Maximise sales and reduce costs
The drive to maximize sales and reduce costs is a constant challenge to retailers, especially in today’s volatile economic climate. Yet whilst these desirable objectives may appear to be mutually exclusive, it’s clear that they can be achieved through the implementation of effective IT systems. Moreover, many retailers are already utilising such well-proven systems in order to deliver competitive advantage.
Maximise sales
Order values on the web or in the call centre can be maximized through sophisticated BI techniques that help to maximise sales by offering associated products, accessories or 'people who bought this also bought that' functionality. At the same time, RFM (recency, frequency, monetary value) information can be used to segment the customer base. This enables promotions to be targeted at specific groups of customers dependent upon previous order history, geography, socio-economic group etc - all intended to maximise sales. Social networking sites can also be used to maximise sales by promoting events such as sales, new product launches, new store openings etc. Moreover, offering customers a ‘click and collect’ option increases sales, as customers typically spend on average a further 23% whilst in the store.
Reduce costs
Retailers can reduce costs by optimising stock levels and making stock available across sales channels, which can reduce the amount of stock holdings and reduce redundant stock. Changes in admin can also reduce costs by the implementation of a true multi channel system that allows retailers to hold all product names, descriptions, images and stock levels in one system - which reduces the need for duplicate data entry and reduces errors. Using technology to increase the accuracy of picking and dispatch for Home Shopping orders also reduces the number of returns and improves customer service.
Find out more about Maginus Multi Channel Commerce and how customers such as Cath Kidston, Hawkins Bazaar and Co-op Electrical benefit from Maginus Multi Channel Solutions.