Running a retail business in 2016 is not easy. There’s a lot of competition from other similar businesses, and also from ecommerce websites like Amazon and eBay. Being savvy and tech-oriented is the key to making sure your retail business survives. As the owner or the manager, you will have to start with improving overall efficiency at the workplace. It’s the best way to eliminate unnecessary costs and make sure your business stays focused. Here are some tips for improving efficiency to achieve these goals:
1. Collect and Analyse Data
Data is the key to your company’s success. Retail businesses, especially, can learn so much by doing something as simple as collecting customer feedback. There are a number of ways to collect data. First is feedback from your customers and employees. You can conduct surveys, take phone calls, or provide questionnaires to learn about how well your products are doing, whether customers like your store, or whether your employees are happy doing their work. You can also collect data using state-of-the-art checkout equipment. Once you have gathered data, use software to analyse all the results. Some retailers collect massive amounts of data, but do not really know how to analyse it all. Software is the solution for this. You will also need to invest in statisticians who can tell you what the analysed results mean.
2. Develop IT Solutions to Exchange Data with Business Partners
As a retail business, you will be working together with a good number of business partners, like suppliers or manufacturers. You can make information and data transactions crucial to the functioning of business smooth and hassle-free with tech driven-solutions like B2B integration. When you automate this exchange of information, you can reduce overall costs, save time, and manage day-to-day transactions much more efficiently.
3. Upgrade Checkout Software
Checkout software is important to smooth functioning of retail businesses. If your company’s checkout software is problematic, you will lose precious customers hard earned with advertisements. Most retailers focus a lot on the checkout process. However, it’s simply not enough to fix existing mistakes. It’s important to upgrade the system as a whole so these mistakes don’t exist in the first place.
In addition, improving checkout software and digitising the process can also help you gather valuable data. You can use this data to improve your business strategy overall. So, don’t ignore this important aspect of your retail business.
4. Get a Mobile App
As a retailer, you might not have thought of mobile customers. However, mobile customers should be a part of your customer base. Market research indicates that many consumers do pre-purchase research on their smartphones. How many customers have you seen at your store Googling a product on a shelf on their smartphones? You can reduce the pain points between browsing and purchasing with a mobile app, which will eliminate time wasted waiting on human help.
5. Launch an Online Branch
Maintaining a physical store can be expensive. Opening an online branch is a good way to push non-perishable items. Being online will also be helpful when you want to arrange pickups for customers more conveniently. So, if you don’t already have ecommerce operations, it’s time to start now.
Think outside the box when it comes to improving efficiency of a retail business. Above all, do not be afraid to take advantage of tech solutions.