Beat Amazon at Its Own Game
How Store Technology Empowers Your Growth Strategy
At the heart of Amazon’s operation is technology that allows the retail leader to meet its consumers’ ever changing needs. They’ve learned to rely on data to better understand demographics and socioeconomic factors. Brick and mortar retailers seem to think this is an advantage that only e-coms could have. But it isn’t. Each retailer is sitting on a vast database of knowledge that can be tapped to guide growth strategies. It’s called store intelligence technology. It provides deeper insight into store-level needs, customer preferences and your workforce – information that can help you decrease costs as you increase sales. In fact, some e-coms are opening physical stores just so they can get to know their customers better, so customers will associate their brand with not only their core product but also a whole world of experiences connected to their mission. As a result, store décor is becoming a critical element to the experience. It can even become a key attraction among shoppers.
Store intelligence technology gives retailers the ability to use data to create store profiles upon which they can base strategic, store-level decisions. Also, the advantages of having one shared database are numerous. No more department silos. No more errant spreadsheets. And, by using a mobile app, you can easily update the information in real time, as you conduct store visits.
How store intelligence helps retailers get personal
If your growth strategy involves reimaging, you can leverage the information in your store profiles to create a customized, personalized store experience. For example, we’ve seen Target do a Hawaiian motif mural for a Honolulu store and an Alaskan motif for a store in Anchorage, then something completely different for a hip, small format store in downtown Chicago to appeal to that particular customer. Stores are also using updated home décor-inspired trend materials for exteriors, signage, logos, floors, lighting, even better food presentation and employee break areas. All of this personalization and custom material can become a costly mistake if you’re not sure how much to order. The problem is that, without store intelligence, most retailers don’t have up-to-date information to order store-specific décor. So they have to build overage into the budget.
Store intelligence can also help you see ROI sooner. Each rollout is often tied to a specific growth strategy planned to implement a return. Without good data on hand, you’ll be spending extra time and money to gather the specific information you need before your rollout can actually happen. For instance, it can often take up to six weeks to manually find out what fixtures are at each of your locations. However, store intelligence accelerates planned growth. Since you already have the information you need, you can begin projects earlier, increase your speed to market and see your return sooner.
The AccuStore difference
The AccuStore platform and app provide unparalleled web access to always-accurate information. That means you’ll know exactly what the dimensions of Store #47 are as compared to Store #497. The information in each store profile will tell you about each store’s floors, walls, doors and lighting needs – even equipment and warranties. You’ll be able to use data like Amazon to customize the shopper experience:
For more information about AccuStore, please click here.