Here are some actionable insights and expert direction to help you excel in becoming a successful store manager and improve.
Whether you have recently become a leader or have been a decision-maker for a long while, you need to adapt to the dynamic retail space if you want to improve your skills and become a better store manager. Making sure a store’s operations run smoothly is no walk in the park, though, but fear not, for this guide will provide you with the most important tips and tricks in order for you to master the art of store management.
No matter how experienced you are as a leader, you need to understand that the retail scene has been through drastic and unexpected changes in the last couple of years. The pandemic altered consumer behavior worldwide, and retailers suffered significant losses during this time. However, in-person shopping is demonstrating robust growth in the post-pandemic era, and studies suggest that physical shopping will continue to rise, while e-commerce’s growth will significantly slow down.
In this blog, we’ll explore the key strategies and skills that can transform you into a high-performing store manager. We will also discuss how you can use AI-powered technology and digital solutions to become a better store manager. Read through this guide, and you will be ready to tackle any challenges that come your way. From optimizing inventory management to building a well-functioning team, this piece will dive deep and explore it all, so grab your drink and let’s go.
Clear Objectives and Achievable Goals
A common mistake new store managers make is shooting too high and setting unrealistic goals. It’s extremely important to measure the skills and capabilities of your team, both from an individual perspective and grouped together. Thoroughly identify what you and your team can accomplish given the time period and budget.
It’s also healthier to create several milestones for each objective. Milestones make goals more achievable, and even if you fail to reach the ultimate goal, you can still see progress and keep the team’s motivation high.
Another key thing that gets overlooked is setting vague goals for the team. You should always be on the same page and working towards the same goal as a team. Failing to communicate your objective will result in frustration and, most likely, failure in the long term.
The best way to measure progress is by basing each milestone on objective metrics that you can tie to each goal. It will be easier to monitor the progress and manage your team when improvements or changes are necessary in order to reach your goals.
Implement New Technologies for Store Management
If you want to become a successful store manager or maintain your status as one and improve yourself, you should have an inquisitive mind and a keen eye on what’s cooking to make your job easier and set you apart from the competition. We’re in the digital era now; many new and innovative technologies are emerging, and some of them can shape the future of your business.
For instance, in today’s retail world, you can’t imagine a retail store without a POS system, but the adaptation period for this great technology wasn’t a picnic. It took years and years before retailers fully adopted POS systems. Many business owners and decision-makers found implementing them too costly. Seasoned store managers thought it could never fully replace traditional manual cash registers and sales tracking methods, but here we are now.
Over time, more and more retailers realized that the benefits of implementing POS systems heavily outweigh the cons, and decided it was worth the investment in the long run. People counting technology follow nearly an identical path. Accurate visitor counting allows you to track visitor movements, products they look at, and how long they spend in certain areas, even providing insights into their demographics.
You can use visitor data and gain actionable insights into customer behavior and preferences, launch targeted marketing campaigns, use digital signage to promote products or services, optimize your store layout and staff schedule, eliminate long queues, and more.
After determining the conversion rate, having the store manager present during low-conversion periods can lead to identification and resolution of issues, thereby increasing the conversion rate.
Furthermore, it might be beneficial to arrange specific training sessions for store employees during these low-conversion hours and days. This will enable them to better understand products and promotions, provide improved service to customers, and ultimately increase customer satisfaction and conversion rate.
Finally, by understanding customer behaviors, store managers can optimize the store layout. This involves identifying less frequented zones and less popular products, addressing these issues with the store employees and boosting employee satisfaction by taking their suggestions into account.
Even if you’re operating on a tight budget, it doesn’t mean you can’t access the benefits of data-driven insights. In fact, there are plenty of cost-effective alternatives to choose from. These alternatives, such as Nano, V-Count’s brand new, cost-effective, precise and plug and play people counting sensor, allow you to optimize your budget without sacrificing the quality of insights you can gain. So, even with a limited budget, you can still make informed decisions to help grow your business.
Use The Power of Data and Make Informed Decisions
Retail management is a challenging job, but you can make it easier if you choose the right tech provider for your business. Successful store managers understand the importance of having accurate and reliable data at their fingertips. Analyzing visitor data and using it to make informed decisions that drive business success is a key skill, but you need to ensure you’re employing extremely accurate technology.
Making informed decisions heavily relies on having access to reliable and precise data, no matter what the subject or goal may be. While a 5 to 10% deviation may not seem like a lot at first, you should keep in mind that you will use historical data to identify trends in customer behavior over a longer period of time. That 5% deviation will add up over the period you collect it and will become even more distorted. Choosing the wrong provider for your business can do more harm than good and end up being a costly mistake. Even worse, it may make you shy away from other emerging solutions and trends that could drive success.
A store manager should be able to utilize both real-time visitor data and historical data to shape the future of their business. Using a visitor analytics platform that can collect and transform data into actionable insights will also make your job a lot easier. Leveraging the power of data will allow you to make informed decisions about product placement, inventory management, team leading, marketing and sales strategies, and you’ll be able to replicate your success.
Positive Company Culture Boosts Team Morale
One of your main duties as a store manager is creating a workplace that people want to be a part of, and it’s a lot harder than most people realize. Creating a team that works in harmony is already a tough task itself, but ensuring that your department (or company) can keep this talent and maintain success is even harder. While competitive salary and benefits can help you to retain your best employees, showing that you care and value them will also help them feel motivated and have much higher job satisfaction.
It’s your responsibility to foster a sense of community among your teammates and ensure people feel more engaged in their work and duties. According to many studies, happier employees produce significantly more and in less time, and not only do your sales and profitability increase but also the customer experience at your brick-and-mortar.
Follow Trends Very Closely
A good manager follows their industry very closely to ensure they stay ahead of the competition. Discovering emerging trends early on and getting on the hype train can differentiate your store from the competition. In fact, you can even become a trend-setter in time after you collect enough customer data to understand their behavior and preference and come to healthy conclusions.
Following trends and changes in your industry will help you identify new opportunities for growth and improve your sales metrics drastically, especially if you can launch targeted marketing campaigns to further your efforts. You can use visitor analytics tools to discover popular products and zones in your stores and use this information to sell faster and optimize both your inventory and store layout to drive more sales.
You may have decades of experience under your belt, or you may be a newcomer to the management scene. One thing you need to understand for sure is the retail world is more dynamic than ever, and if you are unwilling to adapt to the changes, there will always be someone willing to do it and take over. Always be on the lookout for how you can improve yourself and stay relevant.
You can also reach out to us now and book a meeting with our expert team. We’ll explain how you can leverage the power of people counting and visitor analytics to improve your business and stay ahead of the competition in your market. Let’s shape the future together.