The VGM Group
Updated 6:46 PM CDT, Tue June 23, 2015
Published Under: VGM News
The Science of Retail
What is Retail Science? According to Paco Underhill, author of “Why We Buy – The Science of Shopping,” it is the “Sherlock Holmes” approach to retail. In academic terms, it is “the use of data (with or without technology) to analyze who buys, what is bought, and why it is bought so that better product buying, inventory control and space planning are adjusted to generate more sales and profits for a retailer.”
So, how do we apply this to the world of HME? It’s about making sure you are constantly analyzing your sales, your inventory, your merchandising strategies and your marketing efforts so that you can make positive changes to boost sales and grow your business. Just like chemistry, it’s about thinking of your HME business as an “atom” made up of fundamental “molecules” that operate not independently, but together, to form a holistic retail strategy. To truly become successful retailers, HME providers must look at their businesses as we look at the H2O molecule – a sum of essential parts that equal a whole. We must examine, analyze and understand how all of the parts of our business come together to create success.
Retail Science was VGM Retail’s focus at this year’s Heartland Conference. Their first-ever Retail Science Center (pictured below) featured some of the hottest new HME retail products for 2015 and was built around the concept of creating a holistic (and successful) retail strategy using the Five Fundamentals of Retail Science – store environment, product assortment, merchandising, human resources and marketing. For more information about Retail Science and how to implement a strategy to grow your HME retail business using these Five Fundamentals, contact VGM Retail today at 855.285.3300 or [email protected].
VGM Members and VGM Insurance Partner to Donate $4,000 to Charities Nationwide!
To celebrate their 25th Anniversary and as a way of thanking HME providers for the good they do for their communities, VGM Insurance is giving away a total of $25,000 throughout the year to companies that provide the most compelling nominations of a local charity. Now almost halfway through the campaign, VGM Insurance has given away a total of $12,000 to deserving charities across the nation! As an extra special celebration as part of VGM’s 2015 Heartland Conference, VGM Insurance gave away a total of $4,000 to four VGM and OPGA members who attended the conference. Check out the great pictures of the Heartland check donations and learn more about the fantastic charities these members nominated!
Pictured above: Van Miller of VGM and Bill Wilson and Jason Bienemann of VGM Insurance presenting a $1,000 donation check to Chuck Vetsch of Keeler’s Medical Supply for his nominated charity, the Pegasus Project of Yakima.
Based in Yakima, Wash., the Pegasus Project provides therapeutic riding and equine related activities to improve the health and well-being of people with special physical and emotional needs. They offer many of their programs at no cost to families, so the donation will go towards upkeep of the horses and riding facility, while allowing more people to participate in these beneficial programs.
Heartland Action Center
The VGM Government Relations team and People for Quality Care paired up at Heartland to reach out to providers and beneficiaries to get them engaged with their elected officials. Our booth saw plenty of attendees wanting to get involved. We took to Twitter and tweeted photos of providers from around the United States holding signs and asking for support of Competitive Bidding reform and Audit reform. We also had a basket with dozens of commitments to scheduling meetings with their members of Congress during the August Recess.
Comments