VM Project
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Transcript of VM Project
Visual Merchandising Project:
ABSTRAKT-The Experience
Ankush Batra
Gaurav Mor
Kshitij Jindal
Mahima Suhalka
Pooja Makhija
Sudharma Varadarajan (40)
Overview
This report is with regard to the Store Design, Layout and Visual Merchandising project which was
conducted on the 1st of September 2015. This report contains details regarding the retail store our
team set up in our campus, outside the space bar, and our experience conducting this exercise. We
were assigned this activity as a part of our 4th Trimester Project. Being a part of PGDM –Retail
Management it is essential for each and every student to experience what happens on the shop floor.
This project was in sync with that very feeling and it helped each and every team member build
confidence, selling skills, customer relationship expertise, etc. which is the core of every successful
Retailer.
Theme
Our Theme was- ABSTRAKT which was also the name of our store. Abstract is Art with no defined
meaning. Its purpose is to let the viewer interpret its meaning for him/herself. More often than not,
abstract art is a collection of multiple shapes and colours thrown onto a canvas. Similarly, our store
did not have a defined category of product catering to a particular customer only. It was welcome for
all to experience. Our merchandise was artsy, colourful, cheerful, trendy, tech savvy, which did not fall
under a category as such. Thus our project revolved around this theme.
Merchandise Displayed
List of our merchandise
Sourcing the merchandise (in a particular quantity and why ?)
Fixing the MRP
Communication strategy
The communication strategy adopted by our group varied according to varying potential customers.
We printed and displayed on every notice board on the campus two different posters designed by us
showcasing the products that were going to be on display at our store. This was done to grab the
attention of the various students of all the batches including both full time and part time courses. This
was done to ensure that the product were communicated to all our fellow students. At the same time
we also uploaded one of those posters on the elearn portals login page. Other forms of digital
communication involved whatsapp and online promotion of our sore and the products that we planned
to sell. Apart from this we individually went across all departments personally informing all our faculty
members and mentors on campus about our store and its offerings and in the process inviting them to
come visit our store.
Final Outcome
Key Learning and takeaway:
1. Be Customer-centric:
Perhaps the biggest lesson for retailers boils down to this: Focus on what the customer wants, and be
flexible enough to cater to their changing desires.
2. Teamwork is Actually Helpful:
When you have a store that has many students, it gives us the skills to actually successfully work as a
team for a greater common goal: getting the customer what they came in the store for.
3. First-hand experience:
Retail is a customer business. You’re trying to take care of the customer—solve something for the
customer and there’s no way to learn that in the classroom or in the corner office
4. Hope for the best but prepare for the worst:
Maybe you sell out in the first 20 minutes your store is open, luckily, a group of 15 customers are
going to walk in and do all their purchases, maybe sales will happen the other way round in the last 20
minutes before your store shuts down. Whatever happens, be ready for it. If things go well, you’re
nothing but excited, If things go poorly, you have to come up with a game plan (which might just
include several racks of “go backs”).
5. Punctuality:
If you say you’re going to open your store at a certain time, be there and then. Otherwise you reflect
poorly in the minds of your customers and co-workers.
6. Patience:
It’s the most versatile trait to have. You can’t rush a customer by being rude. If ever you find yourself
impatient, ask your team if there’s anything you can do about it within that moment. If there’s nothing
you can do to politely speed things along, then take a step back and get comfortable wherever you
are.
7. Leadership and People Skills:
Working with different personalities can be a challenge, perfecting your leadership and relationship
management skills are perhaps two of the most important skills you can acquire in the retail setting.
Juggling varying agendas, dealing with a team member’s bad mood or a customer’s demands and
keeping a team motivated and focused on the task at hand ensures both customer and the team’s
satisfaction remains high.
8. Customer Service:
The customer is always right (even when they aren’t). Embrace this mantra and you’re sure to
succeed in retail. Customer service is imperative to any role and helping a frustrated, time-poor
customer find exactly what they’re looking for is guaranteed to put a smile on their face – and yours.In
the retail world you deal with an influx of customers, each with different requests and questions. This
environment teaches you patience and interpersonal skills, both of which are valuable to your
professional and personal life.
9. Problem-Solving:
Problem-solving skills are a fundamental aspect, ensuring you can overcome problems effectively and
efficiently. Having the skills to evaluate the cause of a problem and the best-fit solution is key to
avoiding a similar situation in the future.Being able to demonstrate your problem-solving skills in the
past is bound to impress people in the future.
10. Time Management:
Re-stocking shelves, processing a customer’s payment, covering lunch breaks, and balancing the till
at the end of the day all vie for our attention in retail. Improving your ability to prioritise and manage
your time effectively makes for less stress.