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… Read More »The 5 Retail Apparel Stores People Love to Work For
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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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:
Let’s take a look into how these data sources can help your business gather data and compile retail analytics.
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Read More »8 High-Value Sources of Data for 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.
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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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Read More »How to Overcome 2 Common Retail Performance Challenges
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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Read More »3 Ways to Squeeze More Profit Out of Your Retail Store
H&M recently opened its largest flagship store yet. And although we were impressed by the size of the store – at 63,000 square feet – we were more impressed by the details… ones you won’t find anywhere else.
What details, you ask?
How about heat sensors in each of the 40 dressing rooms so associates know when rooms are occupied?
[Tweet “Check out the new fitting room technology in H&M’s flagship store #instore @margelaney”]
Or “try-and-buy” stations that let you check out straight from the dressing room (capitalizing on the moment a shopper decides to make a purchase, while avoiding the line at the register).
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Read More »Innovative Technology Delivered at H&M’s Newest Flagship
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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Read More »5 Things Retailers Need to Know About RFID Technology
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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Read More »How Retail Stores Can Compete in the Digital World
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!
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Read More »Happy Customers in Line – 4 Easy Retail Queue Management Tips
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