Operations
New Goals New Year,
Top tips for strategic planning in 2017. By Keith Loria
such a short time. It’s also the perfect time to reevaluate your company strategy and take stock in exactly where your company is now and where you want it to go. “Strategic planning should be looked at every couple of
A
years, as is the case for any business,” says Oliver Guy, retail leader for Software AG. “A strategic plan should be a ‘living breathing’ entity that is adapted over time rather than being only revisited at specific intervals.” Andy Wong, partner at Kurt Salmon Digital, a digital
retail consultancy firm and the engine behind technologies like smart fitting rooms, interactive mannequins and integrated mobile apps, notes that as e-commerce continues to transform the retail landscape, physical stores are a struggling part of consumer engagement. “Few retailers are optimizing their brick and mortar
operations and are failing to strategically harness technologies that enable personalized and engaging experiences that today’s shoppers crave,” he says. “Brick-and-mortar retailers need to do a lot to keep up with e-commerce players.” So, now that you’ve popped the champagne to welcome
in the New Year, take some time to set goals for your business and come up with a plan on the best ways to meet those objectives.
76 Specialty Retail Report n Winter 2017
s we enter the 17th year of the new millennial, it’s a great time for businesses to reflect on the 21st Century and all the changes that we’ve seen in
Follow these ten simple steps to jump start your planning:
Provide a great digital experience One of the huge advantages of specialty retailers/brands is their ability to reach/target customers. Whether it is to keep existing customers engaged, reach new customers, or develop brand advocates, specialty retail stores should take advantage of every digital channel online and in stores to enhance the customer experience. “Brand affinity and emotional connectivity with a brand will be huge success drivers for specialty retail as the number of offerings continue to grow in 2017,” Wong says.
Location is key Finding the best location for a store is critical, according to Guy. “Securing a location that is beneficial to what you sell is important,” he says. “For example, if you sell mobile phone accessories, having a kiosk close to a mobile phone store is great.”
Regional inventory planning As the retail square footage shrinks and niche products and categories drive larger percentages of revenue, specialty retailers will have to be smarter about the inventory they provide, customizing it to fit geographic (local, regional) preferences wherever possible.
SpecialtyRetail.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84