Today’s retailers and merchandise companies face many never-before-seen challenges to success.
For example, the rising popularity of online shopping has created new obstacles for retailers. And, there are considerations for a new generation of workers that did not exist in years past. As a result, retail execution has become more important than ever. But, many in the industry fail in this area.
Read on to learn 3 major retail execution mistakes and how to avoid them!
The 3 Worst Retail Execution Mistakes That You Can Make
Are you looking to attract customers to your products? Retailers and suppliers have a lot to gain by working together. Together, they can implement an effective retail execution process.
1. The Mistake: Lack of Understanding, Planning & Compliance
One reason that companies fall short may be a lack of understanding between the retailer, their sales team, and the supplier. Retail execution is a fairly new concept among industry professionals.
Companies often notice that promotions aren’t executed to plan. This may be due to a lack of mutual understanding, planning, and compliance.
The Solution: Suppliers, Retailers & Sales Team Working Together to Meet a Common Goal
In order to resolve the problem, all parties involved with the consumer experience must be on board with the retail execution plan. Effective retail execution relies on the proper promotion of products at the point of sale. In order for this to occur, the supplier, retailer, and the sales team must work together towards a common goal.
This begins with the supplier’s promotional plan. Then, the supplier must communicate the promotional plan with retailers. Retailers must be sure to follow the plan when products reach their stores.
Retailers must display and promote products. And, they must train the sales team to do this.
2. The Mistake: Failure to Train & Retain Quality Employees in Millennial Workforce
Retaining and training employees are two of the most important aspects of retail execution.
Many suppliers and retailers fail to consider how the needs of today’s workforce impact success. Instead, they rely on ineffective habits and strategies of yesteryear.
The Solution: Implement Strategies to Train & Develop New Generation of Workers
Millennials are now dominating the workforce. Current research indicates that millennials’ work behavior is different than past generations. Ignoring the needs of this new generation of workers can have a negative impact on retail execution.
Retailers must direct their training and development strategies to reach the new generation of workers if they want to breed retail execution success.
Some of the factors that contribute to millennial workers’ success include:
- A purpose-filled, positive work environment
- Increased communication with associates
- Targeted mentoring & training of employees
By creating strategies that consider the needs and behaviors of the current workforce, retailers can drastically improve the retail execution process.
3. The Mistake: Lack of Innovation
Many companies lack the innovation and creativity that’s required to reach modern-day consumers. Without developing an approach that’s on par with today’s consumers, retail execution is bound to fall flat.
The Solution: A Smart Digital Marketing Strategy
Businesses often face challenges reaching today’s consumers. One reason is that they fail to include strategies that are fresh and modern.
Digital marketing is one way that retailers can connect with consumers. Website design, social media, and content development can help businesses reach consumers.
Is Your Consumer Approach Suffering?
If your retail execution strategy is failing to grow your business, not to worry. Luckily, today’s digital world provides opportunities to grow your business like never before. And, with the right online strategies, suppliers and retailers are sure to see a boost in sales.
Check out this post for 5 simple ways to improve your online presence and grow your business!
