadmap to investments and expenditures to be made. For example, having a purchase plan and inventory calculations help in keeping the inventory levels attuned to the projected demand.
Build the organization structure and staff training. Like any other business, supermarkets also demand well-planned organisation design and structure. These help to ensure that the different roles and positions required for running a supermarket have been identified. This assessment goes on to help in job design, recruitment, and staff training. Mapping the various departments, roles and positions, formal routes of communication, authority-responsibility relationships, span of control, and command chain within a structural framework lends functional credibility to an enterprise.
Layout Planning. The layout design of a supermarket store is a one-time decision barring minor adjustments. In todays’ expensive costs of owning or renting real estate, optimal space utilization is a must and it requires a professional approach. A contemporary layout planning not only must consider the factor of smooth movement and easy shopping experience for customers but also take into account aspects like profit per square feet and merchandising and planogram strategies. Other important considerations are safety and security, entry and exit points, placement of the checkout counters, etc.
Identifying business software requirements
Today, running a supermarket store without the aid of business software solutions is nearly out of range. Supermarket business software applications are customized to suit specific business and operational requirements. A multitude of complex business operations is brought under one application. The data generated from routine business operations are sourced from different users across the enterprise working in different departments. Selective data becomes meaningful information for further decision-making in the execution of business processes. For example, when leave is granted to an employee, the employee will not be shown as available for the leave period to other departments and the name of a substitute employee should appear. This is meaningful information for any other department that needs to coordinate.
What is not planned in operations will go off track very soon. There is a plethora of activities that must go on consistently and as per the established standards to keep the store alive. If there is vacant space on one of the shelves, someone surely did not fill it up. But was someone assigned to do it? What if four-day-old bread is still on the bakery shelf? Was the employee who was assigned to the task told to check the expiry dates and replace any old stock with new ones? These operational details can be addressed with supermarket SOPs ( https://www.yourretailcoach.in/sop-standard-operating-procedures-for-retail-store-management/ ).
The new-age supermarket has bid adieu to the old ways of working. Now supermarket brands appear on social media platforms and search engines. Online ratings and reviews are now pushing hard to replace the old ‘word of mouth’. When customers visit the store, their experience must be made to commensurate with their expectations. That depends on the hard work a new supermarket has done behind the screens.
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