In the lead-up to Christmas, retailers can quickly become overwhelmed by the onslaught of in-store traffic. As consumers rush to tie up their shopping (purchasing gifts, outfits, and treats before they can settle in for the festivities) the final couple of weeks before December 25th have the potential to make or break a retailer's year.
According to Deloitte, 57% of shoppers will still be completing their Christmas purchases into late December this year. The challenge for retailers lies in their ability to capitalize on late-season purchases, using it as an opportunity to not only maximize sales, but to build long-lasting customer relationships. Here are three ways retailers can achieve this, all while keeping shop floor stress levels manageable.
You can't sell what you don't have
Accurate inventory management is one of the most important practices during busy shopping periods. If a retailer doesn't have enough stock of a specific product, it will quickly sell out and miss out on sales opportunities, while also disappointing customers. Conversely, if a retailer overstocks a product, there will be excess inventory that either won't sell or has to be discounted. That alone significantly impacts profits, and the retailer will have also wasted resources procuring, transporting, and storing that product.
Accurate inventory practices streamline a retailer's operation. They procure only the items they need, optimizing transport and storage while maximizing their ability to sell specific items, reducing costs and increasing revenue. During the holiday period, customers also recognize reliable product availability, with minimal cancellation rates on orders, whether in-store, online, or through omnichannel purchases such as buy online, pick up in-store.
To achieve optimal inventory management, retailers can leverage a range of technologies, from tracking products at item-level through RFID to using an all-encompassing retail technology solution that automatically keeps teams informed of changing inventory levels. Our customer, Moose Knuckles, has leveraged a "Send Sales" system through Teamwork Commerce's POS technology to minimize missed sales opportunities while enhancing the customer journey through product availability and improved interactions.
Point of sale must be seamless
A busy shop floor creates the potential for stagnated sales and frustrated customers. Difficulty navigating stores and waiting in long queues will quickly turn customers away from a retailer. This sacrifices short-term sales opportunities and leaves a sour taste that customers won't necessarily be quick to forget.
Speed is essential during the Christmas season. Customers want their products and they want them quickly. The first step to success lies in product availability, but the second hinges on the retailer's ability to streamline the in-store experience with minimal waiting.
Two solutions play a highly effective role here: Mobile POS and RFID-powered self-checkout. Both deliver rapid checkout experiences. Providing retail associates with the ability to complete transactions from anywhere in-store, Mobile POS effectively removes the need for queuing. An in-store associate can approach a visitor, handle any queries around product availability and location, and complete the transaction right there. Customers can be in and out of the store in only a few minutes, keeping in-store footfall at manageable levels. Footwear and apparel giant ASICS used our Mobile POS solution to transform its shop floor operations.
RFID-powered self-checkout, which automatically scans all items in a basket or cart as soon as they're placed in a designated scanning area, is also transforming the speed at which transactions take place. Without the need to manually scan products, customers can complete transactions in 30 seconds or less. Both Mobile POS and RFID self-checkout reduce in-store queuing and streamline checkout, allowing retailers to deliver a high-quality customer experience even during the busiest of periods.
A Christmas miracle
The last couple of weeks before Christmas can be tough for retailers, but they can also be extremely beneficial both for profits and for building long-term customer retention. During this time, speed is the best friend of both the retailer and the customer. If a brand can provide that speed while delivering high-quality customer experiences that leave visitors feeling satisfied, retailers can find both short- and long-term success.