Retail Observer

RETAILOBSERVER.COM MAY 2017 48 T oday, being an independent in the appliance industry is tough, regardless of how long you've been in business. And, if you read or watch any news network, you know we're on the cusp on some major changes that haven't been seen in decades as major retailers like HH Gregg and Sears close their doors. You may be wondering, what's the long-term viability of your local appliance store? Can you stay profitable in the current climate? I truly believe independents can win and capture much of the share that the aforementioned retailers have lost. And, the customers up for grabs are among some of the most loyal. It's time to dig in and create a road map for how to attract these customers to shop with you. COMPETE ON PRICE With so much information available at our fingertips, consumers today have so many options when it comes to making a purchase, that it's no surprise that price is a major factor when it comes to what and where to buy. Research shows us that consumers visit multiple sites and look at product reviews, videos, pricing, and more in the decision-making process. And, 85% of shoppers want to see price online. In fact, if you aren't showing pricing on your website, most assume your price is too high, and then you're removed from their consideration. Create a pricing strategy that keeps you in contention with your closest competitors. You may decide not to be the lowest price, but determine what your strategy will be and implement it in person and online. Don't neglect your digital storefront. Use digital tools to make this as streamlined as possible. MEGA retailers use tools like Retail Deck to create unique pricing strategies that allow them to remain competitive in their markets, and push these prices to their websites. PLAY WITH HEART Use your passion and expertise to your advantage. As an independent retailer, you should leverage several factors, like how long you've been in your markets providing excellent service during and after the sale. There's a reason why your store has stood the test of time over many years. Tout that to the masses. Another unique factor that I've seen in my many years in the industry is the longevity of employees' tenure with independents. In many cases, employees are as much a fixture in your store as you the owner might be. These employees are the heart and soul, and cannot be duplicated in a big box setting. PROMOTE VALUE While we know price is a key factor for consumers, there is much to be said for offering value beyond just the lowest price. What can you offer that would sway a customer to pick you? Is it that you have the model in stock and can offer same day delivery? Is it that you service what you sell? What about a unique offer that none of your competitors provide, like free steaks with the purchase of a new freezer? BE ADAPTIVE Don't be afraid to change your approach in advertising and promotions. We know consumers have shifted their attention to digital, using their mobile phones more than 60 hours a week across up to 4 devices. That's a lot of screen time. Are you leveraging digital advertising today to reach consumers and influence them to shop with you? Did you know you can target and serve ads based on someone's interests, websites viewed, demographics as well as specific keywords? Digital is a great way to influence your target customers to build your brand awareness and highlight promotional offers. DON'T PANIC Yes, there are lots of changes happening in the industry, but take a step back and come up with a list of what makes your store unique and then find creative ways to promote those key differentiators. It's time to be innovative and strategic. Define the share you want to take and put your plan in place to grab it. MIssy Hodges Appliance Trends Missy Hodges, Vice President of Appliances MEGA Group USA RO A NEW ROAD MAP FOR APPLIANCE RETAILERS

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