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www.IndependentRetailer.com MANAGEMENT 10 Tips To
Grow Profi ts continued from page 106
programs to increase retention. 4) Have Each Sale Fuel
the Next One. Analyzing sales trends and inventory levels helps plan for future opportunities and prevents problems. By tracking data at the point of sale, retail- ers can quickly restock inventory to meet demand. 5) Create a Targeted
Experience. Consistently moni- tor which customers are loyal and which are likely to leave, when they’re likely to leave, and what factors infl uence their decisions to stay or go. All this information helps devise better retention strategies.
6) Improve Customer Ser-
vice. By having easy to access information for customers, such as recent purchases and location of purchases, retailers will be able to provide better and more informed customer service. 7) Organize the Supply
Chain. Gaining insight into in- ventory can generate reliable estimates of short, medium and long term demand, so that services, products and distribu- tion plans are always in place to meet expectations. 8) Beat the Competition.
An assessment of key perfor- mance indicators such as sales growth, inventory turns and frequency of stock-outs, will identify opportunities and gaps for profi tability, process improve-
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ments and competitiveness. 9) Create a Central Data
Source. Comprehensive, fast and secure visibility across processes can drastically improve your bottom line and significantly enhance customer service. 10) Leverage Your Existing
Assets. The ability to monitor sales and other performance metrics across all locations can help all users rapidly identify and react to trends. This article was adapted from
an online piece at Retail Online Integration, by Kevin Quinn, VP of Information Builders. ■
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