How Traditional Retail Businesses Can Use Market to Survive In A World Dominated by Online Shopping

 

Traditional retailers should consider implementing the following strategies to stay competitive in today’s complex and ever-changing retail environment:

 

1. Continually Test Your Market

 

One thing that makes today’s retail environment different than the past is the speed at which it is changing. Strategies that worked yesterday may not work today. In order to keep up, your business needs to constantly test new strategies. Keep an eye toward the future and be willing to try new things to figure out what does and doesn’t work for your business.

 

2. Compare Your Results To External Sources

 

It is easy to fall into the trap of only looking to your business when searching for ideas or trying to figure out what works. Unfortunately, if you only measure your growth based on your company’s past performance, you may be getting left in the dust by your competitors.

 

In order to stay competitive, you need to look for ideas outside of your own company. Measure how your business is doing compared to similar businesses in the industry – check things like your competitors turnover, staff numbers and evening opening times. Tap into some of the ideas and strategies that they are using to help your business match their success.

 

3. Track Change-Related Results

 

As you start new projects, make sure to closely track the resources and time that they require. Compare this data to the return that they provide, whether that return comes in the form of increased revenue, happier customers, or lower expenses. Compare your results to industry benchmarks to see how you are doing.

 

4. Customize Your Stores Based On Their Location

 

If you have multiple stores that serve different communities, don’t make them all the same. Instead, make sure that they are customized for the communities where they are located. For instance, in one location, you may have products available to buy when people walk in the store. In another location, you may have demonstration areas set up, with the ability for people to place orders for products that will be delivered the following day. The design and layout of each store should also fit well with the look and feel of other stores in the neighborhood.

 

5. Make Visiting Your Retail Store Memorable For Your Customers

 

One of the primary benefits of retail stores is that they provide an opportunity to connect with your customers in person. Any interactions that you have with your customers should be positive and should leave them with a good impression of your business. Trying to compete solely based on the price of your goods and the volume that you sell is impractical in today’s retail world. You need to find a way to draw customers in. Focusing on a worthy cause like sustainability is often a good option.

 

6. Always Be On The Lookout For New Markets

 

Thanks to advancements in technology and the affordability of modern global manufacturing, it is now possible to expand to a wide range of markets. Be sure to explore all of your options, looking for areas where online shopping isn’t practical for residents because of the local culture, the average level of income, or the nature of the products themselves.

 

7. Create A Sense Of Community By Working Directly With Your Customers

 

Retail stores can stand out by creating interactive opportunities for their customers. Activities like providing one-on-one support, holding live events, or putting on demonstrations with pop up displays can go a long way toward creating a sense of community that can’t be matched by online businesses. You may even want to think about incorporating some type of entertainment into your retail outlet such as a coffee bar.

 

In general, new businesses are at an advantage since they have an opportunity to choose the right people and to define their culture without having to succumb to any existing biases. For more established businesses, it can be a little bit more challenging since existing habits can be difficult to break.

 

For traditional retailers, it is important to constantly be on the lookout for ways to stay competitive. Online shopping and other changes to the retail market have made out-of-the-box thinking absolutely essential if you want your business to thrive.

 

 

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from TheMarketingblog http://www.themarketingblog.co.uk/2018/12/119371/