Retail Management Blueprint for 2023

A Retail Management Blueprint for 2023

Even though the retail industry is changing rapidly, customers expect a consistent, top-notch shopping experience. The competition is fierce, and the stakes are high. There's never been more pressure on retailers to deliver an exceptional customer experience while transforming operations at the same time. Managers need to make smart choices faster than ever to ensure customer satisfaction remains high at all times.

Empowering your team with the right technology allows them to make better decisions and improve workflow efficiency. A well-designed retail execution platform puts frontline managers in complete control of their store operations, enabling them to quickly make decisions about staffing, prices, and promotions, maximizing productivity and overall profitability for their businesses by as much as 30%.

What is a Retail Execution Platform?

A retail execution platform is a system that enables retailers to manage their in-store operations from a central location. It also puts the power in the hands of frontline managers, allowing them to make smarter decisions about staffing levels and schedules, item pricing, and sales promotions.

Such a platform enables teams to orchestrate the entire store from one locaittion - providing complete control over operations and maintaining efficiency by eliminating paperwork and manual processes that slow down customer service.

How It Simplifies Retail Management

The right technology will empower employees by allowing them access to information that was previously unavailable or difficult to find.  It improves productivity by automating time-consuming tasks such as item management and replenishment. The result is better customer service, increased productivity, profitability, and reduced costs. 

Integrated retail platforms allow managers to view operational performance insights in real-time for effortless and precise KPI tracking, making it easier to visualize performance metrics like project completion statuses, time-in-store, and time-to-completion. These insights are critical to improving profitability by eliminating the manual processes that lead to errors and providing managers with essential information for team optimization, item management, and identifying purchasing patterns.

What to Look for in a Retail Execution Platform

A robust retail execution platform is a solution for retailers that provides better visibility, control, and insight into their operations. A well-designed platform will allow you to make better decisions, manage workflow and improve profits.

Effective retail execution platforms allow managers to access store insights from a single device at any time, making decisions based on real-time information easy. In addition, unified platforms provide better overhead visibility into the business; accessing data on sales performance, inventory levels, and customer behaviors lets managers prioritize tasks and optimize teams.  

Managing workflow is often prioritized over administrative tasks. However, with tools that anticipate operational demands, managers no longer have to choose between the two. For example, a platform with scheduling and communication capabilities provides effective planning and execution of workers' schedules while keeping in contact with employees even when they’re on the floor. This resolves workflow issues by allowing managers to retask and pivot priorities in real time while allowing teams to focus on important, value-driving work and shopper engagement. 

With mobile retail execution platforms, managers can make better decisions based on actual customer behavior in the store. At-shelf ordering and replenishment have a big impact on on-shelf availability, shopper experience, and operational costs. Platforms with item management and ordering features result in less wasted stock and fewer mistakes caused by miscommunication or ordering errors. 

The race to deliver an exceptional customer experience while transforming operations has never been more critical. Retailers that can successfully leverage technology will have better visibility into what's happening across their business at every level. Retail execution platforms allow you to orchestrate the entire store from one place while equipping teams with the information they need removes barriers between departments so they can collaborate seamlessly.