Why Teamwork and Collaboration Are the Keys for Improving Retail Execution
I recently made a visit to Perimeter Mall in Dunwoody, GA to buy a pair of Jordan 6 Rings Basketball shoes.
Let’s be clear, I have no plans play basketball in them because…. I’m old. My dreams of dunking over a defender have faded away like memories of rap groups in the 1990’s like A Tribe Called Quest and the Wu Tang Clan.
Anyway, I end up in Champs Sports and I bought the last pair of Jordan 6 Rings shoes. They were priced at $170 but Champs Sports does “Price match” so all I had to do was show where I could buy the same shoe online for $149.99 and Champs would match the price. It seems simple but the Price Match program improved my shopping experience. I got the shoes I wanted at the best price.
Having the best retail strategies is one thing. But executing them is another. If your goal is improving retail execution and turning ideas into action, then teamwork and collaboration among your employees are a must.
Below, I’m covering the benefits of collaboration in the workplace and, more specifically, the role of teamwork in retail execution, employee satisfaction, and overall store performance.
The importance of teamwork in retail execution
Retail execution is the implementation of strategies that improve the shopping experience and guide consumers to purchase. These strategies include things like visual merchandising, inventory optimization, promotions (like price matching) and sales.
Successful execution of retail strategies can increase profits and provide shoppers with superior store experience. To make it happen though, you need all employees working together, from the operational leaders setting the standards to the floor employees responsible for day-to-day, minute-to-minute implementation.
This is where teamwork comes in.
Teamwork and collaboration are cornerstones of execution in a retail environment. With cross-functional teams working together, you can streamline inventory management and encourage efforts toward a shared goal. Collaboration is also a major part of the strategic planning process, particularly when dealing with large-scale retail operations spanning multiple storefronts.
Ultimately, teamwork helps you maintain the high customer service standards you set out for your brand while also helping you achieve sales targets and operational efficiency. That’s a win for any retailer, no matter your size, scope, or industry.
What does retail collaboration look like?
There are two specific types of collaboration at play when you’re thinking about effective retail execution:
- In-store collaboration: The coordinated efforts of store managers and employees to maintain visual merchandising standards.
- Inter-departmental collaboration: C-suite executives, key stakeholders, and marketing and sales teams aligning on promotional strategies.
There are several tools at your disposal to keep everyone on the same page. This includes collaborative software that synchronizes tasks between regional managers and store employees, as well as real-time communication tools that facilitate immediate feedback and adjustments on the shop floor.
Improving employee satisfaction through effective collaboration
Prioritizing teamwork and collaboration has benefits beyond increased compliance with store policies. Done effectively, they can also increase job satisfaction among retail employees – a must for driving engagement, reducing turnover, and increasing productivity and sales. The store associate helping me buy shoes was empowered to execute the price matching strategy without us waiting for management approval. It made me feel like she was the catalyst, helping me save money.
People who feel like they are part of a team are more motivated to take on the challenges put in front of them. A collaborative environment also fosters communication and reduces stress. All these things impact job satisfaction, which in turn impacts just how well your retail strategies are executed.
Improving employee satisfaction through collaboration and teamwork doesn’t have to be complicated. Something as simple as holding regular team meetings to discuss challenges, achievements, and expectations can make a difference. So too can putting into place programs for recognizing and incentivizing collaborative efforts among staff members.
Other big benefits of collaboration in the workplace
Better execution? Check.
Improved employee satisfaction? Check.
But the benefits of collaboration in the workplace don’t stop there. Other reasons to invest in the teamwork capabilities of your in-store and inter-departmental teams include:
- Enhanced problem-solving capabilities
- Faster and more innovative solutions
- Diversifying input on store initiatives
- Greater adaptability to market changes
Consider a large retailer getting hit with an unexpected disruption in their supply chain. With teamwork and collaboration, teams can adapt in real time to optimize inventory levels in light of the disruption and offset potential losses. At the same time, employees can use collaboration software to keep operational leaders informed on stock levels and in-store response strategies.
In this scenario, the benefits of collaboration in the workplace are evident in the way employees prepare for, respond to, and recover from a supply chain disruption. It’s all about optimizing the processes that are within your control so you can handle the things that aren’t.
Achieving collaborative retail execution with ReStore for Retail
The right tools can make all the difference when it comes to teamwork and collaboration among your team members.
ReStore for Retail is a virtual store execution and merchandising solution that facilitates team collaboration from multiple fronts. With innovative features like gamified reporting and custom inventory management tools, employees can share tasks and accomplishments in real time. Meanwhile, operational stakeholders can monitor execution compliance from anywhere, without the need to make regular physical visits to individual stores.
In one case study, a major retail brand used ReStore for Retail to execute consistent discounting across their stores, resulting in a 9.7% improvement in all sales and a 14.6% improvement in transaction rates. Another retailer used ReStore for Retail to keep teams consistent and engaged – an initiative that helped them achieve close to 100% compliance with store directives.
Help your team work as a team
You can’t underestimate the importance of teamwork and collaboration in the retail environment, especially with something as crucial as retail execution. And with the right tools, you can make it happen and enjoy the increased employee satisfaction and overall retail success that come with it.
Get in touch for more information on ReStore for Retail and request a demo to see our collaborative tools in action.
