With the exponential growth of online, mobile, and social commerce channels, traditional retailers are either embracing innovation or stagnating.
Innovative retailers are leveraging consumer data in their existing retail businesses and beefing up their omnichannel strategies to ensure that the experience of end consumers both in-store and online is consistent. However, the key for retailers to quickly and efficiently consolidate store management is to use big data to make practical improvements to the day-to-day management of both their brick and mortar and online stores.
So to help get your online and offline stores in shape, here are nine tips to better streamline store management:
1. In-store analytics
Monitor traffic and demographics while capturing conversion rates, visit frequency, and the duration of visits across all retail points.
2. Staffing analytics
Organize your staff schedule based on data that uses interactive analysis and is integrated into your workforce management system.
3. Internal analytics
Base your staffing on traffic and conversion at a departmental level. Plan recovery and support efforts by department or store area based on traffic counts including in-store purchase transactions and quality of traffic.
4. Tablet and mobile analytics
Mobile POS and mobile payments are critical to a smooth experience for the end user. Make sure your payment systems are as good as they can be.
5. Control and manage risks
As consumers become more connected and retailers collect more and more customer data, your top priority is risk mitigation and data security with a tight control on customer privacy.
6. Marketing analytics
Target your customers’ preferences and deliver an experience that they’ve come to expect. This will help consumers cope with the overwhelming volume of choices they have.
Additionally, adopt a flexible marketing and sales technique with quick wins and real-time tests. Focus on the digital experience as a whole and how mobile complements the purchasing experience.
7. Social network platforms
Social networks are a virtual window shop for retail businesses and can also serve as shopping platforms. A customer who wants to purchase a product seen on a retailer’s feed can tap on the Like2Buy link found on a brand’s Instagram or Facebook profile. Leverage this.
8. Loyalty program
One way you can make each customer’s experience unique and memorable is by using imaginative customer loyalty programs. Some brands reward shoppers and give them points for their actions and engagement rather than just purchases.
Make sure your offers meet your customers’ needs. Emphasize the importance of cross-selling, upselling, and bundling. Make good use of segmentation to personalize your in-store and online customer experience.
Also, optimize your site for search engines so that it will be discovered. Then, streamline your site’s navigation so users can find what they’re looking for once they’ve arrived. This will make your shopping basket fuller.