Maintaining oversight of inventory and its associated procedures is certainly something that is vital for merchants, as changes in consumer demand and pricing alterations can impact brands and their retention rates. Fortunately, there are several methods that retailers can follow to ensure ultimate inventory efficiency, one of which is Open to Buy.

For industry professionals who are interested in Open to Buy and how an effective plan can boost their business, Retail Pro will be holding a webinar on the topic next Thursday, June 13, from 8 a.m. to 9 a.m. PDT. Registration information can be found at https://www2.gotomeeting.com/register/380156530.

In an article for Board Retailers, Roy Turner explains that developing an Open to Buy plan has several steps, but the payoff significantly benefits retail operations. There are many things that need to be considered within this strategy, such as inventory turnover rates, projected sales plans and merchandise orders, among other factors. But knowing the ins and outs of their stock gives merchants an advantage, as they are able to forecast future sales and reduce risk associated with changes in inventory. Constantly fluctuating consumer demands can also be accounted for, and retailers can ensure they accommodate customers' wants and needs through effective Open to Buy planning, the author notes. 

This entry was posted by Retail Pro on Friday, June 7th, 2013 at 11:53 am .

When consumer demand changes, many merchants know their own methods and operations must be altered to keep up with these new wants and needs. This has been seen with the emergence of credit and debit cards, as businesses quickly adopted point of sale systems that accepted plastic. Ecommerce is another aspect that merchants implemented in a timely manner, as shoppers preferred to go online to browse for and purchase items. However, a new trend is not being given the same level of attention as  past ones – multichannel strategies. As consumers take to the Internet, visit brick-and-mortar locations and interact with brands through their mobile devices, retailers are going to have to streamline their processes to accommodate patrons through every available channel.

Big-name retailers missing multichannel methods
According to a recently released study by SD Retail Consulting, many larger merchants in both the United States and the United Kingdom are missing the boat on multichannel strategies. PYMNTS.com reports that of the companies surveyed, 80 percent are not currently offering training opportunities for their employees on how to provide service and communicate effectively with shoppers who are using multiple channels. This means that retailers could be missing out on the chance to boost patron loyalty and retention as they are not meeting their customers' needs for multichannel operations.

Once factor highlighted by the research which shows the lack of multichannel strategies was businesses' response to mobile commerce. SD Retail discovered that a mere 18 percent of merchants have implemented mobile point of sale solutions despite the growing popularity of smartphones and tablets being used for shopping purposes.

"The largest retailers must examine every customer touch point and how they play their part in creating that seamless customer experience," states SD Retail President Antony Karabus. "For the minority of retailers who are successfully transforming their store environments, the rewards will be substantial."

Go from one to many
So how can merchants increase their focus on multichannel operations to improve customer loyalty? IMediaConnection suggests that retailers first start by ensuring they have the right technology and tools in place to support multiple channels. This includes retail management software and POS systems that accept all payment forms. Also, offering loyalty programs through all channels as well as incorporating mobile strategies are other effective ways to become a successful multichannel company, the source notes.

This entry was posted by Retail Pro on Thursday, June 6th, 2013 at 12:56 pm .

When Internet shopping, quickly followed by mobile commerce, recently became popular among consumers, many professionals within the retail industry feared that brick-and-mortar locations would be obsolete. However, that just isn't the case, as shoppers have shown that they still prefer to visit retail stores to browse for and buy merchandise. But if companies want to capture new business, they may want to consider incorporating several web-based options into their physical storefronts.

CBX Strategist Crosby Remwick writes in an article for Chain Store Age that retail is all about convenience – consumers want to quickly find their sought-after products in the most efficient means possible. And while the Internet and mobile devices do offer a large amount of convenience, brick-and-mortar locations still serve this purpose as well. Remwick explains that the role of stores is changing, as they are becoming more social thanks to the emergence of the web. Shoppers are letting merchants know what they want in-store, and many businesses are making the move to provide  these elements in order to boost retention and loyalty.

But if retailers want to truly be successful, then they will have to focus on effectively overseeing both their stores and online platforms. Fortunately, with solutions such as retail management software, companies can ensure that they are able to give customers what they are looking for across all channels and platforms.

This entry was posted by Retail Pro on Thursday, June 6th, 2013 at 10:19 am .

Retail sales have been fluctuating since the beginning of the year, and the nation's merchants are ready for some welcome news. Something positive could be on the horizon, as May's sales numbers will be released this week, and initial reports are showing solid growth.

MarketWatch writes that a winter filled with lower-than-normal temperatures and increasing payroll tax rates contributed to a less-than-stellar first quarter for American companies. Research from Retail Metrics found that many large brands reported profits below their 12-year average. During the first three months of 2013, first-quarter profits for big name retailers grew 5 percent, but this figure did not meet the 7.8 percent average seen over the past decade, the source notes.

However, warmer weather and additional sales could be just what is needed to draw in customers, and May could turn out to be successful for merchants, the source explains.

The Wall Street Journal reports that initial figures from Redbook Research indicate that sales increased 0.6 percent last month from April. When compared to the same time a year ago, the figure rises to 2.7 percent.

This entry was posted by Retail Pro on Wednesday, June 5th, 2013 at 10:17 am .

Leading up to and during the economic downturn, American consumers severely curbed their spending in order to cope with the recession. This in turn impacted the nation's retailers, as many saw their revenues and customer bases drop. However, as conditions continue to improve, merchants are making a strong comeback in many ways.

Just-Style writes that one solid sector of retail that is seeing immense growth is the apparel market. American clothing companies have contributed to the expansion of global apparel industry, which is also being helped by the western European and Canadian markets. The source points out that domestic apparel retailers have made alterations to their sales strategies to deal with an emergence of international brands cropping up within the U.S. These changes include enhancing marketing efforts, streamlining operations with retail management software and many other methods, the source notes.

While the official figures have yet to be released, the Wall Street Journal reports that recent statistics from Redbook Research found that retail sales throughout the country grew 0.6 percent from the previous month during the first four weeks of May. As for year-over-year totals, sales increased 2.7 percent, the source explains.

This entry was posted by Retail Pro on Tuesday, June 4th, 2013 at 9:58 am .

Retailers know how important offering excellent customer experiences is for their operations – by offering effective service and engaging patrons in a meaningful way, businesses are sure to see boosts in their retention and loyalty rates. A new partnership between Retail Pro International (RPI) and Merchant Warehouse aims to further improve the customer experience through a single platform.

Merchants Warehouse will be bringing its Genius Customer Engagement Platform to RPI Customers throughout the United States. This technology allows retailers to accept all forms of payment as well as provide promotions, loyalty programs and discounts to shoppers based on their purchasing histories and other details. Genius serves as a single, unified platform on which customer information is stored, analyzed and easily accessed. Merchants are able to provide more personalized experiences and interactions based on this data, helping to enhance their retention strategies and attract new patrons.

"Genius allows retailers to accept any type of payment in a low-risk manner, and turn basic transactions into deeper interactions with their customers," stated RPI CEO Kerry Lemos. "We're looking forward to the opportunities Genius brings to our customers that they may not have previously considered possible."

Retail Pro International is committed to helping its customers achieve ultimate success, and with the Merchant Warehouse partnership, it will become possible for retailers to provide engaging and exceptional customer interactions on the Genius platform.

This entry was posted by Retail Pro on Tuesday, June 4th, 2013 at 9:52 am .

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.

This entry was posted by admin on Tuesday, June 4th, 2013 at 9:00 am .

Mobile commerce has been a channel that has quickly gained popularity over the past few years ever since smartphones and tablets hit the market. Now, some retailers are taking notice and are adopting point of sale solutions that can accommodate consumers who prefer to get their shopping done through their mobile devices.

While a number of merchants have implemented these POS systems, more attention needs to the brought to the channel, especially as customers are now expecting it both in stores and online. For example, Internet Retailer reports that research from IMRG and Capgemini revealed that in the United Kingdom, one out of every five purchases made on the web is through a mobile device. The study found that mobile commerce has increased significantly over the past few years, with total retail sales on smartphones and tablets jumping from 0.9 percent in 2010 to 12 percent last year. These figures highlight the growing importance of mobile devices within the industry, and merchants need to act now to ensure they can retain existing mobile shoppers and attract new ones.

However, businesses should first start by choosing a flexible and customizable point of sale solution that can fit both their needs and those of their patrons. Having this system in place creates a strong foundation for any mobile strategy.

This entry was posted by Retail Pro on Tuesday, June 4th, 2013 at 6:48 am .

For retailers that need a flexible and customizable point of sale solution that best fits their needs, Retail Pro Prism is the system that can successfully get the job done. Interested industry professionals can sign up and tune in this Thursday, June 6, to learn about this software platform that can significantly boost their operations. Registration information for the Retail Pro Prism webinar can be found at https://www2.gotomeeting.com/register/743234338.

Webinar attendees will see live demonstrations and be able to participate in discussions with other retailers and the webinar's presenter, Ket Venethongkham, who is the Director of Retail Pro University. Some of the topics that will be covered include how businesses can use Retail Pro Prism to streamline their point of sale processes to provide faster and easier transactions for customers, both online and in stores. Additionally, attendees will learn about how the software can effectively track inventory stock through price and product validation.

By participating in his week's webinar, merchants will have the chance to see firsthand how Retail Pro Prism works and gain more understanding of the features it offers for companies. These include employee and customer management capabilities as well as multi-store communication methods.

This entry was posted by Retail Pro on Tuesday, June 4th, 2013 at 4:09 am .

When shopping online, consumers enjoy the convenience, fast processing times and easy delivery that ecommerce provides. Now, many individuals are bringing their mobile devices into the mix by browsing for and purchasing items through smartphones and tablets. For retailers, this means that mobile optimized websites and applications are requiring more focus and attention.

Internet Retailer reports that research from Arbitron Mobile revealed that customers are increasingly using merchants' mobile applications to buy products. The study found that more than half of American consumers who own a smartphone (55.9 percent) accessed a mobile commerce app in March. These shoppers spent an average of 91 minutes using the apps throughout the month. The source also discovered that mobile commerce is more popular overseas, as 66.8 percent of consumers in the United Kingdom utilized applications in March. Time spent on their smartphones and tablets came in at an average of 134.8 minutes,.

Although applications are growing in popularity, mobile websites are still as important as ever. For this reason, merchants need to determine which channel their patrons prefer and focus on optimizing those elements to the best of their ability. In addition, having an effective retail management software solution can help businesses successfully oversee both apps and websites for smartphones and tablets.

This entry was posted by Retail Pro on Monday, June 3rd, 2013 at 4:22 am .