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Archive for the ‘Product’ Category

What Type of Inventory Problem Do You Have?

In the face of COVID-19, retail businesses have had to rely heavily, if not completely, on their online channels. If a product is not visible and available, particularly online, it cannot be sold. Is this the type of inventory problem you have? According to the latest Think with Google Data, over 55% of customers now research a product online before they transact (before COVID-19 this has significantly shifted recently). Good inventory management can be your business’s competitive advantage and the key to recovery. Strong inventory management improves reporting accuracy and facilitates data-driven decision making. Good inventory processes support a dynamic business that needs to pivot and adjust as quickly as their customers and the retail climate. Looking beyond the current pandemic crisis affecting the retail industry at large, we expect the new retail landscape will need to be: more data-driven, more dynamic, and substantially leaner. Successful retailers are agile and can pivot to meet the changing face of their market. Businesses that exercise good inventory control practices have accurate data which allows forecasting of net sales and future demand. If you can react to your customer’s purchasing behaviour quickly and with the right level of accuracy, you will be able to keep up with the demand for desired products whilst taking steps to exit another. Good inventory management: showcases product to sell, across all channels, and allows the business the maximise their potential revenue; gives you clean data to work with, which means decision making is data-driven – made faster and with confidence; and supports mindful and more accurate purchasing behaviours with less waste and better stock turn. Gone are the days of oversupply to capture any sale, with an exit strategy that relies on deep discounting. According to Natalie Berg of Forbes, the retail landscape is evolving quickly and [the future is conscious consumerism]– a behaviour that must be reciprocated by businesses, particularly those that need to recover and recoup by trimming costs and increasing their online presence. How has your business fared in the face of the current pandemic crisis? What lessons can be learnt from your reality? Whether the business is booming, or you are in hibernation, the 6R team can help your business to adjust, adapt, recover and thrive.

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Insurance Dis-trust makes customers feel like criminals

Everyone cheats a little bit, says behavioural economist Dan Ariely. Insurance companies know this too, so they have processes in place to assess the validity of claims. From a business perspective, I get this, it’s a very sensible move and one that hopefully weeds out fraudulent claims. My recent experience on the customer side of lodging an insurance claim has left me wanting to take a broom to insurance processes and really clean the place out! (Read more)

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Customer experience comes back to retail basics (the personal touch)

Customer experience doesn’t have to be high tech to be good. As we navigate all the different ways of interacting, remembering the retail basics of personal touch, makes all the difference, not just in terms of experience but also in terms of sales. Research indicates that 95% of customers (Zendesk) share bad experiences with others, and 65% are frustrated by inconsistent experiences across channels (Accenture). Customer focused retailers are working hard to improve these statistics by combining online booking systems with in store experiences. (Read more)

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Choice. How to make it easier.

Recently, I’ve gone back to having an iphone after having tried both android and windows OS. Choice? Kind of. Mostly it’s easier at home where everyone has the same. It’s fairly typical that when you’re in the adjustment to a new piece of equipment/ way of working phase, it’s easy to note the things that you liked about the old way. One of the great things about the previous phone was that there were a bunch of apps it didn’t have (note that this was also one of the things I didn’t like about the old phone). But, when you don’t have some apps you either skip over that bit or you find another way to do it. Or, to put it another way… (Read more)

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Curation and selection – help me find the right #product

It’s been happening more frequently lately. Finding mid-shop that I have tuned out. Why am I here? What was I looking for? Have I started drooling? Is this a familiar experience for you too? (perhaps the last question is just me)… am I becoming more susceptible to the maze and haze of getting lost in the lights and not finding the product I am looking for? (Read more)

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Great tour experiences have these elements

No surprise that I love to know how things are made. Garments still need people to sew them together and I have always enjoyed the factory tour from cigarettes to weaving fabrics. When you’ve been on holidays you get to do a tour or two. One experience that stood out was the chocolate in York, which had me thinking; what makes a successful tour? (Read more)

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