Topic > What are the principles of retail - 772

PREFACE1. The customer is the most important person in your business. The customer holds the key to every successful retail operation. Based on my 20 years of experience with different retail businesses, this article will introduce you to the journey of making your business customer-centric and realizing the potential you have to make your retail business a success. The main principle of retail to dominate is the customer; the customer must be the center of your business and everything you do must revolve around that customer. Knowing them and focusing on them in everything you do will help you grow your business and your team - the customer is king.2. Retail is Retail One of the most famous principles of retail is, of course, understanding the four Ps. This is a very old but still valid principle. This retail principle will help you understand the general basics of a retail business; the 4 Ps: Product, Price, Place, Promotion. These are the fundamental foundations of a successful retail business. • Product: You need products that your customers want to buy and a product range that meets your customers' needs and wants. The products must also guarantee a profit for you to have a successful business; • Price: Price must be consistent across your marketing mix and meet all your business requirements. You need to price your product range at the right level for customers to buy your products and get value from your products. This could mean a high or low price – it really depends on your customer. History has dictated that this is one of the most important factors in the success of a physical store, and it will still have a major impact on your success today. The best location of your store will be dictated by your branding and product strategies. For example, a supermarket business needs parking and a high street store needs to be in a high street area that attracts the right customers to the store. I would argue, however, that location has less of an effect now than in the past, due to two main factors: the first is customer flexibility; now we often travel more, and the second is the