Boris
Ismail Goldberg Lee (Dazza to his mates) always felt that market retailing was
a simple function -buy low and sell high, listen to your customers, and
encourage them to come back.
He
would be mortified by the current over-analysis of what we do. The analysis is
understandable because retailing is certainly changing and there are new
elements with the obvious one being online competition.
But
let’s look at the Dazza basics -
Buy
low and sell high - obviously profit margin is very important not only to
increase the bank account but to give you flexibility when handling your
competition.
Listen
to your customers - finding what sells, starts with your customers. What they
ask for, how they respond to your current stock, and what they end up buying,
are all indicators for future buying and merchandising. And these days,
listening includes what your customers tell you online including some high-tech
analysis of their viewing habits.
Encourage
them to come back - this is easy - be respectful, be friendly, be available,
and make it fun. Dazza remembers a famous retailer who said “make your customer
a friend and you will succeed”
Good
advice from the Oracle.