Want to Kick-start a retail on a high note or grow up the ranks and beat your own records, the pointers below will help you in flourishing your retail.
- Rediscover Hardware and Software
- Pioneer Personal Customer Experience
- Use Advanced Sales Channels
- Bring in Lucrative In-store Experience
- Scale up Efficient Inventory
- Provide Detailed Company Information and Listings
Rediscover Hardware & Software
Did it help improve sales conversion? Improve customer experience? Did the absence of the right technology cost sales and frustration with shoppers and employees? Upgrade your devices and software. Upgrading is not about having the smartest and newest tools around. It’s about streamlining your business operations and attaining highest customer experience.
Older softwares and tools maybe outdated and is easier to hack into. Maintaining security is critical for every business. Upgrading to the latest version or devices will enhance your security benefits. For instance, if you are still using Accounting Ledger to track your finances and Excel Spreadsheets to manage your supplier or vendor details, you can switch to the Accounting software.
List of things you can consider upgrading.
Point of Sale – Still stuck with cash register? Consider yourself upgrading to modern and latest POS system which will help you manage different activites of your business both online and offline.
Accounting & Payments – Using formulas in Spreadsheet for calculations, profit margin etc.? Finding it hard to give appropriate change back to your Customers? Equip your store with latest Accounting software for easy reconciling and reporting. Go digital for payments with online payment.
Stock Management – Get rid of paper and modernise your stock management process to correctly reflect the inventory. Keep it accurate.
GST compliant – Digitally audit your records and keep it accurate. File GST and Expenses in one place to track and improve your financial efficiency.
E-Cart – Online is the new norm. Display and sell your products online. Keep it mobile friendly. Consumers place orders on the go.
Promotions – Bring in your loyalty program and promotional offers digitally. It helps customers go for the best offers which will boost your sales.
Pioneer Personal Customer Experience (CX)
Gaining Customer Satisfaction and giving them at par experience is the need of the hour. Ensure that the CX factor is always high by through touchpoints. Convert buyers into loyal customers with the help of coupons and promotions.
Multi – Channel Shopping Experience, Faster Order Fulfilment, Appropriate Pricing Model are major factors which could boost your Customer Experience and Retention.
Personal Handwritten notes increases your trust and makes them feel like family.
Use Advanced Sales Channels
Merchandising and Omni channel sales are important is the new norm for Retail Sector by ensuring shoppers to purchase your products anywhere, anytime.
For beginners, you can start with exploring LMNAs’ ecommerce platform to ensure you go online to boost your sales. You can also ramp up your sales pitch from Social Media like Facebook, Instagram, LMNAs Marketplace to sell their merchandise. You can also bring in Smooth checkout experience by enabling in-Store Pick up where customers can walk in to the store and pick up their already ordered products in a flash.
Bring in Lucrative In-store Experience
People will walk into your store or browse through your eCommerce platform not just to buy your products or commodities. They might want to get the experience where they have never had. Bring in virtual reality, Treasure hunt, 3 dimensional wear ind which will certainly enhance the in-store experience by many miles.
Scale up Efficient Inventory
Updating inventory and stock might be one of your routine jobs which is taxing and prone to human errors. Scale up your infrastructure to digitally manage your inventory and stock so that you are on top of the inventory from today.
LMNAs solution provides you with Automatic stock update feature with both Ecommerce (WooCommerce,Shopify) and ERP system which will always be in sync. So you don’t have to worry about updating them everytime to reflect appropriate stock value. Also ensure to set reorder point for your products, so that those products are automatically reordered when the items fall below a threshold value.
LMNAs ERP solution offers to maintain Supplier scorecard to evaluate the automatic determination of products to the suppliers based on different parameters like Quality of products, Competitive pricing, On-time delivery etc. Considering all these factors, when trying to place a purchase order, the system will suggest the right supplier or vendor for your order. This will help you to maintain and keep track of your vendors efficiently.
Provide Detailed Company Information and Listings
Keep your online presence of your store up-to-date. This is essential in providing the latest information to your potential customers. Also make sure to upload images and videos across all the websites, social handles etc.
Did you receive any award? Your store came up in news article? Do publish those articles in your websites to showcase your presence and achievements. This will bring in more trust worthiness of your store or brand.
Retail Sector has been subjected to enormous change with Flipkart, Myntra, Amazon and many other Ecommerce Giants establishing their presence in the market, resulting in drastic improvements and changes in Storefronts, Suppliers, Land Owners. Incorporating these ideas will facilitate growth and overcome crisis with almost all sectors going digital.
