There is nothing wrong with re-inventing your
business in order to attract new customers and ultimately increase your turnover,
every detail in your business is so important, as customers can be few and far
between. But let’s be clear, no one can something for everyone so don’t even
try; your stock levels will go through
the roof and you will have no clear message for the consumer leaving everyone
unsure as to why they should shop with
you. When considering changing your product mix, even if it is niche, remember
to stay true to your original business plan and company ethos, unless of course
it was deeply flawed in the first place.
Part 2 of 2: Clarifying exactly what rights customers have in terms of returns, refunds and exchanges, and what retailers are obliged to offer.
Consumers get confused because the high street
offers far better returns and exchange policies that the consumer legal right’s
demand and this is often where problems can occur. As you will be in direct
competition with your local high street it is important to offer the same if
not better returns policy’s and services which will maintain and help excellent
customer trust and confidence when purchasing from your business and ensure
consumer will return time and time again.
You should also be aware under the Consumer
protection, unfair trading regulations 2008 it is a criminal offence to mislead
a consumer about their legal rights Eg;- you cannot state No Refunds, Sold as Seen etc...
Check out www.tradingstandards.gov.uk for more detailed information or request a leaflet that is
always good to have to hand.
Part 1 of 2: Clarifying exactly what rights customers have in terms of returns, refunds and exchanges, and what retailers are obliged to offer.
Under the Sale of Goods act 1979 a consumer is
entitled to a refund, replacement, repair or compensation when goods are either
faulty or are not as described. In the instance where a customer has either
just changed her mind, bought the wrong size or received an unwanted gift there
is no legal right to a refund or even an exchange. However if you are selling door to door, on
the Internet or via mail order then you have to allow 14 day period for a
customer to return goods even if she has just changed her mind.
3 of 3 - How to plan seasonal purchasing budgets and stick to them
Be in control when you are writing your order, ask your rep
to total it up as you go, be honest and upfront with them tell them in advance
how much you have to spend and the reasons why. If you’re unsure on a range
then don’t commit, you can always ask for a draft order to be taken away with
you to consider you can then follow up after the show. A good guide to buying a
new range is ask yourself do you love it? Will it fit? Can you sell it? If you
decide at the show, for whatever reason to over spend, fine... but think where
will you cut back?
2 of 3 - How to plan seasonal purchasing budgets and stick to them
In order to plan your budget spend effectively, there are
several questions you should be asking yourself; has your business increased as
planned, and if not, why not? If it hasn’t, identify the area of your business
or range that has let you down. Consider your brands. Are they still
performing? Don’t exempt your best performing brand from scrutiny. How much did
you spend last year in each area and should you invest more than next season?
Once you have these answers you can look at the OTB (Open to Buy) for next season
and set a spend limit per brand or per product group. Keep to it!
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