3 Ways to Discover How Store Profile Data Boosts Your Bottom Line

January 30, 2020 by Paul Sotrop – Knowing what happens in every store may sound like a daunting or impossible feat, but it doesn’t have to be. Store profile technology bridges the gap between what you think is happening and what happens. It’s the site-specific info needed to grow your business. There are many ways to use profile data to benefit your bottom line, here are three:

1. Find Out Why Certain Stores Aren’t Performing – If sales from your stores don’t add up, the answer could be hidden in your profile data. You would think two stores with the same resources would have similar results. However, their performance may differ. Factors such as local competition, divergent product offerings, store conditions, number of parking spots, and/or available staffing can impact store revenue.

   Profile management lets you gather and compare information on local competition, collect merchandise profiles from your stores, check on department resets, fixtures, signage and even review photos of store assets.

2. Spend Capital More Efficiently – Maintenance and equipment present a significant challenge to large store chains, especially chains that grow through acquisition. Employees often face significant obstacles when it comes to understanding the needs of each store in the organization. Store needs can be as individual as the people who manage them.
   
   For example, when upgrading or remodeling stores, it’s difficult for managers to gather data on the specific equipment needs of each location. Having accurate store profiles allows retail managers to get exact counts, view the age of the asset and the date last serviced, even view asset pictures in order to determine the condition of the asset.
   
   As a result, managers can have exact counts for vital equipment upgrades and will never have to resort to rounded figures or multiple orders resulting from bad data. Managers know the details and can act on confirmed data before making any purchase.
   
   
3. React Faster to Competitors – Having access to the correct data makes it easier to properly respond to the competition. If several of your retail locations experience a drop in sales that coincides with different market conditions, accurate competitive information is key. If several of your stores experience a drop in sales that coincides with a competitor’s promotion, you might feel it’s time to react. But can you be sure that the two incidents are linked? It’s easy to generalize anecdotal information, but that’s not the best way to make a strategic retail decision.
   
   A store intelligence solution can help track which of your retail locations share the same local competition, compare sales of a specific product, and spot trends. It may be that your sudden decline in sales has more to do with geography, local weather conditions or vendor issues. On the other hand, your assumption may be right, and your sales might be suffering due to fierce competition. Either way, your choice should not be based on a hunch, it should be based on data.

From marketing to merchandising to store operations, a store intelligence solution offers your entire team an easy way to streamline communication, reduce expenses, accelerate growth and improve execution. Let’s talk!