- 18 Oct
5 Critical Measures of Retail
According to research published by Steria and Verdict Consulting, the barometer of success or failure for almost every retail business can be evidenced by five critical measures: footfall, spend per customer, market share, margin; and operations. But how do the IT services Retail Assist provide affect these factors?
1. Footfall: The retailer’s lifeblood:In terms of optimising footfall, supply chain solutions contribute significantly by streamlining warehouse and stock management. They automate numerous manual processes, resulting in improved stock availability in store. In particular, customer-facing processes such as effective ordering and communication that includes SMS messaging increase satisfaction and loyalty.
2. Spend: Where browsers become buyers:Companies that have automated their supply chain enjoy access to tools including business intelligence and performance management that generate accurate and consistent information across the business. Real-time stock views and integrated WSSI give insights that can support precise, timely and profitable decision-making.
3. Market share: Steal, gain and defend:A critical element of competitiveness is being able to predict customer tastes and requirements, and then fulfilling them by having suitable product available at a compelling cost-point. Supply chain solutions equip retailers to improve supplier management and visibility, by facilitating harder negotiation that leads to better deals.
4. Margin: It’s time to get creative:Margin management is made easier by the availability of accurate business intelligence, and by the consequent introduction of greater efficiencies throughout the supply chain. That depends upon the ability to automate wherever possible and use system functions to eliminate unnecessary manual interventions and time-wasting administration.
5. Operations: Flexibility is the key:An automated solution enables retailers to see where inbound stock is in the supply chain at any time, giving visibility of stock position. Plus a multichannel single stock pool managed by the supply chain solution means improved stock availability and can lead to increased sales without the need to move stock around.
How important do you think IT developments are to the five critical measures of retail? Post your comments here.