Above is how Trust see the journey to success in your retail business. The starting point can be anywhere based on where you can deliver the most value to your customer and therefore to your business. From here you can continue on the journey and build, build, build business benefits. In this mini-series leading from our latest Thought Leadership Guide: Surviving to Thriving – How Retailers can Transform to Excel, we will be delving deeper into the three key areas. Transforming Customer Experience, Transforming Operational Processes and Transforming Business Model. In this guide, we will be focusing on Transforming Operational Processes.
A majority (61%) of retailers are lagging behind in providing online updates of in-store stock, according to new research. 2 This level of visibility should be simple to provide, right? It is particularly important to mobile and last-minute shoppers, as the popularity of omnichannel shopping – incorporating online and bricks and mortar options grows among shoppers of all ages.
A study found that despite the growth of mobile shopping, 73% of consumers still value physical stores for the immediacy of getting a product and not having to wait for delivery. But only 36% of retailers can show stock availability by store, and of those, 18% show exact item quantities by store. Effective stock management is crucial to any retail operations – having the right stock and knowing what stock you have ensures customers have what they want, when they want it – increasing sales and brand value. Digitalising back end processes such as stock management can delivery immense value to a stores bottom line whilst avoiding customer disappointment when items are out-of-stock or simply just not on the shelf. Intuitive stock management can automatically assess your stores performance and analyse stock requirements based on real-time sales. Sales are quickly compared to stock levels to generate more accurate replenishment orders. Ensuring the right products are available, based on demand, optimising sales and vastly reducing wastage. Read more…
Keeping up-to-date with store performances, product performance, ensuring the right levels of stock is a continuous task. Digitalising store operations unlocks access to real-time reporting.
Performance in your in-store connectivity is paramount to delivering a digital transformation programme. It is the foundation of how you will connect with your customers and in-store colleagues. Furthermore getting store transformation right will enable other operational efficiencies linking head office, supply chain and regional management operations to true real-time data. Your suppliers could also benefit should they be enabled with personalised data connections checking on inflight promotions, stock availability and pricing.
It is imperative you have the right wired and WiFi network to give you the required adaptability and scalability to underpin and support your digital journey. By utilising cloud-based solutions you can have access in a cost-effective way to cutting edge technology that is also managed. This enables you to reduce upfront and ongoing costs whilst accelerating progress when transforming your technology. Business performance is enhanced as technology updates and additions are made quick and simple to deploy from a central source. This also takes away expenditure on managing the traditional nuts and bolts of technology to focus on what you know, your business and your customers. Read more…
Empowering your workforce can deliver many benefits. A happy and engaged workforce creates the best brand ambassadors for your business. By providing your in-store colleagues with the tools to excel in their job you deliver a new way of servicing your customers ensuring consistency across your store real estate. Fully digitalising your store operations will free up your colleagues to serve customers more efficiently and responsively and from anywhere in your store. Your colleagues become the best sales tool you have. Read more…