How to up Retail productivity? Intro CRM, employ capable staff (Cheap also), arrange sepcial gimmicks... but a good product will sell itself...
Retail needs to up productivity
SINGAPORE'S retail productivity lags behind other international cities like Hong Kong and New York, said Senior Minister of State for Trade and Industry and Eduation S. Iswaran, who called on the sector to boost productivity levels.
Speaking at the 2010 Singapore Retail Industry Conference-CEO Forum on Tuesday morning, he said the productivity or value-add of each in the retail industry currently stands at $37,000, which is only 40 per cent of that for the whole economy.
Singapore's retail productivity is only 66 per cent that of Hong Kong's and 44 per cent of New York's.
With the Singapore economy expected to grow by 13 to 15 per cent this year, and the dramatic increase in consumer sentiment across most major economies in the world, raising productivity levels will be key to sustaining growth in the retail industry, he said.
Citing a recent study conducted by Spring Singapore to assess the productivity levels in the sector, Mr Iswaran said it highlighted some paths to improve productivity. This includes process innovation and enhancing efficiency with the help of technology.'
'Indeed, some forward-looking companies have started using internet-facilitated replenishment systems which help to lessen paperwork and reduce human errors,' he noted.
A Ministry of Manpower (MOM)'s Employer-Supported Training Report released in 2008 showed that only 41 per cent of retail establishments currently provide some form of structured training to workers compared to the national average of 65 per cent across all industries. This is insufficient to create and sustain a skilled workforce for the retail industry, said Mr Iswaran.
'It is therefore important that the retail industry focuses on consistently upgrading the skills of its workforce. This extends to all levels in the organisation including frontline workers such as sales assistants, supervisors, as well as the management in the organisation,' he added.
Mr Iswaran said the Singapore Retailers Association and the Singapore Productivity Association (SPA) have rolled out an eight-day training programme for the retail sector.
Based on the Certified Productivity Practitioner (CPP) training curriculum, this new programme known as CPP (Retail), is customised specifically for the retail industry, and targeted at executives who have been identified as 'productivity champions' in their respective organisations.
Participants will learn to identify and analyse productivity issues affecting their companies, develop solutions and implement strategies that will address these issues. And they will also be equipped with tools and systems that will help the company develop a productive sales team, and grow its top-line.
At the end of the day, they teach U to cut cost!:oIo:
Retail needs to up productivity
SINGAPORE'S retail productivity lags behind other international cities like Hong Kong and New York, said Senior Minister of State for Trade and Industry and Eduation S. Iswaran, who called on the sector to boost productivity levels.
Speaking at the 2010 Singapore Retail Industry Conference-CEO Forum on Tuesday morning, he said the productivity or value-add of each in the retail industry currently stands at $37,000, which is only 40 per cent of that for the whole economy.
Singapore's retail productivity is only 66 per cent that of Hong Kong's and 44 per cent of New York's.
With the Singapore economy expected to grow by 13 to 15 per cent this year, and the dramatic increase in consumer sentiment across most major economies in the world, raising productivity levels will be key to sustaining growth in the retail industry, he said.
Citing a recent study conducted by Spring Singapore to assess the productivity levels in the sector, Mr Iswaran said it highlighted some paths to improve productivity. This includes process innovation and enhancing efficiency with the help of technology.'
'Indeed, some forward-looking companies have started using internet-facilitated replenishment systems which help to lessen paperwork and reduce human errors,' he noted.
A Ministry of Manpower (MOM)'s Employer-Supported Training Report released in 2008 showed that only 41 per cent of retail establishments currently provide some form of structured training to workers compared to the national average of 65 per cent across all industries. This is insufficient to create and sustain a skilled workforce for the retail industry, said Mr Iswaran.
'It is therefore important that the retail industry focuses on consistently upgrading the skills of its workforce. This extends to all levels in the organisation including frontline workers such as sales assistants, supervisors, as well as the management in the organisation,' he added.
Mr Iswaran said the Singapore Retailers Association and the Singapore Productivity Association (SPA) have rolled out an eight-day training programme for the retail sector.
Based on the Certified Productivity Practitioner (CPP) training curriculum, this new programme known as CPP (Retail), is customised specifically for the retail industry, and targeted at executives who have been identified as 'productivity champions' in their respective organisations.
Participants will learn to identify and analyse productivity issues affecting their companies, develop solutions and implement strategies that will address these issues. And they will also be equipped with tools and systems that will help the company develop a productive sales team, and grow its top-line.
At the end of the day, they teach U to cut cost!:oIo:
