Home furniture brands are increasingly opening physical stores to combine digital and offline experiences. As online lead generation and conversion prices have increased exponentially, brands are looking for alternative ways to drive attention.
Digital technologies can help retailers overcome these obstacles and eliminate inefficiencies by optimizing staffing and operations, employee and customer experiences, increasing ROI, and reducing supply chain gaps. However, not all innovative solutions are created equal when it comes to modernizing retail business models, and many retailers adopt flashy new technologies without considering the value they bring to customers and staff.
The key to successful retail is maximum efficiency across all channels. This applies to home décor operations and other types of retail businesses. We hope the following tips for maximizing retail efficiency and boosting performance will be helpful for your home decor retail business.
1. Automating Key Business Processes
Continuing with the technology trend, automation of key business processes will soon be a necessity for retailers faced with rising labor costs and changing customer demands.
Supplier relationships are the lifeblood of any retail business. No matter how many suppliers you have and what products they provide to your shelves, you need a way to manage your relationships with those suppliers. This includes purchase order automation, inventory management, purchase order to invoice matching, shipment tracking, etc. All of this works best when it’s automated and streamlined, saving you and your staff time and energy that can be used to improve the customer experience.
2. Smart Inventory Management
Eliminating supply chain gaps has long been a problem for retailers. From the moment you order products, you need to be able to track and monitor their location and status. Are they in the warehouse, on the shelf, or in the customer’s hands? How many do you have in stock? You need to know where each SKU is at any given time, how many you have, and what the cost to you is at all times.
Inventory management software streamlines supply chain management and provides a more refined look at the current state of the inventory. Retailers can know which products are running out quickly, which are sitting on the shelf for weeks, and even how long customers take them before purchasing them. As a result, these solutions streamline inventory operations, monitor assets, and help retailers better understand customer behavior and predict trends.
3. Digital Transformation
The digital transformation of retail technology shapes how consumers will shop in the future. According to experts, three major technology accelerators will radically influence the future of luxury retail and help create a seamless online and offline experience. These are augmented reality, predictive replenishment, and voice commerce.
While AR Powered Shopping improves the retail experience, predictive replenishment technology, such as AI-powered subscription models, can virtually assist shoppers during the high-end shopping experience. Voice commerce can transform conversational retail by enabling a purchase to be made during a conversation rather than by clicking on a website. The installation of AR smart mirrors enables consumers to interact with high-end products. Artificial intelligence assistants can offer personalized high-end shopping recommendations.
Augmented reality enhances store navigation, allowing customers to virtually place true-to-scale 3D models in their homes to visualize future purchases and find and purchase furniture faster and easier.
4. Smart Checkout and Fast Delivery
In the 21st century, you need to be able to fulfill orders through multiple channels with smart checkout. These emerging technology trends allow retailers to meet their customers’ needs with a minimal workforce.
If you sell through a mobile app, you need to ensure your order fulfillment practice takes that into account. Trending technologies, such as QR codes and palm and facial recognition, are helping to address labor shortages and improve the shopping experience. And if you allow online orders to be delivered, that’s another challenge to manage. Implement Buy Now, Pay Later, Buy Online, Pick-up In-Store (BOPIS), or curbside pickup options to bring customers back to stores and improve the overall customer experience. Make sure you’re practicing the right fulfillment technique if you want to grow your store chain.
5. Monitor Sales Performance
Whether your salespeople are paid on commission or salary, you need to be able to monitor performance and track your sales. How much does it cost you to sell each product? If you don’t know, you can’t improve your results.
There are myriad options and strategies you can implement to boost your sales, but if you have a brick-and-mortar retail store, one of the essential strategies to improve your sales is retail décor. Here’s how retail décor design can improve sales,
- Create multi-dimensional displays by adding height, depth, and color
- Make visual displays interactive
- Keep the floor space neat/tidy
- Find a focal point on the display
- Place the best products at the front center.
- Pay attention to graphics, signs, overall layout, and feature areas.
6. Integrate Your Channels
Some customers want to buy online, while others want to buy in-store. But most customers will at least want to research products online. Your sales channels should be integrated enough that customers can choose to interact with you through their preferred channel and across all channels.
Use social media to engage with current and potential customers and spread the word about your brands. Prompt customers to post photos of the furniture they purchased, ask them what they’d like to see in the showroom and reward them with a gift they need to pick up in the store.
7. Provide Personalized Recommendations
Every customer is different. In other words, your home décor store should be able to meet everyone’s needs within reason. How you handle special orders and warranties is just as important as how you handle vendors, products, and customer relationships.
Home decor retailers should consider the room, interior style, product category, and price range purchased in each session. By taking these details into account, retailers can align recommendations with shoppers’ interests in real-time.
Timely recommendations also enhance the customer journey by providing a personalized shopping experience. Accurate product recommendations are an incredible technique for improving the shopping experience.
8. Boost Loyalty
Keeping your customers engaged with your brand and retaining customers is essential. Don’t market only to potential customers. Make an effort to communicate with your current customers to maintain their relationship with your business. When your customers feel supported, they stay loyal to your brand. And that means more sales in the future.
Collecting feedback at multiple points in the consumer journey can provide retailers with detailed information to improve their overall operations. Managing promotions, warranties, and other product issues is essential to boost customer experience. Many home décor items are expensive and come with warranties and extended guarantees. They may even come with insurance products. You need powerful tools to manage warranties, promotions, price changes, and inventory for smooth and seamless retail operations. This will enhance your loyalty and drive more traffic to your home decor stores.
9. Train Your Workforce Effectively
Your staff is your most valuable asset. They perform the daily activities that determine the success of your business. Therefore, to optimize your home decor store operations, you must first optimize your workforce.
This is best achieved through effective training, like a continuous learning process that provides your staff with the skills to succeed. The best way to do this is through effective training, as a continuous learning process that gives your staff the skills they need to succeed. Retailers looking to improve their store operations by optimizing staff training should consider investing in home decor retail software tailored to the modern retail workforce.
10. Incorporating a Next-Gen POS Solution
As the home decor business model becomes less forgiving of errors and missteps, home decor retailers must leverage technology wherever possible to create room for improvement. Traditional point-of-sale systems, consisting of a cash register, card payment terminal, and Excel spreadsheet, have thankfully been replaced by high-performance, all-in-one solutions that can manage all aspects of your store’s operations.
The depth of functionalities available in ChainDrive home decor POS solution helps home interior retailers, resellers, and wholesalers like you step-up their omnichannel operations and successfully manage their home decor businesses in the most seamless way possible.
Staff management, team scheduling, and performance tracking are all at your fingertips with a robust mobile POS suite that eliminates the need to always be onsite to perform administrative tasks.
Home décor brands are increasingly looking to combine online and offline channels creatively and transform the in-store space with innovative technologies.
Retail best practices are being established to help home decor businesses operate more efficiently and achieve higher profits. If your home decor business wants to compete, you need to find the right technology and retail practices. That starts with the right retail management solutions, like ChainDrive home decor software.
Streamlining Home Decor Retail Operations with ChainDrive
The most crucial thing in today’s digital age is the ease with which you can create an omnichannel experience for your customers through an innovative point-of-sale system. ChainDrive home decor software helps you provide customers with a positive experience, a friendly atmosphere, and the convenience of omnichannel shopping. It can help you improve retail operations and performance with our feature-rich platform. ChainDrive’s home decor retail solution can reduce the daily stress on your staff, helping to increase staff retention and better position your home decor business in your industry.
Contact us to start taking advantage of these great POS features to grow your retail chain stores, or sign up for a free live demo to learn how to improve retail operations and performance and get your home decor POS to do the heavy lifting for your business.