NRF 2023 Wash-Up: What were our highlights?
NRF trend reports are everywhere this week, so we thought we’d do something different. Highlight the 5 things we actually enjoyed most about NRF.
It’s that time of year when, after what may have seemed like an endless back and forth, your targets have been set for the upcoming financial year. For every division, every region, every store, you’re likely on the hook to achieve some degree of sales growth, some degree of cost cutting and perhaps some other core KPI targets.
You’re now probably wondering: How on earth am I going to achieve them?
83% of Stores using Quorso are outperforming this year. Here’s how we can help you do that too.
It usually takes us less than 2 weeks to set up a new retailer on Quorso, ingesting all the Management Information (be it sales, wastage, labor, etc.) so that execs can monitor and manage their business.
But Quorso’s not just about watching data, it’s about driving, recording and understanding the actions that people are taking across your business to drive performance forward.
And this is where things really start to become even more valuable and impactful.
Telling a Store Manager to improve top line sales by X% without telling them how they can do it, creates huge anxiety and rarely a good result. So we provide a helping hand.
Quorso automatically hunts through all your data to identify personalized next best actions, (we call them ‘Missions’), most likely to help each Store hit your targets.
These granular and easy-to-action Missions include details on what categories to focus on, what SKUs are underselling, and what daypart (time of day and day of week) is causing the biggest issue.
Stops managers and finance teams spending hours getting lost in analysis and lets them really focus on areas they know will help them hit their targets (well admittedly 89% of the time, but we’re always looking to improve).
Knowing where to focus is important, knowing what to do is even more so. Quorso guides managers through a SMART action workflow on how to launch each Mission and hit their targets, (Note: SMART means Specific Measurable Action-orientated Realistic and Timebound and is the type of action process Amazon runs). Quorso guides managers to the right root cause, be it stock, merchandising, staff, etc.
Actions aren’t just listed on a noticeboard and kept in people’s heads. They are systematically and structurally logged so you have an analyzable audit log of what people are doing to try to hit their targets.
As any good operator knows, following up is essential, but it’s also hard. When your Area Leaders are travelling across the country with mountains of reports, do they really remember what they tasked each Store to improve last week, last month?
Quorso tracks everything, so Area Leaders can quickly see what’s working and what’s not for each member of their team. This helps them focus their time, energy and coaching to make sure everyone is best equipped to hit key business targets.
By tracking improvement, Area Leaders know what is and isn’t working so they can follow up and celebrate people’s wins. as well as focusing their time on the Missions that need course correction to drive KPIs.
What’s the point of having networks of stores if they can’t learn from each other? The challenge is that the game of telephone between stores, team leaders and the centre, means best practice can either remain buried, or lose its relevance. So, just like a social network, Quorso shares the most successful Missions instantly and, when other stores are facing similar challenges to hit their own targets, they can learn from crowd-sourced actions that have already been proven to work.
Instant and data-informed sharing of best practice across the organization.
Targets shouldn’t be a cause for concern or stress. You just need the right tools and processes in place to help you hit them. If you want to find more about how Quorso can make you more confident that you’ll hit your goals for this year, book a demo with us below.