Artificial intelligence (AI) has the potential to revolutionize the retail industry, offering retailers new ways to enhance customer experiences, improve operational efficiency, and gain insights into consumer behavior. Here are some of the ways retailers can utilize AI: 1. Customer Personalization: AI can analyze…
External Conditions Most retailers generally plan their targets, or budgets, based on the actual sales of the previous year. As the saying goes ‘past performance is a great indicator of future performance’. But every wise retailer will also carefully look at external conditions before…
Retail Sales Metrics In a retail environment, there are 3 key factors that have an immediate impact on sales performance. Sales = Traffic (Footfall) x Conversion Rate x Average Sale Traffic is the number of new prospects and repeat customers coming into the store….
Retail Management Dashboards by DMSRetailIQ Cost-effective high value business intelligence capabilities and value-added analysis services that enable retail companies to get the most relevant information to business users as quickly as possible. DMSRetailIQ’s hosted dashboard, reporting and analytics platform provides a new, cost-effective option…
Test your retail management analytical and problem solving skills. Here’s the case store situation: In a busy regional mall, which has been operating for approximately 30 years, and which has undergone several renovations, there is one very unusually positioned store. The store sells women’s lingerie. It is…
Are you calculating your missed opportunities on a regular basis? If you are then, presumably, you are doing something to reduce them. If you aren’t, you are leaving money on the table…maybe lots of it! Check out the example, below, where even if only half of…
Effective Use of a Good Inventory Plan Is the first step to prosperity, growth and the path to recognize and exploit opportunities. The Inventory Plan is the template that a retailer uses to guide the many decisions that lead to that desired prosperity. DMSRetail…
Sometimes the easiest way to solve a problem is not the most obvious. When sales are down from a previous comparable period, or under target, when people are not performing as well as they need to and when all you hear are excuses day…
Retail Staff Motivation and KPI’s As any retail professional knows, KPI’s (Key Performance Indicators) provide valuable information about the retail operation as a whole, and about individual business units – stores, for instance. Often, store performance is quickly evaluated on the basis of a…
Customer Profiling A customer profile is a series of descriptive phrases that paint a picture of a selected retail consumer target. A good profile will answer the questions “Who are these people?” and “Where do they live?” A profile is built from demographic, expenditure,…