With 59 years’ experience in improving operational efficiency and profitability of retail businesses, Retail and Assets Solutions (RAS) is urging the industry to avoid being one of the victims of the ‘death of the high street’ by taking proactive steps towards a future of omnichannel retailing.
RAS conduct stocktaking and supply chain management across a range of household brands including Jack Wills, Sainsbury’s, Tesco and Karen Millen among its clients, and many other of the UK’s leading supermarkets and high street retailers. As a leading provider of specialist retail solutions, the retail expert is suggesting that stock control and an effective use of technology could be a key to survival.
Physical shopping trips are a special occasion in today’s technologically obsessed, 24-hour economy, so retailers need to work harder to tempt shoppers to spend their precious time in store. A good hold on the stock profile ensures lines of stock are available for customers visiting the stores, particularly those who have identified products of interest through online marketing, and who want to take advantage of the benefits of shopping in store. A lack of in store stock, information or staff support, could be enough to put a customer off entirely - and probably make their feelings known across social and online channels too.
Graham Parker, Sales & Account Director of RAS said: “Omnichannel retailing is clearly the biggest challenge to arise over recent decades, and hand in hand with ever more sophisticated digital marketing methods, presents a huge challenge to retailers who aren’t optimising their online audiences, or ensuring their bricks and mortar operations are complementing their web offering.
“As seemingly steadfast brands disappear from the high street, retailers and retail specialists are all only too aware of the precarious industry that is emerging. This new retail landscape is one in which only those that react and adapt to the latest challenges will survive. RFID offers huge benefits to retailers, particularly in improving the accuracy and efficiency of stocktaking and checking stock loads in and out of stores, providing a more regular line in the sand in terms of stock accuracy.”
Customers are looking for the instore experience to be as simple and as painless as online, so retailers need to be implementing technology allowing shoppers to self-checkout; whether using instore scanners and checkouts or apps to deliver convenience and speed. When it comes to retuning unwanted items, single scan item return and quick refunds encourage shoppers to become more adventurous and impulsive with purchasing, both online and offline, which increases their overall spend and brand loyalty.
Retail is facing a dynamic range of challenges, but with the right approach, these challenges can present great opportunities, and a bright and an innovative future.