5 Benefits to Having a Strategic Retail Ticketing System
Having a consistent store-wide ticketing strategy might sound like a ‘nice to have’ for retailers dealing with increasingly complex environments. In research jointly sponsored by IBM Smarter Commerce and Booz Allen Hamilton, respondents to The Promotion Collaboration Survey repeatedly mentioned issues surrounding data as a major barrier for collaboration on promotions between retailers and manufacturers including:
- 75% - lack of data consistency — in hierarchies, formats, data attributes, etc.
- 67% - data that is not timely
- 50% - Inadequate tools to work with data
- 50% - Resources to utilise the growing sources of data
- 42% - Systems that can’t talk with one another so the data can’t be shared
Smart retailers understand the ticketing system is one of the places where they can circumvent these problems with data and improve organisational efficiencies. What are the other benefits to having a strategic ticketing service in place?
5 Benefits to a strategic ticketing service
1) Brand reputation enhanced
Get it right and your ticketing is consistent and accurate across all marketing touch-points. This ensures brand integrity in even the largest retail operations. This is especially important as the shopper demands a more seamless shopping environment for both online and offline shopping activity.
2) Compliance issues in pricing eliminated
Perhaps more important, pricing integrity is guaranteed which reduces the risk of falling foul of the various consumer protection acts governing the retail industry. Compliance issues is a popular topic on this blog because the stakes are so high for retailers. Not only are consumer watchdogs becoming more persistent, social media has given rise to the citizen watchdog who can easily inflict brand damage if they feel they’re being treated unfairly.
3) Competitive nimbleness
From a competitive standpoint, your organisation is able to produce more promotions and support more catalogues than ever before. Retailers are no longer tied to sluggish signage production schedules and can act nimbly on any number of market drivers with a strategic ticketing system in place.
4) Better utilisation of store personnel
Store personnel and corporate staff have more time to focus on their primary job and not get pulled into quick fixes, ad hoc ticketing and technology patches. In a large retail network, this can result in a significant time savings for floor staff on a weekly basis.
5) Hidden costs eliminated
Lastly, the hidden costs of ticketing disappear because the function is owned and managed from a single point. Retailers know exactly how much they’re spending on producing promotional signage and shelf-edge ticketing. As wastage is reduced, marketing and head office realise savings in productivity along with actual material costs in producing tickets.
What this means for retailers
At every turn, retailers are dealing with difficult and complex store operations. Shoppers are being presented with more choice than ever and, in turn, becoming more demanding. Compliance requirements are more stringent and less forgiving. Any one of these market drivers delivers a sizeable headache for the modern retailer and most are dealing with all three at one time. A strategic ticketing service can help retailers overcome these issues and provide additional benefits.
If you haven’t already read it, SignIQ has prepared a special industry report titled, Barriers To Growth and How to Overcome Them. Make sure it check it out – we’d love to hear your thoughts.