We once knew a lady of an earlier generation who steadfastly championed the idea that Labor Day should be considered New Year's Eve, and the Tuesday after Labor Day as the start of the New Year. (Yes, she was ahead of her time in many other ways as well.) Here's her reasoning about the "real" New Year's Eve: as summer fades away and vacations end, the new school year starts up; the baseball season pennant race is on; football games begin. As all this happens, she explained, most people take on a renewed sense of energy. The promise of a fresh start is everywhere. Optimism abounds! Wouldn't 2020 be a great year to cut short? Aren't we all ready to turn the page on it? Well, while we cannot do it officially, we can embrace that New Year state of mind.
And you have the opportunity to shed some of the "we always did it that way" practices. Go for it! Because, well, 2020.
Remember, your best shoppers always want to know "What's new?" The better job you do of sharing the joy of all that newness with your shoppers, the better it will be. Here are some reminders of where you might start:
And yes, work on those New Year's resolutions, too!
We believe there are not one, but three(!) pandemics occurring simultaneously right now. Of course, the COVID-19 virus elevated the word "pandemic" to a status that identifies even a generation of babies. But the other two pandemics are equally paralyzing: the nationwide (even worldwide) protests of racial injustice, and the severe unemployment from the economic collapse. Indeed, three concurrent, worldwide sinkholes. We call it the "pandemic trifecta of 2020." So, what's an intelligent retailer to think now?! Here's one idea that we believe can help you have more confidence in your immediate decisions. Think beyond this week and this month.
In most years, this is the week that is typically a bit of a lull. The first wave of shoppers – Thanksgiving, Black Friday, Shop Local Saturday, Cyber Monday – has crested; the final wave doesn't begin in earnest until this coming weekend. But this year IS different. Shoppers began shopping in earnest much earlier. And they use the internet to do their browsing, and then have an array of choices for receiving their purchases, from delivery to curbside pickup to in-store pickup. So, what better time than this to revisit your returns policy?!
The basic definition of retailing is "selling to the ultimate consumer." As you know, HOW that is done, and in what location or format, continues to change and evolve. So, we were intrigued by this recent post on the Shopify Retail Blog: The Future of Physical Retail in a Digital-First World.*
To us, the blog post was essentially a wide-ranging journey of discovery(and perhaps even some new-found respect for those "physical retailers".)
Just when it seems we can get to the "New Normal" or the "Next Normal," another disruption comes along. "There still is so much uncertainty" is the lament, often accompanied by a sigh of weariness. Or resignation. Trying to plan for the Holiday season, or looking ahead to 2022, can seem especially daunting right now. Occasionally, all of our businesses need to hit "pause;" this is one of those times.
Recognize that thanks to the pandemics, most everything about running your business has changed. Your merchandise mix; your customers; your staff; your competitors; your suppliers; your landlord; your technology; etcetera. Everything!
Isn't it great? Headlines and the media world seem to be in unison; the dastardly COVID pandemic is being arrested. And, if we can believe the pundits, pent-up shoppers are about to buy all sorts of products and services with abandon. But, will they? Given this exuberance, many retailers could be building up excess inventory. Retailers once again need to be true merchants. That is, the #1 responsibility of retail senior managements must always be to control inventory. (It's the only thing that makes money, but it soaks up cash.)
Thanksgiving time in the U.S. is not a good time to be a turkey. And, the week after Thanksgiving is obviously not a good time to try to be selling turkeys, or turkey dinners. Especially at full price. The same thing applies to your inventory! Especially with all the challenges and distractions surrounding supply chain issues, there could be lots of "turkeys" languishing in the inventory in your stores. You know; non-selling, distressed, old, unappealing leftovers among your merchandise.
Incredible value! 👀
Start NOW!