5 Musts for Home Decor Retailers
If you manage a home decor retail store, there are five areas of your operation that you cannot skimp on. In other words, these five areas of retail operations are essential elements to a successful and profitable retail store.
- Vendor Management – It’s important to keep track of your vendors and organize your inventory by vendor. Home decor retailers are known for carrying stock from select manufacturers and distributors, so it’s important to manage them well.
- Inventory Management – Not only should you track inventory by vendor, but you’ve got to organize it by SKU and product type. It’s important to know what you have on order at all times and where your inventory is at all times. If a product’s status changes, you’ll need to be able to communicate with customers and make allocations and replenishments as necessary.
- Performance Monitoring – If your employees are on commission, you’ll need to keep track of earnings–that includes commissions and bonuses. Know how much investment you have in payroll so that you can judge the value of employee performance against product sales and ROI.
- Specialty Orders – What happens if a customer is looking for a particular home decor item? You need a way to take special orders and customize the customer service experience.
- Warranty Management – Many home decor products come with warranties. If you offer extended warranties, you need a way to manage all warranties on all products so that when customers bring items in for repair or maintenance you can provide the best customer service possible.
Without these five home decor retail services in place, you’ll have a hard time earning a profit. Succeed in home decor retail with the right retail management solution.