Get 100% of The ROI! Unlimited Access SUBSCRIBE Now!
That is the provocative title of an interesting New York Times Guest Essay* by Bill Saporito, editor-at-large at Inc.
Saporito’s message is very relevant as the Holiday Season approach. To reduce the paralyzing effects of too much choice, now is the time to finalize your merchandising strategies.
And here’s the key: focus on the solution that each item delivers.
Remember, many of your Holiday Season shoppers are not your regular customers, but people buying gifts for your type of customers. These Holiday shoppers may need a lot of help navigating your store.
Look, it’s now October. This is your merchandising opportunity. And now is the time to start getting ready.
In-store, use your graphics, signage and displays to make it easier for shoppers to recognize appealing solutions to those hard-to-buy-for people on their lists. Carry over these themes to your advertising, social media posts, website, etc. And, start now to talk this up with your staff.
Here’s another reason to start now to develop your merchandising strategies As you think about these merchandising themes, you may spot some gaps in your assortments. (Now’s a good time to know that, isn’t it?!) You may need to make some special buys quickly.
Your goal: enable each person who buys from you to have confidence that they have made a fine choice. After all, especially in these times, reassurance can be a priceless gift.
––– * Guest Essay: Starbucks and the Curse of the Highly-Complicated Coffee Order. The New York Times, August 25, 2024.
In most years, this is the week that is typically a bit of a lull. The first wave of shoppers – Thanksgiving, Black Friday, Shop Local Saturday, Cyber Monday – has crested; the final wave doesn't begin in earnest until this coming weekend. But this year IS different. Shoppers began shopping in earnest much earlier. And they use the internet to do their browsing, and then have an array of choices for receiving their purchases, from delivery to curbside pickup to in-store pickup. So, what better time than this to revisit your returns policy?!
What's the #1 thing that the retail industry needs now more than anything else? More towns. That's right, more towns and villages. Look, towns tend to be more residential, even slower and more relaxed.
Even the word conjures up warmth.
And towns, and the people who love towns, are a mecca for the vibrancy of retailing. Think about it: the retail industry needs more towns!
And it's already trending in that direction. Macys, Whole Foods, Nordstrom Rack, and Walmart have announced rolling out small formats, seeking locations closer to residential areas. They recognize that's where their customers are and will prefer to be.
Conversely, there are way too many cities.
We are entering an exceptionally exciting time for retailing. Nationwide, the U.S. is experiencing an entrepreneurial surge not seen since the tech boom of the 1990s, said Kenan Fikri, research director for the Economic Innovation Group in Washington, D.C. According to an analysis of Census data by EIG, "Through September, Americans have filed a record 1.4 million applications to start new businesses – the most through the third quarter of any year on record."* Experts suggest it’s being fueled by rising household wealth and shifting life priorities, after millions of Americans were tossed from their jobs during the pandemic.
The definition of a good coach is “That person who makes you do the things you don’t want to do, to become the person you want to be.” Given that, we would suggest that the pandemic proved to be a great coach for many retailers. So much so, "Coach P" really deserves being recognized as the Coach of the Year! Think about it. The pandemic forced retailers to do things they had long evaded or delayed (remember “technology laggards?”)
You've gotten through the Holiday season, likely enjoyed some vacation time, and perhaps even have your own financial statements in hand. For many retailers, 2021 proved to be a very profitable year. Congratulations! In fact, go here to check out the pre-tax profit trends for the past two years for the median performers in 50+ retail segments. To borrow a phrase, everybody (almost) is above average!
There's little that any of us can do to address the public health crisis of the pandemic. Its impact on people and businesses is a widespread and major jolt, akin to the shocks of 9/11 and the 2008-09 economic meltdown. Even as painful and disruptive as the pandemic is at this moment, we must remind ourselves that it will subside. It's not whether it will subside, just when. But all of us are going to have to deal with the ensuing economic situation, and its effects on our sales, our customers, our employees. These are difficult times for us all. Retailing in particular is under enormous stress. Many feel like there are no good choices. But, there are good decisions. And The ROI is dedicated to helping you be able to make those good decisions for yourself.
Incredible value! 👀
Start NOW!