Retail Software | POS Software Canada | BDO IT Solutions CanadaRetail Software

Today’s Retail Market is Different. You Need to Adapt

Today’s retailers are facing a completely different business landscape than ever before. With the increase in global competition combined with more informed buyers, reaching your sales targets and retaining customers is becoming more and more difficult. You’re not only competing with other retailers, but also with the excess of information consumers have at their disposal. From price comparisons to online reviews and polling via social media, today’s buyers make much of their purchase decision before they even arrive in your store.

Changing Customer Requirements

You need to effectively handle your in-store operations so that your customer experiences are seamless. That means having the right items in store, ensuring your prices are competitive, and managing your promotions for optimal performance. Attracting and converting customers is one thing, but you also need to retain them. You need to give your customers what they want, so they have no reason to look elsewhere.

Specific Inventory Challenges

Adequate inventory is necessary if you want to serve your customers. What’s more, overstocking items can cost your business exponentially; and getting caught with off trend or off season inventory is guaranteed to frustrate your customers and stall sales. In retail, you need to constantly evaluate what you’re selling. You need to be predictive, so you can be profitable.

Increased Competition

As the world shrinks, competition grows. People are no longer confined to their city; they are shopping in neighboring cities, provinces and across the border which gives them more access to a wider variety of products. If you don’t have what they want, they will find it somewhere else. Watching trends, being involved on a social level and paying close attention to the buying habits of your customer base is a necessity.