All businesses look to reduce costs without slaughtering the customer experience, however, balancing the two can be difficult to achieve if you aren’t up to date with the digital technology revolution that is currently in place. Technology such as mobile tech, scan as you shop and Click & Collect continues to reshape retail.
Balancing staffing needs and inventory while trying to cut costs can be difficult business, but it should be a big part of your business strategy. Implementing new ways of working and smarter buying ensures you are utilising your money in the right way.
If you’re stocking 9 types of jumpers but only 4 are flying off the shelves, then stock only the 4 popular jumpers. Understand the consumer shopping behavior – this will help you to realise what stock is needed and how much. The number of companies without a robust inventory management system in place is a shocking 46%!
2) Reduce Waste
Recycle paper, plastic and aluminum where possible (the UK generated 27.7 million tonnes of commercial and industrial waste in 2015), compare utility providers and the prices they are offering, eliminate fax machines and any phone lines that are rarely used. Use mobile technology on the shop floor to enable an agile operation. Mobile apps can help with both stock control and reducing wasted hours amongst store staff. An employee is 22% more productive when engaged and according to recent findings by Gallup, only 21% of employees feel their performance is managed in a way which motivates them!
Did you know on average 16% of the money a person spends on a product pays for the packaging, which inevitably ends up as rubbish!
3) Share space
Why not welcome concessions into your stores? Digital vendors are increasingly seeking partnerships with brick and mortar stores, recently Peacocks has introduced the Jane Norman brand into some of their stores throughout the UK, Sainsbury’s introduced Argos, Laura Ashley introduced Homebase and there are many more!
4) Ensure your workforce is fully trained on products you sell
A little while back we discussed how disheartening it can be for a customer who wants to learn more about a product before purchasing it, only to find that the sales assistant doesn’t have the product knowledge. Make sure staff are fully trained on the products you provide – an option could be to utilise WFM mobile apps to ensure training is scheduled for those who need it.
A smile is more than just an expression, it can influence a customer’s perception of your brand. It’s also a reflection of the way your organisation works, if an employee is happy then it’s evident they are being treated well by the company they work for. It’s an invitation which helps your staff build rapport with others.
Did you know? Engaged employees better serve their customers resulting in a 10% boost in customer satisfaction!
How can REPL Group help?
At REPL Group, we offer a variety of workforce management and employee engagement solutions fit for our contemporary society that can automate and help to track your inventory levels, help make the task of having fully trained staff on the shop floor at the right place and at the right time easy and so much more. If you’d like further information do not hesitate to give us a call on +44 (0) 1564793731 and one of our consultants will be happy to start helping you to reduce costs without affecting the customer experience!