Managing inventory – arguably the #1 responsibility of a retailer – has been beset by a host of new and sometimes daunting challenges since 2020.
The last few months of 2022 only made matters worse. As supply chain issues seemed to subside, foreboding talk of a recession dominated, dampening customer spending.
Many retailers are feeling a bit over-inventoried as a result. Similar to that sense of having a few added pounds after the holidays.
In other words, a situation that is crying out for perspective. And The ROI has you covered on that!
Just go here on The ROI site to use our unique Index of Sales Potential, or "Inventory Gadget" for short.
How's that for perspective? Granted, "your mileage may vary."
But you also could discover that you have a lot of potential for a great 2023 already present in your stores, just waiting to get out.
Let's assume your stores have been closed for weeks now.
We recognize how conscientious you are. So, after paying what you can to your employees (and yourself), the next most-worrisome dilemma is your rent.
As you likely have discovered, a common choice for many landlords is to offer to defer your payments. But that means taking on more debt, as those payments are only being postponed to a later point in time.
You need a better solution than that.
Ready to add a bit more fun to your store, AND generate incremental sales? Consider this friendly Tortoise, a "tap to pay mobile smart store."
Here's how it works. You choose items to sell that can be boxed, and held at room temperature. Maybe it's a dozen cookies. Or a book. Coffee mugs? Mobile phone rechargers. Whatever makes sense for your store. (And apparently, higher priced goods do especially well.)
Place the boxes into a Tortoise container that has colorful graphics of what's inside and the price per box, and send the Tortoise on its way.
There's a very important annual job for you, the owner, and all of your senior staff. It's vital, and it involves your presence.
The pressures are mounting on your stores, and in particular, your front line staff.
As your stores are able to re-open after the coronavirus shutdowns, how they look tells a powerful story. And for you, a great opportunity.
This is no time to try to go back to normal, back to business-as-usual. Nor to simply have all kinds of protective shields in your store. While necessary, how welcoming is that?
Instead, this actually IS a second chance to make a good first impression! Take full advantage!
This is, after all, The Retail OWNERS Institute. We long have specialized in alerting, coaxing, and applauding retail owners worldwide.
Today's message is a major heads-up.
Keeping pace with the relentless changes in retailing has never been easy. Retailers know that constant adjustments are demanded.
Then, the three pandemics of 2020 happened: COVID; the economic meltdown; the social unrest. And life changed modestly or enormously for almost everyone, including owners of retail businesses.
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.
Still less than $1 a day! 👀