Archive Page 11

DMSRetail Inc. presents 2 very popular, professional retail management workshops in Calgary, Alberta, Canada.

Published September 7, 2015 Uncategorized Leave a Comment

Retailers and Vendors Supplying Retailers: Strong leadership, business acumen and professional practices required to capitalize on recovery in retail sector.

There are certain business practices that, when properly put in place, will undoubtedly give you a competitive edge.

DMSRetail Inc. presents two very popular, professional retail management workshops in Calgary.

The one day Retail Math Metrics & KPI’s Workshop and the three day Retail Sales & Operations Management Workshop will be presented on September 28, 2015 and September 28-29-30, 2015 respectively. Both workshops are being held at the Sheraton Cavalier.

Retailers want to capitalize on any, and all, opportunities that come their way. With all of the challenges, they know it’s going to be difficult to compete; to get, and maintain, market share and grow that incredibly important loyal customer base if they’re not at the top of their game.

Matt Parmaks, Sr. Consultant & EVP for DMSRetail Inc. said “These two workshops, in particular, will be of great benefit to both retailers and to companies that supply the retail industry. There are some very important topics covered in both of these workshops. Retail business owners, senior managers and vendors need this knowledge.”

DMSRetail Inc., founded in 1991 to help retailers increase sales & profits and generally become more successful by providing a wide variety of Success Guides, Tools, Consulting Services and Training Opportunities. DMSRetail workshops add tremendous value to retailers everywhere.

###
These two workshops are filling up quickly. If you would like more information about these workshops, or if you’d like to schedule an interview with Mr. Parmaks, please call +1 (312) 239-0919. Or send an email to Josephine Hill, Events Manager at jhill@dmsretail.com.

Take the Retail Math Quiz

Published August 24, 2015 Tools Leave a Comment
Tags: , , , , , ,
Do you know all about GMROII, GMROF, GMROL, Fixture Profitabililty, Inventory Turns and more?
Test Your Knowledge – Retail Math Quiz
Even if you know all about the GM’s…why not take a refresher? Have some fun!
Okay, here goes….

Test Your Knowledge – Retail Math Quiz

1.) What are the 6 Pillars of Retail?

2.) A product’s retail price is $79.95 and it costs $42.00. What is the Gross Margin of this product?

3.) What is the Mark-up for the same product?

4.) A store’s annual sales are $3,560,250. Monthly inventory is as follows:

Month

BOM

EOM
January 1,455,764 1,210,357
February 1,210,357 1,050,894
March 1,050,894 975,620
April 975,620 1,125,735
May 1,125,735 1,024,563
June 1,024,563 967,446
July 967,446 896,278
August 896,278 1,383,369
September 1,383,369 1,432,911
October 1,432,911 1,791,876
November 1,791,876 2,687,987
December 2,687,987 1,375,218

Based on these numbers, calculate the inventory turns for the year.
Hint: Calculate Average Inventory first.

5.) Utilizing the already calculated Gross Margin, Sales and Average Inventory, find out what the GMROII would be for this store, for the same year.

6.) We want to utilize GMROF to compare two display fixtures of different design:

Fixture 1: Oval shape with merchandised area of 7.65 square feet. Sales generated from this fixture in one month are $3,465 and Gross Margin on those sales is 43.5%.

Fixture 2: Rectangular shape with merchandised area of 7.20 square feet. Sales generated from this fixture in one month are $2,987 and Gross Margin on those sales is 45.6%.

Which fixture is more profitable?

7.) We want to compare the contribution of staff between two stores. Here is the data we have:

Store Sales This Month Gross Margin Total Payroll
1 $270,500 44.7% $44,895
2 $343,750 42.5% $55,280

Which store’s staff is contributing more?

8.) Here is some store data collected through POS and Traffic Counters:

# of people who entered the store – 1,362
# of sales tickets generated – 398
Total number of units sold – 724
Total payroll for the same period – $3,842
Total sales generated – $34,548

Calculate the following:

1. Conversion Rate
2. Average Sales per Transaction
3. Units per Transaction
4. Wage Cost

9.) Here is the overall company data for the 3rd quarter sales:

Month Sales Last Year % Achieved Target % Achieved
July $2,074 $1,926 $2,022
August $1,866 $1,792 $1,882
September $2,672 $2,503 $2,628
Total Q3 $6,612 $6,221 $6,532

Calculate this year’s performance compared to Last Year and compared to Target for each month and for the 3rd Quarter.

That’s it. How did you do?

Scroll all the way down when you go here to see the answers.

We hope you enjoyed today’s challenge.

You and Retail Management Resources

Published August 2, 2015 Tools Leave a Comment
Tags: , , , ,

“The best way to predict the future is to create it.” Peter Drucker

Create It Using Exceptional Resources!

You’ll likely agree that there are resources, in this world, that we really wouldn’t want to do without.

A dictionary, for example.

Imagine how frustrating it would be to hear a word that you didn’t recognize which, possibly renders a whole sentence or paragraph unintelligible to you, and not have a way to get the definition and understand the word and context.

How would you proceed? How would you take action if it was required of you?

You may find you could not do it.

We have to understand if we are to act appropriately.

Another well used resource is a medical text. Doctors have to learn as much as possible about the human body and how it works; about symptoms of every disease, condition, therapy, etc. They must have a reliable resource to consult when necessary.

How would the Doctor ever graduate from Medical School without using all of the resource materials at his disposal?

Accountants and Legal Professionals all consult volumes of texts and reports and case studies in order to gain their degrees and go on to do their jobs properly.

Skilled Tradespeople learn through books, apprenticeship programs and other resource materials in order to become licensed in their field.

Every profession needs resources available to them for study, and for future reference, regardless of what stage they are at.

Retail Managers are no different.

Trying to function well in their positions without resources is bound to be frustrating and not terribly productive.

Colleagues and Superiors are certainly excellent resources but they do not stay put and cannot be relied upon absolutely every time they may be needed. They have their jobs to do, too so as much as they may want to help….they just can’t always be there.

Perhaps you didn’t need any additional resources when you started out. You knew everything and did everything your way, right or wrong.

But, when you are in growth mode, you definitely need more sophisticated help.

Growth requires that certain systems, processes and procedures are in place and working well.

We’re not talking about red-tape and bureaucratic hold ups. There is no room for any of that in a fast moving, successful retail operation.

We’re talking about the disciplines, the principles, the consistency, the fairness and reward systems. We’re talking about performance management that works instead of fly-by-the-seat-of-the-pants coaching and employee evaluations.

What resources will you provide to the people working in the stores, the districts, the Head Office?

How will they function at the top of their game?

And, your high performing individuals will need reliable resources to help them get the knowledge and skills they need to move them to the next level in the organization.

A super Sales Associate will need help and training to move to Department Supervisor, or whatever that next level is in your organization.

An Assistant Manager will need resources to learn from so that s/he can take the helm of a store.

You won’t be able to avoid the pitfalls of growth without the required preparation. And, for that, you need to get hold of serious retail management resources.

Increase your chances for positive outcomes…

Become a member of the Retail Business Academy. Below, we spell out the products, services, systems and advice you get access to for just $97/month.

You have access 24/7…at your leisure.

And, of course, you can cancel your membership in the Retail Business Academy at any time.

For those of you who want to share information and offer the very best chance of growth and development to your people, get them their own membership in the Retail Business Academy.

Volume Discounts on Memberships

Invest in their future to give them the skills to invest in yours. We offer volume discounts on our memberships so it’s easy and painless to upgrade the skills and capabilities of your entire workforce.

First, let us tell you that absolutely everything that DMSRetail offers for sale, is included in the Retail Business Academy.

Plus, there are many more products included that are not available for sale anywhere.

And, we’re growing it every day making your Platinum Membership more and more valuable. We’re working day and night to get new stuff uploaded for you.

This membership will offer new and different things to you all the time.

You’re going to have access to a wealth of different things, such as…

  • Success Guides
  • Tools
  • Study Courses
  • Performance Solutions
  • Information
  • Tips
  • Advice
  • World Retail News
  • Gems
  • How-To’s
  • DVD’s
  • PowerPoint Presentations
  • Pearls of Wisdom
  • Forms
  • Checklists
  • Videos
  • Consultants
  • Instructors
  • Motivational Quotes
  • and other seriously good stuff

Special Platinum Membership Benefits

Discounts on Workshop Attendance

  • The Retail Operations Management Workshop
  • Retail Category Management Workshop
  • Retail District Management Workshop
  • Retail Math, Metrics & KPI’s Workshop
  • Store Management for Maximum Success Workshop
  • Retail Design & Visual Merchandising Workshop
  • Retail Marketing & Brand Management Workshop
  • Cashier Etiquette & Performance Workshop

Access to Consultants and Instructors at DMSRetail via email

Scheduled telephone conversations with DMSRetail Consultants and Instructors

All of this is being brought to you by DMSRetail – a company that has been in business since 1991; on the web since 2003.

So, check out this link to the Retail Business Academy. You won’t regret having your own Platinum Membership.

It’s the best $97/month investment you’ll ever make. If you’re in retail, you really have to have this.

All the Success!

Director

Retail Business Academy, Membership

DMSRetail

PS: We sincerely look forward to counting you as one of our Retail Business Academy members. Join now.

Build Your Successful Retail Chain

Published July 11, 2015 Tools 1 Comment

Omnichannel Retailing

Published June 28, 2015 Articles 1 Comment

The future of retailing is shaping out to be one that combines physical with digital. Customers want the advantages of physical like being able to try on or try out the products they are considering, ability to interact with knowledgeable store personnel, and the overall social aspect of being out in the store.

They also want the advantages of digital—such as the ability of looking at a much wider selection, price comparison and reviews of the products by like-minded shoppers. It is becoming clear that the retailers who do a good job of combining both worlds are going to be the winners. Although the absolute share of digital retail is still small (9%), research shows that the 50% of physical purchases are influenced by digital information customers obtained before or during purchase.

Advantages of Physical

  • Ability to test, try on, or experience products
  • Instant access to products
  • Faster and more convenient returns
  • Help with setup or ongoing maintenance
  • Help and input from knowledgeable associates
  • Carefully selected assortment
  • Shopping as a social event and an experience
  • Instant gratification

Advantages of Digital

  • Broad product information
  • Other customer reviews, tips and advice
  • Price comparison from various sites and special offers
  • Wide selection
  • Easy (usually) and fast checkout
  • Anytime, anywhere access

Technology for a successful implementation of OmniChannel is readily available. For more information, contact John Callaghan at jcallaghan@dmsretail.com

Highest ROI from Store Visits Webinar

Published June 2, 2015 Uncategorized Leave a Comment

In a retail organization, whether you’re the business owner, a District or Regional Manager, a Head Office Manager, or a member of the Executive Team….you will be visiting stores.

The purpose of a store visit is to move the business forward in some way.
*************************************************************************************************************************

Join us for the Webinar: How to Get the Highest ROI from Your Store Visits. It takes place on:
Thursday, June 4, 2015 from 1:00 – 2:00 p.m. Eastern and the fee is just $20.
SIGN UP HERE
Our gift to you: All webinar attendees receive a link to download DMSRetail’s Store Visit Report Framework.
(We understand that business schedules change regularly so, if you sign up and then find you cannot attend, we’ll send you a copy of the recording.)
****************************************************************************************************************************

If you do not have an impact – on sales, on employee morale, on customer service, on something that can positively affect your business – and you do not move the business forward, then it’s a waste of your time and really wasn’t necessary.

Here are 5 simple techniques to help you get at least 25% more out of every visit:

1) Plan the visit well in advance and inform the Store Manager of your intentions. Plan to meet for coffee prior to store opening. Surprise visits lead to bad time management on the part of the Store Manager, the store team and you. Prepare the visit plan before you arrive – do the analysis of the numbers and prepare questions for the Store Manager. You may have good reason to ask the Store Manager to schedule certain individuals to be in the store on the day of your visit. This is particularly helpful when you are reviewing the performance of those individuals and would like to observe them during your visit so you will be able to better understand, and probe, the Store Manager’s explanation regarding the individual’s performance.

2) Focus on the store you’re in! It is understood that you may be managing multiple units, or a whole chain and you may have to deal with the occasional crisis while you’re there. But, barring a crisis, be present in the store and really absorb everything that is going on in that particular store that you’re in or you will visit store after store and never have a positive impact…you’ll never get the ROI for your time.

3) Take the Store Manager out of the store when you are ready to summarize the visit, offer advice, provide some support, etc. Lunch is a good time for that. Two positives – you get one-on-one time with the Store Manager who will likely appreciate being taken out for lunch and getting some quality time with you and you use the lunch time productively.

4) Keep your cellular/mobile phone or other communication device in the backroom and plan times throughout the day for checking email and voice mail. If this is out of the question, at the very least you must keep it ‘quiet’ and respond after you have excused yourself from the Store Manager. It’s just common courtesy.

5) Make a point of leading by example on the sales floor – take a little time to sell to customers, if at all possible, to provide an example to the staff. You will see the rewards going forward because:

staff see that you are capable of doing their job and that you like to do it which is important to them you make sales for the store (obviously you don’t take sales from store staff) you gain credibility because they know you can do it

Or, you can help out with some visual merchandising, or at the cash desk – the point is to do something that the staff can relate to; something that shows them you are (a) human and (b) involved in the business and that you’re not just a distant manager who shows up every now and then. They need to see you in action in the store.

Of course, these are just a few tips…there is lots more to know. For more insights, wisdom, advice and ‘how-to’ on getting the very best ROI possible on store visits…. (and a bonus gift)

Join us for the Webinar: How to Get the Highest ROI from Your Store Visits. It takes place on Thursday, June 4, 2015 from 1:00 – 2:00 p.m. Eastern and the fee is just $20.

SIGN UP HERE

Our gift to you: All webinar attendees receive a link to download DMSRetail’s Store Visit Report Framework.

(If you sign up and then find you cannot attend, we’ll send you a copy of the recording.)

Seats are limited so sign up soon.

All the Success!
DMSRetail Team

PS: If your Store Managers could use a little help, get them the Store Management for Maximum Success Study Course, in digital format, for only $197. Get your store performance solution today and start reaping the rewards immediately.

Retail Business Academy

Published May 19, 2015 Uncategorized Leave a Comment

Retail Business Academy – Webinar starting in a few hours

Published April 30, 2015 Uncategorized Leave a Comment
Tags:

Matt Parmaks will be presenting the Retail Business Academy in this complimentary webinar and answering questions like:

What is it?

What’s in it for me?

This webinar is going to be short and sweet, we won’t take up much of your time.

You can sign up at the link below:

https://attendee.gotowebinar.com/register/4182694330784038402

All the Success!

DMSRetail Inc.

PS: You only have a few hours left to get in on this – Please Sign Up Now!

https://attendee.gotowebinar.com/register/4182694330784038402

Add-On’s

Published April 17, 2015 Uncategorized Leave a Comment

An important but often overlooked aspect of the sales process, add-on’s are seen by most salespeople as a burden on the customer. In other cases, salespeople are either indifferent to or even scared of suggesting add-on’s because of the fear of losing the sale.

Contrary to that fear, the best time to suggest an add-on is right after the main sale is closed. The fact that the customer has already said yes indicates that s/he saw the value in your offering, chances of them changing their mind because of an add-on suggestion is slim.

Far from it. in fact, studies show that in most cases, provided that the add-on is designed and sold properly, the additional item has enriched the satisfaction they got out of their main purchase.

The benefit of add-on sales on store profitability is tremendous. That is the reason some retail experts suggest that UPT (units per transaction) should be a prime measurement of store productivity.

We don’t want to get into a lengthy KPI discussion here, but everything else is being equal, you can make a huge difference in your profitability and overall success by increasing your UPT. Most of the increase usually comes from successful add-on sales.

To recap:

1. Contrary to popular belief, immediately after the sale is the best time to sell add-on’s.

2. Increases profitability dramatically.

3.Extends the satisfaction value of the purchase.

4. Your customer will appreciate you for it.

So, make it an agenda item in your next sales meeting and discuss the add-on products, the sales process, the expectations from each staff and count those extra profit dollars pouring in.

All the Success!

DMSRetail

PS. Fastest and the easiest way to increase your sales – Retail Selling Skills & Customer Service Fundamentals YourTime Study Course – Give it a try!

See and Feel the Relationship Between You and Your Customer

Published April 7, 2015 Articles Leave a Comment
Tags: ,

What is at the foundation of Retail Store Design and Visual Merchandising?”  If I could boil it down to two principles that guide everything, it would be these:

1.  Don’t think.  Feel.

Now, don’t get me wrong here – I am about as strategic as they come regarding store design.  However, having said that, everything that I do in designing a store experience is targeted at the customer’s emotional response.  99.99% of purchases are emotionally based.  And I’m being generous with the 0.01% – I have yet to have anyone show me a purchase that they’ve made that doesn’t have an emotional element to it.  One famous example is: a presenter asks everyone in his seminar to look at their watch.  He explains, “If you spent more than $20 on your watch, it was for emotional reasons.”  In today’s world, a $20 watch will keep time just as well as a $6,500 watch.  (For that matter, we all have time on our cell phones, so who needs a watch?)  And yet, millions of people are still spending the additional $6,480 to make themselves feel special, elite, sophisticated, refined, discriminating, successful.  The same can be said for the store environment.  We buy things from stores that make us feel the way we want to feel about ourselves – stores that are in alignment with the way we want to be perceived by others.  In any purchase decision, feelings will always trump thoughts.  How do your stores make your customers feel?

2.  Stop looking at your stores through your own eyes, and start seeing them through your customer’s eyes.

One of the greatest values that we bring to our clients is the ability to see their stores through the eyes of an outsider – through the eyes of their customer.  You can do this too – and you must, if you want to connect with your customer.  Step outside.  Get some distance from your stores (literally, if you have to) and then come back and see them with the eyes of someone who has never seen them before.  Put yourself into the mindset of your customer.  What is their life like?  What do they want?  What do they need?  What do they worry about?  What do they aspire to?  Forget everything that you know about the behind-the-scenes operations, the company history, the insider knowledge of what you’re capable of as a company.  See only what is – what is in the space here and now – and see if it from the perspective of someone asking themselves, “Does this feel like me?  Does it feel like the me that I aspire to be?”  As a company there is likely a long list of things that you would want customers to know about you as they shop your stores.  Are the most important ones being communicated by the store environment itself?  And again, if viewed through the eyes of your customer, do your stores make you feel the way you would want to feel in order to be inspired to buy something just to be able to take that feeling home with you?

Most of us at one time or another during our upbringing, or during our education in preparation for entering the business world were taught to “dress for success.”  What that means and looks like will differ from person to person depending on their own unique personality, the response they’re hoping to get from people, and the environment in which they’re trying to succeed.  Stores are the same way.  Whether they’re “dressed for success” or not will depend on their unique personality (your Brand), the response they’re hoping to get from customers (the emotional reaction that leads to a purchase), and the environment in which they’re trying to succeed (the marketplace and competitor pool).  Successful store designs are a function of combining a series of seemingly minor elements – space planning, fixture selection, lighting, colors and materials, signage and graphics – that, when taken together become a powerful, emotional shopping experience.  It all begins with Seeing and Feeling the relationship between you and your customer.

Check out the “Retail Store Design and Visual Merchandising Workshop”

Enter your email address to follow this blog and receive notifications of new posts by email.

Retail Management Success

Ultimate Retail Success Collection

Retail Business Academy

Retail Business Academy

Archives

Sales & Influence Blogs - BlogCatalog Blog Directory