For retailers that are struggling or feel like they could be doing better, the new year might be the perfect time for a retail reset. With digital retail taking a bigger share of the market, brick-and-mortar retailers need to be willing to reinvent themselves to remain competitive. Naturally, this is easier said than done. That’s why we wanted to share some key steps and useful tips for how retailers can plan and navigate a successful retail reset in the new year.
Analyze Historic Trends for Successful Retail Reset
It’s impossible to have a retail reset without first taking a long look at the past. What has been done well? What has been done poorly? What are the best areas for improvement? It’s important to look at past sales and consumer behavior, as well as trends related to a specific industry or product line.
Every industry is different and will likely move in a particular direction in the new year. It’s only by looking at historical trends that a retailer can predict the right direction to move and stay ahead of the curve. Therefore, it’s important to collect as much data as possible about a particular industry before planning how to reset things.
Introduce Self-Checkout Options
Industry specifics aside, new technologies are bound to be a key part of any retail reset. This can be as fundamental as offering self-checkout stations. Many of the retailers that are falling behind do not offer self-checkout. This is born out of the need to give customers a quicker and more efficient checkout experience.
At the same time, self-checkout stations can also help to save money on payroll and free up employees to perform other tasks, which can help expedite a reset. In some retail settings, self-checkout stations have become so common that customers are surprised when they aren’t available, which is why they need to be part of any retail reset for a business that doesn’t already have them in place.
Incorporate Smart Scales and Carts
Self-checkout stations are only the start of how technology can help any retailer looking to reset things and move forward. Stores can also offer customers the option of using smart carts or smart scales that can further expedite the checkout process and improve the shopping experience.
With these types of tools available, there are fewer menial tasks for employees to complete, which allows them to focus on more important tasks that can help to reset and reinvent the business. Of course, adding more new technologies will help to move any business forward and keep it on par with the latest trends.
Communicate and Train Staff on Retail Reset Changes
Given all of the changes that come with a retail reset, employees must understand everything that’s happening and why things are changing. Therefore, communication with the staff is essential. They need to understand how their role or job description might be changing following the reset and what will be expected of them.
It’s normal for employees to require additional training as part of the reset. If the business is pivoting in a new direction and adopting new forms of technology, employees may need to be taught new skills and know how to help customers in different ways. Obviously, it’s impossible to perform a retail reset without getting employees on board. Therefore, talking to them regularly about change and providing necessary training are both critical steps in the progress that will likely be ongoing for many months.
Manage Inventory Better
For any retailer that requires a reset, it’s a safe bet that inventory management is one area that needs improvement. Even if it’s not, the changes that take place during a reset will likely require a business to look closely at its inventory practices and reassess. In general, inventory management is a huge key to success for retailers nowadays, especially those with small margins.
Fortunately, this is another area where technology can help during a reset. For instance, smart shelves and scale-up bays can help to track and manage inventory more effectively. These technologies allow retailers to track inventory more accurately and get inventory updates faster because the process is more automated and not as dependent on employees to keep track. The result is a lot more efficiency, not to mention more insight into what products are the most popular at different times of the year.
Retail Reset Training
During a reset, it can be a good idea to focus on product knowledge. This is a given if the product line changes, but even if it doesn’t, retail training might be necessary. Employees need to have extensive knowledge about every product that’s sold at a store, enabling them to pass that information to consumers. This can be a great way to build trust with customers, which is sometimes lacking in the retail industry today.
With proper retail training, a store can become an authority on every product that’s sold. Customers will begin to pick up on this, making them more confident in going to a particular retailer when they need something. Needless to say, this can improve the reputation of a business and lead to more sales.
Promote New and Successful Products
During a retail reset, it’s likely that there will be new products offered or a shift in what products will be the focal point of the business. When this happens, it’s critical to start promoting products the right way. Consumers need to know about new products, the best products, and even the top-selling products. Therefore, putting together promotions and displays of the right products is a key part of any reset.
Obviously, identifying these products is the first step. But the next step is using scale-up bays and other tools to display certain products in a way that makes them easy for customers to identify and find. The products that a store chooses to promote and display for everyone to see says a lot about the store. In other words, this should be a point of emphasis during a retail reset.
Want to know more about navigating a successful retail reset? Contact us today, our experts are more than happy to help, and ensure your business is set up for success in the new year.