Retailers, whether online, storefront, or DTC, certainly understand that "buying behavior is not just a nerdy debate"; it is everything to a retailer! However, given that the mantra of retailers is Plan - Monitor - Adjust - Repeat, there likely are many who would ask "How is 2022 that much different than any other year in retailing?"
And which retailers can exhibit the most calm? Those who have done their homework, their game planning. Those who have always known that the essence of retailing is flexibility, to be quick on their feet.
More specifically, those who have seen the financial implications – that is, inventory buying plans and cash flow results – of different scenarios.
Here at The ROI, we have the tools and resources for retailers to do all that for themselves; to project the financial implications of each "what if...?" scenario. But, to achieve that sense of calm, you do have to use these tools!
And now is the time. Go here for more about the 3-in-1 Integrated Calculator.
There is no reason to not be prepared for whatever the rest of 2022 has in store. There is one certainty, however: there will be more flexibility tests!
* "Online Shopping Is Bananas Confusing" On Tech with Shira Ovide, New York Times, July 13, 2022.
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!
You've gotten through the Holiday season, likely enjoyed some vacation time, and perhaps even have your own financial statements in hand.
For many retailers, 2021 proved to be a very profitable year. Congratulations!
In fact, go here to check out the pre-tax profit trends for the past two years for the median performers in 50+ retail segments. To borrow a phrase, everybody (almost) is above average!
According to the calendar, as of March 21, it officially is springtime. No matter what the weather is doing.
Well, it's time to bring the calendar to real life! Spring is really a state of mind! The dark winter has passed. Even the rain is warmer in the spring. And new growth is beginning to sprout; leaves are coming out. It's a wonderful, fresh outlook.
And that of course means it is a wonderful opportunity for retailers to refresh and reenergize their stores.
No matter what merchandise you sell - whether it's tires, apparel, books, housewares, office supplies, whatever - every retailer is in the fashion business.
And that means that your customers are wanting what is new and fresh.You know; "in fashion."
Is there a more difficult everyday challenge?
As owners of businesses, we've got all of the issues of the times right on our plates. Think about it:
Is there a more difficult every day challenge than maintaining perspective? We don't think so.
Your results are likely to be consistent with these patterns.
Still less than $1 a day! 👀