Common Misconceptions About Retail

The retail industry interacts with a lot of people when they shop every day, most of which are on a regular basis. This makes many people assume that they really know so much more about the retail business.

There are many misconceptions out there about the retail business and it is important for you as an independent pharmacist to make the actual facts known.

Below are some of the most common misconceptions about the retail business.

  • Salaries are low so as to keep prices low

The truth is that salaries of workers usually make up a very small part of the expenses of a retail pharmacy.

In a moderately successful retail store, there are usually dozens of sales for each work hour and this means that if the prices of some products are increased a few dollars, the cost would be share by many customers.

A survey was carried out recently and it revealed that if Wal-Mart increased the salaries of sales associates to $12/hour and the whole cost is passed along to customers; it won’t make much difference because the cost of an average shopping trip would be only 46 cents more.

  • Employees at a retail store wants to work part-time

It is true that many of the people working at retail stores are those that need the extra cash from part-time jobs or full-time students; this however is not true for a lot of workers.

Research shows that about 15% of people working part-time in retail stores wishes to work for more hours if they are given the chance to do so.

At the end of the day, it is not the employees but the managers that set their working hours.

  • There’s no career building opportunity in retail

The workers in the retail industry usually work based on minimum wage but the fact is that a lot of retail stores are more comfortable with promoting from within.

There are positions such as Management, marketing, IT etc. which need people to fill them. A lot of retail owners would prefer to promote people who have already been dealing with customers.

  • Price determines the number of customers

It is true that price plays a good role in influencing the shopping decision of customers but it is not really the most important factor buyers usually consider.

When people shop at their favorite retail stores they usually favor innovative brands, great service, and of course, quality. They understand that go get value, they sometimes need to spend just a little more.

  • The future of shopping is social media

A lot of consumers get information about products and stores through the social media but in truth, only a relatively few of them actually buy things online.

Majority of shoppers prefer physical retail stores when they want to actually purchase things and that is how it’s going to stay for a while.

Don’t get me wrong, social media is truly a great tool to use for promotion, but physical retail stores are still very important in the industry. To cap it all, retailing isn’t dead and it is not dying anytime soon.

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