Not many business owners can say they have come through this recession unscathed. Many have lost their companies, retail stores or various departments and divisions of their businesses. It's always difficult to force yourself to look at all sides of this tarnished coin; regardless of the outcome, there are always lessons to be learned.
In the past few years many variables have played into how the recession has touched retail. Frugal customers are becoming more savvy with their spending and looking at their buying options; such as internet, discount websites, companies like Groupon inundating the market with too-good-to-be-true deals and of course the second hand section online like kijiji etc.
How do retailers keep up with a budget conscious consumer but still maintain margins and sales?
Simply put, diversify your talents.
Focus on the customer service aspect of your business, the core beliefs and knowledge that only an instore sales associate can communicate to your paying customer. There are many ways of diversifying your service, it isn't only about price and selection.
Not sure where to start? Ask your customers for feedback! You will be surprised at the great ideas that will come directly from them! If you want to execute a survey to your clientele, email me and I will help you construct a valuable survey tool to get the answers you need!
Leah Chevallier, serial entrepreneur in the Juvenile Industry sharing insight, success and 18 years of award winning retail experience! Took $2000 Micro-credit loan and turned it into $30 million!