14 Jun Close the compliance gap to drive CvR in store
Today’s consumers don’t tend to head to the high street to buy a specific product – if they know what they’re looking for they’re much more likely to browse Amazon, compare prices and make a purchase online. They go to retail stores because they aren’t sure exactly what they want to buy but they want to be inspired, and they want an amazing in store experience.
They’ll compare their time in store to the experience they have in Lush, Apple and Nike – who are experts in the field. While these super cool, flagship experiences are a great way to get shoppers through the doors, they’re usually in big cities, and most shops aren’t like that.
Stores don’t need a perfume vending machine like Covent Garden’s Tiffany Style Studio or Charlotte Tilbury’s Magic Mirror – they just have to do store retail brilliantly. That means eye-catching window displays and sharp visual merchandising that showcase product beautifully. Not to mention attention to detail in replen and other back office processes and – of course – welcoming, helpful, knowledgeable store staff who can provide an outstanding service and help customers part with their hard-earned cash.
It’s time to crack down on time to compliance…
Perhaps you’ve invested time, effort and money creating a compelling new season launch package for your stores, with eye catching windows, commercial point of sale materials and clear VM guidelines. Although you’d like every store to be perfect at 9am on launch day, you know it will take time to get every store 100% compliant. But how long? 12 hours, 48 hours or even a week?
We all know retail is about getting all these details right every day and, in every store, but we often hear retail leaders say that only 6/10 stores “do it right first time”. And they tell us it can take up to 2 weeks to be sure that a change – a new season launch maybe, or a vital promo – has been implemented correctly in every store.
And of course, for every day those 4/10 stores are not executing brilliantly, they’re impacting their conversion rate, sales and ultimately margin.
We call this the compliance gap.
Experienced Area Managers have an intuitive feel for this and know how important it is to work with their store teams to close the gap.
But retail has moved on. It’s not OK to take 2 weeks to get all your stores perfect anymore. You can’t afford only 6/10 stores to be trading on point.
That’s where new tech comes in.
Today’s challenging retail market demands a new approach to driving store performance. The availability of new technology – from mobile devices, software applications, analytics packages and even AI – means you can capture store level operational data; and use this
insight to drive performance.
Customer expectations are rising inexorably. Retail profitability is under pressure, so ensuring your store teams are performing at their best has never been more important. A data driven approach to compliance can unlock new insights and help you identify the activities that have the greatest impact on sales and margin.
With a purpose built task management system like StorIQ, it’s possible to track completion rates, so you can get your stores compliant faster. That means you are able to manage down the compliance gap to improve conversion rates in store.
Looking to improve conversion rates in store? Why not schedule a demo with StorIQ? Click here to see what our platform could do for you!