According to researches, many companies lose 25% of sales every year because of the ineffectiveness of their retail execution strategy. This means that strong practices are crucial if you want to increase your retail sales figure in the long run. But developing an in-store action plan does not consist of just opening doors and putting every products on the shelves. It is about designing a multi-faceted and efficient approach in order to pair analytical insights with dynamic on-the-ground support. Here is how to manage elaborating the right retail execution strategy for your brand.
Your Merchandising and Asset Management Should Reflect your Story
When you talk about execution strategy, the first and the most important parameter to be taken into account is obviously the shelf management in retail. In other words, you must put in place the best showcasing system for your products. For this purpose, clarity, consistency and compelling displays are essential. You have to ensure that the shelves and the hangers are correctly stocked and that you have more merchandise that is ready to go in back. And more importantly, the good signage and the demo products should tell a gripping story that suit your target clients.
Hire Qualified Workers in Retail Execution
Depending upon the extent of your retailing company, you might need on-brand and in-store agents. It allows you expand your sales and marketing presence at the right place and at the right time. But it is critical to hire people that perfectly fit the job positions to obtain all the expected results. The aim is to develop your visibility into what is happening in every store. Some of the salaries have to be able to send you instant reporting about what the customers are saying or looking for. That will help you improve your promotional strategy and reduce the out-of-stock risks.
Make your Retail Execution Analytics more Accessible
One of the best ways to obtain actionable insights is to get a real time access to all of the most important key metrics which are related to your retail execution. You should know that the store opportunity scoring, the daily sales numbers and the associate engagement data are just the details of the whole field. It is highly advised to give your corporate and in-store teams better insights. Thus, you will be able to develop more easily targeted action plans that corresponds your retail concerns and aims.
Elaborate Robust and Profitable Retailing Action Plans
If you have more than one stores, you might find the “one size fits all” retail execution strategies practical. Although, every town and even every neighborhood have its own dynamics. Therefore, it is always more interesting to put in place “store to store” retail execution strategies to be sure that every investment is fruitful. For this purpose, you can combine your in-store services with your analytical software allocations. But first of all, you need to identify by details all the opportunities in each of your stores. Thereafter, you will be able to elaborate tailor-made action plans for better results.