In the history of mankind, has anyone ever been inspired by the words “good enough?” When sales are meeting expectations and staff turnover rates are relatively low, it’s easy for retail managers to get comfortable.
But as we all know, there is always room for improvement!
For example, did you know that 5% of fitting room users abandon their purchase because of a poor experience at the moment of truth? Maybe they needed another size, and there was nobody there to help them, or perhaps the long lines to try on their apparel purchase put them off entirely.
Think about what a 5% increase in paying customers might look like during an annual performance appraisal! But how do you tap into that pool of lost sales and turn things around?
By using in-store analytics to improve the fitting room experience!
It’s only been two years since Apple unveiled its iBeacon Bluetooth transmitter technology at the 2013 Worldwide Developer’s Conference. However, a number of major companies and brands have already been using beacons to provide their customers with new and exciting location-based services.
So far, most customers and companies haven’t yet figured out how to embrace iBeacon on a wide scale. The technology presents a number of challenges, namely in that customers need to have Bluetooth enabled and have a brand’s app installed in order to receive promotional offers and other location-based services.
What areas of your store are your customers drawn to? How long do customers spend in each area of your store? How does your store layout, product selection, and staffing affect sales revenue?
Do you know the answers to these questions? If your response is no, do you know how to get the answers?
Two of the potential retail technology solutions you need to investigate are heat map technology and full path analysis.
A heat map will provide you with a detailed understanding of traffic throughout the store. Knowing how customers navigate the store, what products draw attention, which areas tend to be the most frequently visited, and which departments are cross-shopped, can reveal where to focus marketing efforts and design concepts.
When it comes to B2C advertising and marketing, the behavior of your customers is one of the most important factors to consider when your aim is to optimize and improve your sales. Ines Gregoria, Decibal Insight
Full path analysis helps retailers analyze the overall shopping trip by providing a detailed understanding of the customer’s entire experience. This helps determine how each store’s layout, staff interaction, product selection, and pricing affects overall sales.
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.
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.
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.
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.
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!
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.
- POS systems
- Video cameras
- Mobile devices
- 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.
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.
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.