Retail
Retail organizations require a centralized, controlled system to manage data, compensation, reporting, workflow, and other sales performance management processes. Without a solution to manage incentive compensation, stores, and other sales channels, retail companies struggle with inaccurate data, lower revenues and margins, late or missed commissions, staff turnover, and a lack of insight into sales performance.
Challenges
When retail organizations lack a comprehensive solution to manage incentive compensation as well as location and store operations, they are unable to:
- model, design, and manage incentive compensation plans, including commissions, customer satisfaction bonuses, contests, rewards, and SPIFs, and quickly adapt plans based on company changes
- collect, combine, and verify product sales and other performance data from disparate sources without risking data integrity and accuracy
- clearly present individual performance to sales associates, and provide strategic insight into revenue, margins, store, and overall company performance to managers and executives
- efficiently manage retail business processes that include submitting, routing, reviewing, approving, and communicating hierarchies and assignments, plans, credits, adjustments, and other information
- manage individual and store sales quotas, and forecast product, location, and store profitability
- effectively size and structure sales territories and channels to maximize market share
Solutions
Synygy’s solution for the retail industry enables retail companies to:
- support all levels of plan complexity for store sales associates, store and product managers, and other roles, and easily modify plans to reflect corporate strategy and market conditions
- integrate, validate, and manage sales transactions such as returns, cancellations, and exchanges, as well as commission rates, hourly sales, markdowns, product bundles, inventory shrink, adjustments, and other data from a single web portal
- communicate location, store, and product performance, including bonus summaries, quota attainment, margins, and other performance results through insightful, easy-to-understand reports, analytics, dashboards, analyses, and trigger-based alerts
- automate processes to manage disputes and inquiries, channels, stores, employee and merchandise hierarchies, performance reviews, employee onboarding, and more from a secure, traceable location
- set, adjust, and manage associate, team, and product quotas and objectives to ensure alignment with sales strategy
- define sales territories and analyze channel productivity to balance resources and achieve desired results
Synygy’s solution for the retail industry includes:
- Commission and Bonus Management
- Reward and SPIF Management
- Data Repository and Data Process Management
- Location and Store Management
- Sales Coaching Management
- Hierarchy Management
- Reporting and Analytics Needs Assessment and Design
- Quotas Management
- Objectives Management
- and more
