One retail trend that was strongly re-enforced at the NRF Big Show 2016 was that of Productivity. Investment in operational improvements, cost reductions and increased efficiency were critic points cited as challenges for companies this year.
In the search for the improvement of results in stores, retailers can make use of various tools and technologies available on the market. Every day brings new options and those that already exist are under constant change.
This year the emergence of many new features can be seen with a view to time optimisation and brand production in return for income improvements, retaining however, a concern for “fast delivery” and quality.
Technology can be applied to further enhance productivity in various ways:
– To expand or improve on relationships with customers and suppliers, modifying designs and using them in physical stores, such as for example, in the use of touch screen displays, in order to view product catalogues and a combination of looks or to pin “like” markers that pieces receive on the store website;
– Customer service that uses mobile applications to finalise sales or that reduce queues at the till, besides increasing average ticket sales;
– For ecommerce, integrating virtual store management with physical stores and stock control in a centralised manner, that facilitates the entire process and reduces the loss of sales;
– As the main drivers for spreading both brand and products with the use of digital media they reach customers more rapidly and enable the maintenance of a closer relationship, shortening the channel between consumers and the store;
– The use of Big Data to analyse preferences and to customise products and services in real time;
– With the application of Analytics in order to establish new quality relationships with consumers.
These are just some examples of tools that support retailers in the search for much needed productivity improvements. Various options exist on the market tailored to different needs. Due to this the first action that needs to take place is that of analysis: What is the state of your company today? What processes can be considered efficient when compared to the rest of the market? Which of these is it necessary to improve upon? When these questions are answered it is much easier to identify the right tools to invest in.
It is noteworthy that productivity is not only directed at company processes but also at consumers who wish to fill their time with agreeable and enriching experiences, rather than wasting time with paperwork in order to buy a product or service.
The range of opportunities is vast, accessible and adaptable to all types of retail trade. Technological advances are a pathway to more assertive execution, making such a crucial point for the success of the brand, for productivity and for customer satisfaction.