8 Key Strategies to Make Your Retail Business More Profitable

So, what is the top retail strategy on the sales floor?

Margin controls.

When you provide your sales teams with a structured approach to applying discounts, you will not only gain an advantage with satisfied customers but also preserve millions of margin dollars.

Your role as a manager becomes effortless with organizational control of your sales discounts. Easily conduct price overrides directly from your mobile device to match competitor pricing and never lose the momentum of a potential sale.

Diversify your revenue stream by pricing your merchandise appropriately per market with store and region-level pricing. Also, carry out successful promotional discounts to attract new customers, and build strong brand awareness.

What is a top strategy that will enhance the effectiveness of your distribution center?

We’re going to tackle warehouse operations.

All retail business owners understand how an efficient picking process can provide significant gains to their warehouse operations. The best strategies minimize picking times by making frequently picked items more accessible through the quickest pick path possible.

RF barcoding scanners are a must-have device for any large-scale warehouse. Barcoding technology enables your team to accelerate your warehouse picking process, prevent stockouts and theft with cycle counts, and measure product performance with opening and closing inventories.

Directed putaway is your smart approach to product storage in high-volume distribution centers. This strategy seamlessly positions merchandise in your warehouse in a manner that maximizes space utilization, increases storage capacity, and reduces handling costs. Further, if you discover that some items have sustained damages, you can easily mark those in an “As-Is” status to help clear out your warehouse.

What is a top strategy to create a winning supply chain?

Read all about replenishment.

Supply chain management is a technology-driven partnership between you and your suppliers. To thrive in the current market means you have the right products, sourced at the best possible price, and delivered to the correct locations when consumers want them. An efficient supply chain is the core of your business and can make all the difference. That’s why integrated supply chain software is essential for business success.

An automated replenishment software helps maintain optimal stock levels, ensuring you never miss out on a potential revenue opportunity. By replenishing your warehouses with merchandise with proven demand, you can quickly satisfy your store requirements while minimizing operational costs.

This last retail strategy will help you take control of your supply chain. Efficiently manage lead days for your vendors, vendor-ship from locations, and products to ensure you always have the merchandise you need on hand. Give yourself a buffer or safety window by setting Pad days for those vendors that are less predictable. Further, get ahead of variable freight costs to ensure your costs are accurate. Freight approximations are crucial to meeting your margin goals, even before you receive your freight bill.

STORIS’ leading retail software has the tools and services to implement these top strategies into your day-to-day operations.

With a track record of introducing market-relevant solutions for over 35 years, investing in STORIS has proven invaluable. Streamlining the operations of more Top 100 retail partners than any other industry software provider, our solution is developed to make you successful.