Successful retail is fundamentally simple: Sell as many products as you can at a price that makes as much profit.
Really successful retail is about continually improving that position:
- Sell to more people
- Increase your product range
- Use all the sales channels available to you
- Market your products intelligently
- Make sure your systems support your growth
- Excel at customer service
- Increase efficiency in all areas
Why should I be more efficient?
An efficient retailer keeps customers happy. Stock is available when and where it’s needed, customers get clear and regular communications about their orders, the returns process is smooth and you can keep track of existing customers so that you can cross-sell and upsell when the opportunity arises.
Think about the way you service your customers at the moment. If you operate a bricks and mortar retail store, are your products always on the shelves? What do you do if a customer wants to buy something that’s not in the store? Can they order and pay at the till so you still get the purchase?
When your computer says that an item is in stock in your warehouse, do you know that’s true? Or is your system not fully aligned with your warehouse? Not knowing where your stock is, or how much you have can have a knock-on effect on the customer experience. And that can reduce your sales.
It’s all about customer service …
You achieve efficient retailing by having the right systems and technology in place, delivering a smooth retail solution that helps you to run your business smartly.
But efficient retailing is actually all about keeping your customer happy, and keeping your customer buying. Anything you can invest in to achieve that means that you are in a better place to grow your business, expand your sales channels, increase your product range and respond to your customers’ needs more quickly.
… and saving money
Spending time chasing stock, dealing with customer enquiries and re-doing tasks that have already been done once all costs money. The more you can reduce your costs, the bigger your margins could be – and the more profit you could be making.
Building sensible, scalable systems into your business helps you to improve efficiencies across the back office tasks in your business and improves the service that your customers get – instore or online. So why not start being more efficient today?
Modulus Retail helps retailers of all shapes and sizes reduce stress, improve business tasks and give better customer service. We can integrate with all your existing technology and our system grows with you. Contact us to find out more.