Audits, Tasks and Communication
Retail and Hospitality Operations
Just about any type of business comes with risks and liabilities, and retailers are no exception. In retail, such risks can come in the form of safety issues (e.g., in-store hazards that can cause slips and falls), theft and loss (e.g., shoplifting), or operational challenges (e.g., employee errors leading to inventory discrepancies). While being 100% … Continue reading 11 Tips to Reduce Risk in Your Retail Business
Retail success isn't just about acquiring customers and selling more products. While maximizing sales is essential, ensuring smooth and efficient operations is equally important. We'll discuss the most common challenges retailers face
Retail audits, also called visits or inspections, drive higher compliance with store program and brand standards. They are part of the retail execution workflow and designed to increase sales and profit margins, boost customer satisfaction and cut business risks. Maybe you are starting a retail audit program from scratch. Maybe you have an existing program … Continue reading ⭐ How to Build a Retail Audit Checklist
Making the most of sales and promo periods can earn your store a ton of revenue. In fact, for brick and mortar retailers, promotions generally account for anywhere from 10% to 45% of total revenue. Understanding how to manage seasonal sales and promotions is key to running a successful store. But it also requires having an … Continue reading How to Manage Seasonal Sales and Promotions Across Multiple Locations
Online reviews make a huge difference in where people choose to eat these days. 90% of diners research restaurants online before choosing a place to eat. 33% won’t eat at any place that has fewer than four stars. Ultimately, this means that negative reviews have a significant impact on a restaurant. In addition to reducing … Continue reading Top Reasons People Leave Negative Restaurant Reviews (and How to Fix Them)
It wasn’t too long ago that retailers and consumers were facing a plague of out-of-stock merchandise and empty shelves — on account of supply-chain disruptions in global retail. Times have certainly changed since then, and so have the challenges. A study by HubSpot shows that 50% of retailers in the U.S. are struggling with unsold … Continue reading How to create an Effective Merchandising Plan
Guess what’s costlier than diamonds these days? Acquiring customers in the retail industry. That’s right. The customer acquisition cost in retail has skyrocketed in the last eight years, recording a whopping 222% increase. How did we get here? Among other things, stricter regulations around consumer privacy, the imminent demise of third-party cookies, and the launch … Continue reading 5 Store Operations Best Practices Every Manager Must Implement
Retailers and consumers alike have been facing the brunt of inflation of late. You don’t have to be an expert in economics to see how dramatically the prices of everything — from gas to household essentials — have been rising since the past year. June 2022 recorded an inflation rate of 9.1%, the highest we’ve … Continue reading How to Run a Thriving Retail Business Amidst Economic Uncertainty
Getting sued is a retailer's worst nightmare. Lawsuits aren’t just stressful and time consuming, they’re notoriously expensive. With average attorney rates ranging from $250 to $550 an hour, businesses can expect to shell out hundreds of thousands dollars (likely more) in the event of a lawsuit. Then there are the hard-to-quantify costs that come with … Continue reading 6 Reasons Retailers Get Sued — and How to Avoid Them
The classic phrase “the devil’s in the details” rings very true in the retail world. A retail store may look simple and easy to mange on the outside. However, store managers and associates are constantly juggling multiple moving parts. From monitoring inventory levels to entering customer data, there are a lot of details to manage … Continue reading How to Prevent Human Errors in Retail
No retailer likes to think about injured employees and customers, but it’s something that you need to consider and prepare for. Workplace injuries cost business owners and at least 1 billion a week — not to mention the tremendous hassle that comes with such incidents. Simply put, accidents and injuries can land your business in … Continue reading How to Minimize Injuries and Liabilities in Retail: 9 Tips
A site inspection keeps your business, employees and customers safe by identifying potential hazards and risks. Here are some tips on using site inspections to reduce commercial insurance premiums. While an insurance company will often send an inspector to survey the site when you insure a new property and business, taking a preemptive approach can … Continue reading How to Use Site Inspections to Reduce Commercial Insurance Premiums
Consistency is the bedrock of any successful franchise business. Customers expect the same experience from your brand no matter where they’re shopping, eating or staying, which is why it’s important to keep your franchisees in check and ensure they stay consistent with brand standards, corporate guidelines and policies. A good starting point to achieving this … Continue reading 7 Ways to Deal with Rogue Franchisees
Between rapidly changing consumer trends and more competition, agility is a super power in the retail industry. If you want to thrive today and in the coming years, it’s critical that you learn how to be fast, nimble, and adaptable. This post explores the topic of retail agility in more detail, and sheds light on … Continue reading How to Be an Agile Retailer: 6 Expert-Backed Ideas
Compliance with standard operating procedures, merchandising programs, health and safety directives, and loss prevention protocols is essential to the success of a retail business. Stores that stay on top of programs and brand standards run more efficiently and provide a better customer experience. But with so much going on, simply publishing standards does not guarantee they will … Continue reading Why and How to Measure Store Compliance
Benjamin Franklin wisely said that “failing to plan is planning to fail.” While he wasn’t specifically referring to the retail industry, the adage could not ring more true — especially when it comes to merchandise planning for your retail store. If the merchandise you order and so diligently display in your store and on your website … Continue reading Merchandise Planning: The Clever Retailer’s Guide for How to Do It Right
Pre-pandemic, district managers physically visiting the stores in their district, cluster or region (aka store audit, store walk, inspection, or visit) was considered a cornerstone of store operations best practices. When travel restrictions were put in place, many district managers became unable or limited as to how much time they could spend time on the … Continue reading How to Manage Store Operations Remotely
All retailers should know how to hold a sale since promotions and discounts are easily one of the best ways to boost your bottom line. It creates a sense of urgency amongst consumers, and also helps to introduce your brand to new customers who haven’t encountered you before. However, sale events can also reduce your … Continue reading How to Hold a Sale without Killing Your Profits
Single-store retailers that have found success often start thinking about the prospect of setting up shop in other locations. This is a natural step that many businesses take, and for good reason: expanding to other locations puts your business in front of more people and opens up opportunities for growth. But as you think about how … Continue reading How to Grow a Retail Business: From 1 Store to 5 Stores
Taking any business from one stage of growth to another requires knowledge, skills, and mindset. Growing from one to five stores requires a completely different strategy from scaling your retail store counts to double digits. In other words, what got your business to where it is today, won’t get it to the next level. So how … Continue reading How to Grow a Retail Concept from 5 to 50+ Stores
Technology has made retail more dynamic than ever — and that includes warehouse management. We can optimize warehouses and ensure compliance more efficiently. By implementing the right tools, warehouse compliance inspections can take a fraction of the time while the data becomes more accurate and actionable. But the retail industry is saturated with tech and tools. … Continue reading How to Choose Warehouse Inspection Software
Is your store bogged down by slow and inefficient processes? Are you always having to put out fires or correct mistakes? Or maybe you have customers who aren’t too happy with the in-store experience. If you can relate to any of the above, chances are your store can use a technology upgrade and it's time … Continue reading How to Implement New Technologies in Your Retail Business
Retailers are putting processes in place to help them reach their sales goals and connect with their market and audience. As we look ahead, nothing stands out more than customer engagement, interaction, and care as a way to boost sales. Why? Because an engaged customer represents 23% more revenue than average. Companies who improve customer … Continue reading How to Engage with Your Customers
Retail returns aren’t just an eCommerce problem; all retailers should be thinking about ways to reduce returns. While online fashion purchases are returned twice as often as items bought in-store, returns in physical stores are also taking a big chunk out of retailers’ market share. This year alone, returns will cost companies $550 billion (that’s a … Continue reading How to Reduce Returns in Your Stores
Your front-line employees play a critical role in the success of your retail business. Sales associates are often the first live touchpoint the shoppers have with your brand when they walk into your store. They can influence a customer’s mood, shape their perception, and ultimately impact a shopper’s purchase decision. For this reason, you need … Continue reading How to Turn Underperforming Retail Associates into A-Players
If you’re reading this, chances are you’re interested in becoming a retail district manager. Maybe you want to be in a management position that involves overseeing different teams and moving parts. Perhaps you’re passionate about the retail industry, and you’re eager to play a role in helping stores grow and succeed. If that sounds like … Continue reading How to Become a District Manager — and What You Need to Succeed in the Role
Effective communication is one of the pillars of a well-managed retail organization. Open communication builds trust between managers and employees and creates a better store environment. Not only that, but team members need honest feedback from their leaders to be able to do their jobs well and execute retail programs properly. As such, improving store … Continue reading Effective Communication – How to Better Communicate with Store Teams
Nobody said running a retail business would be easy. Even the most conscientious retailer can get bogged down trying to juggle the tasks that comprise day-to-day responsibilities. That’s why business operations need to be approached strategically. From managing sales associates to keeping a fresh flow of inventory stocked on the shelves, you can cut costs … Continue reading Retail Best-Practices to Help You Streamline Store Operations
With 77% of consumers having recently identified rude customer service as the most bothersome aspect of shopping in brick and mortar stores and another 55% willing to take their business elsewhere due to lack of follow-through from a merchant, it’s fair to say that not all customer service is the same across retail. Keeping this … Continue reading How to Improve Customer Service Standards
In retail, even the slightest lapse in safety and security can spell disaster. Theft, fraud, and data breaches can put a sizeable dent on your bottom line… and reputation. This is why it is important to establish store security measures across your locations. Industry data shows that security issues in retail aren’t slowing down. The … Continue reading How to Establish Security Measures for Retail Stores
Retail district store managers have a ton of responsibility — and they play a valuable role in the business’s overall success. A good district manager oversees the operations of all stores within a given district or area. They can juggle everything from staff development, compliance, and sales to customer satisfaction, all while serving as an … Continue reading How to Be a Better Retail District Manager
A grocer was cited for failing to keep an accessible checkout lane open. A coffee shop was fined for not maintaining clear space on the transaction counter. A restaurant, bar and antique shop, all were cited for refusing to allow a service animal inside. Those are just a handful of retail locations that recently settled … Continue reading Improving Accessibility: How Retailers Can Improve Online and Offline Access for Customers
Customer Experience continues to be one of the most talked about retail trends. Customer Experience expert Blake Morgan, who has been covering the topic since 2014, wrote in Forbes: "The phrase customer experience gets a lot more play than it did in the business world in the past when people would simply throw it around synonymously with the … Continue reading 4 Ways to Improve Your Store Experience
More than 1 billion shoppers find the products and services they need and want online today. It has become increasingly difficult to get customers into a physical store and even harder to keep them engaged long enough to make a purchase. The good news is, with the right techniques, you can improve the overall in-store … Continue reading How to Create a Memorable In-Store Experience for Your Customers
When running a small business, there are no small decisions. You have to dig into the retail details and analytics that deliver the data behind every transaction and interaction that happens in your store. That’s where Key Performance Indicators (KPI) come in — numeric values that indicate whether your business is reaching its targets. They … Continue reading Top 10 KPIs That SMB Retailers Should Track — And How To Measure Them
19 percent of yearly sales for retailers take place within the last two months of the year the National Retail Federation found. Bottom line, November and December are the most important months for your retail business. You need to offer compelling reasons to get customers into your stores. Below, some tips to help you increase foot traffic … Continue reading How to Get Customers Offline and Into Your Stores During The Holiday Season
Executing a product recall is never easy. It involves logistics, communication, regulatory compliance, and often times a disruption of operations. Here's how one retailer coordinated, completed, and verified a product recall across all locations using Bindy. Problem: Executing a Product Recall Each year E. coli infections cause approximately 265,000 illnesses in the US. Often times, … Continue reading 📚 How-To And Case Study For Quickly Executing A Product Recall Due To A Foodborne Illness
The United States, Canada, Europe, and Australia are all experiencing a swell in their aging populations. In the US 10,000 people turn 65 every day, and in just over a decade, 20% of the US population will be over 65. Already in 2016, 15% of Australia's population was 65+. An aging population means a greater … Continue reading How Pharmacies can Better Engage Seniors
Inventory may be retail’s bread and butter, but it’s still very much a people-centric business. From stock managers keeping products in check to associates assisting shoppers on the sales floor, retail businesses are run for people by people. As such, the more engaged your employees are, the more likely your company will thrive. For this … Continue reading How to Bring Out the Best in Your Retail Employees
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