OneVue Annouces the Release of VuePoint 2.0,

It’s no secret that 2009 will be a challenging year for specialty retailers. Retailers are having to make a flurry of decisions every day based on an unprecedented economic downturn, and let’s face it, no one clearly knows the right decisions from the wrong ones.

One thing seems clear. The right decisions involve practices that focus on customer-centric growth practices. Some keys to success in this economy include managing your inventory, monitoring your markdowns, and maintaining and supporting your customer base.

Unfortunately, many retailers react with cost cutting measures without engaging in forward thinking. Many cut staff to reduce cost, which often results in a poor customer experience. Others cut consulting expenses that have a proven track record over time. It is important to be calm and remind yourself of the why you have been successful in the past and stay calm in the height of the storm.

Finally, consider capital improvements. This may seem like an obvious area to cut, but don’t be so quick to abandon previously considered capital improvements. Take your store systems for example. If you were struggling from inefficiencies in your inventory, an antiquated or weak customer relationship management (CRM), or not utilizing a PCI-compliant POS, then you owe it to yourself to evaluate your options. These are all examples where you must be strong to survive a bad economy and grow your business despite the obstacles.

When considering new software solutions it’s important to consider three key factors. First, how will it help increase my bottom line? Second, will it reduce my operating cost? Finally, will it reduce my overall risk?

1. Increase Profitability for Retailers
   A retailer must address the needs and demands of their customers to optimize revenue. How? By focusing on cross-channel retail rather than multi-channel retail. The face of retail is changing in an increasingly customer-centric fashion. Retailers need access to information quicker and must react faster to market conditions. The right software solution empowers retailers to keep the pulse of their customers.
2. Reduce Retailers Operating Cost
   Software solutions should aid your business in reducing your operating cost. This is possible through labor savings from easier job tasks or quicker response times, quicker reaction to changing market conditions, or through clearer understanding of your business and data.
3. Reduce Risk
   Regardless of the solution, it should aid in reducing the risk a retailer inherently undertakes in today's business. Specifically, it should provide industry standards-based security models and offer PCI-compliance to ensure customer information and credit card data is not breached. They say no press is bad press, but ask that to any prominent retailer that had a credit card breach last year.

Finally look to the airline industry as a parallel in bad economic times. While the industry is a different vertical, many airlines responded by cutting programs and increasing fees that conflicted with long time customer expectations. Other carriers focused on customer retention, loyalty, and continued to invest in new and better planes to improve the efficiencies of the business and the experience of the customer. These are the same carriers that are surviving on their own while others are forced out of business or into mergers in order to survive. Consider this when you’re making these all important decisions.

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