With so much attention on the challenges of multi channel retailing there is a risk of not spending enough time on the in-store basics that customers need to know every day. For example an 82 store survey by Pierhouse showed that over 90% of stores had a significant number of missing price tickets and point of sale materials. Malcolm Wicks, Marketing Director of Pierhouse said “When customers visit any store they want to easily see all prices, offers and appropriate product information. If these are not easy visible sales are lost”.
In experiments with several retailers Pierhouse discovered that sales of specific high end furniture and technology products dropped by up to 30% if the price, offer or product information was missing. These missed revenue opportunities can be particularly frustrating if a customer simply scans the barcode on your product box to get the information they want and buys on line from another retailer while they are in your store!
When Pierhouse investigated why price tickets, offers and product information were not available in-store the reasons ranged from not being delivered from head office to customers walking off with the POS. Whatever the reason getting tickets or product information sheets replaced quickly was a major challenge that took days or, for a couple of retailers, they simply had no mechanisms in place to do it at all. Fixing these issues with process improvements, in-store printers and appropriate software like NetTickIT could have immediate revenue impact with fewer lost sales.