What will store tech look like over the next 5 years?
With much discussion around stores of the future and after years of underinvestment, many retailers are focusing on store tech again.
What are the primary indicators of great managers? We reviewed data from 300k store walks with Quorso and this is what the data shows.
The best field managers have less performance exceptions.
To look at the best managers you can’t just look at overall performance e.g. overall sales. That may be driven by just having a good store in a good location. Instead, you have to look at how far off performance is from its expected baseline I.e. factoring in type, size of store, what the best comparisons are etc.
Quorso hunts through a store’s full financial and operational performance data and surfaces alerts based on core exceptions to expected baseline.
What we see:
Top quartile performers have 3.7x less exceptions than bottom quartile.
The best field managers have fewer execution issues.
Tracking execution issues is often more rule based, seeing anomalies versus the expected operating service level e.g. self checks are down.
What we see:
Top quartile performers have 2.8x less execution issues than bottom quartile.
The best field managers achieve more when given the right tools.
The best managers want to use every single tool at their disposal to improve performance. Take for example how they perform when given Quorso.
The top quartile engaged DMs, who already visited 2.6x more stores than least engaged, visited 55% more stores than before using Quorso (vs the least engaged who only visited 34% more stores).
And they use tools like Quorso to outperform. For example outperforming sales vs previous baseline by 0.8%+.
The bottom line: your best performers truly drive your business, look after them and give them the right tools to succeed.