With the right retail IT, store owners can tap into a totally new acronym–UDR, or Unrealized Dormant Revenue
Did we get your attention? Good! We are going to be preaching hard here, but it’s for good reason.
Beyond the basic benefits of the retail technology running your store, there are some other upsides you may not be thinking about–and it’s all about optimizing operations while “unlocking dormant revenue”. We like to keep it simple by saying that with the right tech stack, you can save time and money and open the door to new profit potentials.
While there may be an initial investment required to implement new technology, the potential returns reach far beyond the costs. By embracing technology and leveraging its power to drive sales and improve operations, you can do more with less, while also ratcheting up your CX.
Let’s break this down a bit. When you can analyze customer sales data, channel behaviors, demographics, and other metrics, you can spot trends, optimize your product and pricing, and improve your marketing at every touchpoint.
What if you could impact your average ticket value and units per transaction because you can clearly see how your products are selling and which customers are buying? This kind of thing can be done ‘automagically’ with a simple report.
Then there’s getting closer to your customers. Knowing who your customers are, where they buy and how they buy gives you the data to lure them in more and up your average sales within a given year. This is because your customers feel seen, heard and ‘personally serviced’, so they want to give you more loyalty. The more loyal they are, the more they come in. They more they come in, the more they buy. It’s one big lucrative loop!
All of this can be easily automated and, by doing so, you’re unlocking revenue potential that would have been otherwise lost.
What, then, is the hold up?
As we always say, our client’s pain is our pain. But when we help our retail clients make more money, we all win. This said, it can be a rough conversation when asking them to make the mental shift to approve the funds for new retail IT. Here’s why.
Lack of Understanding
As shared in the first blog in this series, many retail store owners may not fully understand how technology can benefit their store and improve sales. They may view technology as an additional cost versus the catalyst that it can be.
Fear of Change
Implementing new technology can be disruptive to a store’s operations and require significant investment in terms of time, money, and employee training. Some retail store owners also get caught up in concerns about the ‘potential’ risks and challenges involved.
Its common for retailers to be more focused on short-term goals, such as reducing costs and squeezing out more profits versus investing in tech that take a minute to show a return on the investment. This is a short-term mindset.
Lack of Resources
Some may not have the financial or human resources to invest in new tech, which can legit require significant capital investment or hiring new employees with specialized skills to manage and maintain it.
Don’t go it alone
Retail service providers like All Point can help you unleash Unrealized Dormant Revenue by shining a light on what technologies can help you do more with less time and stress. We do it with our Managed Retail Commerce offering. It includes all hardware, software, integrations, platforms and unlimited service support coverage, all wrapped up in a fixed monthly technology-as-a-service model. It’s unique, and we don’t know anyone else offering it.
See, all we’ve ever done is retail, and we’ve been living in these trenches for decades. When commerce needed to become ‘unified’, we had to take on an entirely new role for our clients and, already navigators, we had to also become their Wingman. This meant taking on their retail technology challenges from “all points”, solving them with solutions that keep them on course, and protecting them from the unexpected.
An added benefit is our ability to ‘right size the pricing’. Because we are both solutions-neutral and part of a buying conglomerate, we get the best pricing available on things like Internet, voice and merchant service fees. This gives us a bird’s eye view of what things SHOULD cost while keeping our client’s butts covered.
Want to shine a light on the Unrealized Dormant Revenue lurking within your retail store? Contact Us below to schedule a free 15-minute consult!
What you don't know can absolutely hurt you.
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