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What you need to know
- Communications & Technology
In the daily rush of the retail world, how do you keep track of stock, timesheets, employees and schedules and still serve the customer? A cell phone, Smartphone, or Portable Digital Assistant (PDA) may be just the thing your business needs. Each of these devices now come with an array of service options designed to help retailers keep the register brimming with cash.
- Sales and Marketing
Retail operations may generate billions of annual dollars in sales, but data indicates that sales and marketing expenses are taking a huge bite of the profits. ZenithOptimedia, a leading global media service agency, reports that American retailers spent more than $17 billion in advertising last year, with placements in both print and electronic media.
- Customer Service
State-of-the-art technology and a strong marketing plan clearly brings new shoppers flocking to the door, but the question remains How can the small to medium-size retail operation keep them happy?
- Staffing & Employment
Industry analysts maintain that today's retail sector offers greater career opportunities to more American workers than at any time in history - and the stats bear this out. The U.S. Department of Labor reports that in 2005, employment in the field averaged 15,254,900 (11.6 percent of the nation's workforce) with 2.1 million new jobs to be added by 2012, representing a 14 percent increase over a 10-year period.
- Billing and Accounts Receivable
In today's retail business, the swoosh of a card swiped through a scanner pretty much drowns out the clink of cold cash hitting the till. A report from CreditCards.com, an online site where consumers can research and apply for their very own plastic, reveals that general purpose credit cards represented 23.6 percent of overall consumer spending volume in 2005. Conversely, cash accounted for only 13.7 percent in the same time period.
- Vendor Relations and Purchasing
The landscape of the retail industry changes from one month to the next. As new product trends surface, others fade into the shadows of the clearance rack. For this reason, business owners must keep their shelves stocked with highly-desired, up-to-date merchandise.
At the end of the day, you take the money, lock up the cash register, bolt the door and set the alarm. But what else are you doing to protect your business? Today, a number of insurance coverage options are available to help protect you in any circumstances.
Social Media Best Practices & Applications
Social media is here to stay as a means of reaching
customers and prospective customers. As with any new
marketing tool or channel, you need to have a plan in place
as to how you will integrate social media tools and tactics
into your marketing mix. Some social media tools are better
suited for a retail establishment than others are.
- Industry Financials