How to Measure and Improve the Effectiveness of Retail Stores?
06 Jun 2018
The world may be shifting towards on-line spree but the age-old retail store phenomena is standing firm and is here to stay forever because the true experience of observing things using all senses before buying is far more satisfying than buying based on just pictures. However, having said that, retails must not take this concept for granted, in today’s era there is an equal need for retail rollout strategy to pull up their socks if they want to survive through the storm of paradigm shift of online shopping.
It’s imperative to be in constant vigilance and keep discovering ways of improving the effectiveness of retail stores to get top scores from retail branding agencies in India which eventually redeems into more customers and profit.
What’s lacking in retail stores:
Even though retail stores have undergone complete makeover with surveillance cameras all over the store, collecting customer’s feedbacks and redefining themselves continuously, there are still some dots to be connected for complete visibility of businesses which can be done with Digitalization. Here are some factors that retail stores need to have cent percent visibility on and work on the improvement of these areas to scale up the business:
- Supply chain
- Inventory management
- Resource management
- Revenue tracking and forecasting
- Warehouse and Logistics management
- Employee performance and Customer satisfaction management
- Creative Marketing
Ways to improve above mentioned factors:
It appears challenging to keep innovating in these areas, however, with step-by-step progress it is possible to rebuild or improve everything. Every progress depends on four strategies – Idea, Build, Launch, and Learn.
Idea: A seed of idea is always sown in the mind first. Pick up the brains of your employees, friends and families and build a data.
Build: Now construct on this data by carefully analyzing the pros, cons, expenditure, outcome, etc. and zeroing the best suited idea for your store, proceed to the next level.
Launch: Your retail rollout strategy is now ready to kick off. Execute the idea with short term result analysis. An effective idea will lead to better results within 2-3 days of execution.
Learn: After the successful launch of your idea, do not sit back and relax, there is yet another last step of the framework to be followed. Observe and make a note of all the good and bad points and work on them constructively.
Now the biggest question arises, on what basis you will you measure and further build your idea on. To answer this question, you need to measure the effectiveness of the execution of your idea.
To measure the effectiveness, you need to observe certain parameters for the sustenance of your retail growth:
- Quality of your store in terms of ambience, hygiene and compliance: View your store from consumer’s eyes.
- Attitude and service quality of your employees: this will help you gauge the in-store customer experience. Collect feedback from your customers regarding their experience with in-house staff, how do they rate the knowledge of employees on products, etc.
- Consumer experience and satisfaction that leads to more new consumers your way: this parameter can be measured through store-audit. The retail audit company in India can help you evaluate your position and areas of improvement.
The need of the hour dictates to own a 360 degree control on your retail stores to survive and to excel in the world of retails.
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