Retailers benefit from unified commerce insights

For retailers, a unified commerce strategy is built on the foundation of integrated retail technology for an efficient, frictionless customer experience across channels.

Unified commerce gives retailers a smooth, efficient means of transacting business, because inventory, sales, e-commerce, and fulfillment system data is integrated to regularly and automatically keep inventory availability and customer details synced and up to date.

From Point of Sale to e-commerce, from CRM to inventory management, all these technologies need to be connected so retailers have a clear picture of who their customers are and how to provide what they want.

Interaction with customers

Woman examines various items of dishes. Beautiful woman shopping tableware in supermarket. Manager helps a costumer.

Each time a customer enters the retail store, they leave behind a wealth of data for any retailer who can measure their interactions within the store:

  • What was bought?
  • What was picked up but not purchased in the end?
  • What was the dwell time near products that were not purchased?
  • How long was the customer in-store?
  • Was this an online pickup?
  • Did they purchase other items along with their online pickup?

Those answers, when documented with technology, inform a retailer’s back-end systems, so inventory can keep pace with demand, and so marketing teams can keep pace with customer needs.

To collate and analyze that information, retail processes and tools must be intelligently integrated in a retail management platform like Retail Pro to enable sharing of relevant data across both customer-facing systems and those that integrate with backend vendor systems.

Applications from the point-of-sale report on purchases, inventory, and customer data. Sharing this data with an integrated warehouse management system allows warehouse staff to have insight into stock levels currently on the shelves, and to place orders with suppliers as supplies diminish.

Sharing the data with a loyalty and personalized marketing platform like AppCard for Retail Pro allows marketing teams to create targeted campaigns around a customer’s purchase history.

Consistent data across channels

That principle also applies to in-store sales staff—they should have the same product information available as retailers’ online channels.

Integrating your ecommerce software with your POS can give store staff the visibility they need to serve customers who call in to verify stock availability before coming in.

Customers who started their retail journey at home but then switch “channels” to come into the brick-and-mortar store must be certain that inventory is in sync: Surprises such as realizing that products aren’t in stock when the web site said they were there are unacceptable.

If your website indicates there is a pair of shoes in certain size on the shelf, your in-store staff should be able to verify that through an inventory management application.

Retailers that use disparate, unintegrated systems risk delays in communication because data is manually updated at the end of the day, causing inventory counts to become out of sync and unreliable.



Customer-facing systems for engagement

There are a number of technologies that retailers can put in place to provide a seamless customer-facing experience.

Shelf labels and cameras can map consumers’ movements within the store. That helps in product layout for future products, and in product forecasting. They can also indicate where is the heaviest foot traffic within the store.

Beacons can communicate with an app on the customer’s phone to notify them of product sales when customers are in the store’s vicinity, enticing them to stop in.

When integrated with the POS as well, interactions in the app which originated from a beacon trigger and resulted in the ultimate purchase can be properly attributed to track the efficacy of the tools and campaigns put in place.

The connected data then provides insight also on unvoiced customer needs which are nevertheless discernable through their interactions with a retailer’s various channels.

Integrating data in retail technologies provides the foundation for retailers to more effectively determine and act on customer needs for a better customer experience.


Retailer innovations during COVID aim to keep customers happy

Excellent customer service has always been the hallmark of well-established, highly respected retailers.

Nordstrom’s, Zappos and Trader Joe’s are a few of the best examples of retailers that make concerted efforts to make and keep customers happy.

Before 2020, many retailers were happy to let those top-rated companies be the standard bearers for superior customer experience.

Meanwhile, many retailers continued servicing customers with no real CX roadmap.

It appeared to the uninformed that the return on investing in the customer service wasn’t worth the time and money spent.

And, the truth was, mediocre customer service was tolerated – until COVID came and retailers were forced to answer a deluge of customer questions and provide new services without much preparation.

In 2020, customer service became the only thing that mattered to customers.

COVID led to an expanded definition of customer service

Image: Anna Shvets

Shopping last year meant dealing with lockdowns caused by COVID-19.

The global pandemic made getting to stores difficult, so, at first, many if not most customers were ordering online.

And while those retailers may have believed they dodged the CX bullet, they were in for a surprise.

Retailers learned the customer service is not simply to answer questions about shipping and billing, but it is also to offer information and help for those struggling with the Coronavirus.

Customers may be desperately searching for products or information on payment options because can’t pay a bill, or are otherwise frustrated by the pandemic hindrances to getting products they need are reaching out via texts, online chat and phone calls.

This year, Forrester predicts customers will continue to look toward retailers for sympathetic customer support.

Forrester Principal Analyst Ian Jacobs recently wrote, “With U.S. unemployment peaking in April, millions of individuals found themselves struggling to pay for food, bills, and other necessities. Organizations must react to provide high-quality, emotionally sensitive customer support in the flexible ways that consumers need.”

In Forrester’s retail predictions for 2021, Jacobs said digital customer service interactions will increase by 40%. That gives retailers many more chances than ever before to prove their mettle.

Self-service options improve customer experience

One way to improve CX, ironically, is to offer more self-service opportunity.

Customers have reported liking to use self-service options, if the process is quick and easy.

In a word, it must be frictionless. For example, a capable site search tool can be invaluable for customers.

Likewise, chat bots are particularly helpful for providing succinct answers quickly; in addition, bots with the power of artificial intelligence bots can reflect whatever personality a brand wants to project.

Adding relevant services based on discerned customer needs

Image: Laura James

Another way to differentiate customer service is to launch a virtual service based on fulfilling a defined need.

Online pet supply provider Chewy, for example, has seen a huge surge in business during the coronavirus pandemic.

But its newest offering, a telehealth service for pets, was launched in response to customers telling service agents about their pet’s problems – while they are ordering food, treats, toys, etc.

The virtual service was on the roadmap for years down the road, but the company saw the need was for now, and launched in October.

Which services will carry on beyond COVID?

Image: Anna Shvets

This year, consumers will let retailers know which innovations will “stick,” and become part of their future shopping expectations.

Top of mind are questions such as: Will the evolution of click and collect to curbside delivery remain a shopping option? Will jewelers continue to offer virtual consultations? How will retailers be able to support the expansion of the sales channel without spreading their staffs too thin?

Those and many others will be answered by 2021 shopping patterns. And perhaps some new “kings of customer service” will be crowned.


Contactless payment and Augmented Reality: CX aids during COVID

Image: Karolina Grabowska

During the past year, brick and mortar retailers have struggled with encouraging people to visit their stores while keeping them as safe from COVID-19 as possible.

In addition to limiting the number of shoppers inside and enforcing mask-wearing mandates, contactless payments and augmented reality have suddenly seen significant growth as aids to shoppers’ experience in stores.

Contactless payments

Image: Cottonbro

According to the “Visa Back to Business Study – 2021 Outlook,” 56% of consumers have used contactless payments whenever possible in the past three months, making it the biggest shift in terms of shopping habits during the pandemic.

This past June, only 20% of SMBs had offered contactless payments; a few short months later, 39% have started to accept new digital forms of payments.

And a vast majority — 74% — expect consumers to prefer contactless payments once a vaccine is widely available.

In fact, the study found that 65% of consumers said that post-vaccine they are likely to continue to use contactless payments at least as much as they are currently.

Those numbers skew by generation: Millennials are the most likely to embrace contactless payments.

However, all age demographics seem to have a level of interest in contactless payments, perhaps due to the sanitary nature of the system.

Because of its wide acceptance—61% of Boomers have expressed a preference for contactless, according to Visa—it is likely here to stay.

Augmented Reality

Image: Fauxels

With consumers preferring to avoid contact even briefly during the payment process, it’s no surprise that dressing rooms are standing empty or even locked.

However, shoppers who try on clothing are much more likely to buy, so some retailers have replaced their shuttered fitting rooms with virtual ones.

In-store, shoppers can stand in front of a camera and see themselves on a large screen. They then select different products for their virtual self to model, allowing themselves to see exactly how they’d look in the selected outfit without having to try on a single piece.

Those mirrors could one day be linked to social media, which will provide an enriched interactive experience.

For retailers with an online presence, adding a dressing room widget to their websites allows customers to upload a single photo to instantly see themselves in selected clothing.

Using augmented reality to facilitate virtual try-ons also helps retailers reduce return rates.

As they head into 2021, retailers will be further developing those types of technology solutions, which helped get them through the pandemic.

Strategies that include contactless payments and AR will find expanded uses as the economy reopens in the second half of the year.


How connected data personalizes shoppers’ experience

Image: Gustavo Fring

Providing a personalized experience that’s “just right” — not overly intrusive but offering information relevant to each shopper — is the Holy Grail of retail.

Deep visibility into data unified across channels and technologies through the Retail Pro Prism platform can give retailers the level of information needed to offer the right products to the right customers at the right time, through a preferred channel or combination of channels.

A single view of inventory, orders and customer data provided by a unified system of technologies offers retailers insights about their entire business in real time.

But unified commerce has a customer benefit also, allowing customers to take advantage of up-to-date product inventories and the flexibility to browse, buy, and fulfill orders any way they choose.

Read now: What does it take to unify commerce?

Creating interaction points to learn what your customer wants

Image: Andrea Piacquadio

Customers want efficient trips and will seek retailers that streamline the purchasing process, and which may include an online-to-offline experience.

Enhancing purchasing channels so they complement and build on each other helps retailers optimize their investments, focus efforts, and support their customers’ journeys.

Omnichannel offers customers multiple touch points, each a part of a seamless experience, and unified data helps retailers deliver instant, informed personalization.

One way to do that is to review past purchase data, converged between transactions in-store with Retail Pro, on ecommerce, mobile, social sales, and any other channels a retailer may use.

But for new visitors, providing interactive content not only engages the shopper but also benefits the retailer by sharing customer likes—and dislikes—with the retailer.

That data helps build a unique profile for future interactions whether online or in-store.

Every personalized shopping experience is created based on customer interactions.

As the retailer determines customer intent, an online strategy must be in place to quickly feature certain products in a relevant manner, with pertinent information and offers readily available and presented to the customer with immediacy.

Matching products to the right customer with personalized recommendations

While customers appreciate personalized shopping, unified commerce also provides retailers the data for targeted inventory.

By converging a customer’s interactions with your brand at various touchpoints into one cohesive customer profile and analyzing that holistic data, retailers can learn what products are popular for which types of customers.

The information can inform text and email messaging through AppCard for Retail Pro, providing personalized content which entices shoppers to visit (or return to) brick and mortars.

Stores can reduce or optimize in-store inventory by matching certain high-inventory products to potentially interested customers.

Based on analyzing shoppers’ data, a store can determine what products will appeal to which customers and present those options proactively.

Communications that are in the know with the customer

Image: Torsten Dettlaff

Customer segments may require different handling; some use email, others text messaging.

Retailers who can reach the customer during the decision-making process will remain top-of-mind as a trusted provider of quality goods and services.

Engagement might be driven through personalized email reminders that highlight where they can pick up their purchased product in-store, as well as recommending complimentary products to the items they just purchased.

Mobile push notifications or text messages can highlight related items to opted-in shoppers via the retailer’s app or loyalty program.

Most important is the unified experience from the customer’s point of view: When he or she returns to the retailer’s site, they should also see updated recommendations and search results based on in-store — or previous online —purchases.

Unified commerce provides the foundation for customers to easily shop whenever and wherever they want, including starting on one channel and finishing through another.

And that is an important step toward frictionless retail.


2021 Retail trends: 3 ways to generate repeat business with offerings that build on each other

Digital acceleration will be one of the most popular topics in the retail world in 2021.

Coming out of a pandemic-centric 2020, retailers expanded e-commerce capabilities, cultivated (and relied upon) core customers and became creative with customer fulfillment.

How they continue to improve and iterate on those solutions will determine how customers view them in the year ahead.

Layering these offerings so that they build on previous interactions and offerings will also help deepen the bond with your brand as shoppers build their lifestyle on the conveniences you afford them.

Here are 3 trends that can help you generate more repeat business by building on your customers’ needs .

Expanded service capabilities

Image: Karolina Grabowska

A one-time purchase can be converted into regular repeat purchases with the offer of subscription services. Subscription services provide customers products delivered to their doorstep with minimal effort.

Some subscriptions are predetermined; a subscription to a shaving club may mean automatic delivery of razor blades and shaving cream on a monthly basis.

Others might provide something unexpected, an assortment of athletic wear or a collection of spring shoes for different occasions, for example, curated especially for the customer.

During shelter-in-place orders implemented to stem the spread of COVID-19, such services became particularly popular with consumers who appreciated this type of expanded e-commerce capability.

According to Zuora’s Subscription Impact Report, a measure of the economic impact of COVID-19 on subscription businesses, subscription-based revenue continued to grow between March 1 and May 31, 2020, increasing at a 9.5% annual rate.

S&P 500 sales in Q1 2020 contracted at a -1.9% annual rate in the same quarter.

The key for companies will be to not only continue growing its subscriber numbers, but to also increase the average revenue per subscriber.

And that will require a focus on building customer relationships.

One way to do that is to offer incentives for brand loyalty.

Perks that build retail relationships

Image: Andrea Piacquadio

Some retailers have taken the past year to reevaluate their rewards programs.

As more customers were locked down, retailers saw foot traffic dwindle.

Statista found 52.7% of U.S. Internet users avoided stores due to COVID-19 in February 2020, and a virtually identical number, 52%, who reported shopping more online in May 2020.

Now more than ever, loyal customers need to know retailers are thankful for them and appreciate their business.

Smart retailers are examining the data collected from their loyalty programs and discovering more about the members, so they can tailor rewards that are extraordinary.

The result will be stronger bonds with customers, resulting in more sales and referrals in the future.

Customers who have been cooped up due to COVID-19 restrictions are also hungry for interaction.

Retailers are looking at video to help bridge the physical distance between customer and retailer.

Livestreaming with product and personality

Image: Lisa Fotios

With more than 24 million e-commerce sites vying for attention, using video via livestreaming is a way for retailers to differentiate their brands, even if it does seem a bit nostalgic of Home Shopping Network.

“Live commerce” brings together digital and physical shopping experiences.

While it’s a trend that became more popular as retailer’s faced slower foot traffic as a result of a global pandemic, it’s one that will continue in the years to come.

With livestreaming, or live commerce, customers watch a presentation on a product or service, coupled with a social element such as a video call or comments.

Content can be viewed within a retailer’s app, on a website, social media, etc.

The strategy, especially when coupled with a high-profile celebrity, can yield outstanding results.

For example, in November 2019, Kim Kardashian joined top Chinese influencer Viya Huang on her livestream channel and sold 15,000 bottles of her KKW fragrance in under an hour.

Not all retailers have such firepower available, but livestream events simply centered around “real users” could add the bit of differentiation some may need to jumpstart sales.

The “new normal” for retailers revolves around augmenting the familiar areas of customer experience.

By providing more convenience, working toward improving loyalty, differentiating their brands and working to transform themselves from old sales models, retailers can position themselves for success in 2021.


How Digital Communication is Giving Businesses a Boost This Holiday Season

The holiday season has arrived and while we can’t expect business to resemble years prior, there is a way retailers can make the most of it.

Customer experience matters now more than ever and everyone knows it! Many retailers are running promotions to attract business, and those without a means to directly communicate these promotions will struggle.

So how do you stand out from the crowd this holiday season?

Watch this webinar to see:

  • How to creatively use the Holidays as a means to gain shopper attraction
  • How to create a safety net for your business in the upcoming year
  • How businesses using AppCard for Retail Pro are able to personally connect with shoppers via SMS and Email

3 ways to drive incremental revenue with 2020’s digital retail traffic

Image: Andrea Piacquadio

Improving digital conversion rate is always a concern of retailers.

For those with both online and brick-and-mortar presence, conversion is even more important during COVID-19, as storefronts are hit with less foot traffic and reduced store hours.

One way to increase interest in your business is to give something away.

It could be a one-month trial of a personal shopping service, or a free online fashion tutorial; it simply needs to be of interest to your customers as well as something that has “staying power” i.e., can remain on your site for a few months.

This is not how many retailers traditionally engage customers.

Door prizes are exciting, but that type of giveaway is generally a one-shot deal.

Furthermore, at a time when people are social distancing, the thought of physically going to a store and competing for a door prize is unappealing.

Giveaways can be too much of a gimmick; they increase foot traffic the day of the promotion, but they don’t promote recurring sales.

Here are 3 ways to drive revenue with 2020’s big shift to digital retail.

1: Online tutorials

Fashion tips, makeup how-tos, home style ideas are all great ways to engage customers right from your ecommerce site.

During the demonstrations, offer a discount so shoppers can immediately select the product, go to their carts, enter the promo code and place their orders.

Offer the ability to pickup their purchased items in stores via curbside pickup, to give the option of immediate fulfillment for those shoppers who want it.

On the technology side, retailers can integrate promotions data from Retail Pro Prism POS software using Retail Pro’s open API for online redemption. This lets you use the flexible promotions capabilities in Retail Pro Prism to define promotion codes and pass the data to the ecommerce shopping cart.

2: Personal shopping

Image: cottonbro

Offer consultations with your professional, talented associates who can guide customer purchases.

These meetings can be free of charge or an “insider” exclusive, and shoppers can access the service through one-to-one conversations over conferencing software or via video calls to set up their profiles.

In addition, providing online questionnaires so customers can keep multiple profiles on file is an ideal way to help them organize and to streamline gift giving.

As your personal shopper meets with new clients, they can take note of shoppers’ preferences in the customer management area of Retail Pro Prism, for use in clienteling, to make more tailored recommendations during future visits using their purchase history.

Custom fields in Retail Pro can also be created and defined to standardize the data that comes in, for cleaner use in personalized marketing.

3: Offer subscriptions

Image: mentatdgt

These have become increasingly popular in the last couple of years.

Customers can enjoy regular deliveries of goods as varied as IPAs and organic snacks to razor blades and workout clothing.  

A curated selection of product is sent based on certain customer preferences detailed at sign up.

Retailers can use deep reporting capabilities in Retail Pro to report on most popular items and determine complementary products to include in a subscription package. Transaction data from point of sale software is immensely useful here.

Payment is made in advance, and the subscription renews automatically at the end of the payment period unless cancelled. 

Recurring revenue is a reliable way of generating regular income so it can be more confident of its future.

Some segments fit more naturally on the subscription model, such as health and beauty care.

However, by thinking a bit outside of the box, almost any retailer can benefit from offering creative options that are easily accessible by customers and generate profits even in seasons with less foot traffic.


Customer data: collecting selectively for better service

Today’s retailer faces stiff competition, particularly from ecommerce.

In a world in which fewer people want to visit malls and other enclosed spaces, retailers have had to pull out the stops to provide exceptional customer service.

In addition, online retailers are fiercely competitive with one another, angling for the best way to attract and keep shoppers.

Customer loyalty is critical to success – and profitable retailers know how to foster repeat business.

Understanding customers to predict future purchases

Image: Porapak Apichodilok

Customers respond to the personal touch.

It’s one area in which in-person, brick and mortar stores can effectively compete against their online cousins.

But virtual stores can and do also provide personalization.

Data analysis is used by all varieties of retailers to predict future purchases by analyzing customers’ previous shopping history.

A “360 customer view” is used to create a strategy that considers each shopper’s interaction history and maps out an outcome for each event.

But recent research by Gartner points out that collecting the “right” data is much more important than collecting “all” the data.

Unifying data sources for a holistic customer view

The key to understanding the customer is having software that brings together certain data that is scattered throughout the business.

Combining various data sources into a heterogeneous whole in business intelligence solutions like Retail Pro Decisions helps retailers consume data to uncover customer patterns and needs and optimize processes for serving these needs.

That information may lie within other channels and includes shopping history, preferences, consents, products owned and relationships with other customers.

Many of those other channels, such as social media or mobile apps, provide rich information on customer preferences.

Brick and mortar locations use POS data as well as technology such as line-of-sight detection, which uses sensors to collect data from eye movements, allowing retailers to identify shopping patterns and tailor the customer experience to those habits. 

Collecting focused data to solve specific needs

Image: Jopwell

Collecting every shred of information is time consuming and burdensome.

It is also, according to Gartner, unproductive.

Identifying a problem first and then collecting data related to that issue is a far more efficient solution.

A number of customer experience problems can be addressed by gathering specific information and applying it to specific problems, such as long customer wait times, inadequate communication and low inventory.   

POS solutions like Retail Pro Prism that integrate CRM software can be tailored to collect certain information that provides a customer view that will help retailers predict shopping trends.

What information should be collected?

Retailers should filter their data through a lens of what will help them improve each interaction with a customer.

All information gathered should be able to be used to enhance the relationship with that customer.

The more precise the data is, the more targeted marketing campaigns for each customer segment can be.

And that will provide retailers with the ability to offer more personal, proactive customer service based on an individual’s buying habits. 


Measuring ROI of relationship building with loyalty programs

Customer retention is a huge challenge for retailers, and all recognize the advantages of cultivating a base of customers: A 5% increase in customer loyalty can increase the average profit per customer by 25% to 100%, according to fitsmallbusiness.com.

Creating a customer experience that is satisfying is a much more cost-effective strategy than constant prospecting.

Short-term value of increasing sales vs building relationships

Some businesses assume that by simply rewarding customers with discounts, shoppers will become more loyal; JC Penney discovered the unintended side effects of sale psychology too late.

However, cultivating a strong emotional bond between a brand and its customers is what makes it more likely that a customer will continue to visit the store or website in the future.

And the intangible aspects of relationship building come actually with a very clear ROI, if you’re tracking the right metrics.

For example, offering a sales discount as part of a birthday recognition personalizes the rewards experience to every member, making each feel special and recognized for being a loyalty club member.

Yes, you’re making them feel special and a little more bonded emotionally to your brand.

And yes, you see immediate ROI on those relational tactics when they redeem their birthday offer.

Watching for and leading customers to the next phase in the journey toward a higher overall CLV should be the goal of every loyalty program, and can be accomplished more effectively with loyalty and personalized marketing tools like AppCard for Retail Pro.

While well-run loyalty programs that deliver customer satisfaction clearly improve retention rates, they can also be a means to attract new customers.

First-time shoppers can easily recognize a program that makes customers a priority and that anticipates and exceeds their needs as soon as they join.

Having a well-designed loyalty program not only keeps returning customers happy, but it also grows the retailer’s customer base.

Millennial mindshare: Experiential loyalty

Millennials are the largest group of shoppers in the current market, and as a demographic, they are very brand loyal.

However, they are particular about what they are looking for in a loyalty program.

No punch cards for this generation — or trading stamps.

The key to success with millennials is building a relationship, and that’s done through offering special experiences rather than coupons.

For example, a credit card that offers advance ticket purchasing for popular events; a coffee roastery that gives members a heads up to new roasts and coffee tastings or a makeup line that provides VIP access to a celebrity Q&A on a social network are ways to make a customer feel special and want to be part of a loyalty program.

Loyalty programs are important to retain customers and attract new shoppers, as well as to help retailers forge deeper, richer, customer connections.

Happy customers spread the word, and prospective customers generally trust friends’ feedback more than advertisements or other types of marketing.

Loyalty programs help polish a retailer’s image.

Humans want to feel special, and loyalty programs help retailer provide that experience.

By doing so, retailers reap the benefits of repeat customers while attracting new ones — and enhancing their brand’s reputation.


Operational growing pains during COVID-19: Inefficiency stemming from poor data visibility

The larger a retailer becomes, the longer it takes to get simple tasks accomplished.

Whether it is an associate’s inability to quickly respond to a customer’s product feature query, or the HR department’s delay in answering an employee’s benefits question, such examples are indicative of a systemic problem in providing relevant information when needed.

Then, when a global pandemic strikes, the inefficiencies resulting from operational growing pains are made all the more evident.

A systemic information problem

Inefficiencies tend to be rooted around lack of information.

A customer service agent doesn’t have visibility into the supply chain, for example, and can’t answer a customer’s question about order status.

In addition, the consequences of those inefficiencies are generally not confined to the backroom – one inventory problem can very quickly escalate to a customer service issue when a product shows up on the computer as in-stock, yet isn’t available on the sales floor.

Attempting to solve customer problems can be a frustrating process for both the employee and the customer, which may eventually lead to loss of trust and decreased retention for the business.

That threat can’t be taken lightly; according to Salesforce, 76% of customers report that it’s easier than ever to take their business elsewhere.

Gaining comprehensive visibility

A comprehensive suite of reporting and analysis capabilities is necessary to make sense of all the data a retail business collects through its various sales channels, including in-store as well as online and social media.

Customizable business intelligence dashboards and reporting tools like Retail Pro Decisions and Retail Pro Reporting deliver visibility of operational performance and exception alerts.

They are available on a wide range of desktop and mobile devices and provide not only decision-making data daily, but also a historical and trend view that offers strategic insights.

Selective archive search

Slow, inefficient archive operations force employees to struggle with storage and retrieval of in-formation that business analytics provides, stealing time from performing their core responsibilities.

Gathering too much information can be a major barrier to accessing the right information.

Some inefficiencies can be solved with archival systems that enable the easy application of multiple retention rules according to the document category.

For example, those HR records that require longer archiving periods than others would automatically be filed appropriately.

In addition, permissions are automatically allocated to those who require them according to skillset and authority.

All archived materials should be easy to access as needed.

Visibility into what?

Retailers are faced with gathering the answers to inventory questions, beyond what products are best-sellers and who is the target customer.

Such analytical questions include:

  • What products should be sold together?
  • What is the optimal shelf life is for certain products?
  • Is the pricing strategy impacting sales volumes?
  • What should the sell-through percentage be?
  • What is the stock-to-sales ratio?
  • What is the stock turn, and how many days of supply are there?

Best-in-class retailers head off problems from the start.

They understand the need for great reporting tools and the need to analyze the data, not just collect it.

They are proactive and require tools that alert them to potential problems, help them figure out root causes of successes as well as failures, and enable their businesses to be more agile so they can adapt when needed and profit from future trends.


Get answers from your data
with custom Retail Pro reports >