New Normal
What can Retailers expect next ? Will it be what everyone is calling the New Normal or is that just a Myth? Reopening is not a silver bullet for success. You must commit to making your reopening work. What choice do we have?
As retailers adjust and plan short-term modifications here are key action points :
Raising the confidence level of customers to enter your store and continue doing business with you.
Creating a shopping environment that keeps you and your staff and customers safe while following provincial health guidelines.
Are the products you sell relevant to your customers? Who, just like you are in the middle of this COVID nightmare?
Is there a new consumer frame of mind? Great questions to ask yourself. Does my customer need or want the same things as they shopped for in my store before COVID? What can I add to my mix that they would appreciate and that my customers might pick up in my store or online?
Who would think that the top items in the fastest growing product categories would be masks, disposable gloves, bread machines, exercise equipment, baby care. The fastest declining categories would be luggage and clothing?
Absolutely no surprise that the world’s largest retailer Amazon, owned by the richest man in the world, announced just recently that they cannot keep up with consumer demand. Those retailers who made the decision to get their store online recognised a most important point. Shopping online has become the new normal. Customers that shopped in your bricks and mortar store are now more likely to be shopping online or not at all. For those of you that are still sitting on the fence about this issue, please don’t wait. None of us can predict with certainty what consumer behaviour will be like once the curve flattens. I feel strongly thou as a professional working in this industry for the last 40 years that it’s a combination of the two platforms bricks n mortar and on line are the most solid choices moving forward.
Commit to survival through the COVID 19 crisis. We are facing opportunities, if you have made the commitment to continue your passion of being a retailer because it is a way of life that makes you whole. Get ready for a further bumpy ride. I am sure like me you have been reading and hearing about a second COVID wave in the Fall. We don’t know conclusively if we will have to go back to self-isolation with only essential services open. Retailers who are further down the path of digital business transformation will be better equipped to handle disruptions in the selling of their products. And that’s the new normal for the foreseeable future.
If you have any questions, please let us know. Love to hear from you and how this is working.
Remember Steve and I are here to help you get through COVID-19 and how it has impacted your business? In light of the recent events we have put together a detailed COVID-19 Retail Emergency Strategy Survival Plan. Our survival plan is focused on what you must know and do if you want your Retail Business to survive through these uncertain times. For more information please write or call us to set up an appointment. At this time more than ever you want our winning approach to one-on-one business analysis and strategic emergency planning designed just for you and your business.
Barb & Steve
