11/17/17
Finding ways to boost your KPIs across the board and in specific stores allows you to achieve higher profits and a bigger share of the market in your local community.
While overall profitability is usually the single most important KPI in the retail industry, other indicators have a significant impact on operations:
By creating clear-cut and measurable KPIs and collecting data from all your stores, you can determine which locations are enjoying a greater or lesser degree of success.
With the KPIs in place, it’s important to maintain records of the performance indicators over time to identify trends and to ensure that any anomalies in the data are taken into consideration.
This helps you determine where your attention and efforts could be best applied to achieve greater success and profitability.
One recently published survey about KPIs and customer experience recommended the use of advanced technology to measure performance and to identify areas of concern in specific stores.
According to survey respondents, adopting advanced technology solutions and implementing them effectively can provide significant benefits. Collecting data on-site and analyzing it in comparison with your other stores provides you with information on strategies that are working and those that require tweaking to produce the desired results.
Upgrading to technologies that allow on-the-spot collection of data can streamline the assessment of KPIs. Customer satisfaction ratings, for instance, could be collected at the time of purchase or through reporting kiosks or devices strategically placed throughout your stores.
Tracking the number of items purchased, the cost of those items, and the success of upselling or cross-selling strategies can be accomplished with relative ease at the point of sale.
Advanced tracking systems can even perform the necessary calculations to provide you with accurate return on investment data, inventory assessments, and other key pieces of information necessary to enhance your overall profitability.
Experience-driven retail strategies have attracted a lot of attention in recent years. With numerous online options for purchasing technology, customers are looking for a more personalized and appealing experience in brick-and-mortar stores. Your greatest asset for providing them with that experience is your sales team.
Sales associates who are knowledgeable about the devices they sell and how to best interact with customers to understand and meet their needs have a better opportunity to impact many of your KPIs, particularly profitability and customer satisfaction rankings.
Using interactive technologies such as the Intel® Intelligent Point of Sale system (Intel® IPOS) and Intel® Retail Experience Tool (RXT) give customers access to more information regarding Intel® products, available inventory, loyalty program support, and more.
The right employee training along with the right sales tools can boost morale and confidence of both staff and customers. This translates directly into improved interactions with shoppers in your stores.
Giving your sales associates the tools and the knowledge they need to deliver an outstanding experience for customers is critical to ensure the success of your stores.
The Intel® Retail Edge Program is one of the most innovative assets you have at your disposal to educate your sales associates on Intel® processors, technologies, and the devices and products they power. Gain more insight into how the participation of your employees in this program can positively impact your KPIs.
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©Intel Corporation 2017. Intel, the Intel logo, Intel Retail Edge Program, and Intel Retail Edge Live are trademarks of Intel Corporation or its subsidiaries in the U.S. and/or other countries.
