Our VP of Business Development for SMS Assist, Sean Hartnett, was recently featured in Retail & Restaurant Facility Business magazine. His article, Transparent Data Strategy, dives into the importance of using FM data and transparency to drive results like improved customer experience and bottom line.
Any retailer knows that in-store temperature matters a great deal to customers due to its affect on their overall shopping experience. Imagine trying on new clothes while perspiring in your dressing room or browsing a store while shivering. Retailers are privy to the fact that most heating, ventilation, air conditioning (HVAC) equipment breaks down at the worst imaginable times. Situations like these are caused when the equipment’s performance is stretched to its limits during extreme heat or cold and your asset falls short.
For the average person, lighting is no big deal. Flip a switch. Change a burnt out bulb. That's about it. It's a completely different story for retailers, where lighting literally sets the stage, the mood, and even focuses customer attention on predetermined locations and products.
The long-term value proposition of asset management combines asset optimization, strategic decision making and a higher return on investment. In the narrowest sense, it monitors costs and supports peak asset performance. Broadly, it facilitates vital document storage and accessibility, maintenance and repair cost management, vendor management and regulatory compliance.
The Internet of Things is transforming the in-store experience. From smart thermostats that improve energy use, to smart shelves that detect low inventory, the entire retail experience is going through a transformation. These upcoming advances in technology can also help mitigate risk down the road.
Indirect costs are often overlooked and are not applied back to direct ticket costs because they are less tangible than hourly rates and trip charges. This makes them harder to calculate for the total cost of ownership. However, without evaluating these indirect costs, you lose transparency to accurately calculate the financial impact on your business.
Brand extends far beyond a logo. The best companies have a strong experiential component that relates to the way they use their space to make you feel specific emotions as part of their brand experience. Think about the best-in-class restaurant brands and how they set an exact tone and feel the minute you enter the door. The way a restaurant looks and the way guests feel during their dining experience affects brand arguably more than a catchy jingle or a funny commercial.
We’ve entered an era where ratings rule. Whether it’s a Yelp review of a restaurant or a driver’s score on Lyft, consumers are now accustomed to having the instant satisfaction of applauding excellent service with five stars and reporting bad service with less. In fact, 62% of businesses now use a customer experience analytics reporting system (Deloitte).
Digital shopping is only part of the average buyer's journey. The physical retail environment is still going strong, which is why so many brands maintain retail buildings and some online-only retailers are now opening brick-and-mortar stores.