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How to make a retail strategy?


The quality of a retail strategy depends on how well a firm identifies and understands its customers and forms its strategy mix to appeal to them. This entails id the environmental factors can affect purchase decisionsentifying consumer characteristics, needs, and attitudes; recognizing how people make decisions; and then devising the proper target market plan. The data from the pos equipment can give the important information.
It also means studying the environmental factors that affect purchase decisions. Consider the following:

In addition to understanding general demographic and economic trends, it is important to recognize the many motivations that drive consumers to shop, such as browsing, meeting a specific need, having the experience/bin, and comparing prices. Approximately 60 percent to 70 percent of what Americans buy is discretionary and about two-thirds of their purchases are unplanned. An individual consumers needs and rationale for purchasing will differ throughout any given day, week, month, or indeed, a lifetime. Retailers will not be able to meet all consumers needs at all times; however, those that can foresee and adapt to changing consumer needs and tastes will survive and prosper.

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