Store openings have brought a sense of relief to executives in the luxury industry. The original brick-and-mortar storefront channel has the potential to help with margins and the bottom line. However, what will define the new physical storefront?
The evolved store will operate as a fully-optimized sales channel with a state-of-the-art data management system. Digital integration will connect web, mobile, dropship, and marketplace orders through advanced Buy Online Return In-Store (BORIS) and Buy Online Purchase In-Store (BOPIS) functionality. Store associates will possess advanced workflow automation tools to fulfill orders, restock inventory, and service customers. And the storefront will ultimately redefine the relationship between the employee and the customer through new clienteling solutions.
Superior clienteling relies on the brand’s Corporate IQ™. At XY, we measure corporate IQ by the employee’s level of productivity and proactivity. Store GMs, sales associates, and product specialists will be juggling additional responsibilities with personalized shopping services, virtual appointments, and closet viewings. If employees can optimize their workflows and maximize their visibility into their client’s journeys, the brand’s corporate IQ can and will jump dramatically. Nevertheless, the success of the employee will come down to the flexibility and convenience of the system they work with.
The executive’s biggest challenge is identifying and retaining the right talent. The strength of an organization’s human capital has a direct correlation to the company’s competitiveness in the market and its financial performance. Companies with high corporate IQ provide their employees with the right tools to boost productivity, performance, and overall satisfaction.
Cloud-based technologies have become a key tool to increase a brand’s corporate IQ. Workflows are interconnected and automated, consolidating the number of steps and time originally required to complete a specific task. As a result, the new storefront will possess a communication system that provides on-demand insight to employees across the fashion industry. It can improve clienteling services, increase sales velocity, and optimize employee time on the floor.
Increasing the corporate IQ is just one tenant of XY’s mission to democratize data. Information, or better yet access to information, defines the future. Customers have more power with digital technology and stores need to catch up. Access to data can make or break a sale or an upselling opportunity. The more visibility employees have, the more successful they are at work.
The articles below speak to similar initiatives that are democratizing data:
- Crook TR, Todd SY, Combs JG, Woehr DJ, Ketchen DJ Jr. Does human capital matter? A meta-analysis of the relationship between human capital and firm performance. J Appl Psychol. 2011;96(3):443‐456. doi:10.1037/a0022147