Retail companies face constant pressure to increase revenue and profits year over year. Today’s consumers expect prompt, personalized service. Meanwhile, retailers also face ever-growing competitive pressures, channel blurring, omnichannel service investments, the war for talent, and complex regulations related to managing their people.
Too many retailers are trapped in a vicious cycle in which they cut employee wages, hours, and coverage, while being asked to increase sales. Cutting wages and headcount impacts the level of service provided. Which erodes consumer loyalty, same-store sales, brand differentiation, and market share. The stress is apparent.
Retailers need new ways to optimize in-store traffic with unified commerce demands. They need to get the most value out of each labor dollar spent to maximize business performance and delight consumers. In a tight labor market, managing the biggest cost on your books – your people – is becoming increasingly complex. Cost-cutting alone isn’t the answer in today’s market – it’s only the first step in becoming a more efficient retail business, while also looking for investment areas.
Leading retail organizations need to leverage current-day technology to optimize their associates’ work life and the goals of the business. Smart retailers turn their data into insights and consumable bits of information. Instead of being tactical and reactive, retailers can focus on strategic activities and work. In this guide, we’ll show you how, by highlighting areas that will help drive efficiency across your retail business.
This guide will address the following key questions: