Library / Biographies | Industries
Date of review: July 2020
Book author: E.Schepin
Вook published: 2020
Book author: E.Schepin
Вook published: 2020
VkusVill. How to Revolutionise Retail by Doing All Wrong by E.Schepin (2020)
It is a very interesting book sharing experience of launching a new retail chain in a fairly competitive market in a country that faced several macro headwinds during the time of growth.
The business offered quite a unique product to customers – fresh, healthy food in local shops. It was started by a young manager who needed fresh dairy products for his baby and could not find the right quality he was looking for.
The business offered quite a unique product to customers – fresh, healthy food in local shops. It was started by a young manager who needed fresh dairy products for his baby and could not find the right quality he was looking for.
Important lessons for me include the following ones
- Customer comes first. Customer feedback is extremely important, a process focused on permanent improvements based on feedback received. There are also limits to the rule 'Customer is always right' when he/she becomes rude or is lying, for example.
- Business and you have to stay agile, Vkusvill has never had a detailed no business plan, very interesting approach to KPIs which are essentially replaced for 'promises'.
- Have trust in employees, treat them as partners, maintain an open dialogue, idea brainstorming, few formal processes/attributes (e.g. no dress code).
- Hiring new people – better to ask friends, like-minded people with the same values are more important than skills, no need to use HR for that.
- Financial approach – the business has always been fully funded, no external capital, debt has ever been raised.