The retail industry is one of the most fast-paced markets in the world – it’s always changing and always evolving, and sometimes that’s a good thing, sometimes a bad thing, and sometimes it’s not going to actually affect your individual business at all. It can all be really confusing, but the key is to stay on top of trends as much as possible – if you’re any kind of retailer, you’ve got to stay on your toes to stay ahead.
The fact is that customers have what feels like an endless stream of choices when it comes to buying anything at all, and it’s all at their fingertips whenever they want, and that can mean an issue when it comes to getting them to buy from you rather than your competitors. So how can retailers stay competitive in such a crowded market? The answer is that it’s all about adapting, coming up with new ideas, and using the tools you’ve got (and can get) to keep your customers happy and loyal. With that in mind, keep reading to find out how to stay competitive no matter what your competition might be doing.
Use Technology
Once upon a time – certainly in living memory – technology wasn’t something you had to really have or make much use of in retail. Yes, having a website was a good idea, but that’s often as far as it went, and customers were fine with that because they didn’t know any better. Today, however, things have changed, and customers want a lot more – they expect more because they know what’s available and they’ve potentially even used it elsewhere, and if you don’t offer that or something similar, you’re missing out on sales because those customers will go to someone who does offer what they want.
From online shopping platforms to advanced analytics to help you understand your customers so much more, if you use technology you can make the entire shopping experience better for your customers, and on top of that you’ll be able to make better decisions for the future because you’ll have all the information you need, so it definitely makes sense to use as much technology as you can to boost your business in the right direction.
One way you can stay competitive is to work on your online presence. As we’ve said, having a website which includes an e-commerce store is non-negotiable, but what else? The fact is that customers want things to be as easy as possible, so you need to work out what it will take to make that happen, such as making sure your website is mobile-friendly, that it loads quickly, and that it’s easy to navigate, not to mention offering tracking and chat options, for example. That’s all going to improve the customer experience, and that means those customers are more likely to come back.
Have A Consistent Omnichannel Experience
Customers expect a lot from retailers today because they know what’s out there – if you don’t offer something impressive, they won’t feel as though the shopping experience with you was particularly worthwhile, and they’ll go somewhere else next time. There are plenty of things you can do to stop that happening, but one is to create an omnichannel experience that’s easy, personalized, and, crucially, consistent. In other words, whether your customers are visiting your website, your social media pages, or going to your store if you have one, everything needs to be the same and be connected, otherwise they’re going to get confused and you won’t be offering a very professional image either.
One example of something you can do is to combine your online and offline stores with services like buying online and collection in-store – that can be great because it gives customers lots of flexibility (they’ll know they’ve secured the item they wanted – which is perfect if it’s something that quickly goes out of stock – and they can collect it at a time that suits them, making the experience much less stressful) and as a bonus, it also brings foot traffic to your store, and they might actually end up buying more while they’re there. Even if they don’t, the entire experience will make them happy to buy from you again and tell others about the great experience they had, either through reviews or word-of-mouth, and that’s fantastic marketing for you (and it’s free, which is even better).
So, if you want to stay competitive, you need to ensure your branding, messaging, and services are all consistent across any channel you might have – if that customer buys something from your website and then goes to the store to collect it, they need to be sure they’re in the right place and that they’ve made a good choice buying from you, and consistent branding is the best way to do that. That’s going to build trust and loyalty because your customers will know what they can expect from you time and time again.
Use Supply Chain Solutions
What can you do to really stand out? One answer to that massive question is to give customers what they want when they want it – and that’s going to be down to having the right supply chain in place. Your supply chain has to be one hundred percent reliable, and it needs to be flexible too (things change quickly in retail, after all). Having a rigid, outdated supply chain might be the cheap way to go about things, but it’s also the way that’s going to lead to delayed deliveries, out-of-stock products, and, ultimately, frustrated customers, which is the last thing you want – true, it’ll make you stand out, but for all the wrong reasons.
On the flip side, if you’ve got a fantastic and responsive supply chain that can keep things moving smoothly and help you get your customers what they want without any hiccups, everything will be a lot more positive, and that’s precisely what a tailored supply chain solution can do for you.
Supply chains should be just one-size-fits-all because no business is the same as the next. That doesn’t just mean what that business sells, but how it sells those things, who its customers are, where it’s based, and so on. All that has to be thought about when it comes to your supply chain, and if you’ve got a customized supply chain, you’ll end up with the best results (and so will your customers). You’ll be able to save time and money, and you’ll improve things like stock management and delivery times, which all leads to a more efficient, more customer-friendly (and focused) business.
For example, you can use real-time data to monitor inventory levels which means you can respond quickly when you need to order more or when customer demand changes either up or down – in fact, you can even implement automated systems so when stock reaches a certain level more is ordered instantly, so you’ll never run the risk of not having enough (and if you set things up in the right way, your system will know what demand is like, and only order the right amount, so you won’t be left with too much). Plus, if you’ve got a number of different suppliers you know you can rely on, it’s going to reduce the risk of any problems, ensuring you’re able to stay competitive because customers know they can always rely on you.
Investing in tailored solutions when it comes to your supply chain makes your business a lot more efficient and it improves customer satisfaction, so what more could you ask for?
Invest In Employee Training
Your employees are often the face of your business and brand, especially if you’ve got a physical store, and well-trained, knowledgable employees can definitely enhance the customer experience massively – your customers will find it easier to find what they want, and they’ll be happy to return, so you can’t go wrong here. Investing in employee training ensures that your team isn’t just skilled but also understands and sticks to your brand values and customer service standards, that’s all-important when you’re trying to stay competitive.
Think of how you feel when you’re the customer, not the retailer. What is it you expect from a sales team or business? How do you want to be treated? Whatever you said, you’re not the only one, and the fact is that customers want a good experience because they want to feel appreciated and taken care of, and if they don’t get that with you, they know they can get it with someone else, so that’s where they’ll go, taking their money with them. Customers need to know they can get expert (correct) advice, personalized recommendations, efficient service, and a friendly face when they come to your store (and when they buy from your website, come to that), so that’s what your training needs to provide your team with the skills to do. In that way, even if you charge a little more or you’re a little slower when it comes to deliveries sometimes, or you make a mistake (and no matter what you do, mistakes can still happen), your customers will forgive you because your team makes the experience such a good one.
