For retailers, the Fog of Uncertainty that began in April 2020 around the pandemics keeps coming back. Just when it appeared that we were ready to "get back to life" if not "back to normal," the Delta variant has surged.
This has created more uncertainty. How willing are your customers to actually go out and shop? Even more important (to you): how willing are YOUR customers to shop with YOU?
So, here's an idea: Why not ask them? Really. Send them a short questionnaire.*
We hear it over and over. "Good business citizenship" matters to shoppers. Might Labor Day weekend be a good time to start getting the word out about your citizenship contributions?
Customers vote with their feet, their wallets, and their hearts, and increasingly choose those retailers who "do the right thing", whether it's how they source product, hire and pay employees, reduce environmental impacts, etc.
There are things that independent retailers do day in and day out, without perhaps even realizing how special they are!
Most retailers we know are "aw shucks" type people. It's charming, but, especially in today's world, your leadership can be a competitive edge! So, why keep it a secret?
Throughout the pandemics, many independent retailers successfully shed their "technology laggards" label, as they pivoted to embrace an array of digital tools.
Yet going forward, it is well to keep in mind what really matters to the customers. And it may not be more technology.
A recent survey* of more than 2,000 customers provides some interesting insights as to who shops where, why, when and how. It especially highlighted the differences between "large stores" and "smaller stores" (or as we view them, "specialty stores.")
Hmm. This suggests to us that shoppers essentially are treating large stores the same way they treat the internet:
As we follow economic indicators that particularly affect retailers, our primary focus always is consumer confidence. And the reports coming out this week give us pause.
The highly transmissible Delta variant and the vaccine hesitancy of many have changed the momentum. Covid fatigue is back. This affects consumers.
And with it, more challenges for retailers. Decisions and policies may be needed regarding vaccinations, both for your staff and your shoppers. Meanwhile, consumers are likely taking another pause. Will schools reopen? Will offices reopen?
So, what's a retailer to do? What you always do: deal with it!
You likely are aware of buy-now, pay-later (BNPL) programs, from Afterpay, Affirm, and Klarna, among others. It gained a foothold in online retail – "the hottest trend in e-commerce"– and has been especially popular in the UK and Australia. Now its availability to many more retailers may be accelerated with the proposed acquisition by Square of Afterpay. It is a trend we all need to watch carefully.
Here's the deal. Once again, the retailer is the pickle in the middle. The benefits of increasing sales (and average transaction value) which are very attractive, must be weighed against the potential increases in hassle factors, particularly for your most valuable asset: your front line staff.
Time to move on from Covid, and get our minds back on retail. Focus on the merchandise. And the customers. And the results. In other words, it's time to put the fun back into retailing!
So, here are a few of The ROI's "attention to detail" reminders that you may want to have at the ready for your next staff meeting. A refreshing change of pace for everybody!
We know that retail startups are up, but alas, so too are retail failures; even higher than historical norms.
Yes, the headwinds for retailers right now are real, and plenty difficult.
However, it turns out that the underlying causes of failures do not change; like cockroaches, they just endure!
A little chaotic, isn't it?
You likely have experienced some of these dilemmas from the customer side. So you know how annoying or unsatisfactory it can be.
But you also are living that dilemma from the retailer's side.
Still less than $1 a day! 👀