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A couple weeks ago, we received another very insightful email from a long time professional friend. Because of his unique perspective on retailing, we’re sharing a portion of his note.
First, you must understand that our friend had owned one of the finest specialty stores in the Midwest for years. Then, for the last ten years, he chose to work in sales for a prominent national retailer. He’s probably forgotten more about the nuances of retailing excellence than any of us even know.
We think you’ll agree with our friend. And probably recognize your own experiences.
“Yes, lots of challenges for xxxx and pretty much any retailer these days. They are wrestling with some legacy issues as well as societal issues like Millennials’ and Gen Z's general distrust of institutional authority and unhappiness with the hand they've been dealt.”
"And then there are some self-inflicted wounds that xxxx has made too. It's complicated and I hope they can solve the puzzle soon as the mission and values are still very relevant and worthwhile in my opinion.”
Well, you see. You’re not alone. The values and expectations of shopper and employees today are, perhaps, the most significant and difficult of all the challenges retailers everywhere are facing.
In addition to the psychographics issues (attitudes and values), there of course are the unique demographics currently, and their effect on your market.
As our friend pointed out so delicately, retailers are caught by these tough uncontrollables, whether dealing with customers or employees.
Do we have a magic solution? Alas, no.
But we can confirm that you’ve got a lot of company.
In most years, this is the week that is typically a bit of a lull. The first wave of shoppers – Thanksgiving, Black Friday, Shop Local Saturday, Cyber Monday – has crested; the final wave doesn't begin in earnest until this coming weekend. But this year IS different. Shoppers began shopping in earnest much earlier. And they use the internet to do their browsing, and then have an array of choices for receiving their purchases, from delivery to curbside pickup to in-store pickup. So, what better time than this to revisit your returns policy?!
Retail IS detail. And some of those pesky details are increasingly cropping up to torment online sellers. For example, there's the matter of managing returns. As Chris Jarvis wrote in DMM/ShoppingCenters.com*:
Meanwhile, the pure-play online retailers are confronting the ever-demanding customer expectations.
The playing field has shifted dramatically under the feet of retailers. Merchandise orders placed months ago are now proving to be "too much stuff that consumers no longer want so much of," as was reported rather colloquially just 3 days ago. All this was summed up this way: "Retailers with slower inventory turns might find current conditions especially difficult to navigate." * Now, look at the chart at the top of the page. Without being dramatic, it may be a lifesaver for your business this year.
What is the definition of "value" for customers? Pretty straightforward, actually.
Wait. What? "Benefits received?" "Burdens endured?" Turns out, the only single answer to "What is value?" is, "It depends." Don't just roll your eyes. What constitutes value for your customers increasingly is a make-or-break part of retailing.
Successfully "doing retail" has always been a challenging and fascinating and evolving exercise. As the old Chinese proverb states, “It’s easy to open a store. However, it’s tough to keep it open.” And today, seemingly more than ever, third party organizations, more than individual entrepreneurs, seem to be drawn to retailing. Consider:
These and others fit into our category of “retail-as-added-use.” "It looks easy. Why don't we open stores?" But, retailing is not their core competency; they are manufacturers or direct marketers, or wholesalers, or importers, or whatever.
YOUR GOAL: QUICKLY GET TO A FIRST DRAFT. Face it. Sales are dropping. By how much? For how long? Nobody knows for sure. But, you can make some assumptions, some educated guesses. Put those into the 3-in-1 Cash Flow Calculator.
These totally volatile times cause a lot of opinions and fears to be swirling around. Seeing "what if...?" can be very helpful. All in just minutes. On your own.
Incredible value! 👀
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