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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:
Meanwhile, those who shop at the smaller stores - a little less than half of those surveyed - "were more eager to browse the aisles," according to the study. To us, this suggests that shoppers are actually using these smaller stores to “go shopping.” Remember that?! What an opportunity!
What about technology? The survey also indicates that customer expectations for in-store technology were more forgiving for the smaller stores. Whereas the larger stores are expected to be able to deliver a great digital experience. 👀 This suggests to us that the digital focus of so-called "smaller stores" should be on marketing to get shoppers to their stores, and nurturing the customer relationship, rather than in-store technology such as customized apps, or a full-blown e-commerce shop. As always, knowledgeable sales people are the key to building those customer relationships, plus shaping in-store shopping experience to showcase your merchandise selection. --- * Omni Usage Index, powered by Vantiv and PYMNTS
The constant challenge for retailers is to anticipate what their customers really want. And this year, there seem to be plenty of choices available.
It is all part of the on-going challenge of retail; the art and craft of being a merchant. Then there are the customers who are reacting to the constant drumbeat of news about supply chain issues, merchandise shortages, and looming price increases by starting their shopping early.
Adding to this stampede, some major chains were launching their Black Friday specials before Halloween!
"Of course I want it today. If I wanted it tomorrow, I would have come in tomorrow." That's what we call "retail time." Retailers are comfortable with that pace; they enjoy the variety; they welcome the need to change and adjust. But, instead of just keeping life interesting, 2020 seems to have gone overboard in bringing changes and disruption to us all. The triple pandemic of the virus, the economy, and the civil unrest. And oh yes, it's also an election year. Enough already, right? We think the most challenging part of this is the effect on our sense of time.
People don't go into retailing to be financiers.
But few are attracted to the financial part. Which is exactly why The Retail Owners Institute website has been built! Given our years of experience consulting with retailers, especially in turnaround situations, our speaking at conferences and publishing in trade publications, we wanted to "level the playing field" for retailers.
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.
Some retailers in this situation essentially freak out. But the pros, like you, know to keep asking questions. Before they decide what to do next to fix lagging sales, they want to know "Why?"
So, rather than guess the answer, here is a way to get to the numbers behind the numbers; to begin to know the "why" of your sales trends, whether they’re falling or rising.
All it takes is tapping into the data that's already in your POS system, and putting together a little summary tally sheet. The point is to get some key data together in one place so you can easily, quickly, and for free, compare and analyze your results.
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?
Incredible value! 👀
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