Business Mentor, Consultant And Trainer
In your retail store, what do you sale? Is it FMCG or consumer durables? Is there any scope to introduce private labels? Do you have central warehouse? You could have given this information if you wanted to be 'different".
If you are really interested to do something 'different", then please think of managing your back end operations. Walmart is Walmart because they did research on their back end activities and removed the unnecessary costs wherever possible. You have big daddy of retail to copy, will you be able to copy their practices?
In today's cut throat competition, where capital is scarce, managing inventory is of paramount important. If not managed well, precious capital gets blocked in the form of inventory. Managing inventory demands doing proper capacity planning i.e. managing shelf space . There has to be rationale behind what to store, how much to store and where we store.
To do something "different", check whether you will be able to do the following:
a) Implementing scientific methods of demand forecasting. It includes Poisson distribution, regression analysis, sensitivity analysis etc.
b) Measuring various inventory costs with respect to your own chain of stores
c) Finding out applicability of probabilistic models of inventory management and implement them.
d) Doing "Make or Buy" analysis scientifically. Brining out private labels based on this analysis
e) Managing the inventory for your vendors and cutting down costs right at supplier's place
I have give few points. There are so many points further. These will emerge only after study of your procurement practices. If you implement all, or few of the above points, possibly your store will become case study for B-schools. Will it not be motivating to your owners or staffs?
If you wish to avail of consulting services for the implementation of the above, please approach me.
Dinesh V Divekar
8th February 2014 From India, Bangalore