A perfect storm of major sporting events this summer will also see some retailers pick up the medals for maximising the consumer sales opportunity through smart stock control and point of sale, according to Amanda Heritage of eXPD8.
All over the country, sports fans football supporters and cycling enthusiasts in particular will be filling their boots with beer, fizz, snacks and themed memorabilia to celebrate the World Cup, the Tour de France and the Commonwealth Games, amongst regular fixtures like Wimbledon. This ‘summer of sport’ represents a huge opportunity for those retailers who have planned ahead, while those who have left it to chance will get knocked out of the competition pretty early on.
Analysis from Savvy Marketing shows that these three major sporting events are likely to provide the bestselling opportunity for multi-channel and online retailers in 2014. In fact, the last World Cup directly generated over £1bn in extra high street spending across the retail sectors.
Maximising opportunities from major events, like selling seasonal products, is very big business. Focus shifts quickly and stores have to move fast to keep up. From Christmas crackers to Easter eggs to strawberries and Pimms to back to school – and so it goes on a constant cycle, heavily reliant on speed and efficiency.
Customers not finding what they want first time round is the biggest source of lost opportunity in a retail environment. Even if they do find it, if stock, choice of colour, variety or size, for instance, is low, they will either rethink their decision to buy the item or find somewhere else to get it instead.
POS, particularly promotional lines, also play a key role in driving sales during sporting tournaments, with 83% of unplanned purchases driven by in-store promotions. Getting their placement right to maximise sales opportunities will get you one hand on the cup.
Real time data capture ensures that stock levels can be monitored daily, and those gaps plugged straight away. A good looking sales fixture will always attract more sales and greater profits, so keep on top of supply and demand to maximise efficiency.
With more than 70% of UK adults watching at least part of the World Cup tournament, those retailers who have stocked up, keep stocked up and have planned the right point of sale and promotions for ensuring they have maximised the retailing opportunity will enjoy championship sales. Those who are blowing the dust off those Wold Cup commemorative mugs on 14 July are going to knocked out of the league pretty early on.