In the retail world, there are countless things that have to be addressed every day. For larger, multi-site retail organisations, the number of items on the daily checklist is even greater. From developing new marketing concepts and monitoring performance on existing promotions to ensuring that stock levels are effectively maintained, the tasks are endless. With this in mind, how is it then possible to fit in the subject of retail analytics into the equation? 

The Retail Design Expo is a brand new event to the retail industry and has been created with a focus very much centred on the physical store environment. The retail marketplace continues to evolve at a rapid pace, with ever-advancing technology very much at the forefront of the revolution. With this in mind, Momentum Instore is very much looking forward to being an exhibitor at this highly important event and letting people know just what kind of services we can offer to help their businesses grow.

Retail audits are about so much more than just confirming stock levels or ensuring compliance standards are met. By taking note of the results and acting accordingly, retail organisations can streamline their businesses and drive sales forward. In order to be able to thrive in today’s highly competitive and fast-paced marketplace, retailers need to have the capacity to make decisions quickly in order to react to constant changes in sales trends.

The accurate recording and subsequent effective use of detailed retail analytics is essential for success in the modern marketplace. In today’s technologically advanced society, it is undoubtedly easier than it has ever been to access reams of information. With this in mind, it is rather surprising that there are still some retail organisations out there that do not take full advantage of the analytics at their fingertips. With the advent of a multi-channel retail environment making an already crowded marketplace more competitive than ever before, retailers need to gather all of the weapons they can muster in order to keep up with the competition.

Being able to capture the attention of retail customers is an art form that it has become vital to master in today’s hugely competitive marketplace. Everything seems to move at a faster pace nowadays, and that includes the attention span of the average consumer. One of the most effective methods of ensuring that the grabbing of someone’s attention leads to an extra sale is by the strategic positioning of POP displays. By having impulse merchandise so close to points of purchase, customers have much less time to change their minds about buying something extra before they have to pay.

Although it has always been a vital factor in the successful running of a retail organisation, the importance of the retail audit has grown still further in recent years. The modern-day retailer needs to be able to respond to changes in the marketplace almost instantaneously or face the prospect of being left behind by the competition. In what is now very much a multi-channel retail environment, consumers have the luxury of choice as to where to conduct their shopping. 

As multi-channel retailing continues to become the standard mode of operation within the retail marketplace, the need for a different type of high street store is escalating. This has led to a rise in recent times of the retail concept store, a new weapon in the armoury of retailers looking to attract consumers back on to the high street.

There is no doubt that mobile technology has completely revolutionised the retail industry. The evolution of smartphones and tablets in recent years means that it is easier to access online services than ever before, no matter where the user may be at the time, just look at the new Apple Watch recently released. Online shopping was originally seen as a deadly threat to the survival of traditional high street stores, offering consumers a more relaxed browsing experience and, in most cases, cheaper prices. However, the adoption of new technology by multi-site retailers has seen the high street fight back, with bricks-and-mortar stores now providing a similar experience to that which can be enjoyed online. Showrooming makes way for Webrooming.

The personalisation of a customer’s in-store experience is rapidly becoming a big deal within the world of retail. With the onset of omni-channel retailing, the general expectation of the average customer when it comes to the kind of service they wish to receive has risen markedly. It seems that the balance of power has shifted and now rests in the hands of the consumer. Multi-site retailers are having to adapt to the changing face of the retail marketplace and find ways of replicating within their high street stores the kind of experience consumers already enjoy while shopping online.