Staff, Stock and Store….Making the move to Digital Retail
The shifting shopping paradigm toward online purchasing has been underway since Amazon first entered the marketplace. It has, until the Spring of 2020, been an incremental change which has allowed brick and mortar retailers to evaluate their customer’s shopping patterns and adjust their merchandising and marketing approach. With the lockdowns and shopping wariness brought about by Covid 19, a significant number of retailers (large and small) have been thrust into a position of having to make very rapid strategic and pragmatic decisions about how they will survive a disappearing customer base. For many, the rapid loss of revenue has been catastrophic and resulted in closed and empty shops on high streets.
Others have managed to remain open by reducing stock and staff, and offering products for sale online via hastily developed web sites and links. Still others have made the leap from brick and mortar to a full blown online presence. These basic steps, however, are only the beginning of the transformation process. Legacy procedures around stock management, supply chain controls, and logistics become as much of a hinderance as a help. The move requires a carefully constructed strategy coupled with a solid tactical migration plan. It further requires a revision to, if not replacement of, legacy technology systems. And very careful consideration of the number, and qualifications, of staff members going forward. Attempting to hammer nails with a screw driver comes to mind. Controlling cash and working capital becomes a basis for survival. Without a well conceived and architected plan, cash will dwindle and the business will fail.
Fortunately, there are retail business process and technology solutions that have evolved and emerged at pace with the market transformation. They are in the marketplace and in use by a growing number of retailers who are seeking the balance between traditional brick and mortar and the establishment of a digital presence. Leading Resolutions is assisting a number of retailers as they embark on the transition. We have current knowledge of, and experience with, the creation of a target operating model. We understand, and can advise on, the most expedient solution architecture for specific and unique retail operations.
Give us a call to set up a review of your situation. And take advantage of our experience in order to help you make the most of your most critical asset, your time.