The Retailer SUMMER 16_v7

technology

But it can also play a key role in helping retailers overcome challenges when devising pricing and discounting strategies.

Technology-led retail management systems that provide stores with accurate, real-time view of sales, inventory and customer bases can help retailers formulate sale strategies and identify appropriate moments to run flash discount events. They also help stores run more relevant discounts, creating additional long-term benefits of increased customer satisfaction, loyalty and brand value. Retailers without these systems in place are missing an opportunity to optimise their merchandising, promotional, and pricing strategies. Today, a wide range of retail management systems are available in the market place. Retailers must carefully evaluate options and select the most suitable system to meet their specific needs. Some of the key considerations include: • An omnichannel system that can offer a single view of sales, inventory and customers across all touchpoints • Forecasting and merchandising capabilities to ensure the right level of stock is available • A loyalty management facility and ability to capture customer preferences to run personalised discounting and promotional campaigns linked with social media and other online tools • An integrated financial management and reporting system that provides real-time views on margin by stock keeping unit (SKU), location and campaign Overall, the culture of discounting and promotions will likely remain a core feature of the UK retail market for some time to come, and this will create new opportunities and challenges for today’s retailers. Technology can help mitigate risks to the bottom line, allowing retailers to plan and execute dynamic pricing promotions that will balance consumers’ expectations with the need to run a business profitably.

Retailers without

technology solutions in place are missing an opportunity to optimise their merchandising, promotional and pricing strategies.

For further information, contact:

SANJEEV SINGH // sanjeev.singh@rsmuk.com // +44 (0)20 3201 8000 // rsmuk.com

retailer | summer 2016 | 23