How retailers can avoid a red card this World Cup
Without question a busy retail period is hugely profitable for businesses. In particular, national and international events can present retailers with a number of significant business opportunities such as increased customer engagement, creating jobs for store associates and opportunities to drive sales at an exponential rate.
Major sporting events in particular offer retailers vast opportunities to take advantage of an increased customer demand. For example, this Summer’s FIFA World Cup will see retailers experience an influx of customers looking to purchase replica shirts, electronics, food and alcohol. Yet, whilst these events encourage customers to spend more, it can also present a burden for retailers who aren’t prepared for the sudden increase in customer interest.
Scoring an own goal with inventory management
One of the most prominent reasons retailers may struggle with a sharp rise in consumer demand is down to the fact they struggle to have an accurate view of their inventory. Not only does this lead to missed sales opportunities due to out-of-stock products and a poor customer experience, but can have long-term implications towards brand loyalty. Afterall, in an age where customer experience is key, why would they choose to shop with you if you don’t have the correct stock?
Customers are most disappointed when the products they want are not available. This is often due to retail staff conducting manual stock takes and recording incorrect numbers. Whatsmore, many retailers remain unaware that they have such poor view of their inventory. For example, many retailers believe that they have a clear view of their stock. Yet, the truth is that their stock accuracy can be as low as 68% with items being easily misplaced or lost through the supply chain. Whilst this can just about be adequate for general day-to-day operations, it simply isn’t good enough when there is sudden increase in customer demand as a result of a major event, such as the World Cup, driving sales.