Retail Industry

Revolutionizing Retail Sales with Advanced Sales Performance Management Solutions

Incentive Compensation Management

The retail industry faces challenges in employee motivation due to demand volatility, labor management, and a need for data-driven approaches. Solutions include Sales Performance Management (SPM) and Incentive Compensation Management (ICM Automation). These solutions increase productivity, improve employee motivation, and drive better business decisions. Kennect offers a fully automated ICM solution that integrates multiple data sources for a comprehensive view of sales performance.


We get it! Incentive Compensation Management for the Retail industry is a different ball game altogether. With digital transformation taking hold, consumers now have everything they need to know about a product or service right in front of them. With a few clicks here and there, the consumer can search, compare, and review any product or service without entering the store!

There is no doubt that Retail employees are feeling the brunt. Over the years, the question- ‘What does it take to be a successful sales rep in the retail industry?’ has been revised, revolutionized, and rebuilt to fit into the evolving business ecosystem. Unfortunately, most employees fail to keep up. Therefore, employee motivation is a critical bottleneck in the industry.

So what can leaders do? The answer is simple- data-driven approaches to sales strategy.

Nearly 80% of organizations are reinventing their business models by adopting technology that can help them use their data more effectively. While most leaders agree that digital transformation is necessary for this fast-paced environment, most report that they need help to keep up.

The challenges in the retail industry are manifold- Demand volatility, labor management, and hiring demands. While digital transformation is not a one-step process, incorporating Sales Performance Management (SPM) could be a significant step for sales leaders in retail. SPM solutions allow you to use your data more systematically and accurately, thereby gaining better insights, identifying risks and making bold decisions in real-time.

State-of-the-art ICM tools are becoming sought after in various industries. Automation tools will help you break the silos of traditional systems by collecting your data from multiple sources (spreadsheets or any other homegrown systems) and streamlining it into a single source of information. This macroscopic viewpoint makes your data usable, helping you create more accurate forecasts and make better business decisions. 

With all the relevant data in one place, sales comp managers can analyze it more deeply and give holistic insights. Things that simply weren’t possible with static spreadsheets, like identifying problem areas in real-time, are possible with an automated system.

Complex sales processes and products - With an increasing number of financial products and services being offered, the sales process has become more complex, making it challenging for sales employees to keep up with the latest products and services.
Dispersed sales force - Many financial institutions have a large, dispersed sales force, and managing and motivating them is challenging.
Inaccurate sales forecasting - Financial institutions rely on accurate sales forecasting to make informed decisions, but the lack of real-time data makes it challenging to achieve
accurate forecasts.
Lack of transparency and visibility - With traditional compensation management methods, it's challenging to provide real-time visibility into the sales team's performance, making it
difficult to make data-driven decisions.
To address these challenges, financial services companies are choosing SPM solutions designed to help manage the sales force effectively and improve sales forecasting accuracy. These solutions include:
Automation of sales processes - SPM solutions automate the sales process, making it easier for sales employees to keep up with the latest products and services.
Enhanced visibility and transparency - With real-time data and reporting, SPM solutions provide better visibility into the sales team's performance, allowing financial institutions tomake data-driven decisions.
Improved sales forecasting accuracy - SPM solutions make it easier to achieve accurate sales forecasting providing financial institutions with better insights into future business growth
  • Increased Productivity: By automating sales compensation plans and integrating data from multiple sources, retail leaders can gain a more accurate and comprehensive view of sales performance, leading to increased productivity.
  • Improved Employee Motivation: With a data-driven approach to sales strategy, growth leaders can set clear and achievable sales targets, leading to improved employee motivation.
  • Better Decision Making: With real-time insights and data-driven approaches, organizations can make better business decisions, reducing the risks associated with inaccurate or outdated information.
How Kennect works

Kennect’s fully automated ICM solution leverages a data-driven approach to build, run and automate sales compensation plans, creating transparency and operational efficiency. The solution integrates CRM, ERP, and HRIS, providing a comprehensive view of sales performance. 

Kennect’s solution is designed to work with new and complex sales models, making it an ideal solution for retail leaders looking to improve their sales performance management processes. 

To learn more about automation and how Kennect’s solution can help you with automating your sales comp, book a demo with us!