Large-format physical retail stores and chains compete with the largest e-commerce stores for consumer spending. One of the key places stores lose out is knowing the customers enough to create an upselling and cross-selling opportunity comparable to e-commerce stores. Even without the potentially limitless space of an e-commerce store in terms of stocking inventory & inventory management where physical stores don’t compete with e-commerce on:
- Customer Data: E-commerce stores collect extensive customer data, allowing personalised recommendations. Physical stores often lack this level of insight, making it harder to tailor offers to individual shoppers.
- Dependence on Staff: Training sales staff to upsell and cross-sell requires time and effort. Inconsistent or ineffective training can hinder the successful implementation of these techniques.
- Customer Interaction: In a physical store, sales staff must engage with customers directly. Misreading customer cues or being too pushy can negatively impact the upselling and cross-selling process.
- Seamless Checkout: Physical checkout lines can be busy, discouraging additional purchases. In contrast, e-commerce stores offer seamless online checkout experiences.
Software vendors address a large proportion of the gap enabling retail stores to know their customers better and personalise their shopping experience to some degree. Some of the leading software solutions to accomplish this and close the cross-selling gap are:
- Oracle Retail: Suitable for Enterprises. Stands out for:
- Inventory Management: Efficiently manage stock levels and replenishment.
- Point of Sale (POS): Streamlined checkout process with real-time inventory updates.
- Customer Insights: Collect data for personalised recommendations.
- Loyalty Programs: Implement loyalty rewards and promotions.
- Microsoft Dynamics 365 for Retail: All-in-One Retail Management Software. Stands out for:
- Unified Platform: Integrates sales, inventory, and customer data.
- Omnichannel Support: Seamless customer experience across channels.
- AI-Powered Insights: Personalized recommendations.
- Acumatica Cloud ERP: suited for cross-module workflows. Stands out for:
- Delivers a Unified Platform to stores: That integrates financials, inventory, sales, and CRM.
- Stores can create custom workflows
- Zoho Inventory: best suited for small businesses. Stands out for:
- Inventory Tracking: Real-time stock updates.
- Order Fulfillment: Manage orders efficiently.
- Barcode Scanning: Simplify inventory management.
- Brightpearl: suited for end-to-end retail management. Stands out for:
- Key Features:
- Multichannel Integration: Connects online and offline sales channels.
- Order Processing: Automates order fulfillment.
- Financial Reporting: Comprehensive financial insights.
- Key Features:
- Lightspeed Retail: suited for Inventory Management. Stands out for:
-
- Inventory Tracking: Real-time stock updates.
- Purchase Orders: Streamline ordering processes.
- Customer Profiles: Collect data for personalised recommendations.
However, the gap that the best software suites are STILL not able to close is:
- Access to Limited Customer Data when the customer is in-store: E-commerce stores collect extensive customer data, allowing personalised recommendations. Physical stores lack this level of insight but even more importantly – the ability to make it available to individual shoppers when shopping – something that e-commerce stores excel at.
- Knowledge & Positioning: Sales staff to upsell and cross-sell requires time and effort and the transfer of a large amount of expertise in both the knowledge of products on display, their competitive positioning and the best upsells available.
- Customer Interaction & communication: In a physical store, sales staff must engage with customers directly. Misreading customer cues or being too pushy can negatively impact the interaction. On the other hand, no interaction is not a solution either
This is the gap – getting close to the customer when the customer is shopping – that inStore™ by TWBcx™ closes for retail store owners and management. inStore™ guides shoppers to the most appropriate products & discounts in a store on their phones without the need to expensive software applications and integration. More information on https://instore.bargains/home/
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