The Retailer Winter edition_2020

Taking the right steps early in the new year can make all the difference.

3. Integrate and Communicate Strategy Across Your Organisation.Incorporating e-commerce requires new processes and planning to avoid the potential for errors. Engage your buyers in your go-to-market strategy, ensuring they correctly set up to collect promotions online and in stores. Work with all managers to establish clear policies for price guarantees and price matching. Think through – and communicate – how these should be handled and how they impact funding and margins. Plan time to train seasonal merchandising employees to ensure accuracy and margins meet on price and volume deals. 4. Commit to Post-Holiday Reckoning. Finding hidden overpayments, risks and opportunities can’t be uncovered by looking at one system, process or spreadsheet at a time. Today’s increasingly complex holiday retail requires consistent and comprehensive review of suppliers, contracts and processes. The gold standard remedy is the full recovery audit, which typically reveals up to 10% hidden leakage for every pound spent. Next year’s holiday season will be here before you know it. Learning this year’s lessons can help reduce losses and contribute to a smoother, more successful next run.

PAUL REDSULL //marketing@prgx.com // +44 (0)7 8858 18854 // www.linkedin.com/company/prgx/ // www.prgx.com

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