The challenges that faced Canadian retail in 2018 have continued into 2019. We’ve all seen brands we know and love close their doors, yet at the same time new brands continue to open and expand. What separates them, and what does it take to remain relevant?
You already have the tools at hand that can help you stand out and succeed in such a challenging retail market. What are they, and how can you use them? These ideas will clarify your opportunities and help you secure regular wins for your business.
1. Look for different ways to use data
Data is driving many of the choice’s being made in a fast-changing retail environment. Looking at new ways to mine this data can give you insight into your customers and the effectiveness of your business operations. You need to be aware of local knowledge and best practices as well as company-wide trends.
Customer service is one area that data is very important. Regardless of the size of your business, you are now expected to be aware of the customer’s history in each channel used. Email, Facebook, phone calls; what have they been saying? How do they reach you for help?
Don’t forget to document and follow-up on new insights as this helps you gain a clear picture of your customer and your business over time.
2. Innovate
Today’s customers expect innovation and for retailers to be up to date on their changing preferences, otherwise they’ll simply switch brands, something technology is making it easier and easier to do.
Constant connectivity and mobile-centered lives mean customers are increasingly educated and enticed by other options. Your competition isn’t always local, neither are your potential customers.
Retail businesses are changing what it means to have a “store” and other ways to view the physical space of retailing. This is just one area of innovation. There are also disruptions that are happening with such technologies as artificial intelligence, sound branding and robotics.
3. Know the resources you have available
You are not the only one who wants your business to succeed. Healthy businesses help build healthy communities and societies. There are many people invested in your success in the retail environment. From jobs to taxes and business owners to governments, there are plenty of resources available to help you thrive.
Groups like the Canadian Retail Council and the Chamber of Commerce provide materials, studies and expertise to keep you up to date on changing customer preferences, governmental policy initiatives and new innovations in your market. These organizations represent businesses of all sizes both online and in communities.
Get to know your business better through Inclera’s analytics services.