8 good intentions to give your retail organization a kickstart

As we start a new year, it’s time to break the cycle of forgotten resolutions and actually make a difference in your business. Take some time to think about your goals and create a roadmap to success.

To help you along the way, here are eight resolutions that will make 2024 your most successful year yet. Are you ready to embrace this opportunity and achieve great things?

1. Take control of your entire business

Do you spend hours every month trying to understand your numbers? Can’t your staff see what products are available in your other store locations? Do your managers have no idea what’s happening in their store when they happen to be on the road? If you answered “yes” to these questions, you’re probably still using separate software solutions to manage different parts of your business – front office, back office, e-commerce, inventory, and so on. Plus, there’s a good chance your customer service is suffering from this gap. This is the moment for change . Give yourself a well-deserved New Year’s gift and implement an integrated retail software solution that covers your entire business, from front to back. You’ll save time, a lot of paperwork and your customers from slow, ineffective service.

2. Speed ​​up the checkout lines

This is simple! Faster service at the checkout means more sales, satisfied customers and more time for your staff to spend on service. We’ve already discussed several ways to reduce checkout lines . To find the right solution for your business, start by analyzing the situation in your stores. Do long queues form at peak times because there are too few cashiers available? Does your POS system have a tendency to freeze or fail, slowing down service? Identify the reason and find a solution. Your customers will thank you.

3. Encourage and reward loyalty

It costs between 5 and 25 times more to acquire a new customer than to sell to an existing one. Investing in encouraging repeat visits pays off! And the most popular way to encourage loyalty is through a rewards program . When done right, a loyalty program can give you twofold benefits: more repeat customers, and a better understanding of your customer base . Loyalty programs collect a wealth of data – your customers’ age, gender, product preferences, favorite shopping times, etc. – that you need to collect and use to create targeted promotions and communications. However, be careful when designing your program: not all loyalty programs are equally effective.

4. Play the social media game

Social media is here to stay. If you are not yet active on the platforms where your customers are , now is the time to start. Before you start, remember these 5 important rules of social media:

• Be honest, friendly and approachable . Social media is not the place where you should sound distant or businesslike.
• Be consistent . When you start a page on a social media platform, you can’t just post whenever you feel like it. Develop a strategy, publish content relevant to your audience and image, and post regularly.
• Make it fun ! Organize games, competitions, raffles. People look at your page in their spare time, to relax – make it worth it for them.
• Keep the communication channels open. Many consumers express their comments and complaints on social media, and ignoring them is not a smart strategy. In fact, according to a recent survey from Sprout Social, 50 percent of consumers say they boycott brands that ignore their complaints on social media. Always respond to fan comments and questions!
• Differentiate yourself from the rest.

If you’re planning to get started with Instagram, we have some tips for you.

5. Focus on sustainability and the environment

Consumers are increasingly prioritizing sustainability and environmentally friendly practices when making purchasing decisions. Research from Nielsen indicates that 73% of global consumers say they would change their consumption habits to reduce their environmental impact. Consider implementing environmentally friendly initiatives such as reducing packaging waste, ethically sourcing products and promoting sustainable practices. Communicate your commitment to sustainability transparently to resonate with environmentally conscious consumers and attract a growing segment of the market that values ​​eco-friendly businesses.

6. Invest in your staff

Your staff is more crucial than ever to the success of your stores. Today, customers can find all the products they want online at low prices. When people visit physical stores, they do so for the experience . This means that store staff – knowledgeable, friendly, helpful employees – are more important than ever. According to respondents to PwC’s Total Retail Survey, having knowledgeable sales associates should be the main focus for retailers looking to improve the in-store experience ! To build sales talent, it is best to start by focusing on this:

• Involve staff in the work.
• Provide employees with comprehensive training throughout their careers.
• Equip staff with in-store technology that helps them give customers the fast, smooth and exciting experiences they expect.

7. Ask for reviews

People like to give their opinions, and they also value the opinions of others about companies and products. According to BrightLocal , 97 percent of consumers read online reviews for local businesses, and 85 percent of people trust online reviews as much as personal recommendations! Online reviews may scare, worry or annoy you; but trust us, they won’t disappear in the new year. So you better embrace them! Here are three important rules to follow when it comes to reviews:

• Encourage them . Create a dialogue with loyal customers and online communities of people who love your product, and ask fans to leave a review.
• Highlight them . Don’t hesitate to promote reviews that make you look good.
• It is important to thank customers who have taken the time to leave a review. More importantly, never ignore negative comments . Respond politely to dissatisfied customers and make them feel heard. Simply responding to a customer may help you retain a customer: in a study by Maritz and Evolve 24,  83 percent of people who received a response to a complaint considered themselves satisfied , even if their problem was not resolved!

8. Implement AI-based customer service

Improving customer service with AI-based chatbots can streamline customer communications and support. Gartner research indicates that by 2024,  48% of customer service interactions will be handled via virtual assistants such as chatbots. Implementing AI-based chatbots can provide 24/7 support, answer frequently asked questions, and assist with personalized product recommendations . This prioritization improves the customer experience, provides immediate answers and efficient solutions, and ultimately drives customer satisfaction and loyalty.

In short: be ready for the unexpected

Who knows what new trends will explode next year, or what new technology will emerge and change the way we shop. Be open to unexpected innovations and be ready to enter into new collaborations. Whatever you do, always remember to keep your customers top of mind . Technology is expensive; ensure that any system you implement is suitable for your goals and that it will provide you with a positive return on investment, whether in traffic, shopping cart size or revenue.

If you need help determining the type of technology that would best serve your business, don’t hesitate to contact our retail experts. We wish you a happy and successful 2024!

Source: LS Retail