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A common mistake made by retailers during times of downturn is to slash employment. As staff costs are usually the second largest expense for the industry, this gives financial relief, but only temporary. For the long run, not only must employees be retained, but the right corporate training exercises be provided to them, so they may develop as the true assets of the company. In fact, having real people is where retailers have the biggest advantage in comparison to their online counterparts. A three- step system, must be followed by the retailers to set this trend right. First of all, the data warehousing done needs to be analyzed to see staff turnover and absenteeism. Next up, the staffing levels could be reversed for periods to check for effect. And finally, the results need to be implemented across the organization, all branches.

Source:https://knowledge.wharton.upenn.edu/article/retail-staffing-model/

Uploaded Date:16 May 2019

In spite of the use of AI- driven forecasting devices and suites, sales leaders often make mistakes when it comes to their part. Often this is not due to a lack of understanding of the technology, but due to errors of human ego. Some fatal errors have been identified that need to be avoided. One of them is purposefully not declaring the bad news. This leads to hoping for success, when objectively speaking none exists. Another is the confusion arising from a different set of data warehousing done. A number of misleading definitions are used to ride over the bad times. Sales teams also often fail at forecasting, as they do not ask the right tough questions. To fix this, adjustable algorithms need to be used up. Business intelligence needs to be detected on each of the probabilities. Time must be afforded to each set. Similar tracking must be done to know who is doing well in the present system. Finally, those forecasting accurately, need to be rewarded.

Source:https://hbr.org/2019/03/sales-teams-arent-great-at-forecasting-heres-how-to-fix-that

Uploaded Date:13 May 2019

The future of marketing holds a substantial pie for the art of brand storytelling. This is because, amidst an ocean of sameness, storytelling offers similar offerings to be pitched in with unique outreach. According to a study, a good story helps in capturing the audience’s attention twenty- two times more than mere facts. Beyond customers, this helps build a loyal tribe of followers. These loyal followers in turn could turn out to be the authentic influencers needed for the brand’s digital marketing efforts. Some of the most empathetic companies, also tend to be amongst the most profitable ones as per the Global Empathy Index. Brands too must project a human outlook, besides the obvious thrills of profitability.

Source:https://www.forbes.com/sites/celinnedacosta/2019/01/31/3-reasons-why-brand-storytelling-is-the-future-of-marketing/#61500a0755ff

Uploaded Date:13 February 2019

While there is a lot of talk about physical stores struggling thanks to the disruption brought in by online retailers such as Amazon, most of the purchasing still takes place at stores. Amazon’s recent foray into the acquisition of Whole Foods is there to challenge the omnichannel strategy that stores boast of. This however, does not make the future all doom and gloom for the retailers. Instead they ought to focus on several mechanisms, where the market is still very much open. For a start, they must ensure that stores work properly. Offerings need to be differentiated as Costco has been doing. The areas where they have an inherent advantage need to be advertises, such as the touch and feel or product vetting. Sephora has had great success through this. Retailers must also engage the local community, as good feedback especially online, will automatically percolate to digital marketing for the brand. Nordstrom has this reputation for forging strong community links. Them, along with Home Depot and Lowe’s also provide complimentary advice and consultation on their areas of expertise. Sephora for example does so on beauty brands.

Source:https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/where-stores-can-still-compete

Uploaded Date:22 January 2019

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