SUMMARY OF REPORTS 3-10

Submitted by:

Verian Serenio

BSBA-MM/3-3

CHAPTER 3: MULTI-CHANNEL RETAILING

In this topic, I’ve learned the various strategies in making your products accessible to
customers and how you can interact with them. There are marketing channels
discussed in this topic like single channel who uses only one distribution and
sometimes a producer to consumer type of distribution, this has been the shortest
channel and most effective in small businesses in the community. With this channel,
the seller can get immediate feedback and see the customer’s reaction if he/she is
satisfied or not. Multichannel on the other hand already utilized in various
businesses. This channel utilizes a variety of distribution and communication channel
rather than sticking to only one, aside from physical stores, retailers can have online
store or independent distributor that will reach their customers. However, if you want
to create seamless experience with your customers, you have to utilize omni channel
as this integrates all the channels making it a single and interactive channel.

One of the best discussions in this topic, is e-tailing which is a shift from the
traditional retailing to internet retailing. With the rise of e-commerce, retailers now
shifting their strategies to selling online and thru various e-commerce platforms. With
the evolution in technology and innovation, statistics would say that a number of
customers now go online shopping, so selling thru e-commerce platforms such as
Lazada and Shopee in the Philippines. However, retailers should be aware of
potential danger in selling thru the internet, privacy and security issues are rampant
in this kind of transaction. Retailers should also be prepared when receiving
complaints about product delivery as logistics is out of their control. With the
numerous advantages of this e-tailing, retailers should start utilizing these
opportunities and ensure that not they only generate sale but they elevate customer
experience as well.

CHAPTER 2: STRATEGIC RETAIL PLANNING AND ANALYSIS

In this topic, I have learned steps in retail planning which retailers should go through
in order to create a profitable retail business. In every business, setting the goal of
the retail operation should be cemented in this step, retailers have to establish
measurable goals and objectives such as increasing sale by 25 percent, or increase
customer traffic, this measurable goal will help retailers track if goals are achieved.
The next step involves analysis of both the environment such as competition,
economic factors like inflation and tax rates, and demographic of customers, retailers
should also analyze the consumer behavior, how they make purchasing decisions,
and how they react to the marketing efforts of a business. In every business, a
mission statement and vision statement should be laid out clearly and easy to
understand, this will align all the processes and strategies the retailer implements so
that they won’t get lost.

For retailers to analyze the internal factors of the organization success, they
must conduct retail audit, this will foster a healthy retail atmosphere. Conducting
such retail audit will avoid fraud and inventory shrinkage which happens commonly
because of the negligence of a retail owner, not only retail auditing will be critical in
preventing losses, it will also be important in making sure that there is sufficient
inventory of products if high demand occurs, making sure that health and safety was
monitored. Customer feedback has been very important in gathering the voice of the
customer, and a part of strategic retail planning is the feedback of the customer, what
does the customer says about your business, whether it a good or bad one it will
surely place significant impact in the success of your business. A good retailer will
always listen to the complaints of the customer and use these complaints to improve
their product or service. Note that acquiring new customer is always difficult and
costly than retaining the loyal ones, and in order to do that you must always satisfy
your customer to make sure that you retain them.

CHAPTER 5: TRADE AREA ANALYSIS AND SITE SELECTION

A site where the retailer can prosper and grow his or her business is always
important in business sustainability, retailers would always want long term
profitability than the short one and to do that business must thrive and sustain. In this
topic, I put emphasis on the site selection as this will be the preliminary step in
establishing a retail store and choosing a good site will be very critical. Various
factors to consider including the weather condition in the site, if you are selling water
proof products choosing a site where it usually rains will be a perfect site for those
products as it will surely be needed by the customers. Target customer’s
demographic should also be analyzed and evaluated as customers are the reason
why your business thrives and so understanding how they make decisions and the
different factors affecting their satisfaction will be very important, the lifestyle in the
community and the buying habits should be examined carefully by the retailer.
Customers would always want convenience in their buying experience and
accessibility of the site will be very important in their buying decisions, retailer must
ensure that not their products only fits in the market but is also accessible in the
customer’s convenience. Retailer must also analyze the competition within the area,
high competition is both good and bad. High competition provides the means for
retailers to improve and strive harder, but high competition also creates pressure for
retailers and not clicking to customer only results to closing the store. Although
competition is good, retailers must be very strategic at this point and make sure that
everything is going the right way as one wrong move will only result to failure.
Hence, retailer would always want sites that are relatively far from the proximity of
the business who has the same industry as the retailer. Being so close to a site of
the competitor will means that there are 50/50 chances of you being selected by the
customer, unless you have loyal customers. That is why retailer should be very
careful in selecting a site for a retail store, a lot of factors to be considered but when
utilized well a site could be a very reason of success.

CHAPTER 6: INFORMATION SYSTEM IN RETAIL AND CRM SOFTWARE

In this topic, I have learned the that the integration of information technologies is
fundamental to operational efficiency, customer-centric strategies, and sustainable
growth in the ever-changing retail sector. Together, these systems—which comprise
a wide range of software programs and technological advancements—form the
complex web of relationships that exist between retailers, consumers, and goods.
The integration of information technologies is fundamental to operational efficiency,
customer-centric strategies, and sustainable growth in the ever-changing retail
sector. Together, these systems—which comprise a wide range of software programs
and technological advancements—form the complex web of relationships that exist
between retailers, consumers, and goods. The purpose of Supply Chain
Management (SCM) systems, which coordinate the complex movement of
commodities from suppliers to final consumers, supports this operational framework.
By streamlining the distribution, logistics, and procurement procedures, these
technologies maximize supply chain effectiveness. Supply chain visibility is
improved, lead times are shortened, and retailers are able to make well-informed
decisions thanks to SCM systems' real-time monitoring and data-driven analytics.

CRM solutions are also the foundation of excellent customer service. Providing
thorough client information to frontline employees facilitates proactive service
delivery, individualized interactions, and effective question resolution. Retailers are
able to foresee the requirements of their customers, handle issues before they
become more serious, and produce memorable experiences that stick with them
long after the sale. The integration of information systems into the retail industry
essentially creates a harmonious blend of effectiveness, customization, and
customer-focused practices. These methods foster long-lasting client relationships in
addition to streamlining internal operations. Combining POS, inventory management,
supply chain management, and customer relationship management software
enables merchants to effectively handle the intricacies of the retail environment,
quickly responding to shifting market conditions and promoting a customer-focused
and innovative culture. The more shops use and develop these information systems,
the more the relationship between.

CHAPTER 7: RETAIL HUMAN RESOURCES

Organizations who treat their employees as minds and most important asset have
higher productivity rate in terms of operational efficiency. Employees in a retail
setting could be a manager, sales clerk, inventory manager while for national chains
retail personnel starts from the president of the organization which handles much of
the responsibility in an organization. A number of divisions in a retail setting is also
present such as executive, finance, and operations department. These divisions are
consisting of employees who perform specific task related to the department,
accountant and tax attorneys fall in finance department who reports financial
condition in the president and shareholders. Recruitment and selection stand as
crucial initial phases within retail HR. Identifying and attracting top talent with the
right skills, attitude, and cultural fit are paramount. Given the dynamic nature of retail,
HR professionals often face the challenge of high turnover rates, necessitating
continuous recruitment efforts. Strategies like utilizing technology for candidate
sourcing, implementing effective screening processes, and conducting behavioral
assessments aid in securing individuals best suited for the roles.

In conclusion, retail human resources encompass a comprehensive approach to

managing and developing the workforce within the retail industry. It involves a
strategic blend of recruitment, training, scheduling, retention strategies, compliance,
and fostering a positive workplace culture to maximize employee potential and drive
business success.

CHAPTER 8: FINANCIAL STRATEGIES IN RETAIL

This topic falls in the financial aspect of the business and it is an component of
business success. In this topic various terms relating to finance and accounting was
discussed. For a retailer to sustain his or her business, understanding these
concepts will be very important and crucial in its operation. Hiring an accountant
could be costly for retailers especially those who are just starting and on a small
scale only. Thus, retailers should familiarize their selves with the processes and
methods in measuring financial performance. Income statement probably was the
easiest to follow and understand, this reports company’s financial performance over
a specified period. Here retailers can have a picture of how much they earn and the
expenses incurred including the cost of producing a product and cost incurred in
operating a business. Retailers must be aware of this and not forget to record the
expenses they take. Another tool to measure financial performance is the financial
statement, it is widely used in big corporations. Here, retailers can see their assets,
liabilities and equity. With the right performance measures, retailers can definitely
succeed in their paths.

CHAPTER 9: RETAIL OPERATIONS AND MANAGING THE STORE

Retail operations and managing a store involve a complex interplay of various

strategies, systems, and customer-centric approaches to ensure efficient functioning
and a positive shopping experience. At its core, it encompasses everything from
inventory management and merchandising to customer service and employee
engagement. To begin with, successful retail operations hinge on meticulous
inventory management. It involves maintaining optimal stock levels, forecasting
demand, and managing supply chains to ensure that products are available when
customers want them. Employing technology like inventory management software
aids in tracking stock levels, identifying fast-moving items, and reducing instances of
overstocking or stockouts. Moreover, providing exceptional customer service is non-
negotiable in retail. Building rapport, addressing customer queries, and resolving
issues promptly are key aspects of fostering loyalty and repeat business. Employing
trained staff who are knowledgeable about the products and committed to delivering
excellent service is integral to this aspect of store management. Employee
management is equally critical. Motivated and engaged employees significantly
impact the overall store experience. Offering training programs, setting clear
expectations, and recognizing and rewarding exemplary performance all contribute
to creating a positive work environment that translates into better customer service.
In summary, effective retail operations and store management encompass a wide
array of elements, including inventory management, merchandising, customer
service, employee engagement, and a robust online presence. A successful retail
operation requires a delicate balance of these components to create a compelling
shopping experience that fosters customer loyalty and drives business growth.

CHAPTER 10: MERCHANDISE MANAGEMENT

Merchandise management is essential in a successful retail operations. It starts with

comprehensive planning and forecasting, harnessing market trends and historical
data to predict demand accurately. This forecasts inventory needs, allowing for
streamlined inventory control strategies to minimize stockouts and overstocking
while optimizing costs.

Equally important in cultivating supplier relationships. Nurturing these partnerships

ensures timely deliveries, competitive pricing, and high-quality products. The art of
assortment planning involves a delicate balance, aligning diverse product offerings
with customer preferences and market trends while upholding brand identity. In-
store, the magic of visual merchandising unfolds, strategically arranging products to
captivate and engage customers, creating memorable shopping experiences.
Concurrently, pricing strategies are formulated, considering production costs,
competitor analysis, and consumer behavior to set competitive yet profitable prices.
The contemporary retail landscape is further shaped by technology integration.
Leveraging advanced software solutions for inventory tracking, data analysis, and
sales forecasting empowers retailers to make informed, data-driven decisions,
optimizing operations and enhancing customer satisfaction. Reflecting on
merchandise management emphasizes important role in creating a seamless retail
experience.