Rapid retail execution is paramount to meeting the modern customer’s needs.
A study by Infosys found the primary problem many businesses encounter with retail execution software is either outdated solutions or inefficiency. If your retail store isn’t on top of its execution, you’re going to get left behind. For example, at a typical grocery store like Whole Foods, the displays are swapped between Wednesday and Saturday. The layout modification is prompted by constantly changing product demand, specials and other promotions. Retailers should use the proper retail execution software to satisfy customer needs in a way that also benefits the store’s daily processes.
Shelf Real Estate
Improving retail sales in today’s market has gone far beyond stocking shelves with items from the biggest distributors. Customers, especially those within the millennial generation, have a strong desire for craft products. Providing your shoppers with greater choice requires shelf-space reorganization and detailed inventory management. Your retail execution software should help balance customer demands with both inventory and display organization.
Competing with E-Commerce
Statistica expects e-commerce to grow to $491.5 billion, making it critical for retail locations to differentiate themselves from the online experience. Brick-and-mortar remains vital to the retail industry, largely because human interaction is important to the majority of consumers. However, the technology used to manage inventory, displays and product placement can help meet rising demands—thus making shopping as seamless as possible for your customers.
Customer and In-Store Feedback
Retail execution software can get you ahead of the competition by helping with data analysis providing insights into the marketplace. Get a panoramic view of what’s going on in stores by collecting customer and employee surveys. Employ people who are experienced with technology, and understand contingencies surrounding data collection. Create a process to distribute the relevant finds to the people who need the information. Focus on data that’s actionable and can lead to quick, achievable improvements.
The right technology handles the heavy lifting when it comes to managing your presence in physical stores. Keeping up with the rapidly changing retail world manually is nearly impossible. Retail execution software gives you the data you need to keep customers coming through the door and the agility to stay competitive so you don’t get left behind.