You can’t run a successful business operation without data. In the retail world, this data often comes in the form of KPIs, or key performance indicators.
Seamless service and shopping experiences are all sources of competitive advantage when it comes to retail but too often, shopping trips turns from a delight to a disaster as shoppers encounter “friction points” that turn off shoppers and negatively affect your bottom line. In their simplest definition, points of friction are areas in your sales process that prevent consumers from completing a transaction. How do you find them in your shopping experience and how can you fix them?
If there’s one key takeaway from the explosive popularity of eCommerce, it’s that retail can be incredibly successful when it’s carried out on a hyper-personal level.
By combining video and point-of-sale data, you can figure out which products sell best, which promotions work the best, and why. If business is about people, then the point of sale is the most logical place for you to examine what people are buying and how they are interacting with your employees. Here’s how this collaborative data can improve your marketing strategy.
Revenue and traffic has shifted year to year from in-store to online purchases for the last several years. What does this mean for your physical store and operational strategies? Let’s take a deep dive into some of the challenges and solutions presented by the rise of online shopping for mobile devices.
Online shopping becomes more popular every year and it might feel like customers are forgoing your retail store in favor of eCommerce merchants. If you’re concerned about getting your online customers to shop in store keep reading to learn how to increase the foot traffic at your physical retail locations.
Gift cards are popular presents among friends and family. When someone isn’t certain what to buy a friend or relative for their birthday or during the holidays, a gift card from their favorite retailer or web store can be a great choice. For retailers, a gift card gives back to their retail operations in many ways. They have already received the profit from the gift of the card. It’s also a driver to bring cardholders into their retail store to purchase merchandise which secures future sales. If the card is lost (which happens more often than you might think), it’s a net profit for the store because they’ve received the profit from the gift card sale without exchanging it for physical merchandise. This has produced a growing and thriving market in gift cards for retailers of all sorts of products.
“Employee of the month” initiatives and cash prizes are common methods that employers use to spur employee motivation, but this is hardly the only way to inspire hard work. In an industry where employee engagement is already below average it’s vital that you create an environment that makes staff members want to work hard.
Unfortunately, employee theft is a reality of retail operations. The statistics speak for themselves: a standard small business loses around 5% of its annual revenue to employee fraud. Additionally, the Department of Justice has shared findings that nearly one-third of all employees commit some degree of employee theft.
Successful loss prevention neither starts nor ends solely in one department. You need to create an environment where your IT and security departments can work together seamlessly to reduce patron theft, employee theft and other losses that negatively impact your business.