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3 Retail Strategies that Turn Established Retailers into Competitive Retailers

October 11, 2017

Two retail owners in front of their business with a retail strategy that makes them successful

Retailers with a long history of success are now facing new challenges from technology disruption and changing consumer behaviors. Webrooming, showrooming, online shopping, and mobile commerce have transformed the way people shop. Established retailers that want to maintain their brand reputation and competitive edge need a retail strategy that is in sync with the changing times.

Check out these tips to take your retail strategy to the next level:

  1. Embrace technology

Traditional brick-and-mortar retailers are successfully expanding to omnichannel businesses by adding online and mobile channels, integrated with their in-store systems. Adding digital channels not only gives customers options for how to engage with retailers, but online and mobile channels can also drive traffic to physical stores.

For example, most consumers now engage in webrooming. According to the Consumer Technology Association (CTA), webrooming is a part of the most likely path to purchase, with 67% of shoppers looking up product information online before buying — and most purchases concluding in a physical store. With shoppers embracing the convenience and instant access to information that technology offers, it’s more important than ever to have an online presence with a website that showcases your products — and your brand — and provides shoppers with the information they need to make their purchasing decisions.

Along with engaging with customers on digital channels, retailers are finding new ways to leverage mobile point of sale (POS) to better engage customers in their stores. Mobile POS’ line-busting capabilities empower employees to process transactions anywhere in the store, eliminating customers’ wait time. It’s also a powerful tool for providing sales associates with access to information that can help them personalize in-store service and upsell more effectively.

Retailers also benefit from a POS system that makes day-to-day tasks and back office functions run more efficiently. Your POS system should provide you with the ability to manage inventory accurately, access real-time inventory data, and provide the intelligence you need for forecasting and replenishing. Seamlessly managing layaways, special orders, and services will save time and labor costs — as well as impress shoppers with your ability to easily respond to their requests.

  1. Target marketing

A state-of-the-art POS system is also an invaluable tool for managing your business and supporting a retail strategy that builds customer loyalty. The right POS system will include a robust customer relationship management (CRM) that enables you to segment your customer list, push relevant offers, and offer a loyalty rewards program that will resonate with customers. Shoppers appreciate personalized attention, so make customer information available to in-store sales associates as a part of your retail strategy. This will allow them to communicate intelligently with shoppers at the most critical time: in the store, contemplating a purchase.

  1. Rely on data

Even the best retail strategy needs to be evaluated from time to time and adjusted to meet new shopper expectations. Identify key performance indicators (KPIs) that indicate progress toward a business goal and track them. Use data to monitor areas of your business and correct issues before they have the chance to grow into bigger problems.

Your POS system and other business systems are collecting data that you can use to evaluate:

  • Sales: Ensure that your promotions are resonating and your business has the right product mix. Evaluate brands, product categories, and specific products to pinpoint best sellers and slow movers to assist with purchasing and merchandising decisions.
  • Employees: Set goals for your employees (such as sales, loyalty program enrollments, and upselling) and track their performance. Understanding who your strongest resources are can help schedule during busy times or highlight employees that deserve special recognition.
  • Business growth: Continuously evaluating sales figures and promotional response can help set long-term goals such as adding new product lines or opening new locations.

The constantly changing retail landscape is proof that no business — even well-known, established retailers — can ignore the fact that the industry is changing. Adapt your retail strategy to respond to changing shopper behaviors and preferences by leveraging retail technology that keeps pace with our increasingly digital and mobile world.

Want to learn more? Contact the experts at TallySoft.

Free Download: How to Select Your POS System— The Buyers Guide

TallySoft

311 South Central Avenue
Canonsburg, PA 15317
United States
1-888 TallySoft (825-5976)
Phone: (724) 873-5264
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