During Master Class Pre-IRF’14 Exclusive Knowledge Series Darrel Wisbey, Retail Mentor and Advisor from Philippines revealed the Importance of Relationship for Retail Success. He took off the session with the ‘retail is detail’ theme focussing primarily on the retail strategy. He described the six step approach towards the global expansion planning namely: Goals and Objectives, Capabilities and Technologies, Milestones and Timelines, Expansion Method, Marketplace Opportunities, Image and Branding.
Wiseby explained how being the best is essential in retail and the reasons on why expansions is so alluring -whilst the retail expansion strategy is undertaken to increase sales and profit. This strategy also brings with it both business needs and risks.
The Retail Mentor rought to the fore about the barrier to the plans of expansion, where he discussed that while it is critical that any actions intended to expand the business do not commence without an in depth analysis of the total business position and future strategy. Wisbey also asked the entrepreneurs to self-ask few of the questions which were imperative before moving on with the expansion.
The next topic of discussion for Wisbey was the Growth strategy comparison analysis of a franchisee, its own store and then the mergers and Acquisitions. He stated that while analyzing performance from the existing stores it is possible to assess Sales and Profits.
Wisbey later stressed on one of the important strategy for retail expansion: e-tailing and briefed about multiple strategy through which it can be flourished like complimenting of the bricks and mortar store, developing a new and unrelated retail business in the e-tailing space as an independent retail business center.
He described the E’s in retail Business and the complexity of modern Retail. Every retailer must understand the E’s very thoroughly. These are Engage the customer, Excite the customer, Entertain the customer, create customer Emotions, Educate the customer and give customer Efficiency. He further added that various advertisement campaigns of Pepsi, Nike and Tesco to explain the above E’s. Lastly Wisbey described the FDI of retail and its impact on the Indian Economy. It discussed how FDI has provided new dimensions to the single brand and multibrand retail.
An intensive training on expansion of retail and its various strategies made the audience rich in content and jovialness of Wisbey while taking the session boosted the learning experience of the consumer. His constant comparison of retail demography of various countries and India gave us a glimpse of where the areas of improvements are and how e-tailing and the 8 E’s can be India’s asset in the coming decade.