Retail Industry Consulting

One of the biggest challenges in creating brand distinction in retailing is the homogeneity of products. For example, the packaged products coming from FMCG brands sold in grocery stores are common in every outlet. This is why the emphasis on the element of service and augmented values is so much heightened in brick-and-mortar retailing. But even when it comes to services, it is often challenging for small players to deploy solutions beyond a certain limit.

Demand forecasting and keeping track of inventory are two of the biggest challenges in the retail industry. Even with the best tools and techniques, demand forecasting still remains a task filled with uncertainty for all retail brands and businesses. The challenge here is not having major deviations in trend but gauging what would get sold. For example, a fashion retail store may find it hard to decide whether to stock more solid-coloured T-shirts or chequered ones. It is hard to tell which ones would get sold more. The second challenge of keeping track of inventory mostly affects retail players with extensive stock volumes in the cycle.

Operations planning is a specialised domain of work. Not every business has such internal resources. Another roadblock is not taking operations planning seriously. The idea of processes and operations is so common that they can be undermined. Managing retail operations calls for a consciously planned approach preceded by the realisation of its importance. Every small operational detail needs attention. Processes must stand streamlined for optimal performance. If anything is missed from process definitions or operations plans, that thing will eventually create deviations in performance. In addition to proper planning, the use of best-fit technology solutions is extremely important in the efforts to achieve operational excellence.

As retail markets are already very competitive, it is difficult for businesses to grab and maintain consistency in market shares. Then there is the challenge of creating brand distinction. Thirdly, fluctuations in demand and sales hamper growth ambitions as the focus shifts to survival mode. With all these reasons in play, it is difficult for businesses in the retail industry to shift gears. Another big challenge here is the availability of relaxed investment solutions as growth and expansion projects are often capital-intensive endeavours.

Today, customers expect a grand and glamorous setting and atmosphere for their shopping experience. This is in addition to certain base standards being met. For example, providing a parking lot without any assistance for parking may not meet the expectations of customers. Parking lots can also be equipped with better signage and lighting. Going for the fancy must not come at the cost of compromising with the basics. In a shopping environment with the right emotions triggered it is easier for customers to process their buying decisions and explore beyond their routines.

Omnichannel has become a popular strategy amongst almost all big retail brands. However, the adoption of the omnichannel strategy by the thousands of micro and small retail enterprises around the world is going to make a big difference. For example, a local grocery store in Abu Dhabi will have an online sales channel enabling its customers to be able to place orders at any time of the day (or night). Omnichannel is a double-edged sword benefiting both customers and retailers. In the coming times, omnichannel will see widespread adoption aided by the proliferation of eCommerce technologies.

As experienced retail management consultants, YRC maintains that even the most experienced of retail brands and businesses are not dealing appropriately with digital marketing. A simple instance of this is the unavailability of any customer support channel for a plethora of businesses (and non-business originations) on social media channels. This is changing but the speed and volume are dismal at best. This decision to shy away from social media and other digital channels is going to prove detrimental for these organisations. Once an organisation leverages social and digital channels, it shows to people the empowerment they get with it as against organisations that choose to hide themselves or show up partially in the digital world.

Supplier selection and onboarding – YRC’s SOP solutions seek to ensure that only the qualified suppliers are identified and screened, and the best amongst them is selected and properly boarded. There will be checklists, documentation requirements and the assignment of responsibility and accountability in the process.

Purchase/Order/Reorder Management – In inventory purchase and procurement management, businesses must know four things – when to order, what to order, how much to order, and from whom to order. YRC’s SOPs solutions for purchase/procurement management are developed keeping in mind the universal standards and the unique business requirements and constraints of each client.

SOPs are also prepared for executing the following functions:

•         Demand Projections
•         QA and QC
•         Returns, Replacements and Refunds
•         Receiving, Storing, and Stacking
•         Reporting
•         Inventory Audits

Assortment concerns determining what products and variants should be present. Replenishment is about maintaining the required assortment in the right quantities at all times. With hundreds and thousands of product variants in the offing, keeping assortment and replenishment functions synchronised is not an easy task. It calls for robust planning and operational procedures to support it. YRC understands the intricacies and the necessities of replenishment and assortment management systems in the retail inventory management process. The assortment and replenishment SOPs are developed to ensure that these two sets of operations are always carried out with high efficiency and effectiveness while keeping the goal of retail inventory optimization in sight.

Distribution centres of FCs are often associated with online businesses only. However, retail stores with online sales capabilities also have to manage their own fulfilment or distribution centres. Often, there are situations where the existing layout of a distribution centre calls for alterations. These alterations may arise to increase volume-handling capacity or improve the operational efficiency in FCs or distribution centres. This affects how business processes are executed. YRC’s function here is to redefine the new business processes in the context of re-engineered layouts. Towards ensuring that this transition phase is smooth, YRC also identifies and incorporates the necessary changes in the affected business processes and the overall operations framework.

This all-inclusive package of retail store standard operating procedures by YRC covers the entire gamut of business processes relevant to retail enterprises. This package is useful for startups and existing businesses seeking to establish/revamp process-oriented systems from the core. There are circumstances where businesses seek to start a new branch or outlet with a completely new branding and operational approach. This comprehensive package of retail store SOPs helps build a success model of an inventory management system for retailers that could be replicated in other new or existing branches in the future.

YRC’s business plan consulting and drafting services emphasise financial and commercial facets. The approach covers comprehensive research and analysis by seasoned consultants to present a macro as well as a detailed picture of all the facets of financial and commercial significance.

In franchise consulting, YRC offers expert assistance in these areas:

•         Franchise business model consulting
•         Franchise business plan consulting
•         Franchise partner selection,
•         Franchise operations manuals (franchise SOPs), and
•         Franchise agreements

With more than 10 years in the business, YRC has versatile experience consulting clients from over 25 verticals in coming up with the right pricing strategies.

YRC’s business plan consulting services are focused on financial and commercial projections and planning. Other aspects of business planning like business model development and operations planning are treated separately.

SOP development and implementation is one of the flagship services of YRC. As one of the top retail consultants specialising in operations, YRC maintains that SOPs are a powerful tool for securing adherence to the established plans and policies governing operations in an organisation. Well-defined processes also play a big role in identifying and building a robust technological system for operations.

In retail store layout planning, YRC seeks to find the sweet spot between constraints and flexes. Veteran luxury retail consultants would agree that what makes this difficult is the touch of experience and expertise that it calls for. Reaching out to professionals from retail consulting firms is never a bad option.

If the accent in retail store layout is on customer experience, it is behind-the-scene operations in the context of warehouse layout design. A good warehouse layout design ensures space optimisation, observance of the required standards of quality control and safety and security, easy navigation of people and goods, and flawless operations.

Operations planning also plays an important role in the successful play out of a layout design. If operations cannot be smoothly carried out in a layout, it is not an appropriate layout.

With more than 10 years of experience as retail operations consultants, Your Retail Coach offers proven solutions in developing and implementing the most compatible warehouse layout design and the SOPs for warehouse and inventory operations.

In eCommerce consulting, Your Retail Coach provides a wide array of enterprise solutions starting from business idea validation to operations SOPs. This service package is for new businesses and existing eCommerce brands. 

For startups, the service objective is to help establish a robust business foundation based on detailed market research, unique value propositions, tailored and tested business strategies, SOP-based process roadmaps, and best-fit and integrated IT solutions. Other elements are also covered as per the requirements of clients.

For existing eCommerce brands and businesses, the services and solutions are directed more towards embracing scale and expansion.