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Stores Can Save Millions, Break Through Retail Chaos By Simplifying Store Execution and Compliance - Study

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Stores Can Save Millions, Break Through Retail Chaos By Simplifying Store Execution and Compliance - Study

New Research Identifies Complexity and Poor Communication Damage Retailer and Brand's Bottom Lines

PR Newswire

GATINEAU, Quebec, July 26, 2018 /PRNewswire/ -- Retailers can increase sales by an average of 3.7 percent per store through strong compliance initiatives revealed a research study commissioned by Foko Retail, in partnership with Retail Info Systems, released today. This translates to millions of dollars in savings for many companies.

"Complex store communications is killing the retail bottom line," said Marc Gingras, founder and CEO of Foko Retail. "The issue many retailers face is poor management of complicated systems, which breeds inefficiency. The study results also show that the gap between HQ's plans and how the stores actually deliver them is widening. By contrast, excellent store execution rewards retailers by helping them achieve financial goals, reduce costs and win against competitors."

Typical issues creating complexity include stockout replenishment, compliance with HQ goals, and promotions and merchandising resets. In addition, inefficiencies that hinder store performance include heavier associate workload, lack of clear guidelines and directions, and insufficient training and visual merchandising tools.

The study clearly finds that better communication with managers and store associates is essential for solving store level compliance problems. It also reveals that one of the best tools – mobile devices – is underutilized today. Only 57 percent of retailers make them available to store managers.

"Many stores have no central source of communications," said Joe Skorupa, editorial director, RIS News. "Complexity via more devices, such as mobile, desktop, tablet as well as fragmented communications via email, text, phone and applications present more and more challenges for retailers looking to provide exceptional consumer experiences."

These problems along with well-known industry trends, such as the boom in online shopping, hyper competition and changes in consumer lifestyles, exacerbate issues with stores unable to maintain growth. As a result, the study points to the larger trend of declining revenues with 37 percent of retailers polled seeing a decrease over the last 12 months.

Gingras added: "By better managing store communications and reducing complexity, retailers can save money and remain competitive despite changing market dynamics. Those that adapt with greater operational efficiency will thrive."

For more insights, please visit http://fokoretail.com/ris-study-improper-store-execution to access the full results and methodology.

About Foko Retail
Foko Retail's visual communications platform helps improve in-store customer experiences. The Canada-based company delivers the art and science of retail execution, so retailers can ensure total visibility and compliance across stores, and get real-time analytics on in-store execution, for a brand-consistent customer experience every time. The company was founded in 2013 and is headquartered in Gatineau, QC. For more information, please visit www.fokoretail.com.

About Retail Info Systems (RIS)
As the trusted voice in the retail industry for more than 20 years, RIS provides the essential information senior-level retailers need to make the right IT decisions to increase sales and reduce costs.

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SOURCE Foko Retail

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