There are so many challenges facing retailers today and we want to support you so you can not only navigate the new landscape, but also grow, be profitable and create the business you imagined when you first started. To help, Nancy Georges ‘the Retail Miss Fix-It’ will be answering your questions every fortnight. Today’s question: What advice would you give to every retailer?
1 Adopt a service culture/focus in your store. Make it easy to deal with you, including:
- staff attitude, language and behaviour
- product selection
- service process
- delivery on and offline
2 Become the expert in your category, look outside your four walls:
- What does your customer see?
- What are other stores in your category doing?
- What is the latest product in your category?
- What is next?
- What is going on internationally?
3 Create ‘theatre’ and a fun experience in-store:
You need to create an experience that encourages the customer to get in their car, find parking, and come into your store
4 Stop focusing on price and sale, it’s all about value!
- Using sales to drive income is lazy retailing
- It’s also not profitable
5 Review all pricing across your whole business. Australian retailers are now competing with the world and must adopt a volume versus margin pricing model.
6 Constantly source new products (or suppliers if they are not innovating their products). Rationalise your supplier base and remove duplications; this will save time and money.
7 Build collaborative relationships with suppliers, retailers and local neighbours―become savvy connectors with mutually beneficial outcomes.
Nancy Georges is The Retail Miss Fix-it, retail strategist & consultant with over 25 years experience.