GETTING CONSUMERS BACK TO RETAIL.
“Retail spending in the traditional bricks stores is well down as a result of the economic climate during COVID.” That would have to be the understatement of the year.
We all know the reasons why some retailers are suffering badly at the moment, while others are thriving. Food stores such as Aldi, Coles, Woolworths and even the smaller corner stores are surviving and thriving as they offer essential items. Bunnings, Mitre10 and some homewares stores are reported as doing well, while people look to utilise their time at home.
Many smaller stores will not be in a position to reopen their doors or have closed shop already due to the effects of COVID 19. This has caused so much heartache for so many in the retail sector. The economic impact of COVID 19 is not only felt by the independent store owners and smaller chains, look at the trading results of the major retailers at the moment and watch this space for further changes. Quietly without a lot of fuss, several hundred have been laid off both from the selling floor and the office support staff in almost all major stores. The biggest impact of this may be felt in September when the government will allegedly change the current financial support.
For owners of Small to Medium Enterprises, it is really your turn to shine and thrive, as we come out of these restrictions. Some major retailers have a culture and mindset that is very slow to change. They will continue to manage their businesses rather than show true entrepreneurial skills to turn the big ships around. NOW while business is slow we need to capitalise on this time and work ON our business. As true entrepreneurs in small business, we have the opportunity to fly in the face of adversity, if we follow a few simple steps.
Are you an entrepreneur or a manager in your business.
Those managers who have a closed mindset and want to keep things the way they were, who are managing their way around things at the moment, will ultimately fail. Those entrepreneurs, who are prepared to listen to their clientele, learn from the lessons of 2020, forget a lot of what has happened in the past and concentrate on relearning for the future will ultimately thrive in the new environment.
There is no magic one size fits all. The magic for your business is dependent on the type of business you have and your entrepreneurial skills. However, the principle guidelines remain the same for all
- Identify your true customer, what are their physical and emotional needs?
- How can you best serve your customers?
- Introduce innovation into your range of products.
- Be innovative and expressive in your displays and presentation
to attract customers attention.
- Ensure your website is user friendly for your online and in-store offer.
- What added benefits can you offer in-store they cannot get online.
- Use your online site to drive customers into the store.
- Create a demand for your products.
- Be innovative with your online offers
- What loyalty programs can you offer that is not just about discounts.
Remember price is not “the” reason for shopping, you do not need to discount.
Barack Obama said
The real test is not whether you avoid failure,
because you won’t,
it is whether you will let
it harden or shame you into action,
or whether you learn from it,
and whether you choose to persevere.
Mentor, Author, Speaker, Strategic Planner. - Developing Excellence in Business
VICTORIA, AUSTRALIA - Over 30 years of professional experience as a Retail Buyer / Planner, Director and Entrepreneur in both the corporate world and small businesses. A dynamic, results-driven leader, demonstrating success not only in the retail business's she has managed but has helped business operators transition from the struggle stage of starting a business helping to them move into the profitable phase quickly.
Honing her expertise in management, retail, wholesale, and business development, Deb started Developing Excellence in Business, DEB, in 2013, and is rapidly growing it to a be a force in the industry.
Deb's expertise has been honed over the years in Planning, Buying, Strategic planning, Busines development, Financial budgeting and planning.