Historically, Finance has been seen as an optimizer of store payroll but hasn’t been regarded as a driver of sales in retail organizations. But with the right tools, Finance can transform itself into a positive optimizer of store payroll and a major driver of store sales.
Any retailer will tell you that the store team can make or break a store’s business and a great customer experience can’t be delivered by poorly managed labor. It takes smart sales goals, informed labor budgets, well-planned schedules, and more to deliver.
Brick and mortar stores remain a very important part of retail, as over 90% of shoppers research products online and 70% prefer to buy in-store. There are numerous combinations of products, shoppers, and circumstances that make it the preferred point of purchase.
The Finance department rarely gets the credit it deserves for guiding the success of retail organizations. Keeping tabs on line items throughout the company can be a thankless job. But money talks, and Finance adds the smarts to retail resource allocation.
As technology transforms the world in which we live and work, there’s plenty of discussion about ramifications for the country’s workforce. I'm particularly interested in the future of the one in ten workers in the United States economy currently employed in retail.
While store dashboards are ubiquitous in retail, today’s store leaders need more than numbers on a screen. Store managers thrive when they have the relevant data at their fingertips to make decisions quickly without getting bogged down in analysis or data manipulation.
I attended Shoptalk the other week in Vegas (along with 8,000+ other folks!) and came away impressed. The show was huge, energetic, thought-provoking, and exciting all rolled into four jam-packed days.
With job gains on the rise for the last 91 consecutive months, and unemployment at its lowest point since 2000, hiring competition is stiff. Younger workers, traditionally the core demographic for entry-level retail jobs, are getting snapped up by other sectors.
Many of America’s biggest retailers, under assault from Amazon.com Inc., have been slashing staff even faster than they have been closing stores, a dynamic that has left fewer clerks and longer checkout lines at remaining locations.