29th Oct, 2021
, , Designation
- Data analytics in retail along with continuous upskilling of field force is key to drive customer engagement across channels
- Challenges of store hygiene, compliance mechanisms, and ineffective visual merchandising looms large even on global brands
- Automation and data-oriented technologies are crucial to streamline the retail operations for bottom line maximization
Consumer expectations are higher than ever with endless shopping options. The modern shopping experience starts even before a customer enters the retail store. With infinite information easily accessible, consumers research the products, online retailers, prices, and reviews before arriving at the store. Enabling modern retail requires an integrated approach of data analytics in retail to streamline inventory and planogram automation. Also, a skilled workforce is needed to translate the benefits of technology in maximizing customer engagement. Tech-enabled customer relationship strategies are key to drive customer interaction and ultimately conversions successfully.
In the wake of industry-wide disruptions, a global tech giant implemented deep retail capabilities powered by technology and retail analytics. It helped the company optimize its inventory, workforce, and day-to-day operations and maximize its productivity.
Challenges faced by the global tech giant
The company was facing a host of challenges propelled by disruptive factors that impeded sales prospecting. Lack of data-oriented strategies and absence of workforce training negatively impacted store hygiene, visual merchandising, and ultimately the bottom line. The company faced the following challenges in its quest to maximize customer engagement and drive sales:
- Absence of stock visibility across channels and loss of sales due to channel inefficiencies
- Decreased workforce productivity due to the absence of training and upskilling
- Increased promoter attrition and low talent retention
- Ineffective visual merchandising and reduced compliance scores
These challenges reduced the overall efficiency of the companyâs retail programs and hurt its growth prospects. Lack of data-oriented practices introduced inaccuracies in the system and hampered the ability to implement visual merchandising according to customer preference and expectations. As a result, the company faced bottlenecks in business penetration across sectors and lost out on the potential target market.
End-to-end solutions to enable modern-day retailÂ
In view of the above-mentioned challenges, the company leveraged data analytics and salesforce automation technologies to implement an integrated retail management program. Technology-led solutions focused on maximizing stock visibility, automating retail processes for optimum store hygiene, and real-time issue resolution. The cutting-edge solutions covered 550+ stores across 52 cities in India. It helped the brand achieve 67.2% YoY growth for same-store sales along with increased in-store productivity by 34% YoY.
- Implemented real-time automated dashboards with defined escalation metrics to maintain and update stocks across all channels to minimize low-inventory instances.
- Conducted promoter evaluation based on sales and non-sales KPIs to customize training and upskilling programs.
- Implemented certification measures with 8-week upskilling programs to retain top talent through classroom, on job, and remote training methods.
- Provided sales training to the field force for driving demand generation for new products.
- Created talent pool for internal growth and opportunities.
- Performance-linked incentives to drive daily, weekly, and monthly sales.
- Deployed resources for undertaking retail hygiene activities.
- Conducted mystery audits to maintain compliance scores.
- Implemented end-to-end retail through automation tool SFA to share real-time MIS reports and analytics.
- Captured market intelligence from the ground up using dedicated analytics and BI engine.
- Deployed a real-time retail hygiene dashboard to identify the gaps in the store and deliver actionable insights for the decision-makers.
Read the blog âEnd-to-End Solutions for Setting up Modern-day Retailâ to unlock more insights on how retailers can leverage cutting-edge technologies to reprime their operations for improving ROI.
The new market order warrants a technology-led innovation in the retail to compete and grow amidst cut-throat competition. Retailers need to leverage automated and data-backed technology to streamline their operations. Furthermore, they must continuously train and upskill their field force to align effectively with the transformations. Comprehensive retail management solutions empower retailers across all core processes. Future-forward strategies and technology expertise can help retailers improve sales productivity, compliance scores, workforce productivity, along with real-time issue resolution.
Read the case study to learn in detail how âEnd-To-End In-Store Retail Program Results in Productivity Compliance & Sales Improvementâ