When managing a retail chain, it’s important to collect all the data about the business in a centralized location. That way, it can be analyzed and turned into actionable insights. A centralized workflow manager and data repository at headquarters can provide valuable information about all aspects of day-to-day retail operations, from purchasing to point of sale.
Analyzing data at the store level is also important to gain granular insights into item movement and inventory. This can identify opportunities for optimization and enable store managers to react to them instantly. Web-based margin management solutions for retail stores provide ease of access and should include tools to automate, manage, and monitor all aspects of a retail operation.
It’s not enough to simply collect retail operational data. Key to effective margin management is the ability to analyze and report on that data. Rapid analysis allows store owners to make timely decisions about their business. It’s vital that reports contain the most accurate and up-to-date information possible, including data about sales movement, flash sales, inventory, receiving and labor.
Margin management is most effective when information is consolidated into a single location. Store managers shouldn’t have to juggle multiple data streams from disparate sources and locations. However, they do need the ability to extract, transform, and load data to and from any existing retail technology and software systems. That’s why integration is a vital component of a successful margin management strategy.
A global supply chain means warehouse management is more complicated than ever. It’s also ripe with opportunity for creating operational efficiencies that can help control costs. To that end, warehouse managers need to focus on improving inventory accuracy, maximizing space utilization, and streamlining workflows. For retailers specifically, warehouse management solutions need to include purchasing and prorating tools to help allocate product to stores in the event of shortages.
Electronic shelf labels (ESLs) can use various types of LCD, LED or ePaper digital signage to replace traditional paper shelf labels. Without the need for reams of paper labels or expensive toner cartridges, ESLs significantly reduce recurring material costs, not to mention the labor costs required to managing the signage. And ESLs can integrate with store solutions to enable dynamic pricing and even greater margin management.
Scales and wrappers—from the deli to the meat counter—can also be integrated into retail store solutions. With deeper insight into item-level data across an entire network of scales and labeling equipment, integrated scale solutions offer grocers greater flexibility with their prepared food and private label offerings. They can also help reduce inventory shrink by managing ingredients in packaged items.
