See original post: https://www.mytotalretail.com/article/how-retailers-can-boost-customer-experience-amid-labor-shortages

The world has started to recuperate from the pandemic and consumers are back to in-store shopping; retailers are keen to make the most of the footfall by providing exceptional in-store experiences. However, one barrier that the retail sector is still trying to overcome is the labor shortage hangover caused by COVID-19.

While retailers struggle to hire new employees, alternative solutions must be found to mitigate any impact on in-store sales. By deploying the right technologies, retailers can lean on innovation to fill the holes left by a lack of staff. The question is how does it look in action.

Deliver More With Limited Staff

Amidst this labor shortage, retailers that still function with traditional point-of-sale (POS) system risk failing to provide a seamless customer experience. Today’s digital natives prefer avoiding long queues at checkout, and instead desire a high-quality service that ensures a frictionless in-store experience while fulfilling their online preferences, such as online browsing and click-and-collect.

Advanced mobile POS (mPOS) applications are capable of operating exclusively on cutting edge iOS devices while simplifying the entire user experience for sales associates. This further allows in-store associates to serve more shoppers in less time while ensuring a top-tier customer experience. And all this can be achieved from any part of the store, which eliminates the frustration of long queues.

Related story: Brick-and-Mortar Isn’t Dead Yet … And E-Commerce Tells Us Why

Streamlining Back-Store Operations

For in-store associates to be able to deliver top level customer service, they must be provided with next-generation back-store support — such as up-to-date consumer data and inventory information. Retailers must ensure that this information is updated in real time to ensure accuracy and relevancy of the data. Manual data entry is time consuming and ongoing staff shortages can make it more difficult for retailers to keep everything updated manually.

Artificial intelligence-powered mPOS solutions, deployed with smart data capture capabilities and secure customer relationship management (CRM), allow retailers to keep track of their inventory in real time — eliminating the need for manual data entry — while creating a highly personalized customer experience.

This provides in-store employees with consumer information (e.g., purchase history, preferences) and inventory data right at their fingertips. Staff can solve customer queries about an expected arrival of a particular item and suggest an alternative based on consumer preferences. What’s more, these associates can even deliver personalized experiences with customized discounts available in mPOS systems.

Efficient Staff Training

When retailers hire new employees, it takes time to train them on complicated traditional POS systems. Sometimes the onboarding process becomes so long that it takes an entire month for an employee to be able to learn everything and get running on the ground. Retailers cannot afford this longer process amid peak season traffic levels.

Technology can expedite in-store training when new hires are acquired — advanced mPOS applications are incredibly user-friendly. By providing stores with simple and easy-to-use software that operates on iOS, new staff can be trained across a number of areas within the store in a fraction of the typical training time. This is especially significant for peak times when retailers hire for temporary positions to fill staffing gaps.

Jonathan Mauerer is vice president, operations at Teamwork Commerce, a leading omnichannel solution, providing retailers with point of sale, order management, inventory control, CRM, and analytics.

Perspectives for the third economy in Latin America

In this  outlook series of Retail in Latin America, we provide a vision of the challenges and perspectives of the retail sector that changed so much during the pandemic, and that forces us to change priorities to take advantage of the new opportunities offered by the sector, and overcome the new challenges.

To do this, we address some of the most relevant aspects for retail in Latam or retail trade in Latin America, current status, potential, comparison with other countries in the region, which allow us to look at what they face as challenges and what possible opportunities retailers have. in each of the countries.

In this article we address Argentina, a country whose name means Silver.

Argentina General Data on one of Latin America’s most important economies 

It is estimated that in 2022, the Argentine population will exceed 45.9 million inhabitants, being the third most populous country in all of South America.

According to data from the World Bank, Buenos Aires is the most populous city in the South American country, with around 3.1 million inhabitants, since the entire metropolitan area that surrounds it has more than 15 million inhabitants, being one of the 20 largest metropolitan areas on the planet.

Argentina, one of the largest economies in Latin America, has a gross domestic product (GDP) of approximately $490 billion, according to World Bank data.

With abundant mineral resources in energy and agriculture, in the territory of 2.8 million square kilometers of the country, Argentina has extraordinarily fertile agricultural soils, has important gas and oil reserves, and is rich in renewable energy sources. It is an impressive country in food production, thanks to its large-scale industries in the agriculture and livestock sectors.

Likewise, the World Bank tells us, it has great opportunities in some manufacturing subsectors and in the innovative high-tech services sector.

The Organization for Economic Co-operation and Development (OECD), notes that “After a strong rebound in the second half of 2021, GDP is expected to increase by 3.6% in 2022 and 1.9% in 2023.

Also, a recent agreement with external creditors will reduce political uncertainty and help gradually reduce long-standing macroeconomic imbalances.

Annual inflation has risen to 58% and is largely related to domestic factors, as key domestic prices are decoupled from global developments.

Currency controls, low international reserves and limited fiscal space keep risks high, which will weigh on investment in 2022 and 2023, the OECD also notes.

Use of the Internet and Social Networks

By January 2022, Argentina had 38.02 million Internet users, 39.55 million social network users, as well as 56.28 million mobile device users, according to the We Are Social Agency report.

Data published on Meta advertising resources indicates that Facebook had 28.40 million users in Argentina at the beginning of 2022.

Updates to Google’s advertising resources indicate that YouTube had 31.70 million users in Argentina at the beginning of 2022.

Figures published in:

• Meta advertising tools indicate that Instagram had 24.70 million users in Argentina at the beginning of 2022.
• ByteDance advertising resources indicate that TikTok had 11.34 million users aged 18 or over in Argentina at the beginning of 2022.
• LinkedIn’s advertising resources indicate that LinkedIn had 9.40 million “members” in Argentina at the beginning of 2022.
• Twitter advertising resources indicate that Twitter had 5.90 million users in Argentina at the beginning of 2022.

(With information from We Are Social)

Fashion Industry in Argentina

According to Fashion Network, Argentina has done better in the fashion industry than in the last 3 years. “The Argentine clothing industry continues to step on the accelerator in relation to its exports and closes the first quarter of 2022 in positive numbers with double-digit growth in both volume and value analysis, according to the latest report from the Argentine Industrial Chamber. of Clothing (CIAI).”

The annual expenditure of Argentines on clothing and footwear is 28.9 Billion Argentine Pesos (around 185,244,528 Million US Dollars), according to data from Fashion United.

The Argentine E-Commerce

Argentine e-commerce exceeded $1 billion in annual turnover for the first time in 2021.

This after the boom of 2020 with the quarantine, when the sector consolidated growth in 2021, with revenues of $ 1.5 billion.

According to the Argentinian Chamber Electronic Commerce (CACE), Argentina’s e-commerce sales volume increased 68% during 2021. Total e-commerce sales in Argentina totaled more than $1.5 billion. This is the equivalent of 196 million purchase orders.

According to an analysis by Americas Market Intelligence (AMI), in 2021, the e-commerce market in Argentina reached 18 billion US dollars, which represented an increase of 42% compared to 2020.

According to the AMI analysis, “the e-commerce market in Argentina will grow by 50% in 2022 to reach US$26 billion.”

On the other hand, the e-commerce market in Argentina will grow at a compound annual rate (CAGR) of 32% between 2021 and 2025 to reach a total of US$53 billion in sales.

Retail Growth in Argentina

According to a Google study cited by Trade and Retail, 77% of consumers enjoy shopping both online and in physical stores. In this sense, physical stores will have to adapt to the new availability of online commerce, a sector that is expected to grow by 56% by 2025.

They note that “The best channel is the one that works for the consumer and by 2025, online and omnichannel experiences will be critical to business growth.”

According to the study, “physical stores will take on a new role as distribution centers and points of experience and sales, and will represent 67% of retail sales growth in Argentina by 2025. And 85% of total retail sales in the country.”

Retail Trends in Latin America

A KPMG study notes the following general trends for the region:

• The new ecosystems and business environments 

One of the main secondary effects of a pandemic has been the collapse of the previously established consumption paradigm. The new purchasing model, including new business models and strategies for retail growth, has been instrumental in driving the industry’s value chain in a new and different direction.

• The reconsideration of the costs of doing business

This new way of doing retail has posed great challenges for the sector, especially in an environment that was an element in which many elements of the costs of doing business before (for the most part, the payroll expenses and those related to the spatial locations needed to sell products) factored.

• Purpose Driven Positioning 

The staggering number of consumers who gravitate toward brands and companies that lead their business based on a purpose or goal above them has only added more selection bias to these specific vendors. Sustainability, work ethic, fairness, inclusion in the community, diversity, human rights, animal protection, good governance and fair compensation are just some of those factors that attract consumers.

• The power of the consumer

It can be said that the importance of the customer being part of the corporate objective cannot be overstated. Join actions whose pillars are well-being, respect or respect for diversity, among many others; the corporate goal can be reduced to putting the customer’s needs and preferences at the center.

What are the main retail trends in Argentina?

América Retail & Trade y Retail show some very interesting trends for Retail in Argentina.

• Augmented reality: from the virtual to the tangible

Among other things, to show buyers what a product will look like when it actually reaches their hands.

• Cryptocurrencies: new payment method

As it is a digital medium of exchange, its massive adoption in electronic commerce is a matter of time.

In the world there are already stores that accept these currencies as another option when making a payment; and in Argentina they begin to appear as a possibility for companies of all kinds.

• Shoppable TV: new sales strategy

It is a functionality that allows you to buy live the products that are displayed on the screen. As they appear, they are accompanied by a QR code, so that the consumer can scan and buy the piece on the spot.

• Direct to consumer: the end of the intermediaries

The D2C or “direct to consumer” mode is becoming more popular every day. Here it is the manufacturers who sell their products directly to customers, without third parties intervening in the process.

• Omnichannel: customer’s preferences rule

A strategy through which brands are available to users through multiple platforms and channels, seeking to guarantee the greatest comfort and security in the purchase process.

A couple of omnichannel experiences are worth checking in Argentina: the Tortugas Open Mall, and Estudio Nube.

Ready to harness the Potential of Retail in Argentina?

Approach the experts in Retail technologies, to be part of the Argentine Retail potential.

Schedule an appointment with our representatives to go to your next level of retail.

Latin America may have a lot to say about augmented reality (AR) and virtual reality (VR) in retail, as more and more companies are using these technologies to improve the overall customer experience, making them unforgettable.

Investments in virtual and augmented reality have increased since the potential that visionary brands see in them will continue to grow. This trend has increased since 2019, the year in which it was projected “that the economic impact of VR and AR in 2020 added to 15.6 billion dollars.” (Forbes Mexico)

In this blog, we show you the advantages VR and AR technologies have for the world, some notable cases in retail, and how you can address the wave of these revolutions in Latin America.

What is Virtual Reality?

Virtual Reality (VR) is a computer-generated artificial environment that can simulate a realistic experience. VR technology tricks your brain into thinking you’re in a different place. When experienced with headsets and sensors, virtual reality can create the illusion that you are physically somewhere else.

What is Augmented Reality?

AR or Augmented Reality is the integration of digital information, with the user’s environment in real time. With AR, users can interact with virtual objects that are placed in their physical space.

How are Virtual and Augmented Reality used in retail?

In Latin America, virtual reality and augmented reality are used in retail to improve the customer experience.

For example, VR headsets can be used to view a product from all angles before making a purchase. Additionally, AR can be used to enhance the shopping experience by adding animations or images of people to the product display.

These technologies are also being used to improve stock management and sales analysis. For example, retailers can use VR to create a digital version of their store that can be used to train employees and test new products.

Additionally, virtual reality can be used to analyze customer behavior by tracking how they interact with products and screens.

Advantages of VR and AR in Retail

As virtual and augmented reality technologies continue to develop, retailers are taking advantage of the opportunities they offer.

• Improving the Customer Experience

VR allows customers to view a product in a simulated environment, while AR allows customers to see digital information superimposed on the physical world. These technologies can be used to improve the customer experience and increase sales, not only opening new channels but also adding to the creation of pleasant and memorable experiences for customers.

• Reducing returns and Clarify how the product will look like

Some retailers are already using VR and AR in their stores. For example, IKEA offers an app that allows customers to view furniture in their own homes before purchasing.

This helps reduce the number of returns, as customers can be sure that the furniture will fit in their space. Lowe’s has also developed a virtual reality app that allows customers to see what a new kitchen will look like before making changes.

• Opening the door to Creativity and WOW Experiences 

Retailers are also using AR to enhance the shopping experience. The potential will depend on how creatively these technologies are used, and having customer experiences in mind may very well improve them.

Relevant data on VR and AR in the Retail Industry

• Retail is projected to have the largest commercial investment in AR/VR technology by 2024, at $7.3 billion (IDC).
• 61% of customers prefer online stores that offer augmented reality experiences (BigCommerce).
• 40% of consumers would spend more on products that can be personalized in AR (Threekit).
• 70% of buyers would be more loyal to brands that provide AR experiences (ZDNet).
• Virtual reality is expected to make online shopping difficult for companies in the clothing industry. The website pymnts.com predicts that virtual stores will reduce the try-at-home effect by up to 25 in this industry. (PYMNTS).
• Retailers leveraging augmented reality at the peak of the COVID-19 pandemic saw a 19 percent increase in customer engagement and a 90 percent increase in consumer conversions. (Retail Customer Experience).
• Product pages with augmented reality and 3D experiences led to a 13% increase in average order size and a 21% increase in revenue per visit (Retail Customer Experience).

AR and VR cases that you must live and see to believe

There are notable cases worldwide worth learning about, and preferably experienced, about how augmented and virtual realities are used in the retail industry to improve the customer experience.

To get inspired we share with you some of the most notable retail industry cases according to Forbes magazine expert technologist Bernard Marr:

Nike

Nike stores have scanners for customers to use to know information about sneakers or clothes they are interested in, or they are invited to enter the Nike organization’s virtual reality world to walk through different stages of the production chain.

IKEA

Users can also visualize augmented reality on their smartphones by examining furniture footage via augmented reality applications with The Place.

L’Oreal

The company delivers services of virtual-reality makeup try-on, in partnership with Facebook. Customers can try the latest beauty brands, such as Maybelline, L’Oréal Paris, Lancôme, Giorgio Armani, Yves Saint Laurent, and Urban Decay.

Apple

During the pandemic, the giant used AR technology to showcase its products. Buyers can use AR Quick Look for new iPhone or iMac models, so they can see what they look like in their space or their hand.

Asos

This fashion retailer has mock models on their website that you can wear using AR, so you can see how the garments look on different body types.

What challenges do retailers face when implementing VR and AR?

The challenges retailers face when implementing VR and AR are primarily related to the cost of the technology and its lack of widespread use. Like all “new” technology, you have to go through a learning process and for this, we recommend going hand in hand with the experts.

Another challenge is that these technologies can be overwhelming for customers, who may not be used to such immersive experiences.

Retailers also need to create compelling content and experiences that keep customers engaged.

The main thing to keep in mind is the improvement of customer experiences. In this way, putting themselves in the client’s shoes, better deliveries can be made for everyone.

VR and AR in the Latin American Retail Sector 

The retail sector in Latin America is proliferating and is expected to continue to grow in the coming years. This is due, in part, to the increased use of virtual reality (VR) and augmented reality (AR) in retail stores globally, and growing adoption by customers seeking better experiences.

“It is estimated that by 2022 there will be approximately 1.1 billion mobile augmented reality users worldwide and by 2024 it will reach 1.7 billion users, which would mean an increase of 1.5 billion from the 200 million observed in 2015, according to data of Statista.” (Forbes México)

How will virtual reality and augmented reality affect Latin American retail?

Latin America is one of the regions where retail is growing the most in the world. And, with virtual reality (VR) and augmented reality (AR), it is expected to grow even more, as sensory experiences are overflowing the senses, meeting business objectives.

Of course, retailers in Latin America should consider VR and AR experiences to create more engaging shopping experiences for their customers.

Examples of virtual reality can be used to create virtual fitting rooms where customers can try on clothes without having to go to a physical store. AR can be used to show customers what products will look like in their homes before they make a purchase.

Retailers in Latin America are also exploring VR and AR to enhance the customer’s online shopping experience. For example, retailers can use Virtual reality to create 3D images of products that can be rotated and zoomed.

Global trends speak for themselves. AR and VR will be key factors for competitiveness in the global retail industry, and of course Latin America, the questions are when and how.

Going hand in hand with the experts will be essential.

Make sure you have experts in retail technologies to help you make better business decisions. 

Contact our representatives and scale your retail to the next level with Teamwork Commerce, as you prepare for the AR and VR-rich worlds.

Teamwork Commerce is a leading Omnichannel Solution, providing retailers with Point-of Sale, Order Management, Inventory Control, CRM and Analytics. They also boast an ecosystem of integrations with top solutions making unified commerce a seamless activity. Serving top retailers in over 20 countries globally including, Moose Knuckles, Colorado Rockies, Asics, Milwaukee Bucks, Catbird and Paul Stuart. Learn more at www.teamworkcommerce.com

A POS system is a crucial part of running a jewelry store.

When running a jewelry store, having a good POS system is essential. Not only will it help you keep track of your inventory and sales, but it can also help you manage your finances and customers. 

In this blog, we’ll share some advantages of using an Omnichannel POS system in your jewelry store. 

The Benefits of a POS System: A POS system can save you time and money.

By streamlining the sales process and automating many of the tasks associated with running a jewelry store, a POS system can help you focus on what’s important – selling jewelry. 

In addition, a POS system can provide valuable insights into your business, helping you to make more informed decisions about inventory, marketing, and overall operations. 

How a POS System Can Help You Increase Sales: A POS system can help you keep track of inventory and make it easier for customers to buy from you. 

If you own a jewelry store, you know how important it is to keep track of your inventory. A POS system can help you do this by keeping track of what is selling and what isn’t. This information is essential to decide what to order and how to price your products.

A POS system can also help you increase sales by providing customer loyalty programs and gift cards. These programs encourage customers to come back and make more purchases. 

In addition, POS systems can help you keep track of your sales goals and target customers. By understanding your sales data, you can better identify growth opportunities.

A POS system can also help you manage your customers’ orders and track your employees’ sales. Using a POS system, you can increase sales by keeping on track of what is selling well and what is not. In addition, a POS system can help you manage your finances by tracking expenses and providing insightful reports, and also it can help you better serve your customers. For example, some POS systems come with built-in loyalty programs that allow you to reward your best customers. 

A POS system can help you to know what inventory you have on hand, so you can order more when needed. It can also give you a bird’s eye view of your sales, so you can see what’s selling well and adjust your stock accordingly. 

The benefits of Omnichannel POS for Jewelry Stores

To keep up with the competition and provide the best possible customer service, jewelry stores need to have an Omnichannel POS system.

Omnichannel POS systems provide many benefits for businesses, such as the ability to have a single view of the customer, inventory management, and order management. 

A single view of the customer means that you can see all of the interactions that a customer has had with your business, whether it’s in-store, online, or through social media. This allows you to provide better customer service because you can see what they’ve purchased in the past and their preferences. 

Inventory management is another important benefit of Omnichannel POS systems. With this type of system, you can track inventory levels in real time so that you never run out of stock. 

Bottom Line: A POS system is essential to running a successful jewelry store. 

A POS system is an essential part of running a successful jewelry store. It allows you to keep track of your inventory, process sales quickly and efficiently and provides valuable data that can help you run your business more effectively.

Without a POS system, you would likely have to rely on manual methods for tracking inventory and sales, which can be time-consuming and error-prone. In addition, you would miss out on important data that can help you make better decisions about how to run your business.

Investing in a POS system is an important decision for any jewelry store owner. But with the many benefits it provides, it’s clear that a POS system is essential for any business that wants to be successful.

By integrating all sales channels into one system, jewelry stores can keep track of inventory, sales, and customers in one central location. This not only makes it easier to run the business but also provides valuable data that can be used to make strategic decisions about the future.

In conclusion, an omnichannel POS system is an essential part of running a successful jewelry store. By integrating all sales channels into one system, jewelers can streamline their operations, save time and money, and provide a better customer experience. If you’re thinking of starting a jewelry business or already have one, be sure to invest in an omnichannel POS system.

Teamwork Commerce is a leading Omnichannel Solution, providing retailers with Point-of Sale, Order Management, Inventory Control, CRM and Analytics. They also boast an ecosystem of integrations with top solutions making unified commerce a seamless activity. Serving top retailers in over 20 countries globally including, Moose Knuckles, Colorado Rockies, Asics, Milwaukee Bucks, Catbird and Paul Stuart. Learn more at www.teamworkcommerce.com

As the retail landscape continues to evolve, it’s more important than ever for retailers to use their POS system as a competitive advantage. 

As a retailer, you are always looking for ways to improve your marketing strategy and boost sales. One way to do this is to use your POS system to your advantage. Your POS system can provide valuable data and capabilities that you can use to improve your marketing strategy and boost sales.

Way beyond of having a solid marketing strategy in place is the possibility of using the existing POS system to your retail business advantage by leveraging what it can do for you in terms of marketing.

Make the most out of your POS System to Boost Sales:

In this article, we’ll discuss four points that retailers can look to, to make the most out of their POS System as a marketing strategy to boost sales. 

1. Plan ahead with a Strategy

By having a clear plan in place, you’ll be able to make the most of your marketing budget and efforts, align them with your POS System capabilities, and ultimately drive more sales.

There are a few key things to keep in mind when planning your strategy. 

• Target Audience. Know your target audience, what they are looking for and what their characteristics are, the more details you can get about pains, preferences, etc. the better, all the information that you can get its valuable information for your strategy.
• Objectives. Set realistic goals and KPIs so you can measure your success, in a determined period of time. 
• Marketing efforts. Make sure you have a mix of both online and offline marketing tactics in place. 
• POS System. Make sure you are using everything your POS System has to offer for you in terms of marketing, and that your POS software is omnichannel. 

2. Incorporate Personalization

In order to make the most out of your retail marketing strategy, it is important to incorporate personalization. This means tailoring your marketing efforts to fit the specific needs and interests of your target audience. 

Your POS system can help you track customer buying habits. This information can be used to create targeted marketing campaigns. For example, if you notice that a particular customer always buys a certain type of product, you could send them a coupon for that product the next time they come in.

By doing so, you will be able to more effectively reach and engage your potential customers. There are a few key ways in which your POS system can help you personalize your retail marketing strategy. 

• Audience Segmentation. Segment your audience and target specific groups with tailored messages. 
• Customer Data. Customer data such as name, birthday, preferences, and many more, can help you to create personalized experiences for shoppers. 
• Incorporate Cllienteling. Further customize your marketing strategies and create a deeper bond between your brand and your customers. 

By taking the time to personalize your retail marketing strategy, you will be able to better connect with your target audience and boost sales.  

3. Create a Seamless Customer Experience

In order to create a seamless customer experience, it is crucial that your POS system  can handle omnichannel, as it is important to consider the various touchpoints that a customer has with your brand, or your Customer Journey. This includes everything from discovery and awareness, to purchase and post-purchase. 

By making sure your POS system takes into account all of these touchpoints, you can ensure that your customers have a positive and consistent experience with your brand.

One way to create a seamless customer experience is to focus on creating consistent messaging across all channels. 

This means that your branding, messaging, and tone should be consistent no matter where a customer encounters your company. This can be achieved by developing a strong brand voice and ensuring that all communications align with this voice.

Another way to create a seamless customer experience is to focus on the overall user journey. 

4. Use Data to make informed decisions

As a retailer, you have access to a lot of data that can be used to inform your marketing decisions. There are a few key things to keep in mind when using data to inform your decisions:

1. Know what data you have access to. This includes understanding what data is available from your POS system, inventory levels, loyalty programs, e-commerce platform, and of course customers and sales.

2. Know what questions you want to answer with the data. This will help you focus on the most important metrics and avoid getting overwhelmed by all the data available.

3. Use multiple sources of data to get a complete picture. Don’t just rely on one source of data, such as sales figures from your POS system. Use customer surveys, social media analytics, and other sources of data to get a more complete picture of what’s happening with your customers and your business.

4. Keep your data up to date. If you wait until the end of the year to analyze, report on, and use your data, there’s a good chance it will be out of date by then. Keep your data up to date continuously so you can make better decisions faster.  

The benefits of using a POS System to Boost your Sales and Improve Retail Marketing

A POS, or point of sale system is a vital tool for any retail business. It can be used to track inventory, sales, and customers. POS systems can also be used to improve marketing efforts and boost sales.

There are several benefits to using a POS system to improve retail marketing. 

• POS systems can help businesses track customer buying patterns. This information can be used to create targeted marketing campaigns that are more likely to result in sales. 
• POS systems can be used to create loyalty programs that encourage repeat business. 
• POS systems can help businesses manage promotions and discounts more effectively.

Using a POS system is an effective way to improve retail marketing efforts and boost sales. Businesses that take advantage of the features offered by POS systems will be better equipped to compete in today’s marketplace.

Are you ready to use your POS system to help your business boost sales? 

Teamwork Commerce is a leading Omnichannel Solution, providing retailers with Point-of Sale, Order Management, Inventory Control, CRM and Analytics. They also boast an ecosystem of integrations with top solutions making unified commerce a seamless activity. Serving top retailers in over 20 countries globally including, Moose Knuckles, Colorado Rockies, Asics, Milwaukee Bucks, Catbird and Paul Stuart. Learn more at www.teamworkcommerce.com

It’s not a secret that a company’s inventory is one of its most important assets. That’s why it’s so important to have a sound inventory management strategy.

Having too much inventory can tie up capital that could be better used elsewhere, while not having enough inventory can lead to lost sales and unsatisfied customers, and hence, a poor customer experience.

In this article we show you 10 effective ways to improve your retail business inventory management strategy.

10 Key Ways to improve Inventory Management:

1. Track inventory data

There are a number of ways to track inventory data, and the best approach depends on the specific needs of the business.

It is imperative to have an omnichannel solution that allows you to track sales, regardless of the channel.

One way to track inventory data is to use a barcode system. Barcodes can be used to track individual items, and businesses can use barcode scanners to quickly and accurately track inventory levels. Another way to track inventory data is through the use of RFID tags. RFID tags are similar to barcodes, but they can store more information and they can be read without line-of-sight, making them ideal for tracking high-value or difficult-to-track items.

2. Understand what is selling and what is not

Inventory management is vital to the success of any business, but it can be difficult to keep track of what’s selling and what isn’t, unless you have a POS system with robust analytics that allows you to understand what you need to have more of, as well as what to produce less. This way you will be able to anticipate customer’s demand and have the right items at the right moment for the sales. 

3. Keep stock levels high for fast-selling items

One of the most important things you can do to improve your inventory management strategy is to keep stock levels high for fast-selling items. This will help ensure that you never run out of these items and that customers always have access to them. There are a few different ways to doing this:

First, you need to identify which items are selling quickly and in what quantities. This information can be found in your sales reports. Once you know which items are moving the fastest, make sure that you always have plenty of them in stock. It’s better to err on the side of having too much inventory than too little.

Second, you can use data from previous years to predict future demand for certain items. This will help you anticipate spikes in demand and make sure that you have enough inventory on hand to meet it.

4. Use automated inventory management tools

Inventory management is a crucial part of any business, and there are many different ways to improve your strategy. One way to do this is to use automated inventory management tools.

There are many different software programs available that can help you keep track of your inventory levels and reordering. This can save you a lot of time and hassle, and help you avoid stock outs.

Another benefit of using these tools is that they can help you keep track of your costs. This information can be very valuable in helping you make decisions about pricing and promotions.

If you are not currently using any automated inventory management tools, it may be time to consider doing so. They can save you a lot of time and money, and help you run your business more efficiently.

5. Forecast future needs

Forecasting future needs can be a difficult task for any business, but it is especially important for businesses that rely heavily on inventory. An effective way to forecast future needs is to use a demand planning system. This system takes into account past sales data, current trends, and customer feedback to generate predictions about future demand.

Another way to forecast future needs is to keep an eye on industry trends. This can be done by reading trade publications, attending industry events, or even following thought leaders on social media. By understanding where the industry is headed, businesses can make better decisions about the products they need to stock in the future.

Finally, it’s important to listen to feedback from customers. This feedback can be gathered through surveys, focus groups, or simply casual conversations. Customers are often the best source of information about what they want and need from a business.

6. Streamline your order process

The order process is a critical part of inventory management, and there are a few key ways to streamline it.

First, automate as much of the process as possible. This can include everything from placing orders with suppliers to sending out confirmation emails to customers. Not only does this save time, but it also reduces the chances of human error.

Next, create clear and concise documentation for every step of the process. This way, everyone involved knows exactly what needs to be done and when. This can help reduce confusion and wasted time.

Finally, make sure to regularly review and update your process. As your business grows and changes, so too will your needs. By keeping your process up-to-date, you can ensure that it’s always working as efficiently as possible.

7. Work with a dropshipper

There are many benefits to working with a dropshipper. Perhaps the most obvious benefit is that it frees up your time. You don’t have to worry about stocking inventory or shipping orders. The dropshipper takes care of all of that for you.

Another benefit is that it saves you money. You don’t have to invest in inventory upfront. You only pay for the products when you make a sale. This means you can start selling without a large investment.

Finally, dropshipping gives you more flexibility in terms of product offerings. Since you don’t have to carry inventory, you can offer a wider variety of products to your customers. This can help you stand out from the competition and increase sales.

8. Set up a reorder point

A reorder point is the level of inventory at which a company must restock its shelves. This point is determined by the company’s sales volume and the lead time, or the amount of time it takes to receive a new shipment.

Most businesses use a software system to keep track of their inventory levels and automatically generate orders when the reorder point is reached. This can help to ensure that you never run out of stock, but it’s important to remember that safety stock may be necessary to cover unexpected spikes in demand.

If you’re manually managing your inventory, you’ll need to keep a close eye on your levels and make sure you place orders in time. This can be more challenging, but it’s still possible to maintain an effective inventory management strategy.

9. Practice just-in-time Inventory Management

There are many things businesses can do to improve their inventory management strategy, but one key element is to practice just-in-time inventory management.

Just-in-time inventory management is a system where businesses only order the amount of inventory they need for a specific time period. This allows businesses to avoid having too much inventory on hand, which can tie up capital and lead to storage and other costs.

When done correctly, just-in-time inventory management can help businesses reduce their overall inventory levels, save money, and improve their customer service. However, it requires careful planning and execution. Businesses need to have a good understanding of their inventory needs and be able to forecast future demand accurately. They also need to develop strong relationships with suppliers so they can rely on them for timely deliveries.

10. Stay on top of trends

It’s important to stay on top of trends in the industry in order to make sure your inventory management strategy is up-to-date. There are a few key ways to do this:

First, read trade publications and attend conferences related to your industry. This will help you understand what new products or services are being introduced and how they might impact your business. Second, keep an eye on your competition. See what they’re doing differently and consider whether or not you should be making similar changes. Finally, talk to your customers regularly to get feedback on their needs and wants. This will give you insight into what direction you should be moving in.

By staying on top of trends, you can ensure that your inventory management strategy is always relevant and effective.

What can we conclude about Inventory Management?

Few things are more important to the success of a retail business than good inventory management. By keeping close tabs on stock levels, retailers can ensure they always have the right products on hand to meet customer demand. 

This helps to avoid costly overstocks and stockouts, which can negatively impact both sales and profits.

There are a number of ways to improve inventory management, but some of the most effective include streamlining data collection, adopting new technologies, and improving communication between all stakeholders. 

By taking these steps, retailers can develop a more efficient and effective inventory management strategy that will keep their business running smoothly, while improving customer experience so customers can keep coming back for more. 

Are you ready to take Inventory Management to the next level?

Schedule a demo of Teamwork Commerce and prepare to improve your customer Experience with top of the line Inventory Management.