Boost conversions by turning the instore conversation from an apologetic guessing game into a confident, options-based discussion.
In our last blog post we looked at 5 ways to get your stock records right so you can prevent financial loss and drive sales. This time, we take a closer look at a specific benefit that flows from accurate, real-time inventory: instore conversions.
For many customers, the retail journey begins online when they check whether an item is available at their local outlet and continues when they go instore to buy it. But if they arrive to find the item gone there’s a high chance you’ve lost the sale, with one study finding that two-thirds of consumers will simply leave if an item is out-of-stock.
Even if what they want is available, the old dynamic of store staff saying, “let me check in the back” and disappearing for 10 minutes while they hunt for the item is a hit to the customer’s patience, and means your team member can’t build trust.
That gap between “I think we have it” and “here it is” has quietly been one of the biggest, most preventable holes in retail customer experience. And it’s the gap that real-time inventory visibility is finally closing.
Here we look at 3 ways that giving your retail team accurate, real-time stock data can help them avoid embarrassing interactions and turn conversations into conversions.
1. Build trust with instant answers
When staff know that the stock data at their fingertips is accurate and up to date, they can give customers specific and credible answers and advice.
Let’s say a shopper comes instore as a walk-in; they haven’t checked inventory online but they’re keen to buy. The team member is able to tell the customer that, while the store doesn’t currently have the product, there are other options available: it’s arriving instore on Wednesday, you can transfer it in from a store across town, it can ship from a nearby distribution centre and be on their doorstep by the end of the week.
That interaction isn’t really about inventory at all. It’s about trust. Customers don’t expect every store to have everything in stock, but they won’t tolerate uncertainty. A specific, accurate answer keeps the sale alive and keeps the relationship intact.
Click here to see the Infinity+ stock managment solution in action.
2. Create the cross-selling opportunity
Now let’s imagine the same customer arrives but this time the item is available. The team member is able to quickly confirm availability and either take the customer to the shelf location or retrieve the item from the backroom.
On the other hand, when inventory data is stale or unreliable, team members burn real time hunting for items, sometimes fruitlessly, causing frustration and eroding trust.
And every minute spent out the back hunting is a minute not spent with a customer.
As well as being an indicator of good service, being able to quickly offer the customer the item of their choice gives store staff the chance to talk to them and understand their requirements. That means your people can act more like consultative sellers, and they can look for opportunities to cross-sell.
A person buying an outdoor water storage tank now also buys the plinth to stand it on; the customer looking for a new bedside table also decides to upgrade their bedroom reading lamp. Informed staff using accurate data now become your most important sales tool.
3. Turn the store into a fulfillment node, not a dead end
As stores play an increasingly important role as fulfilment centres, accurate stock data is essential to giving customers the information and reassurance they need.
Options like click-and-collect and ship-from-store only work if inventory is highly visible, so that team members can confidently say “your order will be ready for pick-up in an hour” or “we can send it to you today”.
But simply knowing how much inventory is on hand is no longer enough. Part of being able to make those commitments and deliver that level of service means knowing where stock is stored, as well as how much is available. Location data becomes vital here, so that your team can easily lay their hands on items and don’t waste time searching.
In a sales environment where every minute counts, accurate on-hand and location data is the currency that buys precious time.
What this means for you
As the instore sales conversation shifts from a binary “yes, we’ve got it” or “sorry, I’ve looked but it’s out of stock” to a more transparent, options-based exchange, the retailers that do well are the ones whose store staff can offer accurate information with confidence and then follow through.
That means two things. Firstly, you’ll need a retail management system capable of delivering the real-time insights and visibility stores need and of supporting a comprehensive range of fulfilment options. And second, you’ll need a team ready to take advantage of those insights with the sales chops to know a cross-sell opportunity when they see it and with the dedication to service that lets them move quickly and confidently.
That confidence is the difference between a customer who walks out emptyhanded and one who walks out satisfied.
Looking for a retail management system that delivers these benefits and more? Get in touch or email sales@triquestra.com. We’d look to explain how the Infinity retail management platform can help you deliver the accurate insights your staff and customers seek.
Infinity unified commerce is powered by Triquestra, an Auckland-based retail software company.
