How to Remain Profitable When Shoppers Are Fickle and Costs Remain High
Department stores may be the bedrock of retail and form the all-important anchor of many shopping centers and malls. But today, retailers need to work not only harder, but smarter, to remain profitable. To survive, they need to perfect merchandising and marketing strategies and to target high-value customers.
Our business research shows that department stores and general merchandisers operate in a highly volatile environment. Success can be fleeting. A typical industry cycle among these retailers is just three to five years. Department stores and general merchants are affected by the same market forces:
The greatest growth in the department store and general merchandising segment is occurring in developing markets, but lower levels of competition and market saturation in developing markets are also important. So are the opportunities to grow one’s store network in countries where land is more plentiful and less cost-prohibitive. This provides a tremendous opportunity for retailers looking to capture market share, grow their businesses and achieve high performance.
Our retail solutions provide department stores with the flexibility they need to succeed. We help stores maximize customer service and profits and meet changing consumer demands amid increased competition and complex supply chains. Our merchandising solutions include price optimization, category management, assortment planning, promotions and marketing.
From loyalty and customer relationship management to workforce management solutions, we help you provide seamless service to customers.
In addition to basic POS, we assist by implementing next-generation customer touch points like personal shopping assistant, kiosks and digital signage.