Revolutionize your retail growth
Looking for your favourite product on the shelves of a supermarket and not finding it can be a frustrating experience. According to a research report, Out of stock merchandise is a $93 billion problem for retailers and the second highest source of frustration for shoppers.
Having the workforce at your retail store attuned to your customers needs and constantly updated about stock levels, for instance, has its own advantages. The store floor staff have the capacity to help in the process of informed decision-making ranging from replenishing the store to keeping the supplier updated about fresh stocks of merchandise, for instance.
With fierce competition among retailers, there is an urgent need to make decisions regarding the operations of the store. A top-down approach to decision making is not always a feasible option and retail staff at all levels must have access to automated systems that provide them timely, relevant and ready-to-use information.
In the process of making information accessible, technology has been a great catalyst and leveller. A few years ago, only the major players in the retail industry could boast of cash registers that tracked inventory and produced detailed daily reports and afford videoconferencing or use Voice Over IP. Today, most retailers consider these a part of their technology architectural system. With a lot of emphasis on a user-friendly approach, aided by the plummeting costs of technology infrastructure, accessibility of information is certainly getting a boost.
Apart from the accessibility of information and the accompanying technology that aids it, relevance of information emerges as the third dimension. A report with long elaborate analyses, complicated score sheets and huge amounts of data will just make information retrievability cumbersome and time consuming for bottom line decision makers. The likely result is that the people at the lower end of the decision making spectrum may disassociate themselves from the process and prefer to rely on their instincts or gut feeling leading to uninformed decision making.
So is there a solution? Retailers must adopt a role-based Business Intelligence (BI) system built specifically for retail, a system that provides data which is relevant, easy to comprehend and practical. This transformed retail culture, where decisioning is based on data will lead to effective optimization and collaboration of retail operations both on a day-to-day basis and in the long run.
It’s time to check if every member of your retail system is contributing to your growth.