Retailers in the Specialty Retail face an arduous challenge to keep pace with competition they face from the larger mass market retail counterparts who offer wider selection options and extremely competitive prices.
The challenge is compounded by the pressure to increase revenue from the existing stores and the available in-store infrastructure – be it store design & layout or the Information System.
Specialty Retailers also face the challenge to differentiate themselves from the competition in innovative ways not solely based on competitive prices. The pressure is high to stand out with focused customer service, in store shopping experience, assortments &prices, instant suggestions to up sell & cross sell.
A Specialty Retail owner fulfills multiple roles – CFO, buyer, store manager, planner. Imperative in such a situation is effective collation and analysis of customer information, his buying patterns, sales trends, inventory levels, and customer feedback. This information is critical across the business chain for effective inventory planning, optimum in-store stock levels, innovative loyalty schemes, targeted campaigns – all leading to increase in customer footfall and larger ticket size.
Head office operations need complete visibility of stock across the retail chain to effectively push stock rather than relying on store requisitions.
With an ever increasing pressure to increase margins, retailers are looking at sourcing their goods from The Far East economical markets. Ability to plan inventories, styles & assortments and competitive pricing is far too critical considering the larger lead times for replenishment.
Such a balance requires an integrated business management solution that allows flexibility to cater to the diverse & unique demands of Specialty Retailers. A Specialty Retail Software that seamlessly integrates all business processes from the POS at store to the planners at the Head Office lowering the overall cost of operations, simplifying expansion and enabling the Specialty Retailer maintain his unique proposition and positioning.
