7 effective retail store chain management experiences

1. Forecasting and planning to import goods and manage inventory

An important retail chain management experience is that the company needs to increase the accuracy of the consumer demand forecast to come up with a suitable import plan. It is the forecast of sales and popular goods in the future. Forecast accuracy contributes to helping businesses make the right choice in product supply and inventory management. At the same time, this factor also reduces out-of-stock situation and helps to maintain a stable positive cash flow.

Forecasts are divided into two main categories as follows:

• Quantitative: Hard data from the company's store such as sales, marketing analytics, and economic metrics will be used for this type of forecast.
• Qualitative: Forecasting will use analysis from experts, research data from the market and consumer demand.

2. Connect every department in the chain of stores on the same system

To grow business, the company needs to connect all parts of the chain of stores on the same system. A standard supply chain system oversees all manufacturing processes, from the raw product to the manufacturing process and delivering to the customer. The integration of your retail store system is the key to the success of the supply chain.

Therefore, the company needs to connect with the following objects:

- Planners

- Producer

- Distributors

- Seller

- Consumers

- Carrier

When all of these departments work together, the company reduces unexpected uncertainties and saves costs. At the same time, the company can avoid shortage of goods in stock due to overselling and does not need to spend a lot of time on reconciling inventory.

3. Evaluate the effectiveness of each retail store

When applying experience in retail chain management , businesses should regularly monitor the store system to understand the ability to manage lower-level stores and employees. Instead of going directly to each store to evaluate, businesses can use technology or management software to save costs and time. In addition, customer feedback on social networks and e-commerce channels helps businesses improve the quality of their consumables and the customer care skills of their employees.

4. Quality personnel at retail stores is a prerequisite

Highly qualified and skilled personnel is a factor that has a great influence on the success or failure of an enterprise. Therefore, businesses need to improve the professional sales skills of their employees and manage them seriously and methodically. The following ways to manage sale staffs will help businesses continue to grow their retail store chains.

Standards and criteria for personnel

The quality of the input personnel of the chain stores to meet the requirements must have a set of criteria. After that, the orientation of employees in the operation stage must ensure consistency in the whole retail system. Finally, it is the responsibility of enterprises to establish a set of standards in accordance with reality and in accordance with the market situation. This is to help stores take advantage of competitive factors

Organizing training and improving professional qualifications

Because quality personnel at retail stores is a prerequisite, businesses should start from improving the skills of workers and organizing human resource training in a methodical way. Through internal training courses, and programs in conjunction with colleges and universities to find potential students, the enterprise's human resources will increasingly expand.

Good salary and benefits regime

Enterprises with good remuneration, salary increase and bonus will be the ones with effective human resource management. Since then, building a sociable working environment, standard culture, employees will stick with the job for a long time to help the store system no longer lose labor.

Using application software in human resource management

Enterprises are facing many difficulties not only in human resource management but also in the management of raw materials, inventory, customer data management, obstacles in information exchange, and personnel coordination. security and guarantee. Therefore, in the context of the current wave of technology in Vietnam, businesses need to apply a comprehensive human resource management solution to solve their difficulties.

Thanks to the technology that developers have come up with, businesses will be more efficient in managing their human resources. Specifically:

• Manage and system all personnel records in the company
• Digitize recruitment, training and human resource connections
• Automate timekeeping, payroll,...
• Automated KPI scoring
• …

5. Real-time data synchronization across the chain

A retail store management experience that every business needs to have is to realize the importance of data storage. Because customer information data can be leaked at any time if stored separately at store branches. In addition, searching for customer information and sending reports manually at a point of sale in the system to the administrator will take a long time.

This can be solved by applying data management software. When data is digitized, it will be easier to manage and find information. This software also helps the company minimize data duplication, errors or misplaced customer information.

6. Strictly manage the finances of chain stores

Strict financial management of chain stores helps businesses optimize profits and manage capital as well as stable sales.

Financial indicators are divided into the following three main categories:

• Cash flow index
• Profit and loss index
• Investment property

However, businesses need to understand the following methods for proper financial management:

• Understand the financial situation of the chain stores by making reports, monitoring regularly
• The revenue and expenditure mechanism must be adjusted and input costs must be reduced reasonably
• Constantly looking for opportunities in the financial market to access investment capital
• During operation, it is necessary to save and minimize loss costs

7. Increase connection between stores in the same chain

When the stores in the system have a close relationship, the business will achieve success. Therefore, increasing connectivity between stores in the same chain helps managers at chain stores exchange experiences and learn from each other to find the most practical solution.