Article for DIY Trade News
IS YOUR STORE MAXIMISED & OPTIMISED?
These have been tough times for many retailers. Economies have lagged, consumers are conservative, and competition is tight. There are many innovative ways small and nimble businesses can add value to their products and services to grow revenue, retain and add customers, and be competitive. Heavy or persistent discounting can hurt your bottom line and risk customer loyalty. As a small independent retailer there are smarter ways to offer a unique experience that cannot be matched by larger chains or stores that are online only..
Store optimisation is achieved through a combination of factors that may be unique to each store.
The Essential Hardware Group embrace the opportunities that present themselves to our Members by ensuring we live up to our mantra of ADDING VALUE to Members at every level of retailing. Our EBC Team (Essential Business Consultants) offer every member a complete “outsiders” perspective of their store and will do an in-depth analysis of their operations, marketing, admin, buying, HR, category management and pricing policies if they accept our offer. Our Members are entrepreneurs who retain 100% control of their business and the report we offer are recommendations for action. If the store wishes to implement the recommendations, we assist in the process.
It has been said that although every store faces it’s unique, and sometimes challenging, circumstances, the commonality is that “The Science Of Retailing is the same”. It often only takes a set of “external” professionals to identify areas that many storeowners may overlook due to “store blindness”, which affects almost everyone.
Let’s look at an example based on a single criteria “Online Search Terms”: The example below indicates a woeful trend in a number of categories over the last few years... concerning?... not necessarily!
This type of analysis and industry knowledge requires retailers to adapt strategies, stock holding, stock mix and their marketing to meet the changing markets. Understanding these reports and being able to make informed decisions, is key. Although the “search trends” indicate substantial declines, this does not necessarily mean a decline in those markets.
Another example would be the influence Social Media may be having on your sales. When one considers the typical response, by many, that Social Media is "not for them” and that it has no place in business… research suggests otherwise.
On the topic of suppliers and brands, consideration of whether the suppliers and their brands are aligned with market changes. Are your suppliers promoting their brands in a manner that is aligned with your customers? Are they active in the markets you serve? Or, do they simply rely on relationships with your buyer and historical brand equity?
Times change, market sentiments move, and if we do not stay on top of these market shifts, retailers can find themselves playing catch-up and many never do.
The Essential Hardware Group has evolved into a highly professional, value adding, voluntary trading group that strives to stay ahead of the curve and keep its members informed of market changes.
The Essential EBC Team and their “Power of One” initiative combine effectively to offer strategies to members, encouraging them to maximise & optimise their business, through research and analysis.
