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.
As a retailer, are you offering standard sales promotions like, “buy one get one free”, or “10% off” on specific items, but not seeing the results you wanted? Getting customers to part with their hard-earned money remains a painfully difficult process in the post-recession economy. That’s exactly why promotions are so important in order to lure in potential customers. When executed well, promotions get customers out of their holding pattern by giving them an incentive to take action before an offer expires. Here are some tactics to make your sales promotions stand out to customers.
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.
How can you learn from your customer behavior to arrange your store displays and how can these help upsell customers? There are several inherent challenges with upselling.
With increased sophistication in video and other security technologies, are anti-theft devices becoming irrelevant to loss prevention?
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.
Good cash handling policies and procedures are essential to any retail operation that handles cash. Cash is just too tempting a target for many people, especially those who have financial need, or believe they are smarter or more clever than their employer. It’s management’s responsibility to ensure that the entire organizational structure safeguards its cash assets. From cash counting to deposits, your store needs proper policies and procedures in place when it comes to cash transactions and how to handle that money going forward. Here's what makes a good cash handling policy for retailers.
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.