Retail Observer

RETAILOBSERVER.COM OCTOBER 2018 46 Doug Wrede Director of CE for Nationwide Marketing Group U ndoubtedly, the retail landscape has changed significantly over the past 10 years. With changes we've seen some retailers adapt, evolve and thrive, while others have been forced to close their doors. It's estimated that more than 20 major retailers will file for bankruptcy in 2018, representing some 8,000 store locations across the country. If this indeed occurs, it could exceed the record numbers set back in 2008 when retail arguably hit rock bottom. Job one for all of us at Nationwide is help you keep your company viable, successful and growing. So far, no one has discovered a "silver bullet" to provide any outlet – either big box or ecomm — for every consumer dollar. Competing effectively to get your share will require you to be nimble, and to evolve and leverage the strengths you have today to take your unfair share in the future. I believe the Independent channel is poised for great success and can achieve it in several ways. If we've learned and observed anything about retail in recent years, it's become very obvious that every dealer must have a digital and ecomm strategy. Amazon has changed the way consumers shop, and its impact has surely affected your business in one way or another. Today, the clear question is, what is your e-commerce and digital strategy? What we're learning from Amazon is not that it will someday reign supreme over all of retail, but rather that it has been capable of generating a shopping environment in which 8 out of 10, or 79% of Americans, are now shopping online first. That's up 22% from 2000. While that's an astounding number of online shoppers, keep in perspective that actual on-line sales and transactions only account for between 10% – 35% of total sales, depending on the product category. The take-away here is that your company must have a quality website that is at least as impressive as any competitor in your categories. 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 competitive digital footprint, let's remember that it can be even more important to leverage your in-store experience as a strength. Aside from the basics of a clean, bright and inviting showroom; shoppers who have walked through your doors will likely seek out professional help to physically see and touch the product and to be reassured of a wise purchase decision. This is where Independent retail really begins to set itself apart from big box, discount clubs, mass merchants and e-commerce. Our instore experience needs to handle the shopper with care, starting with a greeting and followed by a qualifying process from a knowledgeable and friendly sales professional. Your sales team's job is to answer questions and help people buy. Our shopper interaction is also about the lifecycle of a customer and not just a single transaction. You have an opportunity to become the trusted destination for repeat shopping, so that the next time a customer needs help or service, your company is thought of as the "peace of mind" option in the marketplace. Even in a digital world, the in-store experience and how your people perform can be your biggest differentiators and most important assets. The combined strategy of instore and e-commerce, coupled with the right brands, product assortment and people, is the formula for success in today's retail environment. All are within your reach and can be executed with just a reasonable amount of effort. Tapping into the resources at your disposal, including digital marketing services, education, digital signage and more will give you a clear advantage. You'll also want a focused buying and marketing group that is committed to your success. Happy selling! Doug Wrede Consumer Electronics Trends RO COMPETING IN TODAY'S RETAIL LANDSCAPE "Independent Retailers Can Thrive"

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