06th Oct, 2021
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- Virtual retail model is required to fill the gaps between customer enquiries and conversions
- Tech-enabled retail audits powered by retail planogram automation can increase productivity, compliance, and sales across sectors
- Leveraging BI analytics can help retailers optimize visual merchandising programs based on customer data and market insights
The last 18 months posed several daunting challenges for the retail industry. However, the industry-disrupting challenges have also brought with them some new opportunities and exciting solutions to revamp the industry. These are the solutions that will transform the industry on its head and make it future proof. Retailers are required to embrace the new-age solutions not just for survival but also to increase adaptability on the face of new challenges. The new technologies and future-forward strategies will be crucial in terms of the customer, brand, product, and store. Letâs answer how the retailers can overcome the new challenges, expand their market reach and increase revenue.
Omnichannel retailing with a focus on virtual store solutionsÂ
Customers today have the flexibility to shop at their convenient time, from their preferred channel, and from the comfort of their house. The virtual retail solution offers an integrated contact centre capability to target customers across all the channels. As part of the model, Virtual Brand Consultants will offer personalized consultations and purchase support to the customers from the comfort of their homes. The virtual retail model will supplement the gap in âwalk-insâ with âcall-ins.â Virtual retail solutions allows for a scalable, no-touch model through seamless integration with robust tech platforms.
Tech-enabled retail audits and compliance mechanism
To adapt and survive in a competitive business environment, retailers must continuously identify and fix gaps in their operations. Retail audits can help retailers with various aspects:
- Smarter retail management
- Offer a 360-degree view of the retail processes
- Effective planogram management aided by POSM compliance.
Real-time audits backed by end-to-end store management programs will empower retailers to optimize store planogram, visual merchandising, and promoter experience. A customized end-to-end in-store program from Denave delivered increased productivity, retail compliance and sales maximization for a global retail brand. Simplifying retail management for the client, we delivered the following solutions:
- Real-time automated dashboards with built-in analytics to maintain and update stock information across all channels
- Tracking mechanisms to provide flag-offs to stakeholders and minimize instances of low inventory
- Mystery shoppers to conduct a real-time evaluation of visual merchandising, on-shelf availability, in-store activations, and promoter effectiveness
- Deployment of visual merchandisers for weekly visits to conduct POSM replenishment and retail compliance programs
- Deployment of a large pool of resources for offer based POSM implementation across stores
Read the case study âEnd-To-End In-Store Retail Program Results in Productivity Compliance & Sales Improvementâ to unravel the mystery around Denaveâs 360-degree retail capabilities.
How can DenSales help?
Proprietary sales force automation tools like DenSales, can be used to collect and maintain business data from the ground up. The information that can be obtained includes:
- Sales/retail KPIs
- Operational hygiene
- Business intelligence on competition/products
- Voice of customers & promotional offers
Driving customer engagement with data-backed visual merchandisingÂ
In the new market order, retailers need to adapt their visual merchandising programs based on customer preferences and changing buying behaviour. Retailers need to implement a tech-enabled platform to optimize retail execution, visual merchandising, and in-store branding seamlessly.
How can DenSFA help?
Automated retail and business management solutions like DenSFA enables perfect store execution and deeper retail penetration across sectors. It is an integrated platform that offers compliance mechanisms, issue resolution, store hygiene, inventory management, and real-time planogram tracking. It also delivers shelf space adherence, POSM deployment, and billing consistency. It also has a built-in smart auditor to drive improved store compliance scores.
Read the case study âImproving Retail Merchandising effectiveness using Data Analyticsâ to find out how Denaveâs customizable data analytics engine resulted in 10 time more geo coverage expansion within a year.
Leveraging retail analytics for informed decision makingÂ
Data analytics for retail derives actionable business intelligence that integrates all retail operations. It optimizes in-store operations, workforce productivity, marketing performances, inventory management, and more. Retail analytics enables brands to create customer recommendations based on past user behaviour and purchase history. It helps promoters to create a personalized customer experience using historical data. Big technology brands in the Asia-Pacific, European, and American markets are already embracing retail analytics solutions to improve their retail merchandising effectiveness.
The Denave edge:
- A highly customizable data analytics engine to deliver distinct merchandising with desired results
- An integrated methodology using an automated data standardization and testing scripts, further boosted by data visualization
- A robust data analytics engine to measure the impact of merchandising activity with regards to product visibility, availability, and shelf-space monitoring
Workforce management and upskillingÂ
Retailers must have a trained workforce to drive higher customer engagement in a continuously changing business landscape. Positive promoter experience is crucial for effective customer relationship management. In addition, regular evaluation and categorization of the field force based on key KPIs like pitch adherence, offer communication, store productivity, quality of merchandise deployment, etc., positively impacts sales productivity.
Automated tools like DenSFA encompasses key hygiene parameters like attendance management, data reporting, sales tracking, and issue management, among others. Furthermore, it has features like digital program management, merchandising audits, intelligent data validation, etc. For example, a leading OEM brand achieved substantial YoY growth across 195 stores with the following solutions:
- Training of sales staff and LFR sales associates through classroom training, on-job training, and remote training modules
- Tech-enabled operational management through SFA
- BI dashboard for real-time MIS reports and analytics
- Promoter training for different regions on products, soft skills, and sales orientation through integrated training programs
- Development of partner ecosystem and BTL and events targeted at partner community
- Web-based login for admin, field team, and store managers
Learn how Denaveâs sales training engine empowered a brand to improve the sales readiness and customer management capabilities of its workforce. Watch the video here.
The retail industry is trying to regain its waning status in the market with a host of new challenges and opportunities. Combining the rich tapestry of technology with future-forward strategies and human ingenuity will enable retail for the future. Technology is no longer optional, and retailers must leverage automation and data-oriented tools to streamline and improve their operations. Retailers must also emphasize regular training and upskilling of their workforce to complement the digital transformations.
Unlock more insights about the challenges, trends, and opportunities for the retail industry in the post-covid marketplace. Our report âBreakthrough Retail Solutions for 2021 and Beyondâ highlights the future-ready pillars to creating the groundwork for retail success. Download the whitepaper today!