Held on June 26-28th, the 2024 Store Operations Council meeting in Memphis proved to be a must-attend for senior retail executives. For two insightful days, top retail minds converged to tackle the trickiest challenges in store operations.
Quinyx had a notable presence at the event, along with two of our respected customers, Indigo and Tecovas.
But we get it - not everyone could make it in person. Not to worry: our team was on-site capturing key learnings so you can benefit from this invaluable event.
Trend 1: AI & Data
As a retail operations leader, you are likely sitting on a gold mine right now. The vast amount of data available today can provide your company with a sustainable competitive advantage.
Store Operations Council take on AI & Data
Having a plethora of data is one thing, making sense of it is another. AI is here to transform raw data into actionable insights. Here is how:
- Store managers are empowered to make informed decisions based on data-driven insights, regardless of their experience level.
- Company policies are simplified into bite-sized documents, making them easily accessible to employees for quick reference.
AI and data analytics can help identify new, untapped value streams, enhancing store performance and driving employee engagement. Our AI guide highlights the many reasons why AI is a force for good. But don't forget the importance of having legal counsel by your side for every AI project.
One of the key challenges in retail is to ensure the right people are in the right place at the right time. By analyzing a multitude of data points, Quinyx's labor forecasting determines the optimal headcount needed to meet business demand reliably.
Inaccurate employee scheduling can lead to over or understaffing, revenue loss, compliance breaches, poor customer service and decreased productivity.
Quinyx's AI tool is more than just a time saver - it's your strategic asset. Seamlessly factoring in your preferences, rules, and labor regulations, Quinyx's demand forecasting guarantees near-perfect employee scheduling. This not only minimizes operational risks but also empowers you to navigate workforce management challenges with precision and confidence.
Trend 2: Earned Wage Access
Earned wage access (EWA) is a company benefit that enables employees to request part of their paycheck before payday.
Quinyx partners with DailyPay — the only EWA platform that can provide up to 100% of earned wages same-day at no cost to the employee or employer — to help businesses attract and retain top talent for frontline roles while boosting employee engagement and satisfaction.
Our recent 2024 State of the Frontline Workforce - US Retail Report highlights a harsh reality: low pay tops the list of reasons why workers contemplate quitting their retail jobs. While addressing the pay gap is a major challenge, EWA can offer more flexibility and help employees restore confidence in their finances.
Store Operations Council take on EWA
The participants recognized EWA as a big competitive differentiator.
By alleviating financial stress, individuals can channel more energy into their roles, leading to improved job performance and overall happiness in the workplace.
Employees using EWA often face financial difficulties where expenses exceed income, making this program a more responsible choice compared to dodgy payday loans.
Empowering employees isn't just about the paycheck; it's about equipping them with practical financial knowledge and skills. Companies can make a difference by offering access to valuable financial education resources in addition to EWA.
Trend 3: Automation vs. Human Touch
All companies must automate various processes. Systems such as self-checkout do enhance operational efficiency. But one principle remains: human interaction drives sales.
750 million customers confirm: human connection, especially being warmly greeted upon entering the store, is the top factor driving customer experience and boosting conversion rates, as revealed by a survey by TruRating.
Store Operations Council take on Automation vs. Human Touch
This personal, human touch draws us to brick-and-mortar stores over online browsing. Automation can be used to foster those precious interactions by:
- Freeing up employees’ time to be available for personal interactions and to provide a better customer experience.
- Reducing negative human interactions and providing better working conditions for frontline workers, for example by taking complaint mitigation out of the store environment.
If you are looking for ways to improve customer experience, “happy employees, happy customers” should be your mantra.
By fostering a positive and supportive environment for your staff, you are laying the foundation for outstanding service that leaves a lasting impact on customers.
Here is an overview of actionable steps you can take to engage your frontline:
4 tips to boost employee engagement:
- Clear Expectations: ensure that employees understand their roles and objectives.
- Training: provide insights into store developments and career opportunities to keep employees informed, prepared, and motivated for growth.
- Recognition: boost employee morale and motivation by showing appreciation.
- Flexible Scheduling: encourage employees to maintain a healthy work-life balance.
Takeaways:
The insights from the 2024 Store Operations Council show how technology can benefit retailers.
Now you may think: conveying appreciation, optimizing schedules with AI, introducing EWA... Sounds good on paper. But the idea of juggling multiple tools? Probably not the greatest.
That's why Quinyx combines these functions in one easy-to-use interface. Embrace innovation with Quinyx's all-in-one platform and keep tech fatigue away: we offer you one sustainable way to keep up with the latest tech trends and provide the best employee and, therefore, customer experience possible.
