6 Ways to Synchronize Your Retail Operations
Operations management is one of the most important aspects of retail. You can have great customer service, outstanding merchandising practices, plenty of inventory, buyers who understand your market, and the best point of sale system on the planet, but if it doesn’t all work together, you’ll have an inefficient enterprise that is losing money. You’ll be more profitable and successful if you synchronize your operations so that everything works together for the good.
Here are six ways to synchronize your retail operations so everything runs more smoothly:
- Analyze store performance – Keep an eye on the key performance indicators that are important to your chain. Get eyes on store data all across your chain so that you can determine which stores are excelling and which stores are faltering. Information is key to optimizing each store’s performance.
- Employee productivity – Monitor and track the sales and performance of every employee, including time on the clock, units per transaction, sales per hour, and more.
- Analyze sales – Without sales, your retail chain cannot be profitable and won’t be successful. Get a look at all the important sales data available to you–store by store, agent by agent, and product by product. Know what’s selling, how much is selling, and even gather information on stores that have already closed as you compare them to your open stores.
- Make the customer the center of your marketing – In the old days of retail, you put products on the shelves and marketed those products to all of your customers. Because of data collection at the point of sale, you can now tailor your marketing to each customer. Your customer relationship management tool is key to gathering the information you need to customize your marketing toward each target audience.
- Control your inventory – Selling product is one thing, but knowing where your inventory is at all times is another. Keep track of your physical inventory, know your cycle counts, understand how shrinkage is affecting your retail chain, and reconcile your inventory across all stores and in your warehouses.
- Prevent losses – Losses have a way of eating up your profits. Reduce your losses and maximize your gains.
When your operations are synchronized across the chain, you’ll be more profitable and impact more customers for the good.