iQmetrix’s RQ and repair product marketing all-star, Megan Slinn, wrote a blog about The World of Repair. Her article summarized the IBIS Industry Report that tells you why you want to provide repairs and services in the retail industry. For example, for the wireless industry, did you know that repair is generates $4.0 Billion per year and is growing at a rate of 5.5% annually? These are just a few of the facts that you cannot ignore.
As a retailer, you know that we do not often come across a compass that points directly to success beyond the retail industry, however navigating the rough waters of competition has gotten easier. Offering services and repairs is the due north towards increased sales and revenue. The industry is growing; repair conferences such as the Electronics Reuse Conference is celebrating its 16th birthday and companies are becoming retail destinations by adding in repair services in their business.
But how can repair’s growth potential be harnessed in a real way? The IBIS Report highlights the top 5 key factors to success in this area. In my mind, a list is not enough so, here’s a deeper look at the top 5 keys to success in retail thanks to services and repair. Not only that, I'll flesh out how iQmetrix’s omnichannel retail management ecosystem is to the perfect trail guide to finding success.
1. Supply Contracts in Place for Key Inputs
According to the report, the key to success with supply contracts in place for key inputs is having “access to repair equipment and parts at a competitive cost that will help expand industry profit margins.” It’s incredibly important to have parts and equipment suppliers who are up to the standards of products you’re repairing. If you're in cell phone repair the iQmetrix partner ecosystem of five repair parts and equipment vendors can ensure you're dealing with top-of-the-line repair parts—all of which integrated easily into the cell phone repair shop POS, RQ. If you're not in wireless, the key is investigation. Like you're a resident of 221B Baker Street, now it the time to do some serious detective work. Ask retailers who use your potential vendor options and see what they have to say. Alternatively, if you have mandated repair parts, ensure they're being handled with care to ensure their longevity. It's all elementary.
The Solution: With our Vendor Managed Inventory (VMI) integration, ordering inventory has never been so efficient. Using this unified process, you can simply add items for the vendor site with all back-end work done for you. You no longer need to verify with the vendor or run your employees ragged with double entry of purchase orders in the POS. Once a shipment is received, log into RQ and receive the products; it’s that easy! And if you're a retailer outside of wireless who wants to connect VMI into your operations, reach out to our team! We'd love to chat about your needs and see how the iQmetrix team can make repairs easier for you.
2. Ability to Control the Stock You Have in Hand
Nothing can drive up costs more than excessive stock increasing interest and storage costs, tying up capital expenditures with outdated parts. Conversely, insufficient stock can inhibit sales and repair capability. Streamlined inventory management is possible, it’s all in the POS!
The Solution: RQ makes effective tracking and inventory reporting a breeze! Track parts from ordered to received to sold, so you can see cost/profit. Further increase profitability with repair parts or products forecasting, stock balancing, and aged inventory tools to weed out old inventory. And for parts without bar codes or serial numbers, you can auto-generate unique serial numbers so that these products don’t go unused or unsold.
3. Provision of Premium Goods and Services
Involving both production of premium goods and services that “are reliable, high-quality repair services will increase an establishment’s reputation and drive potential for return customers.” iQmetrix knows that our clients offer the best-in-class repair services. A repair supply agreement allows provision of premium, quality-controlled goods, so you can provide a premium repair service.
The Solution: iQmetrix and our best-in-class repair partners have come together to create an integration between systems that will save you time and streamline the way you order inventory to your stores. This integration creates a seamless experience between repair vendors, RQ, and you.
4. Acquired Technical Knowledge of the Products
Sercvices and repairs is a fast-paced area of the retail industry with ever-changing technology and standards. One of the best ways to keep your staff up to date on the latest technologies is to foster industry communities. Attending repair conferences such as The Mobile Repair Unconference presented by Sourcely in 2018, that does just that—building and fostering a community in the repair industry. The Electronics Reuse Conference (ERC) creates a similar sense of comradery. ERC hosts networking receptions, technical sessions on a variety of subjects such as how to handle lithium ion batteries or Recycling 101, and, of course, keynotes to knock your socks off.
The Solution: iQmetrix is a proud partner of repair conferences. We are a thought-leader in the industry and have a carefully honed network of repair experts to lean on for insights. Not only that, but our team has done the research so you don't have to. With the rise in repair—especially with the growing environmental concerns consumers have—it's clear that services and repair retailers are here to stay.
5. Provision of Related Range of Goods and Services
Offering a wide range of related goods and services is a retailers no-brainer. Additionally, your service technicians need to be educated in how to fix any device that your customer’s needs repaired. Offering a wide range of related goods caters to those customers walking into your store, whether they need a part replaced or they are primed to purchase accessories to prevent further product destruction. What may not be a no-brainer is to train your repair technicians to become sales professionals.
The Solution: There's no better time to talk to a customer about protecting their mobile device than when they’ve just had to fix it. Don’t let lack of peg space for accessories hold you back! Allow your customers to browse and buy a wide variety of virtual merchandise by optimizing your space with Endless Aisle and Dropship. Make more money by easily selling items be drop shipped directly to the customer. Bonus: interactive screens give customers’ idle hands something to browse while they wait!
Whether you’re a grassroots jewelry repair shop or an electronics store considering adding repair, these success factors are easy to adopt with iQmetrix’s omnichannel retail management ecosystem.
Can’t get enough tips on how to succeed in in the growing repair industry? Read our whitepaper: 5 Ways to Succeed in the Growing Repair Segment.
Shutterstock / Poravute Siriphiroon