Efficient facilities management is crucial to retail survival
Retail competition is growing daily, and the rise of Ecommerce continues to push the boundaries of traditional retail facilities management practices. Modern consumers are willing to abandon entire purchases. If one item or shipping costs are just out of reach, retailers must implement efficient facilities management practices to help keep overhead costs down. Furthermore, efficient facilities management remains crucial to retail for survival in these ways, explains Caroline Parry of RetailWeek.
1. Consumers’ Expectation for Sustainable Practices Require Efficient Facilities Management
Consumers demand sustainable practices from their favorite retailers and retailers that forgo investing in sustainability face the possibility of lackluster profit margins and bankruptcy. Using smartphones, facilities managers have an opportunity to refine shopping forecasts and feedback about consumers’ shopping experiences. Thus, retailers must implement efficient facilities management practices to meet this demand.
2. More Retailers Are Looking for Ways to Refine Sustainability Strategies
Retailers need ways to actively invest in existing facilities management technology and strategies to stay competitive; as such, government-sponsored programs can help. Retailers who actively invest in sustainable practices may apply for and receive tax credits and incentives for upgrading existing facilities management systems and equipment.
3. New Technology Enables Efficient Facilities Management in Retail
New technology and facilities management platforms, including computerized maintenance management systems (CMMS) and the ability to monitor building refrigeration systems across an enterprise, enable efficient facilities management, reports Facility Executive. In other words, the use of technology helps facility managers react when problems arise, which may negatively impact shopping experiences.
4. The Rise of E-Commerce Places a Greater Burden on Brick-and-Mortar Stores to Cut Costs
Consumers are growing more price-sensitive, and as a result, are more likely to shop with retailers that make shopping easier and more affordable. Although part of the demise of traditional department stores is due to the rise of e-commerce, brick-and-mortar retail stores can leverage efficient facilities management practices to help combat shrinking profit margins.
5. Efficient Facilities Management Translates Into Better Product Quality and Efficient Inventory Control
Efficient Facilities Management also has direct benefits for retailers and product inventory. When retailers can successfully mitigate and prevent equipment or system failure, the risk of lost inventory decreases. Food retailers and grocers, this translates into less product spoilage and better shelf-life of products, explains ChainStoreAge.com.
Guarantee Your Survival With Efficient Facilities Management Practices Now
Retail facilities management is undergoing a transformation, moving traditional brick-and-mortar stores to an online shopping Avenue. As a result, online retailers without the added burden of brick-and-mortar stores can offer lower prices through lower head, but consumers do not care about your overhead expenses. Consumers want purchases that exceed their expectations, so retail survival and staying competitive hinges on your organization’s ability to implement and maintain efficient facilities management practices.