Home » Effective Ways To Optimise Your Retail Operations

Effective Ways To Optimise Your Retail Operations

The retail business was critically affected during the pandemic. Companies stepped up to create a strong presence on online platforms as the world became digital. Although online spaces have been thoroughly optimised in recent times to enhance customers’ shopping experiences, the feeling of shopping in a brick-and-mortar store is incomparable. Therefore, since the situation has started to improve, retail store businesses are back into the game. The competition has increased in the market. New marketing and sales strategies are being curated to keep up with the market trends, consumer demands, competition, etc.

Retail store merchandising is an essential part of improving business. With the technological advancements in the industry, retail store audits are done efficiently using the retail store audit app. Based on the results, retail operations are optimised.

Following are ways to ensure optimised retail operations:

Optimise the layout of your warehouse

A good warehouse layout helps streamline the workflow and ensures that the logistic team works efficiently. The key is to use the space effectively. If you’re already using a warehouse or planning to have a new area, the layout needs to be planned and redesigned to optimise efficiency. One size does not fit all. Thus, a retail store audit must be conducted before creating the store merchandising strategy. It is recommended to place the best selling products at the center of the store while the essential, necessary items must be placed right at the back. Sample similar products together and carve a path for customer movement.

Conduct regular stock checks

It’s important to verify the number of merchandise and their condition in the warehouse. This is called stock-taking. The term “wall-to-wall” or “inventory checking” means the same. The process provides a retail audit report of the existing stock. Regular stock audits help rectify errors and issues related to missing or damaged goods. Checking the reserves manually is a tedious task. However, with a retail store audit app that can feed and record real-time inventory updates, the job will get faster and more efficient, reducing the chances of error. Some retail owners conduct these checks as part of an intensive annual audit. The regularity may vary from business to business.

Perfect your order rate

The Perfect Order Rate refers to the number of orders shipped without any incidents. The incidents may include damaged goods, inaccurate orders, misplaced items, or late shipments. As a retail business, the aim should be to attain a high perfect order rate. When the rate is higher, it indicates organisational efficiency and maximum customer satisfaction. By understanding the underlying reason behind your slow, ideal order rate, you can improve your performance. Analysis of data can be done using a retail store audit app.

Get involved with cross merchandising

Cross merchandising is one of the best merchandising ideas that retail stores can practice. It improves the customer experience while increasing sales. Cross merchandising requires proper planning and execution. However, experimentation and improvements are a vital part of this process. It’s a visual merchandising strategy that involves complementary products being placed together. Your store could put the item that needs to be pushed next to the best-selling item to ensure that customers look at the product. The strategy helps customers by saving their time while assisting them in purchasing.

Report on in-store sales

Promotions and marketing strategies drive more traffic in stores and are aimed to increase sales. However, these activities must be recorded and analysed to understand what works for your brand and what doesn’t. One can improve sales and generate maximum revenue through comprehensive evaluation and gradual changes in strategies. Inventory and sales reports must be structured and organised. The team works in unison, and business activities stay aligned when reports are clearly defined. You can make well-informed decisions as a retail store owner by studying past reports.

Improve the layout of your brick and mortar store

The layout of your brick and mortar store can lead the customers to take desirable actions. The floor plan is a vital part of your retail merchandising strategy. The choice of the right plan for your store varies, depending on the size of the store, the products you’re aiming to sell, and most importantly, the target audience. You must ensure that there is enough space between the products and the fixtures in the store. Any kind of hindrance for customers must be dealt with immediately. Carve a space that allows customers to move freely within the store. You might also want to induce some speed bumps along the way so that customers do not move very fast.

Ensure correct stock levels across your sales channels

Managing inventory is a vital task in business operations. However, it is even more essential to ensure that the inventory is well-managed over different sales channels. Your business might be available online and in various outlets. It is crucial that you generate stock reports regularly and process the information on a single inventory management system. One can use the retail store audit app to analyse and update data. Real-time updates can help prevent stockouts, misplacement, and overselling issues. An adequate system to manage inventory across multiple platforms will reduce the pressure on your staff.

Review profit margins by sales channel

To measure the profitability of a sales channel, you must factor in the varied costs of the company. Include the cost incurred by the business in pre-production, production, and post-production too. The total expenses are investments by the industry into the product and the various sales channels. The difference between the cost and the revenue generated through sales determines the profit margin. Evaluating the profit margin per sales channel will allow you to track which platform works best for you and optimise it for better results.

Automate your omnichannel workflows

Small to large businesses are focusing on automating every aspect of their business. Automation helps increase efficiency and generate maximum profits. Automating workflows allows you to focus more on growth activities and shift your focus from mundane tasks. A retail store audit app can help structure your workflows and ensure efficiency within the organisation.

Scroll to Top