It’s no secret that many British companies have taken to outsourcing their supply chains. Chains that do this need many fewer employees than they once used to have. The third party actually handles all the stock replenishment and is in charge of the supply chain. An advantage of this approach is that these companies are plugged into current trends. They know what’s selling and they do a good job of displaying merchandise so that it moves.
Outsource the Retail Supply Chain
The fastest way for many retailers to improve their supply chain is to outsource merchandising. Employees of their vendors can do the lifting and display of merchandise. It’s a major trend that is already transforming businesses. Successful retail merchandising involves knowing customers and how they behave. Behaviour is the determining factor for most retail transactions. Many consumers are creatures of habit. How they shop is fairly predictable. Supply chain decisions include learning why they buy, how much they buy, and how to get them to purchase even more. None of this has to be done in-house any longer.
Stay on Top of Pricing Trends
Pricing is a science. Third party services exist that monitor every aspect of pricing in your industry. They send secret shoppers out to monitor pricing on a constant basis. They also survey customers to find out how the feel about current displays and store layout. They gather important data points about every step of the retail buying experience. Then they make recommendations that can be easily implemented and tracked. The results are tangible and measurable. You will make more sales when you employ one of these services.
Know What Your Customers Want Every Time
Anticipating the needs of your customers helps you get more sales. Merchandising that is monitored tells you a lot about which products your customers are emotionally engaged with. Some products fly off the shelf. The more you know about your customers, the more likely you are to place hot merchandise in front of them every time. Don’t neglect the process of getting feedback from them. That’s the cleanest way to find out what they love and hate. Consumers are being given more power by companies. Many firms help the customer make a decision and then fulfil the order. They don’t necessarily try to sell them on any preconceived plan. Feedback is the blood of an operation like this. Customers can help you improve your supply chain by providing you with detailed reports of how they’re finding your service. Those who indicate something is really wrong are giving you a clear signal to make major improvements. Third party providers are well-suited to take over this aspect of your business. They follow precise methodologies that help them profile your marketing avatars perfectly. Remove guesswork and deal with customers with a degree of certainty, you never had before. This confidence you exude will transfer to them. They’ll buy from and recommend you with a higher degree of confidence than they ever had.
Information Drives Higher Profits
The most profitable companies have the most information about their clients. Professional consultancies that are experienced in merchandising and customer experience are a great choice for outsourcing. They have much more data points to work with and more experience analysing and reading reports. Many firms struggle mightily with implementing efficient feedback system. Leave the work to specialists so you can free up your employees to work on the highest value areas they can. Anytime you can shift work from a low value to a high-value area, you make more money. Merchandising tends to be a low-value vector which can be readily outsourced.
You Can Start Small
You don’t have to be a major retailer to use an outsourced merchandising specialist. Most of them do not have minimum orders. You can start with a small campaign and then work your way up the ranks. The reason they can afford to offer service like this is because merchandising drives profits. They know you’ll want to increase their responsibilities as the profits roll on. The systems they use get results very quickly. Within a month or two you’ll have major gains in sales and you’ll have a great profile of your customers. You’ll know how you’re doing in key areas. If you don’t have this information, you’re flying blind in a storm of competition. Your competitors are working on the same issues as you. The companies that master the principles of achieving positive customer experience are the ones who become market leaders. Regardless of your current status, it pays to think like a leader.
Retail is a very competitive industry. There are lots of competitors and many of them are highly skilled. No one will stay open for long if they can’t master the fundamentals of selling. Merchandising is the primary factor for success. Outsourcing merchandising makes complete sense and is becoming a de facto standard for a range of sectors. If your company has been attempting to buck this trend, you’re making a huge mistake. You’re swimming upstream against a common sense current that is transforming business. Customers rule these days. There’s no way to ignore them when they’re the ones who drive revenues. Gaining and keeping customers is as important as anything you do. Retail business can find out exactly what their customers like and don’t like. By feeding them a steady diet of merchandise they love, the registers will keep on ringing. Failure to satisfy them ends up with an army of hostile ex-customers. Those people will try to get others to avoid your store. If they’re successful, you’ll lose so much money it will get to be a big issue. Nip that rebellion in the bud by managing their experience every step of the way. That will keep you in their minds as a go-to location for their buying needs. It doesn’t take much to keep them happy. Find out which pain points you can solve and then offer them a solution. Follow up and make sure they’re happy with their purchase.
