{"id":28476,"date":"2021-11-28T19:43:20","date_gmt":"2021-11-28T19:43:20","guid":{"rendered":"https:\/\/www.parcelpending.com\/?p=28476"},"modified":"2023-04-24T16:36:39","modified_gmt":"2023-04-24T16:36:39","slug":"7-ways-to-improve-your-retail-operations","status":"publish","type":"post","link":"https:\/\/www.parcelpending.com\/en-gb\/blog\/7-ways-to-improve-your-retail-operations\/","title":{"rendered":"7 Ways to Improve Your Retail Operations"},"content":{"rendered":"

With a perfect storm of pent-up <\/span>consumer demand<\/span>, labour shortages, material scarcity, and choked ports of passage, retailers are rewriting the rules for success. Whether you run a <\/span>small business<\/span> or a large one, here are seven innovative and <\/span>actionable insights<\/span> on how to improve <\/span>retail operations<\/span> for your business.<\/span><\/p>\n

#1 Diversify Your Suppliers<\/strong><\/h2>\n

Although consumers are well aware of <\/span>supply chain<\/span> disruptions, they still expect their gift purchases to arrive on time. As a result, diversifying your suppliers is paramount. After all, 80% of consumers expect faster and more flexible shipping options from retailers<\/span>1<\/sup><\/span>. This is one way of meeting <\/span>consumer demand<\/span> and retaining <\/span>customer loyalty<\/span>.<\/span><\/p>\n

#2 Enhance Fulfilment Options<\/strong><\/h2>\n

Is your <\/span>physical inventory<\/span> still fully stacked despite continuous sales? One of the reasons behind this might be a lack of <\/span>inventory optimisation<\/span>. Bottlenecks in the distribution channel can translate into difficulty getting goods picked and sorted for either pickup or shipping. Best Buy, for example, recently converted its <\/span>store layout<\/span> to ensure 25% of floor space is dedicated to order fulfilment<\/span>2<\/sup><\/span>.<\/span><\/p>\n

#3 Automate to Reduce Reliance on Labour<\/strong><\/h2>\n

The shortage of workers is real. Job vacancies continued to fall in the first three months of this year as economic pressures forced a hold on recruitment3<\/sup>. <\/span>Retail<\/span> job openings hit 1.3 million in August 2021<\/span>,<\/span> and 50% of employers reported not hiring enough staff in September<\/span>4<\/sup><\/span>. Supermarket giants Tesco, Sainsburys and Asda all recently announced a raise in hourly pay to over \u00a311.00 per hour4<\/sup>. <\/span>The labour pressure makes automating tasks essential. From <\/span>inventory<\/span> to information, leveraging technology for automation is key. With automation,\u00a0 there are fewer employees to monitor, freeing up the task load of key personnel, like the <\/span>retail operations manager<\/span> and even the <\/span>store associate<\/span>. Automating certain tasks can also boost <\/span>operational efficiency<\/span> because there are fewer margins of error. Operations that could be automated include <\/span>inventory management<\/span>.<\/span><\/p>\n

#4 Boost the Customer Experience<\/strong><\/h2>\n

Despite an overall fall in spending due to the cost-of-living increases, consumers are still willing to open their wallets – however, in order for them to become loyal customers, they need to feel validated.\u00a0<\/span><\/p>\n

According to recent research, 63% of respondents state that they are more likely to shop with brands that customise and personalise the experience for the shopper<\/span>5<\/sup><\/span>. As <\/span>Alex Atzberger, CEO of Optimizely explains: “Retailers have a captive audience of consumers who are seeking relevant content, ideas and offers online. However, only the brands that have progressed their digital maturity through experimentation and personalisation to become adaptive to consumer needs will differentiate and win over <\/span>shoppers<\/span>.” <\/span>In short, one of the solutions to increase <\/span>customer satisfaction<\/span> is a customised shopping experience. Learn more about how you can <\/span>improve the retail customer experience<\/span><\/a>.<\/span><\/p>\n

#5 Implement Buy Now, Pay Later<\/strong><\/h2>\n

Buy Now, Pay Later (or BNPL) adoption is booming! Revenue skyrocketed 45% in 2020<\/span>6<\/sup><\/span>. <\/b>And<\/span> in a recent Adobe survey, 25% of respondents stated that they have used this shopping option within the last three months.<\/span><\/p>\n

#6 Expand Click-and-Collect Options<\/strong><\/h2>\n

Since last-mile delivery costs account for approximately 50% of shipping costs, getting customers to pick up their items in-store<\/span> is a significant cost saving. Further, according to research by PYMNTS, the number one draw for getting customers back into stores is Click-and-Collect<\/span>, accounting for 44% of respondents<\/span>7<\/sup><\/span>. Consider revisiting your Click-and-Collect strategy<\/a> and finding ways to improve it.<\/span><\/p>\n

#7 Install Retail Smart Lockers for Self-Service Click-and-Collect<\/strong><\/h2>\n

Retail parcel lockers are one way of expanding your click-and-collect offerings to personalise the <\/span>shopping experience<\/span> for your customers. Here are just a few <\/span>key performance indicators<\/span> (or KPIs) that click-and-collect from a retail locker can help you realise for your business:<\/span><\/p>\n