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From the Co-Founders of The Retail Owners Institute.Tips | Tactics | Insights on the Business of Retailing.
You’ve heard about 3D printers, right? They are computer devices that use a blueprint (a “digital model”) of an object and produce (“print”) one or more copies of that object by painstakingly building up layer after layer of its form.
Essentially anything that is manufactured can be replicated, one by one, with a 3-D printer!
And, be ready. It is coming to a store near you very soon. Shouldn't it be your store?
Initially, 3-D printers were used in manufacturing to rapidly develop prototypes of new products, or by physicians and surgeons to plan reconstructive surgery.
Their use continues to expand into other very customized applications: foods (chocolates, candy, crackers, pasta, pizza) and fashion (3D-printed bikinis, shoes, dresses).
However, in April 2017, a London-based publication reported that Adidas is now using new materials in 3D printing, and has set its sights on the mass market.
“Adidas initially plans batches of shoes tailored to specific sports or cities but hopes consumers will eventually be measured and tested in store to design perfectly-fitting shoes tweaked for an individual’s gait, weight and type of sport.”
Ahh yes. There’s the key for retailers: “…measured and tested in store.” The success of this "mass customization" of 3D printing will depend on retailers delivering one-on-one customer service. The very competitive edge that specialty retailers can magnify. And that is the real opportunity for specialty retailers.
Likely there is no manufactured product category that is immune from 3D replication. (Yes, there are 3D knitted sweaters. And firearms….) It is only a matter of time.
But remember, the ultimate success of 3D printing will depend on "3D retailers in 3D stores."
So we encourage you to start now. Consider how a service like this could be delivered in your stores, giving you yet another competitive edge.
What different skill sets might you need on your sales staff? How might that affect your upcoming new hires?
3D printing is here now, and customers will soon become more familiar with it. Now is the time to get out in front of this trend!
The ROI NEWS asked retailers this question about the effectiveness of Social Media: “Does it raise sales?!”
We invited retailers to take a short, quick, 6-question survey about their use of promotional tools in general, and, in particular, “Social Media”: Facebook, Twitter, Pinterest, Instagram, LinkedIn, Other.
We asked, and you answered!
You quickly confirmed that “social media” is in fact a hot topic among retailers!
And, you are willing to share your experience with it with others, and for that we say, Thank You!!
The National Retail Federation sponsored a survey in early May of retail small business owners across the country (those that meet the SBA definitions for employee size and revenue.) Contrary to the doom-and-gloom of the "Retail Armageddon" stories, this survey confirmed that retail owners are optimistic and looking to expand.
Few believe their business will be in worse shape in 12 months;
Nearly half expect revenues to increase;
Many have goals for expansion or implementation of new technologies.
As we often explain, "Retail is a mirror of society." As such, we believe all retailers have an opportunity to lead by example. And most of us do a fine job.
Recently, however, there have been some extraordinary examples of retailers taking an extra chance but certainly setting some fine examples.
As we often discuss, retailing is a very dynamic industry, constantly changing and evolving. To be successful, retailers must pass frequent flexibility tests. So we paid particular attention to this recent headline in the New York Times*: "The freshest ideas are in small grocery stores."
We have a mental image of a wide-open plain with hundreds of prairie dogs, cautiously poking their heads above ground. Looking around, they slowly realize they can actually venture out into the world once again. And venture forth they do. One by one at first, then more and more. Enthusiastically. Energetically. Excitedly bounding about, encouraging others to share their sense of adventure and fun. And that’s what we imagine is next for independent retailers. Here’s why.
This looks promising!
"Consumer confidence hits 18-year high" is a welcome headline to retailers. In The ROI's view, consumer confidence is one of the most reliable indicators of retail sales trends.
And just as the Conference Board was reporting that their consumer confidence index was at the highest level since September 2000, the National Retail Federation reported that consumers anticipate their Holiday spending to be 4.1% higher than last year. This corresponds with the NRF's economic forecast of Holiday spending increases of 4.3%-4.8% over 2017.
Pat Johnson and Dick Outcalt, The Co-Founders of The Retail Owners Institute®, have been called "The Zen masters of retail finance!" Since 1999, they have been assembling their proprietary content into a unique self-help website. The Retail Owners Institute is an unmatched resource that assists retailers worldwide with basic financial training, assistance and easy-to-use tools. Their engaging and empowering how-to resources about the financial levers in retailing are informative, fun(!), and retailer-friendly. Their promise: "Everyone will 'get it'!" Pat and Dick are recognized experts in strategic retailing. Working only as a team – Outcalt & Johnson: Retail Strategists, LLC – they have been consulting, publishing, and speaking professionally throughout North America since 1990. They focus exclusively on retail, or wherever retail is involved. They work with CEOs, CFOs, boards and owners of retail operations, as well as manufacturers or wholesalers expanding into retail. And they also are Retail Turnaround Experts.
Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"