8,640 Brick and Mortar Stores will close in the next 12 months.*
What’s happening? Everything, including this blog post, is accessible through our phones (aren’t you reading this on your phone?).
The trend is clear. Our all-access pass to information has transformed consumer behavior and expectations.
For retail, this means product information is real-time and accessible from anywhere. As a result, your customers are craving purchasing convenience and you must have the right inventory, sellable across multiple channels, and available to them.
I’ve previously written about why retailers worst enemy is their unsold inventory. However, in this blog, I want to focus on why it is more important than ever to have accurate data and connected retail technology.
We’ve helped many retailers improve their cash flow by making data focused buying decisions. Prior to becoming the Client Success Director at RICS, Jimmy Richburg was able to use inventory reporting to grow Fleet Feet 20% YOY every month of 2013.
There’s no secret method or process.
The key is the proper use of the data and strategic buying decisions (Ps. If you need help interpreting your RICS reports, click here and we’d be happy to assist you).
Brick and mortar is here to stay, but it’s changing. This change means you need to put a heavier reliance on your inventory data and connected retail technology.
You may be asking… What if the timing isn’t right? What if it’s too expensive?
There’s a cost associated with waiting.
How much are you willing lose in unsold inventory due to bad systems or inaccurate data?
Even an upfront investment can be outweighed by the ROI of having connected, real-time retail technology. The cost of putting off the implementation is even greater. By waiting you aren’t living up to the evolving expectations of your customers.
This is why our onboarding process is focused on making the transition quick and simple. We start by establishing a plan with milestone to get your ready to go live. We provide hands-on training and train your employees to become confident users.
So, what are you waiting for? It may be costing you more than you think.