10 Retail Resolutions for the New Year
6. Improve customer service. Personalizing and providing quality customer communications will always remain extremely important. By having easy-to-access information for customers, such as recent purchases and location of purchases, retailers will be able to provide better and more informed customer service.
7. Organize the supply chain. Gaining insight into inventory can generate reliable estimates of short-, medium- and long-term demand so that services, products and distribution plans are always in place to meet expectations.
8. Beat the competition. This is a no-brainer on many retailers’ lists, but it’s time to stick to it. An assessment of key performance indicators — e.g., sales growth, inventory turns and frequency of stock-outs — will identify opportunities and gaps for profitability, process improvements and competitiveness.
9. Create a central data source. Comprehensive, fast and secure visibility across processes can drastically improve your bottom line and significantly enhance customer service. Create a central system where multiple users can quickly drill through accurate and easy-to-use data from a single source.
10. Leverage your existing assets. Although sales, trends and customer data exist, for many retailers they're often relegated to separate silos. The ability to monitor sales and other performance metrics across all locations can help all users rapidly identify and react to trends.