Retail is all about –R-E-S-P-E-C-T!

R: Recent data is the most relevant data to use when analyzing both customers and inventory.

E: Everybody’s voice counts. Listen to any feedback from customers and employees. Good or bad it’s all valuable.

S: Sales are old school retail. Promotions are more effective in moving inventory and creating incremental sales.

P: Personalize your customer marketing by using customers purchase history.

E: Embrace: There are new technologies that help you engage more actively with your customers both in-store and through social media. Don’t ignore them. If you’re not engaging with your customers your competition is.

C: Consolidate all your customer purchase data into one silo, whether they shop on-line or in your store. A single view of all a customer’s activity is essential when designing marketing campaigns.

T: Trail and error is the key. Track the results of all your promotions and campaigns. If it works refine and make it better. If it doesn’t work, scrap it.

Respect is the Key