5 Ways Retail Analytics Can Improve Store Performance

Do you offer consumer credit? Has your store recently lost customers after becoming the victim of fraud that caused a drop in consumer trust?

In today’s post you will learn 2 ways that retail analytics can minimize risks like fraud and 3 ways to use them to improve store performance. While many people focus on retail analytics as a tool to evaluate promotions, decide ideal pricing, determine product mix, and optimize store layout, it is also very useful for minimizing risk.

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The 5 Retail Apparel Stores People Love to Work For

Working in the retail industry is something that a significant amount of the population will experience. In fact, at any given time, approximately 1 in 10 Americans work in retail. Some of these experiences are considered a necessary but unpleasant step in the career path, made up of low wages, no benefits, few opportunities for advancement, and few full-time positions. However, there are companies striving to better the working conditions for their employees. Particularly in the fashion industry, there are many retail companies where employees love their jobs.

These are 5 of the best apparel retail companies to work for today:

5.) The Gap

The Gap has been selling high quality, fashionable clothes for a very long time and are consistently liked by their employees. Employees at The Gap enjoy:

  • Flexible hours and schedules.
  • A great hourly wage and many opportunities for raises.
  • Discounts at The Gap, Gap Outlet, Old Navy and The Banana Republic.

The Gap has a fun atmosphere, and employees work together on projects, which can be a great benefit. Employees do feel pressured to push people to apply for the store card, which can be stressful for some. However, employees say that overall, the Gap has a great environment and is a fun place to work.

4.) L. L. Bean

L.L. Bean is known for their high-quality outdoor clothing and products, as well as for their classic styles. Store locations are located almost entirely in the northeastern United States, though they offer catalog and online sales everywhere.

Employees of L. L. Bean enjoy:

  • Excellent pay rates.
  • A 40% off employee discount.
  • L.L. Bean encourages their employees’ passions for the outdoors. Employees have the opportunity to borrow outdoor gear from the company’s use room at headquarters and can camp out in L.L. Bean’s cabins along the Rangeley Lakes.

The work environment at L.L. Bean is incredibly positive. Employee recognition programs and feedback programs help ensure their voices are heard, and management is willing to work with employees to improve their stores.

L.L. Bean employees also have fun working with their customers, and say that most of their customers are great to be around.

3.) Nordstrom

Nordstrom can be a fantastic company to work for, provided you are good at sales. Nearly all positions at Nordstrom are entirely paid on commission, and each department gets a different rate of commission for their sales. Some departments may get hourly wages in addition to a higher wage, but sales positions are primarily paid on commission.  This may be intimidating to many people considering retail, but there is no limit to the amount of money a salesperson can make in a day.

Biggest benefits of being employed at Nordstrom:

  • Employees are able to move up, and promoting is often done from within the company. This can be a great benefit if you intend to make a career in retail.
  • Employees often get a lot of hours, though their schedules may not always be predictable.
  • Nordstrom has a competitive, but fun environment.
  • Employees get a 20% discount and are able to make great money.

2.) Sephora

Sephora is a fantastic company, dedicated to providing incredible cosmetics, skin care, fragrance, and bath and body products. (We know, they aren’t an apparel retailer so they are a bit outside of the scope here, but all retailers can learn from a good success story!) Employees love working for this company because it provides them with great training, has fantastic products and awesome values.

Sephora puts extra effort into teaching their employees, focusing on giving them as much information about their products and how to use them as possible. Employees are able to advise customers on every product and brand, rather than pushing one particular brand.

Sephora employees don’t get as much of a discount as some department stores offer, but they do get to try out hundreds of amazing products for free.

The pay is not the best in the industry, and employees may not get as many hours as they might want. However, there are bonuses available, and the working environment is one of the best. Everyone is upbeat and works together as a team. Overall, Sephora is one of the most exciting growing companies currently in retail, and many employees say it is the best job they have ever had.

1.) Victoria Secret and Pink (L Brands)

Victoria’s Secret and Pink offer a very positive experience for women and encourage their employees.

Victoria’s Secret employees enjoy:

  • Great pay rates, plus commission and bonuses. Employees can earn monthly gratis as well.
  • A great discount on merchandise.
  • There are many opportunities to move up within Victoria’s Secret, and employees are noticed for working hard. The company has a terrific open door policy and employees get the chance to interface with higher ups often.

Because of Victoria’s Secret and Pink’s marketing aim directed at college-aged women, the stores focus on creating a fun and exciting environment. Employees find that working at Victoria’s Secret is fast-paced, and no two shifts are ever the same. Many employees say that the positive atmosphere was the best part of working for Victoria’s Secret.

Are you ready to become a top retailer? Learn how your happy employees can help to make the fitting room the most profitable part of your store.

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How to Use Retail Analytics to Boost Store Performance

Have you taken the time recently to analyze your stores performance in a systematic way to see how well you are performing in different areas of operation? Are you failing to meet your retail revenue goals but Not sure where you need to focus your time and attention? 

With the help of retail analytics, you can fully understand how multiple variables are affecting your store revenue and make effective modifications that will give your store the performance boost it needs to stay competitive and thrive long-term.

Analyzing your store’s data can provide you with valuable insight as to how well your store is performing and what you can do to boost your bottom line and improve overall performance. Ready to get a basic primer on the most common retail analytics data and why you should gather and use it? Let’s go!

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8 High-Value Sources of Data for Retail Analytics

Is your company fully utilizing the capabilities of retail analytics tools to gather and report critical information?

Retail data analytics provides business owners with statistical facts and figures that allow you to investigate how well your business is doing and where it needs to focus its attention to improve performance. Smart business owners and managers base strategy decisions on facts and have embraced the capabilities of retail data analytics tools to improve their information gathering and reporting.

Using retail analytics, you can compile many different pieces of high-value data from multiple sources and bring it all together to form a comprehensive view of your business.

8 top sources of information for retail data analytics are:

  • POS systems
  • Video cameras
  • Mobile devices
  • Sensors
  • Weather reports
  • Time and attendance systems
  • Wi-Fi infrastructure
  • Promotional calendars

Let’s take a look into how these data sources can help your business gather data and compile retail analytics.

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Retail Survival! 5 Mysteries Analytics Can Solve

Have you ever taken a look at your business statistics? Do you know what areas you need to improve in your company?

Retail analytics is the process of capturing data and then analyzing it to determine what processes and strategies are working and which need to improve. Regardless of the size of your company, analytics can prove beneficial in many ways. Retail store analytics allows you to gather a diverse set of measurements from multiple stores to determine performance both at a store level and company-wide.

Retail store analytics can be simple and straightforward or extremely in-depth and involved. It depends on the types and amount of data measured, the measurement process, and the tools used to capture and analyze the data. Your retail analytics program will be most successful if it is tailored to fit the needs of your business.

If your company is ready to use analytics to go from surviving to thriving, then dig in and examine five questions that retail analytics can help answer for your business.

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How to Overcome 2 Common Retail Performance Challenges

When you own a large chain of retail stores, you must ensure each store is meeting its individual revenue goals. Despite using similar processes at each store, not all stores will perform the same. While one store might be doing great, another one might barely be scraping by. Have you faced this challenge?

The key is being able to identify what is causing the stores to get different results. Below are two common retail performance challenges and tips to rise above them.

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3 Ways to Squeeze More Profit Out of Your Retail Store

What is the mission of your retail store? Are you a value provider of fashion for all seasons and occasions? Or is your store mission to attract consumers who demand high-end designer goods regardless of price? It does not matter if you specialize in purses, childrens clothes, maternity, swimsuits or men’s suits – they are all designed to bring in sales and profits.

Regardless of whether you are a new business owner or someone who has owned or managed a retail store for years, your company wants to maximize revenue to drive profitability for the business and its stakeholders.

To help take your business to the next level and ensure your profits are at an all-time high, implement the following strategies to squeeze maximum earnings from your retail store.

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5 Things Retailers Need to Know About RFID Technology

What if you could decrease your online order cancelations by 60%? That’s exactly what one children’s clothing retailer was able to do using radio-frequency identification (RFID) technology to reduce online out-of-stocks.

However, RFID goes beyond reducing online out-of-stocks. It provides an all-encompassing improvement to inventory accuracy, sales, margins, and expedited returns, according to a research study at Auburn University.

It’s these kinds of RFID benefits that have retailers giving this technology a much closer look.

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How Retail Stores Can Compete in the Digital World

Brick and mortar retail is constantly challenged by the state of digital competition which has caused many physical retailers to fail. As more consumers turn to on-line shopping, traditional retail stores must find ways to integrate their offerings with the online experience to go beyond satisfying their customers basic needs. What can retail stores do to compete?

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Happy Customers in Line – 4 Easy Retail Queue Management Tips

How are you managing the time customers spend in line?

Do you know that you should probably do something about it, but are not necessarily convinced that your lines are a big problem?

Well, you’d be wrong!

It’s easy to say that nobody likes to wait in line, but some will argue it’s just a fact of life. However, many customers cite poor queue management as the death knell for a prospective purchase. In fact, 75% of retailers will lose a sale because of wait related issues.

What’s worse is that a customer who walked out empty-handed is probably never coming back, and they will talk about their experience to anyone who will listen.

It’s a shame to see the time and money retailers have invested in improving customer engagement wasted because of frustration in the final moments of a transaction. Efficient queue management doesn’t mean overhauling the design of the store. There are simple, effective strategies that can be implemented right now!

Click here to learn how to optimize queue length in your store

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