This blog introduces the sixth step, of the “10-steps to retail success“, Channel and Location. 10-steps to retail success is a process / methodology I’ve developed for my 1-2-1 mentoring clients. Over the coming weeks / months I’ll be introducing each step with a little more detail.
The importance of being a multi-channel retailer
Research shows that customers who have the opportunity to interact with a retailer through multiple channels (as opposed to just a single channel) are likely to spend 130% of what a single channel customer will spend.
Even “pure-play” retailers (online only such as Amazon, eBay etc) are looking at the physicality of the shopping experience and eBay is opening a pop up store in London this Christmas.
So, I would suggest any retailer, regardless of size, needs to understand that consumers welcome the convienience of different ways to interact and transact with a retail business.
It’s up to you to determine which are the most appropriate channels to offer your customer and start to think about what you need to do to be a multi-channel retailer.
Defining your channel strategy: Be Where your Customers Are!
This is my advice when it comes to channel and location – be where your customers are. It’s really obvious BUT amazing how may retailers don’t stop and think this through. Knowing your ideal customer so well (based on step 3) ask yourself:
- Where do they shop?
- How do they shop?
If your ideal customer is over 65 it’s unlikely they’ll do much shopping online, perhaps preferring the more traditional mail order catalogue. Your customer may prefer the social aspect of party plan shopping. By considering how they shop and where they shop you can determine which channels are most relevant to your customer and therefore your business.
Determining Ideal Store Locations
When it comes to store locations you can use the questions above again. You can determine which towns, what kind of format of store and you can create your ideal “shopping” list for your future outlets. If you then make sure all the commercial property agents know what you want, and you keep in regular contact, you’ll be top of the list when a suitable property comes us.
Introducing Step 7 of the 10-steps to retail success – Customer Engagement
In the next blog about the 10 steps to retail success I’ll be introducing step 7, customer engagement. If you can’t wait then don’t forget that I’m also offering the “Be a retail champion by next year” programme, which includes 52 FREE weekly retail tips by email.
To sign up for that visit www.retailchampion.co.uk/retail-tips