Retail Observer

RETAILOBSERVER.COM DECEMBER 2018 48 B eing an independent in the appliance industry is tough, regardless of how long you've been in the business. And, if you read or watch the news, you know we're on the cusp of major changes that haven't been seen in decades, such as a major retailer like Sears closing their doors. You may be pondering 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 above-mentioned retailers have lost. And the customers that are up for grabs include some of the most loyal. It's time to dig in and create a road map to attract these customers to shop with you. • Compete on Price With so much information available at their fingertips, consumers today have many options when it comes to making a purchase, so it's no surprise that price is a major factor when it comes to deciding 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 that 85% of shoppers want to see price online. If you aren't showing pricing on your website, most customers will assume your price is too high and will remove you from their consideration. Create a pricing strategy that will keep you in contention with your closest competitors. You may decide not to offer the lowest price—but you need to determine what your strategy will be and implement it in person and online. Don't neglect your digital storefront. Use digital tools to make it as streamlined as possible. Nationwide 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. Independents can leverage several factors during and after the sale including how long you've been providing excellent service in your market. There's a reason why your store has stood the test of time over the years. Tout that to the masses! Another unique factor that I've seen in my many years in the industry is the longevity of employee tenure with independents. In many cases, employees are as much a fixture in your store as you might be. These employees are the heart and soul and cannot be duplicated in a Big Box setting. • Promote Value While we know that price is a key factor for consumers, there is much to be said for offering value beyond the lowest price. What can you offer that would sway a customer to pick your store? 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 are providing, such as free steaks with the purchase of a freezer? • Be Adaptive Don't be afraid to change your approach in your advertising and promotions. We all know that consumers have shifted their attention to digital, and that they are using their mobile phones more than 60 hours a week across up to four 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, and demographics as well as specific keywords? Digital is a great way to influence your target customers, build your brand awareness, and highlight promotional offers. • Don't Panic Yes, a lot of changes are happening in the industry, but take a step back and make a list of what makes your store unique, 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. A NEW ROAD MAP FOR APPLIANCE RETAILERS Missy Hodges Appliance Trends Missy Hodges, Appliance Merchant Team Nationwide Marketing Group RO

• Cover