As much as we try to look like we have it all together, that is not always the case. Retail management teams are no exception; you may need help from time to time, especially when elements such as customer loyalty, staffing, inventory, and technology constantly work against you.
While the struggle may overpower you from time to time, there are retail technologies you can put in place to make your job a little easier and your store run smoother. Check out these three tips and see how having the right POS solutions can help you overcome the struggles of retail management.
1. Finding The Right Help
In this day and age, it is nearly impossible to find the right employees that want to do the work for a reasonable salary. This can cause additional stress when you are already short-staffed and the customers seem to be flooding into the store.
Rather than racking your brain around lackluster resumes, invest in a technology solution that can do the work of multiple associates in a fraction of the time while providing you with a powerful return on investment (ROI). You may be asking yourself, “What are some of these technologies?” Great question!
Here are a few options that can reduce stress for retail management.
This technology is perfect for retail stores with little to no staff as it empowers customers to take their shopping experience into their own hands. Self-service kiosks can be used in a multitude of aspects for retail managers; for example, checkout lanes or product lookup displays in aisles. According to a recent study, 57% of consumers expect stores to invest in self-service technology, so why not give them what they demand?
For those of you that still have a decently sized staff, this technology option may be for you. Suppose employees are able to walk the sales floor with a mobile tablet POS solution. In that case, they can quickly and easily answer customer questions, check inventory, and offer line busting, all without having to run to the back or finding a stationary checkout lane. Arm your staff to be more efficient with their time on the sales floor.
2. Maintaining Customer Loyalty
Customer loyalty can be hard to come by, especially when there are so many businesses in the retail space. So, how can you keep customers coming back for more and remove the stress of monthly and quarterly sales numbers?
Seamless Multi-Channel Experiences
Customers want the opportunity to shop both in-store and online. They spend about 65% of their total shopping budget in traditional brick-and-mortar locations; this means you could be missing 35% of sales if you do not have an online presence. Allow your customers to make purchases, returns, and exchanges from either platform, and ensure that your inventory is always up to date. The last thing you want is to sell an item that is already out of stock.
Additionally, you can offer kiosk solutions to your in-store customers to help them navigate the isles and find the best product for their needs. These give them that interactive experience they are looking for, just like shopping online.
88% of consumers say it takes three or more purchases to build brand loyalty. Invest in your customers by offering them customized loyalty. Integrated and personalized loyalty programs are vital to the retail management strategy. Build up your customer retention and stay connected with customers through unique marketing efforts, even when they are not physically in your store. 79% of consumers have established some form of relationship with the brands they purchase from—either a membership, retail subscription, or loyalty program.
3. Accurately Knowing Your Business
Knowing all the ins and outs of your business can seem overwhelming. But it is vital for retail management to keep a pulse on your store. Having the right reporting technology can give you the ability to review data in real-time such as:
- Employee logins and outs
- Inventory coming in, being sold, and returned
- Sale reviews: net, gross, discounts, gift cards, coupons, etc
Having this kind of gauge on your business lets you know where your shortcomings are. When you know that, you are able to determine what you can bring into the store to help build your business, be more efficient, and boost revenue. The struggle can be real, but you can overcome it when you have the right retail technologies on your side.