Dynamic Clustering

Identifying patterns or opportunities in various and diverse segments to bring about the best strategies for each cluster

Most business have a fragmented customer base, i.e customers could be of different socio-economic backgrounds, spread across geographies, have variable product choices etc. Dynamic clustering helps the retailer identify patters or factors that drive store performance. They could be similar local patterns across stores in different locations. Product and consumer attributes are important for in-season store sales performance.

Cross Merchandising- All you need to know

The practice of marketing or displaying products from different categories together in one, with the intention to generate additional revenue, also known as add-on sales, incremental purchase or secondary product placement.

Why do retailers cross merchandise?

green retailing

All you need to know about Green Retailing

Eliminating waste.

Increasing efficiency

Reducing Costs.

Starting from as small environment friendly packaging material, giving your customers reusable shopping bags instead of plastic and implementing energy efficient practices like using renewable sources of energy to power operations is considered green retailing. It includes energy-efficient stores offering energy-efficient products, green merchandise, promotion and distribution, and reduced packaging.

Here’s how Nike and Wal-Mart are doing it :

Omnichannel

Omnichannel Retailing- All you need to know

“Omnis” is Latin for “every/all”

 

 

 

 

 

Omni-channel means establishing a presence on several channels and platforms like brick-and-mortar, mobile, online, catalog, telephone sales etc. and enabling customers to make transactions and engage across all of these channels simultaneously or interchangeably.

POS (Point Of Sale)- All you need to know

Point of Sale- ( Abbr. – POS) Place where a sale is made.

Point of Sale

Weaver – Point of Sale

What is POS?

Point of sale, also referred to as point of purchase, is where a customer completes a sales transaction. Anyplace where a product/service is sold/bought is the point of sale. It could be a mall, restaurant, grocery store, a theatre, salon, stationary shop or anywhere you make a transaction; the exchange of a product/service for a certain monetary value. 

What is POS transaction?

The “point” where a customers tenders payment using any mode of payment, namely cash, card, wallet or mobile payments etc. in exchange for goods/services.

Point of sale

What is POS on a bank statement?

POS on a bank statement is usually used to describe the type of sale. You can see POS on your bank statement if you used your Debit Card to pay and complete a sales transaction. The details of the vendor you purchased from might appear in case of a Credit Card Statement.

From window shoppers to buyers-

From window shoppers to buyers.

Converting passerby is an art that brick and mortar stores have perfected over the years. Here’s how you could do it too! Similar to how the tantalizing aroma of freshly baked cakes has sent even the strong-willed on a guilt-trip.  

Up and running in two lakhs.

Here’s a list of seven businesses you can start with a budget of two lakhs or less. As Napoleon Hill once said “Don’t wait. The time will never be just right”. Here are seven businesses, explained in a line or two, that you can start right away!