I’m not a big gamer, but I sure enjoyed playing the classics – Mario, the Snake that made our Nokia phones awesome and even the game that took Android gaming by storm, putting Ankor Wat on everybody’s Bucket list – Temple Run. And do you know what I loved best about these games? The Power Ups. They can make or break your game. If you don’t take it and use it at the right time, you are doomed.
Our retail world is no different. The last great Power Up was Omnichannel. All retailers made sure they got their power up and used it to the fullest and many succeeded with brilliant colours. But as a retailer, have you been using the right power ups for each of your channel? Let’s take the most important touch point for your business – your stores. Are sure you are doing everything at hand to unlock the levels of growth you wanted to achieve?
Here are five power ups you need to use immediately if you want to stay in the game and beat the competition.
Store Staff ++
This power up is all about empowering your staff to connect better with the customers. Studies have revealed that if a retailer concentrated on improving their staff’s performance by just 50%, their sales would grow by more than 30%. And this is if they only concentrated on their low performing staff!
People power can play wonders. Focus on hiring the people that you know will be the best personification of your brand. Training them and getting regular feedback from them reassures them that they are an important part of the business and will start contributing more towards it. Share the data you collect on the store – like peak traffic hours, low performance times etc – to help them schedule their store activities better. If used wisely, this can be the best power up you hold.
What’s a strategy without a goal? When you are setting your game plan for the store, ensure you have defined targets for the overall brand and the individual stores. Transactions alone cannot spell out how well or bad your store is performing. Store conversions is the right metric to check how you are converting every customer who walks into your store into a buyer.
Setting the right goals and a standard and accurate way to measure them will help you know exactly how your store is doing so that you can take more informed decisions regarding your stores.
No doubt. This power up is definitely something you want for yourself. But are you aware when this power up becomes available to you? Are you aware when you have the maximum traffic at your store?
One leading brand we worked with thought it knew when the traffic at their stores were at its peak and had their staff breaks planned around this. After careful analysis with Capillary’s AI powered VisitorMetrix, they realized that their traffic was at its peak in the afternoon, contrary to what they thought. A reshuffling of their break timings based on the new data netted them a 15% increase in conversions.
This one is one of those ultimate power ups. Give your customers the best experience, and they are bound to stick with your brand forever.
But this requires data and knowledge on your customers. When do they come in? Where all do they move around at the store? Does your store staff know enough on the customer to give him/her a personalized shopping experience?
Here at Capillary, we believe in giving the power back to the store. Hence Experience ++ was the biggest power up we had in store for the retailers. Imagine what you can do with all the information about the customers walking in at your store staff’s hands. Impossible? We think not.
Do you know exactly where you need to make your investments and how much of it to make? Do you know for sure which stores require attention? And which ones are good to go as they are?
Decisions like these require you to have all information possible on all your stores – footfalls, customers shopping patterns, spend patters, frequency, heat maps etc. etc. And no, this doesn’t mean you need to invest on multiple systems to enable accurate tracking. For example, Capillary AI powered solutions work in sync with your existing POS system to track all of this and more at each of your store. You can track these figures at real-time from your office and take decisions on how to make most of a ripe opportunity the moment you see it. Isn’t that be perfect?
So there they are. Five power ups that each retailer needs to unlock higher and greater levels of sales growth. How many have you been using to your advantage? Let’s talk more and see how we can help you make most of these.