15 Tips for Retail Success
The Next Five – Productivity and Performance
In Part 1, we covered the first five rules for Specialty Retail success, focusing on scheduling efficiency and peak-hour optimization. But getting people on the floor at the right time is just the beginning.
The next step? Ensuring those labor hours drive maximum productivity.
Tip #6: Tech Is Top
Say yes to technology. At StoreForce, we’ve had front row seats to witness how the industry is embracing technology innovation, and, according to the Gartner Annual CIO survey, the message is loud and clear: technology investment is at the top of Retailers’ priority lists. We don’t expect that to change anytime soon. In fact, 69% of Retailers plan to increase their technology investments, relative to their digital spend. This number highlights an important point. Success in Retail is driven by technological advancements. At StoreForce, we believe that real success comes from striking the right balance between people and technology. We’re all about innovation that is designed to support, not replace Retail employees. Explore the future of Retail innovation and download our State of Retail report here: State of Retail
Tip #7: Run It Like You Own It
Imagine the impact on your sales if your store managers ran their stores [Run it like you own it] like they were their own business. Build business acumen and turn your managers into leaders with the right tools, training, and approaches. When your store owners act like business owners:
– better decisions get made,
– course corrections make a tangible impact to sales every day,
– higher employee engagement reduces turnover.
Tip #8: Split Your Sell and Non-Sell Hours
Don’t overspend to underserve. Are you splitting your sell and non-sell hours accurately? With the growing importance of additional non-sell activities such as BOPIS, pick and pack, and virtual appointments, non-sell tasks are taking a larger piece of the labor pie. There’s no better time than now to:
– Review your sell and non-sell hours
– Update you scheduling profiles to reflect the current back-of-house demands
– Identify if you have available capacity within your existing schedules. Most stores will have available capacity that can be used for non-tell activities.
Visibility into your labor allocation allows you to strike the right balance to meet both operational needs and customer expectations.
Tip #9: It’s All About Balance
There is a misconception that peak hours are more important in high volume stores. The truth? Adding a single shift in a low volume store will have a much higher impact than at a high-volume store. KPIs like Traffic Per Labor Hour (TPLH) provide critical insights into service standards and labor effectiveness. TPLH helps Retailers identify where their resources can make the biggest difference. Data like this enables Retailers to optimize their staffing levels and deliver a superior customer experience.
Want to learn more, download our Scheduling Guide.
Tip #10: Real-Time Data = Real-Time Impact
Having visibility to real-time data means that you can see what’s happening when it happens. Not hours later when it’s too late to adjust. With real-time insights, you can:
– Track if you’re hitting your sales goals as the day unfolds
– Monitor team performance in the moment
– Make adjustments to staffing or priorities, throughout the day, to win the day.
Retail moves fast, especially on the weekend. If you have to wait for end-of-day reports, you will constantly be playing catch up. But with real-time data, if you can see it now, you can fix it now!
See how Fabletics uses real-time data to stay ahead.
Ready For Part Three?
Coming up: The next five tips – Performance, strategy, and growth