When it comes to retail entrepreneurship, there are numerous ways to start a business. You can launch a sole proprietorship, whether it is an online store or a brick-and-mortar store, and have total freedom but little help. Alternatively, you might take advantage of franchise opportunities and benefit from the strength of an established brand.
What is Retail Franchising?
Launching a retail business is challenging, but with the right business plan, product range, location, and advertising, it can be a great success. Retail franchising is the process of operating a single store under the umbrella of a well-known name, brand, trademark, and product line. Franchise businesses are all around us and are often the brands that customers frequently shop for and trust the most. Franchises are an integral element of our global marketplace economy, just like other types of businesses. Most franchise systems now operate internationally or plan to do so as demand for all kinds of goods and services increases on a global scale. Popular franchises worldwide include those in the hospitality industry, clothing, automotive, and non-food retail outlets. Most franchisors face the challenge of aligning their store layout design, shelf planning, and category management with the goals of their franchisees, who may be located half a globe away. You can overcome such challenges with the help of visual merchandising planograms. Planograms will help you deliver creatively enticing in-store experiences to shoppers by designing and executing the right product displays. By automatically creating optimized store planograms for each store, store specific planograms improve the idea of sharing the same planogram using the cloud. In this blog, we will discuss how retail franchising can drive sales using planogramming:
- Create uniformity or familiarity for shoppers: Creating familiarity is vital in retail franchising. By grouping your stores with the same product line, store layout design, or category management, you can entice customers. More importantly, you can create consistency across all the franchises. This allows you to build stronger customer relationships and boost sales. For example, you can build strong in-store visuals to keep your products looking fresh and updated. Since the window previews what is inside your store, you can display your best-selling products on the window displays, so that your customers will recognize your brand as soon as they see your product.
- Cater to your target market more effectively: You cannot ignore the significance of finishing a store specific franchise outlets which pleases the target customers. Imagine you are opening a clothing franchise store with distinct locations. You must consider different target segments to which you need to cater. Looking at the retail data that you have gathered from the franchisee’s planogram software, you find that shoppers are buying western clothing over ethnic ones. This could be different for each region. In such cases, you must be mindful about placing both items on the shelf to appeal to the needs of your customers.
- Create excitement with your promotions: You can create excitement with your promotions, like holiday sales, discounts or even create an offer season. For example, as the season ends, there are plenty of offers you can provide for your customers. Creating your own offer season, with discounts or combos, can encourage people to visit your store more often. You can place discount labels such as 50% off or buy one, get one free to entice customers to purchase items. Additionally, keep the shop stocked with enough items to satisfy consumer demand.
Overview of Nexgen POG
Nexgen POG is a robust and user-friendly cloud-based visual merchandising tool. It is designed for quick and efficient planogramming with minimal effort. Planogram in retail can be designed by easily dragging and dropping the products. The multi-device compatibility feature of POG allows you to obtain, share and edit planogram on any device, including your phone. It helps in designing store-specific planograms for increased product visibility and sales.
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