There is plenty to think about while you’re planning your brands in-store mobile retail app. If you’re like most retailers you have leadership that is… Read More »Heads Up on Your In-Store Mobile Retail App
Relatively speaking, the fitting room is one of the smallest areas of any retail store. These unobtrusive rooms are often tucked away in the back, and as a retailer, you could easily forget all about them. That is, until you understand the importance of this small-but-mighty area of the store.
For example, did you know that fitting rooms are key to increased sales and decreased returns? Let’s look at why the fitting room is crucial to retail performance.
[Tweet “The small-but-mighty fitting room is crucial to #retail performance.”] Read More »Why is the Fitting Room so Important in Retail Analytics?
How motivated and engaged are your associates? If a customer walks into a random store, what are the chances they will receive excellent customer service? Will they walk away having had a positive personal experience with your brand?
How do you begin to benchmark the quality of service, and what can you do to improve?
If you identify and focus on improving customer service metrics, you’ll improve not just your revenues, but the motivation and satisfaction of your associates. Here’s how both you and your store staff can win big.
Originally published in The Predictive Analytics Times
We’ve heard a lot about how big data is changing the world, and even more about the changes that are still to come. There is more data collected now than at any other point in history, but many decision-makers have yet to figure out exactly what to do with all of this information.
Thankfully, in most businesses that hinge on an efficient supply chain, the inherent value of using predictive analytics is understood and accepted. Retailers, and especially clothing retailers, can benefit in many ways from gazing into the crystal ball that predictive analytics can provide. Here are a just a few examples to keep in mind.
Physical stores give consumers a place where they can come in and experience a brand in person. These stores are pivotal not just in creating your brand experience, but in connecting with a customer and establishing brand loyalty for the long haul. However, physical retail stores come with many expenses.
- How can you optimize the store experience to increase customer satisfaction?
- How can you use retail analytics to provide insights that allow you to improve your in-store strategies to drive ROI?
Are you ready to update your customer shopping experience? Here’s how you can use modern retail technologies to differentiate your brand.
With the growing amount of competition on the retail landscape—thanks largely to the number of customers who are shopping online instead of at brick-and-mortar retailers—it is no longer enough for your store to merely sell quality products and services.
On the contrary, today the most successful retailers out there are also engaging their customers on intellectual and emotional levels.
Said another way, emphasizing a unique and satisfying customer experience is one of the best ways that brick-and-mortar retail stores can continue to draw shoppers who might otherwise opt to shop online.
Ask yourself this: why do so many people buy coffee at Starbucks instead of just buying Starbucks-brand coffee grounds at the grocery store?
Opting to visit a Starbucks location and order a drink there is not only less convenient and more time-consuming than brewing coffee at home, but it is also markedly more expensive.
The catch, though, is that Starbucks, instead of trying to compete with home-brewed coffee on cost (not a feasible option) have focused instead on creating a stellar and customized customer experience. From friendly and personal baristas to a comfortable store atmosphere established by familiar aesthetics and good music, Starbucks’ success is as much about the customer experience as it is about the product.
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!
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.
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.