A new study by global consulting firm A.T. Kearney indicated that the presence of management and leaders in a retail store leads to lower employee turnover and better compliance with store initiatives. [See tips on preparing your staff when their team leader leaves here]
The Achieving Excellence in Retail Operations (AERO) Study showed that when field and regional managers spend more time in the stores, employee turnover falls by 10 percent. [Learn how to seek opportunities in retail during a downturn here]
Another finding is that although loyalty programs are common in the retail industry, only a few retailers use the data gathered from them to understand true consumer behavior. [Read about loyalty programs and six other techniques that promote your products here]
"Loyalty programs can solidify their customer-behavior information and help retailers provide more differentiated experiences. Our survey reveals that 63 percent of retailers have loyalty programs, yet nearly 40 percent of those retailers review the data only once a year or less, which means they risk falling behind on customer trends and preferences. They are not actively using data available to them to gain a better understanding of their customers or to develop more targeted customer strategies," the study added. [See 99 ways to sell more, faster and better here]
Successful retailers, the study noted, use data analysis to match the product and presentation to the customer\\\'s needs, improving vital areas such as product innovation (assortment and packaging), pricing, promotion strategies and offers, store layout and shelf strategies. [Read about the importance of customer feedback here]
Another significant finding is that retail leaders tend use a core group of stores as test sites.
Page 2: Pilot programs