Retail strategist , Consumer Experience evangelist, Store operations expert , avid business planner , worked with Apple, ITC , TATA's & consultant to startup's like Kiaasa, You need more.com etc
Hi , Firstly What do you mean by Money - is it the profitability that you are worried about or Top line ( increasing Sales) ?
If it's the first (profitability) then you need to make sure that aspiration of the brand needs to be higher than it's actual use wherein delivering customer ecstasy , which would result in you charging the consumer's the right price for the product which takes care of cost's and leaves profit's for you. Easy way of doing this is which doing the pricing of the product put a multiple on the cost to arrive at price which is value for money for the consumer but at same time resulting in profits.
If it is the Second (Top line) then you need the below steps.
1. Develop all online retail channels like registering & trading on Luxury E-com portals , social media market places like FB Shop , Insta Shop etc , your own Ecom Website or subscription based services.
2. Refresh your assortment on frequent basis and ensure good balance of Width & depth.
3. Use discounted channels to liquidate your non sellers / old merchandise and much more
Hope you found the information useful !!
For more info on this and strategies we can always get on call.
Hope it's not too late for the reply but just saw this question & couldn't see any answers so hope the below answer would help.
Being in retail for more than 13 years , i m sure AI& Facial recognition is going to play a huge role in retail operations & Customer Loyalty programs. Below would be some of the pain areas.
1. Current loyalty programs are not able to cater to self actualisation needs of customers visiting online or Offline stores since in Offline stores due to frequent change in staff very few are able to recognise the loyal customers & Online space is struggling for such a technology at the first go.
2. With all the hue & cry around Data Privacy , Collection of personal info like Biometrics specifically in Offline space would be a challenge.
3.Currently in the Offline space Identification of a Loyal customer happens majorly around the finalisation of the sale/closing of sale, that's when customers share their card no's / Mobile no's etc.
4. Assortment offering/planning specifically in Fashion retail can improve since customised assortments according to the purchase history & demographics of customers.
5. In skin care space it's very tough to show the difference because of treatments over a period of time, this tech can come in handy there.
There are multiple more pain areas like that & opportunities wherein Facial Recognition can come in very handy , to discuss & understand further you can give me a call.