Partnering with brand reps to provide fun, profitable in-store promotions, displays, and buying experiences is one part art and one part science. But it always starts with a passion for meeting the needs of today’s wired-up and infinitely distracted consumer, especially as the retail sector continues to undergo massive transformation powered by changing consumer tastes, cost pressures, and the growth of online channels. Not to mention the resurgence of niche retailers and other direct channels that strive to offer greater convenience and unique value added services or packaging. Meanwhile, more funding continues to flow into upstart brands and new retail concepts driven by Amazon and other innovators, creating both a lot of noise and opportunity. To stand-out and succeed, retail merchandisers need to move fast, use their data, and think like a disruptor.
Mike Keenan, CPP, CFI, LPC, Managing Director, Retail Loss Prevention at TAL Global Corporation, is a firm advocate for awareness programs in retail. According to Keenan, one of the most critical components to a successful LP program is fully utilizing employees in supporting the company’s loss prevention strategy, as every employee can play a role in controlling loss and promoting safety. He states that a knowledgeable and well-trained employee will be more engaged; they will be better at executing processes; they will be more likely to comply with policies and procedures; they will be less likely to steal and more likely to report those who do; and they will be more committed to keeping themselves and those around them safe.
By monitoring execution and correcting identified deficiencies throughout the year, you can improve compliance, control loss, and keep both employees and customers safe.
With a new year getting under way, it’s a good time to consider the major trends affecting our industry. 2018 promises to be another action-packed year, especially in the retail space, where much disruption is taking place thanks to the adoption of new technologies and the ongoing battle between online and brick-and-mortar players. Here are the major trends to watch in 2018:
The branch is a tough, hostile IT environment. The distributed nature of branch IT presents the IT team with a real and unique set of security and compliance challenges that are radically different from the datacenter. This is a problem, as retail branches are often on the front line when it comes to modern cyber-attacks.
It seems product recalls are now the norm on a wide range of products from cellphones to ATVs, high heels, children’s clothing, and more. In one week, the CPSC reported several recalls on its website: incorrect venting Nutrilife® hydrogen peroxide bottles cause fires or burns; By Gary Barraco, Director, Global Product Marketing, Amber Road
Retailers are bombarded with so many new technologies it’s difficult to keep up. Each new tool or platform makes bold claims of transformative capabilities. By Sunny Lu, Co-founder & CEO, VeChain