7 Ways to Improve Your Retail Operations
With the Internet making the world smaller, competition in retail is becoming increasingly fierce.
Today, we’ll focus on seven ways you can improve your retail operations regardless of the retail sector you serve.
- Increase employee productivity: Employee productivity goes beyond ensuring your products are shelved and merchandised. It also means that they need to sell. If you aren’t tracking, measuring, and reporting how many units and total dollar volume each sales person is selling, then you won’t know how productive and profitable your employees are to your retail operation.
- Measure individual store performance: Not only does each employee need to earn his or her keep, but each store within your chain needs to perform, as well.
- Compare sales at multiple levels: To get a real view of your retail sales, you need to be able to compare sales at a variety of levels, and that also means including closed stores in your figures.
- Set store budgets: The best way to ensure each store in your retail chain is profitable is to set store budget targets based on age of store, past performance, and management experience.
- Prevent losses: Damaged and stolen merchandise can eat into your profits real quick. Minimize your losses; this will improve your bottom line immediately.
- Control your inventory: If you aren’t performing regular inventory and monitoring checks (cycle counts and physical inventories), then you likely don’t have a good handle on your retail operations. Control your inventory more effectively and you’ll be more profitable.
- Take action on your marketing goals: There’s more to marketing than driving foot traffic through your doors. You can better manage your marketing metrics if you hone in on your customer data to find hidden opportunities.
There are plenty of ways you can improve your retail operations. This is just seven. Start here and you can increase your performance over time by going deeper into your data.