In the not-too-distant past, Halloween marked the transition from summer to the succeeding winter holidays with color, foreshadowing the impending season of heavy consumer spending. According to the National Retail Federation, 40% of Americans now start their holiday shopping before Halloween. You must be ready to manage this rush of customers and uphold the same standard of customer care as you do the rest of the year. It is best to implement ERP Software for Retail.
According to Deloitte, customers typically tell nine people about a pleasant customer experience but 16 people about a poor one. Even if this number is horrifying, careful holiday planning might help you overcome your phobias. Let’s look at the finest strategies for avoiding being haunted by unhappy customers throughout the remainder of the holiday season.
Cut Out-of-Stocks with ERP Software for Retail
During festive times, customers are already busy with many tasks. Because of this, they prefer only those stores that will provide smooth services. Imagine many customers entering your store and finding the missing commodity. They might get frustrated and not prefer your store in peak times in the future. According to the HCL group, retailers lose up to 1 trillion dollars every year due to out-of-stock commodities. The number is shocking but provides a great business opportunity for you.
You can become the store that holds all the popular commodities all the time. But managing rhythm can get difficult with siloes systems. You should invest in ERP Software for Retail that gives real-time inventory updates, and many other robust features to effectively manage your inventory.
Even if you go out-of-stock sometime, you can make it visible on your online store. Get Software for eCommerce Website that can manage your online and offline store. You can then manage your store and warehouse altogether, leading to happy customers and five-star reviews.
Offer Exciting Promotions
This is a very common yet effective technique to attract more customers. Moreover, the Festive season is the best time to move your extra stock out on sale. Ideally, a sale aims to provide benefits to you and your customers. Check how your previous sales went and how you can make it even better this time.
You should aim to provide competitive prices without having to disbalance the perception of “value”. If you provide an item at excessively low prices, it can backfire. Your customers can perceive the product as a compromised quality item. You need to maintain your balance.
Furthermore, you can make strategies to convince your customers to purchase more. Look through your previous interactions with them and understand their spending pattern. Employ Business Intelligence for fast and accurate reports. You can tremendously boost cross-sell and upsell.
Retail CRM Software like LS Retail comes with Power BI which collects a pool of data from Retail POS Software and filters it to generate actionable reports. This data is crucial for any successful strategy.
Embrace Unified Commerce
Given that more and more people are integrating online technology into their daily lives, your company should ideally have both traditional and online shops. It is equally crucial that these shops can exchange data in real-time, allowing all channels of commerce to benefit from what your company has to offer.
Some shops use add-ons that they link with their existing systems to address this issue. These, however, may leave them with Frankenstein’s monster of many modules and suppliers, all of which produce inconsistent data and perform inefficiently. As a result, you are left with dissatisfied customers who, after carefully weighing their options and selecting a product to purchase, only to receive a message through email two days later informing them that their order cannot be fulfilled because it is currently out of stock. Or even worse, they can place an online order for an item that is in stock with pick-up in-store just to find out when they get there that it’s unavailable. According to Gartner, 58% of consumers believe that having access to inventory status online throughout a purchase is crucial.
With ERP Software for Retail, you can choose which of your street-side and online promotions to match, and customers may exchange and return things they’ve bought online at customer service counters within your physical stores. Most essential, the inventory figures displayed on your website will correspond to the stock in your store. Your customers will have a fantastic experience if you give them convenient and accurate product information.
In the era of heavy competition where every business is lurking to grab an opportunity, getting the latest ERP Software for Retail avails a competitive edge. ERP Software for Hypermarket like LS Retail allows Power BI Capabilities, Microsoft Azure Cloud Strength, and various robust features to get you the most profit in this festive season. If you are looking for a Retail POS Implementation Partner, Contact Trident Information Systems. We are Microsoft Dynamics 365 Gold Partner and LS Retail Diamond Partner. For further queries, Contact Us Today!
