The Secrets to Retail Success in 2024

The retail industry has seen promising developments in the past year, paving the way for a potentially impactful 2024. From cannabis policy reforms to the integration of data-driven strategies, retailers can take advantage of these advancements to stay ahead in the game.

Streamlining Operations and Embracing Automation

One of the secrets to success in the retail industry is driving better capital efficiency. Retailers can achieve this by streamlining operational workflows and standard operating procedures to reduce labor hours. By leveraging vendors and technology partners, retailers can automate various processes like inventory management, compliance, and data flow between systems. Utilizing automation not only saves valuable staff time but also allows operators to redirect their labor towards more meaningful tasks.

Harnessing the Power of Business Data

Business data is a significant tool that retailers must leverage to enhance their operations. When it comes to the consumer experience, budtenders play a crucial role. Data suggests that more than 80 percent of cannabis sales are influenced by interactions between budtenders and consumers. Retailers can improve sales and customer loyalty by providing budtenders with the right education and tools to make informed product recommendations. Sophisticated data tools can help managers identify budtender biases and preferences, enabling them to set guidelines and goals that enhance staff performance and create a better consumer experience.

Establishing a Best-in-Class Customer Experience

To drive sales and increase customer engagement, retailers must rely on data to establish a best-in-class customer experience. By analyzing product sales data, retailers can optimize their product assortment to ensure top-selling items are always in stock and readily available to consumers. On the marketing front, developing a comprehensive marketing stack inclusive of loyalty programs, rewards, discounts, and promotions can significantly boost customer engagement and loyalty. Leveraging modern data platforms allows retailers to identify which marketing strategies are effective in driving sales and repeat customer visits. Furthermore, offering multiple sales channels, such as e-commerce, delivery, in-store, and kiosks, helps meet the diverse needs and preferences of customers. Analyzing sales data can provide operators with insights on which channels are driving sales and which may require optimization.

Diversifying Cashless Payment Options

To grow revenue and scale their businesses, cannabis retailers should continue accepting payment options other than cash. By offering compliant card payments and automated clearing house mobile transactions, retailers not only eliminate security concerns but also increase average monthly revenue by more than 25 percent. Diversifying the cashless payment mix provides more opportunities to boost revenue and elevate the overall customer experience.

Looking Towards a Bright Future

While cannabis retailers may not operate their businesses the same way traditional retailers do just yet, the industry is continually progressing towards that goal. As policy reforms and technological advancements continue to shape the retail landscape, retailers can seize the opportunity to implement these secrets to success and thrive in the evolving market of 2024.

Original Article: https://mgmagazine.com/business/retail-merchandise/secrets-to-retail-success-in-2024/