How Home Decor Retailers Can Boost Performance
The key to successful retailing is maximum efficiency across all channels. That goes for home decor operations just as well as any other type of retail business. ChainDrive hopes the following tips for maximizing retailer efficiency and boosting performance is helpful for your home decor retail operation.
- Manage vendor accounts with automated processes – The lifeblood for any retail business is its vendor relationships. No matter how many vendors you have, and the products they provide your shelves, you need a way to manage your relationships with those vendors. That includes automated purchase orders, matching P.O. with invoices, tracking shipments, and more.
- Manage your inventory – Managing relationships with vendors is a separate task from managing your inventory. From the time you order products, you need to be able to track and monitor their location and status. Are they in the warehouse, on the shelf, or in the customer’s hands? How many do you have on hand? You must be able to know where every SKU is, how many you have, and its cost to you at all times.
- Monitor sales performance – Whether your sales people are on commission or salary, you need to be able to monitor performance and track your sales. What does it cost you to move each product? If you don’t know this, you can’t improve your results.
- Integrate your channels – Some customers will want to buy online while others want to buy in the store. But most customers will at least want to research products online. Your sales channels should be integrated enough that customers choose to interact with you through their preferred channel as well as across all channels.
- Stay flexible – Every customer is different. That means, your home decor retail store must be all things to all people–within reason. How you manage special orders and warranties is just as important as how you manage vendors, products and customer relationships.
If your home decor business is going to be competitive, it’s got to work out the internal efficiencies that will make it competitive. That begins with the right retail operations solution.