iPlan

A business needs to innovate or they risk becoming irrelevant.

The typical sales model no longer applies for retailers. There’s no doubt that there will always be a need for brick and mortar stores; people need to touch and feel a product before purchasing it. In fact, over a third of online consumers cite this as the top reason they don’t prefer to buy online.

Today, however, it’s really all about convenience: consumers want to buy whenever they want to, wherever they are, and as easily and hassle-free as possible. They may love shopping at your store most of the time; but they also want to be able to purchase from you when they are stuck at the office late or at midnight when they are shopping for holiday gifts. Retailers big and small must integrate multi-channel retailing into their repertoire or they will experience attrition in sales and their customer base consistently.

The latest innovations in retailing tend to be adopted early by large retailers. Consider these interesting new innovations:

• Nordstrom’s just announced that they are testing a mobile application that will allow customers to order custom made men’s suits whenever they desire. Can you imagine sitting in your hotel room at midnight, while away on business in Asia, ordering several thousand dollars worth of custom, high end suits?
• Neiman Marcus has a mobile app that allows you to work with your favorite sales associate.

Are you embracing innovation in your business? If not, imagine the impact of the following scenarios on the success of your business.

A frequent client stops by your shop, looking for a dress for an upcoming special occasion.  After trying on several dresses, she leaves, saying she’d like to think it over more. Later that week, she decides on one of the dresses at your shop, but she’s at a mall twenty minutes away and your store is closing.

She looks up your store on her mobile phone’s browser so she can purchase it and then pick it up tomorrow. Alas, your webpage doesn’t have mobile capability. She gets frustrated when it’s cumbersome to navigate your site, and ends up ordering the same dress from another store at a nearby mall.

Loss of convenience = Dollars flying out the window.

Your children’s retail boutique recently started carrying a decorative accessory that is aimed toward the preteen girl’s demographic. It’s predicted to be the new hot trend. While in-store sales are fairly flat for this item, they seem to be selling well online. However, you don’t have the time or the tools to assess who’s buying these items. You soon run out of stock and the item is backordered.

If you had a retail management solution that integrated with your multi-channel retailing, you’d have quick access to important customer data, such as detailed demographics of purchasers as well as anyone who clicks on your site. What if a young teen in Texas wore this to her school and started a huge trend, which quickly spread in the area?

By having quick access to this data and integrating it with your social media platforms and customer loyalty programs, you could have marketed to a targeted demographic. Instead, some other retailer has capitalized on the trend. 

No management tools = Lost sales.

You own a chain of electronic and consumer goods stores. They become crowded during weekends, especially when you are running popular promotions, and it often seems like your sales staff isn’t able to keep up with all the questions.  A male shopper who is well-versed in IT equipment stops by to purchase a computer and other accessories, all of which are on sale. However, he can’t get anyone to help him and the checkout lines are long. Because he’s in a hurry, he leaves and plans to come back later. But he doesn’t get a chance to stop back before the sale ends, and takes advantage of a competitor’s sale on the same item the following weekend.

If your store had been equipped with mobile solutions, such as in-store tablets, your customers could order their purchases throughout the store and speed up the process.

Imagine making your customer’s shopping experiences a simple and easy task. Whether at home, on the road, or in your store, your innovative systems are providing them with ideas, information, and convenience. This translates into more sales and revenue for your business.

Can you afford not to innovate?