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Learn all about Open to Buy in next week’s Retail Pro webinar

There are many strategies and tools that retailers use to boost their operations, whether its point of sale software, loyalty initiatives or marketing efforts, among other factors. Another method that significantly helps merchants is Open to Buy planning, as this gives businesses more insight into their inventory and its related aspects for a clearer view of current processes and performance.

Retailers that want to know more about Open to Buy and how it can benefit their companies can sign up and tune in next Thursday, June 13, for the Retail Pro webinar on the strategy. Registration information can be found at https://www2.gotomeeting.com/register/380156530.

Independent Retailer writes that Open to Buy is vital for any merchant that wants to succeed. Without having a clear picture of inventory and how stock levels support sales, businesses could experience setbacks, such as a failure to accurately forecast future inventory needs and know when markdowns should occur. Perhaps the most detrimental factor that comes from lacking an Open to Buy planning process is lost sales, as customers will go elsewhere to find the products they want.

Companies can avoid these problems by developing an Open to Buy plan, and interested retail industry professionals can learn all about the strategy at next week's webinar.

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Sign up and log in for tomorrow’s Retail Pro 9 webinar

For retailers with a specialty niche or for those that simply want to streamline their operations, Retail Pro 9 is the ultimate retail management software solution available to help merchants make their processes and procedures more efficient. A webinar for interested professionals who want to learn all about the technology will be held tomorrow between 8 a.m. and 9 a.m. PDT, and registration information can be found at https://www2.gotomeeting.com/register/777786258.

The webinar will cover all of the benefits, capabilities and features of Retail Pro 9, which will be presented by the Director of Retail Pro University, Ket Venethongkham. Attendees will be able to see how Retail Pro 9 can significantly boost their operations through its flexibility and customizable aspects. This means that merchants can shape their software solution to best fit their needs.

Retail Pro 9 provides businesses with the tools needed to enhance the various aspects of customer management, including retention and loyalty. The software also gives merchants better insight into their inventory processes, allowing them to improve upon current procedures and make changes based on consumer demand. In addition, all of this information – and much more – can easily be produced in accurate reports for companies that need to access their vital data. Sign up now to guarantee a spot for tomorrow!

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UK retail industry making strides in improvement, expansion

The retail industry in the United Kingdom has been struggling for improvement over the past few years, ever since the economic recession hit the country hard. Now, conditions are becoming more positive, as the government is looking into ways to enhance the sector through increased consumers spending and expansion opportunities.

Retail Week reports that Parliament has developed the U.K. Retail Sector Inquiry, which will analyze the industry and research aspects related to brick-and-mortar stores when compared to online merchants. Other areas under the review include the impact of high business rates on companies, training and skill development offered by these companies and where opportunities for expansion lie, among various factors. The analysis is currently ongoing and is expected to be finished sometime this summer, with the results being published by Parliament in June, the news source notes.

Foreign expansion has been on the books for a while now, according to the International Business Times. The U.K. Trade and & Investment Association has developed the U.K. Retail Industry International Action Plan, which will result in the government extending assistance and loans to retailers throughout the nation to reach their goals of expanding into foreign markets. Some of the top regions of concentration are Brazil, Russia, Mexico and China.

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Keeping customers happy is one of the top priorities for retail industry

Keeping customers happy is one of the top priorities for retail industry professionals, as they know that without shoppers, businesses can't succeed. Improving the consumer experience is more vital than ever before, as patrons are now going online to browse for and purchases products, but still expect interactions through all touchpoints that brands offer.

Retail Customer Experience writes that merchants often deal with unsatisfied shoppers, and although companies have certain ways for dealing with these types of situations, there are a few basic steps that businesses can take to soothe over disgruntled patrons. The source recommends that brands not assume they know what consumers are looking for or what solutions they want. Asking is the best way to learn how to rectify issues. In addition, when customers bring unsatisfactory experiences to retailers' attention, companies need to ensure they are offering something special to resolve the problem and let shoppers know their patronage is valued and appreciated.

The same excellent experience needs to be provided both in stores and online, or else merchants risk losing customers and their loyalty. Brand Channel writes that large companies like Walmart are blending their online and offline channels to create consistent messaging and interactions for shoppers. This is helping to reduce service issues and it also boosts consumer satisfaction.

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What are some of the biggest trends impacting the retail industry?

Trends are always changing within the retail industry, and businesses are well aware of this fact. However, that doesn't mean that merchants should turn a blind eye toward the aspects that are currently shaping their profession. Instead, companies should embrace them, as they are often the best strategies for attracting and retaining valuable customers.

So just what are some of the components at the forefront of retail right now? BDaily writes that gathering and implementing feedback is something that many businesses are currently focusing on. Many merchants are setting up a "continuous design-development-feedback loop" wherein they utilize the opinions and reviews of customers to create more effective processes, products and other operational factors.

The source writes that retailers are also looking for ways to merge their online and offline elements, as this results in more consistent and satisfactory experiences for customers. Merchants are streamlining all touchpoints for shoppers in the hope of generating loyalty. In addition, the source notes that mobile technology is playing a key role in retail operations, as consumers are increasingly using devices to browse for and purchase items. Mobile POS systems are making this more efficient in stores.

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Mobile Payments Lead Expected Changes Within Retail Industry

Businesses know that the retail industry is constantly changing, whether it comes from altered customer expectations or new management strategies. The rise of additional technologies also results in changes throughout the sector, and one expert believes that companies should prepare now for the retail evolution that will soon occur.

EBay CEO John Donahue recently spoke at the University of Illinois, and The News-Gazette reports that he told students that there are major changes on the horizon for retailers. These alterations will come mainly in the form of new payment technologies, as there is a shift in how consumers pay that is forecasted to take the industry by storm – mobile retail transactions.

"There will be more change in how consumers shop and pay in the next three years than in the last 20," Donahue stated, as quoted by the news source.

There are several pieces of research that support Donahue's assertions, such as report from TBR which revealed that retailers are increasing their investments in mobile solutions to accommodate customers with smartphones and tablets. Retail Info Systems states that one focus of many businesses is the adoption of mobile retail POS technologies that allow shoppers to pay with their devices.

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Retail Pro point of sale

Things have certainly changed for the retail industry since the rise of technologies that have given consumers the power to shop from anywhere and at anytime. Devices such as smartphones and tablets are reshaping how merchants operate. So how can businesses ensure success in the altering environment?

CMS Wire writes that in order to capitalize on the mobile shopping trend, companies need to look into adopting solutions for both their stores and their websites. In-store components can include free Wi-Fi, location-based mobile marketing offers and providing retail POS solutions that process payments from consumers' smartphones. When it comes to online storefronts, the source notes that having affordable prices and even developing applications that can be used to browse for and purchase items are elements that help retailers adapt to the mobile world.

Merchants are putting increasing focus in mobile systems this year, as Drug Store News cites research from BDO USA which found that 39 percent of retail executives plan to invest more money into these solutions. Sixty percent stated they will maintain the same investment levels as last year.

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Consumers interacting with retailers through social media

When social media sites like Facebook and Twitter first started out, they were used mostly for members to keep in touch with family and friends. However, these platforms have evolved, and they are being utilized to not only connect with others, but to browse for information about retailers and even purchase products from businesses.

Recent research from the Advertising Research Foundation (ARF) found that 22 percent of consumers stated that in the month of December, social media played a significant role in their final retail purchasing decisions. In addition, approximately one-third of respondents said that social sites have influenced their opinions of brands and/or products. Many customers also stated that these platforms have introduced them to retailers they were unfamiliar with, highlighting the importance of these networks in showcasing their merchandise to target audiences.

Voice & Data writes that many brands are beginning to use social media to gather feedback from customers, whether about the price and quality of their products or shoppers’ experiences in stores and on websites. Companies are also using their social pages to share videos, blogs and other content that helps boost their reputations within their industry.