Boris Ismail Goldberg Lee (Dazza to his mates) always felt that market retailing was a simple function -buy low and sell high, listen to your customers, and encourage them to come back.
He would be mortified by the current over-analysis of what we do. The analysis is understandable because retailing is certainly changing and there are new elements with the obvious one being online competition.
But let’s look at the Dazza basics -
Buy low and sell high - obviously profit margin is very important not only to increase the bank account but to give you flexibility when handling your competition.
Listen to your customers - finding what sells, starts with your customers. What they ask for, how they respond to your current stock, and what they end up buying, are all indicators for future buying and merchandising. And these days, listening includes what your customers tell you online including some high-tech analysis of their viewing habits.
Encourage them to come back - this is easy - be respectful, be friendly, be available, and make it fun. Dazza remembers a famous retailer who said “make your customer a friend and you will succeed”
Good advice from the Oracle.