Once retail was simple.
A retailer selected merchandise based on past purchase history and future trends. Customers bought, and retailers purchased more profitably the next year based on a review of what was left over. Most losses were a result of bad buying decisions so one could live with that. Live and learn.
Customers counted on retailers as their source of product knowledge for educated purchases. One gained a reputation for customer service and quality products. But then came the internet. Shopping platforms emerged. At first, they weren’t very user friendly, nor were they dependable. Returns were difficult. Brick and Mortar Retailers stayed smug and snobby.
The last decade changed everything.
In these last few years, online shopping platforms gained both respectability and ease of use. Shopping on a sofa in sweats while streaming the latest series is a lure you can’t equal as a brick and mortar. Online shopping returns became easier, too.
That narrow berth of “blame” for lower profits has widened – a lot. No longer can retailers view the results of buying decisions as the dirty devil that sabotaged our profits. There are too many new external variables influencing your success – or lack of.
Stop Crying
So. what do you do about it? Mope? Moan? Commiserate with your fellow brick and mortar retailers? As Dr. Phil says, “How’s that workin’ for ya?”
Retailers need a new paradigm from which to work. And that paradigm revolves around a new and more positive attitude around online shopping convenience in respect to your brick and mortar business model.
No, that does not mean you have to shift to all online shopping apps. Quite the opposite. Retailers need to BE the source for that final shopping decision. Yes, shoppers will research product online- and research price. But the bottom line will be their need to feel it is a solid purchase. And if you are the type of retailer that can provide that assurance, it’s a win-win.
Take advantage NOW of shortsighted corporate retailers who cut sales staff in favor of promotions in an attempt to corral shoppers in their stores.
Today’s shopper is no longer willing to tolerate the new employee of the weekend who can’t answer their questions. They long for an educated retailer or sales person to guide them knowledgeably to what they want and need.
Build a New Road
Today’s small business retailer needs to buck up and get over the internet blues. Every dead end begs for that new road to be built.
Observe your thriving small business retail neighbors. They are too busy building their own business to stop and complain about internet competition.
-Get involved in your community.
-Network, Network, Network.
-Become known as the [Your Product or Service] Expert.
Admit you are “one of them” – and learn from it
Reflect on your own shopping habits. Yes, you shop online, but when you ultimately make an important purchase, you need help outside your area of expertise, you go to your “go-to” retailer or business professional, you call your network for a referral.
Malls are dying because of the lack of personalization and service, not because of lack of choice.
In this world of smartphones, price shopping, and the internet, people are still people and seek other people to help them feel good about their choices.
Be there for customers. Engage in their crusade to find the best choice and best price. Build their trust. It will take time, but soon any difference in price, you will have earned and they will come back to you over and over.
Be happy to be part of the competition rather than against the competition. Your customers will trust you have their best interests at heart and you will thrive.