{"id":1675660,"date":"2022-10-19T19:31:42","date_gmt":"2022-10-20T02:31:42","guid":{"rendered":"https:\/\/www.retailpro.com\/News\/blog\/?p=1675660"},"modified":"2022-10-24T14:27:16","modified_gmt":"2022-10-24T21:27:16","slug":"9-best-practices-for-building-your-tech-strategy-with-retail-pro-prism","status":"publish","type":"post","link":"https:\/\/www.retailpro.com\/News\/blog\/index.php\/2022\/10\/19\/9-best-practices-for-building-your-tech-strategy-with-retail-pro-prism\/","title":{"rendered":"9 Best practices for building your tech strategy with Retail Pro Prism"},"content":{"rendered":"\n
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Now, against the backdrop of smooth, systemically-run performance, independent retailers are taking a double hit<\/strong>. You are competing against Tier 1\u2019s brand equity and economies of scale, and you\u2019re losing profit to pure-play retailers who are saving on overhead costs and investing into channel efficiencies. Bottlenecks, duplicitous inventory and process, and lost opportunities are multiplying your costs at exponential rates. A well-planned and customized retail tech strategy is a necessity.<\/p>\n\n\n\n

So how can you use Retail Pro technology to adapt to the demands of modern retailing and deliver the quick and efficient experience consumers expect from you? What does it take on the technology end to make it happen?<\/p>\n\n\n\n

Here are 9 best practices for building your tech strategy with Retail Pro Prism.<\/p>\n\n\n\n

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1. Define the challenge<\/h3>\n\n\n\n

Focus on one operational bottleneck or customer-facing issue. Topher Mallory of Mexicali Blues<\/a> chose to focus on the issue of inventory optimization. \u00a0<\/p>\n\n\n\n

You might choose to focus on promotions or employee management, or vendor relationships. Whatever your focus, make sure it\u2019s specific enough so that you aren\u2019t trying to reinvent your whole retail operation before the weekend comes.<\/p>\n\n\n\n

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2. Determine the outcome you want to achieve with your tech strategy<\/h3>\n\n\n\n

Once you have in mind the particular area of your business that you want to reform, think about what you\u2019d like to achieve. Is it a particular inventory turnover rate, or a certain increase in customer retention from your loyalty initiatives, or greater collaboration along the supply chain?<\/p>\n\n\n\n

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3. Design the experience<\/h3>\n\n\n\n

How do you want customers to interact with you? How do customers expect to interact with you? What will the experience be like in your store versus online? How will you connect the two, along with any pop-up stores, kiosks, catalogs, etc. that you may have?<\/p>\n\n\n\n

Online <\/strong>How will your online channel be tied into your physical stores? Will your shoppers have the ability to see which nearby store has the product they\u2019re looking for? Will they be able to reserve or buy online, and then pick it up at that location? How will that store location know to have the product ready for your customer?<\/p>\n\n\n\n

In the store<\/strong>, do you want customers to have a self-guided digital experience or a high-touch, personalized experience? That\u2019ll determine hardware \u2013 mobility or kiosk? How will payments fit in? Will you need Bluetooth printers for mobile devices? You\u2019ll need Wi-Fi for that. Will your store associates be able to look up inventory at other locations? How will you collect data from all of that \u2013 and more importantly, how will you CONNECT the data points to know when they\u2019re talking about the same customer? What\u2019s the recurring theme here? Connectedness. How will you connect your channels, connect your inventory, connect your data?<\/p>\n\n\n\n

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4. Build the foundation for connected retail with platform retail management technology<\/h3>\n\n\n\n
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Platform retail management software is a foundation for your technology.<\/p>\n\n\n\n

Think of it as if you\u2019re building a store out of legos:<\/p>\n\n\n\n