8 Essential Steps to Increase Profits and Stay Competitive

From selling high-consideration products with constantly changing variety to long repurchase cycles, multi-layer sales transactions, and complex add-ons, cell phone dealers face some unique challenges in the world of retail. Add in increasing competition and changing consumer demands, you may be asking yourself, how can you manage to increase profits and stay competitive at the same time?

The following 8 steps are highlights from iQmetrix’s handbook for wireless dealers that will help you retain that competitive edge.

  1. Pre-shop online, reserve, and pick up

When selling any type of electronics, you can bet your customer is doing some prep work before they step into your store. In fact, 82% of Americans say they seek out online ratings and reviews when purchasing a product for the first time. This frenzy of online activity creates an opportunity for you to capitalize on. By investing in a well-functioning website that offers inventory information and the ability to reserve product and pick up in-store, you can allow your customers to do their researching and shopping together in a one-two punch.

  1. In-store omni-commerce: Endless aisle, drop ship and more

Don’t make the mistake of keeping your online and in-store experiences for your customers separate. Blend these two worlds together to delight your customers in all the various ways they may prefer to shop. Adding interactive digital displays or touchscreen endless aisle kiosks are great ways to give your customers access to do their research and browse a wide variety of products right in your store.

  1. Smarter, speedier, friendlier transactions

So, you’ve covered steps 1 and 2 and your customers are thoroughly delighted. Don’t blow it by fumbling the check-out experience. An hour-long purchase process can be downright painful so it’s important to shave off any time you can. Optimize your POS to reduce the number of clicks it takes to complete a sale without sacrificing accuracy – and ensure you have an integrated payment system.

  1. Intelligent store inventory and ordering

High churn with the introduction of new device models makes proper inventory management crucial. Real-time sales data with inventory forecasting can help reduce risk and enable you to make smart decisions and rely less on your gut.

  1. Merchandising informed by digital assists

With the trend toward counter-free” store designs, getting creative with your wall space and tablet mounted solutions is a necessity. Digital signage can create a dynamic and engaging environment in your store that is more successful at capturing the increasingly short attention span of today’s shopper. But before you start putting up screens, you need a back-end management tool to be able to centrally house and manage your content that then can be pushed out to your stores.

  1. API links to vendors

While your POS interface must be clean and easy to navigate, there’s so much going on behind the scenes in a powerful POS. A well-designed store system integrates with the carrier activation platform, most often through the use of APIs. APIs are also used to seamlessly integrate solutions like endless aisle, drop ship, and other 3rd party vendors which allow all your tools to work together and share data for one source of truth.

  1. Fix them right, first time, every time

One of the biggest trends unfolding in wireless retail right now is the rise of retailers offering cell phone repair. Adding repair service to your business is a great new revenue stream but it also adds another layer of complexity. Your POS needs to be able to handle the unique flow of a repair request, enabling a sales associate or a technician to capture all the necessary information in a step-by-step checklist, track or order parts, deliver a freshly repaired device back to the customer in a timely manner, and prompt an upsell opportunity to suggest a new case or screen protector to the customer. 

  1. Behind the scenes – the connected back office 

Back of house processes such as accounting, ordering, reporting, scheduling, payroll, and commission payments are just a few of the things that make up the connected back office. For example, the information gathered in your POS during the sales process must link to inventory, ordering, and accounting systems. A well-connected back office automatically moves transaction details from the POS to the accounting system so nothing is missed. On top of that, clear reporting systems enable you to keep tabs on your store and employee performance.

Success in the highly-competitive wireless retail business happens by design, not by accident. Many essential best practices depend upon well-engineered technology solutions that are built to fit the particular needs of this unique industry.

Ready to jump into these 8 steps more in-depth? Download your free copy of the complete handbook for wireless dealers.

Shutterstock / Dusan Petkovic