Technology in Retail: The impact on the efficiency and operational excellence of stores.
Retail is a significant driver for any countries’ economy. In Chile, for example, Euromonitor International, a research company, forecasts growth for this 2018, of around 1.9%, to totalize US 52,000 million.
In this context, the retail industry warns that the bets on growth are placed, among other factors, not only in the definition of an innovative commercial strategy and closer to customers, but also in opportunities for improvement in efficiency and operational excellence of the business, which ultimately leads to a better and consistent shopping experience for the final consumer. So the question is, how to achieve a shopping experience of excellence, and at the same time be efficient in the resources allocated?
First of all, we must understand what the main pains in store management are. This is clear when analyzing retail companies and their main problems in the execution of stores:
- Difficulty in managing a significant amount of information existing within the company, which can cause issues to make decisions and lack of agility for the identification and resolution of problems.
- Lack of coordination and inefficiency in the use of different internal communication channels, which can cause a decrease in productivity.
- Lack of planning and prioritization of daily tasks of stores, and the absence of responsible, which can mean poor execution, and little agility to the reaction to problems
- Lack of control and visibility of the processes of the different stores or points of sale, which could result in high-resolution costs or lousy shopping experiences for customers.
The importance of the optimization of operations in the retail sector becomes fundamental since the lack of coordination and control can drastically influence profitability levels.
The solution: technology in retail
Through digital transformation, companies can promote innovation initiatives and optimize the operation of stores, with automated systems that allow connecting, managing and ensuring the correct interpretation of data needed to improve the quality and speed of workflows, and with this is the customer’s shopping experience.
Currently, it is possible to have technological solutions for companies that solve the problem of visibility, communication, and execution of the strategy in the different points of sale. All from a single platform. By investing this technology in retail, it is possible to:
- Centralize audits of all stores in the chain to obtain maximum visibility and the ability to execute the corporate strategy globally immediately.
- Unify communication channels between different areas, accelerating communication processes to and from stores.
- Ensure the execution of work routines by evaluating team productivity, which means greater responsibility and commitment on the part of employees.
- Manage and prioritize tasks, keeping track of those responsible for carrying them out, ensuring that everything goes correctly.
Technology investment makes it possible to align, measure and manage the objectives of the company, be more efficient and productive, ensuring an optimal shopping experience and, finally, obtain greater profitability.
A clear example of an efficient solution for digital transformation is Frogmi, a software specially designed to achieve operational excellence and optimize the execution of stores, simplify and monitor workflows in retail companies, achieving impact on productivity, an experience of purchases and profitability.
If you want to know how to improve your store operation, try a demo