Optimizing Your Retail Business: 5 Ways How

Retail is a dynamic and exhilarating business that presents sellers with both challenges and opportunities. Fortunately, both can be supported thanks to modern, cloud-based technology that aims to strengthen, streamline and ultimately optimize a retailer’s best interests. Whether you're selling exclusively online, a multichannel seller or you have a brick and mortar storefront, consider how the five tips below can help you optimize your retail business.

#1. Incorporate barrier-free inventory management into your selling strategy

Among the best ways to strengthen any retail business is to have a stronger understanding of inventory management. From best-selling items to slow moving inventory, incorporating a software that can consolidate all of your selling channels is a critical piece to the retail puzzle. The collective data delivered via each selling avenue can then bring clarity for retailers to make more real-time and accurate decisions on future inventory needs. 

#2. Plan for shipping success

Automate your shipping – plain and simple. Or is it? Fortunately, it’s possible to ease the hassle of shipping thanks to integrations with popular carriers such as FedEx and UPS through expert systems like ShipStation and Shiptheory. Plus, there are many other solutions that benefit online sellers who depend on shipping to connect with their customers. From shipping labels to parcel auditing and more, make sure your retail business aims to increase efficiency while saving money along the way when using the right partners to help streamline your shipping operations.

#3. Personalize customer communication

Ease is the name of the game when it comes to customers making purchase decisions and likewise, this should be the same approach retailers should take when it comes to communicating with their customers. Through the use of marketing campaigns targeted to your unique customers – both existing and potential – you can gain more visibility for your store, ultimately helping to lead to more sales. The catch? You should aim to streamline sales and lead generation so that you have a clear understanding of how all your actions impact your selling results. Do this with the help of sophisticated, cloud-based technology that helps you retain existing customers while capturing new ones.

#4. Reduce return frustration

The reality is that as a retailer, you need to deal with returns. With few exceptions, this is a reality that merchants – both online and offline – need to consider when managing their inventory and customer expectations, as well. Keeping this in mind, returns should be made as easy as possible for both customers and retailers alike. Using a straightforward, trackable return processing software that allows inventory to be managed despite returns is a must for busy merchants. Not only will this help keep accurate inventory data, but it will help ease the return process in general. Implementing a return strategy that is managed in connection with your inventory software is essential for online, offline and multichannel sellers alike. To assess your current returns strategy and process, take this quick self-assessment now.

Take our self-assessment today to find out whether your business is capable of managing an increase in returns.

#5. Welcome integrations with other solutions

Growing profitability is an important part of any successful retail operation. Yet like most things in life, finding success is hard to do alone. Through the support of others, however, you can strengthen your store operations and position your business to become more profitable as a result. Finding trusted solutions that help optimize your retail business is a critical part of your potential success – as is making sure these partners easily integrate into your existing solutions. Expanding the functionality of your retail business should not be limited due to the lack of necessary integrations your business needs. From connecting marketplaces such as Amazon and eBay to your inventory management software, to identifying the right email marketing provider you want to use for your customer outreach and more, there is no shortage of integration opportunities. Explore the variety of potential partners that could help your business and that easily integrate into Brightpearl’s cloud-based solution here.  

Conclusion

Finally, remember that retail is a competitive space that demands real-time, consistent attention that tracks data, customer engagement, competitive behavior and more. To help your business truly excel in retail, welcome modern technologies and support to allow your retail business to thrive.


For even more tips to help you optimize your retail business, take a look at this colorful and informative infographic!

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About the Author

Nicole Leinbach Reyhle is the Founder and Publisher of Retail Minded, a publication committed to supporting independent retailers through news, education and support, as well as the Co-Founder of the Independent Retailer Conference. Recognized for her expertise in independent retail, Reyhle has published thousands of articles about small business and is the Author of the book “Retail 101: The Guide to Managing and Marketing Your Retail Business” from McGraw-Hill. Additionally, Reyhle has contributed to Forbes, Fiverr, IBM and more, and has been the Spokesperson for Small Business Saturday from American Express since 2014. Learn more about Retail Minded at www.retailminded.com, at @RetailMinded on Twitter or at Facebook.com/RetailMinded.