Inventory management is not only important for retailers, it’s one of the most important aspects in running a successful wireless retail business. According to SCDigest, U.S. retailers are holding approximately $1.43 in inventory for every $1 of sales they capture.
Over the years, iQmetrix has worked with some of the biggest and smallest retailers in the wireless industry. We have learned so much through osmosis, and have become well-known as wireless retail experts. We are humbled by how much we have learned from our clients, how much more we can learn, and by how excited we are to brave the future with them.
According to the 2016 National Retail Security Survey (NRSS), inventory shrink accounted for 1.38% of retail sales, or $45.2 billion, in 2015. Retailers that participated in the 2016 NRSS say that employee/internal theft amounted to 35.8% of this inventory shrink.
In the wireless industry, it’s a constant struggle to shave time off transactions (particularly activations) and maximize every dollar. If you’re a wireless dealer, I’m willing to make a bet that reconciling commissions with your carrier causes the regular onset of a headache you can set your watch to.
“I’ve never broken my phone screen,” said no one ever. With the advent of the cellphone and the extreme jump in users that this industry has seen over the last 10 years, a spin-off industry has been created that’s becoming more prevalent in all our cities; Service & Repair. This industry has the sole focus of not only fixing your phone, but also aiming to remove the pain of having to wait days, or even weeks to have your phone back up and running.
Do you often see the same sales staff over performing while others remain status quo? Is this because they’re working that much harder or have you really thought about what’s influencing this behavior? Brace yourself for some tough love... there’s a chance you could be contributing to the problem. As an owner or sales manager, it’s your responsibility to understand what motivates the individuals on your team. Have you recently evaluated your motivation tactics or how you set goals with employees that really impacts sales rep performance?
Customization is the name of the game when it comes to building relationships with customers. Just as a gift is more memorable when it is personally picked out for the recipient, a transaction is more successful when it is geared to the consumer's own self-image.
In today’s wireless climate, independent wireless retailers are facing the same old issues: shrinking margins, competition from online retailers, consolidation, and cost per square foot.
Customer expectations of the in-store experience are higher today than they've ever been before. We know they want what they want, when and wherever they want it. So how do you fulfill your customer’s expectations and dreams?
The Service & Repair industry is a hot market right now, and as more players get into the game, the challenges of bringing repair shops up to speed with adopting best practice standards is coming to the forefront.
Many large retailers are competing on delivery options and satisfying consumer demands for a true omnichannel experience with seamless convenience and vast product selection. With iQmetrix Dropship, retailers of all sizes are now able to offer similar benefits to consumers.
For wireless retailers' business strategies to succeed, they need to incorporate feedback. Companies pursuing an omnichannel approach should test different tactics and measure their results.
One of my biggest shopping frustrations is walking into a store and finding out the product I’d like to buy is out of stock. On most occasions, I’ve done my research on the product to see if it’s carried in your store.