In today’s global and fiercely intense market, competition is high especially in retail. Many are bemoaning the so-called “retail apocalypse” because of the rise of
But retail is far from dead. Research shows the 90% of shopping still happens offline and consumers still crave human interactions. A study by PwC found that 75% of global shoppers want more human interaction and that customers would pay 16% more for better in-store experiences.
The claims around the death of physical retail are largely unfounded. That
The good news is, there are some fantastic tools and tactics out there to help streamline retail operations and make them more competitive in the modern market.
Table of Contents
1. Understand How to Make Retail More Competitive
Workers in the retail industry comprise 10% of the national workforce. Retail is still very much alive and represents the backbone of the economy. Business can always be improved, and improvements in streamlined operations are crucial to sustaining success in the industry.
These improvements are achievable through the effective use of tools that improve your point of sale, staff management, and stock control practices. These tools among other retail considerations and the importance of implementing them is outlined in the following sections.
Retail Must Embrace Change to Compete
Embracing change is the key to survival in today’s retail industry. Stable predictability using static operations is no longer viable or realistic. When you have Amazon to compete with, staying ahead can seem almost impossible, especially for small or local retail businesses.
Amazon has expanded its reach to Australia. This represents a major shift toward online sales. Online businesses like Amazon are of course one of the most threatening challengers to retail. Savvy retail stores like Macy’s and Wal-Mart have been allocating more resources to online sales promotions to counter events like Amazon Prime Day. These online promotions and competitive discounts help to offset losses in their brick and mortar outlets.
Consider implementing something similar initiatives if you’re looking to compete.
The Need for Strategic Retail Staff
Managing retail staff carries special challenges. Driving today’s workforce is different from the practices that have worked in years past. Meritocracy in stores, for instance, is becoming an expectation of retail environments today. Rewarding retail staff with personalized recognition is an important trend in modern motivational retail practices.
Empowering your retail staff with responsibility is another integral practice to cultivate a healthy and robust retail business. This goes hand in hand with recognition as effective execution of responsibilities are rewarded in a manner that will motivate the staff to perform admirably.
The Advantages of Inventory Management Solutions for Retail
Keeping track of inventory and managing it is a Herculean task. One of the best things you can do for your retail business is to procure reliable and affordable inventory management. Inventory management systems should be carefully evaluated. Their benefits can enhance operational efficiency for retail businesses.
2. Recognize the Importance of EPOS Systems in the Retail Business
The importance of point of sale systems, or EPOS systems in retails tores is becoming increasingly significant. Today’s EPOS systems can even be used accessed with tablets, allowing for more flexibility owners of small businesses.
Here are some factors to consider when choosing a EPOS system that will suit the needs of your retail business.
- Avoid Contractor Leases – Retail outlets should steer clear of contractor and equipment leases.
- Connectivity – Ease of connectivity and integration are important considerations.
- Cloud Features – Connection to the cloud is a desirable feature in retail EPOS systems and have useful reporting tools.
Retailers should seek out EPOS systems that are based on monthly subscriptions. Monthly subscriptions are much more flexible than contractor leases and give businesses more freedom. Cybersecurity is an important factor to consider when implementing EPOS tools. They are targeted by hackers and cybercriminals, making EPOS systems with stronger security features more favorable to retail stores.
3. Concentrate Your Streamlining Efforts on Efficiency and Customer Experience
Streamlining is more than facilitating faster operations. Providing efficiency that is flexible and furnishing meaningful customer experiences are the most important facets of streamlining to concentrate on in retail.
One of the most advisable practices to adopt in order to increase efficiency is to learn from the analytics of sales. Sales analytics can tell you which items are selling better online and help make intelligent business decisions.
Providing superior customer experiences is another key to success in the retail business. Customer experiences will always be one of the most serious considerations in retail. Streamlining positive customer experiences is achieved in part by efficient use of EPOS systems.
4. Use the right tech
EPOS solutions, inventory management, and reporting tools are some of the finest and most effective weapons in a retail firm’s arsenal. These services are incredibly significant advantages that retail businesses should utilize to stay competitive.
The right EPOS system, for instance, can make or break a sale. A customer’s experience at the checkout counter will shape their interpretation and the general opinion of the store and their purchase.
Meanwhile having the right stock control solution enables you to carry the right products at the right time, so you can delight your customers with fresh merchandise.
Reporting is another important consideration. Be sure to arm your retail biz with a robust analytics platform, so you always have a handle on essential retail metrics. Having the right data at your fingertips will help you make better decisions in your business. This, in turn, will enable you to grow and succeed.
About Carson Derrow
