Flexibility to adapt to what the customer wants is key to surviving the stormy retail waters of 2017. Delivering on promises is calling increasingly shifting towards the ways in which a customer can buy products.
Long-range planning has always been a key factor in increasing the profitability of the retail store. Accurate planning helps improves sales, reduces surplus stock, lowers the retailer’s risk of running out of in-demand items, and ensures that the inventory sells with fewer markdowns.
Technology is advancing rapidly, and innovative payment methods and tender types, loyalty programmes and vouchering, and automation in stock-keeping are just some of the newer players in today’s retail environment.
Managing, controlling, and improving business functions within the retail environment depends on receiving high quality, real time information that comprehensively covers two critical risk areas in the store: stock and cash.
Analysing the sales of any retail store will yield the top sellers, slower sellers, and the no sellers. While the ideal product mix is comprised of items that all sell well at full price with a generous margin, few (if any) retailers will ever achieve this over even one season.
Pricing products both competitively and accurately is key to surviving in retail because few retailers can really compete on price alone against the bigger chain retailers. Implementing pricing strategies based on the actual performance of products across categories and range for your particular
Independent retailers have the advantage over larger retail groups in that they have the flexibility to respond quickly to evolving customer needs, increasing costs of sales, and changing product lines.