4 Successful Ways To Implement Technology Into Your Retail Business
Here’s 4 useful tips on how to Implement Technology in your Retail Business
Retailers these days face a difficult task grabbing for their share of the ever increasingly competitive retail landscape.
In June 2019, Business Times published an article claiming a drop in retail sales of 1.8% compared to last year in April. This was higher than an expected slump of 0.2% as predicted by economists.
Consumers tastes are rapidly changing with shortening attention spans (blame it on our mobile devices) and advertisers fighting aggressively with marketing tools.
Here are the best ways to thrive is this challenging retail market.
1. Go Omni-Channel
The word “Omni” by definition refers to in all ways or places. That is the objective of this strategy. When opening more retail outlets is not possible, its worth exploring other options like setting up your own E-Commerce store- if you haven’t done so, you are missing out! E-Commerce sales can account for up to 50% off your potential revenue! Explore partnerships with E-Commerce marketplaces like Lazada, Redmart, Qoo10sg, Shopee etc. Explore collaborative projects with other complementary companies, for example if you are in the business of selling footware, you can consider partnering with shoe-care products for cross-company commerce opportunities.
2. Take Control Of Your Inventory
Chances are, your retail staff probably dread the word “Inventory”. A huge amount of time and cost is often required to ensure the accuracy, accountability and management of your products. Having tight controls of your inventory reduces the amount of legwork required in frequent manual processes like stocktaking, warehousing or processing. A good Inventory Management Software saves your business money, prevents overstock situations and reduces dead stock.
3. Customer Retention And Loyalty
You have probably heard many times the mantra “It costs more to acquire a new customer than it is to retain an existing customer” With that said, focus a larger portion of your marketing efforts on retaining existing customers than acquiring new ones. Happy customers will happily recommend you new business if they are genuinely happy with your products or services. Implement new tools to your business like a Progressive Web App (PWA) based Customer Loyalty Program, a Digitized Membership Points System, Segmented Mailing Lists. Use these tools to your advantage and listen to your loyal customers!
4. The Art Of Creating Added Value
This point refers to using tools to improve the perceived value of your products or services to your customers that may not cost a lot of money for your business! Examples include providing free expert advice, creating events that bring your customers together, or even giving free trials or samples of your product to certain groups of customers. MTC’s Smart Retail Solutions uses dynamic analytic tracking combined with marketing tools like Push Notifications to facilitate this.
Every retail business of all sizes has its own unique needs and challenges. My Team Connector Software’s suite of software solutions help optimize your retail business in a scalable way.