Retailers looking to open multiple stores have the advantage of connecting with a more widespread customer base, but they also have several logistical issues to overcome. They must address brand consistency, inventory for multiple stores and omnichannel shopping in order to stay ahead of the competition.
A consistent brand experience across all stores and other channels is a high priority for consumers. This sentiment holds particularly true among millennial consumers, as the Bulldog Reporter found 60 percent look for brand consistency across all channels.
Create a set of standard procedures for all stores to establish consistency across all channels. Some standard procedures to cover include:
A cloud-based point of sale (POS) system helps consolidate data from each store into one system. Having all of the data in one place allows for real-time inventory updates. Instead of risking a customer experience failure due to inaccurate inventory information, each store has updated inventory information available with out-of-stock issues and other inventory problems playing a big part in customer satisfaction. For instance, Help Scout reports that 70 percent of consumers have no problem paying more if they get a high-quality customer experience in return.
Retail store managers get better visibility into store performance through the analytics tools available in a cloud-based POS system. These reports let store managers and owners optimize inventory management and improve retail execution. Customer management is also integrated into these systems, allowing employees to pull up loyalty program information, view past purchases and access other important customer data.
Omnichannel shoppers provide retailers with a 30 percent higher lifetime value, according to Google. A cloud-based POS system can integrate with a retailer’s eCommerce presence to offer multiple purchase options for omnichannel shoppers. These consumers get the convenience of shopping through the channels they prefer, and the integration allows consumers’ online purchases to get tied with their in-store purchases.
Expanding to multiple retail stores helps drive business growth and customer reach, but it is important for retailers to have the right infrastructure in place to successfully handle multiple stores. Standardized procedures, a cloud-based POS system and eCommerce integration provide a solid multi-store foundation.