Top Ten Changes for 2012 and Retail Business // Chamber Notes

Posted on Thursday, March 29, 2012 in FROM THE PRESIDENT

Main Street Managers are about as ?on the street? people as exist and as such have some great insights into what is currently happening and what to expect.? The following comes from? Nadeen Steffey (Main Street Manager, Our Town Cooperative ? Borough of Canonsburg Main Street Program), who shared this via Linkedin:

2012, A Year of Change ? Top Ten Changes

1.? Weekday Convenience and Weekend Experience

These will be the major drivers in 2012 in retailing. The consumer will expect you to provide convenience during the week which may mean you will need to offer different services and possibly longer hours. During the weekend customers want your store to WOW them and therefore more theatrical events will need to be organized on weekends to catch the consumer?s attention.

2.? Avoid the Big Ticket Items

Consumers will be more frugal this year. This reduction in spending will not affect all retailers, in fact sharp retailers in the food and garden sector could see an increase in sales as families stay at home, cooking and gardening become more of a pastime. But, it will be the small ticket items that will prosper. The big ticket items are the ones that you will find difficult to sell. Furniture, carpet retailers, etc. will especially find it more difficult to survive while food and garden retailers whether the storm.

3.? Social media de-cluttering as a marketing tool

Many social media guru?s are predicting that business people will start analyzing which social media channels are really working for their businesses. Discard some and focus on others. Social media will be a major marketing tool. Those retailers who do not join in the social media marketing surge will quickly get left behind, but it will be a less cluttered social media world.

4.? Video and Pictures will grow as Marketing tools

A picture is worth a 1,000 words so the saying goes. Businesses will be putting more videos and more pictures online to sell their story to their customers. This may be an important area to learn new skills.

5.? Fewer staff, but better staff

Many retailers have forgotten how important their people are and have forgotten to train them in how to be the best hosts in town. In this area of common sense many businesses are failing badly. Customer interaction will be a real key to success.

6.? Networking with other retailers

Independent businesses cannot survive on their own. The future means networking either in a group within the industry sector or with retailers within your community, or better yet, in both areas. To be a truly independent retailer and not engage with other retailers could be a major mistake.

7.? Your Local Community will be the key

Customers will engage with retailers that they feel support their community. This is why farmers markets have been so successful in recent years. The consumers want to know your values and want you to be consistent in getting that message across.

8.? Price flexibility

All the research shows that price is a driver and nothing will change in 2012. Many retailers have been too inflexible in their pricing and we will see a lot more price flexibility in 2012. This does not mean discounting. There may be special offers, but at the same time other products may be increased in price.

9.? Seasonality will reappear

Retailers will need to celebrate all the seasons. Re-embrace the seasons and use this as a marketing opportunity.

10. Fewer but better

There will be fewer retailers doing what you do. But, the retailers who are left will be stronger as a result of the clean out that is taking place.

Source: http://www.deperechamber.org/blog/2012/03/29/top-ten-changes-for-2012-and-retail-business/

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