Known Problems Causing Massive Compliance and Wastage Issues
A current survey of large national and regional retailers in America provides disturbing information about in-store merchandise planning and execution. Retailers are experiencing significant reductions in revenue, compliance issues and wastage due to outdated processes. An alarming 63% of all respondents admitted to using low-tech solutions for managing their merchandise planning. Not surprisingly, the same percentage admitted to feeling pressure to grow sales. In an increasingly complex retail environment, tackling the known problems common to merchandising could provide competitive advantage. Thankfully, the solution to these problems may be easier and less costly than imagined.
Merchandising plans not being executed effectively
The new report from RIS News Custom Research and sponsored by RBM Technologies surveyed senior executives from corporate headquarters and did not include any store-level, field-level or regional employees. The research was conducted in June 2013 resulting in valuable insight into the current challenges faced by retail organizations. A resounding number of participants reported a disconnect between merchandising, marketing and store operations.
“No tech” solutions for managing complex retail environments
It’s no wonder retailers are experiencing a disconnect with their merchandising. Even though retailers are working in increasingly complicated operational environments, they still rely largely on paper-based management tools, namely Excel spreadsheets. Old school management tools like spreadsheets are useless in addressing the second biggest challenge reported – keeping up with the pace of change.
Because so many retailers lack an automated way to measure the success of a merchandising campaign, many simply don’t know with any certainty what level of compliance is experienced across the store network. Perhaps the most depressing part of the report is none of these problems are surprising. In fact, retailers widely acknowledge the difficulties as known problems.
How a strategic ticketing service can help
While these challenges can seem overwhelming, a strategic ticketing service is a good start to ensuring compliance and getting the merchandising process on track. Not only will a mature service work with all existing retail systems and corresponding data, the marketing department is supplied immediate business intelligence on what campaigns have been rolled out. Additionally, wastage is reduced because only the right tickets are printed in the right place at the right time. While costs are reduced, customer satisfaction increases because each store is executing according to plan.
For more in-depth information, make sure to read our special report called Barriers to Retail Growth and how to overcome them.
For the price of one cup of coffee
Now here’s the good news. Implementing a strategic ticketing system from SignIQ costs less than one cup of coffee per store, per day. If you’d like an easy solution to a known problem in retailing, pick up the phone to speak with SignIQ. We can give your marketing department the tools and analysis they need to run effective and efficient merchandising campaigns in every store in your network.