Retail Cognition™: Why Retail Leaders Need Decision Support — Not More Advice Most retail problems don’t fail because teams don’t know what to do. They fail because the wrong problem is being worked on. Sales are down — is it forecasting, staffing, store communication, or execution drift?A promotion underperforms — was the plan wrong, or was the plan right…
Reinventing Brick-and-Mortar in a Digital Age The retail landscape has changed forever. As e-commerce continues to dominate, many believe that brick-and-mortar stores are on the decline. But the truth is, physical retail isn’t dying—it’s evolving. Forward-thinking retailers are using unorthodox approaches, off-the-beaten-path insights, and groundbreaking concepts to reinvent in-store experiences and drive foot traffic. In this article, we’ll explore…
Increase Profits Increasing profits in the retail sector is a multifaceted endeavor that involves enhancing revenue while managing costs effectively. Retailers must strike a balance between attracting and retaining customers, optimizing operations, and ensuring that the bottom line grows. Here are strategies that retailers can implement to increase their profits. Understanding Profit Drivers in Retail Profit in retail is…
Avoiding Stockouts Avoiding stockouts is a critical aspect of retail management that can significantly impact customer satisfaction and the bottom line. A stockout, also known as an out-of-stock (OOS) event, occurs when the demand for a product cannot be fulfilled due to insufficient inventory. This can lead to lost sales, diminished customer loyalty, and a tarnished brand reputation. In…
Does this story ring any alarm bells with you? Because it should. A salesperson for a retail management consulting and training company calls or emails you and gives you the hard sell. He tells you how your retail stores will increase sales and profits by some large percentage and that you’ll recover your investment in no time at all….
“What are retail management tools?” They are software applications or systems designed to help retailers manage, streamline, and optimize their operations. These retail management tools can cover a wide range of functions within the retail environment. Here are some of the primary types of retail management tools: Point of Sale (POS) Systems: These are used to process sales transactions….
A retail management checklist helps ensure that all essential tasks and aspects of running a retail business are properly managed. Below is a comprehensive checklist for retail management: 1. Store Operations: Organize store layout and ensure a clean, inviting environment. Maintain proper signage and displays for products. Monitor and manage store inventory regularly. Implement efficient point-of-sale (POS) systems and…
Introduction In the competitive world of retail, businesses are increasingly expanding their footprints, leading to the birth of multi-unit operations. The art and science of managing multiple retail stores under a single umbrella, Multi-Unit Retail Operations Management, has become a crucial aspect of modern business strategy. This concept goes beyond the individual store operations and delves into managing multiple…
Unpacking the Fundamentals of the Sales Process If you’re new to the sales or service industry, this guide serves as a gentle introduction to the primary steps involved in a typical sales process. While seasoned professionals might adapt these steps to their unique selling style, novices are encouraged to closely adhere to them until a personalized approach emerges. Every…
As we step into a fresh season, it’s not unusual for retailers to aspire for a better business performance compared to the previous year. The scale of this improvement is primarily determined by the business’s specific goals and objectives. Regardless of the target, it’s vital to revisit the essential components of your retail operation. At RetailDOJO, we believe that…
Retail Cognition™: Why Retail Leaders Need Decision…
Retail Artificial Intelligence: Advanced Strategies, Behind-the-Scenes Systems,…