Since March 2, 2020, The ROI's Co-Founders have been offering insights, strategic approaches, and online resources for independent retailers affected by the COVID-19 crisis.
These appeared first in The ROI NEWS.
"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.
What day is this? What month? Really? Hasn't everything been disrupted? None of the usual patterns, the usual markers of the months or seasons seem to be available.
WHEN might we feel like we are back in charge of our own destiny? This state of suspended animation is no fun!
So, what time is it? Time to focus on those things we can control. And to relish the good changes that this year has brought.
Plus, with more customers of all age groups more comfortable with online communication and social media, your opportunities to bond with them are greatly improved. (Especially during an election year, when paid advertising is dominated by campaigns.)
No, we do not have the answer to "Are we there yet?"
But we do know that the best companion on that journey will be a retailer, willingly embracing the challenge. Just don't expect them to know what time it is either. Other than strange....
There's little that any of us can do to address the public health crisis of the pandemic. Its impact on people and businesses is a widespread and major jolt, akin to the shocks of 9/11 and the 2008-09 economic meltdown.
Even as painful and disruptive as the pandemic is at this moment, we must remind ourselves that it will subside. It's not whether it will subside, just when.
But all of us are going to have to deal with the ensuing economic situation, and its effects on our sales, our customers, our employees.
These are difficult times for us all. Retailing in particular is under enormous stress. Many feel like there are no good choices.
But, there are good decisions. And The ROI is dedicated to helping you be able to make those good decisions for yourself.
Some thoughts from Nordstrom leadership that are spot on!
That's what Nordstrom President and Chief Brand Officer Pete Nordstrom told Puget Sound Business Journal columnist Patti Payne on April 23, 2020.
And what he succinctly stated is exactly the challenge – and opportunity – that is confronting all retail owners.
In order to answer whether you should re-open once you can, you first must be very confident in WHAT kind of retail operation you will be re-opening.
The only certainty of the aftermath of the pandemic is that everything will be different. Given that, what better time to re-imagine your business?
YOUR GOAL: QUICKLY GET TO A FIRST DRAFT.
Face it. Sales are dropping. By how much? For how long? Nobody knows for sure.
But, you can make some assumptions, some educated guesses. Put those into the 3-in-1 Cash Flow Calculator.
These totally volatile times cause a lot of opinions and fears to be swirling around. Seeing "what if...?" can be very helpful.
All in just minutes. On your own.
Independent retailers are renowned for being "technology laggards." Those days have to end!
As you wait and worry about re-opening your stores, the state of the economy, the health and safety of your family and friends and employees, here is an idea of what you might do with some of your found time.
When you do re-open, be sure that you are actually in the 21st Century! Put your energy, your resilience, and your flexibility to use, focusing on improving your IT.
The goal: When you re-open, be even better than your competition! And more relevant to your shoppers.
For retailers, the uncertainties caused by the impacts of the Covid-19 pandemic are unrelenting.
So, what should we do with this additional "found time," waiting for the customers? That's a question we CAN answer!
As you are sorting out how best to reopen, we encourage you to be bold about embracing technology. Not just a POS system upgrade with better e-commerce capability. There's much more that warrants your attention.
There's a whole alphabet of resources out there, already being embraced by many: ML (machine learning); AI (artificial intelligence); AR (augmented reality), QR (Quick Response matrix barcodes). All enabling chatbots, robots, digital displays and much else to become "smarter" and more applicable.
There are three "pandemics" assailing us at the moment: the coronavirus; the economic collapse; the protests of racial injustice. The three months plus of stay at home restrictions and the shutdowns, and the confluence of these three pandemics has been a heavy burden. And it shows no signs of going away anytime soon.
As the coronavirus continues to spread and surge (Apple re-closing 11 stores they had recently re-opened is a sobering reminder), the uncertainty and anxiety is only being prolonged.
Since 1999, empowering retailers and store owners to "Turn on your financial headlights!"