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To manage your time effectively, you have to understand why Retail Managers need a unique approach to time management. There are a lot of people working in a number of industries that just can’t use the standard time management techniques that are out there. And…
Retail Location Selection & Market Potential through Predictive Analytics Increased competition and shrinking profit margins in the retail industry have necessitated a demand for sophisticated predictive analytics. Organizations want to know what they can expect from a new or existing location over the long…
Educate store personnel regarding Head Office functions….and vice versa! At DMSRetail Inc. we’re strong believers in educating others by sharing information for the benefit of everyone in the organization. Where there is ignorance, there is speculation. And speculation is not necessarily a good thing….
Retail Market Basket Analytics Retail Market Basket Analytics are used to analyze the relationships among items that a given consumer purchases (what they put in their “shopping basket”). This information is then combined with comprehensive consumer information databases and qualified predictions are made about…
Should you gently nudge your customers to give you a high score on their Customer Service Survey? Recently, I was shopping in one of my favorite stores – they have clothing and accessories for men, women, kids, infants; they have houseware and pictures and exercise…
Customer Lifetime Value Prediction DMSRetail uses sophisticated predictive analytics to help retailers build Lifetime Value (LTV). Attrition and Retention scores for their customers, products or segments. Strategic deployment of these results are proven to reduce churn and increase marketing ROI across the most profitable…
You need Retail Math knowledge to run your business profitably. Retail organizations – in fact, any type of organization – must have figured out this equation early on…. Sales – Expenses = Profits Or have they? Plenty of businesses go ‘Out of Business’. Maybe they…
At Costco, no one expects or needs much assistance while shopping. Everyone knows how it works. They sign, ticket and present their merchandise clearly and correctly. Rarely is there a need to ask an employee a question regarding general merchandise. If you do need…
Loss prevention means ‘to prevent losses of company assets’. Shoplifting creates losses of one of the company’s most significant assets – their inventory. To a new retail person the idea of dealing with a shoplifter (sometimes referred to as boosters but this is usually…
During the holidays you can expect to see heavier traffic volume in your store. This requires a different approach on the sales floor. Often, during these busier times, customers outnumber associates. While it is a wonderful problem to have, there are certain things you…