Category: Leadership

Time for Retailers to Share More

8/30/2021

We hear it over and over. "Good business citizenship" matters to shoppers. Might Labor Day weekend be a good time to start getting the word out about your citizenship contributions?

Customers vote with their feet, their wallets, and their hearts, and increasingly choose those retailers who "do the right thing", whether it's how they source product, hire and pay employees, reduce environmental impacts, etc.

There are things that independent retailers do day in and day out, without perhaps even realizing how special they are!

Most retailers we know are "aw shucks" type people. It's charming, but, especially in today's world, your leadership can be a competitive edge! So, why keep it a secret?

Consumer Confidence Dropped. So...?

8/16/2021

As we follow economic indicators that particularly affect retailers, our primary focus always is consumer confidence. And the reports coming out this week give us pause.

"The Consumer Sentiment Index fell by 13.5% from July, to a level that was just below the April 2020 low of 71.8," notes Richard Curtin, chief economist for the University of Michigan's Surveys of Consumers.*
"The extraordinary surge in negative economic assessments reflects an emotional response, mainly from dashed hopes that the pandemic would soon end."

The highly transmissible Delta variant and the vaccine hesitancy of many have changed the momentum. Covid fatigue is back. This affects consumers.

And with it, more challenges for retailers.

BNPL: Who Else Pays Later? You?

8/9/2021

You likely are aware of buy-now, pay-later (BNPL) programs, from Afterpay, Affirm, and Klarna, among others. It gained a foothold in online retail – "the hottest trend in e-commerce"– and has been especially popular in the UK and Australia. Now it's availability to many more retailers may be acceleratedwith the proposed acquisition by Square of Afterpay. It is a trend we all need to watch carefully.

Here's the deal. Once again, the retailer is the pickle in the middle. The benefits of increasing sales (and average transaction value) which are very attractive, must be weighed against the potential increases in hassle factors, particularly for your most valuable asset: your front line staff.

How Refreshing: Back to the Basics!

8/2/2021

Ahh yes. Retail IS detail!
Time to move on from Covid, and get our minds back on retail. Focus on the merchandise. And the customers. And the results. In other words, it's time to put the fun back into retailing!

So, here are a few of The ROI's "attention to detail" reminders that you may want to have at the ready for your next staff meeting. A refreshing change of pace for everybody!

Once again, "Retailing ain't for sissies!"

7/12/2021

"Buy low. Sell high. Collect early. Pay late."
That's the essence of retailing, right? But now, in the early summer of 2021,retailing more than ever demands a strong dose of good judgment.

It's shouted everywhere: "Look out! The inflation tsunami is coming!"

Yikes! It's buying season for many retailers, and the pressures to buy more, now, at these-low-prices-that-won't-last are mounting. And this is only the beginning.

Compete with Amazon? You don't!

6/7/2021

As Amazon Prime Day approaches – it is June 21 and 22 this year, the earliest ever for this 48-hour promotional event – retailers from all segments are wondering (or being asked): "So, how do you compete with Amazon?"

Our response? You don't, at least not directly.

Yet, independent retailers do have many strategic advantages over Amazon. But you must recognize them, and enhance them at every opportunity. Here are some ideas that you may want to consider.

Where Are 2021's Good Employees?

6/1/2021

Another real challenge of 2021 is rearing its head: Whatever you used to do in terms of managing your staff likely will not work this year.

Not only are the owners exhausted from dealing with 2020, but so too are your employees.
What took the greatest toll? All the uncertainty for everybody.
Plus, many folks are revisiting their priorities: what is it really worth to them to work in retail? Especially given other choices they have become aware of.

In the aftermath of the pandemics, lockdowns, stimulus payments, low unemployment, and minimum wage increases, finding and keeping good employees is even more daunting for independent retailers.

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