Winter 2019 - Inside Outdoor Magazine

Inside Outdoor | WINTER 2019 30 Are the fixtures up to date and fully functional? Is there an easy flow to the back room? The list could go on, but this would be a good start. Retailer Anticipated Investment in Business Apps during Next Three Years All marketing efforts would be examined next. Were the scheduled vendor trunk shows successful? If so, what made them so, and if not, why? Did you do any popups this year, and were they worth the investment? Are these already in the marketing sched- ule for 2019? Be sure to review all advertising contracts with all print and broadcast media. What does the direct mail campaign look like this year? Is the advertising message you are sending always consistent with your brand and store image? What kind of message does your website send? Is it informa- tional only or are you actually trying to sell from it as well? If so, is the shop- ping cart feature easy for the customer to use? Finally, does the cash outlay spent on all forms of marketing gener- ate a good return? You can’t operate a brick and mor- tar retail establishment without people, so human resources is the next area to examine. Every person should be evaluated and formally reviewed during the first quarter. This would include key division heads such as merchandising, finance and store operations. Everyone’s performance gets reviewed; merchan- dise managers, buyers, store managers, all assistants, marketing, receiving, all sales associates and even the reception- ist. Perhaps this individual is the most important person on the list, as that is the person that has the first interaction with the customers and vendors. Finally, the year-end review would include technology . The tech world is changing almost daily it seems. Are you keeping up with the changing world? Be honest with yourself and don’t be afraid of the answer. If you don’t know or can’t figure it out, find someone who can. Does your point- of-sale system serve you as well as it should, or are you simply putting up with it because you think that finding a new one is too big of a hassle or will be too expensive? Ask yourself this, how much is it costing you if you can’t get accurate data or the reporting is not helping you make better manage- ment decisions? Staying with a bad POS system is much like staying in a bad relationship. It doesn’t work any longer, but you stay with it anyway. You know what to expect from it even though there is something better for you available. You continually fight to get the information you need and sometimes finally give up. You can’t get the support you have paid for; the company doesn’t listen to your needs; you have outgrown it; it might cost you some money; or you feel a change might be disruptive in the short term. All potentially true, and all bad reasons to stay with something that isn’t serving you well. The merchandise planning and open-to-buy module typically does not come as part of the standard POS sys- tem, unless of course you have paid several thousands of dollars for the system. And even then, most are lousy. Make sure that the class structure is set up correctly for the business you anticipate in the coming year. Does your OTB plan adjust monthly based on rate of sale? Are the sales plans ac- curate, or do you have to come up with them yourself? How is the inventory planned? Are markdowns planned as part of the program? How often does the information update? And finally, do you have an experienced merchandis- ing analyst on staff or an outside con- sultant that will give it to you straight and not simply tell you what he or she thinks you want to hear? Remember, your performance is only as good as the tools you have. If you have the merchandise, location, right people and systems, you are off to a good start for the new year. Now it’s up to you to manage it. m Ritchie Sayner is founder of Advanced Retail Strategies LLC. He also is author of the book “Retail Revelations- Strategies for Improving Sales, Margins, and Turn- over,” available by emailing ritchie@ arsotb.com or through Amazon. Buyer’s Side imate Change Impact Estimates Over Time Across ain Life Cycles Stages e: Quantis Why Source: Yes 2005 2010 2016 2020 2030 2440 2840 3290 3780 4900 Retailer Anticipated Investment in Business Apps during Next Three Years Source: Retail Systems Research BI and analytics (inc. AI/machine learning) eCommerce Marketing Merchandising and price management CRM and loyalty Customer-facing Internet of Things applications Workforce management Other Internet of Things applications Other store systems Outbound supply chain managment Store selling systems (i.e. POS and peripherals) Inbound supply chain execution Import management Major new implementation or replacement Improvements or new funcionality to existing apps Minor fixes & maintenance No further investment 51% 48% 43% 42% 37% 36% 31% 30% 30% 30% 27% 22% 22% 38% 36% 44% 45% 44% 50% 40% 55% 36% 51% 55% 52% 48% 10% 13% 3% 0% 0% 0% 1% 2% 2% 2% 3% 3% 2% 1% 0% 12% 13% 19% 12% 27% 13% 30% 15% 16% 24% 30% 80% 60% 40% 20% 0% ber production metric tons CO2-eq 2. Yarn preparation 3. Fabric preparation 4. Dyeing and Finishing