If your retail sales team is currently strategizing and preparing for effective in-store merchandising, you’ll be pleased with recent statistics.
When customers visit retail stores, they intend to purchase something. In-store visits from customers present the perfect opportunity for representatives to boost sales by using various strategic optimization tactics (aka retail execution strategies).
While customers are typically ready to purchase when they walk through the door, it’s also critical to note that brands lose 25% of sales annually to poor retail execution practices.
This post will cover a few successful retail execution strategies you should implement to maximize sales opportunities so you can ensure your brand is effectively capturing consumers' attention.
Focus on capturing comprehensive consumer data
The retail world has endless opportunities to collect consumer data, but that doesn’t mean the process is naturally straightforward for every brand and retailer.
According to a recent retail execution report, The Scope of Retail Execution by Kara Romanow, 43% have difficulty capturing data quickly. One-third said they had problems accessing data from multiple sources and effectively presenting it to sales, according to the same report.
To improve retail execution strategies, brands and retailers must standardize their consumer data and point-of-sale data collection methods, typically with a retail execution and management platform.
Retail execution management software helps capture and organize data, so brands and retailers understand shopping trends, quickly identify growth opportunities, and learn critical information about the competition.
When brands and retailers invest in the right technology, it informs data-driven decisions on how to build effective promotions and strategize more effectively.
Plan and monitor in-store promotions
Once you have a tool to help you with retail execution and point of sale management, it’s time to make a plan to maximize sales opportunities with data-driven promotions.
Your team can review data related to sales, merchandise, and promotions to glean insights about the best strategies for seasonal sales, holiday promotions, and more. Additionally, data offers insight into which general merchandise and promotional activities will most dramatically affect sales.
Planning and monitoring sales increase your bottom line. In fact, stats show that planned promotions can increase sales by 193%.
It’s also worthy to note that success for planned promotions depends on creating a smart roll-out plan, educating sales representatives, and complying with the plan.
Thankfully, it’s also possible to capture data about employee adherence to promotional plans and make any adjustments or re-alignments as necessary.
Strengthen brand and retailer relationships
Another critical aspect of successful retail execution is making sure brands and retailers maintain healthy, productive, and ongoing relationships.
To ensure consumers are getting the products and goods they want and need from businesses, brands and retailers must monitor stock and inventory, consumer demand, competition, and industry trends.
When brands and buyers keep eyes on merchandise, stock, and trends, they can ensure the retail cycle moves forward without any hitches.
In other words, keeping tabs on in-store purchasing activities helps brands with forecasting and buyers with stock and inventory.
The last thing retailers want is to run out of a highly in-demand collection, and the last thing brands want is to lose out on a sale because of insufficient data collection or dwindling relationships.
Consumers have thousands of options when it comes to purchasing clothing. The brands and retail stores that experience the most success in the field are the ones that know how to capture data and use data to create promotions that resonate with consumers at the point of sale.
Successful retail execution is also more than putting cute clothes on the shelf for all shoppers to see. It's a partnership. Retailers and brands must stay connected through technology, tools, and by building ongoing and mutually beneficial buyer-seller relationships. Remember, as you nurture your brand and retailer relationships, tools like NuORDER can help you keep track of inventory and collaborate online.