6 March 12

Is Retail as Dire as We’re Led to Believe?

With so much information out there on Retail, the economy and one can’t help but think sometimes it’s a financial crisis the media is leading us to have. Now it is not recommend you have your head in the clouds when it comes to business but is Retail and the economy that bad?

Some stats for you:

  • The Retail industry as a whole rose by 0.3% in January
  • Intimate apparel & shoes experiences a massive growth
  • Cafes and restaurants seen a very satisfying 4.3% growth
  • Department stores fell by 0.2%
  • Some independents reports up to a 30% growth
  • One of my clients has already turned over more then her entire 2011 trade.

There is no doubting the change in the way people are buying and fear is playing a massive role in that. The only time people fear something is when they aren’t educated and confident in that area. Therefore it is crucial we educate our customers and put their minds at ease and give them the resources that we help them do it.

  • Provide a great service: Create a customer journey, write down what you want them to experience and how you want them to feel. Step by step through out the entire time they are in your store. Then train your staff to do it BETTER then you can.
  • Provide great value: Respect what they want and show them what they need and why. Give them as much information as possible without overwhelming them. Let them know you care.
  • Provide great quality products: You can never compete on price with the big boys and you should never try. Quality always trumps every time!

My Retail Predictions:

Over the last couple of years we have seen social media play a massive role in business. Consumers are wanting to see the face behind the business so transparency has been crucial. We are developing that even further now where we will see websites being extremely interactive. We is crucial we start to understand how business is changing.

The changes in business-

  • Building real relationships
  • Giving people a voice
  • Giving resources to create and express themselves and their journeys.
  • To connect and share
  • To collaborate and know we all have the answers, can we bring this knowledge together and help each other, be accountable, give back and be responsible for the effort put in.
  • Out of the box Marketing ideas

TIP: See things for not worse then they are, not better then they are but as they are.

 

 

:: This is a post in a series of posts written by Australia's leading retail experts, all three had the same question "What are your thoughts and predictions on the current state of the retail industry" at no time was it was discussed prior to being published therefore all viewpoints all solely the thoughts from each expert.

To Retail or Not To Retail

The Times They Are A'Changing....

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