From the Co-Founders of The Retail Owners Institute.Tips | Tactics | Insights on the Business of Retailing.
Every minute, some shoppers in your market are checking the weather forecast on their smart phone.
But here's the deal: Immediately, that inquiry is being captured by The Weather Company, which now turns this mass of Big Data into usable information (that it sells, of course.)
And here's what that means for those smart phone users:
You know them all, right?
Warby Parker, eyewear; Everlane, apparel and accessories; Casper, mattresses; Harry’s, razors; Untuckit, button-down shirts; Allbirds, tennis shoes; Boll and Branch, bedding.
All began online-only, then started to open brick-and-mortar locations.
Now, they are coveted tenants by the malls.
Running retail businesses these days is a lot like teaching a teenager how to drive. "Look son; keep your darn eyes on the road!"
Predictions by the "experts" tell us that the economies of the world are remarkably strong right now. And given that, retail sales this year are expected to be up between 4% and 5%. Maybe the best year in a generation!
It's a time when independent retailers could – and should! – "Go for the gold!"
All they have to do is keep their eyes on the road.
Sales ticking up? Here's why – and how to pick up the pace even more
Have you noticed? We may be making progress in this economic turnaround. Many retailers now are being buoyed by upticks in sales.
Aside from being relieved, have you given any thought to "Why?" your business is experiencing sales increases?
We can tell you in advance: it will be driven by one of these three basic reasons:
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, people are drawn to retailing. Consider:
It's that time of year when all the talk is about all that's new and different for retailers.
As the trade show season gets into full swing, there is no shortage of reminders of all the elements you need for your business to "keep up". From technology to customer expectations, competitors, vendors, landlords, employees, Amazon, payment systems, Alexa and Siri, taxes, legal, etcetera, etc, etc.
The retail launch last week of California's newly-legal sale of recreational marijuana was newsworthy. Huge public acceptance as you no doubt noticed.
Then, to magnify the drama of it, the U.S. Attorney General restored enforcement of federal legal restrictions on the sale and distribution of marijuana even in states where it is legal.
You may be one of the many retail owners who share our vision of "Making money. Having fun. Doing good!"
But today, that trifecta is even more dependent on that first step: your business making money!
When it's not making money, there is very little fun to be had.
And the "Doing Good" part can sure be constrained.
What especially intrigued us, however, is this new feature Boxed has announced: group orders.
Customers can now do a group order online by sending links to others to collaborate on an order.
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!"