Posts

Beautiful woman using tablet while working in the store
It is a dream of every business to make its next year better than the last as it is the only way to take abusiness towards its mission and vision. Retail businesses are mostly dependent on seasonal trends which alter throughout the year. However, we have put together a few success tips for retailers who want to achieve year-round success. It doesn’t matter if you have had a great or disastrous previous year; the tips below are surely going to change your fortune, provided you do exactly as told.

Retail Success Tips

Update Obsolete Hardware, Software and Business Processes

All of your resources have been put to the test in the last season and now is the perfect time to evaluate where you stand. Based on the data from your last year’s sales, you need to assess the effectiveness of the hardware and software that is currently being used. For example, some of your departments may require a larger screen size or an automated system. Assessing past data will allow you to figure out if the tools and processes that are currently being implemented are useful or outdated.

The best retail success tips would suggest that it is not about having the latest and coolest tools around. Instead, it’s more about streamlining your business process and offering a better customer experience through the creative use of what you have at hand. Shifting to digital loyalty cards instead of physical ones is one way to optimize the utility for the customer as well as yourself. An updated system is also more secure. There are countless reasons why you should update anything in your business that is considered obsolete.

Interact with Customers at a Personal Level

In 2018, the anticipated marketplace is forecast to be fiercer than before, as traders will up their efforts in vying for consumer consideration. Forward-looking retailers are already implementing retails success tips through Omnichannel shopping, in-time order delivery, and optimum pricing strategies. With all of these strategies in place, do not forget that customer service is still the king when it comes to retail shopping. Connecting with your customers in a way that makes them feel comfortable and at ease while shopping in your store is a great way to convert one time shoppers into your loyal customers.

Motivate Your Employees

Employees are the main assets for any retail business because they are the ones who are actually making the sales. If they are not completely motivated, your business is likely to go down the drain for the current year as customers are more aware than ever. You may have to prepare a motivational speech to get them on board with your vision as well as up their incentives from the previous year. Don’t just speak. Instead, ask them for suggestions and make them feel like they have an equal stake in the business. This is the best way to get the most out of your employees.

Make Use of All Sales Channels

In this day and age of technology, one sales channel is not enough to make the expected gains. Retail success tips suggest that you set up additional sales channels so that customers can buy at their convenience. This means that you may have to set up an e-commerce platform for your retail business and start selling online if you aren’t doing so already. If you have a brick and mortar setup, you may turn towards social media as it is among the hottest platforms for retail sales. Ensure that your sales channels are interconnected so that, if someone orders online, they can pick it up from your store if they want the product urgently.

Create a Compelling In-Store Experience

Even though the trends are all moving towards online sales, people will still visit retail stores, not solely for buying, but because it is an experience for some. Offering personalized customer service to these consumers should be top priority for retailers and must be considered as one of the top retail success tips for 2018. To offer the best experience, you will have to invest in your workforce and train your employees. Also, the in-store ambiance matters significantly when you are looking to create an aesthetic appeal for your retail brand.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

A worker is punching his time card with the automatic clock
In recent years, internet start-ups have indeed changed the way in which employees work, offering flexible schedules and taking in remote employees. While all of this may be quite simple for an internet start-up, it is not as easy for retail outlets. They need to have a well-disciplined shift system. However, it proves to be tricky. The requirements of a strict shift system make retail jobs relatively undesirable compared to online companies that, as said before, offer their employees flexibility.

Bloomberg states that employee retention as one of the biggest problems of the retail sector in today’s world. However, there is a solution if you take up certain practices to improve the quality of work in retail, producing happy and productive employees.

Be Predictable

It is estimated that 17% of retail employees have unstable work schedules which lead to difficulties for employees. In order to avoid your employees facing such problems, it is important to inform them about your shift needs and the times you will require your employees to be on the floor. Come up with a suitable shift calendar, share it with your employees, and do your best to adhere to what you publish in that shift calendar.

Plan in Advance

In certain states, shift scheduling problems have led to lawsuits. The main practice highlighted in the lawsuits was on-call shift scheduling. This on-call practice puts employees under immense pressure, forcing them to be available during the times they are off. It can also violate the labor laws in many states.

It is much better to work with a streamlined schedule that is posted well in advance for employees to see. You can work with a good strategy. For example, have at least one experienced and well-performing employee on the floor at all times.

Be Transparent

Making on-paper schedules is not a thing of the past. Current technology allows you to construct and share shift schedules with your employees. Transparency will not only improve the relations you have with your employees but will also help your business in following labor laws more efficiently.

Improvement of relations with employees also means that they will be happier and this work kind of work environment will definitely yield higher productivity.

Encourage Communication

Managers often get pressured by shift change and vacation requests. You can streamline this practice by encouraging your employees to communicate and coordinate all of their needs through scheduling software. Given the autonomy, your employees will be able to plan a shift schedule for themselves, which can be later on approved by the scheduling manager. This will improve teamwork, shift the burden of rescheduling everyone for a one day leave, and help avoid the uncomfortable situation of telling a particular employee that they might have to work extra shifts.

Accept Feedback

Encourage employees to give you feedback on the shift schedule by making yourself available. Remember that the feedback process is always helpful.

Feedback will help in building a positive employee-manager/owner relationship, raising the happiness and productivity of employees. In order to avoid any kind of accusation of favoritism, set up a feedback framework such as an anonymous questionnaire or survey. This will also help if you put some of their suggestions into action in order to let the employees know that their feedback and suggestions are not being ignored.

Data-Driven Decisions

Employee satisfaction is one of the primary objectives that your business wishes to achieve. However, it shouldn’t let you go off-track of your main goal to sell your products.

Note and mark the times when your retail store is filled with customers and assign shifts in a way that more employees are available at that time. Similarly, keep lesser employees on the floor at times when there are only a few customers around. This will balance the workload that each employee has and will also derail any sort of grievance that employees might have related to them being more burdened as compared to their co-workers.

Work Incentives

Retail stores rarely offer their employees a clear road to promotion and growth. The most they might get is an advance to a managerial position. Due to this, temporary or even permanent employees might not be productive and employee retention can become a serious issue. Giving incentives, such as role-based training from someone experienced, can help a lot in enhancing the quality of customer service and productivity of your workers.

Acknowledgment of achievements through a proper recognition framework can help a lot in boosting the performance of your employees. You can also choose to provide bonuses. Providing respect to your employees can help you build manager-employee relationships. Assigning extra tasks, such as bookkeeping, based on the qualification or skills of your permanent employees can give them a fulfilled feeling that will boost their work performance.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.