Retail Observer

RETAILOBSERVER.COM AUGUST 2018 50 B eing an independent in the appliance industry today isn't getting any easier. You may have been in business for 6 months, 6 years or 60 years and still be wondering, what will tomorrow bring? Independent retailers have something that big companies do not. They have passion, heart and soul that big box retailers cannot duplicate. With so much information available at our fingertips, consumers today have many options when it comes to making a purchase. Research shows us that consumers visit multiple sites and look at product reviews, videos, pricing and more as part of their decision-making process, and that 85% of shoppers want to see price on line. If you aren't showing pricing on your website, most will assume your price is too high. If you are afraid to take the leap, some pricing is better than none. Retailers continue to compete on price, and price still drives store traffic. Reminder: even the lowest-priced retailer cannot win just on price! • Leverage your expertise and how long you have been in the market. In many cases, your employees have become a fixture within their community and in your store. These employees are a huge part of the heart and soul mentioned earlier. • Go out of your way to have an inviting display floor, and be creative, e.g., host cooking classes and invite the community to participate. • Promote value to your consumers—e.g., by offering same-day delivery, a steak package with each freezer purchase, special consumer rebates, and fundraisers for the community. Do what you do with passion, and your customers will notice and keep coming back. • Never stop trying to improve—make sure you are the leader, not a follower. Don't be afraid to change your advertising approach. We know that consumers have shifted their shopping habits. Adapt to the way people shop online today. Consumers are using their mobile phones more than 60 hours a week. That's a lot of screen time. Are you leveraging digital advertising today to reach consumers and influence them to shop with you? Traditional merchandising and promotional efforts will deliver traditional results. Look at things differently and consider new ways to achieve your goals. What is your advantage in the marketplace? If you don't have one, find one! Take a step back and write down a list of what makes your store unique, and then find creative ways to promote those key differentiators. Digital is a great way to influence your target customers to build your brand awareness and highlight your promotional offers. Our industry is about to undergo an unprecedented shift in the marketplace— what are you doing differently to capture your share? As Sears continues to close stores, those consumers are looking for a new home. Don't chase your competition—be ahead of the game. Be innovative, strategize, communicate, have a mission and take responsibility. Showcase your connected appliances. Offer hands-on cooking tips, cleaning, advice, and how-to classes. Major appliances break every day. Distressed purchasers cannot wait for a holiday window. Make sure you are targeting these consumers even during non-promotional periods. Last but not least, deliver on your promises! APPLIANCE RETAILERS' VALUE IN THE MARKETPLACE MIssy Hodges Appliance Trends Missy Hodges Nationwide Marketing Group missy.hodges@nationwidegroup.org RO

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