Retail Observer

RETAILOBSERVER.COM AUGUST 2018 52 U ndoubtedly, the retail landscape has changed significantly over the past 10 years, and with that change, we've experienced retailers adapt, evolve, and thrive, vs. those forced to close their doors. It's estimated that 20+ retailers will file for bankruptcy in 2018 representing approximately 8k+ store locations across the country. If this indeed occurs, it could exceed those record numbers set back in 2008 when retail arguably hit rock bottom. It doesn't have to end with shuttering your doors— and there's no "silver bullet" that any given retailer has figured out to garner every consumer dollar. It will, however, require you to be nimble, evolve, and leverage the strengths you have today to take your unfair share. If we've learned and observed anything about retail, it's now obvious you need an eComm and Digital strategy. Amazon has changed the way consumers shop, and while its impact has been felt in one way or another on your business, the clear question is "What's your ecommerce/digital strategy?" What's important about what we're learning from Amazon is not that it will someday reign supreme over retail, but rather how it has generated a shopping behavior in which eight in 10 (79%) of Americans now shop online first, up over 22% from 2000. While that's an astounding number of consumers shopping online, keep in perspective that online sales/transactions range between 10–35% depending on the category. The takeaway here is to make sure you have a website for your business, and that the website delivers your best foot forward. It should be inviting, easy to navigate, rich with content, tell your story, ideally be transactional, and force a draw or close rate for your business. Now that we've established how important it is to have a digital footprint, you can equally leverage your in-store experience as a strength. Aside from the basics that your store should be clean, bright, and inviting, a customer will walk through your doors likely to seek out professional assistance, to physically see and touch the product, and to be reassured of their purchase decision. Each customer will be handled with care, starting with a greeting, followed by the qualifying process of what brought them in. From there, your knowledgeable and friendly sales professional will deliver an experience unlike those of your competitors down the street, ideally ending with a sale and a customer for a lifetime. It's also about the lifecycle of a customer and not just that simple transaction. You've become a place to be trusted and a destination for repeat shopping, and the next time a customer needs help and/or service, you're the peace of mind in that equation. Even in a digital world, the in-store experience and your people remain your largest and most important assets. The combined strategy of stores and ecommerce coupled with the right brands, product assortment and people is the formula for success in today's retail environment. All are within reach and executable to level the playing field. Doug Wrede Director of CE for Nationwide Marketing Group Doug Wrede Consumer Electronics Trends RO COMPETING IN TODAY'S RETAIL LANDSCAPE

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