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It doesn't make any difference if you're selling tires, turbans or tuxedoes. Poor prior planning produces pitifully poor profits. (You can take that to the bank!) We came across an article on this checklist theme for the rapidly approaching fall/Holiday season.
The source, Channel Advisor, describes itself as "having been on the front lines of e-commerce since 2001," so their specific recommendations of course focus a lot of attention on the logistics of managing online shopping. But these can be useful reminders, particularly for brick-n-mortar retailers who are still adapting to having online selling capability.
Their key message is, "Where's your checklist for being ready, and where's your timetable to get everything done?" In other words, Retail 101 is now multi-channel. Just be certain that Retail 101 is alive and well throughout your operation. Now's the time to get that checklist done! --- * Time for Holiday Prep Already? You Bet. Channel Advisor, August 5, 2022.
We believe there are not one, but three(!) pandemics occurring simultaneously right now. Of course, the COVID-19 virus elevated the word "pandemic" to a status that identifies even a generation of babies. But the other two pandemics are equally paralyzing: the nationwide (even worldwide) protests of racial injustice, and the severe unemployment from the economic collapse. Indeed, three concurrent, worldwide sinkholes. We call it the "pandemic trifecta of 2020." So, what's an intelligent retailer to think now?! Here's one idea that we believe can help you have more confidence in your immediate decisions. Think beyond this week and this month.
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.
Since Labor Day in the US is the first Monday in September, this year it happens as late as possible. Labor Day will not be celebrated until next Monday, September 7. Most years, most folks would be perfectly happy to have August stretched out even longer. Ahh, those lazy, hazy, crazy days of summer, right?
And so, meanwhile, we regard Consumer Confidence as THE key indicator of consumer spending. Just last week, the Conference Board reported that Consumer confidence is at a six year low*. Ouch! But, was that a surprise to retailers? Not really. Most retailers are well along in coping with these challenges.
The constant challenge for retailers is to anticipate what their customers really want. And this year, there seem to be plenty of choices available.
It is all part of the on-going challenge of retail; the art and craft of being a merchant. Then there are the customers who are reacting to the constant drumbeat of news about supply chain issues, merchandise shortages, and looming price increases by starting their shopping early.
Adding to this stampede, some major chains were launching their Black Friday specials before Halloween!
The savvy retailers know that now is the time to be putting the finishing touches on – wait for it – being ready for December 26! Yes, this unique time period between December 26 and New Year's Day is a tremendous make-or-break opportunity. Indeed, many retailers find they net more from this time than any earlier stretch of 6-10 days!
First, the many opportunities to reduce expenses "back to normal". Less advertising cost. Less staff. Fewer hours.
No matter what merchandise you sell - whether it's tires, apparel, books, housewares, office supplies, whatever - every retailer has to give the customer what they want.
Right now, customers want “Steak, cheap”, not “cheap steak.”
Customers also are eager to shake off the doom and gloom of the winter. They are more than ready for a fresh new outlook. (Aren’t we all?)
Consider these upcoming calendar events:
The spring ahead to Daylight Savings Time is this weekend.
The “official” March 21 start of spring is just two weeks away.
What a great opportunity for you to welcome a fresh, positive, upbeat Springtime State of Mind!
Combine that fresh attitude with some well-priced promotions – remember, “steak, cheap” – and you have the makings of a fine start to your spring season.
Incredible value! 👀
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