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Maximizing Retail Profits: Enhancing ROI Through Effective Operations

July 20, 2024

DTiQ

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Retail has evolved significantly over the past decade, and so have consumers. Retailers must adapt to keep customers engaged and shopping.

While many retail locations across America face unprecedented closures, some are thriving—Apple, T.J. Maxx, Target, Walmart, and Lululemon. These successful stores deliver not just products but exceptional value and pleasant experiences. This shift highlights the evolving landscape of the retail industry.

Doug Straton, Chief Digital Commerce Officer at Hershey Co., noted:

“Companies need to focus on maximizing the lifetime value of their customers rather than short-term gains. This approach may require rethinking business investments and margins.”

Source: CNBC

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Enhancing customer experience is crucial for maximizing lifetime value. Here’s how:

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Keeping Customers Happy

Retail store operations are complex, and keeping customers satisfied is challenging. Consider these statistics:

$37.7 billion lost in potential sales due to long checkout lines

$1 trillion lost because stores lack the products customers want

74% of in-store customers leave without buying if they don’t receive timely assistance

To address these challenges, retailers must replace outdated systems with comprehensive solutions that enhance the customer experience. ‍

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5 Ways to Boost Performance and Profitability

Improve Speed of Service: Accelerate service times to reduce wait times and boost customer satisfaction.

"The speed of service optimization tools from DTiQ have significantly reduced our checkout times and improved customer satisfaction across all our locations." – DTiQ customer: Mass-market retail corporation.

Streamline Incident Management with Video Security and Data Analytics: Manage incidents efficiently with video footage and analytics that provide insights into how to minimize disruption and maintain smooth operations.

DTiQ's motion detection and video analytics have been game-changers for Crocs, allowing us to quickly identify and resolve theft, and the ability to find archived footage has been unbeatable for loss prevention. Recently, the Regional Loss Prevention Manager leveraged DTiQ's platform to quickly obtain a confession, showcasing the system's impressive speed and accuracy. Their user-friendly solution lets our team focus on customers rather than surveillance, with easy onboarding and cloud storage enhancing operational efficiency.” – Claire Conley, VP Retail Americas at Crocs, Inc

Modernize Mystery Shopping & Merchandising: Use advanced tools for accurate evaluations and track merchandising effectiveness in real-time.

“The mystery shopping tool allows us to gain insight into areas of customer service that we are not unaware of during training. It helps us to then train staff properly to maintain compliance, keep the floor clean at all times, and sell our products effectively while engaging more with customers.” – DTiQ customer: Dispensary owner

Conduct Audits to Enhance Cross-Selling & Up-Selling and Increase Employee Skills: Improve strategies for increasing transaction values and overall profitability. ‍
- SmartAudits™ provide detailed insights into sales patterns and customer interactions, helping you identify key opportunities for effective cross-selling and up-selling. By analyzing these audits, you can refine your strategies to increase transaction values and overall profitability, and provide targeted training to your staff to improve their performance and effectiveness.

Prioritize Essential Data & Performance Management: Focus on key metrics and implement systems for better management and accountability.

"DTiQ’s exception-based reporting has been a game-changer for us, allowing us to identify and address issues quickly and effectively." – DTiQ customer: American multinational retail corporation

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A Game-Changing Resource

To further enhance your retail operations, download our guide: 10 Loss Prevention Tips to Boost Your Business Profits.

Download Now

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Maximizing Retail Profits: Enhancing ROI Through Effective Operations

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