Month: March 2021

ways to empower your retail staff

Five ways to empower your retail staff

Just as the landscape of retail has shifted in a post-COVID world, so has the role of retail sales associate.

In an era where every face-to-face interaction matters more than before, the sales associate is now at the center of the customer experience, and their skills are often the difference between a sale and a lost opportunity.

So how can you empower your retail sales associates to meet that customer experience in a new era of expectation?

The value of the sales associate

In the push to go digital, it’s easy to assume the role of sales associate ranks less highly than in years gone by.

That couldn’t be further from the truth according to statistics that indicate a well-trained, well-informed sales associate is central to the real-world retail experience.

As a snapshot of just how important they are, a survey by Mindtree found:

  • Shoppers who interact with a sales associate are 43 per cent more likely to purchase a product.
  • Customers note their transactions have 81 per cent more value, compared to those who don’t interact with an associate.
  • In addition, customers who have enjoyed positive interaction with a sales associate are 12 per cent more likely to revisit the store.

Meanwhile, 91 per cent of sales associates strongly agree that positive interactions with shoppers result in higher conversions, yet 94 per cent feel this requires more advanced technology tools and training that they currently don’t have access to.

So how can the retail sector better empower their frontline staff?

Training and support

trainning retail staff

Good customer service comes down to good support and comprehensive training behind the scenes, with statistics consistently acknowledging the fact the customer experience starts with that of the employee.

In fact:

  • 71 per cent of executives note employee engagement is critical to their company’s success.
  • 69 per cent of employees say they’d work harder if they were better appreciated

That means staff should be empowered with support, career opportunities and training, allowing them to invest in the ethos of the retail brand.

And this training doesn’t have to take a traditional form. For example, Walmart recently rolled out 17,000 virtual reality headsets to its 5000 stores.

As Forbes explains: ”The goal is to offer employees the same caliber of training its managers get at the Walmart Academy facilities”.

Meanwhile, supporting the foundations of good training is a whole host of tools that can empower the employee in their day-to-day role.

mPOS

Mobile Point of Sale has transformed the role of the sales associate, allowing them to take the register to the customer while empowering that staff member with information.

Not only can the sales associate conduct a transaction anywhere on the floor of the store, but they can also access vital data such as stock levels, complimentary products, and customer loyalty on one compact, mobile, hand-held device.

Insight

retail insight analytics

It’s no secret analytics are now crucial to all retail operations, and these analytics allow sales associates to better understand and anticipate trends while offering a more informed customer experience.

Data and analytics in the hands of sales associates allow them insight into what items are trending in terms of sales, how busy a store is, what products are low on stock, and which stores might have inventory elsewhere.

Efficiency

With customers expecting more of stores than ever before, efficiency is becoming a key factor in the real-world retail process.

Tools that facilitate this efficiency, such as RFID inventory tracking, smart keys, and handheld devices, allow staff members to quickly serve the customer while alleviating the legwork of retail sales.

Security

While sales might be the focus, often store associates are tasked with additional roles above and beyond customer service. This includes keeping a watchful eye on the floor for shoplifting and identifying suspicious or threatening behavior.

Tools such as electronic article surveillance including security tags and labels protect a store at a product-based level, allowing staff to go about their job but be alerted should a retail theft be taking place.

For more insight into the new trends in retail, see here. Or head directly to our security tags or security labels pages to view our range of EAS products.

how different retail verticals use security tags and labels

How different retail verticals use security tags and labels

Depending on which retail vertical you work in, your security needs will differ, with some verticals relying solely on security labels as their EAS strategy of choice, while others employ security tags.

Selecting the right option comes down to a whole host of factors, including the type of product, the volume of stock sold, its value and its potential for theft.

So, let’s stroll through the aisles of each retail vertical and look at how they use security tags and labels.

Grocery stores

Grocery stores

When it comes to protecting grocery items against theft, retailers predominantly use security labels, but they may vary in type.

That’s because different labels are available for different types of products. For example, meat products require a specific label that can be housed within the packaging and is suited to a consumable product.

Meanwhile standard RF labels, which are flat and easy to apply, are then used for other non-perishable products which might be prone to theft.

That said, a grocery retailer may turn their attention to different strategies to protect highly sought-after products such as baby formula, razors, and liquor.

Tins of baby formula are often protected using a purpose-designed hard tag that fits around the tin, razors can be protected using stop locks, and liquor would be protected using a label unless it was a high-value product, which may then have a bottle top security tag fitted.

Department stores

department store

Due to the variety of different items available in a department store, their EAS strategy is likely to encompass both security tags and security labels.

Clothing in a department store would be protected by security tags, handbags and sports shoes would generally have tags with lanyards fitted, while high-value toys and electronics might be protected using keepers or alarmed spider wraps.

Fashion sunglasses would be protected by either labels or a purpose designed optical tag depending on its value.

Meanwhile, high volume, lower value products like perfumes, cosmetics, crockery, and books would be fitted with security labels.

Hardware

Hardware store security

Like department stores, hardware retailers tend to use both a combination of tags and labels.

For example, high value items like boxed tools may use alarmed spider wraps, while keepers might be used for smaller high value products like drill bits.

High-volume products such as hose fittings, boxes of nails and screws would then have labels affixed.

Fashion retailers

Fashion retailers - product security

Fashion retailers predominantly use security tags, which are fitted to each item of clothing.

Smaller products like budget sunglasses would then have labels affixed, high value fashion sunglasses would employ optical tags, while handbags and sports shoes would be protected using a tag with lanyard.

Drug stores

drug store - product security

Drug stores tend to utilize labels of the AM variety. These labels have a slightly raised profile compared to their RF counterpart but are better suited to products with a high foil/metal content.

Bookstores

Bookstores tend to use RF labels, which offer a flat profile.

Electronics

Electronics store - product security

Electronics retailers usually employ a range of EAS strategies depending on the type of product, its size, sales volume and potential for theft.

For example, big brand high-value cell phones are often available for consumer interaction as part of a secure display, while the actual boxed product is protected in a locked cabinet.

Cheaper cell phones might be secured in a keeper or protected with a label inside the packaging.

Large electronic items generally can’t be stolen without attracting attention, so a label would be used, while electronic accessories are protected with AM labels and keepers.

Other boxed electronics might be protected using a spider wrap and alarmed tag.

Discount stores

Discount stores tend to use labels due to the value and high volume of the items sold, with RF the preferred type due to their flat profile and ease of application.

For more information on selecting the right security tag or label for your store, see here or contact us directly to discuss your tag and security label needs.

a-bumper-retail-year-ahead-nrf-predicts-header

A bumper retail year ahead, NRF predicts

The National Retail Federation has released its retail sales predictions for 2021 and, based on the results of last year combined with a vaccine rollout, it’s more optimistic than expected.

In 2021, the NRF anticipates retail sales will grow between 6.5 percent and 8.2 percent to more than $4.33 trillion as more individuals get vaccinated and the economy reopens.

So, let’s recap their findings and look to the year ahead.

The tally for 2020

Despite a year tarnished by political upheaval and a deadly global pandemic, early results show retail sales in 2020 performed better than expected.

The NRF notes throughout the year retail sales grew 6.7 percent in 2019 to $4.06 trillion, nearly doubling the NRF’s forecast of at least 3.5 per cent growth.

They explain their initial prediction did not account for the impact of a global pandemic and the figure was well beyond the 3.9 percent growth enjoyed in 2019.

“Online and other non-store sales, which are included in the total figure, skyrocketed to 21.9 percent at $969.4 billion as consumers shifted to e-commerce,” they continued.

It’s important to note these numbers exclude automobile dealers, gasoline stations and restaurants, the latter of which were hit particularly hard last year due to shutdowns across the country.

The holiday sales surge

The holiday sales surge

Meanwhile, it was the holiday period that accounted for much of the retail sector’s sales surge.

“The 2020 November-December holiday season accounted for nearly one-fifth (19.4 percent) of overall annual retail sales,” the NRF remarked.

“Retail sales during this period grew an unexpectedly high 8 percent to $787.1 billion. Non-store and other online sales represented $206.9 billion of total holiday sales, up 22.6 percent over the year before.”

The forecast for 2021

With a better-than-expected 2020 under its belt, the NRF says retail sales are predicted to continue to surge in 2021.

Due to the vaccine rollout and increased consumer confidence, the NRF currently predicts:

  • retail sales will total between $4.33 trillion and $4.4 trillion.
  • Online sales, which are included in the total, are expected to grow between 18 percent and 23 percent to between $1.14 trillion and $1.19 trillion.

Increased employment is also tipped to contribute to the predicted surge, with the NRF expecting the overall economy will gain between 220,000 and 300,000 jobs per month in 2021, depending on the pace of the overall economy in the second and third quarters.

“Despite the economy’s stalled momentum at the end of last year, NRF forecasts real GDP growth between 4.5 percent and 5.0 percent,” they noted.

Optimism and relief

Optimism and relief

NRF President and CEO Matthew Shay welcomed the positive forecast, noting a range of factors contributed to the expected retail growth.

“Despite the continuing health and economic challenges COVID-19 presents, we are very optimistic that healthy consumer fundamentals, pent-up demand and widespread distribution of the vaccine will generate increased economic growth, retail sales and consumer spending,” Mr Shay said.

“From the outset of the pandemic, retailers have gone above and beyond even the most conservative safety guidelines to protect and serve their associates and consumers alike.

“Retailers are increasingly engaged in working with federal, state and local health officials to distribute and administer the vaccine. This partnership has been key to our economic health throughout the pandemic and will continue this year.”

Meanwhile, NRF Chief Economist Jack Kleinhenz said the vaccine rollout could see the economy accelerate at the fastest rate in more than 20 years.

“Our principal assumption is that the vaccination will be effective and permits accelerated growth during the mid-year. The economy is expected to see its fastest growth in over two decades.”

Mr Kleinhenz further noted this year marks the second year of savings, record-high stock valuations, increased home prices, enhanced government support and record low-interest rates, which are all contributing factors towards the economy and consumer spending behavior.

For more information on the retail trends of 2021, see here, or view our range of security tags and labels to secure your store in advance of the expected surge here.

loss-prevention-challenges-2021

Five loss prevention challenges for 2021

With retail beginning to settle back into its new normal and consumer spending on the increase, attention is turning to getting back to business and boosting the bottom line.

The key to protecting that bottom line is loss prevention, but with a new landscape come new challenges.

Here are five loss prevention challenges the retail sector will be looking to address throughout 2021.

Control versus convenience

Featured products: Shell Tag and Boss Labels AM

An increased focus on omnichannel and strategies like buy online pickup in-store (BOPIS) means control of stock and products now has to be carefully weighed against consumer convenience.

That makes visibility key when it comes to inventory control.

Improved inventory visibility might include:

  • Item tracking via RFID.
  • A focus on loss prevention such as electronic article surveillance to reduce out-of-stock events.
  • Improved data and analytics for accurate insight into stock levels.

Truth is inventory accuracy has always been a major factor in loss prevention, with human error, fraud, and theft all undermining a store’s ability to keep track of its stock.

As trends like BOPIS and omnichannel are set to stay, this accuracy and control are now more important than ever.

Customer interaction

Customer interaction

With retail foot traffic still lower than in years gone by, bricks and mortar is looking to play to its strength of allowing customers to touch, try, feel and interact with products.

Again, this requires a fine balance of allowing customers access to products while also ensuring these items are protected against theft.

Meanwhile, enticing displays are becoming a priority as retailers seek to find more ways to lure potential customers into their outlets.

So how can you protect products, while still guarding them against shoplifting and theft?

Loss prevention methods include:

  • Product-based security measures including security tags and labels.
  • Good store layout.
  • Staff education and training.

Supply chain accountability

Securing the supply chain continues to be key to mitigating retail loss. This has become increasingly important in the past 12 months due to the shipment and manufacturing delays that have occurred over the past year.

The upshot is, store management now requires greater supply chain accountability to ensure the products that are on order are traced and ticked off when they arrive.

Tools like RFID, which offers 99.9 percent supply chain accuracy can assist.

Remote insight

Remote insight

With remote working still very much on the agenda and travel fairly limited, remote insight into a store’s operation including its sales, revenue and loss is a continuing priority for store management.

That’s where tools like mPOS, cloud-based analytics, and inventory tracking methods like RFID are coming into play, allowing retail management remote insight into the operation of one outlet or a chain of stores.

Staff safety

Between protests, riots, and health fears, staff safety remains a major priority for all retailers. Although necessary, safety focus does have an impact on loss prevention, with staff often at the frontline when it comes to identifying loss and theft.

As a result, loss prevention tools and technology will play an increasingly important role in the fight against shoplifting, theft, and miscellaneous loss.

To learn more about trends shaping the retail landscape in 2021, see here. Alternatively, you can order your security tags and labels directly here.