Today's retailers need to do more than having product available on shelf, clearly labelled, with helpful, well trained sales staff. There are 3 critical aspects of retailing that every successful retailer has:
These ingredients married up with best practice retail operations will make a difference to a retailer's ability to reach new customers, engage with them and convert them to loyal advocates.
Best Practice Retail Operations
Focusing back on "having the product available on shelf, clearly labelled, with helpful, well trained sales staff" it is critical that retailers analyse their operation performance at store level in order to identify those that are excellent and those which need more attention.
In addition to consulting and advising on the 3 critical aspects outlined above, Retail Acumen have defined a process of measuring store performance in terms of footfall, conversions and ATV at the store specific level, in order to assist clients in really understanding the operational dynamics and the spread of performance across the chain.
This insight enables further action to be taken to address the root causes and enhance stores' performance.