retail 101 : the guide to managing and marketing your retail business
TRANSCRIPT
Copyrightcopy2014byMcGraw-HillEducationAllrightsreservedExceptaspermittedundertheUnitedStatesCopyrightActof1976nopartofthispublicationmaybereproducedordistributedinanyformorbyanymeansorstoredinadatabaseorretrievalsystemwithoutthepriorwrittenpermissionofthepublisherISBN978-0-07-184015-6MHID0-07-184015-XThematerialinthiseBookalsoappearsintheprintversionofthistitleISBN
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Version20AlltrademarksaretrademarksoftheirrespectiveownersRatherthanputa
trademarksymbolaftereveryoccurrenceofatrademarkednameweusenamesinaneditorialfashiononlyandtothebenefitofthetrademarkownerwithnointentionofinfringementofthetrademarkWheresuchdesignationsappearinthisbooktheyhavebeenprintedwithinitialcapsMcGraw-HillEducationeBooksareavailableatspecialquantitydiscountsto
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reserveallrightsinandtotheworkUseofthisworkissubjecttothesetermsExceptaspermittedundertheCopyrightActof1976andtherighttostoreandretrieveonecopyoftheworkyoumaynotdecompiledisassemblereverseengineerreproducemodifycreatederivativeworksbasedupontransmitdistributedisseminatesellpublishorsublicensetheworkoranypartofitwithoutMcGraw-HillEducationrsquospriorconsentYoumayusetheworkforyourownnoncommercialandpersonaluseanyotheruseoftheworkisstrictlyprohibitedYourrighttousetheworkmaybeterminatedifyoufailtocomplywiththesetermsTHEWORKISPROVIDEDldquoASISrdquoMcGRAW-HILLEDUCATIONAND
ITSLICENSORSMAKENOGUARANTEESORWARRANTIESASTOTHEACCURACYADEQUACYORCOMPLETENESSOFORRESULTSTOBEOBTAINEDFROMUSINGTHEWORKINCLUDINGANYINFORMATIONTHATCANBEACCESSEDTHROUGHTHEWORKVIA
INFORMATIONTHATCANBEACCESSEDTHROUGHTHEWORKVIAHYPERLINKOROTHERWISEANDEXPRESSLYDISCLAIMANYWARRANTYEXPRESSORIMPLIEDINCLUDINGBUTNOTLIMITEDTOIMPLIEDWARRANTIESOFMERCHANTABILITYORFITNESSFORAPARTICULARPURPOSEMcGraw-HillEducationanditslicensorsdonotwarrantorguaranteethatthefunctionscontainedintheworkwillmeetyourrequirementsorthatitsoperationwillbeuninterruptedorerrorfreeNeitherMcGraw-HillEducationnoritslicensorsshallbeliabletoyouoranyoneelseforanyinaccuracyerrororomissionregardlessofcauseintheworkorforanydamagesresultingtherefromMcGraw-HillEducationhasnoresponsibilityforthecontentofanyinformationaccessedthroughtheworkUndernocircumstancesshallMcGraw-HillEducationandoritslicensorsbeliableforanyindirectincidentalspecialpunitiveconsequentialorsimilardamagesthatresultfromtheuseoforinabilitytousetheworkevenifanyofthemhasbeenadvisedofthepossibilityofsuchdamagesThislimitationofliabilityshallapplytoanyclaimorcausewhatsoeverwhethersuchclaimorcausearisesincontracttortorotherwise
TomyhusbandEricYouarethebestpartnerineverywayWecandoanythingwhenwedoittogetherandIrsquommostgratefulforwhatwersquovealreadycreatedmdash
ClaireandJackson
TomyparentsMomyouaremybestfriendandIadmireyouverymuchAndDadknowingyouarewatchingoverusfromaboveisbothcomfortingand
bittersweet
Iloveyouallsomuch
mdashNicoleLeinbachReyhle
TomyfuturewifeDominiqueYoursixyearsofsupporthavegivendefinitiontothejourneyIcanrsquotwaittodedicatethenextonetoMyWifeIlovethank
youandfeelaliveeverydaywithyoubymyside
mdashJasonAPrescott
Contents
Acknowledgments
Introduction
PartIBeingIndieinaBig-BoxWorld
1 StandingOutamongtheCrowdActionGuide
2 SteppingOutsideYourComfortZoneHabitsofSuccessfulRetailersActionGuide
3 LeaningonOutsideOrganizationsGettingInvolvedwithOutsideOrganizationsBenefitsThatOrganizationsMayOfferActionGuide
4 IdentifyingYourUniqueStoreStoryCreatinganInventoryAssortmentThatStandsOutUniqueTraitsofYourStoreGeneralInterviewQuestionsforPotentialEmployeesActionGuide
PartIIPracticalStepstoIncreaseYourStoreVisibilityandSales
5 SourcingProductsThroughTradeShowsandtheInternetBenefitsofSourcingasaRetailerWorkingwithWholesalersUnderstandingtheValueofTradeShowsManagingOrdersPlacedatShowsUsingOnlineSourcingPlatformsActionGuide
6 BuyingforCustomersVersusYourselfUnderstandingtheBasicsofRetailMathIntroducingCustomerFeedbackforInventoryManagementUsingPoint-of-SaleSoftwaretoHelpManageInventoryActionGuide
7 SellingYourProductsIntroducingandManagingStoreEventsHighlightingInventoryThroughDisplaysUsingModernTechnologyinYourStoreIdentifyingWhetherMobileCommerceMattersActionGuide
8 ApplyingPressandMarketingtoYourBusinessUsingE-mailtoCommunicateStoreMessagesUsingtheInternetasaMarketingPlatformResourcesEveryIndependentRetailerShouldKnowAboutActionGuide
PartIIIMakingaMarkintheEconomy
9 MakingYourPresenceOnlineEmbracingEcommerceSocialMediainTodayrsquosRetailMarketplaceActionGuide
10 TakingPartinShop-LocalInitiativesUnderstandingBuy-LocalCampaignsFindingSuccessThroughSmall-BusinessSaturdayIntroducingCommerceandCharityActionGuide
11 ACrystalBallforIndependentRetailersTheFutureofIndependentRetailTheFutureBeyondTechnologyWhenRetailIsnrsquotinYourFuturePartingWordsfromJasonPrescottPartingWordsfromNicoleLeinbachReyhleConclusion
AppendixAResourcesforIndependentRetailers
AppendixBCommonRetailTermsandDefinitions
Notes
Index
Acknowledgments
NicoleLeinbachReyhleFIRSTANDforemostthankyoutoJasonPrescottforbeingsuchagreatbelieverandsupporterofRetailMindedandmyselfsincedayoneYouwereamongthefirstindustryleaderstoreachoutandworkwithmeasaretailresourceandIrsquomgratefulforourcontinuedsupportofeachotherovertheyearsFurthermoreIcanrsquotthankyouenoughfortheopportunitytocoauthorthisbooktogetherYourwisdomenergyandexperienceareinvaluableNextIwanttoextendahugegeneralthankyoutoallthebusinesses
organizationsandpeoplewhocontributedcontentandresearchmaterialtothisbookJasonandIbothareverygratefulfortheinsighttimeenergyandexperiencethatyouallprovidedWithoutyoursupportthisbooksimplywouldnotbepossibleThankyouagainandwewisheachofyoucontinuedsuccessinthefutureNextIwanttothankthepeoplewhowereinvolvedintheliteralcreationof
thisbookTostartBillGladstonethankyouIappreciateyourtakingachanceonafirst-timeauthorandlookforwardtoworkingwithyoumuchmoreinthefutureAlsoTaraGladstonethankyouforyourwisdomandsupportincreatingthebookproposalWhileIhadhopedtoworkwithyoumoreourlimitedworktogethertaughtmesomuchandIlookforwardtothechancetoworkwithyouagainLastbutcertainlynotleastthankyouThomasMilleroureditoratMcGraw-HillYourguidanceandenthusiasmthroughoutthisprojecthavebeenfantasticandJasonandIbotharegratefulforyouroverallsupportDannalieDiazfromMcGraw-HillIalsoappreciateyourtakingthetimetogivemesomeextrafirst-timeauthorcoachingaswellFinallyIwanttoextendspecialthankstosomekeycontributorsand
supportersofthisbookWhiletherearetoomanytohighlightthefollowingpeoplewentaboveandbeyondtoreallyhelpmakethisbookthebestitcouldbeSuzyTeeleCOOofSnapRetailthankyouYourconstantsupportistruly
appreciatedCourtneySymonsmarketingmanagerwithShopifythankyoufordiggingandsearchingforalltheexactdetailsweneededtomakethisbookcometolifeCamilleCandellagroupmarketingdirectorforEmeraldExpositions
thankyouforsharingyourwisdomandhelpingretailerstobettersucceedJeffMilchencodirectoroftheAmericanIndependentBusinessAlliancethankforyourinvaluableinsightandexpertiseDonDaviseditorinchiefatInternetRetailerMagazineIappreciateyourtakingthetimetoshareyouruniqueperspectivesandamgratefultoofferthemtoourreadersJoeAbrahamauthorofEntrepreneurialDNAandCEOofBosiDNAIhavebeenfortunatetoworkwithyoufirsthandinmyownbusinessgrowthandamthrilledthatyousharedyourwisdomwiththereadersofthisbookaswellAnadditionalthankyougoestoallmyRetailMindedpartnerswhohelpedto
providetheirexpertiseandinsighttoourreadersincludingJeffBuehlerofMainStreetNewJerseyAndyEllenandChristieBurrisofNorthCarolinaRetailMerchantsAssociationEllenDivitaoftheCityofGenevaIllinoisLynneSchwartzofDowntownStCharlesPartnershipandJamaRiceoftheMuseumStoreAssociationIrsquodlikealsotothankthreefolksIrsquomluckytocallmyfriendswhoalsowork
withindependentretailersasconsultantsexpertsandleadersGeorganneBenderandRichKizerIrsquoveadmiredyourworksincewefirstmetattheDanceRetailerExpoinLasVegasmanysummersagoIwasluckytolearnthatourofficeswereonlyatownapartandsincethenIrsquomgratefulforourmanylunchesbrainstormingsessionschitchatsandconstantsupportthatyouhaveprovidedLookingforwardtoourcontinuedsupportandworkwitheachotherInadditionabigthankyoutoCathyWagnerYoursquoreretailinsightandfriendshipisverymuchappreciatedFinallythankyoutomyfamilyandfriendsBeingsurroundedbygoodcompanyatworkathomeandatplayisagreatwaytolivelifeandIrsquomfortunatetodojustthatThankyou
JasonAPrescott
IhavealwaysbeenabelieverthatoneoftheleadingcausesofsuccessispassionNicoleReyhleyouareoneofthemostpassionateprofessionalswithwhomIrsquoveeverhadthehonorofworkingThankyouforthecountlesshoursofresearchinterviewsanddetailyoubroughttothisbookYouhaveaveryspecialgiftthatisgoingtoberesponsibleforthesuccessofsomanyentrepreneursandsmall-businessownersYourhonestyintegrityandprofessionalismwillmakeyouHIPformanyyearstocomeItwasmyhonortohelpopenthedoorandIawaitwithexcitementournextprojecttogetherBillGladstonethankyouforcontinuingtoopenyourdoorIneverwould
havethoughtthatwewouldbepublishingnotjustonebuttwomajorbusiness
havethoughtthatwewouldbepublishingnotjustonebuttwomajorbusinesstitlesinunderoneyearYouareamanofmiraclesandIsalutethebeliefyoucontinuetohaveinallweaccomplishtogetherToAlainStamboulipresidentofViaTradingtherearenotverymanypeople
capableofemulatingthesuccessyourcompanyhashadovertheyearsYoucontinuetosetthebarinaverydynamicindustryandIhavenodoubtthatthetrendwillcontinueYourbusinesscreatesopportunitiesforthousandsofretailersandpowersaneconomicbackboneforcountlesslivesAstheViaTradingstorycontinuesIrsquollalwaysconsidermyselffortunatetohaveinspiringfriendslikeyouinmylifeAndfinallyIrsquodliketoacknowledgeallmyfriendscolleaguescustomers
andpartnerswhocontinuetobethepropellersandmotivatorsofeveryaccomplishmentIrsquovebeenpartofsince2005MypassioncomesfromyouandthepathwecontinuedowntogetherhasbeenanunforgettableandhumblingexperienceServingyouisaprivilegeandIameternallythankfulforsuchanopportunity
Introduction
IrsquoDLIKEtobelievethatmycareerinretailneverreallybeganbutratheralwaysexistedAsalittlegirlIrememberweavinginandoutofstoreswithmymotherandtwosistersalwaysonthehuntforsomethingforoneofusMymommdashacompetitiveshopperwhoknewofeverysalenewstoreopeningandspecialpromotionthatwouldbetakingplacemdashconsideredshoppingmoreofapastimethanaresponsibilityIontheotherhandenjoyedourshoppingexperiencesformuchdifferentreasonsInsteadofbeingexcitedoveranewtoporsomeshoesIwouldgravitatetothecheckoutareaandtrytochatwithoneofthesalesassociatesaboutworkinginretailNaturallycomingfromapreteenthisconversationdidnrsquotgoveryfarHoweverbythetimeIwasabletogetmyfirstpart-timejobIknewthatIwantedittobeintheretailworldOverthefollowingyearsfromages15to22IworkedatThingsRememberedTheLimitedRalphLaurenNordstromMaxStudioandultimatelyalittleboutiqueindowntownChicagocalledChasallaItwasduringthatexperiencethatIknewIwantedtosomehowsomedaysupportindependentretailersFirsthoweverIknewthatIneededamoreexpansiveunderstandingofthedynamicworldofretailThefollowingyearstookmeonawhirlwindtourofbothretailandwholesale
MyfirstjobuponcollegegraduationwasatSearsrsquoscorporateofficesinHoffmanEstatesIllinoiswhereIworkedasamerchandiseanalystwithinthewomenrsquosapparelbuyingofficesThecommutefromChicagotoHoffmanEstateswouldoftentakeabrutaltwohourssosoonafterIswitchedgearswhenofferedajobwithFrancoSartofootwearMyroleforFrancoSartoincludedvisitingcountlessretailerswithintheMidwesternregionrangingfromindependentretailerstobig-boxstoressuchasDillardsMacyrsquosLordampTaylorandmyretailalmamaterNordstromAdditionallyIworkedcloselywiththemarketingteamtoprepareforFrancoSartopersonalappearancesandotherin-storespecialeventswhilealsoattendingnolessthansixtradeshowsayearAtonly24yearsofageIwascertainthatIhadmydreamjobforthattimeinmylifeItturnsoutthoughthatdreamscangrowandby25IwasofferedthechancetorelocatetoFrancoSartorsquosheadquartersinBostontobecomethecompanyrsquosnationalmarketingdirectorIwasbeyondthrilledMyexcitementtotakeonmoreresponsibilitywasoffthechartsbutapartof
Myexcitementtotakeonmoreresponsibilitywasoffthechartsbutapartofmewasunsureaboutthiscross-countrymovebecauseofmyfatherrsquosrecentdiagnosisofbraincancerBeingbothaproudfatherandamarketingprohimselfmydadencouragedmetogoandnotlookbackWithhisapprovalIpackedmybagsandwasonmywayWorkingwithawholesalersuchasFrancoSartogavemesuchincredible
opportunitiestolearnmorenotonlyaboutthevendorsideofthebusinessbutalsoabouttheretailsideofthebusinessAtthetimeFrancoSartowasoutperformingmostofitscompetitionincludingNineWestatretailerssmallandlargeandasaresultmyresponsibilitieswerealwaysevolvingAmongthemincludedtryingtoseeknationalpressforFrancoSartorsquosgrowingbrandWorkingwithconsumerpublicationsthatincludedLuckyandGlamour
magazinesaswellasthetradepublicationsFootwearNewsWomenrsquosWearDailyandmanyothersexposedmetoawholenewsideofretailInstinctivelyIlovedthecombinationofretailandmediaanditwasatthistimethatIstartedtoidentifyhowImightbeabletoapplythisduoinmyownuniquewaytohelpindependentretailersinthefutureFastforwardtoacoupleofyearslaterandIwasreadytoreturntoChicago
AlthoughIlovedmyjobIlovedmyfathermoreHiscancerhadadvancedandIknewthathewouldpasssoonerthanlaterwhichmademydecisiontospendasmuchtimeasIcouldwithhimapriorityAlthoughitwasatoughchoicetoleaveajobthatIadoredIwasfortunatethatBennettFootwearthethen-ownerofFrancoSartoofferedtorelocatemeandgivemeanewpositionthatcouldbebasedintheMidwestSayinggoodbyetomymarketingdayswasextremelytoughbutIembracedmynewchallengeasanaccountexecutiveforFrancoSartorsquossisterfootwearbrandEtienneAignerThefollowingyearintroducedmetolotsofchangemostnotablyspending
mydayssurroundedbynumbersManagingandsellinginventoryarenoeasytasksparticularlywhenyouareworkingwithretailersthatbudgetclosetoamilliondollarsormorejustforyourbrandaloneLookingbackIrefertothispointofmycareerasmyownpersonalretailmathbootcampItwasfastfuriousandunforgettableIlearnedalotmadesomemistakesandultimatelydecidedthatbeinganaccountmanagerwasnrsquotformeImissedmymarketingdayssoIquietlylookedaroundforanewopportunitythatwouldallowmetodomarketingagainFortunatelyAdidaswasrollingoutanin-storeandmajoraccountsmarketingmanagerpositionbasedinChicagoandIwasluckyenoughtogetthejobWorkingwithAdidasIwasexposedtoawholenewworldofretailersthat
includedDickrsquosSportingGoodsGanderMountainandcountlessspecialtyretailersthatservednichemarketsincludingsoccerswimandtennis
retailersthatservednichemarketsincludingsoccerswimandtennisMoreoverthiswasthefirsttimeIworkedforacompanythatwasnotonlyaretailerbutalsoawholesalerAdidashasitsownstoresandalsosellstootherstoresmdashwhichasyoucanimaginehasbothchallengesandbenefitsOnceagainIconsideredmyselffortunatetogainnewexperienceandlearnfromsomeofthemostwell-respectedretailersinthebusinessMeetingDavidBeckhamandotherAdidasathleteswasnrsquotabadjobperkeitherDespiteagreatjobandthechancetomanageateamofover30peopleI
couldfeelaradicalchangebrewingwithinmeIdesperatelywantedtocontrolmytimemoreafteryearsofconstanttravelandIalsohopedtoshareeverythingIhadlearnedwithsmallermoremom-and-pop-stylemerchantsAfteronlyacoupleofyearswithAdidasIwasfinallyreadytobeginmyownuniqueretailjourneywithoutanemployertoofficiallyreporttoLikecountlessotherentrepreneursandpossiblyevenlikeyourselfIdecidedtobecomemyownbossFriendsandfamilythoughtforsureowningalittleboutiqueofmyownwouldbeinmyfuturebutinsteadIwantedtoworkwithboutiquesretailersandsmall-businessownersmdashsharingwiththemwhatIcouldtohelpthemintheiruniquegoalsIn2007RetailMindedwasofficiallybornTaglinedaboutiqueconsultingfirmRetailMindedaimedtosupportretailers
withinmyimmediateChicagocommunityAtthissametimeIbeganwritingablogmdashanewtrendthatwasemergingalongwithsocialmediasitessuchasTwitterFairlyquicklymyblogbecamerecognizedasadestinationforindependentretailerstogainnewseducationandsupportfortheirbusinessesThissoontookoverasmytaglineandIalsobegantoacceptfreelancewritingassignmentsfortradepublicationsthatincludedSmartRetailerDanceRetailerNewsMuseumsampMoreCrainrsquosChicagoBusinessWesternRetailerandevenForbescomWithoutintentionallytryingmyloveformediaandretailhadgrownintoafunctioningbusinessandsoonaftermyone-on-oneconsultingwaspushedasideIrealizedthatthroughmediaIcouldreachmanymoreretailerswithmygoalofsharingindependentspecificnewseducationandsupportanditisthroughmediathatIdidexactlythatTheyearsthatfollowedintroducedmetomanynewmediaclientsaswellas
selectconsultingprojectsItrsquosalsoduringthistimethatIfirstmetmycoauthorJasonPrescottfounderandCEOofJPCommunicationsIncwhichrepresentscompaniesthatincludeTopTenWholesalecomandManufacturercomDespiteafullscheduleIwantedtoreachmoreretailersinawaythatI
believedtheywerenrsquotbeingreachedyetTherewereandstillarehundredsofpublicationscommittedtoretailaudiencesyetnonefocusesonthetotallifestyleofbeinganindependentretailermdashwhethersellingshoeshardwarehomegoods
oranythingelseTomethismeanssupportingthisuniqueaudienceofretailerswithallthedetailsoftheirbusinessesmdashnotjustthosethatfellwithintheirstorewallsInotherwordsIwanteddiscussionsaboutinsurancehealthfamilytimemanagementandmoretoberegularcontributionstoapublicationthatretailerscouldreallyrelatetoandonethatwassolelycommittedtoindependentretailersnotbig-boxmerchantsItrsquoswiththisinmindthatRetailMindedMagazinecametolifeWithoutaformalpublishingbackgroundorextensivemediaexperienceI
launchedRetailMindedMagazineinJanuary2011MyquietlaunchwaswellreceivedbymyalreadyloyalblogfollowersandwiththehelpofmyuniquedistributionmodeltheRetailMindedPartnerProgramRetailMindedMagazinenowreachesover150000readerswitheachquarterlyissueThisuntraditionalavenueofdistributionallowsnicheretailgroupssuchasCrafterrsquosHomeortheMuseumStoreAssociationaswellaslocalandstate-levelretailorganizationssuchastheStateChamberofOklahomatheFloridaRetailFederationMinnesotaMainStreetandotherstodistributeRetailMindedMagazineasamembershipbenefitandeducationalresourcetotheirmembersThesameyearIrolledoutRetailMindedMagazineIalsointroducedthe
independentretailerconferenceforthefirsttimeinJuly2011alongsidemyconferencecofounderKerryBanniganofNolchaFashionWeekNewYorkSincethenthisannualeventhasgrowninbothsizeandrecognitionwelcomingindependentretailersandretailsupporterstogainhands-onknowledgeabouttrendsspecificintheindependentretailsceneInMarch2014theIndependentRetailerConferencewasproudlyintroducedasourfirstpop-upconferenceatthenationrsquoslargestconsumertradeshowtheASDShowheldbiannuallyinLasVegasTheRetailMindedworldhascertainlygrownsinceitrsquosbabydaysbackin
2007yetlikemuchofmyaudiencewearestillsmallandindependentourselvesIknowfirsthandthestruggletogetafulldayrsquosworkinandstillfeellikeIhavenrsquotworkedenoughaswellastheconstantjugglingacttofindtimeforfamilyfriendsandmdashdareIsayitmdashevenmyselfMyteamremainssmallbutourmissionisalwaysgrowingIconsideritbothaprivilegeandaresponsibilitytosupportindependentretailerswhichiswhyIwassohonoredtojoinJasonPrescottinauthoringthisbooktodojustthatItrsquosmyhopethatyouwilltakeawayfromthisbooktipstricksandpractical
solutionstoapplytoyouruniqueretailbusinessWhetheryouareaseasonedmerchantorretailnewbiethecontentthroughoutthisbookisaimedathelpingyoutomanagemarketandgrowyourretailbusinessTogetherJasonandIhaveuncoveredresourcesidentifiedsolutionsandcompiledacollectivespotforyou
uncoveredresourcesidentifiedsolutionsandcompiledacollectivespotforyoutoconfidentlyrefertoasyoucontinueyourretailjourneyAlsowersquoveinterviewedover50industryleadersandretailersallowingyoutogainmultipleperspectivesonthedynamicworldofretailWersquovealsoprovidedyouwithActionGuidesthatfolloweachchaptergivingyounextstepsandhow-toinstructionstohelpyourbusinesssucceedIrsquodliketobelievethatlikemeyoulookatyourjobasaprivilegeand
thereforethatyouareconstantlyseekingnewwaystoimproveyourbusinessWhetherthisistrueornotIhopethatthisbookcandelivernewwaysforyoutofindsuccessandachieveyouruniqueretailgoalsThankyouforgivingustheopportunitytohelpyouaccomplishthismdashwehopeyouenjoytheride
PARTI
BeingIndieinaBig-BoxWorld
1
StandingOutamongOtherRetailers
Inordertobeirreplaceableonemustalwaysbedifferent
mdashCocoChanel(1883ndash1971)founderofChanelfashiondesignerTO
GAINsuccessinretailmerchantsmustcreateanenvironmentandanexperiencethatcustomerswanttovisitagainandagainCalifornia-basedretailerKimberly
Efseaffagreeswiththissharingherthoughtsaboutwhereacustomerrsquosexperiencebegins
TheexperienceofastoreshouldstartbeforeacustomerevenwalksinthedoorWhensomeoneseesyoursignageorpeeksinthewindowthereshouldbeawowfactorItshouldcaptivatethemandmakethemwanttoinvestigateyourbusinessevenifitrsquosnotsomethingtheymaynormallybedrawntoOncetheydowalkintheyshouldfeelliketheyareexperiencingsomethingthatistotallyuniqueandunlikeanyotherstoretheyhaveeverbeentoThecolorsproductsatmospheredesignaestheticsandallotherstoredetailswillhelpmakethishappenorforthatmatternothappenUltimatelyastoreshouldfeelasuniqueasitlooksIfyoudothiscorrectlyyourcustomerwillbecomecaptivatedandengagedinyourbusiness1
EngagingcustomersiskeyandretailerssuchasEfseaffknowthatthisisessentialtocreatingkeepingandgrowingbusinessThequestionishoweverjusthowdoyoudothisIrsquoveinterviewedover50industryleaderswhoincluderetailerswholesalerstradeshowdirectorsmagazineeditorsretailorganizationleadersandmoretohelpanswerthisquestionAllofthemsharetheiruniqueexpertiseandperspectivesonhowyoucanfindstoresuccessinthecompetitiveworldofretailWithaheavyemphasisonindependentbrick-and-mortarretailersthisbookwilllookatthemanylayersinvolvedinmanagingandmarketingaretailstoretodayFromthereitwillhelpintroduceyoutonew
marketingaretailstoretodayFromthereitwillhelpintroduceyoutonewideasreshapeoldhabitsandidentifythetrendsofretaildesignedtokeepmodernmerchantsvisibleandsuccessfulAmongthemaingoalsofthisbookwillalsobetointroduceretailerstoexternalplayersrangingfrombusinessresourcestotradeshowstoretailassociationsandmoreIllinois-basedretailerAngelaGianfrancescowhosestoreStellaBlueDesign
residesjustamilewestofChicagorsquosWrigleyFieldconsiderslearningfromoutsideinfluencersakeystrategyinhelpingherownbusinessgrowldquoImayonlyhaveonestoreandbethesolestoreownerbutIneverfeelaloneinrunningitThroughRetailMindedcommylocalChamberofCommerceagreatstaffandmerchantfriendsIconstantlyfeellikeIamlearningnewthingsandhavepeopletoturntowhenIhavequestionsrdquoAsanindependentretaileritrsquoseasytoforgetthatyouhavesomanyadvocates
onyoursidetohelpyourbusinessthriveOneofthemaingoalsofthisbookistohelpretailersregaintheirtrustandsupportfromoutsideplayerswelcomingavarietyofbusinessesandpeopleintotheirnicheworldstohelpthemfurthersucceedinretailInthechaptersthatfollowwersquollunveilorganizationsassociationsandretail-specificgroupsthathaveyourbestinterestinmindaswellasidentifywhyyourparticipationwiththemmattersWewillalsodiscussthevalueinworkingwithyourlocalcommunitytoincreaseyourstoreandtownrsquosindependentretailawarenessWewillalsoprovidedetailsonhowyoucanbecomemoreinvolvedintheincreasinglypopularbuy-localmovementsMostimportanthoweverwewillidentifypracticalwaysforyoutokeepyourdoorsopeninacompetitiveretailenvironmentsharingexpertyetrealisticinsightonhowyoucandothisAsretailerGianfrancescostressesldquoIhavebeenopensince2010andsincethenIcancountonmyhandhowmanydaysIhavegonetoworkwithoutlearningsomethingnewaboutcustomercareorstoremanagementZeroEverydayeverycustomerandeverysituationteachesmesomethingthatcanimprovemybusinessrdquoItrsquoswiththisinmindthatthechaptersthatfollowwerecreatedEverychapter
everydetailandeveryresourceidentifiedisintendedtohelpyouwithyourbusinessAsanindependentmerchanthoweveritrsquosuptoyoutodecidejusthowyouwillapplythesedetailstoyourownuniquestoreTofurthersupportyoueachchapterconcludeswithanActionGuideintendedtohelpyoutakeimmediatestepsinhelpingyourbusinessCollectivelywehopethattheseActionGuidespushyoutolookatyourstoreorfuturestoreviaanewperspectivewhilealsoencouragingyoutodothingsyoumayneverhavedonebeforeFinallyremembertostayenthusiasticoptimisticandacceptingofchallenges
astheycomeyourwaymdashbecausetheywillmdashasyouembarkonyourretail
astheycomeyourwaymdashbecausetheywillmdashasyouembarkonyourretailjourneyWhetheryoursquoreaveteranmerchantoranewstoreownerretailasweknowitischangingatapacefasterthaneverbeforeAsaresultyoushouldbereadyforbothupsanddownsalongthewayThisbookwillhelpyoutounderstandthelatesttrendsexpectedgrowthandanticipatedopportunitiesspecifictoindependentretailersandwehopethatyouenjoytheexperienceofthechaptersahead
ActionGuide
EmbracingchangeisnrsquotalwaysaneasytaskparticularlyforentrepreneurswhochoosetofollowtheirownindividualpathsChangehoweverisacriticalcomponentofkeepingupwithcustomersinventoryandsalesTohelpyoutoidentifyyourcomfortforchangeanswerthefollowing
questionswitheitheryesorno
1Haveyouintroducedanewvendorintoyourstoreassortmentinthelastthreemonths2Haveyoueliminatedavendorfromyourstoreassortmentwithinthelastsixmonths3Doyouactivelyseekoutsideexternalresourcestohelpyoulearnmoreaboutmanagingyourbusinesspossiblyincludingaconsultationeducationcourseorotherlearningscenario4Haveyouidentifiedyourtargetcustomer5Doyoubelievethatyourtargetcustomerisyouractualcustomer6DoyouwanttogainanewgenerationofcustomersinyourstoresuchasGenerationY7Doyouactivelysolicitpublicityforyourstoreeitherfromanoutsidepublicrelationssupportorfromyourowninternalefforts8DoyouhaveasolidonlinepresenceallowingyoutogainrecognitioninonlinesearchesonwebsitessuchasGoogleorYahoo9Areyouamemberofnolessthanoneretail-specificgroup
10Doyouhaveemployeeswhoareeitherpartorfulltimebutnotseasonal
Foreveryyesyouansweredgiveyourself10pointsBasedonatraditionalgradingscaleof0to100totalyourpointstoidentifyyourgradeasacurrentretailerAreyouat50pointsIfsothatgivesyouanFinyourretailperformanceplayingyouat50percentinscoreAreyouat70percentThatrsquosaCwhichrepresentsanaverageperformanceyetitisjustonepointawayfrombelowaverageIfyouscoredat80percentorabovewelldoneYouaredoingagreatjobatretailhoweverlikeallthingsinlifetherersquosalwaysroomtoimproveWhetheryoufailedorthrivedinthisbasicretailevaluationwelookforwardtohelpingyouachievestrongerretailsuccessbyofferingyouexpertinsightadditionalactionguidesandmuchmoreinthechaptersahead
2
SteppingOutsideYourComfortZone
IamalwaysdoingthatwhichIcannotdoinorderthatImaylearnhowtodoit
mdashPabloPicasso(1881ndash1973)painterandartistACCORDINGTOJoeAbrahamauthorofEntrepreneurialDNAtherearefourkindsofentrepreneursBuilderopportunistspecialistandinnovatorrepresentthevariouspersonalitiesofownersofsmallmedium-sizedandlargebusinesseswhenitcomestobeing
theirownbossAlthoughindependentretailerswillembodyoneormoreofthesefourentrepreneurialDNApersonalitiesallentrepreneurialpersonalitiesare
likelytocreatethehabitofworkingwithintheirowncomfortzoneHavingfoundedourownbusinesseswecanrelatefirsthandtothechallenges
ofbeinganentrepreneurWecanalsospeaktothehabitsthatshapeourdailyactionsmanyofwhichkeepusacutelyfocusedandworkingcomfortablywithinfamiliarterritorybothliterallyandfigurativelyMoreimportanthoweverwersquovealsoexperiencedfirsthandthebenefitsofsteppingoutsideourcomfortzoneAsaresultwepushourselvestodothismoreoftenthannotOurexperiencesasidewhatreallymattershereisconsumersrsquoreactionstoyourhabitsWhetheryouconsideryourselfanold-fashionedretaileramodernmerchant
oranup-and-comingstoreowneracriticalcomponenttoyourretailsuccessisidentifyingyourstrengthsweaknessesandpotentialtodobetterWithoverhalfofsmall-businessownersclosingtheirdoorswithintwoyearsofopeningthemitrsquosimperativetoconsiderallavailableopportunitiestosucceedThisisparticularlycrucialconsideringthenatureoftodayrsquoscompetitivemarketplaceConsumershaveatremendousnumberofchoiceswhenitcomestomakingtheirbuyingdecisionsandindependentretailersshouldattempttostandoutversusblendinwhenitcomestostayingcompetitiveNewYorkndashbasedmerchantMacquenziFarquerwhoownsgiftandspecialty
storeLockportintheAstorianeighborhoodofNewYorkCitysuggeststhatindependentretailersneedtoidentifydirectcompetitionattheverybeginning
independentretailersneedtoidentifydirectcompetitionattheverybeginningandunderstandhowtheycancompetewithitfromarealisticperspective
Big-boxstorescandeliverrealheadachesforindependentmerchantsThereisnothingworseforasmall-businessownertohearthatthesameproducttheycarryisbeingsoldforlessatabig-boxstoreIrecognizethatthispricecomparisonwillhappenhoweverIalsorecognizethatmostconsumerswillnotunderstandtherhymeorreasonwhyThissaidItrytochallengemyselftoprovidethebestinventoryassortmentIcantobettercompetewithbig-boxstoresInevitablymyinventorywillbecomparedtothatofotherretailersandItrytobuymoreuniqueinventorytodealwiththis1
ChallengingyourselftoofferavarietyofmerchandisecancertainlyhelptoattractconsumersandincreasepurchasesHoweveridentifyingtherightassortmentofinventoryisoftenthechallengethatretailersfaceForFarquerthismeantidentifyingwhatherlocalcustomerswantedandthenidentifyingtheappropriateblendofpriceandproducttoofferherconsumersIndoingthisshesteppedoutsidehercomfortzonetocreateanedgeagainstherlocalretailcompetition
FormycustomersfindingstockfurniturefortheirtypicallysmallerurbanlivingspacesisachallengeFormeitrsquosalsoachallengetostockfurnitureinmylimitedsquarefootstoreWhilemycustomerisconstantlyaskingforthisIhavelearnedthatnomatterwhatIcanofferIcanrsquotcompeteagainstmytwoclosestbig-boxcompetitorsIKEAorCB2InsteadIcallmyfurnitureselectionldquofinishingpiecesrdquoandmarketthemasthespecialdetailyoulayerwithmoreaffordablepiecesfromnationalchains2
TacklingthejobofunderstandingthelocalconsumersrsquobehaviorshelpedFarquertoidentifyasmartstrategicplantostayrelevantinherAstoriaNewYorkneighborhoodHersolutionofprovidingldquofinishingdetailsrdquoversustraditionalstockfurniturehasdifferentiatedherfrombig-boxretailerswhilealsoopeningupanichesalesstrategyThisapproachalsoplacesheroutsideatraditionalretailcomfortzonebyacknowledgingandactuallydiscussingtheuseofbig-boxinventoryincombinationwithherown
RETAILTIPDonotignorethatmanymdashifnotallmdashofyourcustomersincludebig-box
storesnationalchainsordiscountcentersasregulardestinationstoshopInsteadidentifythebestwaystosupportthesecustomersknowingthattheyarealsoshoppingatyourcompetitorsAmongthewaysinwhichyoucandothisincludeintroducingdiverseinventoryprovidingstrongercustomercarehostingin-storeeventssupportingcommunityeventsandbeingafamiliarfriendlyfacewithinyourownstoreBrickandmortarretailerCynthiaSuttonisaretailveteranhaving
previouslyworkedinthebuyingofficesformajorretailerClairersquosBoutiquepriortoopeningherownstoreTheSilverBarninColumbusTexasin2008SellingeverythingfromhomedeacutecortobabygiftsSuttonrecognizesthatbig-boxstoresarehercompetitionandbelievesthereisroomforalltypesofretailersldquoBig-boxstoresandindependentretailerscancomplimenteachother
Thekeyisforindependentretailerstoofferuniqueitemsthatarenoteasilyfoundindepartmentstoresorotherbig-boxmerchantsItrsquosourjobtosearchforspecialtyitemsandvendorsnotfoundinthesestoresofferingsomethinguniquetoourcustomersrdquoWhetheryourstorestockseverydaybasicsorspecialtyitemsitrsquos
importanttorecognizehowyoustackupagainstbig-boxcompetitionMakeitaprioritytoknowwhattheyrsquoresellingsoyoucandecidewhatbestsuitsyourstoreshelvesandcustomersaswellTakethetimetovisityourcompetitorrsquosstoresonnolessthanaquarterlybasisrecognizinganythingnewtheyhavedonetotheirstoresThismayincludetheintroductionofnewvendorsbolddisplaychangescustomerserviceenhancementsoranythingelsethatstandsoutWhilevisitingyourcompetitionmaynotseemlikeavaluableadditionto
ourto-do-listitrsquospossiblethatitrsquosamongthemostvaluablethingsyoucandoasabusinessownerAlwaysknowwhatyourcompetitionisuptoinanefforttostaycompetitiveagainstthem
InventoryisacriticalcomponentofanystorersquossuccessyetwellbeyondwhatfillsyourstoreshelvesishowyoumarketmanageandsellitTheseactionscanmakeorbreakaretailerrsquoslivelihoodyetmanyretailersfallintohabitsthatworkagainsttheirsalesgoalsGevenaIllinoisndashbasedretailerShariRalishwhosestorePeacefulParlour
providesherbalteasearth-friendlyproductsartisanworkandmoreisan
providesherbalteasearth-friendlyproductsartisanworkandmoreisanexampleofanindependentmerchantwhofellvictimtobeingsetinheroldways
WhenIopenedmystoreinFebruary2010ImerchandiseditandstockeditwithproductsIthoughtcustomerswantedbecauseIwantedthemaswellIttookmeafewyearstotrulyunderstandmylocalconsumersandeventhenmyfloorplandidnrsquotaccommodatetheirshoppingpatternsormytotalstoreassortmentItwasnrsquotuntil2012thatIfinallyletanoutsideretailspecialistcomeinandhelpmeseemystorethroughanotherpersonrsquoseyesThechangesininventorystorelayoutandmyoverallmarketinginitiativeshavehelpedtoincreasemysalesbyover37percentinthepastyearalonerdquo3
ForcingyourselftoletothersaffecthowyouoperateyourstorecanbeadifficultchallengeforsomeparticularlyifyouhaveanentrepreneurialpersonalitythatprefersindependenceandcontrolYetidentifyingthisasaweaknessinyourentrepreneurialDNAcanactuallyhelpyouinyoursuccessasamerchantJoeAbrahamauthorofEntrepreneurialDNAbelievesthatmostretailers
ldquowillrunintosomecommonchallengeswhenoperatingtheirstoresKnowingupfrontwhattheiroperationalweaknessesandstrengthsarecanactuallyempowerthemtoalignwithadvisorspartnersandserviceproviderswhocomplementtheirweaknessesWithoutaddressingtheirownentrepreneurialcharacteristicsretailersriskafrustratingjourneyorworsethedemiseoftheirbusinessesrdquo4
HabitsofSuccessfulRetailers
WhileclosingyourdoorsiscertainlynotthegoalidentifyingthetophabitsofeffectiveretailersshouldbeHereinnoparticularorderare10habitsofhighlyeffectiveretailersInthechaptersthatfollowwewillexploreeachoftheseindetail
Habit1KnowWhoYourCustomersAre
OftenretailersopentheirstoreswithavisualimageoftheirtypicalconsumerthatmaynotbeaccurateUsingmoderndataincludingpoint-of-sale(POS)andothertrackingsystemstohelpidentifywhoyouractualcustomersareyoucanhelptoidentifywhoistrulyspendingmoneyatyourstoreInthisregardtherersquosnosuchthingastoomuchinformation
Habit2UnderstandHowYourCustomersShop
KnowingwhoyourcustomersareisonethingbutunderstandinghowtheyshopisanentirelydifferentthingSeekconsumerinsightbyaskingquestionsviasocialmediathroughin-storeconversationsbyofferingquicksurveysviae-mailoryourwebsiteandusingotherdata-collectingmethodsthataddresstheneedswantsandactionsofyourcustomersGoodold-fashionedobservationgoesalongwayhereaswellBeorganizedbyaggregatingandcategorizingyourresearch
Habit3ReacttotheInformationYouGainfromCustomers
TheworstthingyoucoulddoisgainqualityinsightintoyourcustomersandthenfailtoactonitMakeitaprioritytoconstantlyevaluateyourcustomersListentowhattheyareaskingforidentifywhattheyarenotinterestedinwithyourproductassortmentorshoppingexperienceandtrytocapturetheirwishesasaconsumerAcknowledgingboththeirwantsandlackofinterestisagreatwaytodiscoverwhatandhowyoushouldbeselling
Habit4BeWhereYourCompetitionIs
Whileyoumayneverhaveathousandstoreslikeyournearestbig-boxneighboryoucanbewheretheyarewhenitcomestoyourmarketingeffortsDonotneglectsocialmediaoryourlocalmarketmediaSeekcoverageinyourareapublicationsparticipateinlocaleventsandbevisiblebeyondyourstorewallsincludingonline
Habit5CompareYourselfwithOthers
RememberwhenyourmotherusedtotellyounottocompareyourselfwithyourpeersWellwersquorethrowingthatadviceoutthewindowInthecaseofretailyouwanttoalwayscompareyourselfwithyournearbymerchantsThiswillidentifynotonlythewaysyouaredifferentbutalsothewaysyouarealikeLearningfromothersrsquomistakesismuchlesspainfulmdashandoftenlesscostlymdashthanlearningfromyourown
Habit6TrainYourEmployeesandYourself
NomatterwhatyoumaythinkyousimplydonrsquotknowitallNoonedoesChallengeyourselftoconstantlylearnsomethingnewaboutyourbusinessWhetheritisstoreoperationsoranewvendortherersquosalwayssomethingtoresearchAdditionallymakesurethatyourteamlearnsnewupdatesonstoreproceduresproductsindustrytrendssocialmediafeaturesandmoreAllemployeesevenpart-timeorseasonalemployeescangainfromscheduledtrainingsessionsthathelptopositionthemnotonlytolearnmorebutalsotofeelasiftheyarekeyplayersinthesuccessofyourbusiness
Habit7SupportOtherLocalBusinesses
NobodylikesthepersonwhodoesnrsquotpracticewhattheypreachForindependentretailersthisholdsespeciallytrueSupportyourfellowlocalmerchantsasmuchaspossibleTheoldsayingldquoWhatgoesaroundcomesaroundrdquoholdsverytruehereandshouldnotbetakenlightlyInsteadembraceotherlocalbusinessesnotonlybyshoppingatthembutalsobyreferringthem
Habit8AttendTradeShowsRegularly
MosttradeshowsnowadaysoffermorethanjusttheopportunitytobuyinventoryManysuchastheASDTradeShowheldbiannuallyinLasVegasprovideeducationalexperiencesnetworkingeventssocialopportunitiesandmoreTakeadvantageofallthattradeshowshavetoofferincludingthechancetoconnectfacetofacewithyourexistingvendorsanddiscovernewvendorsas
toconnectfacetofacewithyourexistingvendorsanddiscovernewvendorsaswell
Habit9SeekNewWaystoManageYourBusiness
OurmodernworldisconstantlyintroducingnewtechnologiesandotherwaystohelpbusinessesofallkindsthriveForretailersitrsquosespeciallyimportanttoevaluateserviceprovidersandavailabletechnologythatcanhelpyouoperateyourstoremoreefficientlyNeglectingcommercialevolutioncancauseyoutodriftapartfromyourretailpeersandultimatelyfromyourconsumers
Habit10BeOpentoPart-TimeorFull-TimeEmployees
ItrsquoseasytofallintothehabitofworkingeverydayinyourstorewithoutevertakingabreakHoweverworkinginyourstorefulltimedoesnotallowyoutoaccomplishmanyoftheothersuggestedhabitsonthislistandalsolimitsyoufromsimplygettingabreakSuccessfulretailerseventhosewithonlyonestoreareoftenmoresuccessfulbecausetheybudgetforpart-timeorfull-timeemployeesAsaresulttheirperformanceasastoreownerisnotcompromisedandinsteadtheyreaptherewardsofamorebalancedworkscheduleandstrongersalesHumansarecreaturesofcomfortandretailersarenoexceptionItcanget
reallycozysettlingintoyourwaysbutpushyourselftostepoutsideyourcomfortzonetoreallyallowyourselfandyourstoretoevolveandthrive
Inthechaptersthatfollowwersquollidentifyhowtoincorporateretailbestpracticesintoyourbusinesssharepreferredresourcesforindependentretailersintroducecontactdetailsforvariousretailassociationsexplainhowtosolicitandmanageyourownpressofferwaystomarketyourstorebothonlineandofflineandexplainwhyincorporatingabuy-localcampaignwouldbegoodforsalesInadditionwersquollofferyouexpertinsightintomanagingyourinventorysocialmediaemployeesandofcoursecustomers
ActionGuide
WhentryingtounderstandyourownstrengthsandweaknessesasaretaileritrsquosimportanttorecognizeyouroperationalhabitsasamerchantAnswerthefollowingquestionsandrecordyourresponsesallowingyoutoreferenceyourhabitsinthechaptersaheadandultimatelyreflectonthenecessarychangesyoumayneedtomaketoenhanceyourbusiness
1Whatoperationalproceduresdoesyourstoreroutinelyperformtodaythatitdidnotoneyearago2Ifyouhavebeenopenlongerthanthreeyearswhatthreeadditionalstoreoperationsareconductedthatyouwerenotdoing36monthsago3HaveyourcoreinventorycategorieschangedsinceyoufirstopenedyourstoreWhyorwhynot4Doyourmostpopularitemssellbasedoncircumstancesuchasacustomerfindingauniquegiftheorshelovesorisitmorestrategicsuchasreplenishingahouseholditemthatcustomersknowyouhaveinstock5DoyouprovideemployeetrainingforstoreoperationsnewproductsoranyotherreasonIfsohowoftendoyoudothis6Whatcustomer-serviceexpectationsdoesyourstorehaveinplaceHowisthismeasuredamongyouremployeesandyourself7Whatmarketingstrategiesdoyouconsistentlyleanontopromoteyourstoretobothexistingandnewcustomers8Howoftendoyouseekattentionfromthemediawithaformalpressreleaseororganizedmediapitch9Whatday-to-dayhabitsdoyouidentifyasmandatoryinyourstoresuchasstockreplenishmentmerchandisingorcoldcallingcustomers
10Whatisonyourwishlistfortheyearsaheadasyourstorecontinuestogrow
TakethetimetohonestlyanswerthesequestionspushingyourselftobetruthfulwithyourresponsesOftensimplyacknowledgingyourroutinehabitsincomparisonwithsuggestedotheronescanhelpyouinsteppingoutsideyourcomfortzoneInthechaptersthatfollowwersquolldiveintothedetailsofhowthis
comfortzoneInthechaptersthatfollowwersquolldiveintothedetailsofhowthiscanbeaccomplished
3
LeaningonOutsideOrganizations
Ifyoudowhatyoursquovealwaysdoneyoursquollgetwhatyoursquovealwaysgotten
mdashTonyRobbins(1960ndashpresent)lifecoachauthormotivational
speakerldquoTHENUMBERonejobofabusinessowneristorunagreatbusinesssoitwouldbeshort-sightednottotakefulladvantageofopportunitiesprovidedtohelpbusinessesachievegreatersuccessrdquoOfficeofMainStreetNewJerseyandImprovementDistrictProgramsofNewJerseyrsquosJefBuehlerstatesWhilewe
couldnotagreemoreitrsquosofteneasiersaidthandonewhenitcomestosupportingyourbusinesswiththemanyresourcesavailabletoyouOften
businessownersgetlostintheireverydayhustleandbustlewithouteverseekingoutsidesupporttomaketheirjobseasierLuckilythereisavastanddiverse
groupofbothprivate-andpublic-sectororganizationsthatcanhelpyouachievestrongerretailsuccess
Retailersshouldlookattheirlocalcommunitiesstate-levelorganizationsandnationalgroupsinanefforttoidentifysupportthatmakessenseforthemandtheiruniquebusinessesBeginningatalocallevelmostretailershaveaccesstomunicipalsupportincludingcitymeetingseducationresourcesandlocalChamberofCommercesupportAlthougheachcommunityhasitsownvariedoperationalresourcesthatbenefitretailersspecificallyallretailershavesupportbeyondtheirlocaltownsState-levelorganizationssuchastheRetailAssociationofMaineandtheKentuckyRetailFederationprovidetremendoussupportforretailersofallsizes
GettingInvolvedwithOutsideOrganizations
Gettingengagedatyourlocallevelisabsolutelyvitalinbuildingtowardyour
GettingengagedatyourlocallevelisabsolutelyvitalinbuildingtowardyourbusinesssuccessparticularlyifsellingonlineorbeyondyourlocalareaisnotpartofyourbusinessplanThislocal-levelparticipationwillgiveyousupportandinsightintoyourcustomerscompetitionandcommunitythatstate-levelandnationalorganizationsoftencannotEllenDivitaeconomicdevelopmentdirectorfortheCityofGenevaIllinois
explainsjusthowvaluablelocalcitiesandChambersofCommercecanbetoasmall-businessowner
YourlocalcityandchamberofferavarietyofresourcestoretailersincludingvisibilityandcredentialtoyourbusinessBecausetrustissuchanimportantcomponentinthemarketplacethesedaysthisisespeciallyimportanttoconsiderasabusinessownerofanykindLocalcityandchamberofficesoffermanyresourcesincludingassistancewiththedevelopmentandopeningprocesspermitsandlicensesThenontangibleassistancecanproveevenmorevaluablewhichincludesbuildingrelationshipslocallythatcandeliverthevisibilityandcredentialthatyourbusinessneeds1
FurthermoreDivitastressestheimportanceofrespectingconsumeroptions
PeoplehavechoiceswhenitcomestowheretheyshopandconsumerswillbuyfromretailerstheytrustBeingreferredandtrustedbythechamberandyourlocalcitygovernmentislikebeingprescreenedwhichiscriticalforretailersconsideringtheimmenseamountofcompetitiontheyhaveUnlikenationalretailerswhosereturnpoliciesandothercustomerexpectationsaremoreknownindependentretailersneedtogainthetrustoftheirconsumersYourlocalchamberandcitycanhelpyouachieveastrongreputationthatgivescustomersthetrusttheyarelookingfor2
Beingknowninyourcommunityforwhatyouoffercanbepricelesswhencross-referralshappenorganicallyastheresultofsatisfiedcustomerscommunityparticipationandyourcommitmenttodeliveringastrongin-storeandcityexperienceFurthermoremanylocalChambersofCommerceandcityorganizationsprovideeducationalresourceslocalmediasupportandothercommunity-basedincentivesthatcanhelpmerchantsgainstrongercustomer
awarenessBeyondyourlocalorganizationshoweveritrsquosimportanttolookatstate-levelretailassociationsthatcanhelpyourbusinessfromabroaderperspectiveaswell
EXPERTSPOTLIGHTHarrietParkermanageroftheIllinoisSmallBusinessDevelopment
CenteratWaubonseeCommunityCollegeinAuroraIllinoissuggeststhatworkingwithoutsideorganizationscanhelpretailersandothersmallbusinessownersgainaccesstoexpertsupportthatisoftenfreeoratareducedrateAlsoParkersharesherinsightonhowongoingsupportversusonlywhenneededcanhelpretailersldquoByworkingwithorganizationssuchasSmallBusinessDevelopment
Centers(SBDCs)retailersareabletoaccessexpertisetheymaybelackingaswellasresourcestheymaynotknowaboutOurorganizationslikemanyothersoftenhavebusinessexpertsreadytohelpretailersgobeyondtheirowncapabilitiestobuildstrongerbusinessesInadditionweencourageretailersnottowaituntiltheyareexperiencingaproblemtoseekassistancebutinsteadtreattheseresourcesasanongoingpartnerfortheirbusinessteamWhetheritisforaproblemabrainstormingsessionornearlyanythingelseSBDCrsquosandothersupportorganizationsshouldbeviewedastrustedadvisorstohelpretailersrdquoTogetstartedinseekingoutsidesupportfromyourlocalSBDCParker
suggestsvisitingwwwsbagovandclickingontheGetLocalAssistancelinkFromtheremakingaphonecalltotheirofficesistypicallyallittakestogetstarted3
AndyEllenpresidentandgeneralcounseloftheNorthCarolinaRetailMerchantsAssociationexplainsthatassociationslikehisareintendedtoactaspartofaretailerrsquosownteam
WeseeourselvesasanextensionofaretailerrsquosstaffOurreasonforbeingistopromoteandadvocatefortheretailindustrysowemakeitaprioritytobeexpertsonallissuesthatwillimpactaretailerrsquosstoreoperationsaswell
asdevelopstrongrelationshipswithpolicymakersinourstateIfyouhaveaproblemoranissueitisquitelikelythatyourstateretailassociationhasalreadyencounteredthisissueforanotherretailerandhastheanswertoyourquestionattheirfingertips4
InadditionEllenbelievesthatretailorganizationssuchastheNorthCarolinaRetailMerchantsAssociationhelpdeliversolutionstocommonanduncommonretailchallenges
StateretailassociationsareproblemsolversWeunderstandstategovernmentsandknowhowtocutthroughtheredtapeandvoicemailjungleofstateandlocalgovernmentstoassistretailersCollectivelystate-levelassociationspromotetheretailindustrythroughthepressoftenhighlightingalocalretailerrsquosgreatpracticesorsuccessThistranslatestofreePRandadvertisingforretailersprovidedbyatrustedsourcemdashus5
Inadditiontobringingmediaattentionandhelpingtosolveretailchallengesstate-levelretailassociationssupportmerchantsintheireverydayoperationsAdditionalsupportthatassociationsoftenofferincludesdiscountsonstoreservicesthatretailersneedsuchascreditcardprocessingandexpertinsightintostate-specificlawsandotherregulatoryagenciessuchasthedepartmentsofrevenuetransportationorlaborCurtisPicardexecutivedirectoroftheRetailAssociationofMainedescribes
thebenefitsofworkingwithstate-levelassociationsasldquoinsuranceforretailersrdquo
Whenretailersbecomemembersoftheirstate-levelassociationstheygainfull-timerepresentationforlegislativeissuesnetworkingwithotherlike-mindedretailersandaccesstoanumberofmoney-savingprogramsthatcanhelptheirbusinesssavemoneydirectlyandoperatemoreefficientlyWeliketothinkofourselvesasinsuranceforretailersWehelpprotectyouforaverylowcost6
AlthoughlegislativesupportmaynotbeonthetopofyourlistofwaystobesupporteditcertainlyshouldbeexploredStateandnationallegislativedecisionsaffectmerchantsinavarietyofwaysandtoooftenretailersdonrsquot
decisionsaffectmerchantsinavarietyofwaysandtoooftenretailersdonrsquotknowhowtheywillaffectthemuntilitrsquostoolatePicardexplains
Whenyoudonrsquotcommunicatewithyourstate-levelretailassociationitmeansthatyourvoicedoesnotgetheardIcanrsquottellyouhowoftenIhearfromnonmemberretailerswhentheycallaftersomethingbadwaspassedbythelegislatureFirsttheyhadnoideathatcertainlegislationwasbeingconsideredandsecondtheyhadnoopportunitytosharehowitwouldimpactthem7
Inadditiontogettingactiveinyourstate-levelassociationsPicardbelievesthatlocalandtrade-specificgroupsarealsoimperativetoyourretailsuccess
IhavealwaystoldpotentialmembersthattheyneedtobelongtothreeassociationsFirstyouneedtobelongtoyourlocalChamberofCommerceordowntownbusinessassociationThatiswhereyourbusinessisandwhereyouremployeesliveandworkMoreoveryoushouldbelongtoyourspecificindustrytradeassociationsuchastheCraftandHobbyAssociationforcraft-basedretailersAndlastyoushouldbelongtoastatewideassociationbecausemostlegislationhappensatthestatelevelandyouneedeyesandearslookingoutforyourbusinessInmostcasesastateretailassociationwillfillthatrole8
Trade-specificorganizationsaretypicallynationallybasedalthoughmanyofferregionalgroupsaswellNearlyeverysectorofretailfromflowerstofootweartohandbagstohomedecorhasretail-specifictradegroupsthathelptosupportmerchantssellingtheirspecificproductcategoryAmongtheirtoprolesinsupportingretailersisdeliveringeducationthroughannualeventspublicationswebinarsandotheravenuesJamaRiceexecutivedirectorandCEOoftheMuseumStoreAssociation
explainsthatnichegroupssuchashersofferldquoopportunitiesandresourcesforlike-mindedmembersandotherstakeholderstosharebestpracticeslooktotheassociationrsquosindustrystandardstoachieveprofessionalexcellencerelyonbenchmarkingstatisticsforperformanceanalysisaccesspublicationsandonlinecommunitiesandattendface-to-facemeetingsandconferencesfortechnicalandeducationalcontentspecifictononprofitretailingandconnectwithaffiliated
vendorsforsourcinguniqueproductsrdquo9Withsuchanextensiverangeofbenefitstogainfromitseemsfoolishnotto
getinvolvedinorganizationssuchasyourlocalChamberofCommercecityorstateretailassociationornicheretailgroupsMissyBrozekvicepresidentandcreativedirectorofcraftandhobbyretailgroupCraftersrsquoHomeagreesthatthisisextremelyimportantformerchantsparticularlyasretailbecomesevenmorecompetitive
AsretailgetsmoreandmorecompetitiveIrsquomconvincedthatindependentstoreswillneedtokeepbandingtogethertothriveThebenefitsarejusttoogoodtoignoreBuildingagroupgivesretailersopportunitiestocollaborateandlearnfromoneanotherwithoutfeelingliketheyrsquoresupportingtheirdirectcompetitorsInthecaseofnicheretailgroupsitalsoopensuptheopportunitytoleanononeanotherformorespecificsupportreducingtheneedtoreinventthewheelforpromotionsmarketingandeventsAtCraftersrsquoHomeweputtogetherfullyworked-outprogramstosharewithourgroupbasedonourexperienceandtheexperienceofourmembersMaybemostimportanthowevertherersquosstrengthinnumbersItrsquossoimportantthatwemakesurethatmanufacturershearrespondtoandrespectthecollectivevoiceofindependentretailers10
BenefitsThatOrganizationsMayOffer
AsamerchantitrsquospossiblethatyoufallintomorethanonespecificretailsectorThereforeyoumaybeapotentialcandidatetobelongtomorethanoneretail-specificgroupYouwillwanttoconsiderhowparticipatinginmultiplegroupswillhelpyourbusinessparticularlybecausetheytypicallyhaveamembershipfeeappliedtothemWhetheryouareinonegroupormorehoweveryoushouldevaluatewhatbenefitsyougainbyparticipatingineachAmongthevarietyofbenefitsthatretailgroupsaswellasstate-levelretailassociationsmayofferarethefollowing
ConferencesandtradeshowsRetail-specificgroupstypicallyhostannualbiannualandorregionaleventstosupporttheirparticipatingretailersSometimestheseeventsareopentoanyonebutmembersgaina
discountwhenattendingorcanattendaspartoftheirannualduesEitherwaytheseeventsaredesignedtodeliverkeysupportinanicheretailmarketprovidingyouwithexperteducationaccesstovendorsface-to-facenetworkingopportunitiesandmoreBuyersrsquoguidesAbuyerrsquosguideuniquelycreatedforyourretailsectorisavaluableresourceparticularlyconsideringhowbusyretailersareRetailtradeorganizationsoftencreateannualbuyersrsquoguidesthatgiveyouquickconvenientandtrustedaccesstoindustry-specificproductsandservicesRetailMindedalsoprovidesanannualldquoResourceGuiderdquothatfocusesonstoreoperationsandpreferredresourcesforrunningyourbusinesssuchasonlinemarketingande-mailmanagementwhichisavailableatRetailMindedcomPrivateonlinegroupsBeingactiveinamembership-basedgroupwillintroduceyoutootherretailerssimilartoyouThisopensupafantasticopportunitytolearnfromothersleanonothersandleveragewhatotherretailershavedoneintheirownretaileffortsOnlinechatgroupsprivatediscussionboardsandmembership-controlledgroupscanprovideyouwiththechancetogaininsightandexpertisefromotherlike-mindedretailersSomestate-levelretailassociationsofferthisandmostretailnichegroupsprovidethisasamembershipperkaswellHealthandbusinessinsuranceprogramsThebuyingpowerofanassociationversusyourindividualbuyingpowercansaveyoumoneywhenitcomestobuyinginsuranceLeveragingthediscountsorpreferredratesavailabletostateretailassociationsorretail-specificgroupsnotonlycanhelpyousavemoneybutalsocanprovideyouwithstrongerinsurancecoverageBesuretocross-referenceupdatedinsuranceoptionsnolessthanannuallybecauseoftenthesewillchangeandyouroptionsmaybeaffectedaswellMarketresearchandtrendinformationInthesamemannerthatstate-levelorganizationsmayprovideup-to-datenewsontaxesandotherlegislativeissuesnationalretail-specificgroupswillsharethelatestonindustrytrendsmarketresearchandnicheinformationforyourretailsectorApplyingup-to-dateindustrynewsandinformationtoyourbusinesscanonlyaidyouinyouroverallretailsuccessandthusshouldalwaysbeonyourto-dolistMerchantsolutionbenefitsWhetheryourstoreissolelyonlineabrick-and-mortarestablishmentorbothprocessingpaymentsisacriticalpartof
youroperationalplanRetailgroupscanhelpyouachievebetterratesinyourpayment-processingsolutionswhilealsosupportingyouinyourpaymentsoftwaresolutionsManyofthesebenefitsalsoincludetop-notchcustomerservicethatisprovidedasamembershipadvantageofferinganinvaluableresourcewhenyoufacepayment-processingchallengesIndustrypublicationsGainingretail-richcontentisnoeasytaskbutmostretail-specificgroupsworkhardtodeliverqualityinformationtotheirmembersMostofthesegroupsseekexpertinsightonavarietyofretailsubjectstosharewiththeirmembersandmanyarepartofRetailMindedrsquosldquoPartnerProgramrdquomdashsharingadditionalnewseducationandsupportfromRetailMindedthroughaquarterlymagazineandotherretailnewspublicationsUsingthemagazinesnewsletterse-blastsandblogsthattheseorganizationsprovidecanhelpyouachievemoreknowledgeforyourbusinessThekeyofcourseistocombinethisknowledgewithinformationaboutannualeventstradeshowsvendorsandallotherinformationyoucangaintoachievethegreatestsuccessinyourstoreoperationsandsalesTraveldiscountsTravelislikelypartofyourannualscheduleparticularlyifyouareactiveintradeshowsandeducationaleventsManyretailgroupsrecognizethisandprovidediscountedratesforairfarecarrentalsandhotelsTakingadvantageofthesediscountscanhelpsaveyousomehard-earneddollars
AlthoughmanyretailgroupbenefitsexceedthosejustlistedtheonlywaytheyworkisifyougetinvolvedBelowaresomeexamplesofsuchretailgroupsalthoughweencourageyoutolookbeyondtheseassociationsforonesthatmakesenseforyourretailbusiness
AmericanApparelampFootwearAssociationWeWearorgARTHomeFurnishingsNetworkAccessoriesResourceTeamorgCraftandHobbyRetailersCraftampHobbyAssociationwwwcraftandhobbyorgFloralRetailersSocietyofAmericanFloristswwwsafnoworgHomeFurnishingsIndustry
AccessoriesResourceTeam(ART)wwwaccessoriesresourceteamorgIndependentJewelryRetailersandVendorsRetail Jewelers Organization wwwrjomemeberscom Independent Pet
RetailersNexPetwwwnexpetcomMuseumandNot-for-ProfitStoresMuseumStoreAssociationwwwmuseumstoreassociationorgSpecialtyToyIndustryAmericanSpecialtyToyRetailingAssociation(ASTRA)wwwastratoyorg
InadditiontothevariousretailgroupsthatexistitrsquosimportanttoseekadditionalsupportforyourstoreifyoufeelthatthereisavoidnotbeingfilledThismaymeanreachingouttoretailconsultantsparticipatinginretaileducationeventssuchasRetailMindedrsquosannualindependentretailerconferencecallingyourlocalSCOREorsmall-businessdevelopmentcenterandleaningonmentorsyouhaveidentifiedwhocanuniquelyhelpyouRememberitoftentakessteppingoutsideyourcomfortzonetoreachyourretailpotentialThesegroupsandbusinessesexistwiththisinmindandwanttohelpyouinachievingyourbestretailsuccessyet
InChapter4wersquolldiscussthevalueofshapingyourstoretobeuniquelyyoursAlsowersquolldiscusshowinventoryplaysacriticalroleinshapingyourstorersquosreputationandpersonalityaswellasidentifyvariouscharacteristicsofastorethathelptomakeituniqueFinallywersquollofferyousuggestedinterviewquestionsforhiringpotentialemployeesandshareadditionaldetailstohelpmakeyourstoreoneofakind
ActionGuide
YourlocalChambersofCommercemainstreetprogramscitycontactsandbusinessgroupscanhelpyouachievestrongerbusinessengagementwithyourcommunityUsingtheWebaswellaslocalresourcessuchasyourarealibraryidentifywhotocontactandmakeitaprioritytogetinvolvedrightaway
identifywhotocontactandmakeitaprioritytogetinvolvedrightawayBeyondlocalsupportusethefollowinglisttoobtaincontactdetailsforyour
stateretailassociationAnumberofstatesincludingOklahomaWisconsinandAlaskaarenotpartoftheCouncilofStateRetailAssociationsSomestateshoweverhavestatewideChamberofCommerceassociationsinsteadAnexampleofthisistheStateChamberofOklahomawhichyoucanlearnmoreaboutatwwwokstatechambercomForacompletelistandmoreinformationaboutstate-levelretailassociations
visittheCouncilofStateRetailAssociationrsquoswebsiteatwwwcouncilsracomIdentifyyourstatersquoscontactinformationinthefollowinglistandvisitits
websiteFollowupdirectlyviathecontactinformationprovidedonthewebsiteorbyusingthephonenumberinthelisttoidentifyhowbecomingamembercanhelpyouinyourretailgoals
4
IdentifyingYourUniqueStoreStory
TheonlywaytodogreatworkistolovewhatyoudomdashSteveJobs(1955ndash2011)entrepreneurcofounderofAppleInc
THEBEAUTIFULthingaboutworkingwithretailgroupsisthatyougainstrengthinnumbersavoidingthesenseofisolationthatcanweighonanindependentretailerAlthoughasupportsystemandthepowerofacommunityareintegralyoushouldalsooptimizethepowerofyouruniquemerchantstoryEveryretailerhashisorherownstorytotellFromhowitcametolifetowhy
itretainscustomersyourstorehasauniquenarrativewhetheryourecognizeitornotUnderstandingthisnarrativecanhelpyoutostandoutinthemarketplaceallowyoutobettersupportyourcustomersandidentifywaystokeepyoursalesflowingTohelpyouclearlyidentifyyourmerchantstoryconsiderwhyyoubecamea
retailerinthefirstplaceDidyouopenastorebecauseyouloveacertaincategoryofproductAreyoukeepingyourfamilybusinessaliveDoyouprefertoworkforyourselfversusothersPossiblyyoubecamearetailerbyaccidentasaresultofdoingsomethingelseWhateveryourreasonforbecomingaretailerconsiderhowitledyoutowhereyouaretodayThenmdashevenmoreimportantmdashconsiderwhetheryourstoryisworthsharingAfterallifevenyoudonrsquotthinkitisthenwhywouldacustomerwanttoexperienceit
IndependentretailersareoftenconsideredlocalcelebritiessimplybecauseofthefactthattheyhavetheirownstoresWalkingintoyourlocalgrocermaymeanseeing10familiarfacesbecausetheyarecustomersofyourbusiness
meanseeing10familiarfacesbecausetheyarecustomersofyourbusinessGoingtoalocalsportingeventcouldtranslatetomeetingpotentialnewclientsorseeingpastcustomersyouhavenrsquotseeninalongtimeEssentiallyasaretaileryouarenevertrulyldquooffrdquoandalwaysworkingtoimproveandexpandyouridentityThistypeofcommitmenttoyourjobishonorableandyetexhaustingFortunatelyevenyourownuniqueretailstorycomeswithsupportingcharactersAndaswithanyengagingnarrativeeverycharacterhasamessagetoshare
CreatinganInventoryAssortmentThatStandsOut
AmongyourmostpopularsupportingcharactersarethevariousbrandsthatmakeupyourstoreinventoryandmerchandisingassortmentAndjustlikeanygoodstorycharacterswillcomeandgoForaretailerthismaymeanfadingoutofaparticularcategoryofinventoryaltogetherorlettinggoofavendorthatisnotperformingwellThemostboringstorylinesarethosethatnevershuffletheircharactersandforretailersthismeansallowinginventorytobecomestaleanduninvitingldquoMybiggestfearasasmallbrick-and-mortarstoreisthatcustomerswillnot
findmyinventoryexcitingenoughtowanttobuyrdquoChicago-basedretailerAngelaGianfrancescostatesldquoFormethismeansconstantlyseekingcustomerfeedbackattendingtradeshowsevaluatingwhatissellingandwhatrsquosnotandintroducingnewproductsintomyrotationtokeepthingsfreshrdquo1GianfrancescocontinuesIdentifyingastronginventoryassortmentiscriticalwhenitcomestomakinga
lastingimpressiononconsumersnottomentionstandingoutamongyourlocalcompetitionEventhemostbeautifulretailstoresaredoomedtofailiftheirinventoryassortmentdoesnotallurecustomerstobuyFindingtherightcombinationofvendorsandoverallinventorycanbeatoughchallengehoweverldquoIdonrsquotthinkmystorewouldstillbeopenifIhadnotmadeattendingshows
apriorityEveryshowintroducesmetonewvendorswhilealsogivingmethechancetogetfacetimewithmyexistingvendorsrdquo2GianfrancescoexplainsAttendingtradeshowsisafantasticopportunityformerchantsofallkinds
Whetheryousellhigh-endmiddle-tierordollar-priceditemstherearetradeshowsthatcatertoyou
ldquoMakingitaprioritytoattendtradeshowshasneverbeenmychallengethoughIhearitcanbeastruggleforotherretailersMychallengeisdecidingwhichshowstoattendandwhatvendorstobuyfromrdquo3statesGianfrancescoIdentifyingthebestshowsandthebestvendorsforyourstoreisnoeasytask
YoushouldconsidershowsthatintroduceyoutorelevantvendorsfromyournicheretailsectoraswellaslargershowsthatcanintroduceyoutomorediversevendorsandproductsTypicallyitrsquosagoodideatoattendnolessthanoneretail-specifictradeshowandonegeneral-merchandisetradeshowperyearForexampletheFashionFootwearAssociationofNewYork(FFANY)hostsaquarterlyfootwearshowforfootwearretailersMerchantswhoprimarilysellfootwearwouldbenefitfromattendingthisshowbutwouldalsobenefitfromattendingashowsuchastheASDShowinLasVegasabiannualshowthatoffersadiverseassortmentofgeneralconsumermerchandiseByparticipatingintwodistinctlydifferentshowsyouopenuptheopportunityformorerangeinyourinventoryassortmentstrongervarietythanyourcompetitionandgreateropportunitiestoidentifyimpulseseasonalandmust-havepurchasesforyourstoreThefollowingguidesharesinformationonavarietyoftoptradeshowsheldin
theUnitedStatesannuallyaswellasdetailsontheirtargetindustriesshowlocationsdatesandwebsitesAlthoughthislistdoesnotidentifyallavailabletradeshowstoretailersitintroducesyoutosomeofthetopshowsinselectretailmarkets
TRADESHOWGUIDE
PleasenotethislistidentifiesonlysomeoftheUnitedStatesrsquosleadingtradeshowshowevertherearemanymoretradeshowsavailabletoretailersForamorecompletelistingofshowsvisitthebelowwebsites
Advanstar|wwwadvanstarcomEmeraldExpositions|wwwemeraldexpositionscomReedExpositions|wwwreedexpositionscomTarsusgroup|wwwtarsuscom
InChapter5wersquolllookathowyoucanmaximizeyourtradeshowparticipationwhilealsounderstandinghowtopreparefortradeshowsandwaystofollowupwithvendorsoncethetradeshowhasconcludedYouwillalsogainastrongerunderstandingofhowvendorsaffectyourstorestorymdashforbetterorforworse
UniqueTraitsofYourStore
RecognizingtheimportanceofstronginventoryassortmentandhowthisshapesyourmerchantstoryisbeneficialwhenpreparingyourcommunicationplanwithcustomersBecauseconsumersultimatelydecideyoursuccessorfailureasamerchantmdashafteralltheyeitherchoosetoshopatyourstoreornotmdashitrsquosimportanttofactorthemintoyourstorersquosidentityNordstromanAmericanupscalefashionretailerwithover250locations
providesemployeeswithoneruleforallnewhiresTheysimplystateldquoUsegoodjudgmentrdquofollowedbygenerallegalandcompanyexpectationsThissimpleyetpowerfulplanforcustomercarehasshapedNordstromtoberecognizedfortop-notchcustomerservicestellarstorereputationandfantasticoverallin-storeexperienceItrsquosalsoagreatexampleofastorefromwhichindependentretailerscanlearn
RETAILTIPWhencreatingyourstorestoryconsiderhowyouwanttobeperceived
byothersNowconsiderhowyouareactuallyperceivedbyothersWantingtobeseenonewayandactuallybeingseenanotherwayisa
commonscenarioEngagecustomersandpotentialcustomersalikeviasocialmediafocusgroupsandsurveystounderstandtheirperceptionofyourstoreAskquestionsencouragefeedbackandcommentsprovokeconversationandreviewwhatcustomerssharewithyouThiswillhelpyoubetterunderstandtherealityofhowyouareperceivedversustheideaofhowyouthinkyouareperceived
Oftenindependentretailersfeelthatbecausetheycanrsquotoffercomparablepoliciestothoseofbig-boxstorestheydonrsquotofferanyatallThiscancertainlycreatechallengesbutratherthanperceivethisasanobstacleentirelyconsideritaperktobeinganindependentmerchantAsanindependentretaileryouhavetheluxurytocreateyourownruleswhichalsomeanssettingyourcustomer-carestandardsAmongtheseexpectationsshouldbeidentifyingyourstorereturnpoliciesimplementingcheckoutproceduresprovidingVIPcustomerstandardsintroducingstoregiftcardsandmoreBelowinnoparticularorderarevariouspoliciesandproceduresthatall
retailersshouldidentifyandusetoshapetheircustomerexperienceandoverallstorestory
ReturnPolicies
FirstandforemostitrsquosvitaltocreateareturnpolicythatmakessensefortheproductsyousellaswellasthecustomersyoutargetItisimportanttoberealisticwithyourreturn-policyexpectationswhilealsobeingfairtoyourcustomersForexampleyoucouldofferastorerefundexplicitlyforreturnsmadewithin10daysofpurchaseOryoucouldofferfullrefundsonitemspurchasedandunusedwithin14daysofreceiptdatebutonlywiththereceiptanddeliveredinthesamepaymentformasthepurchasewasmadeOnceyouhaveidentifiedapolicythatcaterstoyourstorersquosneedsandclientelepostyourpolicywithinclearviewofyourcheckoutareaaswellasincludingitonallreceiptsMakeitahabittoexplainyourreturnpolicyaspartofyourcheckoutprocedureOnewaytobesurethatyouneverforgettodothisistohaveyour
procedureOnewaytobesurethatyouneverforgettodothisistohaveyourcustomersinitialthereturn-policyexplanationontheirreceiptafteryouhaveexplainedittothemThiscanhelptoalleviatedifficultconversationswithunhappycustomersinthefutureFinallybesuretoidentifyanylimitationstoyourpolicysuchascertainvendorsdefectiveitemsorlawsthatmayapplytoproductsregardingldquono-returnpoliciesrdquo
CheckoutProcedures
EveryoneinvolvedintheoperationofyourbusinessshouldclearlyunderstandallstorepoliciesincludingthoseregardingthecheckoutprocedureThisisastrongifnottheonlyopportunitytocreateapersonalandmemorablemomentwithyourcustomeranditssignificancecannotbeoverstatedItrsquosvitallyimportanttoforgerepeat-customerrelationshipsateveryturnandtherersquosnobetterwaythanthroughpersonalinteractionOntheflipsideifnotmanagedcorrectlyanegativecheckoutexperiencecancrippleyourchancesofrepeatcustomersregardlessoftheotherfactorsMakeitahabittosharenewsofupcomingstoreeventsspecialspromotions
orotherstoreactivitiesduringthecheckoutprocessKindlyaskifthecustomerwouldbeinterestedinsharinghisorhere-mailaddressforstoreupdates(exclusively)orperhapssuggestthatyourcustomermightldquolikerdquoyourstorersquosFacebookpage(youdohaveoneright)FinallybesureyouhaveastandardldquoThankyouforyourpurchaserdquoinplaceaswellItcancertainlybecustomizedtoyourstorersquospersonalitybuteveryoneinvolvedshouldbeonthesamepageregardingthemessageyoudeliverItisstunninghowfewtimesIactuallyseethisdonewellintheindependentcommunity
VIPCustomerCare
NomatterwhatkindofmerchantyouareidentifyingyourtopcustomersshouldbeapriorityWhetheryousell$1candybarsor$10000dressesmakeitapointtotrackyourstrongestcustomersManypoint-of-sale(POS)systemscanhelpyouidentifycustomersandtheirspendingbutsomeindependentretailersfindsuccessinmanagingVIPcustomerstheold-fashionedwaymdashtakingnoteofpurchasesmadetheirbirthdaysspecialoccasionsandotherreasonsuniquetothebusinessWhenidentifyinghowyoucanbettersupportthiscrowdconsider
offeringspecialeventsuniquelyforthemprovidingdistinctiveservicesaboveandbeyondyournormalcustomercaremdashsuchasfreehomedeliveryorcomplimentarygiftsendingmdashaswellaswritinghandwrittenthank-younotesaftereachpurchasetheymakeThistypeofcustomercareletsyourVIPsknowthatyoutrulyvaluetheircommitmenttoyourstore
StoreGiftCertificates
TheNationalRetailFederationreportsthat81percentofshoppersinthe2012holidayseasonboughtatleastonegiftcardAlthoughtheholidaysarenot365daysayearbirthdaysandotherspecialoccasionsareWiththisinmindmakesurethatyouoffergiftcertificatestosellnomatterwhattimeofyearitisNotonlywillthisincreaseyoursalesbutitalsowilllikelyintroducenewcustomerstoyourstorethatyounormallywouldnrsquothaveTheopportunitytosellmorethanthevalueofthegiftcardreferredtoasanupliftisalsotheremdashincreasingyourchancesofahighersalePapergiftcertificatesversusplasticgiftcardsareeasytocustomizeallowingyoutoquicklyintroducethistoyourstorePlasticgiftcardscanbeeasilycustomizedaswellwithsuchplacesasCardPrintingusandPlasticResourcecombothabletomakegiftcardsspecificallyforyourstoreThekeytomanagingagift-cardprogramistocreateaneasy-to-tracksystemofwhengiftcertificatesaresoldandredeemedYoucandothistheold-fashionedwaythroughpenandpaperbutwithtodayrsquosPOSsystemsthiscanbemanagedmuchmoreeffectively
StoreHours
CustomersdonotshopatastoresolelybecausetheylikeitOftentheyshopatastorestrictlybecausethestoreaccommodatestheirscheduleThismeansthatifyoucloseat5pmtorushhomepotentialconsumerswhoonlyshopaftertheirworkdayendsat5pmwillneverbeyourcustomersWhenidentifyingyourstorehoursconsiderwhatmostoftheretailersinyourcommunityrsquoshoursarewhatyourimmediateretailneighborsrsquohoursareanymandatedhoursappliedbyyourcityandwhenyourlocalcustomersgenerallyshopTouristtownswillvaryfromdowntowncorporatesettingstoMainStreetsinsmalltownsacrosstheUnitedStatesAlthoughtherersquosnoblack-and-whiteschedulethatisidealfor
everyoneitrsquosimportanttoidentifyhoursthataccommodateyourlocalcustomersandcomplementothermerchantsAlsorememberthatclosingyourstoreoneortwodaysaweekisnrsquotalwaysanoptionKeepyourcustomersinmindmdashnotyourownpersonalschedulemdashwhenestablishingyourstorehoursandyouwillbemorelikelytofindaschedulethatattractsmorebusiness
Customer-DisputeScenarios
WhenacustomerisupsetaboutyourstorersquosreturnpolicycustomerservicelackofinventorystorehoursoranythingelsewhatmattersmostishowyouhandleitDespitetheiroftenrudeorinappropriatebehaviorremaincalmandallowthecustomertosharehisorherthoughtsonthesituationOncethecustomerhassaidwhatheorshewantstogentlyrespondwithyourresolutionAvoidallowingthecustomertoseeyougetangryorheatedevenifyouarescreaminginsideIfyourresolutiondoesnotmakethecustomerhappyconsiderofferinghimorherastoregiftcertificatefor$5$10or$25andapologizethatyoucannotdoanythingmoreThecostofgivingthecustomermoneytospendinyourstoreisoftenalotlessthanhavingthecustomerbadmouthingyouforyearstocome
StoreTraditions
AnnualsalessignaturemintsfestiveoccasionsmdashbigorsmallretailersshouldstrivetobeknownforahandfulofthingsthatmakethemuniqueTaking10percentoffeverythinginyourstoreonarandomSaturdaywonrsquotdothetrickInsteadseekoutbothsmallandlargeopportunitiestomakeyourstorememorableItmaybethediscosoundtrackthatrsquosalwaysonrepeatthesignaturescentthatcustomersinstinctivelyrememberyourstorebyanannualChristmas-in-Julysalethathasyouremployeesdressinglikeelvesoraprivatered-carpetVIPeventthatgetsyourbestcustomersexcitedeveryyearWhateveryouruniquesomethingsaremakethemconsistentmakethemmemorableandmakethemworthtalkingaboutAllstorecharacteristicswillaffectyouroverallsuccessorfailurebutitrsquosoftentheselittlethingsthataddupthemost
StoreStaff
ShapingyourstorywouldnotbecompletewithoutidentifyingthefacesthatmakeupyourretailbusinessYouremployeesareareflectionofyourstorebrandandthereforeneedtobecarefullyselectedbeforewelcomingthemtoyoursalesfloorNowadaysanaffordablepart-timesalesclerkiseasytofindWhatrsquosnoteasyisfindingasalesclerkworthhavingonyoursalesfloorTakethetimetointerviewpotentialcandidateswithaseriesofinterviewsandbesuretoseekreferencesfrompreviousemployersRetailMindedcomofferstemplatestohelpyoutrackyourinterviewprocessandprovidesemployeereviewformsforwhenyouhaveyourstaffinplaceBelowyoucanfindsomeusefulquestionstohelpyounavigateyournextroundofinterviews
GeneralInterviewQuestionsforPotentialEmployees
1Whatwereyourmajorresponsibilitiesatyourlasttwojobs2WhichofyourpreviousjobsdidyoulikethemostandwhyWhichjobhaveyouhadthatyoulikedtheleast3Whathasbeenyourmostrewardingexperienceatwork4Whatdoyoufindmostsatisfyingaboutworkingwithothers5Whatwasyoursinglemostimportantaccomplishmentforthecompanyinyourlastjob6WhydidyouleaveCompanyX7Ifyoucouldtakewithyouonethingfromyourlastcompanyandbringittothisjobwhatwoulditbeandwhy8Whatwasthetoughestproblemyouhadtosolveatapreviousjobandhowdidyousolveit9Whydoyouwanttoworkforthiscompany
10Afterhearingadescriptionofthispositionwhydoyouthinkyouwouldbeagoodfit11Doyouhaveanyreservationsaboutanyoftheresponsibilitiesidentifiedinthisrole12Whatskillsdidyoulearninpreviousrolesthatyoucanusehere
13Whatskillsorexperiencedoyouthinkmakeyoustandoutfromothercandidates14Wheredoyouprofessionallywanttobefive(orten)yearsfromnow15Arethereanyotherpointsyoursquodliketosharewithusaboutwhyyouwouldmakeagood[insertjobtitlehere]
ManagerKey-HolderQuestions
1Howwouldyoudescribeyourmanagementstyle2Whatdoyoubelievetobethemostdifficultroleofamanager3ManyofouremployeeshavebeenhereforawhileHowdoyoufeelyoucanearntheirrespectasamanager4Whathaveyoulearnedfromothermanagersyouhaveworkedunderinthepast5WhowasyourfavoritemanagerandwhyWhowasyourleastfavoritemanagerandwhy6Whatdoyouthinkisthemostimportanttraitofsuccessfulmanagers7IfIweretoasksomeonewhoyoupreviouslymanagedyourtopthreequalitiesasamanagerwhatdoyouthinkheorshewouldsay8IfIweretoaskthatsamepersonyourthreeworstqualitieswhatdoyouthinkheorshewouldsay9Whydoyoulikebeingamanager
10Howwouldyouplantoengageemployeestoworkeffectivelyunderyourleadership11DoyouconsideremployeemoralepartofyourresponsibilitiesWhyorwhynot12Explainyourmostdifficultmanagementexperiencetodate13Asamanagerdoyouconsiderteachingpartofyourjob14Howgoodareyouatdelegatingresponsibilities15Whatotherpointscanyousharewithusaboutwhyyouwouldmakeagoodmanager
Anotherpointtoconsideristhatwhileitmaybeeasytohirefamilyorfriends
AnotherpointtoconsideristhatwhileitmaybeeasytohirefamilyorfriendsitrsquospossibleamoreskilledcandidateisavailableandwillaidyourstoremoreefficientlyAsageneralruleofthumbconsiderallcandidatesmdashincludingfamilyandfriendsmdashequallyandputeachcandidatethroughthesameinterviewprocessThiswillhelpyouidentifythebestpersontofillyourstorersquosneedsCollectivelytheprecedinguniquetraitsofyourstorecansetyouapartfrom
yourcompetitionandhelpmakeyourstorememorableamongcustomersItrsquosimportantthatyoualsofactorinthevalueofcustomerserviceduringyourentirein-storeexperiencerecognizingthatthiswillalsosetyouapartfromotherretailersineitherapositiveornegativefashionKirtManeckecustomer-serviceexpertandauthorofthebookSmileSell
MorewithAmazingCustomerServicebelievesthatinordertotrulymakeyourstorememorableamongconsumersyoushouldaimtodeliverconsistentstrongcustomerserviceeveryday
DeliveringamazingcustomerserviceonaconsistentbasistoeachandeverycustomermeansthatyouarepreparedYourstaffhasbeentrainedtodeliverserviceandsalesinawaythatisefficientforyourcustomersWhiletherewillalwaysbecustomerswhohavedecreasedattentionareinahurryorappeartobefrazzledyouwanttostillaimtodeliverstrongcustomercaredespiteanycustomerscenarioOnewaytodothisisbytreatingpeoplelikeguestsinyourhomeJustasyouwouldgreetsomeoneatyourdooryoushouldsmileandgreeteverycustomerwithawarmldquoHellordquowithintwosecondsoftheirenteringyourbusinessThissetsthestageforahappyshoppingexperienceforyourcustomersbecausetheyfeelwelcomeandtheyknowthatyouareontopofyourbusinessSurprisinglyhowevermanyretailersfailtodothis
EngageyourcustomeraskquestionsandlistenKnowyourproductsandyourcompetitionso thatyoucanquicklyandefficientlyansweryourcustomersrsquoquestionsandobjectionsandsellyourproductsbetterthananywebsite or other store can do Aim to guide your customers to the bestproduct that fits their needs andwants and then respectfully ask for thesaleIfyoudothesethingsandmoreconsumerswillpayattentionandnotonlyreturntoyourstorebutalsotelltheirfriendsaswell4
Finallyremembertolookoutsideyourcomfortzoneinallyourbusinessresponsibilitiesincludinghowyoudelivercustomerservicewhoyouhirewhichtradeshowsyouattendandwhatyourstorepoliciesare
WhenyouidentifywhattraitsmattermostinyourstorehowyoumanageitsperceptionandwaysinwhichyoucanstandoutinthemarketplaceyouaremorelikelytosucceedinretailFurthermoreconsumerswillbemorereceptivetoshoppingatastorethattakesthetimetoearnaconsumerrsquostrustanddollarsbyapplyinghighstandardsAnadditionalperkisthatduringthisprocessyouwillalsofindconsistencyinyourownactionsandbeabletobettersupportyourcustomersyourstoreteamandyourselfindeliveringastrongin-storeexperienceInthechaptersthatfollowwersquolltakeanevencloserlookathoweach
decisionyoumakewillaffectyourstorersquospersonalityandhowcustomersperceiveyourbusiness
ActionGuide
EverystoretellsastoryandyourstoryneedstobeeasilyunderstoodfrombothaninternalandanexternalperspectiveInternallyhavinganorganizedemployeemanualwillofferyoutremendousguidanceinemployeehiringandmanagementTogetstartedconsiderthefollowingobjectivestoincludeinyourmanualYoumayfindthatsomearenotnecessaryforyourstorewhereasotherobjectivesthatarenotnotedareThegoalhoweveristocreateamanualthatmakessenseforyouruniquebusinessOrganizeabinderthatcollectivelyrepresentsyourstoreemployeemanual
basedonthefollowingsuggestionsEvenforasolostoreownerwithnoadditionalstaffthisexercisewillprovideyouwithafoundationtokeepyourstoreoperationsandexpectationsinorderInadditionifalast-minutehireiseverneededyouwillhaveaclearconcisemanualtohelpyoutrainthatpersoninstoresupportAlthoughthisexercisewilltakesomecommitmentandtimeitisaretail
necessityworthinvestingyourtimein
1StorecontactdetailsaPhysicaladdressbE-mail
cTelephonedFaxeWebfSocialmediaaccounts
2Storehours3Companyphilosophy4Employmentpractices
aEqualemploymentopportunitystatementbDrug-freestatementcHarassmentpolicydAt-willstatement
iFull-timeemployeesiiPart-timeemployeesiiiTemporaryseasonalemployeesivInterns
5TerminationstatementaVoluntarybInvoluntary
6OperationproceduresaPayschedule
iCommissioniiDirectdeposit
bStaffscheduleiOvertimeiiTardinessiiiAbsenteeismivSchedulechanges
cStoreopeningandclosingproceduresiCashdrawerdetails
iiPOSandcomputerdetailsdMerchandising
iDisplayunitsiiPOSareaiiiFloorsivShelvesvOtherareas
7Customer-serviceexpectationsaCustomergreetingsbGeneralcustomersupportcSuggestivesellingdCustomermanagementeTelephoneproceduresfCustomercomplaints
8ExternalrelationshipsaVendorsbShippingcTrademiscellaneous
9Emergencyprocedures10Security
aPersonalbelongingsbLawenforcementcontactdetailscFirstaidbox
11DresscodeaWardrobebPersonalappearance
12MiscellaneousaFoodanddrinkbPersonalphoneuse
cCigarettesmokingdComputeruseeNonemployeeaccessfConfidentiality
MakesuretosaveyouremployeemanualtoaWordfileforeasyeditingFurthermoreitrsquosalwaysagoodideatohaveallnewemployeesreviewthemanualandsignastatementacknowledgingthattheyhavedonesoFinallyalthoughamanualisnotalegallybindingcontractitneverhurtstohaveanattorneyreviewwhatyouhavecreatedtoensurethatyouareaccuratelyandlegallysupportingyourstoreteam
PARTII
PracticalStepstoIncreaseYourStoreVisibilityandSales
5
SourcingProductsThroughTradeShowsandtheInternet
WhetheritrsquosGoogleorAppleorfreesoftwarewersquovegotsomefantasticcompetitorsanditkeepsusonourtoes
mdashBillGates(1955ndashpresent)investorentrepreneurphilanthropist
ASAretailertherearecountlessexternalbusinessresourcesthatyouwillneedtoworkwithtorunyourbusinesseffectivelyAmongthemareservice
providerswholesalersmanufacturersanddistributorsThiscollectivecrowdofbusinessresourcesoffersretailersvariouswaystopurchaseandultimatelysell
productsthroughtheirstoresThequestionisWhatmakessenseforyourbusinessTobeginhoweveryoumustfirstunderstandthedifferencesamongcertainsuppliersourcingstrategiesmdashandhowultimatelyeachoftheseaffects
retailersSourcingasdefinedbyWikipediaorgreferstoldquoanumberofprocurement
practicesaimedatfindingevaluatingandengagingsuppliersofgoodsandservicesrdquoEssentiallysourcingrepresentstheactoffindingproductsfromwholesalersormanufacturerstoresellthroughabusinessInyourcasethiswouldmeanresellingthroughyourretailstoreInpreviousyearssourcingwasnotasaccessibletoretailersandasaresult
notusedfortheirbusinessesonaroutinescaleNowadayshoweversourcingisreadilyavailablethankstowebsitessuchasTopTenWholesalecomandManufacturercomaswellaseventsthatincludeSourcingatMAGICandSourceDirectatASDmdasheachheldbiannuallyinLasVegasTheseeventsaresimultaneouslyheldduringMAGICMarketWeekandtheASDShowrespectivelyofferingretailersachancetoengagewithtraditionalvendorsandwholesalerswhilealsohavingthechancetomeetimportersdistributersproduct-developmentteamsandotherproductprofessionalswithinthesourcing
arenaateachindividualshow
BenefitsofSourcingasaRetailer
ForretailerstherearemanybenefitstosourcingyourownproductsforyourstoreAmongthemaresavingvaluableinventoryandoperatingdollarsbycuttingcostsofproductpurchasesgainingtheabilitytoexpandyourstoreproductbaseofferingdiversificationamongyourcurrentsupplychainmeetingnewprovidersotherwisenotavailabletoyoulocallyorevendomesticallyandlearninghowbusinessisconductedinotherculturesMegyKarydesaformerretailerandcurrentwriterandmarketingconsultant
whoworkswithsmall-businessownersandorganizationsthroughherbusinessKarydesConsultingencouragesretailerstodifferentiatetheirstoresthroughsourcingShesharesbelowsometipsbasedonherownfirsthandexperiencetohelpretailersnavigatetheirsourcingjourney
One way to differentiate your retail business from others is to offerproducts straight from the sourceSincemany retailersare intimidatedbysourcingmdashthinking itrsquos too hard or unavailable to themmdashthose who dorealize greater margins richer merchandising selections and strongerrelationshipswiththeircustomersasaresultoftheirsourcingfindshavealottogainthatothermerchantsmissouton
Forthoseinterestedintestingthewatersmyadvicetoyouistovisitlocal art centers or smaller art fairs to identify items thatmightwork foryourstoreIalsoencourageyoutoengageindialoguewiththeartiststoseeiftheyrsquodbewillingtocreatesomepiecesforyourstoreIfyourcommunitydoesnrsquothaveartfairsoranythingofthesortgoonlineandcheckoutsitessuchasEtsywhereyoucanreachoutdirectlytotheartistsandaskthemiftheyrsquodconsiderworkingwithyou
Onceyouhaveidentifiedsomeonetoworkwiththekeyistocreateamutually beneficial relationship If the person feels that yoursquore trying totake advantage of him or her that person may work with you once butneveragainIdeallyhoweveryoushouldsetagoalofdevelopingalong-term relationship to help aid both you and your contact To do this Isuggest that you invest some time at the onset working out the details
especially if the person isnrsquot experienced working with wholesalecustomersSpendsome time tocreateadocument forbothofyou tosignthatoutlinesthefollowingdetailsEssentiallythiswillactasacontracttoensure thatyoubothmeet theexpectations identifiedonbothsidesof thebusiness You will not want to neglect the following points whendevelopingthisdocument
PricingExclusivityPackagingMerchandisingDeliverydetailsPaymentscheduleUnsolditemsDamageditemsLengthofcontract
AsareminderthisdocumentisintendedtosupportyourrelationshipandkeepyouontrackinworkingtermsWhilefriendlyverbalagreementsalwaysseemsolidtostartbutitrsquossimplyimpossibletopredictthefutureand therefore binding documents are a smarter way to manage yourbusiness1
KarydesmakessomefantasticpointsforyoutoconsiderparticularlyasyouattempttotrysourcingwithbabystepsbeforemakingalargercommitmentSheextendshersupportwiththefollowingdetailsforretailersconsideringhowinternationalsourcingcanhelptheirbusinesses
SavvyretailersalsoknowthattalentextendsbeyondthepondWhilesourcinginternationallycomeswithitsownsetsofchallengesitrsquosactuallymucheasierthanmostpeoplethinkTheInternetisagreatresourcewhenitcomestofindingproductsallovertheworldbutifyoursquorereallylookingtocarryproductsfromaspecificcountrystartyourresearchbyfindingthenearestembassyorconsulateofficeandletthemknowthatyoursquoreinterestedinfindingproductsfromtheircountryWhilethisisnrsquotalwaysthe
interestedinfindingproductsfromtheircountryWhilethisisnrsquotalwaysthecasemanyofthoseofficeshavedivisionsthatcoverinternationaltradeandcanbetremendouslyhelpfulwithrulesregulationscontactsandsourcesManyevenhavefundsintheirbudgetstoflybuyerstothecountrytoaidinbuyingtripsanditrsquosworthaskingifthisissomethingtheyoffer
OneofthequestionsIrsquomoftenaskedaboutworkingwithinternationalsuppliersandimportingishowtodealwithUSCustomsItrsquostruethatanytimeyouimportyoursquollhavetodeclarewhatyoursquorebringinginanddependingonwhatitisalsothecountryfromwhichitrsquoscomingandthevalueofitaswellFurthermoreyoumayhavetopaydutiesbutifyouuseareputablecustomsbrokerorfreightforwarderoftentheywillhandlethepaperworktohelpyoupassyouritemsthroughcustomsIfyouuseservicessuchasDHLorFederalExpressthosecompanieswillhandleclearanceforyouShippingpriceswillvaryconsiderablydependingonwhatyoursquorebringinginandwhichserviceyouuseThemoreyouimportthebetteryoursquollgetatdeterminingyourbestandleastexpensiveshippingoptions2
WhileventuringintotheworldofsourcingmayseemlikeanintimidatingtaskforretailerswhohavenotexploredthisavenueyetthisdoesnrsquothavetobethecaseHereare10tipstohelpfurthersupportyouasyouexplorehowsourcingmayberightforyourretailbusiness
1AttendawholesalemarketortradeshowthathasasourcingsectionallowingyoutomeetsuppliersfirsthandThisface-to-faceopportunitywillofferaneducationalexperienceforyoulettingyouengageandseeksupporttohelpyouachieveyoursourcinggoalsDonrsquotbeafraidtospeakupeitherduringtheseopportunitiesAskquestionsseekanswerslistencarefullyandlearnasmuchasyoucanfromthesesourcingprofessionals2VisitaninternationalsourcingproviderorsectionofatradeshowsuchasSourcingatASDtohelpexpandyourunderstandingofthevastrangeofsourcingopportunitiesforretailersForsomemerchantsinternationalprovidersmaynotbeidealfortheirbrandmessagingorstoreproductassortmentbutforothersthismaybetheperfectmatchforyourbusinessEitherwayunderstandinghowinternationalsourcingcanaidyourretailneedsissomethingyoushouldaddtoyoursourcingto-dolist3NavigatetheInternettolearnmoreaboutsourcingaswellastoget
introducedtosourcingprovidersThissaiditrsquosbestnottosolelygothisrouteandeliminateactualtradeshowandsourcingeventparticipationAlthoughtheInternetcanconnectyoutoprovidersitrsquosimportanttoconsiderallavenuesofsourcingbeforemakingyourfinaldecision4WhenseekingsuppliersgetatleastfivequotesfromdifferentsellerstoensurethatyouarereceivingthebestserviceproductanddealpossibleSeekingbothdomesticandglobalquotescanofferyouabroaderperspectiveonwhatmaybebestforyoursourcingneeds5AsyouseekquotesfromsuppliersbesuretoidentifythevariationsinminimumorderquantitiesThesenumberscanmakeahugedifferenceintheoverallcostforyouthereforeyoushouldseekavarietyofquantitycoststohelpyoutoidentifythebeststrategyforspendingyourallocatedsourcingdollars6Networkwithsourcingprofessionalsaswellasworktobuildsolidgood-standingrelationshipswithyoursourcingcontactsAsinmostindustriesprofessionalsinnichemarketsarelikelytobestsupporttheirclientswhentheyareinvestedincaringfortheiractualsuccessForsourcingspecificallyyoucanbenefitfromprofessionalsldquointheknowrdquowhomayhearofsomethingonafuturedateorknowsomeonewhoknowssomeonewhocanhelpyouinyoursourcingneeds7Subscribetosourcing-specificnewslettersandtrademagazinestocontinuallylearnandgainsourcingnewsAmongthebestresourcestodothisisbysubscribingforafreee-newsletterfromTopTenWholesalecomaswellcheckingoutSourcingJournalOnlinecomInadditionwehaveidentifiedsomeotherkeyresourcesinthefirstsidebarinthischapter8ContinuallyresearchinnovativetrendsandtacticsspecifictoyourproductneedsAttendingtradeshowsvisitingonlinesourcingsitessuchasTopTenWholesalecomandreferencingindustrypublicationscanallhelpyoudothisyetitrsquosuptoyoutoidentifytheneedtoconstantlywanttofollowthroughInotherwordsdonrsquoteversettleforwhatyoucurrentlydoorwhatiscurrentlyofferedAstimeprogressesnewwaystosourceanddevelopproductwillariseBesuretoembracethesechangestohelpyourbusinessstaycurrentandpossiblyevensavemoney9Knowwhatyourbudgetisbeforecommittingtoasourcingquoteor
quantityTherearealotofcostsincurredinretailandwholesalealikeandknowingwhatyourbudgetisupfrontwillhelpyoutomakebetterdecisionsAlsodonotletalimitedbudgetholdyoubackfromseekingsourcingopportunitiesThissimplymeansthatyouneedtobethatmuchmoreeducatedonwhereeverydollaryouspendgoes
10PlanaheadforunexpectedcostsandchallengingmomentsmdashifnotdaysormonthsThisisnotintendedtoscareorshyyouawayfromsourcingbutrathertoprepareyoufortherealitiesofanynewentrepreneurialadventureAsyouseektodosomethingyouhaveneverdonebeforeyoushouldalwaysexpectthattheexcitementandgoodthatcomefromthiswillalsobringyouhardshipsanduncertaintiesThisissimplypartoftherideRemembertoleanonthevastrangeofresourcesavailabletoyoutohelpyouinyoursourcingjourneyandtostayontrackwithyourbudgetandultimatesourcinggoals
AsyoucanseethereisanabundancetobelearnedaboutsourcingandweencourageyoutofurtherexpandyourknowledgeonthissubjectbyreadingJasonAPrescottrsquosbookWholesale101AGuidetoProductSourcingforEntrepreneursandSmallBusinessOwners(McGraw-Hill2013)
SOURCINGNEWSRESOURCESBlogtradegovTradeologyistheofficialblogoftheInternationalTrade
Administrationwhichdiscussesinternationaltradelawsandotherrelevantindustrynews
ManufacturingnetSharesmanufacturingindustry-relatednewstrendsresourcesandmorerelatedtotheglobalmanufacturingcommunity
NamorgAnewsroomhostedbytheUSNationalAssociationofManufacturerssharingmanufacturingrelatednews
RetailMindedcomAretail-specificwebsitethatcoversallaspectsofrunningaretailbusinessincludingworkingwithwholesalersandsuppliers
aswellmanyotherkeyareasofretailOffersfreenewsletterandsubscription-baseddigitalorprintquarterlymagazine
SourcingJournalOnlinecomAglobalnewsresourcewithinformationforbusinessexecutivesandretailerswhowanttoknowmoreaboutsupply-chain-relatedtopicswithinthesoftgoodsandtextileindustry
TopTenWholesalecomCoverswholesaleindustrynewsrelatedtotopicsincludingvendorsupplierandwholesalerprofilesproductnewstradeshowdetailsandmore
WorkingwithWholesalers
SimilartosourcingandtypicallymoreunderstoodbyretailersiswholesalewhichmdashverysimplymdashrepresentsthesaleofmerchandisetoretailersOnamoredetailedlevelwholesalerepresentsthesaleofproductsandgoodstobusinessownerscreatingabusiness-to-businesstransactionversusabusiness-to-consumertransactionAswithsourcingretailershaveaccesstowholesalersthroughavarietyofavenuesincludingtradeshowsonlineplatformsandretailtradepublicationsEvenmoresothansourcinghoweverretailershavetheopportunitytoworkwithinsomeveryspecializedmarketsofwholesaleAnexampleofthiswouldbetheOutdoorRetailerShow(wwwoutdoorretailercom)whichcatersspecificallytoretailersseekingmerchandiseforoutdoorsportsforbothsummerandwintermarketsShowsthatcatertonichemarketssuchasoutdoorsportingretailersofferatremendousvaluetomerchantsspecificallyby
1Introducingindustry-specificbrandsandproductsdirectlytoretailers2Sharinglatestindustrynewsandbuzzthrougheducationnetworkingandotherface-to-faceevents3Demonstratingproductsforretailerstotryhandsonallowingmerchantstoknowfirsthandwhatmaybebestfortheirbusinesses
InadditionretailershaveaccesstocountlesstradeshowsthatoffermoreexpansiveproductassortmentsAnexampleofthiswouldbetheASDShowheldbiannuallyinLasVegaswhichattractsover2800vendorspershowandover40000attendeespereacheventThegeneralmerchandiseassortmentofwholesalersincludesjewelrysouvenirstoyshobbybeautycosmeticsfloralgifthomedecorgroceryapparelaccessoriesstationeryandmuchmuchmoreAsaresultretailershaveaone-stop-shopdestinationtoseekavarietyofproductsfortheirstoresAnotherfantastictradeshowthatcaterstoanexpansivemarketplaceistheNationalHardwareShowwhichattractsover27000attendeesseekingtolearnsourceandconnectspecificallyfortheUShome-improvementanddo-it-yourself(DIY)marketsFormerchantsitisimportanttoidentifyhowbothniche-markettradeshows
andmorediverseat-largeshowscanbenefittheirbusinessesTypicallyitrsquosidealtomakeattendingbothtypesofshowsapriorityThereasonforthisisverysimplewithoutdoingthisyoulimityourexposuretopotentialbrandsproductsandresourcesthatcanaddvaluetoyourstoreFurthermorebydiversifyingyourbuyingexperiencesyoualsosetyourselfapartfromyourcompetitionAttendingniche-marketshowsonlycanlimityoutoproductsandwholesalersthatyourcompetitionislikelybuyingfromaswellHoweverifyouintroduceashowsuchastheASDShowtoyourbuyingrotationyouwillundoubtedlybeabletoincorporateinventorythatyourcompetitordoesnrsquotalsohaveSpecificallyyoucannarrowdownyourbuyingneedsatshowssuchastheASDShowforadd-onsaleslower-pricedproductsandotheruniqueitemstocomplementyourcategory-specificpurchasesfromyourniche-markettradeshowTheseshowshoweversuchastheConsumerElectronicsShow(CES)mdashheldannuallyinLasVegasmdashwillalwaysremaindestinationsthatretailerscanrsquotmiss
UnderstandingtheValueofTradeShows
SchedulingtradeshowsintoyouroperationalcalendarisanimportantresponsibilitytoconstantlykeepupwithparticularlywhenyoushouldplanforanassortmentoftradeshowstoattendeachyearAsaretaileritrsquosnearlyimpossibletoeffectivelyrunyourstorewithoutattendingtradeshowsthereforeknowinghowtomaximizeyourtimespentpershowisextremelyimportantFurthermorebecauseitcostsmoneytotraveltotradeshowsyouwanttoensurethatyouaremaximizingyourinvestmentineacheventyouattend
thatyouaremaximizingyourinvestmentineacheventyouattendInnoparticularorderhereareeightreasonsyoushouldmaketradeshowsa
priorityonyouroperationalcalendarNotonlywillyoubeabletogaintipsonstrengtheningyourtradeshowexperiencesthroughtheidentifiedpointsbutyoushouldalsobeabletojustifythevalueinwhytradeshowsareanimportantexperienceforanyretailbusiness
1TradeshowsallowyoutogainknowledgeaboutandexposuretonewtrendsproductsandresourcesThecombinationofwholesalerssuppliersdistributorsandvendorsisagreatwaytolearnaboutwhatrsquoshotwhatrsquosfadingandwhatyourcompanyneedstointroduceintoitsstoreintheseasonsahead2TradeshowsstimulatenewideasandcreativewaystosupportyourbusinessthroughaspectsthatexpandbeyondinventoryaloneThisincludesofferingretailersexposuretocompaniesthatsupportin-storeoperationsprovidingtradeshowattendeeswitheducationalopportunitiesandofferingshowparticipantsnetworkingandsocialexperiencesCollectivelythesealladdvaluetoyourbusiness3TradeshowsprovideameetingspotforretailersandvendorstoconnectfacetofaceBecauseitrsquosnearlyimpossibleformostwholesalerepresentativestotraveltoeachindividualretailaccounttheyhaveatradeshowbecomesanidealspotforthemtoconnectwithretailersTheseeventsallowretailerstoseeawholesalerrsquosentireinventoryassortmentwhilealsoprovidingavenueforthemtoengageinperson4TradeshowsgiveyouthechancetogenerateleadsforfuturevendorandproductopportunitiesAsamerchantyoucanneverbetoosurewhatthefuturewillbringandthereforeitrsquosessentialtohaveanideaofotherbrandsproductsandbusinessesthatmaybeabletoaidyouinfuturebuysorstorechangesTohelpprepareyouforscenarioslikethiscollectbusinesscardskeeptradeshowdirectoriesandorganizecollectedlinesheetsandotherproductdetailstorefertoshouldyouneedtogetintouchwiththesecompaniesoncethetradeshowhasendedandbeforethenextonebegins5TradeshowsoffereducationalexperiencesthatcanonlybefoundattheseeventseliminatingyourchancetogaintheseexperiencesotherwiseOneexampleofthisistheIndependentRetailerConferenceheldattheASDShowinLasVegaswhichintroducesaselectgroup
ofindustryexpertsandbusinessresourcesforshowattendeestoengagewithandlearnfromThroughvariousseminarsaswellasfourdaysofface-to-faceopportunitiesformerchantsandtheseselectretailleaderstoconnectshowattendeescangainanabundanceofknowledgetotakebacktotheirstoresFurthermoretheirparticipationintheseeducation-richexperiencesisoftenfreetoshowattendeesmdashsomethinganybudget-strappedretailercanappreciate6TradeshowsallowyoutogetanswersrightawayofferinganimmediatecommunicationplatformthroughwhichretailersandshowexhibitorscanconnectTohelpaidyouingainingtheinformationyouwanttoknowitrsquosalwaysagoodideatocomepreparedtoatradeshowwithwrittenquestionsandidealgoalsyouwanttoaccomplishduringyourtradeshowvisit7Tradeshowsofferyouthechancetoconnectwithlike-mindedretailerswhomaynotbeyourdirectcompetitorsAnexampleofthiswouldbeifyouconnectedwitharetailerfromastateontheothersideofthecountrywhohasastoresimilarininventoryassortmenttoyoursThevalueinthisisthatyoucanleanoneachotherasretailprofessionalsyetnotfeelthreatenedbysharingalocalmarketplaceMoreoverwhenyouhavelike-mindedretailfriendsyoucantradeorsellyourinventorywithoneanotherifoneofyouishavingmoresuccesswithacertainproductthananotherAllowingyourselftomeetretailersandengagewiththemisalsoagreatwaytorealizethatyouarenrsquotaloneinyourretailjourneyandevenasanindependentmerchantyoudonrsquothavetomakeeverydecisionbyyourselfLeaningonlike-mindedretailershelpstoeliminatethisisolatedmind-set8TradeshowsgiveyouachancetohavefunYesyoureadthatrightmdashhavefunNothinggivesabusinessownermoreenergyandthedesiretoworkmorethanhavingagoodtimewhileworkingTradeshowscertainlyintroducelongdaysandinformationoverloadbuttheyalsostrengthenandrefresharetailerrsquosmotivationtoworkhardworksmarterandcreatemoresuccessfortheirstores
WHOLESALEMARTSampBUYINGDISTRICTSAcrosstheUnitedStatesareavarietyofwholesalemartsandbuying
districtsthatcatertoretailersallyearlongWhiletheyarenotofficially
districtsthatcatertoretailersallyearlongWhiletheyarenotofficiallyconsideredtradeshowstheyareverysimilarintheirservicesbyofferingadestinationforretailerstoconnectwithsuppliersBelowaresomeofthewholesalemartsandbuyingdistrictswerecommendvisitingintheUnitedStates
AmericarsquosMart|AtlantaGA|wwwamericasmartcom
MidwestMarketDays|ChicagoIL|wwwmidwestmarketdayscom
TheDallasMarketCenter|DallasTX|wwwdallasmarketcentercom
TheMiamiMerchandiseMart|MiamiFL|wwwmiamimerchandisemartcom
TheWholesaleDistrictinLosAngeles|LosAngelesCA|wwwfashiondistrictorg
TheWorldMarketCenter|LasVegasNV|wwwwmclvcom
InadditiontherearemanyothermartsincitiesnationwidethatmaybemoreidealbasedonyourgeographiclocationFinallyNewYorkCityoffersmanymerchandiseandgarmentdistrictsthatcanbeidentifiedatthewebsitebelow
wwwnyccomvisitor_guidegarment_district75853editorial_reviewaspx
WhilerealizingthebenefitsoftradeshowsretailersshouldalsoneverunderestimatethevalueofplanningaheadbeforeattendingoneCamilleCandellagroupmarketingmanagerofEmeraldExpositionsbelievesthatldquowhetheryouareaseasonedproornewtotradeshowsyoushouldalwaysdoyourhomeworkpriortoarrivingatashowYouwanttomaximizeyourtimeat
theshowandthatmeanspreparinginadvancerdquo3Tohelpyoudothisweencourageyoutolearnasmuchasyoucanabouta
tradeshowpriortoattendingitUsingonlineresourcesandanyregistrationmaterialsreceivedbecomefamiliarwithshowexhibitorsspecialeventseducationexperiencesandtheentireshowagendapriortoarrivingattheshowThisallowsyoutoplaninadvancewhatisapriorityforyoutoaccomplishaswellasidentifygeneraltimeallowancesyouwillneedItrsquosalsoveryimportanttotakethetimetopackwellforyourtradeshowtripThismeanspackingcomfortableshoesbecausemosttradeshowsentailalotofwalkingYoushouldalsoplanforacomfortablebagtocarrywithyouthroughoutyourtradeshowvisitallowingroomtoholdcollectedlinesheetsbuyerpacketspromotionalgiveawaysbusinesscardsandmoreDonrsquotforgettopackyourownbusinesscardsaswellAnothertipincludescheckingwhetherthetradeshowyouareattendingallowsforbagswithwheelsManyretailersfindthataminisuitcaseorbriefcaseonwheelsisidealfortradeshowsbutsomeshowsdonotallowtheseontheirfloorsbecauseoflimitedspaceFinallybringingalongaministaplerpensfilingfoldersandotherorganizationalproductsoftencanhelpyoutobettermanagethepaperworkyoucollectatthetradeshow
ManagingOrdersPlacedatShows
WhetheryouhaveattendedcountlesstradeshowsorhaveyettovisityourfirstamongthemostimportantresponsibilitiesyouhaveinmanagingyourtradeshowexperienceisdealingwithordersplacedwhileattheshowForretailerswhohavepreviouslyplacedorderswhileattendingatradeshowDidyoudoagoodjobineffectivelyspendingyouropen-to-buy(OTB)dollarsandstayingwithinbudgetWeretheordersyouplacedreceivedontimeandaccordingtothetermsidentifiedwhenyouplacedthemDidyoufeelsupportedbythecompaniesfromwhichyouorderedfollowingtheshowTherearemanyquestionsretailersshouldaskthemselveswithregardto
productmanagementtradeshoweffectivenessandtheiroverallretailbusinessUltimatelythequestionsyouwanttochallengeyourselfwithshoulddirectyoutomanagingyourstoremoreeffectivelyforyoumdashnotthewholesalersupplierdistributororotherproductprofessionalwithwhomyouareworkingAlthoughitrsquosimportanttoconsiderbothsidesofthesebusinessrelationshipsitrsquoscriticaltocontinuallyevaluatewhetherthedecisionsyouaremakingforyourstoreare
tocontinuallyevaluatewhetherthedecisionsyouaremakingforyourstorearethebestonesyoucanmakeTohelpaccomplishthisgoalbesureyoustaywithinyouridentifiedbudget
whenplacingordersattradeshowsOftenalltypesofdomesticandinternationalsupplierswillofferyoushowspecialstoincreaseyourenthusiasmtobuymorefromthemCertainlythesespecialscanofferyoumanyperksandsavingsbutdonrsquotlosesightofthebudgetyouhavetoworkwithMoreoverdonrsquotneglectyourtargetshippingdatesproductdeliveriesminimumorderidealspaymenttermsandotherbuyingfactorsthatmattertoyouInmanycasessimplycommunicatingwithyourvendorcontactisallittakestoshiftwhatheorsheisofferingtowhatyouactuallyneed
EXPERTSPOTLIGHTBobBergdirectorofsalesofInternationalBusinessattheSourcingat
MAGICtradeshowbelievestherearethreemust-knowtipsforretailattendeestofollowwhentheyparticipateatanytradeshow
1HaveaclearunderstandingofwhatyourgoalisattheshowRemindyourselfofthisgoalaseachdaypassestoensureyoustayontrack2OrganizeyourselfpriortotheshowIdentifyexhibitorsyouhopetoseeschedulevendorappointmentsplanforeventsorotherextraactivitiesandidentifyanymarketingmaterialsyoumaywanttohaveavailablewithyouatthetradeshowThesemayincludebusinesscardsorotherpromotionalitems3GiveyourselftimetonavigatethetradeshowwithoutfeelingrushedBytakingshortcutssqueezinginappointmentsandskippingvendorsyoumissopportunitiesforyourbusiness
RetailersoftenfeelrushedandstretchedfortimewhileattradeshowslettingthemselvesmakequickdecisionsasaresultTothebestofyourabilityyoushouldavoiddoingthisinallsituationsmdashmostimportantthoughwhenyouareabouttowriteanorderHavingaprewrittenchecklistofyouridealordertermsmdashnotjustyouridealproductsmdashcanhelpyoutostayontrackwithyourshippingdeliverypaymentandotherordergoalsFurthermorerememberthatvendorscreateordertermstotheirbenefitmdashnotyoursWiththisinminddonothesitatetospeakupregardingtheiridentifiedtermsandletthemknowyourpreferredtermsiftheyvaryAlthoughthevendorultimatelyhasthefinalcallhere
termsiftheyvaryAlthoughthevendorultimatelyhasthefinalcallherecommunicatingyourpreferreddeliverydatesproductneedsandotherorderdetailsistoyourbenefitWhatisalsotoyourbenefitistoactuallyplaceordersattheshowsyouattendinanefforttogainshowspecialsofferedbyvendorsthatmaysaveyoumoneyFinallymakesurethatyouhaveyourstorersquostaxIDnumbershipping
addressandcompanycontactdetailsreadilyavailableforyoutoprovidetovendorsasyouwriteordersatshowsIfyouhaveapremadestickerstamporbusinesscardwithallthesedetailsonitthiscansaveyoutimeduringtheorder-writingprocessManyvendorsstillinputorderdetailsbypenandpaperdespitetheadvancedtechnologyavailablesodonrsquotbesurprisedifthisoccurs
IncorporatingtradeshowsintoyourretailcalendarisoneofthemostimportantstepsyoucantakeasanindependentretailerTheexperiencestradeshowsofferyouaswellastheopportunitytomeetsuppliersdistributorsvendorswholesalersandotherindustryprofessionalscanrsquotbematchedbyanyotherindustryexperienceJustrememberthatvendorsattradeshowsaretheretosellwhereasretailersaretheretobothresearchandbuymdashtwoverydifferentthingsAlthoughvendorsandretailerscomplementeachotherbesurethatyoustayfocusedonthegoalsyouhavesetforyourbusinessversusalteringthemfortheirsUltimatelythiswillkeepyouonthepathtohavingsuccessineachofyourtradeshowjourneys
UsingOnlineSourcingPlatforms
WhiletradeshowswillalwaysremainanimportantdestinationforyoutoacquireinventoryforyourstoretheInternethasmadeitpossibleforyoutoconnectwithvendorsmanufacturerssuppliersandotherproductprofessionalsaswellOftenthisisagreatdestinationtokick-startyourproductresearchwithonlinesitesbeingreadilyavailabletoyouatallhoursofthedayandnightSearchingforyourspecificproductonGoogleYahooorBingcanbechallenginghoweverandyoushouldkeepinmindthatasearchengineisonlyasgoodaswhatitindexesbasedonaspecialalgorithmManysuppliersandoverseasfactoriesdonothavegreatwebsitesthusmakingithardtofindthem
overseasfactoriesdonothavegreatwebsitesthusmakingithardtofindthemthroughthesesearchenginesFortunatelyhoweveryoucangainquickaccesstosupplierinformationwhenusingkeywordsearchesononlinebusiness-to-business(B2B)platformsthataretrustedandsecureThebestwaytoensurethatyouareworkingwithasecurecredibleB2B
platformwhensourcingonlineistoidentifythatitiswellknownrespectedandhasreliablesupplierswithinitsnetworkIntheUnitedStatestheseinclude
TopTenWholesalecomManufacturercomMFGcomModalystcoThomasnetcomWholesaleCraftscom
RetailersopentoworkingwithbusinesstradeplatformsbasedinChinaandAsiainclude
Made-in-chinacomGlobalSourcescomIndiaMARTcom
AsyouexploreadditionalonlineB2BplatformsitrsquoslikelythatyouwillrunintowebsitesthatadvertisehiddensupplierlistsorwanttochargeyouafeeGenerallyspeakingyoushouldbewaryofthesesitesbecausemostofthemarescamsAsaretaileryoucangainsupplierwholesalerandvendorinformationforfreemdashneverhavingtopayforthesedetailsThewaythatcredibleonlinemarketplacesmakemoneyisfromtheiradvertisersandactualsuppliersprofilednotfromtheretailerswhousetheplatformstobuyandsourcefortheirstoresThisisanimportantdetailtorememberbecauseunfortunatelythereseemstobeanincreasingnumberofscammersouttherelookingtogainmoneyfromretailersviathisavenue
RETAILTIPWhenattendingtradeshowsdonrsquotunderestimatethevalueofthe
educationalopportunitiesavailabletoyouMostnationallybasedtradeshowsandevenselectregionalmarketcentersoffereducationresources
showsandevenselectregionalmarketcentersoffereducationresourcesthatareintendedtohelptheirattendeesadvanceintheirretailgoalsTakingthetimetolearnfromtheretailleadersselectedtodeliverpresentationsworkshopsseminarsandotherlearningopportunitiesattheseeventsarekeyexperiencesthatcanhelpyourbusinessthriveAlsotheseoftenprovideyouthechancetoconnectoneononewithindustryexpertspriortooraftertheirpresentationsThesetypesofopportunitiesarenearlyimpossibletocreatesolelyforyourselfthereforetakingadvantageoftheseeventsisyetanotherreasonnottomisstradeshows
TohelpfurtherensurethatyoucantrustonlinemarketplacesandsourcingplatformsmakesurethatthereisaphonenumberassociatedwiththecompanyTypicallythisshoulddirectyoutoasupportcenterforthecompanyrsquosplatformbutattheveryleastitshoulddirectyoutoalivepersonwhocanansweranyquestionsyoumayhaveNextyouwanttotrustthatthesuppliersidentifiedonthesewebsitesaresafeReputablecompaniesthatofferyouonlinesupplierinformationwillalwaysofferyouthechancetoreviewtheirverificationprocessandyoushouldneverhesitatetoaskaboutthisifyouhaveanyquestionsAnothertiptoconsideriswhetherornottherepresentativesoftheB2BplatformyouarereviewingattendtradeshowsByactuallyparticipatingintradeshowsyoucantrustthattheyaretrulyengagedwithintheirniche-marketnetworksandworkwithsuppliersidentifiedontheirsitesfirsthandFinallywhileyoushouldneverhavetopayanyfeesyouwanttomakesurethattheprofiledsuppliersdopayThismeansthattheyarebenefitingfromtheplatformandfindvalueinit
RETAILTIPOnlineB2Bplatformsareextremelyvaluabletoretailerssincetheyare
availabletobereviewed247AnotheronlinedestinationthatcanhelpyoumanageyourbusinessistheResourceGuidefromRetailMindedThisonlinedirectoryisafreeresourcepublishedannuallyformerchantstogaintrustedreliableinformationonbusinessesthatsupportretailersintheirstoreoperationsUnlikeB2BplatformsthisdirectoryissolelyfocusedonbusinessesthatcatertotheoperationsofrunningaretailstoreCategoriesincludedinRetailMindedrsquosResourceGuideincludee-mailmarketingin-storemediainventorymanagementemployeepayrollretailpackagingin-
storesignageandmoreTodownloadafreecopyofthisdirectorysimplyvisithttpretailmindedcomresource-guide
FinallytoassistyouinfurtherexploringonlinesourcingforyourretailstorewersquovetakenacloserlookattheleadingB2BplatformTopTenWholesalecomandidentifiedwhatitcanofferyouOperatingwiththetaglineldquoFinditSourceitProfitrdquothecompanyrsquossearchenginesanddirectorynetworkofferyoutheabilitytointeractwiththousandsofwholesalersandmanufacturersThecompanyrsquoscoreconcentrationofproductfocusesongeneralmerchandisewelcomingretailbuyersfromavastrangeofretailcategoriesTheseincludeover100productcategoriesandover1millionproductsmdashtotalinganimpressivenumberofover35000suppliersforyoutosourcefrom
RETAILTIPBelowisanexampleofawebsitepagefromTopTenWholesalecom
whereyoucansourcethousandsofvendorsforyourretailstoreTheirextensiverangeofproductsourcesaswellastradeshowpartnershipshelpyoueffectivelyidentifywhattherightmixofinventorymaybeforyourstoreshelves
AswithmostB2BplatformsyouwillneedtoregisteronTopTenWholesalecomtogainaccesstoallitsresourcesalthoughmanyareavailableforfreewithouteverregisteringatallThebenefitofthishoweveris
thatyoucancreateaprofileandmanageyouraccountaswellasadjustyourprivacysettingstoyourpreferencesSeniorbusinessmanagerJonathanPrescottatJPCommunicationsInchadthistosayaboutTopTenWholesalecom
BuyersareabletosavetheirfavoritesuppliersandproductsonTopTenWholesalecomaswellasconnectdirectlywithsomeofthelargestmanufacturersimportersanddistributorsintheworldThisoffersatremendousbenefittobusyretailersbecausetheycanlogonandoffattheirconvenienceFurthermoreitrsquosimportanttorememberthatsiteslikeTopTenWholesalecomsimplyconnectbuyersandsellersandpurchasesbeingmadearenotbeingmadethroughusdirectlyTheperksofworkingwithushoweverincludeanonlinechatfeatureknownasTradeChatmdashwhichisbasicallyaninstantmessagingplatformforbuyersandsellerstoquicklyconnectmdashaswellascountlessotherfeaturesthatallowyoutomanageyoursourcingneedsanduniqueretailgoals4
IdentifyingproductsthatmakesenseforyourstoreisoftenconsideredthemostpreferredresponsibilityofaretailerWithcountlesstradeshowsandonlineplatformsavailabletohelpyoudothiswehopethatyouwillembracetheresourcesavailabletoyouinanefforttomaximizeyourproduct-buyingpotentialInChapter6wersquolldiscusshowyoucanmanagethisinventoryonceitrsquosreceivedatyourstoreaswellaswaysinwhichyoucanhelppromoteitandencouragesalesinthelaterchapters
ActionGuide
Lookingaheadoverthenext12monthsidentifynolessthantwotradeshowsthatyouwanttoattendFocusonthefollowingquestionstohelpyouplanfortheseeventswithacoreconcentrationonplanningforhowmuchitwillcostyoutoattend
Whereistheshow
WhenistheshowHowmanydaysistheshowofferedHowmanydaysdoyoubelieveyouneedtobeonsiteattheshowWillyouneedtoscheduleadditionaldaysfortravelHowmuchwillairfarecostDotheshowdatesoverlapondaysthatyounormallywouldbeinyourstoreHowmanyworkinghourswillyouneedtobudgetforanotheremployeetobeatyourstoreinyourabsenceDoyouwanttobudgetforanadditionalpersontoattendtheshowwithyouIfsofactorinthecostofthatpersonrsquostravelandifnecessaryworkinghoursforwhichyouwillpaythatpersonWillthispersonneedhisorherownhotelroomorcanyoushareOnceattheshowwilltherebetransportationcoststoandfromthehoteltotheactualsiteDoestheshowofferanyspecialratesforhotelairfaretaxisorotheraccommodationdetailsWhatothercostsmightyouincurbyparticipatinginatradeshowsuchaschildcareorotherpersonalexpenses
TakingthetimetoanswerthesequestionswillallowyoutolookaheadathowmuchitwillcostyoutoattendnolessthantwotradeshowsperyearOnceyouhaveidentifiedageneralamounttoallocateforthisbudgetthisintoyourstoreoperationsBymakingthisapriorityandnotanexceptionyouwillbebetterpositionedasaretailer
6
BuyingforCustomersVersusYourself
Yourmostunhappycustomersareyourgreatestsourceoflearning
mdashBillGates(1955ndashpresent)inventorinvestorphilanthropistTIME
ANDtimeagainwehavefoundourselvesspeakingwithretailersandsharingstoriesabouthowtheirstorescametolifeManyoftheseconversationsbeginwithldquoIopenedmystorebecauseIlove[insertwhateveritisyoulovehere]rdquo
Whetheritbeshoesfashionhomedecorsurfinganimalsbikesmodelairplanesoranythingelseyourheartmaydesirewersquovehearditallwhenitcomestowhyfolksofallagesandwalksoflifehaveventuredintotheretail
businessIronicallyhoweverwerarelyhearstoreownerstellingustheyopenedtheir
businessesbecausetheyloveworkingwithpeopleTheironyinthishasalwaysfascinatedusandweimaginewillcontinuetodosoItrsquosquitepossiblethatthisexactreasonhoweverkeepsussoinspiredtohelpmerchantsbetterunderstandthebusinessofretailaswellasitsgreatestobstaclemdashconsumers
UnderstandingtheBasicsofRetailMath
ldquoEachcustomerthatwalksthroughyourdoorisvotingwiththeirdollarsandtellingyouwhattheywantyoutohavemoreofhellipandwhattheywantyoutohavelessofYouneedtolookatthedecisionstheyaremakingthroughtheirpurchasesandevaluateitmonthlyrdquoCEOandnationallyrecognizedretailexpertCathyWagnerofRetailMAVENSexplains
EXPERTSPOTLIGHTTakinganin-depthlookatyourinventoryshouldalwaysbeonthetopof
yourto-do-listRetailexpertCathyWagnerofRetailMAVENSsharesfivetipstohelpyoumanageyourinventorywithagoalofincreasingsell-thru
1Lookattheofbusinessdoneinthedifferentclassesofinventoryofyourstorebydividingtheamountofsalesineachclassbythetotalofsales(withoutsalestax)
(SalesbyClassTotalStoreSales)X100=ofSalesbyClass
2NextlookattheamountofinventorythatyouhaveineachclassatretailDividethedollaramountofinventoryofeachclassbythetotalinventorytodeterminewhatofinventoryeachclassrepresents
(InventoryatRetailbyClassTotalStoreInventoryatRetail)X100=ofInventorybyClassatRetail
3ComparetheofinventorytotheofsalesforeachclassTheofsalesofaclassshouldmatchtheofinventorythattheclassrepresentsofthetotalinventory4MakeadjustmentssothattheoftheinventoryofaclassmatchestheofthesalesthattheclassrepresentsForexampleiftheinventoryofaclassis$5000outof$20000thenitrepresents25oftheentireinventoryIfthesalesofthatclassare50ofthetotalsalesthenyouhavetoincreasetheinventoryto50ofthetotalinventorySincetheinventoryis$20000weknowthattheretailinventoryoftheclassmustbebroughtto$10000Thismeansyoushouldthenordermoreinventory5WhilemakingadjustmentslikethisyouwillfindthatthereisanotherclassthatrepresentsalargerofinventorythansalesTakeactionimmediatelytomarkdownwhateveritemsareslowingthatclassdownsothatyoucandecreasetheinventoryaccordingly
UnderstandingyourinventoryanditsperformanceiscriticalingainingconsumerattentionandstoresalesTohelpyoudothisWagnersuggestsreviewingeachvendororbrandyoucarryinyourstorebydollarsnotunitsForexampleifyoureceived$1000ininventory(pricedatretailnotwholesale)andafterfourmonthssold$200stillowning$800thenyouwouldhavea20
afterfourmonthssold$200stillowning$800thenyouwouldhavea20percentsell-through(2001000)FormostretailersthisisabadscenariosuggestingthatyourinventoryofchoicewasnotwellreceivedbycustomersandthereforeisnrsquotsellingtoplanThequestionthenbecomesWhatdoyoudoWagneranationallyrecognizedretailexpertknownforherexpertisein
inventorymanagementspecificallyoffersthefollowingadvice
LookatthepercentageofbusinessdoneinthedifferentclassesofinventoryofyourstoreversusstrictlybyvendororbrandNextlookattheamountofinventorythatyouhaveineachclassatretailDividethedollaramountofinventoryofeachclassbythetotaltodeterminewhatpercentofinventoryeachclassrepresentsFinallycomparethepercentofinventorytothepercentofsalesforeachclassThepercentofsalesofaclassshouldmatchthepercentofinventorythattheclassrepresentsofthetotalinventoryTohelpensurethatyoufullyunderstandthisonaconsistentbasisIsuggestthatyoudothisexercisemonthlyAlsoknowthattherearefewexceptionstothisscenarioThisisanexcellentwayoflisteningtoyourcustomersandmakingsurethatyouarebuyingwhatyourcustomerswantyoutocarrymdashnotjustwhatyouwanttosell1
Evaluatingyourexistinginventoryandvendorassortmentisaresponsibilitythatshouldneverleaveyourto-dolistOftenretailersgetcaughtupinthehabitofbuyingproductstheylovebuttheircustomersultimatelydonotthereforeitcanbeachallengetoshiftgearsandmakepurchasedecisionsbasedonyouractualsalesorcustomerdemandsRecognizingthatyourtasteandthetasteofyouractualcustomersmayvarycanbechallengingmdashyetacceptingthisiskey
RETAILTIPRunningaretailstoremeansmorethanjustidentifyingagreat
assortmentofinventoryItmeansdoingalotofmathNevergointoaseasonwithoutacompletedopen-to-buy(OTB)planBetteryetnevergointoafiscalyearwithoutafullOTBplansetinplaceNextmakesureyouaccuratelyidentifyyourstorersquosgrossmarginreturnoninvestmentinventoryturnovernetsalessell-thruandstock-to-salesratiousingtheretailformulasbelow
TotalSalesndashCostofGoods=GrossMargin
GrossMargin$AverageInventoryCost=GrossMarginReturnonInvestment
NetSalesAverageRetailInventory(SkuCount)=InventoryTurnover
GrossSalesndashReturnsampAllowances=NetSales
UnitsSoldUnitsReceived=SellThrough
BeginningofMonthStockTotalMonthSales=Stock-to-SalesRatio
Onceyourealizethatyourpersonaltastepreferredpurchasesorproductpicksarenrsquotalwaysthesameasthoseofyourcustomersyouwillopenyourselfuptomakingpurchasesthatarestrongersuitedforoptimalsell-throughTohelpyouaccomplishthisanalyzehowmuchmoneyyoumakepereachvendorinyourstoreperseasonTodothissimplytaketheamountsoldlessthecostoftheinventoryandthendividethatnumberbytheamountsoldandmultiplythatby100Thiswillcalculatethemaintainedmarkup(MMU)forthatvendor
Maintainedmarkup(MMU)=(amountsoldndashcost)amountsoldtimes100
AlthoughyouridealMMUwillvarybasedonyourretailsectorandaveragepricepointsofinventorytypicallyyouwanttoseeyourMMUatover50percentpervendorYoushouldconsidereliminatingvendorsorspecificproductsperformingatlessthan50percentfromyourstoreassortmentaltogetherafterimplementingamarkdownstrategytohelprecoversomeofyourinvestmentintothemYoualsoshouldconsiderincreasingthetotalquantityofitemsthatexceed80percentwhichmayincludeintroducingmorecolorassortmentsavarietyofstylesordeeperbuysintowhateverthatitemmaybeAsalwaysthoughyouwillwanttorepeatyourreviewofeachvendororspecificitemsell-throughduringandnolaterthanattheendofeachseasontocontrolyourpurchasequantitiesaswellasyouroverallopen-to-buy(OTB)dollars
OTBdollars=projectedsales+projectedmarkdowns+plannedend-of-monthinventoryndashplannedbeginning-of-monthinventory
Inadditiontousingstrategicretailformulastomanageyourinventorysell-throughconsiderintroducingacustomerfocusgroupintoyourstorebuyingagendaTraditionallyspeakingafocusgrouphelpstodeliverresearchbyaskingpeoplequestionsregardingtheiropinionsperceptionsattitudesandoverallinterestsregardingaproductserviceideaor(inyourcase)storefromacollectiveperspectiveThevalueinincorporatingacustomerfocusgroupintoyourstorestrategyisthatyoucangainfirsthandrealisticandinformativeinsighttohelpyoureactmoreappropriatelytoyourtargetconsumerinterests
IntroducingCustomerFeedbackforInventoryManagement
KarenHollisanIllinois-basedjewelryretailerwhohashadherownjewelrystoresince2005introducedacustomeradvisoryboardinearly2013Ultimatelyhergoalwastohavemorein-depthconversationsaboutherstoreexperienceandherstoreinventoryduringhercustomeradvisorymeetingsChoosingamidweekeveningtobringagroupof20customerstogetherHolliscreatedarelaxingenvironmentthatallowedcustomerstobothhavefunandsharetheirthoughtsonherstoreKHollisJewelersldquoIidentifiedcustomersIfeltknewmystorewellenoughtocommentonitrdquo
HollisexplainedChoosingcustomerswhorangedfrombigspenderstomoderatespendersallowedHollistogainamorediverseunderstandingofherstoreaswellDuringthistwo-houreventHollisofferedlightappetizersanddrinks
encouragingcustomerstowalkaroundthestoreattheirleisureHollisalsoincorporatedfishbowl-stylevasesthroughoutthestoreandpiecesofpaperandpensforcustomerstosharetheirthoughtsonanythingmdashwhetheritwastosaytheydidnrsquotlikesomethingorthoughtacertaincategoryofproductshouldbeintroducedHolliswelcomedcustomerstoshareanyinsightthatcouldhelphertofurtherhelpthemBywelcomingcustomerstospeakupgetinvolvedandsharetheirthoughts
onyourstoreinventoryandotherdetailsaboutyourstoreyoucanlearnmoreaboutwhatyourcustomersreallywantIfhostingquarterlybiannualorevenonce-a-yearadvisoryboardeventsisnotinyourforecastmakesurethatyoustillwelcometruthfulfeedbackfromconsumersviacommentcardsandsocial
mediaAskyourcustomersdirectlyfortheirthoughtsaboutyourstoreidentifyingspecificquestionstohelpthemrespondtowhatyouaremostcuriousaboutIndicatingthatyouwanttohearbothprosandconsaboutyourstorecanhelpcustomerstoopenupwiththeirresponsesaswellSomesuggestedquestionstodirecttocustomersviaacustomeradvisory
meetingsocialmediaorcommentcardsinyourstoreincludethefollowing
1Whatisyourfavoritevendorandoritemcurrentlysoldinourstore2Whatisyourleastfavoritevendorandoritemcurrentlysoldinourstore3ArethereanyvendorsproductsorbrandsthatwedonrsquotsellthatyouthinkweshouldPleaseidentifythem4Whatisyouraveragebudgetwhenshoppingforitemsthatarepartofourstoreassortment5DidyoubuysomethingthelasttimeyouvisitedourstoreWhyorwhynot6IftodayisyourfirsttimevisitingourstorewouldyouplantovisitagainWhyorwhynot7Ifyouarearepeatcustomerwhatreasonskeepyoureturningtoourstore8Doyouhavesuggestionsonhowwecanbettersupportyouinyourpurchasingdecisions9WhatotherstoreswouldyouconsidervisitinginsteadofoursWhy
10DoesourproductassortmentmakeyouexcitedtomakeapurchasePleaseexplain
SupportingtheideatosolicitcustomerinsightDrGaryEdwardschiefcustomerofficeratMindshareTechnologiesbelievesthatspeakingupispartofthejobofamerchantldquoIfretailersdonrsquotasktheircustomerswonrsquottellmdashandwhattheydonrsquotknowcanhurttheirbusinessinnumerouswaysrdquo2
UsingtheinformationyoureceivecreateanactionplantobettersupportyourstorebuysaswellasyourstoreexperienceMoreoverDrEdwardsrecommendscheckingoutwhatyourcustomersaresayingonreviewsitessuchasYelpcomandCitySearchcombothofwhichhighlightretailstoreswithcustomerreviews
RETAILTIPIllinois-basedretailerTomKonopackiexperiencedaldquoseven-yearitchrdquo
thatpushedhimtowantmorethanjusthissinglestoreAnastaziainGenevaIllinoisHissolutionOpeningstorenumber2WhileexpandinghisexistingstorewasoneideaultimatelyhedecidedasecondlocationwouldallowhimtoreachmorecustomersandgainmoresalesldquoAbiggerstoredoesnrsquotnecessarilytranslatetotwiceasmanysales
InsteadanotherlocationmakesmoresenserdquoKonopackidecidedonopeningasecondstore26milesfromhisoriginal
storeinGlenEllynIllinoisNinetypercentofhismerchandiseisduplicatedwhiletheother10percentisdistinctivetoeachrespectivestorersquoscustomersandsalespatternsldquoAddingasecondlocationhasresultedinnearlydoubleannualrevenue
butthatcomeswithdoublerentpayrollandinventoryaswellItrsquosimportantthatwhilewehavesimilarinventoryinourstoreswedonrsquotforgetthateachstorehasitrsquosowncorecustomerItrytoalwayscatertotheactualcustomerateachstoreandforusthatmeansbuyingmoreimpulsegift-stylebuysatourGenevastoreandlargerfurniturepiecesforourGlenEllynlocationOnly10percentofthestoreinventorymayvarybutthat10percentaddsupEverypercentdoesactuallywhichiswhyIrsquomalwaysevaluatingourcustomersourinventoryandwhatwecandobettertoincreasebusinessrdquo3
UsingPoint-of-SaleSoftwaretoHelpManageInventory
ldquoGrowingabusinesscomesdowntodataIfyoudonrsquotthoroughlyunderstandhowyourbusinessisperformingwhatyourcashflowislikeandwhoyourcustomersaregrowingmdashandevenjustrunningmdashabusinesscanbearealgamblerdquo4VaughanRowsellVendCEObelievesAsRowsellsuggestsmanaginginventorydemandsprecisecareHaving
strongpoint-of-sale(POS)softwareisakeyfactorinthisequationallowingretailerstoconfidentlymanageandtracktheirinventoryaswellastheircustomerloyaltyRowsellsharesfivereasonsthatretailerscanbenefitfrom
customerloyaltyRowsellsharesfivereasonsthatretailerscanbenefitfromincorporatingaPOSsystemintotheirstoremanagementSpecificallythebenefitsidentifiedcanallbegainedfromVendPOSwhereasmanyalsocanbeachievedviaPOSsoftwarefromotherproviders
Reason 1 POS systems easily keep track of inventory and always knowexactlyhowmuchinventoryyouhaveinstockReason 2 POS systems allow you to run reports on which products aresellingwhen theyare sellingandhowoftenallowingyou togaina realunderstandingofyourproductturnoverandbusyperiodReason3POSsystemsofferretailersawaytounderstandtheircustomersrsquopreferences and spending habits by sharing actual data As a resultmerchants can create targeted marketing campaigns in response to thesedatastrengtheningtheiroverallstoremanagementandmarketingeffortsReason 4 Some POS systems (such asVend) even have built-in loyaltyprogramsgivingretailers tools to rewardcustomersandencouragerepeatbusinessReason5GoodPOSsystemsshouldkeepyourdatasafeExcelfilespapernotebooks and spreadsheets are allwell andgood but they arenrsquot highlyrated when it comes to longevity or security Itrsquos easy to spill a cup ofcoffeeonanotebookor a laptopandcompletelydestroyhours (oryears)worth of painstaking labor Having a state-of-the-art POS system meanssafely and painlessly storing your information (including sales and dailyreports)inthecloudsothatyouneverloseit5
InadditiontotheprecedingreasonsthatPOSsystemsaregoodforretailersitrsquosimportanttoalsoconsiderwhichPOSsystemisgoodspecificallyforyourbusinessRowsellrecommendstakingthetimetoresearchwhichPOSsystemprovider
makesthemostsenseforyouruniqueretailstoreallowingyoutoaccuratelyunderstandallyouroptionsbeforemakinganinvestmentinaPOSsystem
WritealistofallthefeaturesyouneedtohavethenstartsearchingandsticktothatlistThiswillhelptopreventyoufromgettingsweptoffyourfeetbythemarketingglamourofallthesolutionsoutthereFurthermoreonceyoursquoveselectedtherightPOSsystemtakethetimeandspendthemoneynecessarytosetupyourPOSproperlyfromthebeginningThiswill
saveyoulotsoftimeandheartachedowntheroadrdquo6
RETAILTIPPoint-of-sale(POS)providerscanstreamlineinventorymanagement
whilealsohelpingtosupportreasonsformarketingin-storeeventscustomerloyaltyandmoreThedifferenceisallinthedetailshoweverToensureyouselecttherightPOSproviderforyourbusinessmakesureyoucompletedemonstrationsofeachPOSprovideryouareconsideringaswellasidentifyifthePOSsoftwareyouareconsideringmeetstheneedsofyourbusinessBelowisanexampleofVendrsquosinventorymanagementandproduct
historyspecifictooneuniqueitemOneofthebenefitsofusingaPOSsoftwarelikeVendisthatyoucanextensivelyidentifysellingpatternsinventorychallengesandmorethroughtheirexpansivedatadetails
FinallyrememberthatcombiningyoureffortstoidentifythebestinventoryassortmentforyourstoreistheidealwaytomanageyourinventoryldquoByutilizingalltypesoffeedbackretailersincreasetheirabilitytolistentotheircustomersandtoimprovetheirretail-consumerrelationshipsrdquo7DrEdwardsfurtherexplainsUltimatelyyouhavecontroloverhowyouspendyourOTBdollarsbutitis
customerswhoreallymakethebuyingdecisionsDonrsquotneglecttheirvoiceinyourinventorymanagementandinreturntheywillbelesslikelytoneglectyourstore
Inthechaptersthatfollowwersquolldiscusshowyoucanbettermanageand
InthechaptersthatfollowwersquolldiscusshowyoucanbettermanageandmarketyourinventorybyintroducingyoutovariousbusinessesthatcanhelpaswellasbyprovidingtipsyoucanapplytoyourstorerightawayAmongthesearein-storeeventsanddisplaypointersWersquolldiscusshowtechnologyaffectsretailerstodayandwhetherornotmobilecommercehasaneffectonyourbusiness
ActionGuide
RetailexpertandCEOofRetailMAVENSCathyWagnerworkswiththousandsofretailershelpingthemtoobtainretailprofitsHerthoughtonmanagingyourinventoryandincreasingyourpaycheckisthatitrequiresthesamestrategyaseatinganelephantYesIsaiditeatinganelephantldquoGrowingyourbusinessrequiresthesamestrategyaseatinganelephantAn
elephantisHUGEandifIweregoingtoeatitmdashwhatwouldIdoHowwouldIstartWherewouldIstartThereisasecretandsupereasywaytodoithelliponebiteatatimerdquo8explainsWagnerIfyourgoalistohavealargerpaycheckthemostimportantstepyoucantake
istomanageyoursinglelargestexpensewellThismeansthatyouhavetolearnhowtocontrolyourinventorybetterldquoTheeffortthatyouspenddoingthatyieldssuchalargeimpactbecausecost
ofgoodsrepresentsabout50percentofyoursalesrdquo9WagnerfurtherexplainsFurthermorethistypeofgoaltakestimetoaccomplishwhichisnodifferentthaneatingahugeelephantonebiteatatimeHerersquosanexampleIfyoudo$400000inbusinessyouarespendingabout
$200000onyourinventoryinayearIfyouwerebuyoneitemthatcostthatmuchthinkabouthowmuchresearchandeffortyouwouldputintomakingagooddecisionHowevertoooftenbuyersareguiltyofspending$500hereand$1200therewithoutknowingforsureifitisbeingspentwhereitshouldbeThatshouldnothappenmdasheverWagnerrsquosadviceldquoTakecontrolofyourinventoryandstartputtingmoredollarsinyourpocketrdquo10
InfollowingWagnerrsquosadvicetakethetimetoorganizeyourinventoryintoclassificationsofinventoryversusinventorybyvendorThefollowingstepswillshowyouhowtodothisandwhythisisvaluableforyourbusiness1Groupyourstoreitemsbystock-keepingunit(SKU)intoclassificationsofinventorymdashorclassesmdashversusbyvendorAclassisagroupofsimilarinventorymdashsimilarin
typeofitemandinventoryturnBybreakingyourinventorydownintomanageablebite-sizedpiecesitiseasytocontrolWhenyoulookatyourstorebyclassesyoucananalyzesalesandinventorylevelsbetterAndwhenthathappensitbecomeseasiertocontrolTheresultisincreasedgrowthinsalesandprofits2GiveyourcustomerswhattheywantCustomerstelluswhattheywanteverytimetheybuysomethingfromusTheyarevotingwitheachdollartheyspendWhentheymakeapurchasetheyarevotingthattheywantmoreofthatclassofitemsKeypointheretheirpurchaseshouldrepresentawholeclassofitemsnotjustasingleitemTheyaretellingyouthatyoudoagoodjobbuyingdressesorcandlesorchairsYouhavetolookbeyondtheactualitemitselfthoughWhenyouhaveclassesyoucantrackwhatcustomerswantfromyouandmakesurethatyouhavejustenoughforthemaswellasanassortmenttoofferthemThisknowledgegivesyoupowerinyourretailbuying
3ReacttotheclassesbeingidentifiedastopperformersaswellaslowperformersLetrsquossaythatyouwanttoincreaseyourpurchasesfortheholidaysby10percentbecauseyoubelievethatyourbusinesswillgrowbythatmuchJustadding10percentacrosstheboardwouldbeabigmistakeRetailspendingisneverevenlydistributedamongeveryclassthereforeyourretailbuysshouldnotbeeveneitherSomeclasseswillbeup20percentmaybeeven25percentandsomeotherclassesshouldbedown15percentIfyoujustadded10percenttoallyourordersyouwouldendupoverinventoriedinsomeclassesandunderinventoriedinothersEssentiallythiswouldcausesomeofyourcustomerstoleaveyourstoreandshopelsewherebecauseyoucouldnrsquotgivethemwhattheywantedHoweverwhenyouknowthedemandofeachclassyoucanlookathoweachistrendingandthenbuyaccordingly
RememberthatinventorymanagementisnotsomethingtooccasionallydomdashbutrathertoalwaysdoMakeinventorymanagementatoppriorityofyourstoretoensurestrongsell-throughandsmarterbuyingdecisions
7
SellingYourProducts
ObstaclesdonrsquothavetostopyouIfyourunintoawalldonrsquotturnaroundandgiveupFigureouthowtoclimbit
gothroughitorworkaroundit
mdashMichaelJordan(1963ndashpresent)formerNBAplayerentrepreneur
ALTHOUGHBUYINGinventoryisanextremelyimportantpartofaretailerrsquosjobthehardestpartofallisstillleftaheadmdashsellingwhathasbeenpurchasedThedynamicsthatsurroundsellinginbrick-and-mortarretailstorefrontsaremuchgreaterandmorediverseandextremethanatanyothertimeinretailhistory
Oftenmerchantsfeelbombardedwiththevariousldquonewrdquotechnologiesandotherretail-focusedproductsthataremarketedtohelpthemintheirbusiness
operationsFurthermorethecoreresponsibilitiesofrunningastorefrontsuchasmerchandisingandtrackinginventorymustremaintopofmindforbusyretailersdespitethevastrangeofotherresponsibilitiesontheirto-dolists
Combinedtheseresponsibilitiescreateachallengingagendaforretailerstomanageoftenresultinginoverlookedorundermanagedsituations
MichaelAmatoformerpresidentofWashingtonMutualandcurrentCEOandpresidentofCimarronanadvisoryfirmthathelpsleadersmaketheirmarkontheirbusinessesencouragesretailersandallentrepreneurstobestrategicintheirbusinessoperationsAmatoexplains
Itrsquosimperativeforsmall-businessownerstofocusonstrategicalignmentAnentrepreneurshouldnotonlydevelopavisionandmissionstatementorstatementofpurposebutalsoidentifyanddevelopabusinessstrategyAsasmall-businessowneryouareoftennotforcedtodothesestepsandconsequentlyskipoverthemButthiseliminatesyoufromhavingastrategywhichcancreatedysfunction1
AmatorsquospointtoidentifyaplanofactioninyourbusinessstrategyisnotonetoignoreAsaretaileryourgoalistoprovideanendsaletoaconsumerThequestionisAsidefrombuyinginventoryhowdoyoudothis
IntroducingandManagingStoreEvents
UponarrivalofinventorytoyourstoreyoushouldalreadyhaveidentifiedyourplanofattackforhowthisproductwillaffectyourcurrentinventoryassortmentaswellashowyouplantomerchandiseitmarketitandultimatelysellitIdeallyyouarebuyingyourproductwellinadvanceallowingyoutoadequatelyplanforitsarrivalandallthelayersofsupportthatcomewithitTogetstartedthisincludescreatingamarketingcalendartohelpyoupromoteyourinventoryandcollectivestoreatlargeLookingaheadnolessthansixmonthsandevenasfarasoneyearretailers
canbenefitfromidentifyingtheirmarketingplansviaadedicatedstorecalendarUsedtoenrichalltheanglesthataffectyourstorersquosvisibilitymdashincludingsocialmediacommunityeventscustomer-loyaltyprogramsandmoremdashthiscalendarcanhelpyoutotrackmanageandidentifyyourin-storemarketinggoalsChicago-basedretailerAngelaGianfrancescosharesherexperienceon
planningaheadforherretailstore
IworkoffastorecalendarthatIplanaheadbyaboutninemonthsandoftenitrsquosevenfurtherplannedoutThoughold-fashionedIhavethiscalendarhangingonmybackroomwallsothatIamconstantlyremindedofitandasaresultuseitThereisnrsquotadaythatpassesthatIdonrsquotleanonthiscalendarasareminderofwhatIneedtodoinordertostayontrackwithmysell-throughgoalsEssentiallythiscalendaridentifiesweekbyweekwhatIhavegoingoninmystoreallowingmetovisuallyseewhetherornotIhaveeventsplannedorifIrsquomdueforamerchandisingwindowchangeItalsoidentifiesanylocaleventstakingplacekeepingmyinvolvementwithourcommunityalwaystopofmymindPlusIusedifferentcolorstoreflectdifferentthingssuchasredtoidentifythatitrsquostimeforanewwindowdisplayandbluetoidentifythatwehaveanin-storeevent2
ForGianfrancescomakinghercalendarboldandbigwascriticaltoherattempttoactuallyuseitPriortocommittingtoacalendarGianfrancescohadleanedonmemoryalonetokeepupwithherstoreplanningSheexplains
HonestlyIwassobusythatIneverfeltlikeIcouldstoptocreateamoreorganizedwaytokeepupwithinventoryandstoregoalsItwasnrsquotuntilIfinallymadethetimethatIrealizeditactuallyhelpsmeandultimatelysavesmetimenowaswell3
ForsomeretailersposterboardndashsizedcalendarswonrsquotdothetrickFortunatelytechnologyoffersyoumanyoptionsthatcanseamlesslyblendintoyourstoreoperationsOnetechnologytoconsiderisSnapRetailrsquosdraganddropcalendarwhichallowsyoutoorganizeyourmonth-by-monthmarketingplansinjustminutesYoucanaddyourowneventsandincorporateprewrittene-mailtemplatesandsocialmediapostsfromSnapRetailrsquoslibraryofoptionstomakeyourmarketingeffortsquickyeteffectiveAndforretailerswhopreferpapercopiesyoucansimplyprintthiscalendartoreferenceasneededCreatingacalendaristheeasystepinthisprocesscomparedwithactually
determiningwhatneedstogoonitFormerchantsidentifyingthebestwaystoattractcustomerattentionandgetthemintoyourstorealwaysshouldbetopofmindThismeansthatyoushouldstageeventsandotherpromotionstohelpyouachieveyourgoal
RETAILTIPUsingtheSnapRetailcalendarisoneoftheeasiestwaystomanageboth
yourimportantin-storeactivitiesaswellasyouronlinemarketingeffortsNotonlycanyouplanaheadbyschedulingyoursocialpostsande-mailsinadvanceyoucansavetimebyusingprewrittenideasfromtheirsocialmedialibraryBelowisanexampleofwhatSnapRetailrsquoscalendarlookslikeKeepin
mindthatwhenvisibleonlineandincolorthiscalendarbecomesclearerandeasiertonavigate
RichKizerandGeorganneBenderinternationallyrecognizedretailkeynotespeakersandconsultantsbelievethatconsistenteventsarekey
Everyretailerneedstohosttwokindsofin-storeeventsallyearlongmajorandminorInfactyoushouldhostonemajorin-storeeventandtwotothreeminoreventseachandeverymonthAmajoreventisonethatbuildstrafficandpacksyourstorewithcustomersDonotconfuseamajoreventwithsomethingthattakesalongtimetoplanhoweverAfashionshowcanbeamajorundertakingbutitrsquosnotamajoreventunlessitattractslotsofpotentialcustomerswhocometowatchmdashandbuysomethingwhiletheyrsquorethereAminoreventmightbeaSaturdayfullofldquomakitsandtakitsrdquodemonstrationsorminiclassesMinoreventsdrawcustomerstoyourstorebutshouldnottakealotoftimetoplanorimplementIftheconceptofeventsandpromotionsisnewtoyouthenbeginbyrunningonemajor
eventandoneminoreventforeachmonthoftheyear4
KizerandBenderrsquosadvicetoplanbothmajorandminoreventsintoyourstorecalendarshouldnotbeoverlookedWhetheryousellpetsuppliescraftitemswomenrsquosfashionsorpaintandhardwarethereisanever-endinglistofeventpossibilitiesforyournichestoreOnewaytoidentifywhattypesofeventsmaybebestsuitedforyourcustomersistoaskthemdirectlyLeaningonyoursocialmedianetworksaswellasin-storestaffcommunicationaskyourcustomerspointblankwhattypesofeventstheyrsquodlovetoseefromyouAlsohostafeweventswithatrial-and-erroragendathatallowsyoutoidentifywhicharemoresuccessfulthanothers
RETAILTIPGenevaIllinois-basedretailerShariRalishopenedhergeneral
merchandisestoreinFebruary2010DuringthefirstyearofbusinessRalishrarelyhostedin-storeeventsanddidnotfactorinthevaluethatthesecouldhaveonherbusinessuntil2012AtthistimeshemademonthlyeventsapriorityandroutinelyscheduledbothminiandmajoreventsinherstorehostingonaveragesixeventsamonthFrom2011to2012salesasadirectresultofin-storeeventsincreasedby86percentandfrom2012to2013salesincreasedby27percentduetostoreeventsTocontinuethistrendRalishlooksaheadbynolessthansixmonthstoensurehereventcalendarissecurelyidentifiedrangingfromvendortrunkshowstoproductsamplingeventstolivemusicbeingplayedinherstoreThisalsoallowsRalishtocommunicatewithhercustomersinatimelyfashionsharingeverythingthatistakingplaceinherstore
WhenplanningeventsyoushouldconsidernotonlywhattheeventisbutalsowhenitisForexampleyoumayfindhostingthesameeventonaWednesdaynightandaSundayafternoonattractsmorepeopleonetimeversustheotherDonrsquotletthisbringyoudownbutinsteadattempttounderstandwhythismaybeInresponsebegintoplanyourfutureeventsaccordinglyOnlytrialanderrorcanhelpyoutoidentifywhatrsquosrightforyourcustomersandyourstoreThekeyhereistotrackeacheventsothatyoucanleanonyoureventhistorytohelpincreaseyourfutureeventsuccessSomethingstoidentifyandtrackfromeach
increaseyourfutureeventsuccessSomethingstoidentifyandtrackfromeacheventinclude
1HowfarinadvancedidyouplantheeventIfyouaddalast-minuteeventtoyourcalendarandfailtogiveitalotofmarketinginadvancethiscouldaffecttheeventrsquossuccessrateMeanwhileifyouhaveaneventidentifiedsixmonthsoutandstrategicallyidentifywhenyouwillannounceittoyourcustomerspreparepressreleasesforthelocalmediaandincorporatedetailsoftheeventintoyoure-mailmarketingplansandsocialmediathiswilllikelyincreaseyourchanceforastrongerreturnonyoureventinvestment2HowdidyoumarketeacheventForminoreventsyourmarketingplanmaybeacombinationofsocialmediain-storecommunicationandcustomerphonecallsHoweverforamajoreventyoumayincreaseyourmarketingreachbydoingpostcardmailerstoyourstoremailinglistreachingouttoyourlocalmediaforpressattentionandworkingwithoutsidevendorsandlike-mindedbusinessestoreachalargeraudienceofpotentialcustomersandattendeesAlwaysmakesuretotrackandidentifyyourmarketingeffortsmdashnomatterhowsmallorlargemdashsothatoncetheeventisoveryoucanreflectbackandseehowthesedetailsaffectedyoureventAneasywaytodothisisbycreatinganExcelspreadsheetthatactsasachecklistofwhatyouneedtodoandwhatyouhavealreadydoneSnapRetailrsquosonlinecalendaralsocansupportyouinthistracking3WhowasinvitedtoeacheventManyretailershaveopeninvitationsandwelcomeanyoneandeveryonetotheirstoreeventsThismakessenseandisagreatwaytoincreaseyourchanceofstrongersalesHowevertheremaybesomeexceptionstothisruleandonoccasionadedicatedinvitelistisidealOneexampleofthiswouldbeifyouarecelebratingastoreanniversaryandwanttorewardyourtopcustomerswithaspecialpartymakingitaninvite-onlyeventthatyouplanduringtraditionallyclosedhoursYoucouldkeepyourstoreopenuntilyournormalclosingtimewelcomingallcustomerstoenjoyyouranniversarycelebrationswithproductincentivesstorespecialsandotherpromotionalexperiencesandthencloseandlockyourstoreforaprivateinvite-onlycelebrationthatbeginsafteryourstoreisofficiallyclosedtothepublic4Whatin-storeexperiencesdidyouofferateacheventOtherthan
sellinginventoryandprovidingaplaceforyourcustomerstoshopwhatdidyoudoinyourstorethatmadeyoureventmoreuniqueSomeideastoconsiderwouldbehavinglivemusicofferinganassortmentoffoodanddrinksinvitingavendortobeonsiteandengagewithcustomershostingabooksigningsharingproductdemonstrationsofferinghands-onexperiencesthatmayincludeclassesormakingcraftsandofferingcustomersminifacialsmanicuresorotherspaexperiencesDependingonyournicheaudiencetheideaswillvarybutthegeneralideatogainhereisthatbyintroducingexperiencesinyourstorethatdonothappenonanormaldayyouareofferingastrongerreasonforconsumerstowanttoattendyoureventRemembertorecordthedetailsofwhatitisyouofferallowingyoutoreflectbackonhowthismayhaveincreasedstoresalesandstoretraffic5WhatwerebothyourexpensesandsalesasadirectresultofeacheventTheentirereasonthateventsareundertakenistomakemoneyplainandsimpleNaturallytherewillbeexceptionstothissuchasifyouhostaneventtoraiseawarenessforalocalcharitybutformostofyoureventsmakingmoneywillmdashandshouldbemdashyourgoalMakesurethatyousetasalesgoalforeacheventandplanyourmarketingeffortsaccordinglymdashhelpingyoutoreachyourgoalswhilealsostrengtheningyourchanceofhavingasuccessfuleventBesuretoalsoidentifyandtrackanyadditionalexpensesthatyoumayincurwhenintroducingeventstoyourstoresuchasbuyingfooddrinksandotherpromotionalitemsthatcouldincludeballoonspaperplatesnapkinsandmore
WhilecreatingmanagingandexecutingeventsmayseemlikeadauntingtasktherewardyouseeinsalesshouldhelpyoutostaymotivatedinkeepingupwiththisagendaSomefinaltime-savingtipswhenpreparingforin-storeeventscomefromNolchaEventscofounderKerryBannigan
YoucanneverbetoopreparedwhenitcomestoplanninganeventmdashnomatterhowlargeorsmallMakeanactionplanandconsiderthetimingforyourneedsPrintingpromotionalmaterialsschedulingproductdeliveriesandbuyingrefreshmentsforyoureventshouldallbeconsideredwellinadvancetoensurethatyoudonrsquotmissabeatItrsquosalsoagoodideatoconsiderpreparingyourstoretheeveningpriortoaneventafteritclosesfor
thedayallowingyoutogetorganizedandreadytogowithoutthechaosofcustomersorotherstoreoperationalresponsibilitiesFinallyworkingwithlocalbusinessesinyourcommunitytohelppromoteyoureventcanneverhurtDonrsquotwaituntilthelastminutetoseektheirsupporthoweverIdentifywellinadvancewhatlocalbusinessesyouwanttogetinvolvedinyoureventmarketingandthengetintouchwiththemrightawaytoidentifyhowyoucanmutuallysupporteachotherthroughthisprocess5
HighlightingInventoryThroughDisplays
Eventscertainlycanhelpretailerstopushsalesandgainvisibilitybutyourday-to-dayexistencewillalwaysplayakeyroleinyourretailsuccessCathyWagnerCEOandfounderofRetailMAVENSbelievesthatthekeytothisiskeepingthingsconstantlymovingaroundyourstoretoincreasethechanceofsell-through
TherearetwothingstoconsiderwhenpushinginventoryYouhavetoremainawareofthenewergoodsbutdonrsquotforgetabouttheoldstuffJustbecauseitrsquosolderdoesnotmeanthatitneedstobemarkeddownalthoughincaseswhereitemsarenrsquotsellingthiswillbeyoursolutionThekeyistoidentifywhatissellingandwhatisnotsellingnomatterhowneworoldtheyaretoyourstoreassortmentOnewaytodothisistosimplymovethingsaroundyourstoretoincreasesell-through6
WagnerrsquosadvicetomoveinventoryaroundyourstoreisaclassicexampleofhowmerchandisingcanaffectproductsalesAgreeingwithWagnerareretailexpertsKizerandBenderwhobelievethatldquoyoursalesflooranddisplaysrequireconstantreinventionsothatshoppersdonrsquotgetboredandgosomewhereelserdquo7
RETAILTIPLightingiscommonlyoverlookedinretailspaceshoweverithasthe
LightingiscommonlyoverlookedinretailspaceshoweverithasthepotentialtotransformastoreaswellasacustomerrsquosexperiencewithinaretailenvironmentProperlightingcanenticecustomerstoengagewithproductsaswellasleadthemtocertainareasofyourstoreOnthecontrarydarkspaceswithinretailenvironmentsmaycausecustomerstostraintheireyesornotviewinventoryondisplayatallEnsureyourstorehasadequatelightingfromallanglesbyincorporating
accentlightinghighactivitylighting(suchasnearyourcashwraporbyadressingroom)ambientlightingthatmayincludeasingularstorechandelierandcaseandshelvelightingtohelphighlightspecificmerchandiseWhilethereisnosinglestoreformulaforlightingonegeneralruleofthumbtofollowistochangeyourlightingasyouchangeyourdisplays
KeepingcustomersvisuallyengagedintheirshoppingexperienceisaconstantresponsibilityforretailerstokeepupwithAgreatdisplaymaybejustthatmdashgreatmdashbutafterawhileitisnolongerexcitinginterestingorengagingforyourcustomersbecauseitwillinevitablybecomestaleYourjobasaretaileristoneverletthishappenbutinsteadconsistentlyoffercustomersvisuallyengagingexperiencesthroughconstantlyrotatingstoremerchandiseanddisplaysAlthougheveryinchofyourstoremustbekeptupwithregardto
merchandisingsomekeyareastopayspecialattentiontoinclude
1StorewindowsAretailerrsquoswindowsoffercustomersafirstchancetoformanimpressionofthestoreAndastheoldsayinggoesldquoFirstimpressionshaveaboutthreesecondstomakealastingimpactrdquoWiththisinmindaskyourselfifyourstorewindowsdeliverastronglastingimpressionIfyoursquoveanswerednothenitrsquoscriticalthatyouaddldquochangestorewindowdisplaysrdquotoyourimmediateto-dolistYourgoalshouldbetocreateadisplaythatnotonlycapturestheattentionofapreviouscustomerbutalsoenticesapotentialcustomerwhohasneverbeeninyourstoreWindowsofferthechancetohighlightstoreinventorythroughdisplaysbutalsoareagreatplacetotellastorythatrepresentsyourstoreversusactuallyhighlightingwhatyousellForexampleyoucouldcreateawindowthathasanoversizedteddybearsittingonaminiaturechairwithaboldhighlightedcalloutsayingldquoLetustaketheweightoffyouthisValentinersquosDayrdquotodemonstrateyourstoreasthego-tospotforgift
givingWindowsofferachancetohavefunandgetcreativebutultimatelytheymustattractattentionforyoutoattractsalesAgoodgoalforkeepingupwithyourwindowdisplaysistochangethematleasteverytwotothreeweeks2Immediate-rightzoneStudiestellusthattimeaftertimecustomersturntotheirrightoncetheyenterastoreLikelythisisduetomostfolksbeingright-handedbutdespitethereasontherealtakeawayhereistofocusonwhatyouofferthroughdisplayandmerchandisingtotheimmediaterightinyourstoreDoesthisareacapturecustomerattentionAreyouhighlightingmust-haveitemshereoristhisspacewastedbynothavingadisplayatallConsiderwhatyourstorecurrentlyhasinthisareaandthenplantoincreaseitsmerchandisingvaluebystrengtheningyourdisplaysandproductassortmentthereKeepinmindthatwhileyouwantyourcustomerstostopshopandgetengagedthisisalsoahigh-trafficareaforbusyretailerssoyouwanttoallowenoughspaceforcustomermovementsothatcustomerscaneasilypasseachotheraswell3StorestoppersSometimesrecognizedasstorespeedbumpsstorestoppersaredisplaysthatstopcustomersintheirtracksandgetthemfocusedonadisplayorproductIncorporatingafewstorestoppersthroughoutyourretailspaceiskeyinkeepingyourcustomersengagedandshoppingthroughouttheirentirein-storeexperienceRatherthanbundlingyourstore-stopperdisplaysclosetoeachotherspreadthemoutthroughoutyourentirestoretokeepyourcustomersmovingandinterestedastheynavigateyourstorespaceIdeallyyoushouldhaveaboutfivestorestoppersforevery500squarefeetofstoreTheycanbeontabletopdisplaysorshelvesbutshouldallowcustomerstotouchandinteractwiththeproductversusmakingthemhavetoaskforsupportinhandlingthefeatureditemsondisplaySomestoresmayrunintochallengesheresuchashigh-endjewelrystoresbuttheideastillshouldbeapplied4Point-of-sale(POS)areaThereisnogreateropportunitytoincreaseyoursalesthanbyincreasingeachindividualpurchasebeingmadeRetailerscanapplythisstrategytotheirstoressimplybystrengtheningtheirPOSareaswithproductsthatmakegreatadd-onsalesorimpulsebuysforcustomerswhohavealreadydecidedtobuysomethingEssentiallythisisyourstorersquoscheckoutspotandwhenacustomerlandshereitmeansthatheorshehasdecidedtomakea
purchaseThisisyourchancetoincreasethetotalpurchasevaluebykeepingthecustomerengagedwithbothinterestingandnecessity-baseditemsthatheorshecaneasilyincludeinthepurchaseIdeallyyouwanttokeeptheitemsmerchandisedinyourPOSarealowerinpricerelievingthecustomerofhavingtothinktoomuchaboutwhetherornotheorsheshouldbuyanitemProductspricedat$1$5$10andunder$20aregreatcandidatesforthisareakeepinginmindthatthesepricesshouldreflectyourtargetaudienceandtotalstoreinventoryassortment5SalesectionNotallretailershaveadedicatedsalesectionpermanentlyintheirstoresbutwhetheryouofferthisseasonallyorfulltimethisareaoffersagreatchancetoengageyourcustomersthroughdisplaysUnlikeyourstore-stoppersectionsandPOSareayoursalesectionshouldleanmoreheavilyonpromotingthevalueofthesalediscountversustheproductitselfIfyouareofferingsomethingat50percentoffforexamplethismessagealonetocustomerswillgetthemmoreexcitedthanbyhighlightingwhatisactuallyforsaleLeaningonstoresignagecompaniessuchasBoutiqueVisioncomforstrongsignagecanhelpyouachievethis
InadditiontothesefivekeyareasofstoredisplaysyoualsoshouldincorporatesomemerchandisingtechniquesthroughoutyourentirestoretohelpincreasesalesAmongthebestwaystodothisistocross-merchandiseinventoryallowingmultiplechancesforyourcustomerstoseesomethingondisplayThemainreasonthatthisissovaluableforyourbusinessisthatcustomersdonrsquotseeeverythinginyourstoresoofferingthemthechancetoseesomethinginmorethanonespotincreasesthechancethattheywillactuallyexperienceitFurthermorerepetitionofproductsincreasestheconsumerrsquosimpressionofitwhichalsoincreasesthechancethatheorshewillwanttoknowmoreaboutaproductandthatultimatelyincreasesyourchanceofsellingthatproductAnothertactictoapplytoyourstoremerchandisingisthatofstaplesand
statementsIfyourstorehasitemsthatarealwaysinstocksuchasplainwhiteT-shirtsor8-by10-inchframesthencreateanareaofyourstorethathighlightsyourstorestaplesTrainyourcustomersthroughstoresignageandstaffcommunicationthatyoualwayshavethesestapleitemsinstockthereforehelpingtoincreasethechancethatyourstorewillbecomethego-toplacefortheseidentifieditemsOnthecontraryifyouhaveitemsthatareseasonalquick
sellersortrenditemsthesewouldfallintothestatementcategoryTheseitemsdeservesomehighlightedattentionaswellandwouldmerchandisewellinyourstore-stopperspotsandinwindowdisplaysItrsquosnosecretthatmerchandisingastoreisagiantresponsibilitythatrequires
notonlyskillbutalsotimeTohelpmakesurethatyoudonotneglectthisimportantstoreresponsibilityaddmerchandisingtoyourstorecalendarSpecificallyaddwhatneedstobedonesuchaschangingafront-windowdisplayorrearrangingyourPOSdisplayareaGenerallyspeakingyoushouldrotateyourin-storedisplaysonaweeklybasistokeepthingsfreshandexcitingforyourcustomersandyoushouldchangeyourfront-windowdisplaysnolessthaneverytwoweeks
UsingModernTechnologyinYourStore
InadditiontoclassicmerchandisingtechniquesretailersshouldconsiderhowmoderntechnologycanbeincorporatedintotheirstorestrategyiPadsforexamplearebeingusedincreasinglyforcustomerengagementSomelocalretailersareintroducingiPadsintotheirstoresasawayforcustomerstocheckinontheirsocialmediasitessuchasonFacebookorFourSquareinanefforttoincreasetheirstoreexposurethroughtheircustomersrsquosocialnetworksOthersuseiPadsasawaytofurthercommunicatewiththeircustomerswhiletheyareonthesalesfloorldquoWithaniPadinhanditrsquoseasytopullupyouronlinestoreoranInstagram
feedtoshowitemsastheymightlookinacustomerrsquoshomeorshowcustomersothercoloroptionsthatmightbemomentarilyoutofstockrdquo8CEOVaughanRowsellofVendaloyaltyandPOSsystemcompanyshareswithus
RETAILTIPModerntechnologywillcontinuetoimpactretailershoweversome
thingswillneverchangewhenitcomestocreatingadynamicretailenvironmentFormerchantsthesoundscustomershearintheirstoreswillalwaysplayaroleintheirsellingsuccessretailexperiencesandoverallstoreenvironmentFortunatelymerchantscaneasilycontroltheirstore
storeenvironmentFortunatelymerchantscaneasilycontroltheirstorespacethroughsoundbyintroducingcustomizedradiostationstotheirstoresCalifornia-basedcompanyRetailRadioprovideslicensedmusicand
customizedradiostationsforindependentretailersandotherbusinessownersTheirgoalistocreateaprogrammedmusicstationthathastheretailerrsquoscustomerinmindinadditiontocreatingcommercialsthatpromoteeachrespectivestoreEssentiallyRetailRadiocreatesin-storecustomercommunicationplatformsthroughmusicandmessagingAnaddedbonusisthatthemusictheyofferisalllegallylicensedmeetingalllegalrequirementsforcommercialbusinessestouseInadditiontosupportingretailersthroughcustomizedmusicand
messagingRetailRadioprovidesothersensory-basedsupportformerchantsaddressingtheneedsofsightsoundscentandsalesYoucanlearnmoreaboutRetailRadioatRetailRadiobiz
AsVaughanexplainedusinganiPadaspartofyourstoreexperiencenotonlycanhelpyouasamerchantbutalsocankeepcustomersengagedAnotheraddedbenefitthatiPadsofferretailersisthechancetoeliminateadestinationspotforcheckoutproceduresandinsteadwelcomeanyspotasachancetoringupasaleRowsellcontinues
TheiPadasaPOSistotallyrevolutionaryforanumberofreasonsThefirstandpossiblythemostvaluableisthatofitsmobilityYoucanuseaniPadanywhereexpandingyourreachforpotentialcustomersandultimatelysalesWhetherinfoodtrucksretailtrucksfarmersrsquomarketsattradeshowsorinyourownstoreyouriPadcanprocesstransactionsforyourbusinessBecauseofthiswhatrsquossoamazingfortraditionalbrick-and-mortarretailersisthattheycancompletelydoawaywiththecheckoutcounterandcreateacompletelyuniquecustomizedretailexperienceImagineaniPadPOSsystemgivesyoutheluxurytoprocesssalesanywherewhilealsoeliminatingtheneedforacheckoutcountertodisruptyourretailstoredesignMoreoveryoudonothavetointerrupttheshoppingexperienceasyoudragyourcustomersacrossthestoretocheckstocklevelsorringuptheirpurchasesInsteadallofthiscanbetakencareofrightonyourshopfloorbecauseofaniPadPOSsystem9
CertainlyaportablePOSsystemcourtesyofaniPadhasitsbenefitsas
CertainlyaportablePOSsystemcourtesyofaniPadhasitsbenefitsasRowsellpointsoutButonethingretailersshouldconsiderwhenintroducinganiPadintotheirstorersquosenvironmentisitsvulnerabilitytobedamagedorpossiblyevenstolenIfyoudohaveacheckoutareainyourstorekeepingyouriPadinadesignatedspotwithinthislocationisonewaytohelpmanageitsvulnerabilityAlsoyoumayevenconsiderlockingitinadrawerHoweverthemosteffectivewaytokeepyouriPadaccessibleandusefulistohaveitsecurelyfastenedtoaniPadstandthatislockedinplacewithinyourstoreThereareanumberofmodelsavailableforretailerstoconsiderbut
essentiallyretailersshouldlookforaniPadstandthatsecurelylockstheiriPadinplaceonlyreleasingitonkeyretrievalorbyenteringacodeRetailerswhowantaportableiPadthatcanmovearoundthestorewiththemshouldconsideriPadcartsandothermovingdevicesthatallowretailerstoeasilybringalongiPadsanywhereinthestorewhilekeepingtheirhandsfreetosupporttheircustomersandattendtootherstoreresponsibilitiesThesetypesofiPadcasescartsandothersecurity-focusedproductsmaybeavailablefromyourPOSproviderbutarealsoavailableatiPadEnclosurescom
IdentifyingWhetherMobileCommerceMatters
iPadsarecertainlyatechnologyofthepresentandfuturethatwedonrsquotforeseeleavingtheretailsceneforalonglongtimeThatsaidmobiletechnologycontinuestobeapopularconversationinretailbutitshouldberecognizedthatm-commerceisnotgrowingasoriginallyanticipatedamongsmall-businessownersM-commerceotherwiseknownassellingviamobiledevicesrepresentsaminorityamongInternet-basedpurchasesandmostconsumersstillleanontheircomputersortabletswhenbuyingonlineJasonRichelsonfounderandCEOofShopKeepPOShasspenthisentire
careerinretailandbelievesthatsimilartocredit-cardadoptionnotallsmallbusinesseswillembracemobiletechnology
Thebigtalkingpointwithinthepaymentsworldin2013hasreallybeenmobileButIhavetosayIrsquoveseenlittletononeofthattalktranslateforsmallbusinessesTherearemanypredictionsabout2014astheyearofmobilebutIdonrsquotthinksmallretailersbyandlargewillmovethatquickly
Takecredit-cardadoptionforexampleDespitemorethan40yearsofusealargepercentageofsmallbusinessesstilldonrsquotacceptthemSimilarlytheadoptioncurveformobilepaymentswillnotshiftsignificantlyovernightThereneedstobeincentiveitneedstobeeasyandthereneedstobedemandfromconsumers10
WithconsumersinmindaretailerrsquosgreaterinterestinmobiletechnologyshouldbeinembracingtheideathatcustomerslikelywillengagewiththeirphoneswhileinhisorherstorealthoughthisdoesnrsquotalwaysmeanthatcustomersarecompetitiveshoppingonlineOftencustomersrefertotheirphonessimplytocallfamilyandfriendsforproductadvicesendpicturestofriendsforfeedbackseekcouponsfortheimmediatestoretheyareinorsearchforproductreviewsofaparticularitemCompetitiveshoppingdoesexistviamobilephonesbutthisrealityisnrsquotonetosweatoverifyourin-storeexperienceisdeliveringstrongengagementdisplaysandmarketingmdashtherebygivingyourcustomersanexperiencetheysimplycannotgetonlineFinallyneverlosesightofthefactthatshoppingtrulyisasportformany
consumersJustasinacompetitivegameofbasketballfootballoranyothersportshoppingoffersthechanceforyoutowinorlosewhenitcomestoattractingandkeepingcustomerattentionEverydetailthataffectsyourbusinessmustconstantlybenurturedandattendedtojustlikeeverydetailofanyprofessionalsportmattersIntheenditrsquosonlythosewhoarewillingtoworktheirhardestdespiteobstaclesandsetbackswhowillremainstandingandultimatelybecomewinnersinthecompetitivegameofretail
HopefullybynowyouhaverealizedjusthowmuchrangeandtimearenecessarytomanageandmarketaretailstoreInthechaptersthatfollowwersquollunveilwaystoapplypressandmarketingtoyourretailbusinessaswaystogeneratesomewell-deservedattentiontothehardworkyouhavedonetocreateyouruniquestore
ActionGuide
ResearchshowsthatcustomerspreferstorelayoutsthatallowforeasynavigationandmovementthroughouttheirshoppingexperienceMoreoverresearchtellsusthatcustomersrespondreactandultimatelymakepurchasingdecisionsbasedonalltheirsensesmdashnotjustthatofsightaloneTohelpyoumaximizeyourcustomersrsquoexperienceinyourstoreconsider
eachofthefivesensesandtakeactiontoimprovetheirroleinyourstore
1SightFromtheexteriorofyourstoretotheentireinteriorstorespaceidentifywhetheryourstoreisattractiveandcaptivatingingainingcustomerattentionNextlookforanydebrisdirtordustthroughoutyourentirestorespacethatneedstobecleanedupThenvisuallyidentifywhetherastrollerwheelchaircaneorotherassistivedevicewouldbeabletobeusedcomfortablyinyourstoreThesevisualobservationsareonesthatmanycustomersidentifywhenforminganimpressionofyourstoreandshouldbeimprovediftheydonotcurrentlycatertoconsumersrsquoneedsandideals2TouchInstinctivelycustomerswanttotouchthingsandexperienceproductshands-onWalkthroughyourcurrentstorespaceandidentifywhetheryouofferaspacethatencouragescustomerstotouchandinteractwithyourinventoryKeepingproductsateyelevelforhands-onengagementisagoodwaytomakecustomersfeelwelcometotouchyourproductsIncorporatingsignageasnecessarythatstatesldquoFeelfreetosamplerdquoorldquoPleasedonottouchthisdisplaybutwehopeyouwilltouchourotheronesrdquocanlendahelpinghandinencouragingyourcustomerstotouchandinteractwithyourstoreproductsasappropriateForthoseofyouwhohavecustomerswhobringtheirchildrenwiththemcreateadedicatedareaorsimplyhaveasmallbasketwithtoysorwashablecrayonsandpapertodistractkidsfromtouchingyourinventoryandtofreeuptheattentionofyourcustomer3SoundIdentifywhatyourstorecurrentlysoundslikeIsitthesoundofblaringmusicorcoworkerschattingabouttheirweekendplansPossiblyitsoundssilentwithonlytheoccasionalbuzzofadooropeningandclosingCustomerstendtostayinenvironmentsthatmakethemfeelcomfortableandsoundplaysabigroleinthisMakeitaruleforemployeestoeliminatepersonalphonecallsstoregossiporanyotherunnecessaryconversationsthatcustomersmayoverhearInadditionchoosemusicthatisneutrallyaccommodatingtoyourdiverserangeofcustomersKeepthesoundlevelofyourmusicata
moderatelevelaswellthatdoesnotmakecustomersuncomfortableandstillallowsthemtohearyouspeakandallowsthemtospeaktoeachother4SmellAromacanbegoodorbadWhatdoesyourstoresmelllikeIdentifywhatyourstoresmellslikeandwhetherornotthisaffectsyourcustomersrsquoexperiencesItrsquospossiblethatalocalbakeryrsquosaromatricklesintoyourstoreandthusyougainascentoutofyourcontrolOrmaybeyouchoosetoburnincensethatsomecustomersfindunattractiveinscentWhateveryourcurrentsituationisstrivetoidentifyasinglescentthatyoucanalwaysapplytoyourstoreandthatcustomerswillassociatewithyourstoreastimepassesScentssuchaschocolatevanillacoffeeandpineareoftenperceivedasmass-appealingscentswhereasthescentsofflowersorcertainspicesarenotaspreferredbythemassesPickastorescentforyourstorethatissubtleyetcomplementingtoyourretailspaceandthenmakethisyoursignaturescentforcustomerstoassociatewithyourstore5TasteEvenifyourstoredoesnotsellfoodorofferanopportunitytocatertoyourcustomersrsquotastebudsyoucanstillengageyouraudiencethroughthepoweroftasteChooseasignaturesweetsuchasbite-sizedchocolatesorpeppermintsandalwayshavetheseavailableforyourcustomerstotakeAsmallglassofwatercanevenprovoketastebudsandmayextendyoursupportindeliveringstrongcustomercareIfyourstorehasnotintroducedtastetoitsstrategyofsupportingcustomersitrsquostimetodoso
8
ApplyingPressandMarketingtoYourBusiness
LackofattentionnotlackoftimeistheproblemWeallhavetwenty-four-hourdays
mdashZigZiglar(1926ndash2012)authorandmotivationalspeaker
RETAILERSTODAYarebombardedwithplacestogothingstodoandcustomerstoserveDespitetheirbusyscheduleshowevercustomershavehigh
expectationsfromretailersandexpecttheirconsumerexperiencestobetop-notchAlsocustomershavechoiceswhenitcomestomakingtheirbuyingdecisionswhichmakesanyretailerrsquosattempttostandoutinhisorherlocal
marketplacethatmuchmoreimportantLong-timeindependentretailerCynthiaSuttonownerofTheSilverBarnin
ColumbusTexasbelievesthatdespitebusyschedulesandbig-boxcompetitionlocally-basedmerchantshavesomekeyadvantagesthatlargerretailersdonotSuttonexplains
LocalindependentretailerscanreacttocommunityneedsinstantlyForexamplehereinoursmalltowntherewasahorriblecaraccidentwhereayoungchildwasseriouslyinjuredandagrandmotherkilledThecarthathitthemhadnoinsuranceWesprangintoactionandstartedafundraiserwithotherlocalmerchantsOurlocalWalmarthowevercouldnotparticipatebecausetheyhadtowaittogetcorporateapproval1
ThistypeofquickresponseisjustoneexampleofhowlocalmerchantscansupporttheircommunitiesandlocalcustomersaswellasgenerateawarenessfortheirstoresInadditiontoreactingtoaworthycausethisalsoprovidesagreatreasontogainpublicityforastoreUnlikesomemarketingeffortspublicity
reasontogainpublicityforastoreUnlikesomemarketingeffortspublicitydoesnotcostyoualotofmoneymdashifanymdashyetyoucangainexposuretobothexistingandpotentialcustomersExposurethroughpublicityaddsvaluetoamerchantandoftenmakesastoremorememorableThekeyherehoweverishavingastorytotellthatthepresswouldbeinterestedinhighlightingamongtheirmediaoutletsFortunatelythisgoeshandinhandwithalsocreatingastoreenvironmentthatencouragescustomerstocomebackldquoWecanrsquotcompetewithvolumepricingmassadvertisinganddepthof
inventoryHoweverwecandeliverstrongercustomerserviceandmoreuniqueinventorythanbig-boxstoresThisisextremelyvaluabletoconsumersrdquo2explainsSutton
HOWTOWRITEAPRESSRELEASEPublicitywhenmanagedinternallycostsyounearlynothingexcepttime
andpossiblyafewadditionaldollarsForthemostparthoweverpressisfreeWiththisinmindunderstandinghowtowriteapressreleasecanhelpyoupitchyourstoretolocalandnationalmediaincreasingstorevisibilityandencourageagrowthinsalesUsingthetipsbelowlearnmoreabouthowtowriteapressrelease
1ApressreleaseisastatementintendedtosharenoteworthynewseventdetailsandotherinterestingfactswiththemediaWhenwritingapressreleaseyouwanttokeeptheaudienceinmindandanswerthequestionsldquowhordquoldquowhatrdquoldquowhenrdquoldquowhererdquoandldquowhyrdquo2AllcriticalinformationshouldbeconciselysummarizedwithinthefirstparagraphofyourpressreleaseallowingbusyeditorsandothermembersofthemediatoquicklyidentifywhatitisyouwanttoshareThefollowingparagraphsshouldelaborateonthedetailssharedIncludingquotesfromrelevantpeopleinvolvedinthenewsyouaresharingwhetheryourselforastorevendorforexamplecanaddvaluetothepressrelease3PressreleasesshouldideallybenomorethanonepageandshouldbeconstructedinstandardpressreleaseformatThisincludesidentifyingyourstorenamecontactpersonandcontactdetailsinthetopleftcornerprovidingacaptivatingtitleandsupportingtaglineforyourpressreleaseandprovidingthereleasedateandcityofthepressreleasepriortoyourfirst
sentenceInadditiontheparagraphsthatfollowshouldsharedetailedinformationaboutyourstoreandthepurposeofyourpressreleasewhileofferinggeneralorinterestingfactsAnexamplewouldbe
MarsquosGeneralStoreContactJaneSmithPhone5555555555Emailshopmasgeneralstorecom
MarsquosGeneralStoreIntroducesExtendedShoppingHoursonWeekends
DoorstoOpenat9amtoAccommodateCustomerRequests
May12014(GenevaIL)mdashKickingoffthespringshoppingseasonMarsquosGeneralStoreisexcitedtowelcomecustomersat9ameverySaturdayandSundayintotheirdowntownGenevastoreAfteryearsofcustomersrequestingearliershoppinghoursMarsquosGeneralStorelooksforwardtosupportingcustomersontheirweekendsshoppingforgeneralhouseholdsuppliesandothereverydaynecessitiesAndallcustomerswhoshopMarsquosGeneralStorebefore11amwillbeofferedcomplimentarycoffeeorjuiceldquoItrsquosimportantforustokeepourcustomershappyandtheseadditional
storehourswillallowthemtogettheirweekenderrandsofftoanearlystartwhichwersquorethrilledtosupportrdquostoreownerJaneSmithstatesBasedindowntownGenevainthehistoricshoppingdistrictMarsquos
GeneralStoreisafavoritedestinationamonglocalresidentstostockuponhouseholdsuppliesandeverydaynecessitiesInadditiontotheirwell-stockedshelvesMarsquosGeneralStorewillbeofferingtheirearlybirdcustomerscomplimentarycoffeeandjuiceTolearnmoreaboutMarsquosGeneralStoretospeakwithownerJane
Smithortorequesthigh-resolutionimagespleasecontactus5555555555orshopmasgeneralstorecom
4PressreleasesshouldaimtobeconciseclearcorrectandcourteouskeepingyouraudiencersquosattentionwhilebeingdirectandinformativeinthenewsyoushareAttheendofyourreleaseidentifyitsconclusionwiththreenumbersignsThisindicatesitiscompleteandispartofthegeneral
threenumbersignsThisindicatesitiscompleteandispartofthegeneralformatofwritingapressrelease5SendingapressreleasedoesnotguaranteepresswillbereceivedBesuretofollowupwithyourmediacontactsandrespecttheiroutreachtoyouaswellshouldtheywantmoreinformationLikeyoumediaprofessionalsarebusypeoplesotryandgetbacktothemassoonaspossibleshouldtheywantmoreinformationaboutthenewsyoushared
Customerserviceanduniqueinventoryaretwowell-knownfactorsthatmakeindependentretailersstandoutfrombig-boxstoresYetmerchantsoftenunderestimatetheirvalueinthepressAsSuttonbelievesldquoBasicisgreatatbigboxspecialisgreatat
independentsrdquoWiththisinmindIencourageyoutoconstantlyseekoutwhatmakesyourstorestandoutamongothersIsittheuniquestoryofanemployeeofyourstorewhohappenstoexcelatcustomerserviceIsittheone-of-a-kindproductsbylocalartisansthatyousellmadeIsitthefactthatyourstoreunlikesomanyothersoffersanexperiencethatcanrsquotbeduplicatedanywhereelseOrpossiblyisitarandomcustomerexperienceyouhadthatoffersagreatstorytosharewiththepressAsaretaileryouneednotonlytostrivetomakeyourstorememorableand
uniquebutalsorecognizewhenuniqueandmemorablethingshappenwithinyourstoreenvironmentInresponsetothesescenariosyoushouldbepreparedtosharethedetailswithcustomersviathepresstheInternetthroughe-mailandviaotheravenuesthatcangenerateawarenessofyourstoreSuzyTeeleCOOofSnapRetailcomaready-to-usemarketingsolutionfor
independentretailersbelievesthatwhilecustomerserviceandproductassortmentaddvaluetoashoppingexperiencemerchantstodayshouldnotignorethevalueoftheirstorepersonalityaswellSheexplains
ldquoIthinkthebiggestmisconceptionthatretailersfacetodayisthatsometimestheyrelytoomuchontheirproductstogetcustomersintotheirstoresBrandsgoinandoutoffavorsobrandsalonearenrsquotenoughIndependentretailersshouldrememberthatitrsquosnotonlythemerchandiseitrsquosalsohowtheymerchandisethemerchandiseInotherwordscreatingastrongstorepersonalityandstoriesaroundthemerchandisewilldrivestoretrafficandreducethefocusoncompetitivepricing3
RETAILTIPOnlinemarketingandpresscanhelpgeneratestorevisibilitybutdonrsquot
neglectthepowerofgoodold-fashionedstorepackagingAfamousexampleofthisistheTiffanyblueboxorbagrecognizedbycustomersasapurchaseofluxuryandbeautyWhileyourstoremaynotcatertothesameclientelethatTiffanydoesthisshouldnotkeepyoufromaimingtohavestrongstorepackagingAneasywaytoenhanceyourstorepackagingistoinvestinasignature
bagthatisusedanytimeacustomermakesapurchaseRatherthanuseagenericbrownorothercoloredbagthathasnobrandimpressionsonitconsidercreatingacustomizedbagthatcurrentandfuturecustomerscanbegintorecognizeyoubyOvertimeyourbagwillbecomearecognizedsymbolforyourstoreincreasingcustomerawarenessofyourbusinessAdditionaltipstohelpbrandyourstorethroughpackagingincludeusing
thesametissuepaperribbonandgiftwrappingpapereverytimetheyareneededInotherwordsconsistencyiskeyhereTohelpyouaccomplishthisleanonanoutsidecompanythatspecializesinsupportingbusinessessuchasindependentretailersthroughpackagingOnesuchcompanyisPremierPackagingasmallbusinessthemselveswhosupportretailersthroughsalesofgiftboxesgiftbagstissuepaperribbonsandcustomizedoptionstohelpstrengthenaretailerrsquosbrandandvisibility
TeelersquosperspectiveiscommonamongretailexpertsandsupporterswiththeideathatproductalonecannotmakeyouasuccessfulretailerShecontinues
InmyexperiencethestoresthatIhaveseensucceedhavebeenabletodosobecausetheymaketheircustomersfeelasthoughtheyarepartofsomethingspecialTheymakecustomerswanttoshopthereThisisaccomplishedbycreatingthatstrongstorepersonalitysharingthatpersonalitythroughsocialmediaandinvitingcustomerstobepartofitthroughe-mailmarketingandotherpromotionaleventsUsingthelatestmarketingtoolsindependentretailerscancreatetheirbrandsandstorepersonalitiespositioningthemtoeffectivelycompetewithbig-boxretailers4
CompaniesthatprovidemarketingtoolsforindependentretailersarebecomingmoreandmorecommonSnapRetailisagreatexampleofthistypeofcompanyprovidingready-to-usemarketingforindependentretailersinavarietyofwaysFoundedin2010SnapRetailprovidesprewrittencontentintheformofe-mailssocialmediapostseventmarketingandmoreallspecifictoindependentretailersTheireasy-to-usemarketingsolutionhelpsretailerstobettermanagetheirtimewhilebecomingmoreengagedinallthenecessaryavenuesofretailincludingmarketingsocialmediae-maileventplanningandgeneralpromotionalexposureTeelesays
SnapRetailcustomersoftenseeabouta15to20percentincreaseinsalesandastrongerengagementthroughsocialmediawithcontinualuseofoursolutionOurmostsuccessfulretailersengagewiththeircustomersonsocialmediasiteslikeFacebookatleastonceadayandsendmeaningfule-mailstwotothreetimesperweek5
InChapter9wersquollfurtherdiscusshowSnapRetailrsquosmarketingsolutionsspecificallyapplytoonlineefforts
UsingE-mailtoCommunicateStoreMessages
Increasingyoure-mailopenratewhichidentifieshowmanypeoplewhoreceiveyoure-mailsactuallyreadthemisanimportantgoaltohaveYetretailersoftenstrugglewithwhattosayandhowtocreateastronglayoutfortheire-mailsSnapRetailrsquoslibraryofprewrittenandprofessionallydesignede-mailtemplatesdoestheworkforyouevenofferingacalendarfeaturewiththesoftwaresothatyoucanscheduleandmanageyoure-mailandothermarketingcommunicationsIncorporatingsolutionssuchasthisintoyourmarketingplanisagreatwaytomakeyourto-dolisteasierwithoutcompromisingthesuccessofyourstoreInfactthegoalistoincreaseitMarketingcommunicationsmanagerJessicaMorettiofSnapndashRetailisalways
searchingforthebestmessagesretailerscansharewiththeircustomersprovidingwithusfivetipsthatretailersshouldleanonwhencreatinge-mailsfortheircustomers
1ContentcontentcontentContentiskeytoengaginge-mailmarketingAlwaysensurethatyoure-mailscontaincontentthatistimelyrelevantandvaluabletoyourreaders
2LightscameraactionAgoode-mailcontainsoneclearcall toaction(CTA)YourreadersshouldknowexactlywhatyouwantthemtodoanditshouldberelativelyeasyforthemtocompletetheactionmdashldquoShopoursalerdquoldquoVisitourwebsiterdquoldquoPinyourfavoriteproductrdquo
3Keepitsimplestupid(KISS)BorrowapagefromtheNavyrsquoshandbookandfollowtheKISSrulewhenitcomestoe-maildesignKeepitsimplebyusingacolorpaletteofnomorethanthreecomplementarycolorseasy-to-readfontsandastructuredformat
4First impressions are everything Give your subject line the love andattentionitdeservesItrsquosthefirstthingyourreaderswillseeandcanmakeorbreakwhetheryourreaderswillopenyoure-mail
5Goneinlessthan60secondsResearchshowsthatyouhavelessthan60secondstograbyourreadersrsquoattentionbeforetheyclickawayfromyoure-mail Because of this it is imperative that your headlines and calls toactions are more compelling than that video of a sneezing panda yourreaderjustreceivedfromafriend6
Keepingthesefivetipsinmindremembertoalsoconsiderhowoftenyoureachouttoyourcustomersviae-mailYoudonrsquotwanttobombardyourcustomersrsquoe-mailin-boxeseverydaybutyoudonrsquotwanttogotoolonginbetweene-mailseitherRecentlyRetailMindedsurveyeditsretailaudienceandaskedthemhowoftentheyprefertoreceivee-mailsfromcompaniestheychoosetofollowaswellashowoftentheysendoute-mailstotheirowne-mailmarketinglistsInresponsetobothquestionsretailerssurveyedthroughRetailMindedcomanditssocialmedianetworksidentifiedonceaweekforeachscenarioAlthoughtherewillbeexceptionsifyouhavesomethingworthsharingwithyouraudienceonaweeklybasisane-mailblastscheduledonceaweekisagoodstartingpointtoplanforyourowne-mailmarketingeffortsTofurthersupportyoure-mailoutreachyouwanttoalsoevaluatethesuccess
ofeache-mailblastyousendoutAnalyzingtheresultsofeache-mailcampaignallowsyoutounderstandwhatismosteffectiveinyoure-maileffortsE-mailmarketingproviderssuchasSnapRetailConstantContactandMailChimpalloffere-mailanalysisaspartoftheirservicesandweencourageyoutomakeitaprioritytoevaluatetheseresultsonaconsistentbasisAmongthemanythingsane-mailreportmaytellyouiswhiche-mailswere
Amongthemanythingsane-mailreportmaytellyouiswhiche-mailswereopenedthemost(theiropenrates)whatdaysandtimese-mailssentweremostreadandwhetherornotpromotionsorincentivesofferedviae-mailgainedastrongerreturnthanothere-mailssentAlittlestudyingofthesereportscangoalongwaysobesuretoaddthistoyourretailto-dolist
UsingtheInternetasaMarketingPlatform
E-mailmarketingisnearlyaclassictechniquecomparedwithotheronlinemarketingeffortsyetitshouldnrsquotbeignoredasyouincorporateadditionalInternet-basedmarketingintoyoursalesandmarketingstrategyOnecompanythataimstospecificallysupportindependentmerchantsindoingthisisBoutiqueWindowThisNebraska-basedcompanydevelopedsoftwaretohelpretailersshowofftheirlatestinventorynewarrivalsstorepromotionsandmoreviaamerchantrsquosownwebsiteandsocialmediaWithasetupthattakesonlyminutesretailerscanuploadandeditphotosoftheirstoremerchandiseaddproductdetailstosupporttheirimagesandpublishimmediatelyonFacebookTwitterPinterestandtheirindividualbusinesswebsitesDoingthishelpsretailerstokeeptheirstorestopofmindfortheircustomersrsquoshoppinglistsanimportantfactortoincludeinyourownretailmarketingCofounderofBoutiqueWindowCourtneyRodgersbelievesthatevenifyou
donrsquotsellonlineyouronlinevisibilityissomethingyoucanrsquotignore
ConnectingwithshoppersonlineisessentialtothesuccessofyourbusinessevenifyoudonrsquotactuallyhaveanonlinestoreShopperstodayareengrossedinthedigitalworldmakingyourstorevisibilitypossiblewithonlyafewsimpleclicksWiththerapidgrowthofsocialnetworksandimprovementsinlocalsearchoptionscustomerscanaccessanyinformationtheywantonlinewithjustaclickortwoOfcourseifyouarenrsquotonlinethenyourstorewillmissoutontheseopportunitiesEvenbrick-and-mortarstoreswithnoplanstosellonlineshouldstillhaveanonlinepresenceforthisreasonalone7
BeingtopofmindisidealforanyretailerbutthosewhohaveyettomakeanonlinepresenceareboundtobeleftoutinthecoldBeingvisibleonlineisa
onlinepresenceareboundtobeleftoutinthecoldBeingvisibleonlineisamustthesedaysevenifyouhavenoplanstoeversellviathewebCreatingawebsitethatcomplementsyourin-storeexperienceandbrandidentityiskeyallowingcustomerstounderstandyourstorepersonalitybothonlineandofflinemorecohesivelyIn2012e-commercesalesgenerated$231billionintheUnitedStatesalone
accordingtomarketresearchfirmForresterThiscompanyalsofoundthatthegrowthofe-commercewhichin2012accountedforabout8percentoftotalretailsalesintheUnitedStatesisexpectedtooutperformthegrowthofbrick-and-mortarstoresoverthenextfiveyearsreaching$370billionby2017WiththesetypesofnumbersindependentretailersshouldnotchallengethequestionofiftheywanttosellonlinebutratherwhentheywillstartFortunatelycreatinganonlinepresenceiseasythankstoe-commercetemplatesfromavarietyofprovidersLeadingthismarketisShopifycomanonlinecompanythatsupportsemergingorexistingretailersandwholesalersintheireffortstocreatesavvycustomer-friendlyonlineshopsShopifyrsquos247supportandeasy-to-customizewebsitetemplatesareidealforindependentmerchantslookingtogetonlinequicklyeffectivelyandaffordablyInChapter9wersquolldiscusshowyoucanmaximizeyouronlinesuccessinmoredetailspecificallylookingatsocialmediaande-commerceldquoIndiemerchantshaveavarietyofchallengesbuttheirultimatechallengeis
alwaysgettingenoughtrafficintheirstoresmdasheitherphysicaloronlinemdashtokeeptheirlightsonrdquo8TexanretailerSuttonstatesWhilethiscouldnotbetrueritrsquosoftentheretailersthemselveswholeadthemselvestoturned-offlightsToavoidthisbecomingarealityforyourstorechoosetobeaggressiveinyourstoremarketingeffortstokeepupwithyourcompetitionandyourcustomersalikeFinallytohelpyoufurthernavigateyourmarketingsuccessasanindependent
merchantwersquoveidentifiedalistofmust-knowbusinessestohelpyoureachyourmarketinggoalsWealsoencourageyoutoexploreAppendixAforamorecomprehensivelistofbusinessesandresourcesthatcanhelpyourbusinessreachitsfullpotential
ResourcesEveryIndependentRetailerShouldKnowAbout
1AmericanIndependentBusinessAlliancewwwamibanetThisisa
nonprofitorganizationthathelpscommunitiesandretailerslaunchandoperatebuy-localcampaignstosupportlocalentrepreneursandeconomies2BoutiqueWindowwwwboutiquewindowcomThiscompanyprovidesonlinemarketingtoshowcaseinventoryviayourwebsiteorsocialmediaoutletsallowingretailerstoengagetheircustomerswithnew-productarrivalsandmore3MOOwwwmoocomThiscompanyprovidesbusinesscardspostcardsstorehangtagsandotherprintgoodsthatarestylishindesignandeasytocustomizetoyouruniquestoreneeds4PremierPackagingwwwretailpackagingcomThiscompanyprovidespackagingsolutionsthatcatertoretailerslookingtoincorporatepackagingoptionssuchasbagsgiftboxesandtissuepaperaspartoftheirstoreidentityandmarketing5RetailRadiowwwretailradiobizCustomizeyourin-storeexperiencewithmusicthatiscatereduniquelytoyourstoreandyourcustomerwhilealsoincorporatingcustomizedmessagingtocreatethebestpossibleambianceforyouruniqueretailspace6ShopifywwwshopifycomThiscompanyprovideseasy-to-customizeonlinestoretemplatesthathelpyoutosellonlineefficientlyaffordablyandprofessionally7SmartSignwwwsmartsigncomSignagecansupportyourstorecommunicationtohelpcustomersnavigateyourstorespaceandmaximizetheirstoreexperienceUsefordisplaymerchandisingorpromotionandincorporatesafetysignagesuchasldquoEmergencyExitrdquoorldquoEmployeesOnlyrdquoaswell8SnapRetailwwwsnapretailcomThiscompanyprovidesprewrittencontentandgeneralmarketingsupportthatincludese-mailsocialmediaandeventmanagementspecifictoindependentretailers9TriparInternationalwwwtriparcomThiscompanyprovidesvisualdisplaysandfixturesthathelpyoutobeautifullyshowcaseproductengagecustomersanddrivesaleswithproductsthatincludetabletopdisplaysjewelrystandseaselspoint-of-sale(POS)accessoriesandmore
10VendwwwvendhqcomManageyourcustomerloyaltyinventoryandPOSsystemswithoneeasy-to-usesoftwareprogramthatisaccessibleon
aniPadcomputersmartphoneoranydevicewithawebbrowserWhilenotmarketing-specificthiscompanyrsquosPOSsoftwarecanhelpyoustreamlinetheentireoperationalproceduresofyourstoreincludingcustomermanagementandexposure
UsingthischapterasyourreferenceyoucanseejusthowmanybusinessesareavailabletohelpyoureachyourfullmarketingpotentialaswellastheneedtoincreaseyourstorersquosvisibilityInthechaptersaheadwersquolldiscussadditionalwaystogeneratemoreexposureforyourstoreultimatelytohelpincreasesales
ActionGuide
CreatingastorepersonalityisakeystepinseparatingyourbusinessfromothersMerchantsshouldtakethetimetoidentifyhowtheywanttobeperceivednotonlybycustomersbutalsobytheircompetitionIdentifyingthecharacteristicsofyourstoreisanimportantstepalthoughitrsquosalsocriticaltorecognizewhetheryourstorersquosperceptionmatchesyourintendedrealityOnewaytodothisistoputyourselfintheshoesofacustomerPuttingyouremotionsasidechallengeyourselftotakeontheroleof
customerinyourstoreBequicktojudgeandimpatientasyouevaluateyourstoreallowingyourselftoholdcharacteristicsofcommoncustomersintodayrsquosbusymarketplaceWithyourmind-setcommittedtobeingthatofacustomerinsteadofastoreownerwalkintoyourstoreandcritiqueyourstorersquosenvironmentAnswerthefollowingquestionsasobjectivelyaspossibleMoreoverinviteatleastthreeandideallyupto10otherpeopletocompletethissameexercise
1WhatdoyouimmediatelyviewasmostappealinginthestoreWhy2WhatdoyouimmediatelyidentifyasleastappealinginthestoreWhy3WhatdiditfeellikewhenyoufirstenteredthestoreExplainyour
emotionalreactionsuchasldquowelcomingrdquoldquoclaustrophobicrdquoldquoengagingrdquoldquodistractingrdquooranythingelseyoumayfeel4ArethereanydistractionsintheretailspacethattakeyouawayfromshoppingorwantingtobrowsethestoreThismayincludepeoplenoisedisplaysoranythingelse5WhatitemsifanylookoutofplaceinthestoreWhydoyouthinkthisis6WhatitemsstandoutthemostWhy7DoanyitemsstrikeyouasbeingoutofplacewithinthestoreassortmentPleaseexplain8ArethereanyitemsthatyoudonrsquotseeinthestoreassortmentbutbelievewouldmakesensetohavePleaseexplain9DothedisplaysengageyouasacustomerHowso
10WhatareasofthestoreappearmostaccommodatingforshoppingandenjoyingPleaseexplainwhyyouthinkthis11WhichareasofthestoredonotattractyoutothematallPleaseexplainwhyyouthinkthismaybe12DoesthestoreappearcleantoyouDoyouseeanyvisibledustorotherdirt13Forstoreswithpublicrestroomswhatimpressiondoestherestroomgiveofftoacustomerobservingit14Doesthecash-wrapareaprovidecustomerswithaplacetoresttheirpurseorsignareceiptandenjoytheircheckoutexperience15Dothewallsneedafreshcoatofpaint16AretherevisibleareasofthestorethatlookasiftheyneedsomeTLCorsomekindofrepairPleaseexplain17Doanystorefixturesoverpowertheinventoryorrestrictyouasacustomerfromshoppingandenjoyingthestoreexperience18DoesthestoresignageattractyourattentionWhyorwhynotIsiteasytoidentifywhatisonsalestorepoliciesspecialannouncementsandmore19Doesanyunstockedinventoryappeartobeonthesellingfloor20Whatisyourultimatefinalimpressionofthestore
OncecompletedreviewyourresponseswithanopenmindandidentifycommonresponsesamongallparticipantsWorktostrengthentheareasidentifiedasneedinghelppositioningyourselftobettersupportyourcustomersandyouroverallbusinesssuccess
PARTIII
MakingaMarkintheEconomy
9
MakingYourPresenceOnline
Makeyourproducteasiertobuythanyourcompetitionoryouwillfindyourcustomersbuyingfromthemnotyou
mdashMarkCuban(1958ndashpresent)DallasMavericksowner
businessmaninvestorONEOFthegreatestmisconceptionsaboutbrick-and-mortarindependentretailisthatitrsquosasolitaryendeavorSmall-businessownershavecountlessoptionsbeyondtheirstorewallsallowingthemtoconnectand
engagewithvendorsretailsupportersandcustomersalikeAmongtheseoptionsaree-commerceandsocialmedia
Ecommercehasgainedabadreputationamongindependentretailersbecauseofthesuccessofbig-boxplayerssuchasAmazonWalmartStaplesandothersAlthoughthisisunderstandableitdoesnrsquotmeanthate-commerceshouldbeignoredbyindependentretailersInfactitmeansthatitshouldbeembracedChoosingnottoengageine-commerceonlyeliminatestheadditionalrevenueandexposurethate-commercecanprovideInternetRetailerMagazinersquoseditorinchiefDonDavissharedhisthoughtsonthevalueofsellingonlineemphasizingaretailerrsquostotalreachofpotentialconsumers
Smallbrick-and-mortarretailerscanreachamuchbroaderaudienceonlinethantheycanintheirphysicalstorefrontsaloneWithaphysicalstoreyoucanonlyreachtheconsumerswithindrivingdistancewithanonlinestoreyoucanatleastreachacrossthecountryandwithalittleefforttheworldMostconsumersareshoppingonlineandabigmajorityofaffluentconsumerswiththemostdisposableincomeareincludedinthisaudienceWithoutane-commercesiteanindependentretailercanrsquotreachmillionsofconsumers1
HarleyFinkelsteinanentrepreneurattorneyandchiefplatformofficeratShopifycomagreeswithDavissharinghisbeliefthatmerchantsshouldnotdifferentiatebetweenofflineoronlinesalesbutinsteadlookatthemtogetherldquoInmyopinionthefutureofe-commercebelongstosmallbusinessesThisisthebiggestopportunityforretailerssincefarmerrsquosmarketsbeganhundredsofyearsagordquo2Finkelsteinexplains
EmbracingEcommerce
Expandingyourreachamongpotentialcustomersseemslikeano-brainerbutmanyretailersarestillhesitanttointroduceanonlinebusinessasasupplementtotheirbrick-and-mortarstoresFortunatelythehasslesandfrustrationsthatpreviouslyexistedwithmanagingonlineshopsareathingofthepastthankstocompaniessuchasShopifycomanonlinecompanycommittedtohelpingsmallbusinessescreatebeautifule-commercestoresthroughitseasy-to-implementwebsitetemplatesFoundedin2006ShopifyhasgrowntosupportovertensofthousandsofonlineretailersacrosstheworldThroughitsplatformuserscaneasilyandquicklycreatetheirownonlineshopswithouthavingtodealwithallthetechnicalworkinvolvedindevelopingacustomizedwebsiteEssentiallyShopifyeliminatesthehassleofrunninganonlinestoremdashsomethingbusystoreownerscanappreciatemdashyetdeliversanopportunityforbrick-and-mortarmerchantstoexpandtheirsalesandvisibilityonlineldquoPeoplesometimeshavethisperceptionthatsettingupanonlinestoreis
difficultandexpensivebutthatrsquosnotthecaserdquo3FinkelsteinexplainsInadditiontoFinkelsteinrsquosowntwocentswehaveexperiencedusingaShopify-basede-commercesitefirsthandonmorethanoneoccasionHavingbeenablenotonlytobuildawebsitethroughShopifybutalsotonavigateandshopShopify-managedwebsitesasaconsumerourcollectiveexperienceallowsustoconfidentlysupportShopifycomasournumberonechoicefore-commerce-basedwebsitetemplateoptionsAmongthevarietyofreasonswepreferShopifyisthatthecompanyoffersadiverserangeofoptionsthatcatertoalltypesofretailerswhilemakingtheuserexperiencefromboththeretailersrsquoandtheconsumersrsquoperspectiveseasyandmdashdarewesayitmdashenjoyableForexampleShopifyoffersanumberofe-commercepackagesthatfitany
retailerrsquosbudgetWithoptionsthatincludeattractivewebsitetemplatesproduct
imagesgiftcardsshopping-cartfeaturescarriershippingandmuchmoreretailerscanconfidentlymanageanonlinestorewithoutwonderingiftheyhavecoveredalltheirbasesAnotherperkofusingane-commercetemplatecompanysuchasShopifyisthatasyourbusinessgrowsandyouronlinesalesincreaseyoucancomfortablyexpandyoure-commercesupportviaShopifywithjustafewsimpleclicksOneexampleofaretailerthatdidjustthatisBeardbrandwhosewebsiteisBeardbrandcomBeardbrandamodernretailerthatsellsgroomingkitsbeardcareandother
lifestyleproductsformenfirstcreatedaShopify-basedstoreinearly2013FounderEricBandholzhadbeenbloggingaboutbeardsforawhilesoheknewafewthingsaboutbeingvisibleonlineThissaidhedidnrsquotknoweverythingheneededtostartandmanageane-commercebusinessThisiswhereShopifycomenteredthepictureDespitehavingonlythreeproductsandnoestablishedsalesBeardbrandfoundinstantsuccessandwasevenfeaturedintheNewYorkTimesmdashanimpressiveaccomplishmentforaretailerthatonlyayearpriorhadnoe-commercebusinessSincethenBeardbrandcomhasexpandeditslineandnowgeneratesupto$60000monthlymdashanumberthatcontinuestoincreaseAnotheronlinesuccessstoryfromaverydifferentnicheretailmarketisthat
ofFringeSportaTexas-basedretailerthatcaterstotheat-homegymenthusiastBrothersPeterandAlexKellerfoundedFringeSportin2010andwithinthefirstyearthecompanybroughtin$100000throughitsonlineShopify-basedstoreBy2012theKellerbrothershadintroducedadditionalbrick-and-mortarlocationsaswellasawholesaleprogramcollectivelygenerating$1millioninrevenuein2012aloneIn2013thatnumbergrewto$3millionOfthat$3million60percentcamefromtheonlinestore
RETAILTIPOneofthemanyperksofusingatemplate-basede-commercewebsiteis
thatitmakeswebsitemanagementeasyandaccessibleformerchantstouseAnexampleofthiscanbefoundbelowinascreenshotfromShopifycomwhereyoucaneasilyidentifywhenorderswerereceivedonlineandhowmucheachorderwasforInadditiontoidentifyingdailysummariesofonlinesalesShopifycomidentifiesweeklymonthlyandtotalsalesmadethroughouteachyearCollectivelytheirextensivereportingande-commercemanagementhelpretailersidentifysalestrendsmissed
opportunitiesandmore
HavinganichemarketcertainlyhelpsretailersBeardbrandandFringeSportstandoutinthemarketplacebutanotherkeyfactortorecognizehereisthedesignandaestheticsoftheironlinestoresBothstoresareeasytonavigateallowingcustomersfromanypartoftheworldtoshoptheirweb-basedstoreswitheaseSupportingyourcustomerswithawell-thought-outeasy-to-navigatewebsiteisnodifferentthansupportingyourcustomerswithawell-thought-outeasy-to-navigatephysicalstorefrontBotharecriticalinkeepingyourcustomersrsquoattentionbuttheyvarytremendouslyinthetricksandtipsnecessarytoaccomplishthisgoalUnlikerunningyourownbrick-and-mortarstoremanagingane-commerceshopdoesnrsquottakeasmuchtimetosetupmanageormerchandisemdashallowingyoutonearlyeffortlesslyintroducethistoyoursalesstrategyparticularlyifyoualreadyhaveanexistingbrick-and-mortarstorewithstockreadytosellThekeyhereasalreadymentionedisusingatemplate-basede-commercewebsitesuchasShopifycomversustakingthetimetocreateyourownwebstorefromscratchNotonlywillthissaveyoutimebutyouwill
alsolikelysavemoneywhenpositioningyourselfonlineinthiswayWhetheryoucurrentlyhaveanonlinestoreplantointroduceyourfirstone
soonorarestillupintheairastowhetherornotyouwanttobringyourbusinessonlinethefollowing10tipsshouldbeconsideredwhenbuildingyourwebpresence
1FocusonwhatrsquosuniquetoyouAsInternetRetailerMagazinersquoseditorinchiefDonDavissharesldquoThereisnopointintryingtocompeteinsellingstandardpapertowelsorsockswithAmazoncomorWalmartcomTheyrsquollkillyouinpriceInsteadfocusonsomethingmoreunusualsuchasaselectionofcrochetingwoollocalhandcrafteditemsoradeepselectionofoliveoiltocaptureabuyingmarketforyourgoodsonlinerdquo6
EXPERTSPOTLIGHTAccordingtoBoutiqueWindowcofounderCourtneyRodgershavingan
onlinepresenceasaretailerisnolongeroptionalldquoDoingapoorjobofrepresentingyourstoreonlinereflectsnegativelyon
yourstorersquosbrandKeepingyourwebsiteandsocialmediaprofilesuptodateshouldbeworkedintoyourregularbusinessscheduleMakesureyoursquorepostingnewmerchandisetoyourwebsiteasitarrivesandsticktoaconsistentsocialmediascheduleaswellrdquo4Rodgerrsquosadvicetomakeyouronlinepresenceapriorityisnrsquotsharedby
heropinionaloneldquoForresterResearchestimatesthatin2014505ofin-storeretailsales
willbeinfluencedbyonlineresearchCommunicatingwhatiscurrentlyinyourstoreisthebestwaytoattractnewcustomersandturnexistingcustomersintorepeatloyalshoppersBeingonlinewillhelpyoudothisrdquo5Rodgersexplains
2CreatestrongproductdescriptionsUnlikeaphysicalstorefrontthathasasalespersonavailabletoanswercustomerquestionsorshareproductinformationanonlinestoreneedstospeakforitselfMakesurethatyouronlinewrittencommunicationisdetailedandeasyto
understandallowingyouronlinecustomerstogainasmuchinformationaboutyourproductsaspossibleFurthermoreyoushouldaimtoprovideengaginginformationtocomplementthegreatproductdetailsyouaresharingKeepingyouraudienceintriguedwillaffectyourcustomerengagementsochoosingtherightwordsiscriticalwhensellingontheweb3UsecrispclearimagesoftheproductsyousellonlineWhileyourproductdescriptionsneedtobestrongyoudonotwanttoneglectyourproductpictureseitherWithoutcustomersbeingabletotouchholdsmelltasteorotherwiseengagewiththeproductstheyareinterestedinyourproductimagesmustreallystandoutandcaptureyourcustomersrsquoattentionDependingontheproductyouaresellingmultipleimagesperproductmaybenecessarytoreallyallowyourcustomerstofeelasiftheyhaveasolidunderstandingofwhatthatproducttrulylookslikeIftakingpicturesisnotyourexpertisebesuretorequestproductimagesfromyourvendorsandalsoconsideranoutsidecompanysuchasBuyersPacketcomwhichoffersastudioeffectservicethatcantakeanypictureandmakeitappeartohavebeenprofessionallyphotographedYoualsoshouldaimtohavehigh-resolutionimagesonyourwebsiteaswell4BeconsistentinyourproductlayoutWithbothyourproductdescriptionsandimagestobeconsideredhereyouwanttohaveaconsistentlayoutforyourentireonlineinventoryInotherwordsdonotgiveexpandeddetailsononeitemandwriteabriefoverviewonanotherorshowacrispclearpictureofoneproductandthenablurrylow-resolutionimageofanotherCustomerswanttheirentireonlineshoppingexperiencetobegreatmdashnotjustsomeofitConsistencyiskeyinachievingthis5IdentifyyourshoppingcartoptionatalltimesWhensellingonlineashoppingcartisreferredtoastheplaceinwhichproductslandonceacustomeridentifiesthemassomethingtheywouldliketopurchaseHavingthisshoppingcartvisiblewithaniconallowsyourcustomerstocheckitemsintheircartsandeasilycheckoutwhentheyarereadyComplicatingthesetwocriticalstepsbymakingyourcustomerssearchforthispartofyourwebsitewillonlydecreaseyourchanceofcapturingtheirsales6DisplaycompanycontactinformationanaboutuspageandotherhighlighteddetailsBynowhopefullyyoursquoverealizedthataneasy-
to-seeandeasy-to-navigatewebsiteiskeytosuccessfullysellingonlineThisalsoholdstrueforanyotherdetailsacustomermaywanttogainfromyourwebsiteincludingcompanycontactdetailsdealsandpromotionsanaboutuspageandmoreWhilesharingthesedetailsmaynotseemlikeabigdealwhatyouarereallydoinghereisgainingtrustfromyourcustomerConsumersonlinewanttofeelsecurewhenshoppingandofferingthemeasy-to-accessdetailsaboutyourcompanycanhelpyouachievethis7OffermultiplepaymentoptionsThelastthinganonlinemerchantwantstoseehappenisgettingabunchofshoppingcartsfilledtopurchaseonlytohavethembecomeabandonedAmongthereasonsthismayhappenisbecauseacustomerdoesnotlikethepaymentoptionsavailableonlineWhenidentifyingwhatchoicesyouwantyourcustomerstohaveinmakinganonlinepurchasevarietyiskeyHavingmultiplepaymentoptionsensuresthatyoumeetmultiplecustomerpreferencessavingyouyetanotherhassleoftryingtoidentifywhatisbestIncludingPayPalandmultiplecreditcardoptionsistypicallymostpreferredbycustomers8Leanone-commercespecificresourcestohelpyoumanageyourbusinessTheannualInternetRetailerConferenceandExhibition(IRCE)offers200+speakersoverafour-dayperiodattracting600ormoree-commercetechnologyandservicevendorstogetherinoneplaceAsDavistellsusldquoWhateveryouneedtosellonlineyoucanlearnaboutitandfindtherightprovidersforyourgoalsatIRCErdquo7ThisisagreateventtoconsiderattendingalthoughyoualsocanstayinthecomfortofyourstoreandvisitInternetRetailercomforfreetrustede-commercesupportaswellasrefertoShopifycomrsquosEcommerceUniversityandgloballyrecognizedblogforadditionale-commercenewseducationandsupportaswell9AvoidchargingforshippingwheneverpossibleWecertainlyunderstandthatthisisnotalwaysthecasebutifyoucanfactorinoccasionalfreeshippingopportunitiesoreliminateshippingcostsaltogetheryouwillbemorelikelytoincreaseyouronlinesalesOnewaytoincorporatethisintoyoursalesstrategyistoeliminateofferingproductdiscountssuchas15percentoffandinsteadapplythesesavingstoyourshippingCustomersnowadaysarebecomingincreasinglymoredependentonfreeshippingthankstoourbig-boxcompetitorssoyouwanttoacknowledgethisrealityheadonrather
thanavoiditWhenshippingcostsarenecessarymakesurethatyouofferthemosteconomicaloptionspossible
10KeepyourcustomerstopofmindineverydecisionyoumakeAreyoutryingtoattractGenerationYconsumersornear-retirementfolksWhomeveryouraudienceneverlosesightofthemasyouasdevelopyouronlinestoreIfyourpreferredcustomersaremoreGenerationYthanbabyboomersconsiderintroducingvideosonyourwebsiteBeproactiveinknowingwhoyourcustomersareandcateringtotheiruniqueonlinepreferencesthereforebettersupportingtheirshoppingexperiencesThisreallyisnrsquotthatmuchdifferentfromchoosingtocreateonedisplayinyourphysicalstoreversusanotherdevelopingitwithauniqueaudienceinmindAndtruetoeverydecisionyoumakeregardingyouronlinestorealwaysmakesurethatusernavigationfromaconsumerrsquosperspectiveiseasyandsecure
WithonlinespendingprojectedbyForresterResearchInctoreach$370billiongloballyby20178itrsquoshardtoignorethevalueofsellingonlineWhetheryouarebasedinruralOklahomaorthebustlingstreetsofBrooklynyouronlinestorehasthepotentialtohaveaglobalaudienceHowyoucapturethisaudiencedependsonyouronlinemarketingeffortshoweverAmongthevariouswaysinwhichyoucandothisissocialmediaHavingbeenaroundsince1994socialmedianolongerconstituteanewtrendthatretailersshouldbeawareofInsteadsocialmediashouldberecognizedasestablishedinteractiveexperiencesthatallowmerchantstoexchangeinformationwithinvirtualcommunitiesandnetworksmdashreachingbothcurrentandpotentialcustomers
SocialMediainTodayrsquosRetailMarketplace
OvertheyearstherehasbeenanongoingdebateastohowsocialmediadelivervaluetosmallbusinessesMuchhasbeensaidaboutthelackofmeasureableresultsgeneratedbysocialmediaspecificallyintheindependentarenaAccordingtoldquo2013SocialMedia300RankingE-RetailrsquosLeadersinSocialMediaMarketingandCommercerdquofromInternetRetailerMagazine9howeverrefutingthisclaimreliesheavilyonprovingthatsmallbusinessescaninfactfindsuccessandgeneratesalesusingsocialmediaaspartoftheir
strategiesLeadersonthelistincludePetflowcomFabcomandCoastalcommdashwithretailgiantssuchasWalmartTargetandBestBuynotevenmakingthetop100
EXPERTSPOTLIGHTInadditiontohavingyourownwebsitemanyindependentretailershave
foundsuccessexpandingtheirproductassortmentonwebsitesthatincludeAmazoncomeBayandSearscomThesesiteshaveuniquesellingplatformsthatcollectivelygeneratemillionsofwebvisitorseachdayWiththisinminditmaymakesensetoalsoexpandyouronlinepresencetoincorporatetheseonlineavenuesSkipMcGrathisaprofessionaleBayandAmazonsellerwhoiswidely
recognizedasanindustryexpertinsellingonbothofthesewebsitesBelowheshareshisinsightonhowindependentretailerscanbenefitfromapplyingtheirsalesstrategytoincludesellingonAmazoneBayandSearsldquoItusedtobeastorecouldopenawebsiteandgettrafficbuttheworld
ofGooglehaschangedandtodayitisverydifficultforasmallshoppingsitetogetanytractionwithsearchenginesHoweveronlinesellingsitessuchasAmazoneBayandSearscomalreadyhavetrafficcomprisedofcustomerslookingforthingstobuyAddingoneormoreoftheseavenuescanhaveanimmediateeffectonaretailerrsquossalesAsyoulooktogetstartedinexploringtheseavenuesyoushould
considerthefollowingTostarteBayusedtobekingofthemountainwhenitcametosmallsellerslookingforawaytoexpandonlineButeBayhaschangedandisnolongeraswelcomingtosmallersellerseBayisstilltheplacetosellusedandvintagegoodsbutAmazonhasgrabbedmarketsharewhenitcomestonewmerchandiseAndAmazonwelcomesnewsellersandgivesthemgreatsupportSearshasalsoenteredthegameandisexpandingrapidlyButAmazonisstillthebestplacetostartOnemorethingtothinkaboutisthepotentialfornewcustomersyoucan
gainthroughthesesellingavenuesIfyouhaveastoreinasmalltownorashoppingmallyouareexposedtothousandsofpotentialcustomersbutwhenyouexpandonlineitslikehavingastoreinacitywithapopulationofahundredmillionormorerdquo11McGrathsharesadditionalinsightonsellingoneBayAmazonandSears
onhiswebsitewwwSkipMcGrathcom
ldquoPetFlowcombringsin30percentofitstotalsitetrafficandoverallrevenuefromsocialnetworksmdashmostlyasaresultofalaser-likefocusonbuildingandmaintainingaloyalFacebookfanbaseandregularpoststhatspeaktotheirfollowersrsquoinnerpetloverrdquotheguideidentified10AlsoitstatedthatFabcomreceived25percentofitswebsitetrafficfromsocialnetworksmeaningthataquarterofallitsonlinevisitorsareadirectresultofsocialmediaengagementAthoughtheseonlinestoresarenotyourtraditionalMainStreetmerchants
theirsuccesswasfoundstrictlyusingtheInternetastheirsellingplatformEvenifyouneverstrivetohavemoreonlinesalesthanofflinerecognizingthevalueofblendingbothstrategiestoincreaseyourtotalsalesisagoodgoaltoaimforThatsaiddonrsquotbesurprisedifyourhardworkdeliversstrongersalesonlinethanoffAfterallyourreachofconsumersismuchgreateronthewebthanviaanystorefronteverandthiscanonlystrengthenwiththehelpofsocialmediaUsingsocialmediatoincreaseyouronlinesalescertainlymakessensebut
Massachusetts-basedretailstoreJennyBostonafive-locationboutiquesellingpursesaccessoriesandotherwomenrsquosfashionapparelintheBostonsuburbsalsofindsthatsocialmediahelptobringfoottrafficintotheirstoresJennyBostonco-ownersJenniferDeMariaandKristinMaynardbegan
postingandsellingitemsonFacebookinOctober2012Sincethennotonlyhavetheironlinesalesexceededthoseoftheiractualphysicalstoresbuttheyrsquoveincreasedtheirin-storefoottrafficasaresultofpeoplepickinguptheiritemspurchasedonlineandoftenmakingafewmorepurchasesonceintheboutiquesThistypeofchainreactionthatbeginsonasocialmediasitesuchasFacebookmdashwhichhas15billionplususersandgrowingmdashisproofthatsellingonlineusingsocialmediaandhavingaphysicalstorefronttrulygohandinhand
AlthoughaimingtogainstoreattentionandsalesshouldalwaysbeyourgoalitrsquoseasyforindependentretailerstofeelasiftheycanrsquotdoitallYourto-dolistsarelongandaddingyetanotherresponsibilitytoyourplateoftencanseemoverwhelmingldquoStudyafterstudyhasshownthatsmallbusinessesbelieveinthepowerof
socialmediabutdonrsquotparticipateactivelyfortworeasonsThisincludesnot
havingtimeandnotknowingwhattosayrdquoexplainschiefoperatingofficerSuzyTeeleofSnapRetailcom12SnapRetailanonlinemarketingcompanythatprovidesmarketingsolutions
specificallyforindependentretailersdemonstratesthatautomatedmarketingsolutionscanhelpbusyretailerstoactivelyparticipateinsocialmediawhilesavingtimeanddeliveringprewrittencontentTeelecontinues
SelectingamarketingautomationsolutionthatprovidesprewrittencontentcandelivereasewhilebeingeffectiveforretailersWhenaretailerhasinterestingcleverormeaningfulsocialmediapostsattheirfingertipsandcanbrowseandscheduleamonthrsquosworthormoreatatimetheanxietyaboutsocialmediagoesawayandtheretailersuccessfullyengageswiththeircustomersinstead13
UsingstrongengagingcontentonyoursocialmediapostsisanimportantpieceofthesocialmediapuzzleMoreimportantisgettingengagedinsocialmediatobeginwithWithoutparticipatinginthesekeyconsumervirtualcommunitiesyouaremissingoutonopportunitiestocommunicatewithyourcustomerswhilealsowillinglyallowingyourcompetitiontogainmoreattentionandultimatelysalesthatcouldbeyoursEdClearypublisherofthewebsiteRetailTouchPointsbelievesthat
independentretailersshouldnotneglectsocialmediamdashnomatterhowbusyorstretchedfortimetheythinktheymaybeClearysays
RETAILTIPSnapRetailoffersprewrittensocialmediapostsforretailerstochoose
fromofferingquicktimelyandeffectivesocialmediapostsforthemtoengagetheircustomerswithSnapRetailalsooffersimagestoaccommodateyourpostsincreasingyouruserexperienceandsocialmediasuccessBelowisanexampleofwhatSnapRetailrsquossocialmediagallerylooks
likeKeepinmindthatwhenvisibleonlineandincolorthisuserpagebecomesclearerandeasiertonavigate
IndependentretailershavegreatopportunitiestosharewhatisgoingonintheirstoresbothonlineandviasocialmediaIseewaytoomanysmallretailersthathavefantasticin-storeexperiencesbutyouwouldneverknowthatunlessyouarephysicallyintheirstoresDevelopinganonlinecommunicationplanincludingane-mailmarketinglistandusingsocialmediaallowsretailerstosharetheirstoriespersonalmessagesproductnewsandmoreonaconsistentbasisConsistencyiskeyhereallowingstorestoremaintopofmindfortheircustomers14
EchoingClearyonthispointareRichKizerandGeorganneBenderinternationallyrecognizedretailexpertsandkeynotespeakerswhospendtheirdaysresearchingbestpracticesforretailersMoreoverKizerandBenderemphasizethevalueofreachingyourtargetaudiencewithanauthenticvoice
HerersquosthethingaboutsocialmediaitrsquosfreetousebutitrequiresaninvestmentoftimewhichcanoftentranslatetomoneymdashafteralltimeismoneyWersquovealwaysconsideredsocialmedianodifferentthananonlinepartythatrequiresconstantattentionfromyouthestoreownerorstoreteamwhichtranslatestothestorersquospersonalityitselfYouneedtoengagedailyonsocialmediaandnotneglectyourpartygoersakacustomersWhilethereareallsortsofcompaniesandappsthatofferyoutheabilitytopreplanpostsandcommunicateviasocialmediawithyourcustomersthereisnothinglikedoingityourselfYourfansandfollowerswanttocommunicatewithyou15
AkeytakeawayfromKizerandBenderrsquosthoughtsonsocialmediaistoalwaysreactrespondandreplytoanysocialmediacommentspostsquestionsorotheractivitysharedwithyouoryourstoreviasocialmediaKizerandBendersuggestsettingasidehalfanhouradaytocheckyoursocialmediasitesallowingyoutodothefollowing
1ListenReadwhatrsquosbeingsaid2InteractRespondtocomments3ReactAnswerquestionsandrespondtocomplaints4SellYoucanpushmerchandiseabouteveryfifthpostRememberitssocialmedianotacataloglistingofwhatyousell16
InadditiontoKizerandBenderrsquostipsonbeingengagedonsocialmediaSnapRetailbelievesinaruleithastaglinedasthe70-20-10ruleThisindicatesthat70percentofyoursocialmediaexperienceshouldbeengagingcontent(egfunfactsexpertadvicequestions)20percentshouldbesharedcontent(egothercustomerspartnerstoresvendorinformationetc)and10percentshouldberelatedtotheproductssalesorotherinformationaboutyourstoreAsSnapRetailrsquosSuzyTeeletellsmeldquoThisistherightbalancetobuildastrongresponsivefollowingrdquo17
PartoffindingtherightbalancealsomeansidentifyingwhichsocialmediachannelsmakethemostsenseforyouraudienceFacebookandPinteresttendtogeneratethemostlinkbacksthatleadtoconsumerpurchaseswithTwitterInstagramandGoogle+alsousedtoengageyourtargetconsumeraudienceRememberthatdespitethisdiverserangeofsocialmediaoptionsthereistrustedsupportforthosewhosimplydonrsquothavethetimetomanagethemeffectively
SnapRetailcomandBoutiqueWindowcomarebothcompaniestoconsiderwithcountlessappsalsoavailabletohelpyoumanageyoursocialmediacommunication
EXPERTSPOTLIGHTSocialmediaoffersawayforretailerslargeorsmalltoconnectwith
customersonadailybasisAmongthetopsocialmediasitesforretailerstodothisisFacebookwherefrequentusersarereportedlyloggingontotheiraccountsasmanyas10timesperdayBoutiqueWindowisamarketingplatformdesigneduniquelyfor
independentretailerstoshareproductimagesandmoreviasocialmediaCofounderEllaWirtzencouragesretailerstoincorporateFacebookintomarketingstrategiesasawaytostayengagedwithcustomerswhilealsopushingsellingopportunitiesldquoFacebookistheperfectplatformtosharepicturesofnewproduct
arrivalslast-minutesalesspecialeventsstorepromotionsandmoreFurthermorekeepyourFacebookupdatesfreshbysharinginterestingadviceproducttipsandseasonalrecommendationsalongwiththeproductimagesyoupostYourpicturesarekeyhoweverThisiswhatwillgetyourcustomersmostexcitedrdquo18
Finallyinthespiritofreachingthousandsandaimingtoincreaseyoursalesbythousandswersquoveidentifiedatop10listofresourcestohelpyouinyouronlinesalesandsocialmediainitiativesPleasenotethattherecommendedresourcesarelistedalphabetically
1BoutiqueWindowBoutiqueWindowcomShowcasemerchandiseonFacebookTwitterPinterestandyourwebsitethroughBoutiqueWindowrsquosphotoeditingtoolsandonlinepublishingcapabilitiesThissavvyonlinemarketingcompanywascreatedentirelyforindependentmerchantshelpingyoureachmorecustomersgainmoresalesandincreasestorevisibility2DoItInPersonDoItInPersoncomThisonlineeventplatformallowsretailersandotherbusinessestomanageandpromotetheir
eventsinoneconvenientplace3InternetRetailerMagazineInternetRetailercomThisdigitalandprintpublicationproducesaflagshipmagazineaswellasfourannualresearchguidesspecificallyonthesubjectofsellingonlineLeanontheirfreeonlineblogforadditionalnewspertainingtoe-commercesocialmediamobilemarketingandmore4RetailTouchPointsRetailTouchPointscomGaintimelyarticlesonretainingcustomersinthediverseworldofmultitouchretailingfromthisfreesubscription-basedresourceRetailTouchPointsisdesignedforretailexecutivesbutsharesvaluablereportsandindustrynewssothatretailerssmallandlargecanlearnmore5ShipwireShipwirecomIfstoragebecomesanissueandyouroneormorestorefrontsoutgrowyouronlinesellinginventoryShipwirecansupportyouinstoringyourproductprovidingfastandreliableshippingmanagingyourdistributionsanddeliveriesandmuchmuchmoreTheirultimategoalistohelpyousavetimecostandcomplexitymdashwhichanyindependentretailerknowsisagoodgoaltohave6ShopifyShopifycomThankstoe-commercetemplateoptionsretailerscanintroduceanonlinestoreinseveneasyhassle-freestepsfromShopifyInadditionthecompanyrsquosblogandEcommerceUniversityshareatremendousamountofvaluableinformationandnewsaboutsellingonlineandengaginginsocialmediathatallretailerscanlearnfrom7SnapRetailSnapRetailcomCommunicatewithyourcustomerswithautomatedprewrittensocialmediae-mailmarketingandgeneralstorecommunicationscontentInadditiongainaccesstocountlessimagesandotherpromotionalmaterialsprovidedbySnapRetailspecificallyforindependentretailersSnapRetailalsooffersitsusersamanagementcalendartotrackstoreeventsonlinepromotionse-mailblastssocialmediaupdatesandmore8SoldsieSoldsiecomSoldsieallowsretailerstobringtheirwebstorestoFacebookItrsquoseasytousefunforcustomerstoengageandhelpstoturnsocialmediacommunicationintosalesAlthoughthereareotheroptionstoconsiderincludingBeetailercomSoldsieisaretailerfavorite9VineVinecomThisTwitter-ownedmobileappreached40million
usersinAugust2013andcontinuestogroweverydayUsedtoincorporatevideosintoyouronlinemessagingVineallowscustomersandretailersaliketoengageviavideowiththeopportunitytoshareabehind-the-sceneslookatyourstoreofferproducthow-tosshareindustryupdatesandmoreEssentiallyitbringsyourpersonalityaliveandallowsyourcustomerstobecomeevenmoreconnectedtoyourbrandandyourbusinessItrsquosalsoagreatwaytochallengeyourcustomersviacontestsonlinetosharetheirownvideoswithyou
10WishpondWishpondcomWishpondisanappthatmakesiteasytorunagroupofferorsocialmediacontesttodrivesalesandtraffictoyourwebsiteorstorewithcouponsandotherspecialoffersviaFacebookTwitterPinterestyourwebsiteandmobiledevicesSeventy-thousandplusbusinessesusethiswithtrustandtheirsupportisconstantlyevolvingwithretailersinmind
Engagingonlineaspartofyourbrick-and-mortarstrategyisavitalpartinbothreachingandkeepingtodayrsquosconsumersmdashwhetheronlineorinyourphysicalstorefront
Althoughincorporatinganonlinepresenceintoyourbusinessisvitalintodayrsquosmodernmarketplaceitrsquosalsoimportanttotakepartinbuy-localandshop-independentinitiativesInChapter10wersquolldiscussthisinmoredetailandidentifywaysinwhichyoucanincorporatethispracticeintoyourbusinessandcommunity
ActionGuide
CreatinganonlinestoreandusingsocialmediatohelppromoteitcanaddvalueandvisibilitytoyourbusinessAnotherwaytoincreaseyouroddsofgainingmoreawarenessonlineisthroughcontentmarketingContentmarketingisintendedtoattractandkeepcustomerattentionthough
theuseofwordsmdashcontentmdashappliedtoyourproductdescriptionscompanyprofilemarketingstrategiesandallotherwrittencommunicationsEssentially
profilemarketingstrategiesandallotherwrittencommunicationsEssentiallycontentmarketingsupportsbusinessesintheirsaleandbrandidentitycreatinganavenueofcommunicationinwhichcustomersengageAlsocontentmarketingoverlapsintohowonlinesearchenginessuchasGooglerankyourwebsiteinonlinesearchesCollectivelythesereasonsofferretailersavaluableexcusetomakecontentmarketingapriorityfortheirbusinessesUsingthefollowingproductdescriptionasanexamplecreateyourown
productdescriptionsfornolessthanfiveproductscurrentlybeingsoldinyourstoreWhetheryouhaveanonlinebusinessornotidentifyingasavvypreciseandengagingwaytocommunicatedetailsaboutyourproductscanhelpyoutostandoutamongothermerchantsandintheeyesofconsumers
ExampleProductdescriptionforclassicwhiteladiescrew-neckT-shirtDescription100percentcottonside-seamedandcap-sleevedT-shirtwithacontouredfitthatshapesthenaturalcurvesofawomanrsquosbodypositioningaboutfourinchesbelowthewaistline
PriortoidentifyingyourproductdescriptionsascompletehaveatleastthreeotherpeoplereviewthemShowthemthedescriptionswithoutpicturestocomplementthemthenshowthemtheproductpicturesoractualproductonlyaftertheyhavereadthedescriptionUsingthisasatestforyourcontentmarketinghaveyoursubjectsidentifywhetheryourproductdescriptionsaccuratelydescribetheactualimagesyoushowthem
10
TakingPartinShop-LocalInitiatives
HoweverbeautifulthestrategyyoushouldoccasionallylookattheresultsmdashWinstonChurchill(1874ndash1965)
formerPrimeMinisterofUnitedKingdomREMEMBERTHATAstoriaNewYorkretailerwementionedearlierinthisbookWellMackenziFarqueraretailstoreownerforoversevenyearssuggeststhatbeingavisiblememberofyourlocalcommunityiskeytostayingrelevantandprofitableinacrowdedmarketplace
MynumberoneruleforsurvivalistostayvisiblewithinyourcommunityByembeddingyourselfinthefabricofyourlocalmarketplaceyouhelptomakecustomersfeelresponsibleforyoursuccessorfailureFurthermoreitrsquosimportanttodowhatbig-boxstoreseitherdonotorcannotdosuchasprovidingfreedeliveryonselectpurchasesacceptingeverycreditcardhavingnocreditcardminimumsandgoingtogreatlengthstodelivermemorablestrongcustomerservice1
AsaseasonedstoreownerFarquerrsquosinsightissomethingtobeconsideredOnewaytobecomeengrainedinyourlocalmarketplaceistoparticipateinabuy-localcampaign
UnderstandingBuy-LocalCampaigns
Buy-localcampaignsaredefinedbytheAmericanIndependentBusinessAlliance(AMIBA)asorganizedcampaignsthatengagelocalcitizensandbusinessestoshifttheirspendinghabitstobenefitindependentbusinessowners
businessestoshifttheirspendinghabitstobenefitindependentbusinessownersJeffMilchencodirectorofAMIBAexplainsthatcommunitiesand
independentbusinessownerscangainsalessupportandattentionbyintroducingabuy-localcampaignintheircommunities
Whenproperlystructuredandsustainedovertimebygrassrootsorganizationsbuy-localcampaignsaremakingabigimpactinshiftingcultureandspendinghabitsForexampleinaJanuary2013surveybytheInstituteforLocalSelf-Relianceindependentbusinessesincommunitieswithcampaignsbysuchgroupsreportedanaverageannualrevenueincreaseof86percentcomparedwith34percentamongindependentsinothercommunitiesThiswasthefifthstraightyeartheirannualsurveyshowedsuchadifferentialWhiletheydonrsquotprovecauseandeffectthesesurveysareamongseveralstrongpiecesofevidencethatbuy-localcampaignstrulymakeanimpactforindependentbusinessowners2
MoreoverMilchenpointsoutthatthesesurveysonlycountcampaignsthatdefinelocalaslocalownershipandindependentlyownedHecontinues
Thecountlessldquobuy-localrdquocampaignsstartedbymunicipalitiesorgroupsunwillingtodistinguishbetweenlocalownershipandmerephysicallocationalmostuniversallyfadeawaywithoutmakinganimpact3
Usingthefigureinthefollowingsidebaryoushouldbeabletoidentifyyear-to-yearsalesincreasesamongindependentbusinesseswhoactivelyengagedinbuy-localcampaignsrunbyindependentbusinessalliancessuchasAMIBAWithsalessuccessaclearadvantageofincorporatingabuy-localcampaign
intoyourowncommunitythequestionremainshowyoucandosoeffectivelyMilchensaysthatbeingclearinyourcommunicationsandgoalsiscriticalinyourplanningefforts
Beclearineverycommunicationthatyouplanwhendevelopingabuy-localandindependentshoppingcampaignItonlytakesonepersoninameetingwiththeideaofacampaignthatincludesldquoshopyourlocalWalmartrdquotodogreatharmBesuretoemphasizelocallyowned
independentbusinessesinyourmessagingWhiledirectlycritiquingchainsorabsentee-ownedbusinessesisnotessentialyouraudienceshouldunderstandthatyouintendlocaltomeanlocalownershipandcontrolnotmerelylocation4
RETAILTIPTheAmericanIndependentBusinessAlliancealsorecognizedas
AMIBAhelpsretailersandcommunitiescreateandmanageldquobuylocalrdquoandldquobuyindependentrdquocampaignsBelowyoucanseehowsaleswereimpactedamongindependentbusinesseswhoparticipatedinthesetypesofcampaignsfrom2010through2012
Fortunatelyforbusyretailersandcommunityleaderslookingtointroduceabuy-localcampaignintotheircommunitiesavastrangeofhelpisavailableAmongthefirststepsyoushouldtakeistocontactAMIBAtoseeifanyoneelseinyourcommunityhasalreadyinquiredaboutanorganizedbuy-localcampaignBeinglinkedtothispersonorgroupofpeoplecanhelpyouinorganizingalike-
mindedgroupofindividualstoworktogetherwiththesamegoalofsupportingindependentbusinessesinmindNextobtainafreecopyofAMIBArsquosldquoGuidetoCreatingaBuy-Local
Campaignrdquowhichdelivershow-tostepsongettingstartedorganizingpartnershipsleveraginglocalrelationshipssharingyourmessageandmoreTheguideavailableinbothprintanddigitalformatscanbeobtainedathttpwwwamibanetaboutprimer-formThis12-pageoverviewofkick-startingabuy-localcampaigncontainsdetailsoncreatingyourowncommunitylogoideastogeneratemediasupportandinsightsintoincorporatingyourbuy-localcampaignasanonprofitwiththegoalofbecominga501c6organization(anInternalRevenueServicedesignation)AMIBAalsocansupportyouwithfreeguidancethrougheverystepofthewaytoensurethatyounotonlysavetimebutalsoavoidunnecessaryexpensesMilchenencouragespeopleinterestedinstartingtheirownbuy-local
campaignstotakefulladvantageofwhatisreadilyavailablealreadyldquoDonrsquotwastetimeandmoneyreinventingthewheelrdquo5heexplainsWithatrustedresourcesuchasAMIBAhavingspent12+yearsgatheringandrefiningbestpracticesmaterialsandtoolsavailabletocommunitiesandindependentbusinessownersitmakessensetosavesometimebyleaningonAMIBAforhelpinachievingyourbuy-localgoalsInadditiontoAMIBAotherresourcesareavailabletoyoutohelpyoucreate
abuy-localandbuy-independentcampaignAmongthemistheBusinessAllianceforLocalLivingEconomies(BALLE)whichisfocusedoncreatingprosperitybyconnectingleadersandsolutionsinlocaleconomiesAmongthebenefitsthatBALLEoffersforretailersandtheircommunity
leadersaretheBALLEcalculatorsThroughthesecalculatorsyouareabletoidentifyhowself-reliantyourtownisinfoodwhatmissingopportunitiesmayexistforjobcreationandwhereyoucanfindthenearestbankorcreditunionAlthoughtheanswerstothesequestionsmaycomequicklytoyouthecollectiveanalysisofthesequestionsandcountlessotherscanhelpretailersandcommunitiesidentifyweaknessesstrengthsandopportunitiesAsBALLEexplainsldquoCalculatingmissedopportunitiesforrevenueandjobcreationisinvaluableforlivingeconomicdevelopmentrdquo6ForretailersinparticularthisincludesprovidingabettersenseofopportunitiesforexpansionandunderstandingthemoreprofitablemarketsinyourlocalcommunityCombiningtheeffortsofAMIBAandBALLEasofficialpartnersShiftYour
ShoppingisonemorewaytogetinvolvedinsharingthemessageofshoppinglocalwithyourcommunityMorethan160organizationshaveunitedalreadyto
encourageconsumerstoshifttheirshoppingfrombig-boxtoindependentretailersaconsiderableaccomplishmentfromthisgrassrootscampaignThecollectiveeffortsofBALLEandAMIBAandmorethan160localorganizationsthattogetherequalmorethan38000localbusinessessupporttheShiftYourShoppingcampaignThiscampaignencouragescustomerstobuyfromlocallyownedbusinessesmdashincludingrestaurantsservice-basedretailerssuchasdrycleanerschiropracticofficesandbrick-and-mortarmerchantsItrsquostheirbeliefthatldquoasinglemerchanthastheabilitytoshiftattitudesorconsumerspendingButbybuildingstrengthinnumberswecancreatebroadsupportforindependentbusinessesandadvocatefortheirinterestsrdquo7
FindingSuccessThroughSmall-BusinessSaturday
Inadditiontosupportingconsistentbuy-localandotherindependentbusinesscampaignstheincreasinglypopularSmallBusinessSaturdaycampaignthatwasfoundedin2010byAmericanExpressissomethingallretailersshouldembracemdashwhethertheyacceptAmericanExpressintheirstoresornotThisone-dayeventtakesplacetheSaturdayfollowingThanksgivingalthoughthemessagingandcampaigneffortsarerecognizedasldquoShopSmallrdquoallyearround2013rsquosSmallBusinessSaturdayshowedthatcustomerswhowereawareof
thishighlighteddayspent$57billiona36percentincreasefrom2012ThisstudycompletedbytheNationalFederationofIndependentBusinessesandAmericanExpressResearchalsoconfirmsthatinjustfourshortyearscustomershaveadoptedSmallBusinessSaturdayassomethingtheywanttosupport8ldquoCustomersaremakingSmallBusinessSaturdaypartoftheirholiday
shoppingtraditionsrdquoSusanSobbottpresidentofAmericanExpressOPENstatesldquoOur2013SmallBusinessSaturdaysawacontinuationofthisgrowingtrendascommunitiesaroundthecountrycametogethertocelebratelocalbusinessesandhelpeddriveconsumerstoShopSmallonthedayrdquo9Inadditiontothein-storesalesandlocalcommunityattentionthatthis
campaigngeneratestherewasa65percentincreaseinTwitterengagementrevolvingaroundSmallBusinessSaturdayfrom2012to2013aloneThistypeofgrowthcombinedwithmorethan33millionFacebookusershavinglikedtheofficialSmallBusinessSaturdayFacebookpageonlyreinforcesthatshopping
smallandshoppinglocalisheretostay10WashingtonDCndashbasedprofessionalwriterandconsumerAmyKnebelfirst
heardofSmallBusinessSaturdayin2011ayearafteritsintroductiontothemarketplaceSincethenKnebelhasactivelyparticipatedasacustomersupportingindependentretailersonSmallBusinessSaturdaymakingitatraditionamongherselfandherfriendstofrequentlocalbusinessestokickofftheirholidayshoppingKnebelexplains
IlovetheOldTownAlexandriaBoutiqueDistrictwhichIliveclosetoandcanrsquotimaginenothavingallthefantasticboutiquesrestaurantsandindependentbusinessesthatmakeupthisneighborhoodFormesupportingSmallBusinessSaturdayismywayofsayingthankyoutothemanybusinessesandtheirownersforhelpingtomakemyeverydaylifethatmuchmoreinterestingandfun11
Activelyengaginginmultiplebuy-localandshopsmallcampaignsnotonlyisbecomingmorepopulartodoasaretailerbutalsoisbecomingmorerecognizedandrespectedfromaconsumerperspectiveThisreasonaloneshouldbeenoughofapushtomakeyouwanttogetinvolvedbecausesupportingyourcustomersalwaysshouldbeagoalAlthoughparticipatinginmultiplebuy-localcampaignssuchasyourownlocalcommunitycampaignShiftYourShoppingandSmallBusinessSaturdaymayseemlikeanunlikelyfirststepforabusyretailerwehopethatyouwillmakeitapriorityastimepassesTheresourcesavailabletoyouareplentifulandthesuccessofawell-executedcampaignismeasuredinsalesmdashsomethingwersquorecertainanyretailercanappreciateTorecaptheresourcesidentifiedthroughoutthischapterpleaserefertothe
followinglist
AmericanIndependentBusinessAlliance(AMIBA)wwwamibanetBusinessAllianceforLocalLivingEconomies(BALLE)wwwBeALocalistorgInstituteforLocalSelf-ReliancewwwilsrorgShiftYourShoppingwwwshiftyourshoppingorgShopSmallandSmallBusinessSaturdaywwwshopsmallcom
IntroducingCommerceandCharity
Shop-localbuy-localandshopsmallcampaignsarenottheonlyfamiliarmovementstakingplaceinretailrightnowCommerceandcharityareincreasinglybecomingafamiliarduowiththeholidayseasonbeingaparticularlypopulartimeofyearforretailersbigandsmalltorequestdonationsfortheircharitiesofchoiceVirginia-basedCausetownorgbelievesthatconsumersdonrsquotnecessarilywanttochangetheirshoppingbehaviorstogivetocharitywhichiswhydonatingapercentageofpurchasesmadeisbecomingapreferredwayforcustomerstogivebackAsaconsumeryouhavelikelyexperiencedthecombinationofcommerce
andcharityyourselfwhilecheckingoutatagrocerystoreorotherbig-boxretailerHaveyoueverwonderedhowthiscanbeappliedtoindependentmerchantsthoughUntilrecentlyacollectionjarwithaslotforloosechangeortheoccasionalfolded-upbillwasthemostlikelyavenueforindependentretailerstoparticipateincollectingforacharityoftheirchoiceNowhoweverorganizationssuchasCausetownorgallowlocalbusinessestoraiseawarenessandfundsbypartneringwithanonprofitThegoalistosupportindependentbusinessesbypromotingeventsofferingpromotionalmaterialshandlingsalestrackingmanagingfunddistributionandmoremdashalltohelpsupportcharitiesDanMcCabeoneofthefoundersofCausetownorgexplainsldquoResearch
showsthat83percentofcustomerswanttobuyproductsthatbenefitacauserdquo12Keepingthisinmindcombiningyourbusinesswithacharityofyourchoiceisanothermovementyoushouldconsiderforyourstore
FinallyinChapter11wersquolllookaheadatthefutureofindependentretailandhowyourparticipationasabusinessownercanaffectnotonlyyoursingularsuccessorfailurebutalsotheeconomyatlarge
ActionGuide
Readytomakeyourcommunityandlocallyownedbusinessesstandoutin
ReadytomakeyourcommunityandlocallyownedbusinessesstandoutinconsumermindsTokick-startyoureffortsformasteeringcommitteethatcanhelpyoulaunchabuy-localcampaigninyourtown
1Introducetheideaofabuy-localcampaigntolocalbusinessownersandkeydecisionmakersinyourcommunityBepreparedtoidentifythebenefitsofabuy-localcampaignandtoexplainwhatitwouldtaketogetonestartedUsingtheresourcesidentifiedthroughoutthischapteryoucanconfidentlysuggestresourcestohelpyoulaunchacampaign2AimtogatheramixofbusinessownersandinfluentialcommunityleaderstobeapartofyourcommitteeCombiningthemindsresourcesandcommunityreachofadiversesteeringcommitteecanhelpyouaccomplishyourbuy-localcampaignplanningmoreeffectivelyIdeallyyoushouldhavelong-timebusinessownersmdashcommunityleaderssuchasyoureconomicdirectormayororaldermanmdashandhighlyregardedindividualsonyourcommitteewhoeithervolunteerorworkwithotherorganizationsthatreachalotofconsumersBetween7and12memberswouldbeidealalthoughafewlessorafewmorestillcanworktodeliverastrongcommittee3Identifyadateandalistoffuturedatestomeetasagrouptobeginyoureffortsinplanningforabuy-localcampaignDuringthesescheduledmeetingsbesuretoclearlyidentifywhoisresponsibleforwhatwithdeadlinesclearlystatedtoensurefollowthroughHavingaleaderortwoonyoursteeringcommitteecanhelpeveryonetostayontrackwiththeirindividualresponsibilitiesaswell
Onceacommitteehasbeenidentifiedandeachmemberiscommittedtocreatingabuy-localcampaignwiththesamegoalsinmindbesuretoleanontheresourcesidentifiedinthischaptertohelpyouinmovingforwardThroughyourcombinedeffortsyoucanestablishastrongcampaignwithinyourowncommunitytoincreaseindependentbusinessvisibilityandsaleswhilealsoenhancingyourlocalcustomersrsquocommunityexperience
11
ACrystalBallforIndependentRetailers
Thebestwaytopredictyourfutureistocreateit
mdashPeterFDrucker(1909ndash2005)authorconsultantprofessorIFSOMEONEhadtoldyouwhenyouwerejustembarkingonyourcareerpaththatyouwouldbecomeastoreownerwouldyouhavebelievedhimorherThe
realityisthatretailisnrsquotajobmanyretailerssetouttodoldquoIdidnrsquotgochasingadreamofbeingabusinessownerparticularlyaretailstoreownerThisdream
chasedmerdquo1KimberlyEfseaffofBonBijouxGirlyBoutiqueinDelMarCaliforniatoldus
HavingheardsimilarstoriesfromcountlessotherretailersweknowthatretailisnrsquotalwaysthejobtheyhavedreamedofmdashwhereasothersfeeljusttheoppositeandconsiderowningtheirownstoreadreamcometrueldquoIcanrsquotimaginelivingmylifeanyotherwaythanhowIdonowwhichisbeinginmystoresevendaysaweekItrsquossomethingIrsquovealwayswantedtodoandamthrilledtoactuallybedoingitrdquo2Chicago-basedstoreownerAngelaGianfrancescosaid
TheFutureofIndependentRetail
WhetheryoufallintothecategoryofanaccidentalretaileroraretailerbyintentthefutureofthisdynamicbusinesshasalotinstoreforyouJasonRichelsonfounderandCEOofShopKeepPOSbelievesthatthereisalotforindependentmerchantstolookforwardto
IhavefivepredictionsforthefutureofretailbeginningwiththefactthatthecloudisheretostayandWindowsisdeadOverthenextthreetofiveyearsthecloudwillreallycomeofageinretailandWindows-basedPOS
yearsthecloudwillreallycomeofageinretailandWindows-basedPOS(pointofsale)andotheroperationswilldisappearThiswillkick-startinApril2014whenMicrosoftwillstopsupportingXPwhichwillrenderhundredsofthousandsofWindowsPOSsystemsoutofPCI(paymentcardindustry)complianceRetailerswillhavetostartthinkingaboutupgradingtheirexistingtechnologymdashwiththecloudbeingtheobviousoptionThevastadoptionofiOSandAndroidwillalsodrivethisshiftalongwiththeproliferationofmobiledevices
NextIbelievewersquoregoingtoseehandheldregistersthatallowstafftohelpcustomersontheshopfloorandthenringthemuprightthereinsteadofhavingtolineuptogettothecounterThetypeofhandheldregisterthathasbeenproventoworkforAppleNordstromandBarneyswillultimatelycome to small stores I believe and as a result therewill no longer be areasontohaveacountertoprocesstransactionsThatspacecanbefreedupforotheruseslikedisplaysormorefloorspace
AlsoandagainreferencingthecloudIbelievethatsmallretailerswillbeabletoaccessdatasimilartohowbig-boxretailershavebeenforyearsThecloudhasleveledtheplayingfieldandloweredthepricepointforthistypeofinformationcollectionandanalysiseffectivelydemocratizingdataTheworldofcustomerproductandsalesanalysisthatonlyexistedfortheWalmartsorStarbucksofthisworldnowexistsforanyonewhowantsitIn2014 access to datawill be the equalizer for small businesses The nextdifferentiatorwillbeknowinghowtouseit
With these data and combined with POS technology I also believeretailerswillbeabletobetteridentifywheretheirmarketingdollarsshouldbe spent Small businesses are expected to spendmore than half of theirmarketingbudgetsontheirownassetsin2014includingtheirwebsitese-mailmarketingcampaignsandsocialmediachannelsThiswillbedrivenbytwothingstheavailabilityofcost-effectiveonlinetoolsandtheabilityto act on their own customer data POS technology has fundamentallychangedthecustomerinteractionInsteadofacustomerhandingovercashandwalkingawayyouaregatheringinformationandbuildingaprofileofthatcustomerthatcanbeusedtomarkettothemSmallretailerswillstarttotakeadvantageofthisandwewillseethemarketingdollarsfollow
Finallyover timewearegoing toseeavarietyofbusinessservicesstarttointegratewiththePOSsystemDifferentappsaretailermightusetorun their store including loyalty CRM (customer resourcemanagement)accounting e-mail marketing delivery social media payroll mobile
paymentsandmorewillplugintothebackendofPOSallowingretailersto usemultiple tools in an integrated fashionAs a resultmerchants canthenoperate and report on all these systems froma singleviewwith themostimportantthingatthecentermdashwhichiswhatishappeningatthecashregisterThisisthefutureforretailers3
RichelsonrsquosexpansivepredictionofwhereindependentretailisheadingismdashinouropinionmdashrightonThankstothecloudanddata-collectingtechnologiesthathaveadvancedinrecentyearsontheretailscenesmallretailerscanfinallybecomemorecompetitivewithintheirlocalandglobalmarketplacesTheseopportunitiesforindependentretailerscancreateadominoeffectofgoodorbadresultsbasedonwhatkindofgrowthchangeandcustomercaretheyintroducetotheirstoresVendCEOVaughanRowsellshareshisthoughtsonthefutureofretailas
wellspecificallydiscussinghowpoint-of-sale(POS)systemscanhelpretailerstoleveragemoresalesandbettermanagetheirbusinessesYoursquollfindthatmuchofwhatRowsellsaysisalsosupportedbyRichelsonrsquosthoughtsreinforcingtheideathatthefutureofretailisdevelopingatasteadypaceamongleadingindustryplayers
Web-basedPOSisgroundbreakingineveryrespectforindependentretailersFirstoffaweb-basedPOSlowersthebarriertoentryViasubscription-basedwebsoftwareindependentretailerscannowaffordthesophisticatedtoolsandreal-timeanalyticsthatbigretailershavebeenleveragingforyearsAlsosmallstartupscangetaPOSforlessthanitcoststobuytwopizzasamonthButthereareotherevenmoreexcitingfacetstoweb-basedPOSwhichareadd-onsandcustomsolutions
JustasretailerscannowcustomizetheretailexperienceontheirshopfloorstheycanalsocustomizetheirPOSsoftwaretoexactlyfittheirneedsWeb-basedsoftware (alsocalledsoftwareasaserviceorSAAS) isoftencomplementing other software allowing retailers to truly take control oftheir retail operations An example of this would be for a retailer tointegrate their POS systemwith their accounting software This not onlysaves themhoursofadministrationtimeeveryweekbutalsospares thempossibleexternalbookkeepingexpensesortimelydouble-entryproceduresonmultiplespreadsheetsorinmultiplesoftwareaccounts
ThissaidPOScanbeevenmorecustomizablethanthisIfyouowna
hairsalonforexampleyouneedtobeabletokeeptrackofyourproductsand your appointmentsmdashtwo very different details of your business yetequally importantWithSAASsolutions this iseasyYousimplyfindanaddon that integrates appointment software with your POS system andawayyougo
Finallyothersolutionscanbecherrypickedasyouneedthemtohelpmanage your unique business specificallyWant to spare your customersthe crazy queues during the holiday season Integrate your POS systemwithaself-checkoutappsothatcustomerscanringthemselvesupandpayviatheirsmartphonesWanttotakeordersandacceptpaymentsinadvanceatyourcafeacuteTherersquosanadd-onforthattooInthefuturetherewilllikelybeanappforanythingyoucanthinkofaswell4
Anappforeverythingiscertainlyapredictionwecanexpecttobecomerealitybutwhataboutthefutureofretailbeyondtechnology
TheFutureBeyondTechnology
Portablecashregisterscloud-baseddatacollectioninstantappadditionsandothertechnologysolutionsundoubtedlywillplayabigroleinthefutureofretailThissaidthereissomethingtobesaidforgoodold-fashionedcustomercareSupportingthisideaisCamilleCandellagroupmarketingmanagerforEmeraldExpositions
TodayrsquoscustomersaremoreeducatedthaneverbeforeandtheyhaveaccesstomorestoresthaneverbeforeAsaresultcustomersarebecomingmoreselectiveinwhattheywanttobuyandwheretheywanttobuyitForindependentretailersIbelievethiswillpositionthemtobuildstrongerclientelebygivingthemmorepersonalizedattentionandreallylisteningtotheirneedsOnewaytodothisistokeepproductsfreshbasedonwhatyourcustomersaretellingyouUnlikebig-boxstoressmallermerchantscanreactfastertocustomerdemandsandoftenreceiveinventorysoonerbasedonsmallerquantityneedsThiscertainlyplaystotheadvantageofindependentretailersandcanhelpthemhavemoresuccessintheirtotalstoresalesaswell5
ReactingtocustomersonafastermorefocusedscaleisunarguablyatrendthatretailerswillneedtoembraceandlikewiseonethatconsumerswillbegintodemandPublisherBillMcNultyofSumnerCommunicationsIncsharesthispredictionanticipatingconsumerexpectationsamongallretailerstoincreaseinyearstocome
TheharshrealityisthatoverthenextfewyearsinanytypeofbusinessanythingyoutrythatispoorlyexecutedisgoingtohavesignificantstrugglesTheconsumerexpectationbarhasrisenacrosstheboardatanalarmingrateIfyougiveshoppersareasontowalkthroughyourdoortheywillHoweverifyougohalfspeedandhopeeverythingwillworkitselfoutyoursquoreinforanuphillclimbThemarketspeaksloudandclearanditisneverwrongWhilethismayseemlikeahugechallengemorethaneverbeforesmallretailershavetheabilitytochangebuyingbehaviorsinsteadofsimplyreactingtothem
Retailers are the first and last line of defense for customer serviceTechnology iswhat it is and can be a great tool formarketing but self-checkout and single-click buying will never replace face-to-facerelationship building for an overwhelming percentage of your customersOffering fantastic customer service going the extramile for a customerand adding a personal touch to every transaction are things only you andyour team can do People remember kindness and they remember greatserviceUnderstandthatyourcustomerdeepdownwouldreallyprefertobuylocallymdashfromyoumdashthanfromyournearestbig-boxneighborUsethistoyouradvantageanddosomethingtorewardthatbehavior6
McNultyrsquosopiniononsupportingcustomerswithexceptionalcustomercarenomatterhowmuchnewtechnologyisintroducedissomethingallretailersshouldpayattentiontoWhileiPadsandothermoderntechnologiesshouldhaveaplaceinyourstoreitrsquosimportantnottolosesightofhowstrongcustomerservicecanhaveanimpactonyourbusinessmdashandultimatelyyourretailfutureInfactasothermerchantsembracetechnologyentirelyanddismissthesepresumedold-fashionedsellingtechniquesyoushouldleveragethepowerofcombiningthesetacticstomaximizeyourstorersquosfullpotentialJewelryretailerAngelaGianfrancescohasplanstodotojustthat
Ilovethatmodernconvenienceslikepointofsaleande-mailmarketing
solutionsmakemyjobsomucheasierbutIneverwanttoforgetwhyIbelievecustomersshopatmystoreItrsquosnotjusttheeaseofacustomercheckoutexperiencethattheyenjoybutrathertheentireexperienceofmystoreIknowthatmypersonalityalongwithmyteamrsquoshasalottodowiththisandIdonrsquotwanttoneglectjusthowmeaningfulthisistomybusiness7
GianfrancescooffersagoodreminderforallmerchantspointingoutthatpartofyourstoreisinfactyourpersonalityAsyouembarkorcontinueonyourretailjourneyalwaysrememberthatyourpersonalityaffectsyourbusinessplainandsimpleMoreoverrememberthatyouremployeesareareflectionofyourbusinessandcanaffectyourstorersquossuccessandsalesaswell
Withblack-and-whitedataincreasinglybecomingmoreaccessibletoretailersandtechnologybecominganexpectedadditiontoretailstorefrontsmerchantsshouldembracethechangestakingplacebothonlineandofflinewhenitcomestomanagingandmarketingtheirretailstoresDelayingtheincorporationofthesetechnologiesandmodernamenitiescanpushretailersyearsbehindtheircompetitorsmakingtheirracetofinallycatchupnearlyimpossibleoncetheyrsquorereadyTohelpavoidthislong-windedjourneymakeyourfuturemorepredictablebywelcomingtherealitiesofmodernretailintoyourbusinessmodeltoday
WhenRetailIsnrsquotinYourFuture
DespitewhattheeconomytrendsinretailandevenyourownpersonalgoalsmaybeforthefuturesomeretailersmaygettoapointwheretheywantorneedtoselltheirstoreThisdecisiondoesnrsquotneedtobeperceivedasabadonebutrathersimplyasastepinadifferentdirectionOftenretailerswhoneedtomoveoutofstatewanttoretireorhaveothergoalsinmindchoosetoselltheirbusinessesasawaytomoveforwardGroupgeneralmanagerCurtisKroekerofBizBuySellcomandBizQuestcomshareshisthoughtsonhowsellingyour
businessmaybeyourbestdecisionyet
TherearemanyfactorsthatgointodeterminingifabusinesssaleisrightforyouThefirststepistoobjectivelyassessyourbusinessasasaleprospectProspectivebuyerswilldoextensiveresearchbeforesigningonthedottedlinesomakesurethatyouthoroughlyexamineyourfinancialsinfrastructurestaffingandevenclienteletodetermineifyourbusinesswillbecoveredIfthereareissuesinanyoftheseareasbesuretoatleastcreateanactionplantoguidethenewownerbutyoursquollbetterpositionyourbusinessforasuccessfulsaleifyouaddresstheseissuespriortosellingThiswillhelptodrawinmoreprospectivebuyersandimproveyourchancesforahighersalespricedowntheline
In addition itrsquos important to remember that selling a business is apersonal decision Make sure to analyze your motivations for selling toensure that it is therightstepforyouWhydoyouwant tosellAreyouburntoutLookingtodothenextthingHavinghealthproblemsSimplyready for that well-deserved retirement There are countless reasons youmaybeconsideringasaleDeterminingwhyyouwanttogetoutwillhelpyou to setyourdesired time lineandgoals for the saleThiswill amongother thingshelpyoudecidehowtotradeoffsalespeedandsalepricemdashtwo goals that are often somewhat at odds Also be sure to outline yourpostsaleplanYoumayberetiringusingthemoneyforanotherventureoreven staying with the company in a managerial capacity Defining theseafter-sale interests will help you determine if you are ready to sell anddesignasaleapproachthatfitsyourmotivations
Nextifyoubelievesellingyourbusinessmaybeinyourfuturestartplanning for this now The best retailers are always working to improvebusinessvalueIfyouhaveasaleinmindfromtheverystartitensuresthatyou are always thinking about how to maximize value and will be in abetterpositionwhenthetimecomestosellHoweverifyouhavenrsquotbeenthinking thiswaydonrsquot despairTherersquos still time Just donrsquot putoff thisway of thinking any longer Positioning your business tomaximize yoursaleoutcomewilltaketime
TostartpreparingyourbusinessforsaleputtogetherapresaleactionplanThegoalof thisplan is toget all the improvementsdone forwhichyouhavetheenergyandcapabilityDoingsowillensurethatyourbusinessisinitsbestshapewhenithitsthemarketThenextstepiscollectingand
organizing necessary documentation Sooner or later prospective buyersaregoingtowanttoseeldquojustthefactsrdquoonpaperThisusuallyincludesatleast three years of financial statements that will help to prove yourbusinessrsquosworthNextstartassemblingyoursalesteamSellingabusinessis not an extracurricular activity it is a full-time jobExperienced sellersleveragethehelpofqualifiedbusinessbrokersappraisersaccountantsandattorneystohandlethemanydetailsofasuccessfulsaleThisallowsthemtofocusonmaintainingoracceleratingbusinessperformancewhileitisonthemarketmdashnothing sells a business better than strengthening financialsWithagoodteaminplaceyoursquollbewellpositionedtopriceyourbusinessrightprepareyourfor-salemarketingmaterialsandmuchmore
Finallydonrsquotbe intimidatedby the thoughtof sellingyourbusinessbutdonrsquotunderestimatewhat it takes tosellabusinesseitherTheproperpresalepreparationcanmeanthedifferencebetweenasuccessfulsaleandlongdrawn-outfrustrationThesetipswillhelpyoutogetstartedbuttherearecountlessmoredetailsthatyoushouldconsiderTolearnmoreyoucancheck out our full BizBuySell Guide to Selling Your Small Business athttpwwwbizbuysellcomsellerguideselling-a-business8
YourfutureinretaildoesnrsquothavetoendorstartinanytraditionalwaySellingyourbusinessmaynotbeyourgoaltodaybutknowingupfrontthatitmightbeonedayiswhatyourtakeawayshouldbehereAfterallyouwanttobuildabusinessthatisworthsomethingdonrsquotyouWhetheryouplantopassyourbusinessdownthroughgenerationshopetosellitonedayforagainorsimplyhopetoworkuntilyoudonrsquotwanttoworkanymoreplanningaheadandcreatingastrategyforyourbusinessshouldremaintopofmindYoumaybeyourownbossafterallbutthatdoesnrsquotmeanthatyoucanpredictyouroutcomeThatresponsibilityisleftinthehandsofconsumers
PartingWordsfromJasonPrescott
ItusedtobeexpectedthatrevolutionsinretailoccurredeverycoupleofyearsmdashormaybeevendecadesInaveryshorthistoricaltimeframewemovedfromsmallstreetindependentstodepartmentstoresyieldingmassiveconglomeratestoe-commercebehemothsAnewdynamicparadigmhascreatedamassiveshifttowhatcaneasilybestatedasacustomer-centricrevolutionAstechnology
moldseverymovementandinvestmentretailersmakethemostsignificantinvestmentthatmustbemadeisknowingandunderstandingthegranularityofyourpotentialandexistingcustomerbaseAsaresultaretailstorefrontmustbeseenasmuchmorethanastorefrontorplacewhereservicesandmerchandisearemerelytransactedThestoreneedstobecomethebattlefieldwhereknowledgeacquisitionofyourcustomersmustoccurTohelpretailersmoveforwardwiththisstateofmindmerchantsmustrealize
andembracethefactthatdataarenowbeingtransactedateverypointWhenashopperentersastorethedaywillsoonbeherewheredigitaldisplayssynchwithprofilesandGoogleGlass(awearablecomputerwithanopticalhead-mounteddisplay)allowingmerchantstoaccessaplethoraofinformationthatisconstantlygatheredandprocessedbythesedevicesCreditanddebitcardswillalsobecomeevenmoremeaningfultoretailerswitheveryswipebecominganopportunitytocollectconsumerdetailsandshoppingtrendsfromcompaniessuchasCardlyticsFurthermorethesedetailswillbeabletobesharedwithothermerchantsmakingaretailerrsquoschancetobothcollectandsharecustomercontactdetailsmorerelevantinalltheirstoredecisionsOfcourseFacebookTwitterGooglePlacesYelpTripAdvisorandother
majorinfluencerswillcontinuetohelpbusinessescompeteagainsttheWalmartsoftheworldbuttotrulycompeteitrsquostheunderlyingbusinessintelligence-gatheringprocessthatwillshapethefutureofretailConsumershavebecomethemostpowerfulmediaforceintheworldtodayTheybondtogetherintheirsimilarinterestsandchoosetotrotdownthepathofreviewsreferralsandsocialbuzzandtheyadvocatewhatispopularatthemomentIfyouaregoingtosucceedyoumustbefocusedonnotbecomingafadbutsettingtrendsandconstantlyadaptingtothedynamiclifestylechangesofthoseyouvaluemostmdashyourcustomers
PartingWordsfromNicoleLeinbachReyhle
ItrsquoscompetitiveinretailnomatterhowbigorsmallyourstoreisKeepingupwithcustomerexpectationsmarkettrendsretailchangesandyourlocalcommunityisanonstopjobthatdemandsmuchmorethanatraditional40-hourworkweekThatsaidretailisanexcitingalwaysevolvingandconstantlyentertainingbusinessthatasaresultisoneyoumustconstantlytendto
Unlikemuchofourretailcompetitionindependentmerchantsdonothavehumanresourcemarketingpublicrelationsorotheroperationalin-houseteamsthathelpkeeptheirstoresvisibleandtheirdoorsopenRatherthanrunawayfromthisrealityretailersshouldtacklethisheadontohelpkeeptheirstoresafloatandtheirbusinessessuccessfulOftenthismeansacceptingthatyousimplycanrsquotdothisaloneItrsquoswiththisinmindthatIbelievethefutureofretailwillcontinuetointroduceandembracesupportingplayerstoindependentmerchantsCompaniessuchasSnapRetailBoutiqueVisionPremierPackagingVendSquareShopifyandmanyothershavecometolifeasaresultofneedmdashandhavestayedaliveasaresultofdemandTheseexternalbusinesspartnersarekeycontributorsthatdelivereffectivesupportforstoreoperationsmarketingmanagementandevensalesWithoutthemindependentretailerssimplycannotthriveinourcompetitiveretailmarketplaceTogetherhoweverindependentretailersandtheirexternalbusinesspartnerscanhaveapositiveimpactoneconomicgrowthandcustomerloyaltyforyearsandyearstocome
Conclusion
ThroughoutthisbookyouhavelearnedhowmanagingandmarketingyourretailbusinessrequiresadiverserangeofskillssupportandexpertiseMoreoverwehaveintroducedyoutocountlessresourcesbusinessesorganizationsandassociationsthatwehopeyouwillfindusefulinyourindividualretailbusinessesCollectivelythedetailswesharedareintendedtohelpyouinyouruniqueretailjourneymdashandwehopethattheywilldojustthatWhetheryouarenewtoretailaltogetherhavehadastoreopenforcountlessyearsorsellexclusivelyonlineweapplaudyoufortakingthetimetolearnmoretohelpyourbusinessandwishyousuccessasyourembarkonyourretailjourneyahead
APPENDIXA
ResourcesforIndependentRetailers
THEFOLLOWINGlistwascreatedtoofferyouacollectivedestinationtoidentifythebestresourcesforentrepreneursandretailersspecificallyThesebusinessesallofwhichweprovidewebsitedetailsforcoveravarietyoftopicsthatincludewheretogotogainsmall-businessloanscompaniestohelpwithyourretailmarketingeducationalpublicationsspecifictoretailerstradeassociationstohelpyournichebusinessandmuchmuchmoreListedinalphabeticalordertheseresourcesshouldbeevaluateduniquelyforyournicheretailbusiness
Advanstar advanstarcom Advanstar is an event and marketing servicesbusiness that serves retailers through trade shows publications and otherindustry-specificeventsAmongitstradeshowsareMAGICMarketWeekandENTInternationalAmericanApparelandFootwearAssociationWeWearorgTheAmericanApparelandFootwearAssociation (AAFA) isanational tradeassociationthat representsapparel footwear andother sewn-productscompaniesandsuppliersTheassociationhas retailer-specific supportandoffersvaluableinsightformerchantswhoselltheseproductcategoriesAmerican Independent Business Alliance amibanet This nonprofitorganizationhelpscommunitiesandretailers launchandoperatebuy-localcampaignstosupportlocalentrepreneurseconomiesandretailersARTHomeFurnishingsNetworkAccessoriesResourceTeamorgARTisamember-basedorganization in thehomefurnishings industry that includesretailers importers sales representatives product designers interiordesigners and industry supporters ART offers its members a forum to
learnnetworkandgainadditionalbenefitstohelptheirbusinessesASD Trade Show ASDonlinecom ASD Las Vegas brings the worldrsquoswidest variety of generalmerchandise together in one efficient consumergoods trade showHeld biannually inLasVegas annually inNewYorkandannually inMiamiASDattracts thousandsof retailers and supplierssupporting retail categories that include gift home fashion health andbeautyjewelryvalueandvarietytoysandmoreAssociation of Small Business Development Centers asbdc-usorg SmallBusinessDevelopmentCenters (SBDC)provides retailers andother smallbusiness owners in the United States with assistance education andconsulting to help launch grow and manage their unique businessesSBDC branches often reside on college campuses andmaywork closelywith their local Chambers of Commerce and other community programsGototheSBDCwebsitetolocateacenterclosesttoyouBank of America bankofamericacom Bank of America offers small-business checking with more control and access than many other banksallowingyoutobettermanageyourbusinessdollarsBankofAmericaalsooffers a variety of merchant services that may be suited to your uniqueretailneedsBizBuySell BizBuySellcom The Internetrsquos largestmarketplace for buyingandsellingbusinessesaswellasaresourcedestinationtogaininsightintowhatyouneedtodotoprepareforthispossiblestepinyourretailjourneyWhetheryouwanttobuyorsellaretailstorethisisafantasticresourcetorefertoBosiDNAbosidnacomDiscoveryourentrepreneurialinsightthroughthisonlinequizidentifyingwhattypeofentrepreneuryouareOncecompletedthis quiz reveals ways to strengthen your business weaknesses andmaximizeyourbusinessstrengthsBoutique Vision BoutiqueVisioncom Drive traffic and increase salesthrough customized store signage and other in-store marketing materialsfromBoutiqueVisionTheparentcompanyInnoMarkCommunicationsisoneoftheleadingprovidersofcustomvisualmerchandisingsolutionsandBoutiqueVisionwascreateduniquely to support small retailersmdashkeepingbudgetandqualityalwaystopofmindBoutiqueWindowBoutiqueWindowcomShowcaseyournewinventoryandother highlightedproducts throughFacebookTwitterPinterest andyourwebsitethroughBoutiqueWindowrsquosbuilt-inphotoeditingtoolsandonlinemarketingmanagementresources
Bureau of Labor Statistics httpstatsblsgovaudiencebusinesshtm TheBureau of Labor Statistics provides statistics that help you find newmarkets for your store and can compare your businesswith others in theindustryaswellasassessemploymentcostsBusiness Alliance for Local Living Economies (BALLE) BeALocalistorgThe Business Alliance for Local Living Economies is a fast-growingallianceofentrepreneursbusinessnetworksandlocaleconomyfundersinNorthAmericawho aim to gain prosperity among communities and helpindependentretailersandothersmall-businessownersthriveBusinessUSA httpbusinessusagov This is a one-stop shop destinationforeverythingrelatedtobusinessintheUnitedStatesEssentiallythisisadestinationtogainadditionalresourcesforyourbusinessCardlyticsCardlyticscom ThroughCardlytics you can reach individualsbasedontheiruniquepurchasehistoryandhelptodrivesalestoyourstoreraisepromotionawarenessbuildloyaltyandmoreCausetownCausetownorgCausetownhelpslocalindependentbusinessesto attract customer attention and encourage sales throughpromotions thatgive a portion of purchases to each customerrsquos charity of choice Theplatform manages all the details of these transactions including charitydistributionallowingcommunityfundraisingforindependentretailerstobeeasyandaccessibleCouncilofStateRetailAssociationsCouncilSRAcomTheCouncilofStateRetail Associations (CSRA)was organized to strengthen and support theretailindustryworkingwithindividualstateretailassociationexecutivesaswell as directly with retailers The goal is to help support associationmembersandtheretailcommunityatlargeCraft andHobbyAssociationCraftAndHobbyorgThis international not-for-profit trade association consists of thousands of member companiesengagedinthedesignmanufactureandretailingofcraftandhobbyitemsTheassociationoffersavastrangeofresourcesandbenefitstoitsmembersandproducesanumberofeventseachyearCraftersrsquoHomeCraftersHomecomCraftersrsquoHomeisamembership-basedorganizationthatsupportsindependentscrapbookandpapercraftretailershelping to maximize a retailerrsquos relationship with manufacturers andcustomersCraftersrsquooffersavarietyofbenefitstoitsmembersthatincludediscountsfromvendorsandmoreDo It In Person DoItInPersoncom This online event platform allowsretailers and other businesses tomanage and promote their events in one
convenientplaceEmerald Expositions EmeraldExpositionscom Formerly NielsenExpositions Emerald Expositions is a leading owner and operator of avarietyofbusiness-to-businesstradeshowsmostofwhichcatertoretailersThe market categories include general merchandise apparel sportsjewelryfurnituredesignandmoreGlobalShop GlobalShoporg GlobalShop is the worldrsquos largest annualevent for retail design and shopper marketing creating a one-stopdestinationforretailerstoconnectdirectlywithstorefixturecompaniesandother in-store solutions GlobalShop also offers networking and learningopportunitiesIdeationIdeationGiftscomIdeationisthepremiergiftcatalogcompanyinthe United States that provides catalog and marketing services toindependentgifttoyandfashionretailersnationwideIndependent Retailer Conference RetailMindedcomRetail-ConferenceTheIndependentRetailerConferenceholdsa flagshipone-dayconferenceannually and brings its quality and independent retail-specific educationonsitetotheASDTradeShowbiannuallyKnownforaddressingkeyissuesin the independent retail scene the Independent Retailer Conference iswidelyrecognizedasamust-attendeventforindependentstoreownersIndependent Retailer Magazine IndependentRetailercom This monthlypublicationoffersretailadviceonwholesalebuyingandsellingintroducingretailers to importersmanufacturers trade shows and countless productsfortheirstoresInternetRetailerConferenceandExhibitionircecomTheInternetRetailerConference and Exhibition (IRCE) holds a variety of events that discusskey topics for online merchants introduce industry resources and shareexpert informationwith attendeesThe IRCEcanbe foundat select tradeshows where it holds educational tracks specifically discussing e-commercesolutionsandothere-commerceeducationandexpertiseInternet Retailer Magazine InternetRetailercom Internet RetailerMagazine supports retailers and other businesses with e-commerceintelligencenewsandmarket supportThepublicationdelivers12 issueseach year and provides additional resources that include newslettersresearchguidesandmoreInstitute for Local Self-Reliance ilsrorg The Institute for Local Self-Reliance works to provide innovative strategies and timely support tocommunity development working with entrepreneurs and community
leadersalikeThewebsiteoffersadiverserangeofinformationvaluabletobusinessownersInternal Revenue Service (IRS) httpwwwirsgovbusinesses The IRShostssmall-business taxworkshopsandwebinarsandprovides tax-relatedinformationforstartingoperatingorclosingabusinessiPadEnclosures iPadEnclosurescomAscloud-basedpoint-of-sale (POS)and iPadsystemsbecome increasinglypopular for retailers theftof iPadsfromretailersisalsoaconcerniPadEnclosuresoffersproductsspecificallydesigned for retailers and other businesses allowing you to take controloveryouriPadmanagementandvulnerabilitytotheftKabbage Kabbagecom Kabbage has simplified the process of getting abusinesscashadvanceallowingretailerstoavoidtraditionalbankshiddenfees and unexpected charges while trying to gain working capital Thecompanyrsquosflexiblefundingoptionsallowqualifiedretailerstogainquickconvenient access to capital to help their businesses while also makingmoneytransferseasyandstraightforwardLicensingExpoLicensingExpocomTheLicensingExpoconnectsretailersbrands and manufacturers to entertainment character fashion art andcorporate brand owners to establish relationships spot trends buildstrategicpartnershipsandsecurepromotionaltie-insItisheldonceayearinLasVegasMAGIC Market Week MagicOnlinecomMagic-Market-Week MAGICMarketWeek is the largest global market week for contemporary menrsquosand womenrsquos apparel footwear and sourcing Held biannually in LasVegasMAGICattractsfashionbuyersandbrandsfromaroundtheworldManagement One Management-Onecom Management One servesindependent retailers and other small businesses by helping them get abetterreturnontheirinvestmentsincludinginventoryandpeopleThecoreservices and products surround inventory planning and solutions helpingretailersachievegreatersuccessandsalesManufacturercomManufacturercomisthepremierglobalonlinebusiness-to-business marketplace where buyers and suppliers connect and profitBillionsofdollarsofgeneralmerchandiseapparelandfashionaccessoriesaresourcedthroughManufacturercomasmillionsofbuyersthroughouttheworldconnectdirectly tosuppliers inChina India theUnitedStatesanddozensofothercountriesMinority BusinessDevelopment Agency (MBDA)MBDAgovmainofficesThis agency funds a network of minority business centers located
throughoutthenationthatprovideminorityentrepreneurswithone-on-oneassistance in marketing writing business plans management technicalassistanceandfinancialplanningModalystModalystcomRetailerscanaccess risingaccessoryand jewelrydesigners in this well-crafted cutting-edge online marketplace thatshowcasesproductsthroughvirtualshowroomsThisisagreatdestinationforfashionandaccessory-basedretailersMOO Moocom MOO is an online company that offers business cardspostcardsstorehangtagsandotherprintproductsthatarestylishindesignManyofMOOrsquosdesignsarereadytogowhereasothersareavailabletobecustomizedNational Hardware Show NationalHardwareShowcom The NationalHardwareShowisthepremiertradeshowforthe$343billionUShome-improvement and do-it-yourself (DIY) markets Held annually in LasVegas this show caters to retailers in the building hardware lawn andgardenpethomegoodsandfarmcategoriesaswellasmanyotherretailsectorsPremierPackagingRetailPackagingcomPremierPackagingisaleaderincustomprintingandoffersstockready-to-shipretailpackagingoptionsforretailers that include paper and plastic bags ribbons tissue paper giftboxesandmoreReed Expositions ReedExpocom Reed Expositions offers a portfolio ofmore than 500 events in 41 countries many of which cater to retailersspecificallyThewebsiteidentifiesthemorethan500eventsallowingyoutoidentifywhatmaybebestforyouruniqueretailbusinessRetail Adventures Blog RetailAdventuresBlogcom Internationallyrecognized retail experts Rich Kizer and Georganne Bender of Kizer ampBenderSpeakingwrite thisblog sharing their firsthand retail experienceswhilealsoofferingretailinsighttipsandmoreRetailMAVENS RetailMavenscom RetailMAVENS is managed byhusband and wife team Paul and CathyWagner who are previous storeowners and current retail consultants Their expertise primarily falls intoretailinventorymanagementandtheirservicesareidealformerchantswhowantadditionalhands-onhelpfortheirstoreinventoriesandplanningRetailMindedRetailMindedcomRetailMindedisthenationrsquosonlyretaillifestylepublisherthatsupportsindependentretailerswithnewseducationand support to help them both in and out of their stores The quarterlypublicationRetailMindedMagazine is anavenuebywhich retail-focused
groups associations and other member-based organizations can helpretailersachievestronger successRetailMindedcaters toall independentretailers and does not eliminate any sector of retail and it offers aninformativefreenewsletterforindependentmerchantsRetailRadioRetailRadiobizTherightmusicinastoreenhancesthestoreexperienceandspendingbehaviorRetailRadioallowsmerchantstocreatetheidealatmospherefortheirstoresandcustomerscustomizingtheirownin-store radio station and professionally produced commercials for theirbusinessesRetailTouchPointsRetailTouchPointscomDesignedforretailexecutivesRetailTouchPointsisknownforitsin-depthmarketresearchspecifictotheretailindustryatlargeRetailTouchPointsoffersafreesubscription-basednewsletterthatretailersbigandsmallcanlearnfromShift Your Shopping ShiftYourShoppingorg Shift Your Shopping workswith organizations that include the American Independent BusinessAlliance (AMIBA) the Business Alliance for Local Living Economies(BALLE)CausetownandKevinBaconrsquosSixDegreesorgtopromotelocalandindependentshoppingAlthoughthemessageistargetedatconsumerstheplatformencouragesretailerstogetinvolvedShipwire Shipwirecom For retailers who need more space to storeinventory beyond their storefronts Shipwire is a fantastic resource Thecompanyoffersstorageshippingandmanagementof inventorymdashhelpingretailerssavetimeandcostsandavoidunnecessaryandcomplexshippingissuesShopifyShopifycomShopifyallows retailers to easily create andmanageanonlinestoreMerchantscanchoosefromover100professionaltemplatesthatcanbecustomized to theiruniquestoresalsoofferinganeasy-to-useback-endsystemforretailmanagementShopifyalsoprovideseducationalresourcesonitswebsiteforretailerstolearnfromShop Indie Retail ShopIndieRetailcom This is an online directory ofindependent retail stores across the United States highlighting theiruniquenessandsharingcontactdetailswithcustomersShopKeep POS ShopKeepcom ShopKeep POS is a simple easy-to-usepoint-of-salesystemthatisidealforindependentretailersandservice-basedbusinesses such as coffee shops The cloud-based POS system helpsretailerstracksalesmanageinventoryprintore-mailreceiptsandmoreShopSmallShopSmallcomShopSmallwasfoundedin2010byAmericanExpressandhassinceevolvedtobeanationallyrecognizedmovementthat
supports small-business owners The Saturday following Thanksgiving isofficiallyrecognizedasShopSmallSaturdayandthroughtheShopSmallnetwork retailers can gain a variety of tools and resources to helpstrengthentheirstorepresenceSierra Pacific Crafts SPCus Sierra Pacific Crafts is a member-ownedcooperativethatworkstocreateandsustainavibrantcommunityoffamily-owned retailers in creative industries through cooperative strategies insharingeducationmerchandisingmarketingoperationsandmoreSnapRetailSnapRetailcomSnapRetailistheonlycompanytoexclusivelysupport independent retailers with online marketing that ranges fromprewritten socialmediaposts toprofessionallydesignedandprewrittene-mailsadrag-and-dropcalendaralibraryofimagestouseandmoreSoldsieSoldsiecomSoldsiesoftwarehelpsretailerstoimporttheirexistingweb store on to Facebook The tools can help you promote products viaFacebookandultimatelyallowcustomerstomakepurchasesdirectlyfromFacebookSquare SquareUpcom Square allows merchants to conveniently swipecredit cards viamobile devices and iPadswith their Square Card readerThe company also offers other services and software to help merchantsbettermanagetheirretailstoreswhilealsobeingcompatiblewithavarietyofPOSprovidersSTOPfakes Stopfakesgov STOPfakes is a one-stop shop for USgovernment resources and tools on intellectual property rights (IPRs) Itassists and educates small and medium-sized enterprises (SMEs)consumersgovernmentofficialsandthegeneralpublicaboutIPRsStore Specialty Services SpecialtyStoreServicescom Discover a widevariety of store fixtures store displays and other related products ThisonlinewarehouseallowsyoutoconvenientlyshopforyourstoreTarsus Group tarsuscom Tarsus Group represents a number of tradeshows and publications including theOff-Price Show held inNewYorkandLasVegasannuallyTopTenWholesale TopTenWholesalecom This is a vertical search enginethat connects buyers of general merchandise wholesale products tomanufacturers importers distributors auctioneers independent retailersflea marketers drop shippers and any reseller of new and closeoutsmerchandiseTrademarksTheSpotTMTheSpotcomTrademarksTheSpothelpsretailersand other business owners to take the necessary steps to protect their
businesses The legal team offers federal and state trademark searchesfiling monitoring and moremdashoften more affordable than other attorneyratesTrade Show Exhibitors Association TSEAorg This association providesknowledge tomanagement andmarketingprofessionalswhopromote andsell products through face-to-facemarketing This is a great resource forfindingtradeshowsTripar International Triparcom Beautifully showcase your products andinspire your customers with Triparrsquos boutique selection of fixturesdisplays tabletop stands accessories andmore The companyrsquos productsare known to stand out among boutique retailers and help drive salesthroughdisplaysUnitedStatesPatentandTrademarkOfficehttpwwwusptogovTheUSPatent and Trademark Office (USPTO) registers trademarks and protectsintellectualproperty(IP)forUSentrepreneursandinnovatorsworldwideUSSmallBusinessAdministrationSBAgovTheSBAhas resources andinformationforstartingandmanagingbusinessesgettingloansandgrantsregistering for government contracting and receiving business counselingand training In addition the SBA supports regional Small BusinessDevelopmentCentersoftenadjacent tocollegeoruniversitycampusesformorehands-onsupportVend VendHQcom Vend is a POS inventory and customer-loyaltysoftwarethathelpsretailersmanageandgrowtheirbusinessesTheeasy-to-use software is iPad-based and ideal for retailers in a diverse range ofindustries including apparel fashion sports health and beauty food anddrinktourismhomegoodsandmoreVine Vinecom Vine allows merchants to incorporate videos into theironlinemessagingThisappiseasytouseandcanbeusedviasocialmediae-mail marketing and other online efforts to help communicate detailsaboutyourstoreorbusinessWishpondWishpondcomWishpond isanapp thatmakes iteasy to runagroupofferorsocialmediacontesttodrivesalesandtraffictoawebsiteorstorewithcouponsandotherspecialoffersviaFacebookTwitterPinterestyourwebsiteandmobiledevicesWholesaleCraftscomWholesaleCraftscom WholesaleCraftscom Retailerscandiscoverovera1000AmericanandCanadianwholesaleartistsonthisonline virtual marketplace Buyers must be qualified retailers and onceapprovedmayenrollforfree
Wholesale Minded RetailMindedcomWholesale-minded-magazineWholesale Minded Magazine is a free digital publication from RetailMindedthatsharesexpert insightpracticalsolutionseducationalsupportspecifically to independent wholesalers new-to-market vendors andretailerswhoworkwiththem
APPENDIXB
CommonRetailTermsandDefinitions
INTHISappendixwehaveprovidedalistofcommonretailtermstohelpsupportyouinyouroverallunderstandingoftheretailbusinessatlargeWersquollalsoaddresscommonwholesaletermsinaneffortforyoutobestmanageyoursuppliercommunicationAlthoughretailincludesmanyadditionaltermsthislistisintendedtosupportthemostcommonwordsusedintheretailindustryWersquodliketoalsothankViaTradingforitssupportinsupplyingmanyofthe
termsidentifiedhereinandweencourageyoutovisitViaTradingrsquosexpansiveglossaryforadditionalretailandwholesaleterminologyathttpwwwviatradingcomwholesale456Glossary-of-Termshtml
AcceptanceTheactofadraweeacknowledginginwritingonthefaceofadraftpayableatafixedordeterminablefuturedatethatheorshewillpaythedraftatmaturityAcceptance draft A sight draft documents against acceptance SeeDocumentsagainstacceptanceAirway bill The carrying agreement between shipper and air carrierwhichisobtainedfromtheairlineusedtoshipthegoodsAll-risksclauseAninsuranceprovisionthatprovidesadditionalcoveragetoanopencargopolicyusuallyforanadditionalpremiumContrarytoitsnametheclausedoesnotprotectagainstallrisksThemorecommonperilsit does cover are theft pilferagenondelivery freshwaterdamage contactwithothercargobreakageandleakageInherentvicelossofmarketandlossescausedbydelayarenotcoveredAs-is Refers to thesellingconditionsofcertainmerchandiseThebuyer
typicallyassumesallrisksinpurchasingsuchgoodsandthemerchandiseissoldwithnoguaranteesorreturnsATAcarnet Customsdocumentthatenablesonetocarryorsendgoodstemporarily intocertainforeigncountrieswithoutpayingdutiesorpostingbondsAuthoritytopayAdocumentcomparablewitharevocableletterofcreditbutunderwhosetermstheauthoritytopaythesellerstemsfromthebuyerratherthanfromabankB2B trade platforms B2B trade platforms are business-to-businessvertical search engines that connect buyers and sellers in global anddomestictradeTheseonlinemarketplacesprovidetoolsthatarenecessaryto facilitate communication between retailersresellers andwholesalersmanufacturersBalanceoftradeThebalancebetweenacountryrsquosexportsandimportsBeneficiaryThepersoninwhosefavoraletterofcreditisissuedoradraftisdrawnBig-boxstoresBig-boxstoresarestand-aloneretailersthatcarryassortedmerchandiseAnexamplewouldbeMacyrsquosorTargetBig-boxstoresalsomay be categorized as department stores discount stores or warehousestoresdependingonthestoreitselfBillofexchangeSeeDraftBillofladingAdocumentthatprovidesthetermsofthecontractbetweentheshipperandthetransportationcompanytomovefreightbetweenstatedpointsataspecifiedchargeBondedwarehouseAbuildingauthorizedbycustomsauthoritiesforthestorageofgoodswithoutpaymentofdutiesuntilremovalBoutique Refers to small shops or stores that are independently ownedand often sell a product assortment that is not duplicated exactly in anyotherstoreBuy local (also referred toasShop local) A termused to identify theimportanceofshoppingat localbusinessesoftenused tocommunicate toconsumersinanefforttostrengthenlocaleconomicimportanceandsmall-businessvalueBuyingagent Anagentwhobuys in thiscountry for foreign importersespecially for such large foreign users as mines railroads governmentsandpublicutilitiesSynonymouswithpurchasingagentCapitalThewealthwhetherinmoneyorpropertyownedbyabusiness
orindividualCash and carry A form of wholesale that sells products on the spotusually with cash only to a purchaser who is then able to self-carry theproducts themselves without having to wait for any time betweenpurchasinganddeliveryCashwrap [also referred to as point-of-sale (POS)Area] The placewhere a consumer goes to purchase products or services within a storeoftenthesameareainwhichpurchasesarewrappedinbagsforcustomersCarrierAtransportationlinethathaulscargoCasepacksGenerallyreferstoitemspackedinasmallcasetypicallyinquantities of 6 12 24 or 100 Goods such as cosmetics clothingaccessories and jewelry are often sold in case packs representing apredetermineditemcountCertificate of free sale A certificate required by some foreigngovernments stating that the goods for export (if products are under thejurisdiction of the US Federal Food and Drug Administration) areacceptable for sale in theUnitedStates that is that theproductsare soldfreelywithout restrictionTheFoodandDrugAdministration (FDA)willissueshippersaletterofcommenttosatisfyforeignrequestsorregulationsCertificateofinspectionAdocumentinwhichcertificationismadeastothegoodconditionofthemerchandiseimmediatelypriortoshipmentThebuyerusuallydesignatestheinspectingorganizationwhichis typicallyanindependentinspectionfirmorgovernmentbodyCertificate of manufacture A statement by a producer sometimesnotarizedthatcertifiesthatmanufacturinghasbeencompletedandthatthegoodsareatthedisposalofthebuyerCertificateoforiginAdocumentinwhichcertificationismadeastothecountryoforiginofthemerchandiseCampFCostandfreightSameasCIFexceptthatinsuranceiscoveredbythebuyerCFRCostandfreightindicatesthatthesellerwilldeliverthegoodstothebuyerandapplyactualcostoffreighttothebuyersChamberofCommerceAnassociationofbusinesspeoplewhosepurposeistopromotecommercialandindustrialinterestsinthecommunityCIF Cost insurance and freightApricing termunderwhich the sellerpaysallexpensesinvolvedintheplacingofmerchandiseonboardacarrierand in addition prepays the freight and insures the goods (an automatic
conditionofthecontract)toanagreed-ondestinationCleanbillofladingAbillofladingsignedbythetransportationcompanyindicating that the shipment has been received in good conditionwith noirregularities in the packing or general condition of all or any part of theshipmentCloseoutSellingtheentirelotofremainingmerchandiseusuallythroughasaleatreducedpricesCollection The procedure involved in a bankrsquos collectingmoney for aseller against a draft drawn on a buyer abroad usually through acorrespondentbankCOD Cash on delivery If your goods are delivered according toCODterms you must pay cash for them COD is common for retailers whencreditistightCollection papers The documents submitted usually with a draft oragainstaletterofcreditforpaymentofanexportshipmentCommercialinvoiceAtradeinvoicethatidentifieschargesappliedfromapurchaseorserviceConsigneeThepersonfirmorrepresentativetowhomasellerorshippersendsmerchandiseandwhoonpresentationofthenecessarydocumentsisrecognizedastheownerofthemerchandiseforthepurposeofthepaymentofcustomsdutiesThistermisalsousedasapplyingtoonetowhomgoodsareshippedusuallyattheshipperrsquosriskwhenanoutrightsalehasnotbeenmadeSeeConsignmentConsignment A term pertaining to merchandise that has not beenpurchasedunderanagreementbywhichtheconsigneeisobligatedtosellthegoodsfortheaccountoftheconsignorandtoremitproceedsasgoodsaresoldConsumersThefinalpurchaserorenduserofanyproductorserviceInretailspecificallyconsumersareoftenreferredtoascustomersCorrespondent bank A bank that is a depository for another bankacceptingdepositsandcollectingitemsforitsbankdepositorCountry of origin The country in which a product or commodity ismanufacturedorproducedCreditriskinsuranceAformofinsurancethatprotectstheselleragainstlossduetodefaultonthepartofthebuyerCustomerreturn Item thathasbeenpurchasedbyacustomerand thenreturnedtothestore(oronlinestore)foranynumberofreasons
Customs The agency or procedure for collecting duties imposed by acountryonimportsorexportsDASeeDocumentsagainstacceptanceDead stock Inventory in a store that has never been purchased by aconsumer and reflects products from past seasons Despite multipleattempts to sell it this stockdoesnot sellDeadstock isoftena resultofinexperiencedbuyingincludinglackofknowledgeofthecustomerbaseDefectiveDefectiveconditionreferstoitemsthathavebeenputthroughatestingprocessandhavebeendeemeddefectiveornotworkingItemsmaybevisuallydefectiveorincompleteorbemissingpartsItemsalsomaybebrandnewbutwithamajorquality-controlflawmakingthemdefectiveDemographics Identifies population in groups based on age genderincomeoccupationeducation religion race familysize family lifestyleandmoreGovernmentstudiesoftenprovidedemographicinformationandselectretailgroupsororganizationsspecifictotheirnicheretailcategoryDirectshipmentReferstoitemsthatareshippedtothecustomerdirectlyfromastorersquosfacilityDiscount A reduction in the price of an item Discounts will vary inamountandpurposeDisplays Represents thevisualappearanceofastoreenvironmentoftenreferring to specific areas of a storemdashsuch as a window display tabledisplayorpoint-of-sale(POS)displayDiscrepancyletterofcreditWhendocumentspresenteddonotconformtothetermsoftheletterofcredititisreferredtoasadiscrepancyDistributor A firm that sells directly for amanufacturer usually on anexclusivebasisforaspecifiedterritoryandthatmaintainsaninventoryonhandDocuments against acceptance (DA) A type of payment for goods inwhich the documents transferring title to the goods are not given to thebuyeruntilheorshehasacceptedthedraftissuedagainsthimorherDocuments against payment (DP) A type of payment for goods inwhich the documents transferring title to the goods are not given to thebuyeruntilheorshehaspaidthevalueofadraftissuedagainsthimorherDomestic International Sales Corporation (DISC) An export salescorporationsetupbyaUScompanyunderUSgovernmentauthorizationtopromoteexportsfromtheUnitedStatesbygivingtheexportereconomicadvantagesnotavailableoutsidesuchauthorization
DPSeeDocumentsagainstpaymentDraft(alsoknownasbillofexchange)Awrittenorderforacertainsumofmoneytobetransferredonacertaindatefromthepersonwhoowesthemoneyorwhoagreestomakethepayment(thedrawee)tothecreditor towhomthemoneyisowed(thedrawerofthedraft)DraweeOneonwhomadraftisdrawnandwhoowesthestatedamountSeeDraftDrawerOnewhodrawsadraftandreceivespaymentSeeDraftDropshippingAnorderthatisplacedwithavendorandshippeddirectlyto the end consumer (Brokers dealwith drop shipperswhen they do notwant to touch or warehouse the merchandise They receive orders fromtheircustomersand thenplaceadrop-shiporderwithavendorwho thenshipsthemerchandisedirectlytothebrokerrsquoscustomer)Drop-shipordersaretypicallyshippedblindmeaningwithnotraceofthevendorrsquosnameoraddresstoprotectthebrokerDuty The tax imposedbyagovernmentonmerchandise imported fromanothercountryE-mailblastAne-mailsenttoalargegroupofpeopleatonceEMCAnexportmanagementcompanyEmployeeturnoverTheratiobetweenthenumberofemployeeswhohadtobe replacedand thenumberofaverageemployees inagivenperiodoftimeForexample ifyouhaveanaverageofsixemployeesinayearandthreepeoplehad tobereplacedbecause theyquit thatyearyour turnoverwouldbe50percentTurnoveristheoppositeofretentionETCAnexporttradingcompanyExchange permit A government permit sometimes required of animportertoenablehimorhertoconverthisorherowncountryrsquoscurrencyintoaforeigncurrencywithwhichtopayasellerinanothercountryExchangeregulationsrestrictionsRestrictionsimposedbyanimportingcountrytoprotectitsforeign-exchangereservesSeeExchangepermitExcisetaxAdomestictaxassessedonthemanufacturesaleoruseofacommoditywithinacountryUsuallyrefundableiftheproductisexportedExpirationdate The finaldateonwhich thepresentationofdocumentsanddrawingofdraftsunderaletterofcreditmaybemadeExportTosendgoodstoaforeigncountryoroverseasterritoryExportbroker Onewhobringstogethertheexporterandimporterforafeeandthenwithdrawsfromthetransaction
EXW(exworks) Indicates that thebuyer is responsibleforcargowhenitrsquosavailableatthesellerrsquosfactoryFactoring company (also referred to as a factor) A businessorganizationthatlendsmoneyonaccountsreceivableorbuysandcollectsaccountsreceivableFactorsmakefundsavailabletoretailersFCA(freecarrierat) Indicates that the sellerdelivers thegoods to thenamed place free of any transportation cost having cleared the cargo forexport The seller accepts transportation costs risks and responsibilitiesuntilthecargoishandedoveratthenamedplaceFocusgroupAgroupofpeople(egyourcustomers)broughttogethertogivetheiropinionsonaparticularissueorproductoftenforthepurposeofmarket research or inventory strategies usually no more than 10 to 12peopleGeneral license (export) Government authorization to export withoutspecificdocumentaryapprovalGrossweight Totalweight of goods packing and container ready forshipmentHandlingchargesTheforwarderrsquosfeetotheshippingclientImport To bring merchandise into a country from another country oroverseasterritoryImportlicenseAgovernmentdocumentthatpermitstheimportationofaproductormaterialintoacountrywheresuchlicensesarenecessaryInco terms Indicate whether the buyer or the seller carries the riskresponsibilityliabilityorcostsatspecificpointsduringatransactionInconvertibilityTheinabilitytoexchangethecurrencyofonecountryforthecurrencyofanotherInsurance certificate A document issued by an insurance companyusually to order of shipper under a marine policy and in cover of aparticularshipmentofmerchandiseInternship Any program formal or informal that provides practicalexperience for beginners in an occupation or profession Retailers oftenseek to hire interns to help in specific areas of their businesses such asvisualmerchandisingor socialmedia as away togain store support thattheymaynotnormallyhaveaccesstootherwiseInvoice A document that identifies charges applied from a purchase orserviceSeeCommercialinvoiceIrrevocableAppliedtolettersofcreditAnirrevocableletterofcreditis
onethatcannotbealteredorcanceledonceithasbeennegotiatedbetweenthebuyerandhisorherbankJointventureAcommercialorindustrialenterpriseinwhichprincipalsofone company share control and ownership with principals of anothercompanyKioskAfree-standingstructureusedinapublicplacesuchasamallthatisdesignedtosupportaproductorservicetobesoldtoconsumersItisalsousedforinteractiveopportunitiesandmaybeonashort-termbasissuchaswhenusedduringafestivalLCSeeLetterofcreditLegalweightTheweightofgoodsplusanyimmediatewrappingsthataresold alongwith the goods for example theweight of a tin can togetherwithitscontentsSeeNetweightLetterofcredit(LC)(commercial) Adocument issuedbyabankatabuyerrsquosrequestinfavorofasellerpromisingtopayanagreedamountofmoneyonreceiptbythebankofcertaindocumentswithinaspecifiedtimeLicensingThegrantoftechnicalassistanceandserviceandortheuseofproprietary rights such as a trademark or patent in return for royaltypaymentsLineofcreditSameasacreditlimitthemaximumamountofcreditthatastoreisauthorizedtousebyabankorotherlenderLine sheet A document that collectively represents products from aspecific brand or vendor sharing details on product pricesmdashincludingwholesale and retailmdashas well as product availability shipping termscontentsofproductsandmoreLookbookAbookthatissimilartoaportfoliobutitrepresentsaproductline rather than providing visual samples of onersquos work history Thepurposeofalookbookistoprovidealdquostoryrdquoldquofeelingrdquoorldquoinspirationaloverviewrdquoof theproduct assortment throughphotographsof theproductsbeingsoldMarkdownAdevaluationofaproductbasedonitsinabilitytobesoldattheoriginalplannedsellingpriceMarkup Increase in the price of a product or service to create a profitmarginforthebusinessManufacturedsuggestedretailprice (MSRPalsorecognizedasretailvalue) The value and suggested retail price a vendor supplier orwholesaleridentifiesaproducttobesoldat
ManufacturerReferstohandmadeormachine-constructedproductsthatbeginas rawmaterials andare completed into finishedgoods that are foruseorsaletowholesalersaswellasretailersMastercase100percentbrand-newfactory-sealedmerchandisestillinitsoriginalpackagingMaturitydateThedateonwhichadraftoracceptancebecomesdueforpaymentMOQ(minimumorderquantity) AMOQisthesmallestquantityofaproductthatasupplierrequiresyoutobuyinasinglepurchaseNet weight The weight of the goods alone without any immediatewrappingsforexampletheweightofthecontentsofatincanwithouttheweightofthecanOnline marketplace Refers to a type of e-commerce website whereproductisavailabletobesourcedforaretailstoreTypicallytransactionsareprocessedbythisonlinemarketplaceandthendeliveredandfulfilledbytheparticipatingsuppliers(wholesalers)Opentobuy(OTB) ReferstotheportionofaretailbudgetavailabletospendoninventoryatanygiventimeUsedtoidentifyhowmuchmoneyisavailabletoplaceordersforstoreproductOperatingexpensesTheexpensesinvolvedinrunningabusinessPacking list A list that shows thenumber andkindsof packagesbeingshippedtotalsofgrosslegalandnetweightsofthepackagesandmarksand numbers on the packages The listmay be requested by a retailer orsuppliedvoluntarilybyavendororsupplierPoint of sale (POS) Traditionally speaking POS represents the placewhereanactualtransactioniscompletedInmodernretailPOSoftenrefersto software thatprocessesa transaction inexchange forgoodsor servicessoldPop-upshopTheactofopeningashort-termstorefrontoftenapplyingtoonlyonedayalthoughitmayapplytoaweekendoraslongasamonthProduct sourcing The act of finding products from wholesalers ormanufacturerstoresellthroughabusinessProformainvoice Aninvoiceforwardedbythesellerofgoodsprior toshipmenttoadvisethebuyeroftheweightandvalueofthegoodsPsychographics Identifies lifestyles and stages that appear to influenceconsumershoppingdecisions Includesactivitiesbeliefshabitsopinionsandmoreofcustomers
QuotaThetotalquantityofaproductorcommoditythatmaybeimportedinto a country without restriction or the penalty of additional duties ortaxesQuotationAnoffertosellgoodsatastatedpriceandunderstatedtermsRate of exchange The basis on which money of one country will beexchangedforthatofanotherRatesofexchangeareestablishedandquotedfor foreigncurrencieson thebasisof thedemandsupplyandstabilityoftheindividualcurrenciesSeeExchangeRetailThebusinessofsellingservicesorproductsthatultimatelywillbesoldtoconsumerstheendusersoftheproductsorservicespurchasedRetailsupplychain Aproduct iscreatedatamanufacturer issold toawholesaler and then is sold again to a retailer who ultimately sells theproducttothefinalpurchasertheconsumerRetail value [also recognized as manufactured suggested retail price(MSRP)] Thevalueofan itemassuggestedbyasupplierorvendorforretailerstoselltheproductatretailRetailer Afixedlocationincludingstorefronts theInternetkiosksandpop-upshops thatsellproductsorservices toconsumers Inaddition thetermretailercanbeappliedtothepersonwhoownsaretailstoreRevocableAppliedtolettersofcreditArevocableletterofcreditisonethatcanbealteredorcanceledby thebuyerafterheor shehasopened itthroughhisorherbankRFQ (also referred to as RFP) Request for quotation or request forproposal A business process that invites suppliers to bid on specificproducts or services It allows suppliers to provide quotations for theirgoodsandservicestoretailersandordistributorsRoyaltypaymentTheshareoftheproductorprofitpaidbyalicenseetohisorherlicenserSeeLicensingSalesrepresentativeArepresentativeofacompanyeithercontract-basedor as an employee of a particularly company who represents a productbeing sold Typically sales representatives will work for vendorsattemptingtosecuretheirproductswithinretailstoresSeasonal goods Goods that are heavy in merchandise for a particularseasonsuchasHalloweenEasterChristmasandsoonSell-through The ratiobetween thequantityofgoods soldbya retailerand the quantity originally delivered to thewholesaler number of piecessolddividedbynumberoforiginalpiecesdeliveredIfyousellfiveofeight
pairsofpantsyoursell-throughis625percentShipperrsquos export declaration A form required by the US TreasuryDepartment and completed by a shipper showing the value weightconsigneedestinationandsoonofexportshipmentsaswellasaScheduleBidentificationnumberShipping documents Commercial invoices bills of lading insurancecertificatesconsularinvoicesandrelateddocumentsStockingdistributor AdistributorwhomaintainsaninventoryofgoodsofamanufacturerSupplier May refer tomanufacturer distributorwholesaler or vendorCollectivelyrepresentsalltheseproductprofessionalsSustainableIfsomethingissustainableitdoesnotharmtheenvironmentor deplete natural resources In retailing it often refers to sustainabledesignwhetherthatbeinbuildingdesignorproductdesignTareweight TheweightofpackingandcontainerswithoutthegoodstobeshippedTariffAscheduleorsystemofdutiesimposedbyagovernmentongoodsimportedorexportedtherateofdutyimposedinatariffTenorThetimefixedorallowedforpaymentasinldquothetenorofadraftrdquoTime draft A draft drawn to mature at a certain fixed time afterpresentationoracceptanceTrade shows Trade shows are organized events that cater to a specificindustry and introduce buyers and sellers Traditionally trade shows areclosed to the public and are only accessible to registered buyers andmembersoftheretailtradeValidated license A government document authorizing the export ofcommoditieswithinthelimitationssetforthinthedocumentVisa A signature of formal approval on a document Obtained fromconsulatesVisual merchandising The art of using effective design andmerchandisingideasthatwillenhancetheshoppingexperienceofastoreaswellasincreasesalesandfoottrafficWholesaleThesellingofgoodsthroughabusiness-to-businesstransactionoflargequantitiestoretailersWholesalerAnindividualorcompanythatsellsaproductorservicetoaretaileranddoesnotsellthisproductorservicedirectlytoconsumers
Notes
1StandingOutamongOtherRetailers
1KimberlyEfseaffowneranddesignerBonBijouxGirlyBoutiqueInterviewbyNicoleReyhleDecember142013
2SteppingOutsideYourComfortZone
1MacquenziFarquerownerLockportAstoriaNewYorkInterviewbyNicoleReyhleOctober1520132Ibid3ShariRalishownerPeacefulParlourInterviewbyNicoleReyhle
November1120134JoeAbrahamauthorofEntrepreneurialDNAInterviewbyNicoleReyhle
December122013GenevaIllinois
3LeaningonOutsideOrganizations
1EllenDivitaeconomicdevelopmentdirectorCityofGenevaInterviewbyNicoleReyhleNovember32013GenevaIllinois2Ibid3HarrietParkermanagerAuroraIllinoisndashbasedSmallBusiness
DevelopmentCenterInterviewbyNicoleReyhleOctober212013GenevaIllinois4AndyEllenpresidentandgeneralcounselNorthCarolinaRetail
MerchantsAssociationInterviewbyNicoleReyhleviae-mailOctober2820135Ibid6CurtisPicardexecutivedirectorRetailAssociationofMaineInterviewby
NicoleReyhleOctober2920137Ibid8Ibid9JamaRiceexecutivedirectorandCEOofMuseumStoreAssociation
interviewbyNicoleReyhleviae-mailNovember6201310MissyBrozekvicepresidentandcreativedirectorCrafterrsquosHome
InterviewbyNicoleReyhleJanuary12014
4IdentifyingYourUniqueStoreStory
1AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicoleReyhleOctober182013ChicagoIllinois2Ibid3Ibid4KirtManeckeauthorandcustomer-serviceexpertInterviewbyNicole
ReyhleNovember2013
5SourcingProductsThroughTradeShowsandtheInternet1MegyKarydesownerKarydesConsultingInterviewbyNicoleReyhle
January22014ChicagoIllinois2Ibid3CamilleCandellagroupmarketingmanagerEmeraldExpositions
InterviewbyNicoleReyhleDecember520134JonathanPrescottseniorbusinessmanagerJPCommunicationsInc
InterviewbyNicoleReyhleDecember142013
6BuyingforCustomerversusYourself
1CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhleNovember112013GenevaIllinois2DrGaryEdwardschiefcustomerofficerMindshareTechnologies
OriginallysharedviaRetailMindedcominanarticlepublishedbyRetailMindedJanuary20143TomKonopackiownerAnastaziaInterviewbyNicoleReyhleDecember
2013GenevaIllinois4VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember29
20135Ibid6Ibid7DrGaryEdwardschiefcustomerofficerMindshareTechnologies
OriginallysharedviaRetailMindedcominanarticlepublishedbyRetailMindedJanuary20148CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhle
December92013GenevaIllinois9Ibid10Ibid
7SellingYourProducts
1MichaelAmatopresidentandCEOCimarronInc2AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois3Ibid4RichKizerandGeorganneBenderKizerampBenderSpeakingInterviewby
NicoleReyhleNovember52013StCharlesIllinois5KerryBannigancofounderNolchaFashionWeekNewYorkInterview
byNicoleReyhleNovember252013NewYorkCity6CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhle
November12013GenevaIllinois7RichKizerandGeorganneBenderKizerampBenderSpeakingInterviewby
NicoleReyhleNovember52013StCharlesIllinois8VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember30
20139Ibid10JasonRichelsonfounderandCEOShopKeepPOSInterviewbyNicole
ReyhleNovember252013NewYorkNewYork
8ApplyingPressandMarketingtoYourBusiness
1CynthiaSuttonownerSilverBarnretailstoreInterviewbyNicoleReyhleOctober162013ColumbusTexas2Ibid3SuzyTeeleCOOSnapRetailcomInterviewbyNicoleReyhleNovember
220134Ibid5Ibid6JessicaMorettimarketingcommunicationsmanagerSnapRetailcom
InterviewbyNicoleReyhleDecember1020137CourtneyRodgerscofounderBoutiqueWindowInterviewbyNicole
ReyhleNovember2720138CynthiaSuttonownerSilverBarnretailstoreInterviewbyNicoleReyhle
October162013ColumbusTexas
9MakingYourPresenceOnline
1DonDaviseditor-in-chiefInternetRetailerMagazineInterviewbyNicoleReyhleNovember2013ChicagoIllinois2HarleyFinkelsteinchiefplatformofficerShopifycomInterviewby
NicoleReyhleinOctober20133Ibid4CourtneyRodgerscofounderBoutiqueWindowInterviewbyNicole
ReyhleNovember2720145Ibid6DonDaviseditorinchiefofInternetRetailerMagazineInterviewedby
NicoleReyhleNovember2013ChicagoIllinois7Ibid8ForresterResearchreleasedareporttitledldquoUSCrossChannelRetail
ForecastrdquoonOctober292013thatidentifiedthisfindingwhichcanbefoundatforrestercom9DonDaviseditor-in-chiefInternetRetailerMagazineInterviewbyNicole
ReyhleNovember2013ChicagoIllinois10Ibid11SkipMcGrathpublisherSkipMcGrathcomInterviewbyNicoleReyhle
December6201312SuzyTeeleCOOSnapRetailInterviewbyNicoleReyhleNovember25
201313Ibid14EdClearypublisherRetailTouchPointsInterviewbyNicoleReyhle
November25201315RichKizerandGeorganneBenderKizerampBenderSpeakingInterview
byNicoleReyhleNovember2013StCharlesIllinois16Ibid17SuzyTeeleCOOSnapRetailInterviewbyNicoleReyhleNovember25
201318EllaWirtzcofounderBoutiqueWindowInterviewbyNicoleReyhle
November272013
10TakingPartinShop-LocalInitiatives
1MackenziFarquerownerLockportAstoriaNewYorkInterviewbyNicoleReyhleNewYorkCityOctober1620132JeffMilchencodirectorAMIBAInterviewbyNicoleReyhleNovember
2320133Ibid4Ibid5Ibid6MitchenIdentifiedincompanyoverviewonAMBIAnetNovember20137Ibid8IdentifiedinareportreleasedbytheNationalFederationofIndependent
BusinessesandAmericanExpressResearchDecember20139SusanSobbottpresidentAmericanExpressOPENsharedinapress
releasestatementreleasedJuly201310Ibid11AmyKnebelWashingtonDC-basedcustomerInterviewbyNicole
ReyhleDecember6201312DanMcCabeCEOCausetownorgInterviewbyNicoleReyhle
December92013
11ACrystalBallforIndependentRetailers
1KimberlyEfseaffBonBijouxGirlyBoutiqueDelMarCaliforniaInterviewbyNicoleReyhleDecember2820132AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois3JasonRichelsonfounderandCEOShopKeepPOSInterviewbyNicole
ReyhleNovember2520134VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember28
20135CamilleCandellagroupmarketingmanagerEmeraldExpositions
InterviewbyNicoleReyhleDecember520136BillMcNultypublisherSumnerCommunicationsIncInterviewby
NicoleReyhleDecember2820137AngelaGianfrancescoownerofStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois8CurtisKroekerBizBuySellcomandBizQuestcomInterviewbyNicole
ReyhleNovember182013
Index
PleasenotethatindexlinkspointtopagebeginningsfromtheprinteditionLocationsareapproximateine-readersandyoumayneedtopagedownoneormoretimesafterclickingalinktogettotheindexedmaterial
70-20-10ruleinsocialmedia170
AbrahamJoe914AccessoriesResourceTeam(ART)32206ActionGuides5AdidasxvndashxviAdvanstar44205Advisoryboardscustomer-based95ndash97AlabamaRetailAssociation34AmatoMichael108Amazon153164165AmericarsquosMart73AmericanApparelampFootwearAssociation32206AmericanExpress183215ndash216American Independent Business Alliance (AMIBA) 146 178ndash182 185 206214
AmericanSpecialtyToyRetailingAssociation(ASTRA)32Anastazia98Android190AppleInc39191Apps194SeealsoiPodsArizonaRetailersAssociation34ArkansasGrocersandRetailMerchantsAssoc34
Aroma130ARTHomeFurnishingsNetwork32206ASDTradeShowxviii1742436266707174206210AssociatedOregonIndustriesRetailCouncil34AssociationofSmallBusinessDevelopmentCenters206
BaconKevin215BALLEcalculators182BandholzEric156BankofAmerica207BanniganKerryxviii116Barneys191BeALocalistorg207Beardbrand156158BeckhamDavidxviBeetailer172207BenderGeorganne112118169170213Benefitsoforganizations29BergBob78BestBuy165Big-boxcompetition10ndash12Bing80BizBuySell197200207BizQuest197Blogtradegove69BloggingxvindashxviiBonBijouxGirlyBoutique189BosiDNA207BoutiqueVision208BoutiqueWindow144146159171172202207Branding139BrozekMissy28BuehlerJef21Builderentrepreneurs9BureauofLaborStatistics208
BusinessAlliance for Local Living Economies (BALLE) 181ndash182 185 207214ndash215
Businesscards76Businessinsurance30Business-to-Business(B2B)sourcingplatforms80ndash85BusinessUSA208Buy-localcampaigns5178ndash182BuyersxivBuyersrsquoguides29Buying89ndash105Buyingdistrictswholesale73
CalculatorsBALLE182Calendarforstore109ndash111CaliforniaRetailersAssociation34Calltoaction(CTA)inmarketingmessage142CandellaCamille76194Cardlytics201208CardPrintingus48Causetownorg185ndash186208215CEStradeshow4371ChambersofCommerce422ndash2333ChanelCoco3Charityevents134185ndash186ChasallaxiiiCheckoutprocedures46ndash47ChildrenrsquosClubtradeshow43Choosingselectingyourinventory41ndash42ChurchillWinston177Cimarron108CityofGenevaIllinois22CitySearchcom97ClairersquosBoutique12ClearyEd167169
Cloudcomputing191192Cloud-basedpoint-of-sale(POS)210Coastalcom165ColoradoRetailCouncil34Comfortzoneexpansion9ndash20Community-basedsupports4ndash522ndash37Companycontactinfoonlinestore161Companyphilosophy56Competition16
big-boxstoresas10ndash12identifying10ndash12learningfrom16
Conferences2933ConnecticutRetailMerchantsAssociation34ConstantContact143ConsumerElectronicsShow71Contactinformationforstore56161Contentmarketing175ndash176Contentofmarketingmessage142CouncilofStateRetailAssociations(CSRA)209Couturetradeshow43CraftampHobbyAssociation32209CraftandHobbyRetailers32CraftersrsquoHomexviii28209CrainrsquosChicagoBusinessxviiCreatinganonlinestore155ndash163Creditcardsales201216Cross-merchandisingtechniques122CubanMark153Customercarecustomerservice20444547ndash485457138194ndash197
customerfeedbackand95ndash97104customerresourcemanagement(CRS)in192disputesin49ndash50importanceof194ndash197invitingcustomerstoeventsin114ndash115
onlinestore163reviewsitesand97
Customerdisputes49ndash50Customerfeedback95ndash97104Customerresourcemanagement(CRS)192Customers
identifying47targeting715163understandinghabitsof1519ndash20
Customsregulations65
Dailystoreroutines20DallasMarketCenterThe73DallasMavericks153DanceRetailerNewsxviiDatasources15DavisDon154158162DelawareRetailCouncilInc35DeMariaJennifer166DHL65DickrsquosSportingGoodsxviDillardsxivDiscountedmerchandise121ndash122Displaysdisplayhardware117ndash123150
cross-merchandisingtechniquesin122immediate-rightzonein120lightingand118pointofsale(POS)areasand121salesectionin121ndash122staplesvsstatementsin122ndash123storestoppersas120ndash121storewindowsas119
Diversifyingyourinventory11ndash13DivitaEllen22
DoItInPerson172209Dresscode58DruckerPeter189
Ecommerce153statisticson145
E-mailmarketing140141ndash144eBay164165Educationalopportunitiesattradeshows82EdwardsGary97102EfseaffKimberly3ndash4189EllenAndy25EmeraldExpositions4476194209Emergencyprocedures58Employeemanuals58Employeesandstaff750ndash53Seealso
Operationprocedures57employeemanualfor58employmentpractices56fullvspartndashtime18hiring51ndash53interviewing51ndash53managersashiring52ndash53terminationof57
Employmentpractices56Engagingthesensesinselling128ndash131ENTInternational205EntrepreneurialDNA(Abraham)914Entrepreneurs9EtienneAignerxvEvents
advanceplanningfor114116ndash117expensesvssalesgeneratedby116in-storeexperienceascenterpieceof115ndash116
introducingandmanaging108ndash117invitingcustomersto114ndash115marketing114planningdatesfor113regularschedulingof112storecalendarfor109ndash111trackingresponseto113ndash116
ldquoExperiencerdquoofastore3SeealsoEngagingthesenses
Fabcom165Facebook47123144166171183201207218FarquerMacquenzi10177FashionFootwearAssociationofNewYork(FFANY)42FederalExpress65Feedbackfromcustomers95ndash97104Financing211FinkelsteinHarley154Firstimpressionsinmarketing142FloralRetailers32FloridaRetailFederationxviii35Focusgroups45FootwearNewsmagazinexvForbesxviiForresterResearchonlineshopping159163FourSquare123FrancoSartoxivFreeshippingonlinestore162ndash163Freight65FringeSport156158Futuretrends189ndash203
GanderMountainxviGarmentdistrictNewYork73
GatesBill6189Generationaltargeting7GeorgiaRetailAssociation35GianfrancescoAngela4ndash541109196ndash197Giftboxeswrapping139Giftcertificates48GiftFairNY43GlamourmagazinexvGlobalShop210GlobalSourcescom81Glossaryofcommonretailterms219ndash235Google80164GoogleGlass201GooglePlaces201Google+in171Grossmargin93Grosssales93Groupmemberships7Growingyourbusiness102ndash103
Habitsofsuccessfulretailers14ndash19Handheldportablecashregisters190ndash191194Healthinsurance30Hiringemployees51ndash53HollisKaren95HomeFurnishingsIndustry32
IdahoRetailersAssociation35Ideation211IllinoisRetailMerchantsAssociation35IllinoisSmallbusinessDevelopmentCenter24Immediate-rightzone120Importingmerchandise65ImprovementDistrictProgramsofNewJersey21
IndependentJewelryRetailersandVendors32IndependentPetRetailers32IndependentRetailerConferencexviii210IndependentRetailerMagazine210IndiaMARTcom81IndianaRetailCouncil35Industrypublications31Informationsources15InnoMarkCommunications208Innovatorentrepreneurs9Instagramin171InstituteforLocalSelf-Reliance178185211Insurance30Intellectualproperty(IP)217Intellectualpropertyrights(IPRs)216InternalRevenueService(IRS)211InternationalBusinessattheSourcing78Internationalsourcing6466InternationalTradeOrganization69Internet61sourcingthrough66InternetRetailerConferenceandExhibition(IRCE)162211InternetRetailerMagazine154158164172210Internet-basedmarketing139144ndash146InternetRetailercom162Interviewingpotentialhires51ndash53Introducingnewitemsforsale108ndash117Inventorymanagementxv1941ndash42138
choosingselecting41ndash42classificationofitemsin90ndash91103ndash104customerfeedbacktoinfluence95ndash97104displaysdisplayhardwarefor117ndash123diversifyingin11ndash13dollarvalueofvsunits92introducingnewitemsin108ndash117
maintainedmarkup(MMU)94opentobuy(OTB)planningin9394pointofsalesoftwarefor99ndash102rankingperformanceofclassesin104ndash105retailmathbasicsin90ndash95stock-keepingunit(SKU)numbersin104tradeshowsand41ndash44turnover93vendorsand93
Inventoryturnover93iOS190IowaRetailFederation35iPads123ndash126216iPadEnclosures126210iPadpointndashofndashsale(POS)123ndash126210ISStradeshow43
JCKtradeshow43JennyBoston166JobsSteve39JPCommunicationsIncxvii85
KHollisJewelers95Kabbage211KansasChamberofCommerce35KarydesConsulting63KarydesMegy63Keepingitsimpleinmarketingmessage142KellerAlex156KellerPeter156KentuckyRetailFederation35KizerampBenderSpeaking112118169170213KizerRich112118169170213KnebelAmy184
KonopackiTom98KroekerCurtis197ndash200
Layoutconsistencyonlinestore160Learning16ndash17LicensingExpo211ndash212Licensing211ndash212Lighting118Localevents40SeealsoBuy-localeventsLocalmedia16Lockport10LordampTaylorxivLouisianaRetailersAssociation35Luckymagazinexv
MacyrsquosxivMade-in-chinacom81MAGICMarketWeek212MAGICtradeshow436278205MailChimp143MainStreetNewJersey21Maintainedmarkup(MMU)94ManagementOne212Managershiring52ndash53Managingyourbusiness18ManeckeKirt54Manufacturerscomxvii6281212Manufacturingnet69Marketresearch30454795ndash97Marketing162040133
brandingand139charityeventsas134e-mailin140141ndash144events114giftboxesbagsetc139
importanceof138Internet-based144ndash146online139resourcesandinformationon146ndash148socialmediain140ndash141
MarylandRetailersAssociation35Mathretailmathbasics90ndash95MaxStudioxiiiMaynardKristin166McCabeDane186McGrathSkip164165McNultyBill195ndash196Medialocal1620Merchandising57Merchantsolutionbenefits30ndash31MFGcom81MiamiMerchandiseMartThe73MichiganRetailersAssociation35MidwestMarketDays73MilchenJeff178ndash182MindshareTechnologies97MinnesotaMainStreetxviiiMinnesotaRetailersAssociation35MinorityBusinessDevelopmentAgency(MBDA)212MississippiRetailandGrocersAssociation35MissouriRetailersAssociation35Mobilecommerce126ndash128Modalyst81212MontanaRetailAssociation35Moocom147213MorettiJessica142MuseumandNotndashforndashProfitStores32MuseumStoreAssociationxviii2732MuseumsampMorexviiMusic124129ndash130147
Namorg69NationalFederationofIndependentBusinesses183NationalHardwareShow4371213NationalRetailFederation48NebraskaRetailFederation35Netsales93NewJerseyRetailMerchantsAssociation36NewMexicoRetailAssociation36NewYorkInternationalGiftFair43NewYorkwholesalegarmentdistrict73NexPet32NielsenExpositions209NineWestxivNolchaEvents116NolchaFashionWeekNewYorkxviiiNordstromxiiixiv44191NorthCarolinaRetailMerchantsAssociation2536NorthDakotaRetailAssociation36
OffndashPriceShow217OhioCouncilofRetailMerchants36Onlinegroups30OnlinemarketingSeeInternet-basedmarketingOnlinepresenceonlinestore731153ndash176201AmazoneBayplatformsfor164165companycontactinfoin161contentmarketingand175ndash176creatinganonlinestorefor155ndash163customercarecustomerserviceand163e-commerceand154ndash163Facebookassalesplatformin166focusonyouruniqueimagein158ndash159freeshippingand162ndash163layoutconsistencyin160
paymentoptionsfor161ndash162photosimagesin160productdescriptionsfor159ndash160175ndash176reachof154resourcesandinformationon162salesamountsgeneratedby163salestrackingsoftwarein157157Shopifyincreatingonlinestores155shoppingcartsystemfor161socialmediaand163164ndash174targetcustomersfor163tipsforbuilding158ndash163
Onlinesourcingplatforms80ndash85Opentobuy(OTB)planning779394Operationalprocedures1957Opportunistentrepreneurs9Ordersplacedattradeshows77ndash79OutdoorRetailerShow70Outsidesourcesofinformationsupport6ndash721ndash37
ParkerHarriet24Payingemployees57Paymentcardindustry(PCI)compliance190Paymentoptionsonlinestore161ndash162PeacefulParlour13PennsylvaniaRetailersrsquoAssociation36Petflowcom165PGAShow43Philosophycompany56Photosimagesonlinestore160PicardCurtis26ndash27PicassoPablo9Pinterest144171208218PlasticResourcecom48
Point-of-sale(POS)areas121Point-of-sale(POS)date15Point-of-sales(POS)systemstechnology4714899ndash102123ndash126190191ndash194210SeealsoInventorymanagementPremierPackaging139147202213
PrescottJasonxviixix6885200ndash202Pressreleases133135ndash137Pricing90ndash95Productdescriptionsonlinestore159ndash160175ndash176Profitretailmathbasics90ndash95Publicationsxvxvii3167Publicity 7 134 See alsoMarketingQuotes and price comparison sourcing66ndash67
Radio124RalishShari13113RalphLaurenxiiiReedExpositions44213Resourcelisting205ndash218RetailAdventuresBlog213RetailAssociationofMaine2636RetailAssociationofNevada36RetailCouncilofNewYorkState36RetailJewelersOrganization32RetailMerchantsAssociationofNewHampshire36RetailMerchantsofHawaii36RetailMindedxvi2969143210214218
conferencesby33PartnerPrograminxviii31
RetailMindedMagazinexviindashxviiiRetailRadio124147214RetailTouchPoints167172ndash173214RetailersAssociationofMassachusetts36RetailMAVENS90102117214Returnoninvestment93Returnpolicies46
Reviewsites97ReyhleNicoleLeinbach202RhodeIslandRetailFederation36RiceJama27RichelsonJason126190RobbinsTony21RodgersCourtney144159RowsellVaughn99ndash102123124192
Salesection121ndash122Salestrackingsoftwareonlinestores157157Scheduling57SCORE33Searchengines80Searchingforproductsonline80Searsxiii164Seasonalemployees7Security58Sellthrough93117Selling107ndash131
cross-merchandisingtechniquesin122displaysforinventory117ndash123e-commercestatisticsand145engagingthesensesin128ndash131immediate-rightzonein120mobilecommerceand126ndash128pointofsale(POS)areasand121salesectionin121ndash122soundtoenhancebuyingexperienceand124staplesvsstatementsin122ndash123storecalendarand109ndash111storestoppersin120ndash121technologyfor123ndash126
Sellingyourstore197ndash200
ShiftYourShoppingprogram182184185214Shipping65onlinestore162ndash163Shipwire173215ShopIndieRetail215ShopSmallcampaign183ndash185215ndash216Shop-localinitiatives177ndash188
AmericanIndependentBusinessAlliance(AMIBA)and178ndash182185BALLEcalculatorsand182Business Alliance for Local Living Economies (BALLE) and 181ndash182185buy-localcampaignsand178ndash182charityeventsand185ndash186InstituteforLocalSelf-Relianceand185ShiftYourShoppingprogramand182184185ShopSmallcampaignand183ndash185SmallBusinessSaturdaycampaignand183ndash185startingyourowncampaignfor186ndash188
Shopify145147154155162173202215ShopKeep126190215Shoppingcartsystemsonlinestore161SierraPacificCrafts216Sightengagingthesensesinselling128ndash129Signage3147SilverBarnThe12133ndash134SixDegreesorg215SkipMcGrathcom165Smallandmedium-sizedenterprises(SMEs)216SmallBusinessAdministration(SBA)217SmallBusinessDevelopmentCenters(SBDC)24206217SmallBusinessSaturdaycampaign183ndash185SmartRetailerxviiSmartSign147Smellengagingthesensesinselling130SmileSellMorewithAmazingCustomerService(Manecke)54
SnapRetail110ndash111138140141142143147167168170173202216SobbottSusan183Socialmedia1645123140153163164ndash174201
70-20-10rulein170BoutiqueWindowand171Facebookin166171findingrightchannelin170ndash171Google+in171Instagramin171Pinterestin171resourcesandinformationfor172salesgeneratedthrough164SnapRetailofferingin168timerequirementstoparticipatein170Twitterin171useofbymerchants167ldquovoicerdquoin169
SocietyofAmericanFlorists32Softwareasaservice(SAAS)193Soundtoenhancebuyingexperience124Soundengagingthesensesinselling129ndash130SourceDirect62Sourcing61ndash87
budgetingfor68Business-to-Business(B2B)sourcingplatformsfor80ndash85importantpointstorememberin64international64ndash6566Internetfor66networkingfor67onlineplatformsfor80ndash85publicationsabout67quotesandpricecomparisonin66ndash67resourcesandinformationon69retailerbenefitsof62ndash69searchenginestolocateproductsin80
trendsin67ndash68USCustomsregulationsand65unexpectedissuesin68
SourcingJournalOnlinecom6769SouthCarolinaRetailAssociation36SouthDakotaRetailersAssociation36Specialistentrepreneurs9SpecialtyToyIndustry32SquareSquareUpcom202216StaffSeeemployeesandstaffStandingoutamongotherretailers3ndash7Staples153Staplesvsstatementsdisplays122ndash123Starbucks191StateChamberofOklahomaxviiiState-levelretailassociations25ndash37StellaBlueDesign4Stocktosalesratio93Stock-keepingunit(SKU)numbers104STOPfakes216Stoppersstorestoppers120ndash121Storecalendar109ndash111Storecontactinformation56161Storehours4956StoreSpecialtyServices216Storestoppersas120ndash121Storetraditions50Storewindow119Storyofyourstore39ndash58Strategicalignment108SumnerCommunicationsInc195Suppliers66ndash67SeealsoSourcingSupportingotherlocalbusinesses17Surveys45SuttonCynthia12133ndash134138146
Target165Targetingcustomers715163TarsusGroup44217Tasteengagingthesensesinselling130ndash131Taxes211Technology123ndash126190ndash191SeealsoPointofsales(POS)
futurebeyond194TeeleSuzy138140141167170TennesseeRetailAssociation37Terminationofemployees57TexasRetailersAssociation37TheLimitedxiiiThingsRememberedxiiiThomasnetcom81Tiffany139TopTenWholesalecomxvii6267698183ndash85218Touchengagingthesensesinselling129TradeShowExhibitorsAssociation(TSEA)217Tradeshows172941ndash446166677071ndash77
educationalopportunitiesof82guideto43open-to-buy(OTB)budgetin77ordersplacedat77ndash79preparingtoattend86ndash87tipsforattending78
Trade-specificorganizations27TrademarkTheSpot217Tradeology69Traditionsstore50Trainingemployeesandyourself16ndash172074ndash75Traveldiscounts31Trends3067TripAdvisor201TriparInternational147ndash148217Twitterxvi144171183201208218
USCustomsregulations65USNationalAssociationofManufacturers69USPatentandTrademarkOffice(USPTO)217USSmallBusinessAdministration(SBA)217Uniqueimageinonlineretail158ndash159Uniquetraitsofyourstore44ndash58UtahRetailMerchantsAssociation37
Vend99ndash102123148192202218Vendors61741587493
maintainedmarkup(MMU)and94VermontRetailAssociation37ViaTrading219Vine174218VIPcustomercare47ndash48VirginiaRetailMerchantsAssociation37ldquoVoicerdquoinsocialmedia169
WagnerCathy9092102117118214WagnerPaul214Walmart153165191201WashingtonMutual108WashingtonRetailAssociation37WaubonseeCommunityCollege24Websites 7 See also Online presenceOnline stores West Virginia RetailersAssociation37
WesternRetailerxviiWeWearorg206Wholesale101AGuidetohellip(Prescott)68WholesaleDistrictinLosAngelesThe73Wholesalemarkets66WholesaleMindedMagazine218WholesaleCraftscom81218Wholesalersxvii626769ndash718183218
martsandbuyingdistrictsfor73Windowdisplays3119WindowsPOSsystems190WirtzElla171Wishpond173ndash174218WomenrsquosWearDailyxvWorldMarketCenter73WyomingRetailAssociation37
Yahoo80Yelpcom97201
ZiglerZig133
AbouttheAuthors
NicoleLeinbachReyhleisanexperiencedretailandwholesaleprofessionalwithapassionforsmallbusinessesAfteryearsofholdingbothregionalandnationalmanagementrolesforcompaniesincludingNordstromAdidasAmericaSearsandFrancoSartoFootwearReyhlefoundedRetailMindedin2007tosupportindependentretailersthroughouttheworldIntendedtohelpindividualbusinessownersthriveRetailMindeddelivers
valuablenewseducationandsupportspecifictoindependentmerchantsSince2011ReyhlehasalsosupportedtheretailandsmallbusinesscommunitythroughherquarterlypublicationRetailMindedmagazineaswellasthroughtheRetailMindedPartnerProgramwhichaffiliateswithmanyassociationsandorganizationsinanefforttodeliverretaileducationandsupporttomerchantsfromallsectorsReyhlersquosonlinewebsiteRetailMindedcomhasover1500articlesspecificto
retaileducationforsmallbusinessesandReyhlehaswrittenandpublishedover500articlesinavarietyofotherpublicationsaswellAfrequentspeakeratbothnationalandinternationaleventsReyhleisthecofounderoftheIndependentRetailerConferencewhichiscommittedtodeliveringqualityeducationtomerchantswithonetotenstoresReyhleisactiveinavarietyofretail-andsmallbusiness-focusedadvisoryboardsthroughouttheUnitedStatesandcontinuouslyworkstostayengagedinretailtrendsresearchandnewsReyhleservesasaspokespersonandadvisorforSmallBusinessSaturdaya
nationallyrecognizeddayoccuringtheSaturdayafterThanksgivingthat
nationallyrecognizeddayoccuringtheSaturdayafterThanksgivingthatsupportssmallbusinessesAmericanExpressisafoundingpartnerofSmallBusinessSaturdayReyhlehasbeenanadjunctinstructoratColumbiaCollegeChicagosince2004teachingvariousretailandbusinesscoursesReyhleresidesintheChicagoareawithherhusbandtheirtwoyoung
childrenandtheirWeimaranerFollowReyhleonTwitteratRetailMindedandonFacebookatFacebookcomRetailMinded
JasonAPrescottCEOofJPCommunicationsIncdirectsanetworkofglobaltradeplatformsusedforsourcingproductsbymillionsofbusinessesandentrepreneursAnchoredbyTopTenWholesalecomandManufacturercomover2000000manufacturerswholesalersimportersretailersandproductresellersbelongtotheJPCInctradeplatformsJasonrecentlypublishedhisfirstbookWholesale101AGuidetoProductSourcingforEntrepreneursandSmallBusinessOwners(McGraw-Hill2013)PrescottspearheadedtheacquisitionofManufacturercomfromagroupofChinesenationalsandforeigninvestorsin2009JPCommunicationsIncoperatesinChinaunderHangzhouFlatWorldSourcingLTDPrescottisapioneerinbusiness-to-businessonlinetradeplatformsJP
CommunicationsrsquotradeplatformsarepartneredwithindustrytradeshowgiantsSourcingatMagicASDtheOffPriceShowInternetRetailerandtheNationalHardwareShowandhehasgivenpresentationsatSearchEngineStrategiesSIPPASANDIOSASDTradeShowsSourcingatMagicandtheSanDiegoSoftwareCouncilPrescottauthoredoneofthefirstsearchmarketingcoursesfortheSearchEngineMarketingProfessionalsOrganizationandwasonSEMPOrsquosEducationCommitteeBesidespresentationsandconsultingPrescotthaswrittenarticlesonbusinessandtechnologyappearinginB2BOnlineOMMAIMediaConnectionCEOmagazineandEntrepreneurOnlineHehasalsobeencitedinIncmagazineBusinessWeekandForbesOnlineTopTenWholesalewasnamed1inFastGrowthAwards(2008)by
bizSanDiegoandrankedintheTop20forTechnologyawardssponsoredbytheSanDiegoBusinessJournalPrescottwasnamedintheTop40EntrepreneursUnder40listin2007bySanDiegorsquosMetropolitanmagazineandwasrecognizedforOutstandingEmergingBusinessoftheYearbytheSanDiegoChamberofCommercePrescottisagraduateofWesternConnecticutStateUniversityandcurrently
livesinLosAngelesCalifornia
- Acknowledgments
- Introduction
-
- Action Guide
- Habits of Successful Retailers
- Action Guide
- Getting Involved with Outside Organizations
- Benefits That Organizations May Offer
- Action Guide
- Creating an Inventory Assortment That Stands Out
- Unique Traits of Your Store
- General Interview Questions for Potential Employees
- Action Guide
- Benefits of Sourcing as a Retailer
- Working with Wholesalers
- Understanding the Value of Trade Shows
- Managing Orders Placed at Shows
- Using Online Sourcing Platforms
- Action Guide
- Understanding the Basics of Retail Math
- Introducing Customer Feedback for Inventory Management
- Using Point-of-Sale Software to Help Manage Inventory
- Action Guide
- Introducing and Managing Store Events
- Highlighting Inventory Through Displays
- Using Modern Technology in Your Store
- Identifying Whether Mobile Commerce Matters
- Action Guide
- Using E-mail to Communicate Store Messages
- Using the Internet as a Marketing Platform
- Resources Every Independent Retailer Should Know About
- Action Guide
- Embracing E-commerce
- Social Media in Todayrsquos Retail Marketplace
- Action Guide
- Understanding Buy-Local Campaigns
- Finding Success Through Small-Business Saturday
- Introducing Commerce and Charity
- Action Guide
- The Future of Independent Retail
- The Future Beyond Technology
- When Retail Isnrsquot in Your Future
- Parting Words from Jason Prescott
- Parting Words from Nicole Leinbach Reyhle
- Conclusion
-
- Part I Being Indie in a Big-Box World
-
- 1
- Standing Out among the Crowd
- 2
- Stepping Outside Your Comfort Zone
- 3
- Leaning on Outside Organizations
- 4
- Identifying Your Unique Store Story
-
- Part II Practical Steps to Increase Your Store Visibility and Sales
-
- 5
- Sourcing Products Through Trade Shows and the Internet
- 6
- Buying for Customers Versus Yourself
- 7
- Selling Your Products
- 8
- Applying Press and Marketing to Your Business
-
- Part III Making a Mark in the Economy
-
- 9
- Making Your Presence Online
- 10
- Taking Part in Shop-Local Initiatives
- 11
- A Crystal Ball for Independent Retailers
-
- Appendix A Resources for Independent Retailers
- Appendix B Common Retail Terms and Definitions
- Notes
- Index
-
INFORMATIONTHATCANBEACCESSEDTHROUGHTHEWORKVIAHYPERLINKOROTHERWISEANDEXPRESSLYDISCLAIMANYWARRANTYEXPRESSORIMPLIEDINCLUDINGBUTNOTLIMITEDTOIMPLIEDWARRANTIESOFMERCHANTABILITYORFITNESSFORAPARTICULARPURPOSEMcGraw-HillEducationanditslicensorsdonotwarrantorguaranteethatthefunctionscontainedintheworkwillmeetyourrequirementsorthatitsoperationwillbeuninterruptedorerrorfreeNeitherMcGraw-HillEducationnoritslicensorsshallbeliabletoyouoranyoneelseforanyinaccuracyerrororomissionregardlessofcauseintheworkorforanydamagesresultingtherefromMcGraw-HillEducationhasnoresponsibilityforthecontentofanyinformationaccessedthroughtheworkUndernocircumstancesshallMcGraw-HillEducationandoritslicensorsbeliableforanyindirectincidentalspecialpunitiveconsequentialorsimilardamagesthatresultfromtheuseoforinabilitytousetheworkevenifanyofthemhasbeenadvisedofthepossibilityofsuchdamagesThislimitationofliabilityshallapplytoanyclaimorcausewhatsoeverwhethersuchclaimorcausearisesincontracttortorotherwise
TomyhusbandEricYouarethebestpartnerineverywayWecandoanythingwhenwedoittogetherandIrsquommostgratefulforwhatwersquovealreadycreatedmdash
ClaireandJackson
TomyparentsMomyouaremybestfriendandIadmireyouverymuchAndDadknowingyouarewatchingoverusfromaboveisbothcomfortingand
bittersweet
Iloveyouallsomuch
mdashNicoleLeinbachReyhle
TomyfuturewifeDominiqueYoursixyearsofsupporthavegivendefinitiontothejourneyIcanrsquotwaittodedicatethenextonetoMyWifeIlovethank
youandfeelaliveeverydaywithyoubymyside
mdashJasonAPrescott
Contents
Acknowledgments
Introduction
PartIBeingIndieinaBig-BoxWorld
1 StandingOutamongtheCrowdActionGuide
2 SteppingOutsideYourComfortZoneHabitsofSuccessfulRetailersActionGuide
3 LeaningonOutsideOrganizationsGettingInvolvedwithOutsideOrganizationsBenefitsThatOrganizationsMayOfferActionGuide
4 IdentifyingYourUniqueStoreStoryCreatinganInventoryAssortmentThatStandsOutUniqueTraitsofYourStoreGeneralInterviewQuestionsforPotentialEmployeesActionGuide
PartIIPracticalStepstoIncreaseYourStoreVisibilityandSales
5 SourcingProductsThroughTradeShowsandtheInternetBenefitsofSourcingasaRetailerWorkingwithWholesalersUnderstandingtheValueofTradeShowsManagingOrdersPlacedatShowsUsingOnlineSourcingPlatformsActionGuide
6 BuyingforCustomersVersusYourselfUnderstandingtheBasicsofRetailMathIntroducingCustomerFeedbackforInventoryManagementUsingPoint-of-SaleSoftwaretoHelpManageInventoryActionGuide
7 SellingYourProductsIntroducingandManagingStoreEventsHighlightingInventoryThroughDisplaysUsingModernTechnologyinYourStoreIdentifyingWhetherMobileCommerceMattersActionGuide
8 ApplyingPressandMarketingtoYourBusinessUsingE-mailtoCommunicateStoreMessagesUsingtheInternetasaMarketingPlatformResourcesEveryIndependentRetailerShouldKnowAboutActionGuide
PartIIIMakingaMarkintheEconomy
9 MakingYourPresenceOnlineEmbracingEcommerceSocialMediainTodayrsquosRetailMarketplaceActionGuide
10 TakingPartinShop-LocalInitiativesUnderstandingBuy-LocalCampaignsFindingSuccessThroughSmall-BusinessSaturdayIntroducingCommerceandCharityActionGuide
11 ACrystalBallforIndependentRetailersTheFutureofIndependentRetailTheFutureBeyondTechnologyWhenRetailIsnrsquotinYourFuturePartingWordsfromJasonPrescottPartingWordsfromNicoleLeinbachReyhleConclusion
AppendixAResourcesforIndependentRetailers
AppendixBCommonRetailTermsandDefinitions
Notes
Index
Acknowledgments
NicoleLeinbachReyhleFIRSTANDforemostthankyoutoJasonPrescottforbeingsuchagreatbelieverandsupporterofRetailMindedandmyselfsincedayoneYouwereamongthefirstindustryleaderstoreachoutandworkwithmeasaretailresourceandIrsquomgratefulforourcontinuedsupportofeachotherovertheyearsFurthermoreIcanrsquotthankyouenoughfortheopportunitytocoauthorthisbooktogetherYourwisdomenergyandexperienceareinvaluableNextIwanttoextendahugegeneralthankyoutoallthebusinesses
organizationsandpeoplewhocontributedcontentandresearchmaterialtothisbookJasonandIbothareverygratefulfortheinsighttimeenergyandexperiencethatyouallprovidedWithoutyoursupportthisbooksimplywouldnotbepossibleThankyouagainandwewisheachofyoucontinuedsuccessinthefutureNextIwanttothankthepeoplewhowereinvolvedintheliteralcreationof
thisbookTostartBillGladstonethankyouIappreciateyourtakingachanceonafirst-timeauthorandlookforwardtoworkingwithyoumuchmoreinthefutureAlsoTaraGladstonethankyouforyourwisdomandsupportincreatingthebookproposalWhileIhadhopedtoworkwithyoumoreourlimitedworktogethertaughtmesomuchandIlookforwardtothechancetoworkwithyouagainLastbutcertainlynotleastthankyouThomasMilleroureditoratMcGraw-HillYourguidanceandenthusiasmthroughoutthisprojecthavebeenfantasticandJasonandIbotharegratefulforyouroverallsupportDannalieDiazfromMcGraw-HillIalsoappreciateyourtakingthetimetogivemesomeextrafirst-timeauthorcoachingaswellFinallyIwanttoextendspecialthankstosomekeycontributorsand
supportersofthisbookWhiletherearetoomanytohighlightthefollowingpeoplewentaboveandbeyondtoreallyhelpmakethisbookthebestitcouldbeSuzyTeeleCOOofSnapRetailthankyouYourconstantsupportistruly
appreciatedCourtneySymonsmarketingmanagerwithShopifythankyoufordiggingandsearchingforalltheexactdetailsweneededtomakethisbookcometolifeCamilleCandellagroupmarketingdirectorforEmeraldExpositions
thankyouforsharingyourwisdomandhelpingretailerstobettersucceedJeffMilchencodirectoroftheAmericanIndependentBusinessAlliancethankforyourinvaluableinsightandexpertiseDonDaviseditorinchiefatInternetRetailerMagazineIappreciateyourtakingthetimetoshareyouruniqueperspectivesandamgratefultoofferthemtoourreadersJoeAbrahamauthorofEntrepreneurialDNAandCEOofBosiDNAIhavebeenfortunatetoworkwithyoufirsthandinmyownbusinessgrowthandamthrilledthatyousharedyourwisdomwiththereadersofthisbookaswellAnadditionalthankyougoestoallmyRetailMindedpartnerswhohelpedto
providetheirexpertiseandinsighttoourreadersincludingJeffBuehlerofMainStreetNewJerseyAndyEllenandChristieBurrisofNorthCarolinaRetailMerchantsAssociationEllenDivitaoftheCityofGenevaIllinoisLynneSchwartzofDowntownStCharlesPartnershipandJamaRiceoftheMuseumStoreAssociationIrsquodlikealsotothankthreefolksIrsquomluckytocallmyfriendswhoalsowork
withindependentretailersasconsultantsexpertsandleadersGeorganneBenderandRichKizerIrsquoveadmiredyourworksincewefirstmetattheDanceRetailerExpoinLasVegasmanysummersagoIwasluckytolearnthatourofficeswereonlyatownapartandsincethenIrsquomgratefulforourmanylunchesbrainstormingsessionschitchatsandconstantsupportthatyouhaveprovidedLookingforwardtoourcontinuedsupportandworkwitheachotherInadditionabigthankyoutoCathyWagnerYoursquoreretailinsightandfriendshipisverymuchappreciatedFinallythankyoutomyfamilyandfriendsBeingsurroundedbygoodcompanyatworkathomeandatplayisagreatwaytolivelifeandIrsquomfortunatetodojustthatThankyou
JasonAPrescott
IhavealwaysbeenabelieverthatoneoftheleadingcausesofsuccessispassionNicoleReyhleyouareoneofthemostpassionateprofessionalswithwhomIrsquoveeverhadthehonorofworkingThankyouforthecountlesshoursofresearchinterviewsanddetailyoubroughttothisbookYouhaveaveryspecialgiftthatisgoingtoberesponsibleforthesuccessofsomanyentrepreneursandsmall-businessownersYourhonestyintegrityandprofessionalismwillmakeyouHIPformanyyearstocomeItwasmyhonortohelpopenthedoorandIawaitwithexcitementournextprojecttogetherBillGladstonethankyouforcontinuingtoopenyourdoorIneverwould
havethoughtthatwewouldbepublishingnotjustonebuttwomajorbusiness
havethoughtthatwewouldbepublishingnotjustonebuttwomajorbusinesstitlesinunderoneyearYouareamanofmiraclesandIsalutethebeliefyoucontinuetohaveinallweaccomplishtogetherToAlainStamboulipresidentofViaTradingtherearenotverymanypeople
capableofemulatingthesuccessyourcompanyhashadovertheyearsYoucontinuetosetthebarinaverydynamicindustryandIhavenodoubtthatthetrendwillcontinueYourbusinesscreatesopportunitiesforthousandsofretailersandpowersaneconomicbackboneforcountlesslivesAstheViaTradingstorycontinuesIrsquollalwaysconsidermyselffortunatetohaveinspiringfriendslikeyouinmylifeAndfinallyIrsquodliketoacknowledgeallmyfriendscolleaguescustomers
andpartnerswhocontinuetobethepropellersandmotivatorsofeveryaccomplishmentIrsquovebeenpartofsince2005MypassioncomesfromyouandthepathwecontinuedowntogetherhasbeenanunforgettableandhumblingexperienceServingyouisaprivilegeandIameternallythankfulforsuchanopportunity
Introduction
IrsquoDLIKEtobelievethatmycareerinretailneverreallybeganbutratheralwaysexistedAsalittlegirlIrememberweavinginandoutofstoreswithmymotherandtwosistersalwaysonthehuntforsomethingforoneofusMymommdashacompetitiveshopperwhoknewofeverysalenewstoreopeningandspecialpromotionthatwouldbetakingplacemdashconsideredshoppingmoreofapastimethanaresponsibilityIontheotherhandenjoyedourshoppingexperiencesformuchdifferentreasonsInsteadofbeingexcitedoveranewtoporsomeshoesIwouldgravitatetothecheckoutareaandtrytochatwithoneofthesalesassociatesaboutworkinginretailNaturallycomingfromapreteenthisconversationdidnrsquotgoveryfarHoweverbythetimeIwasabletogetmyfirstpart-timejobIknewthatIwantedittobeintheretailworldOverthefollowingyearsfromages15to22IworkedatThingsRememberedTheLimitedRalphLaurenNordstromMaxStudioandultimatelyalittleboutiqueindowntownChicagocalledChasallaItwasduringthatexperiencethatIknewIwantedtosomehowsomedaysupportindependentretailersFirsthoweverIknewthatIneededamoreexpansiveunderstandingofthedynamicworldofretailThefollowingyearstookmeonawhirlwindtourofbothretailandwholesale
MyfirstjobuponcollegegraduationwasatSearsrsquoscorporateofficesinHoffmanEstatesIllinoiswhereIworkedasamerchandiseanalystwithinthewomenrsquosapparelbuyingofficesThecommutefromChicagotoHoffmanEstateswouldoftentakeabrutaltwohourssosoonafterIswitchedgearswhenofferedajobwithFrancoSartofootwearMyroleforFrancoSartoincludedvisitingcountlessretailerswithintheMidwesternregionrangingfromindependentretailerstobig-boxstoressuchasDillardsMacyrsquosLordampTaylorandmyretailalmamaterNordstromAdditionallyIworkedcloselywiththemarketingteamtoprepareforFrancoSartopersonalappearancesandotherin-storespecialeventswhilealsoattendingnolessthansixtradeshowsayearAtonly24yearsofageIwascertainthatIhadmydreamjobforthattimeinmylifeItturnsoutthoughthatdreamscangrowandby25IwasofferedthechancetorelocatetoFrancoSartorsquosheadquartersinBostontobecomethecompanyrsquosnationalmarketingdirectorIwasbeyondthrilledMyexcitementtotakeonmoreresponsibilitywasoffthechartsbutapartof
Myexcitementtotakeonmoreresponsibilitywasoffthechartsbutapartofmewasunsureaboutthiscross-countrymovebecauseofmyfatherrsquosrecentdiagnosisofbraincancerBeingbothaproudfatherandamarketingprohimselfmydadencouragedmetogoandnotlookbackWithhisapprovalIpackedmybagsandwasonmywayWorkingwithawholesalersuchasFrancoSartogavemesuchincredible
opportunitiestolearnmorenotonlyaboutthevendorsideofthebusinessbutalsoabouttheretailsideofthebusinessAtthetimeFrancoSartowasoutperformingmostofitscompetitionincludingNineWestatretailerssmallandlargeandasaresultmyresponsibilitieswerealwaysevolvingAmongthemincludedtryingtoseeknationalpressforFrancoSartorsquosgrowingbrandWorkingwithconsumerpublicationsthatincludedLuckyandGlamour
magazinesaswellasthetradepublicationsFootwearNewsWomenrsquosWearDailyandmanyothersexposedmetoawholenewsideofretailInstinctivelyIlovedthecombinationofretailandmediaanditwasatthistimethatIstartedtoidentifyhowImightbeabletoapplythisduoinmyownuniquewaytohelpindependentretailersinthefutureFastforwardtoacoupleofyearslaterandIwasreadytoreturntoChicago
AlthoughIlovedmyjobIlovedmyfathermoreHiscancerhadadvancedandIknewthathewouldpasssoonerthanlaterwhichmademydecisiontospendasmuchtimeasIcouldwithhimapriorityAlthoughitwasatoughchoicetoleaveajobthatIadoredIwasfortunatethatBennettFootwearthethen-ownerofFrancoSartoofferedtorelocatemeandgivemeanewpositionthatcouldbebasedintheMidwestSayinggoodbyetomymarketingdayswasextremelytoughbutIembracedmynewchallengeasanaccountexecutiveforFrancoSartorsquossisterfootwearbrandEtienneAignerThefollowingyearintroducedmetolotsofchangemostnotablyspending
mydayssurroundedbynumbersManagingandsellinginventoryarenoeasytasksparticularlywhenyouareworkingwithretailersthatbudgetclosetoamilliondollarsormorejustforyourbrandaloneLookingbackIrefertothispointofmycareerasmyownpersonalretailmathbootcampItwasfastfuriousandunforgettableIlearnedalotmadesomemistakesandultimatelydecidedthatbeinganaccountmanagerwasnrsquotformeImissedmymarketingdayssoIquietlylookedaroundforanewopportunitythatwouldallowmetodomarketingagainFortunatelyAdidaswasrollingoutanin-storeandmajoraccountsmarketingmanagerpositionbasedinChicagoandIwasluckyenoughtogetthejobWorkingwithAdidasIwasexposedtoawholenewworldofretailersthat
includedDickrsquosSportingGoodsGanderMountainandcountlessspecialtyretailersthatservednichemarketsincludingsoccerswimandtennis
retailersthatservednichemarketsincludingsoccerswimandtennisMoreoverthiswasthefirsttimeIworkedforacompanythatwasnotonlyaretailerbutalsoawholesalerAdidashasitsownstoresandalsosellstootherstoresmdashwhichasyoucanimaginehasbothchallengesandbenefitsOnceagainIconsideredmyselffortunatetogainnewexperienceandlearnfromsomeofthemostwell-respectedretailersinthebusinessMeetingDavidBeckhamandotherAdidasathleteswasnrsquotabadjobperkeitherDespiteagreatjobandthechancetomanageateamofover30peopleI
couldfeelaradicalchangebrewingwithinmeIdesperatelywantedtocontrolmytimemoreafteryearsofconstanttravelandIalsohopedtoshareeverythingIhadlearnedwithsmallermoremom-and-pop-stylemerchantsAfteronlyacoupleofyearswithAdidasIwasfinallyreadytobeginmyownuniqueretailjourneywithoutanemployertoofficiallyreporttoLikecountlessotherentrepreneursandpossiblyevenlikeyourselfIdecidedtobecomemyownbossFriendsandfamilythoughtforsureowningalittleboutiqueofmyownwouldbeinmyfuturebutinsteadIwantedtoworkwithboutiquesretailersandsmall-businessownersmdashsharingwiththemwhatIcouldtohelpthemintheiruniquegoalsIn2007RetailMindedwasofficiallybornTaglinedaboutiqueconsultingfirmRetailMindedaimedtosupportretailers
withinmyimmediateChicagocommunityAtthissametimeIbeganwritingablogmdashanewtrendthatwasemergingalongwithsocialmediasitessuchasTwitterFairlyquicklymyblogbecamerecognizedasadestinationforindependentretailerstogainnewseducationandsupportfortheirbusinessesThissoontookoverasmytaglineandIalsobegantoacceptfreelancewritingassignmentsfortradepublicationsthatincludedSmartRetailerDanceRetailerNewsMuseumsampMoreCrainrsquosChicagoBusinessWesternRetailerandevenForbescomWithoutintentionallytryingmyloveformediaandretailhadgrownintoafunctioningbusinessandsoonaftermyone-on-oneconsultingwaspushedasideIrealizedthatthroughmediaIcouldreachmanymoreretailerswithmygoalofsharingindependentspecificnewseducationandsupportanditisthroughmediathatIdidexactlythatTheyearsthatfollowedintroducedmetomanynewmediaclientsaswellas
selectconsultingprojectsItrsquosalsoduringthistimethatIfirstmetmycoauthorJasonPrescottfounderandCEOofJPCommunicationsIncwhichrepresentscompaniesthatincludeTopTenWholesalecomandManufacturercomDespiteafullscheduleIwantedtoreachmoreretailersinawaythatI
believedtheywerenrsquotbeingreachedyetTherewereandstillarehundredsofpublicationscommittedtoretailaudiencesyetnonefocusesonthetotallifestyleofbeinganindependentretailermdashwhethersellingshoeshardwarehomegoods
oranythingelseTomethismeanssupportingthisuniqueaudienceofretailerswithallthedetailsoftheirbusinessesmdashnotjustthosethatfellwithintheirstorewallsInotherwordsIwanteddiscussionsaboutinsurancehealthfamilytimemanagementandmoretoberegularcontributionstoapublicationthatretailerscouldreallyrelatetoandonethatwassolelycommittedtoindependentretailersnotbig-boxmerchantsItrsquoswiththisinmindthatRetailMindedMagazinecametolifeWithoutaformalpublishingbackgroundorextensivemediaexperienceI
launchedRetailMindedMagazineinJanuary2011MyquietlaunchwaswellreceivedbymyalreadyloyalblogfollowersandwiththehelpofmyuniquedistributionmodeltheRetailMindedPartnerProgramRetailMindedMagazinenowreachesover150000readerswitheachquarterlyissueThisuntraditionalavenueofdistributionallowsnicheretailgroupssuchasCrafterrsquosHomeortheMuseumStoreAssociationaswellaslocalandstate-levelretailorganizationssuchastheStateChamberofOklahomatheFloridaRetailFederationMinnesotaMainStreetandotherstodistributeRetailMindedMagazineasamembershipbenefitandeducationalresourcetotheirmembersThesameyearIrolledoutRetailMindedMagazineIalsointroducedthe
independentretailerconferenceforthefirsttimeinJuly2011alongsidemyconferencecofounderKerryBanniganofNolchaFashionWeekNewYorkSincethenthisannualeventhasgrowninbothsizeandrecognitionwelcomingindependentretailersandretailsupporterstogainhands-onknowledgeabouttrendsspecificintheindependentretailsceneInMarch2014theIndependentRetailerConferencewasproudlyintroducedasourfirstpop-upconferenceatthenationrsquoslargestconsumertradeshowtheASDShowheldbiannuallyinLasVegasTheRetailMindedworldhascertainlygrownsinceitrsquosbabydaysbackin
2007yetlikemuchofmyaudiencewearestillsmallandindependentourselvesIknowfirsthandthestruggletogetafulldayrsquosworkinandstillfeellikeIhavenrsquotworkedenoughaswellastheconstantjugglingacttofindtimeforfamilyfriendsandmdashdareIsayitmdashevenmyselfMyteamremainssmallbutourmissionisalwaysgrowingIconsideritbothaprivilegeandaresponsibilitytosupportindependentretailerswhichiswhyIwassohonoredtojoinJasonPrescottinauthoringthisbooktodojustthatItrsquosmyhopethatyouwilltakeawayfromthisbooktipstricksandpractical
solutionstoapplytoyouruniqueretailbusinessWhetheryouareaseasonedmerchantorretailnewbiethecontentthroughoutthisbookisaimedathelpingyoutomanagemarketandgrowyourretailbusinessTogetherJasonandIhaveuncoveredresourcesidentifiedsolutionsandcompiledacollectivespotforyou
uncoveredresourcesidentifiedsolutionsandcompiledacollectivespotforyoutoconfidentlyrefertoasyoucontinueyourretailjourneyAlsowersquoveinterviewedover50industryleadersandretailersallowingyoutogainmultipleperspectivesonthedynamicworldofretailWersquovealsoprovidedyouwithActionGuidesthatfolloweachchaptergivingyounextstepsandhow-toinstructionstohelpyourbusinesssucceedIrsquodliketobelievethatlikemeyoulookatyourjobasaprivilegeand
thereforethatyouareconstantlyseekingnewwaystoimproveyourbusinessWhetherthisistrueornotIhopethatthisbookcandelivernewwaysforyoutofindsuccessandachieveyouruniqueretailgoalsThankyouforgivingustheopportunitytohelpyouaccomplishthismdashwehopeyouenjoytheride
PARTI
BeingIndieinaBig-BoxWorld
1
StandingOutamongOtherRetailers
Inordertobeirreplaceableonemustalwaysbedifferent
mdashCocoChanel(1883ndash1971)founderofChanelfashiondesignerTO
GAINsuccessinretailmerchantsmustcreateanenvironmentandanexperiencethatcustomerswanttovisitagainandagainCalifornia-basedretailerKimberly
Efseaffagreeswiththissharingherthoughtsaboutwhereacustomerrsquosexperiencebegins
TheexperienceofastoreshouldstartbeforeacustomerevenwalksinthedoorWhensomeoneseesyoursignageorpeeksinthewindowthereshouldbeawowfactorItshouldcaptivatethemandmakethemwanttoinvestigateyourbusinessevenifitrsquosnotsomethingtheymaynormallybedrawntoOncetheydowalkintheyshouldfeelliketheyareexperiencingsomethingthatistotallyuniqueandunlikeanyotherstoretheyhaveeverbeentoThecolorsproductsatmospheredesignaestheticsandallotherstoredetailswillhelpmakethishappenorforthatmatternothappenUltimatelyastoreshouldfeelasuniqueasitlooksIfyoudothiscorrectlyyourcustomerwillbecomecaptivatedandengagedinyourbusiness1
EngagingcustomersiskeyandretailerssuchasEfseaffknowthatthisisessentialtocreatingkeepingandgrowingbusinessThequestionishoweverjusthowdoyoudothisIrsquoveinterviewedover50industryleaderswhoincluderetailerswholesalerstradeshowdirectorsmagazineeditorsretailorganizationleadersandmoretohelpanswerthisquestionAllofthemsharetheiruniqueexpertiseandperspectivesonhowyoucanfindstoresuccessinthecompetitiveworldofretailWithaheavyemphasisonindependentbrick-and-mortarretailersthisbookwilllookatthemanylayersinvolvedinmanagingandmarketingaretailstoretodayFromthereitwillhelpintroduceyoutonew
marketingaretailstoretodayFromthereitwillhelpintroduceyoutonewideasreshapeoldhabitsandidentifythetrendsofretaildesignedtokeepmodernmerchantsvisibleandsuccessfulAmongthemaingoalsofthisbookwillalsobetointroduceretailerstoexternalplayersrangingfrombusinessresourcestotradeshowstoretailassociationsandmoreIllinois-basedretailerAngelaGianfrancescowhosestoreStellaBlueDesign
residesjustamilewestofChicagorsquosWrigleyFieldconsiderslearningfromoutsideinfluencersakeystrategyinhelpingherownbusinessgrowldquoImayonlyhaveonestoreandbethesolestoreownerbutIneverfeelaloneinrunningitThroughRetailMindedcommylocalChamberofCommerceagreatstaffandmerchantfriendsIconstantlyfeellikeIamlearningnewthingsandhavepeopletoturntowhenIhavequestionsrdquoAsanindependentretaileritrsquoseasytoforgetthatyouhavesomanyadvocates
onyoursidetohelpyourbusinessthriveOneofthemaingoalsofthisbookistohelpretailersregaintheirtrustandsupportfromoutsideplayerswelcomingavarietyofbusinessesandpeopleintotheirnicheworldstohelpthemfurthersucceedinretailInthechaptersthatfollowwersquollunveilorganizationsassociationsandretail-specificgroupsthathaveyourbestinterestinmindaswellasidentifywhyyourparticipationwiththemmattersWewillalsodiscussthevalueinworkingwithyourlocalcommunitytoincreaseyourstoreandtownrsquosindependentretailawarenessWewillalsoprovidedetailsonhowyoucanbecomemoreinvolvedintheincreasinglypopularbuy-localmovementsMostimportanthoweverwewillidentifypracticalwaysforyoutokeepyourdoorsopeninacompetitiveretailenvironmentsharingexpertyetrealisticinsightonhowyoucandothisAsretailerGianfrancescostressesldquoIhavebeenopensince2010andsincethenIcancountonmyhandhowmanydaysIhavegonetoworkwithoutlearningsomethingnewaboutcustomercareorstoremanagementZeroEverydayeverycustomerandeverysituationteachesmesomethingthatcanimprovemybusinessrdquoItrsquoswiththisinmindthatthechaptersthatfollowwerecreatedEverychapter
everydetailandeveryresourceidentifiedisintendedtohelpyouwithyourbusinessAsanindependentmerchanthoweveritrsquosuptoyoutodecidejusthowyouwillapplythesedetailstoyourownuniquestoreTofurthersupportyoueachchapterconcludeswithanActionGuideintendedtohelpyoutakeimmediatestepsinhelpingyourbusinessCollectivelywehopethattheseActionGuidespushyoutolookatyourstoreorfuturestoreviaanewperspectivewhilealsoencouragingyoutodothingsyoumayneverhavedonebeforeFinallyremembertostayenthusiasticoptimisticandacceptingofchallenges
astheycomeyourwaymdashbecausetheywillmdashasyouembarkonyourretail
astheycomeyourwaymdashbecausetheywillmdashasyouembarkonyourretailjourneyWhetheryoursquoreaveteranmerchantoranewstoreownerretailasweknowitischangingatapacefasterthaneverbeforeAsaresultyoushouldbereadyforbothupsanddownsalongthewayThisbookwillhelpyoutounderstandthelatesttrendsexpectedgrowthandanticipatedopportunitiesspecifictoindependentretailersandwehopethatyouenjoytheexperienceofthechaptersahead
ActionGuide
EmbracingchangeisnrsquotalwaysaneasytaskparticularlyforentrepreneurswhochoosetofollowtheirownindividualpathsChangehoweverisacriticalcomponentofkeepingupwithcustomersinventoryandsalesTohelpyoutoidentifyyourcomfortforchangeanswerthefollowing
questionswitheitheryesorno
1Haveyouintroducedanewvendorintoyourstoreassortmentinthelastthreemonths2Haveyoueliminatedavendorfromyourstoreassortmentwithinthelastsixmonths3Doyouactivelyseekoutsideexternalresourcestohelpyoulearnmoreaboutmanagingyourbusinesspossiblyincludingaconsultationeducationcourseorotherlearningscenario4Haveyouidentifiedyourtargetcustomer5Doyoubelievethatyourtargetcustomerisyouractualcustomer6DoyouwanttogainanewgenerationofcustomersinyourstoresuchasGenerationY7Doyouactivelysolicitpublicityforyourstoreeitherfromanoutsidepublicrelationssupportorfromyourowninternalefforts8DoyouhaveasolidonlinepresenceallowingyoutogainrecognitioninonlinesearchesonwebsitessuchasGoogleorYahoo9Areyouamemberofnolessthanoneretail-specificgroup
10Doyouhaveemployeeswhoareeitherpartorfulltimebutnotseasonal
Foreveryyesyouansweredgiveyourself10pointsBasedonatraditionalgradingscaleof0to100totalyourpointstoidentifyyourgradeasacurrentretailerAreyouat50pointsIfsothatgivesyouanFinyourretailperformanceplayingyouat50percentinscoreAreyouat70percentThatrsquosaCwhichrepresentsanaverageperformanceyetitisjustonepointawayfrombelowaverageIfyouscoredat80percentorabovewelldoneYouaredoingagreatjobatretailhoweverlikeallthingsinlifetherersquosalwaysroomtoimproveWhetheryoufailedorthrivedinthisbasicretailevaluationwelookforwardtohelpingyouachievestrongerretailsuccessbyofferingyouexpertinsightadditionalactionguidesandmuchmoreinthechaptersahead
2
SteppingOutsideYourComfortZone
IamalwaysdoingthatwhichIcannotdoinorderthatImaylearnhowtodoit
mdashPabloPicasso(1881ndash1973)painterandartistACCORDINGTOJoeAbrahamauthorofEntrepreneurialDNAtherearefourkindsofentrepreneursBuilderopportunistspecialistandinnovatorrepresentthevariouspersonalitiesofownersofsmallmedium-sizedandlargebusinesseswhenitcomestobeing
theirownbossAlthoughindependentretailerswillembodyoneormoreofthesefourentrepreneurialDNApersonalitiesallentrepreneurialpersonalitiesare
likelytocreatethehabitofworkingwithintheirowncomfortzoneHavingfoundedourownbusinesseswecanrelatefirsthandtothechallenges
ofbeinganentrepreneurWecanalsospeaktothehabitsthatshapeourdailyactionsmanyofwhichkeepusacutelyfocusedandworkingcomfortablywithinfamiliarterritorybothliterallyandfigurativelyMoreimportanthoweverwersquovealsoexperiencedfirsthandthebenefitsofsteppingoutsideourcomfortzoneAsaresultwepushourselvestodothismoreoftenthannotOurexperiencesasidewhatreallymattershereisconsumersrsquoreactionstoyourhabitsWhetheryouconsideryourselfanold-fashionedretaileramodernmerchant
oranup-and-comingstoreowneracriticalcomponenttoyourretailsuccessisidentifyingyourstrengthsweaknessesandpotentialtodobetterWithoverhalfofsmall-businessownersclosingtheirdoorswithintwoyearsofopeningthemitrsquosimperativetoconsiderallavailableopportunitiestosucceedThisisparticularlycrucialconsideringthenatureoftodayrsquoscompetitivemarketplaceConsumershaveatremendousnumberofchoiceswhenitcomestomakingtheirbuyingdecisionsandindependentretailersshouldattempttostandoutversusblendinwhenitcomestostayingcompetitiveNewYorkndashbasedmerchantMacquenziFarquerwhoownsgiftandspecialty
storeLockportintheAstorianeighborhoodofNewYorkCitysuggeststhatindependentretailersneedtoidentifydirectcompetitionattheverybeginning
independentretailersneedtoidentifydirectcompetitionattheverybeginningandunderstandhowtheycancompetewithitfromarealisticperspective
Big-boxstorescandeliverrealheadachesforindependentmerchantsThereisnothingworseforasmall-businessownertohearthatthesameproducttheycarryisbeingsoldforlessatabig-boxstoreIrecognizethatthispricecomparisonwillhappenhoweverIalsorecognizethatmostconsumerswillnotunderstandtherhymeorreasonwhyThissaidItrytochallengemyselftoprovidethebestinventoryassortmentIcantobettercompetewithbig-boxstoresInevitablymyinventorywillbecomparedtothatofotherretailersandItrytobuymoreuniqueinventorytodealwiththis1
ChallengingyourselftoofferavarietyofmerchandisecancertainlyhelptoattractconsumersandincreasepurchasesHoweveridentifyingtherightassortmentofinventoryisoftenthechallengethatretailersfaceForFarquerthismeantidentifyingwhatherlocalcustomerswantedandthenidentifyingtheappropriateblendofpriceandproducttoofferherconsumersIndoingthisshesteppedoutsidehercomfortzonetocreateanedgeagainstherlocalretailcompetition
FormycustomersfindingstockfurniturefortheirtypicallysmallerurbanlivingspacesisachallengeFormeitrsquosalsoachallengetostockfurnitureinmylimitedsquarefootstoreWhilemycustomerisconstantlyaskingforthisIhavelearnedthatnomatterwhatIcanofferIcanrsquotcompeteagainstmytwoclosestbig-boxcompetitorsIKEAorCB2InsteadIcallmyfurnitureselectionldquofinishingpiecesrdquoandmarketthemasthespecialdetailyoulayerwithmoreaffordablepiecesfromnationalchains2
TacklingthejobofunderstandingthelocalconsumersrsquobehaviorshelpedFarquertoidentifyasmartstrategicplantostayrelevantinherAstoriaNewYorkneighborhoodHersolutionofprovidingldquofinishingdetailsrdquoversustraditionalstockfurniturehasdifferentiatedherfrombig-boxretailerswhilealsoopeningupanichesalesstrategyThisapproachalsoplacesheroutsideatraditionalretailcomfortzonebyacknowledgingandactuallydiscussingtheuseofbig-boxinventoryincombinationwithherown
RETAILTIPDonotignorethatmanymdashifnotallmdashofyourcustomersincludebig-box
storesnationalchainsordiscountcentersasregulardestinationstoshopInsteadidentifythebestwaystosupportthesecustomersknowingthattheyarealsoshoppingatyourcompetitorsAmongthewaysinwhichyoucandothisincludeintroducingdiverseinventoryprovidingstrongercustomercarehostingin-storeeventssupportingcommunityeventsandbeingafamiliarfriendlyfacewithinyourownstoreBrickandmortarretailerCynthiaSuttonisaretailveteranhaving
previouslyworkedinthebuyingofficesformajorretailerClairersquosBoutiquepriortoopeningherownstoreTheSilverBarninColumbusTexasin2008SellingeverythingfromhomedeacutecortobabygiftsSuttonrecognizesthatbig-boxstoresarehercompetitionandbelievesthereisroomforalltypesofretailersldquoBig-boxstoresandindependentretailerscancomplimenteachother
Thekeyisforindependentretailerstoofferuniqueitemsthatarenoteasilyfoundindepartmentstoresorotherbig-boxmerchantsItrsquosourjobtosearchforspecialtyitemsandvendorsnotfoundinthesestoresofferingsomethinguniquetoourcustomersrdquoWhetheryourstorestockseverydaybasicsorspecialtyitemsitrsquos
importanttorecognizehowyoustackupagainstbig-boxcompetitionMakeitaprioritytoknowwhattheyrsquoresellingsoyoucandecidewhatbestsuitsyourstoreshelvesandcustomersaswellTakethetimetovisityourcompetitorrsquosstoresonnolessthanaquarterlybasisrecognizinganythingnewtheyhavedonetotheirstoresThismayincludetheintroductionofnewvendorsbolddisplaychangescustomerserviceenhancementsoranythingelsethatstandsoutWhilevisitingyourcompetitionmaynotseemlikeavaluableadditionto
ourto-do-listitrsquospossiblethatitrsquosamongthemostvaluablethingsyoucandoasabusinessownerAlwaysknowwhatyourcompetitionisuptoinanefforttostaycompetitiveagainstthem
InventoryisacriticalcomponentofanystorersquossuccessyetwellbeyondwhatfillsyourstoreshelvesishowyoumarketmanageandsellitTheseactionscanmakeorbreakaretailerrsquoslivelihoodyetmanyretailersfallintohabitsthatworkagainsttheirsalesgoalsGevenaIllinoisndashbasedretailerShariRalishwhosestorePeacefulParlour
providesherbalteasearth-friendlyproductsartisanworkandmoreisan
providesherbalteasearth-friendlyproductsartisanworkandmoreisanexampleofanindependentmerchantwhofellvictimtobeingsetinheroldways
WhenIopenedmystoreinFebruary2010ImerchandiseditandstockeditwithproductsIthoughtcustomerswantedbecauseIwantedthemaswellIttookmeafewyearstotrulyunderstandmylocalconsumersandeventhenmyfloorplandidnrsquotaccommodatetheirshoppingpatternsormytotalstoreassortmentItwasnrsquotuntil2012thatIfinallyletanoutsideretailspecialistcomeinandhelpmeseemystorethroughanotherpersonrsquoseyesThechangesininventorystorelayoutandmyoverallmarketinginitiativeshavehelpedtoincreasemysalesbyover37percentinthepastyearalonerdquo3
ForcingyourselftoletothersaffecthowyouoperateyourstorecanbeadifficultchallengeforsomeparticularlyifyouhaveanentrepreneurialpersonalitythatprefersindependenceandcontrolYetidentifyingthisasaweaknessinyourentrepreneurialDNAcanactuallyhelpyouinyoursuccessasamerchantJoeAbrahamauthorofEntrepreneurialDNAbelievesthatmostretailers
ldquowillrunintosomecommonchallengeswhenoperatingtheirstoresKnowingupfrontwhattheiroperationalweaknessesandstrengthsarecanactuallyempowerthemtoalignwithadvisorspartnersandserviceproviderswhocomplementtheirweaknessesWithoutaddressingtheirownentrepreneurialcharacteristicsretailersriskafrustratingjourneyorworsethedemiseoftheirbusinessesrdquo4
HabitsofSuccessfulRetailers
WhileclosingyourdoorsiscertainlynotthegoalidentifyingthetophabitsofeffectiveretailersshouldbeHereinnoparticularorderare10habitsofhighlyeffectiveretailersInthechaptersthatfollowwewillexploreeachoftheseindetail
Habit1KnowWhoYourCustomersAre
OftenretailersopentheirstoreswithavisualimageoftheirtypicalconsumerthatmaynotbeaccurateUsingmoderndataincludingpoint-of-sale(POS)andothertrackingsystemstohelpidentifywhoyouractualcustomersareyoucanhelptoidentifywhoistrulyspendingmoneyatyourstoreInthisregardtherersquosnosuchthingastoomuchinformation
Habit2UnderstandHowYourCustomersShop
KnowingwhoyourcustomersareisonethingbutunderstandinghowtheyshopisanentirelydifferentthingSeekconsumerinsightbyaskingquestionsviasocialmediathroughin-storeconversationsbyofferingquicksurveysviae-mailoryourwebsiteandusingotherdata-collectingmethodsthataddresstheneedswantsandactionsofyourcustomersGoodold-fashionedobservationgoesalongwayhereaswellBeorganizedbyaggregatingandcategorizingyourresearch
Habit3ReacttotheInformationYouGainfromCustomers
TheworstthingyoucoulddoisgainqualityinsightintoyourcustomersandthenfailtoactonitMakeitaprioritytoconstantlyevaluateyourcustomersListentowhattheyareaskingforidentifywhattheyarenotinterestedinwithyourproductassortmentorshoppingexperienceandtrytocapturetheirwishesasaconsumerAcknowledgingboththeirwantsandlackofinterestisagreatwaytodiscoverwhatandhowyoushouldbeselling
Habit4BeWhereYourCompetitionIs
Whileyoumayneverhaveathousandstoreslikeyournearestbig-boxneighboryoucanbewheretheyarewhenitcomestoyourmarketingeffortsDonotneglectsocialmediaoryourlocalmarketmediaSeekcoverageinyourareapublicationsparticipateinlocaleventsandbevisiblebeyondyourstorewallsincludingonline
Habit5CompareYourselfwithOthers
RememberwhenyourmotherusedtotellyounottocompareyourselfwithyourpeersWellwersquorethrowingthatadviceoutthewindowInthecaseofretailyouwanttoalwayscompareyourselfwithyournearbymerchantsThiswillidentifynotonlythewaysyouaredifferentbutalsothewaysyouarealikeLearningfromothersrsquomistakesismuchlesspainfulmdashandoftenlesscostlymdashthanlearningfromyourown
Habit6TrainYourEmployeesandYourself
NomatterwhatyoumaythinkyousimplydonrsquotknowitallNoonedoesChallengeyourselftoconstantlylearnsomethingnewaboutyourbusinessWhetheritisstoreoperationsoranewvendortherersquosalwayssomethingtoresearchAdditionallymakesurethatyourteamlearnsnewupdatesonstoreproceduresproductsindustrytrendssocialmediafeaturesandmoreAllemployeesevenpart-timeorseasonalemployeescangainfromscheduledtrainingsessionsthathelptopositionthemnotonlytolearnmorebutalsotofeelasiftheyarekeyplayersinthesuccessofyourbusiness
Habit7SupportOtherLocalBusinesses
NobodylikesthepersonwhodoesnrsquotpracticewhattheypreachForindependentretailersthisholdsespeciallytrueSupportyourfellowlocalmerchantsasmuchaspossibleTheoldsayingldquoWhatgoesaroundcomesaroundrdquoholdsverytruehereandshouldnotbetakenlightlyInsteadembraceotherlocalbusinessesnotonlybyshoppingatthembutalsobyreferringthem
Habit8AttendTradeShowsRegularly
MosttradeshowsnowadaysoffermorethanjusttheopportunitytobuyinventoryManysuchastheASDTradeShowheldbiannuallyinLasVegasprovideeducationalexperiencesnetworkingeventssocialopportunitiesandmoreTakeadvantageofallthattradeshowshavetoofferincludingthechancetoconnectfacetofacewithyourexistingvendorsanddiscovernewvendorsas
toconnectfacetofacewithyourexistingvendorsanddiscovernewvendorsaswell
Habit9SeekNewWaystoManageYourBusiness
OurmodernworldisconstantlyintroducingnewtechnologiesandotherwaystohelpbusinessesofallkindsthriveForretailersitrsquosespeciallyimportanttoevaluateserviceprovidersandavailabletechnologythatcanhelpyouoperateyourstoremoreefficientlyNeglectingcommercialevolutioncancauseyoutodriftapartfromyourretailpeersandultimatelyfromyourconsumers
Habit10BeOpentoPart-TimeorFull-TimeEmployees
ItrsquoseasytofallintothehabitofworkingeverydayinyourstorewithoutevertakingabreakHoweverworkinginyourstorefulltimedoesnotallowyoutoaccomplishmanyoftheothersuggestedhabitsonthislistandalsolimitsyoufromsimplygettingabreakSuccessfulretailerseventhosewithonlyonestoreareoftenmoresuccessfulbecausetheybudgetforpart-timeorfull-timeemployeesAsaresulttheirperformanceasastoreownerisnotcompromisedandinsteadtheyreaptherewardsofamorebalancedworkscheduleandstrongersalesHumansarecreaturesofcomfortandretailersarenoexceptionItcanget
reallycozysettlingintoyourwaysbutpushyourselftostepoutsideyourcomfortzonetoreallyallowyourselfandyourstoretoevolveandthrive
Inthechaptersthatfollowwersquollidentifyhowtoincorporateretailbestpracticesintoyourbusinesssharepreferredresourcesforindependentretailersintroducecontactdetailsforvariousretailassociationsexplainhowtosolicitandmanageyourownpressofferwaystomarketyourstorebothonlineandofflineandexplainwhyincorporatingabuy-localcampaignwouldbegoodforsalesInadditionwersquollofferyouexpertinsightintomanagingyourinventorysocialmediaemployeesandofcoursecustomers
ActionGuide
WhentryingtounderstandyourownstrengthsandweaknessesasaretaileritrsquosimportanttorecognizeyouroperationalhabitsasamerchantAnswerthefollowingquestionsandrecordyourresponsesallowingyoutoreferenceyourhabitsinthechaptersaheadandultimatelyreflectonthenecessarychangesyoumayneedtomaketoenhanceyourbusiness
1Whatoperationalproceduresdoesyourstoreroutinelyperformtodaythatitdidnotoneyearago2Ifyouhavebeenopenlongerthanthreeyearswhatthreeadditionalstoreoperationsareconductedthatyouwerenotdoing36monthsago3HaveyourcoreinventorycategorieschangedsinceyoufirstopenedyourstoreWhyorwhynot4Doyourmostpopularitemssellbasedoncircumstancesuchasacustomerfindingauniquegiftheorshelovesorisitmorestrategicsuchasreplenishingahouseholditemthatcustomersknowyouhaveinstock5DoyouprovideemployeetrainingforstoreoperationsnewproductsoranyotherreasonIfsohowoftendoyoudothis6Whatcustomer-serviceexpectationsdoesyourstorehaveinplaceHowisthismeasuredamongyouremployeesandyourself7Whatmarketingstrategiesdoyouconsistentlyleanontopromoteyourstoretobothexistingandnewcustomers8Howoftendoyouseekattentionfromthemediawithaformalpressreleaseororganizedmediapitch9Whatday-to-dayhabitsdoyouidentifyasmandatoryinyourstoresuchasstockreplenishmentmerchandisingorcoldcallingcustomers
10Whatisonyourwishlistfortheyearsaheadasyourstorecontinuestogrow
TakethetimetohonestlyanswerthesequestionspushingyourselftobetruthfulwithyourresponsesOftensimplyacknowledgingyourroutinehabitsincomparisonwithsuggestedotheronescanhelpyouinsteppingoutsideyourcomfortzoneInthechaptersthatfollowwersquolldiveintothedetailsofhowthis
comfortzoneInthechaptersthatfollowwersquolldiveintothedetailsofhowthiscanbeaccomplished
3
LeaningonOutsideOrganizations
Ifyoudowhatyoursquovealwaysdoneyoursquollgetwhatyoursquovealwaysgotten
mdashTonyRobbins(1960ndashpresent)lifecoachauthormotivational
speakerldquoTHENUMBERonejobofabusinessowneristorunagreatbusinesssoitwouldbeshort-sightednottotakefulladvantageofopportunitiesprovidedtohelpbusinessesachievegreatersuccessrdquoOfficeofMainStreetNewJerseyandImprovementDistrictProgramsofNewJerseyrsquosJefBuehlerstatesWhilewe
couldnotagreemoreitrsquosofteneasiersaidthandonewhenitcomestosupportingyourbusinesswiththemanyresourcesavailabletoyouOften
businessownersgetlostintheireverydayhustleandbustlewithouteverseekingoutsidesupporttomaketheirjobseasierLuckilythereisavastanddiverse
groupofbothprivate-andpublic-sectororganizationsthatcanhelpyouachievestrongerretailsuccess
Retailersshouldlookattheirlocalcommunitiesstate-levelorganizationsandnationalgroupsinanefforttoidentifysupportthatmakessenseforthemandtheiruniquebusinessesBeginningatalocallevelmostretailershaveaccesstomunicipalsupportincludingcitymeetingseducationresourcesandlocalChamberofCommercesupportAlthougheachcommunityhasitsownvariedoperationalresourcesthatbenefitretailersspecificallyallretailershavesupportbeyondtheirlocaltownsState-levelorganizationssuchastheRetailAssociationofMaineandtheKentuckyRetailFederationprovidetremendoussupportforretailersofallsizes
GettingInvolvedwithOutsideOrganizations
Gettingengagedatyourlocallevelisabsolutelyvitalinbuildingtowardyour
GettingengagedatyourlocallevelisabsolutelyvitalinbuildingtowardyourbusinesssuccessparticularlyifsellingonlineorbeyondyourlocalareaisnotpartofyourbusinessplanThislocal-levelparticipationwillgiveyousupportandinsightintoyourcustomerscompetitionandcommunitythatstate-levelandnationalorganizationsoftencannotEllenDivitaeconomicdevelopmentdirectorfortheCityofGenevaIllinois
explainsjusthowvaluablelocalcitiesandChambersofCommercecanbetoasmall-businessowner
YourlocalcityandchamberofferavarietyofresourcestoretailersincludingvisibilityandcredentialtoyourbusinessBecausetrustissuchanimportantcomponentinthemarketplacethesedaysthisisespeciallyimportanttoconsiderasabusinessownerofanykindLocalcityandchamberofficesoffermanyresourcesincludingassistancewiththedevelopmentandopeningprocesspermitsandlicensesThenontangibleassistancecanproveevenmorevaluablewhichincludesbuildingrelationshipslocallythatcandeliverthevisibilityandcredentialthatyourbusinessneeds1
FurthermoreDivitastressestheimportanceofrespectingconsumeroptions
PeoplehavechoiceswhenitcomestowheretheyshopandconsumerswillbuyfromretailerstheytrustBeingreferredandtrustedbythechamberandyourlocalcitygovernmentislikebeingprescreenedwhichiscriticalforretailersconsideringtheimmenseamountofcompetitiontheyhaveUnlikenationalretailerswhosereturnpoliciesandothercustomerexpectationsaremoreknownindependentretailersneedtogainthetrustoftheirconsumersYourlocalchamberandcitycanhelpyouachieveastrongreputationthatgivescustomersthetrusttheyarelookingfor2
Beingknowninyourcommunityforwhatyouoffercanbepricelesswhencross-referralshappenorganicallyastheresultofsatisfiedcustomerscommunityparticipationandyourcommitmenttodeliveringastrongin-storeandcityexperienceFurthermoremanylocalChambersofCommerceandcityorganizationsprovideeducationalresourceslocalmediasupportandothercommunity-basedincentivesthatcanhelpmerchantsgainstrongercustomer
awarenessBeyondyourlocalorganizationshoweveritrsquosimportanttolookatstate-levelretailassociationsthatcanhelpyourbusinessfromabroaderperspectiveaswell
EXPERTSPOTLIGHTHarrietParkermanageroftheIllinoisSmallBusinessDevelopment
CenteratWaubonseeCommunityCollegeinAuroraIllinoissuggeststhatworkingwithoutsideorganizationscanhelpretailersandothersmallbusinessownersgainaccesstoexpertsupportthatisoftenfreeoratareducedrateAlsoParkersharesherinsightonhowongoingsupportversusonlywhenneededcanhelpretailersldquoByworkingwithorganizationssuchasSmallBusinessDevelopment
Centers(SBDCs)retailersareabletoaccessexpertisetheymaybelackingaswellasresourcestheymaynotknowaboutOurorganizationslikemanyothersoftenhavebusinessexpertsreadytohelpretailersgobeyondtheirowncapabilitiestobuildstrongerbusinessesInadditionweencourageretailersnottowaituntiltheyareexperiencingaproblemtoseekassistancebutinsteadtreattheseresourcesasanongoingpartnerfortheirbusinessteamWhetheritisforaproblemabrainstormingsessionornearlyanythingelseSBDCrsquosandothersupportorganizationsshouldbeviewedastrustedadvisorstohelpretailersrdquoTogetstartedinseekingoutsidesupportfromyourlocalSBDCParker
suggestsvisitingwwwsbagovandclickingontheGetLocalAssistancelinkFromtheremakingaphonecalltotheirofficesistypicallyallittakestogetstarted3
AndyEllenpresidentandgeneralcounseloftheNorthCarolinaRetailMerchantsAssociationexplainsthatassociationslikehisareintendedtoactaspartofaretailerrsquosownteam
WeseeourselvesasanextensionofaretailerrsquosstaffOurreasonforbeingistopromoteandadvocatefortheretailindustrysowemakeitaprioritytobeexpertsonallissuesthatwillimpactaretailerrsquosstoreoperationsaswell
asdevelopstrongrelationshipswithpolicymakersinourstateIfyouhaveaproblemoranissueitisquitelikelythatyourstateretailassociationhasalreadyencounteredthisissueforanotherretailerandhastheanswertoyourquestionattheirfingertips4
InadditionEllenbelievesthatretailorganizationssuchastheNorthCarolinaRetailMerchantsAssociationhelpdeliversolutionstocommonanduncommonretailchallenges
StateretailassociationsareproblemsolversWeunderstandstategovernmentsandknowhowtocutthroughtheredtapeandvoicemailjungleofstateandlocalgovernmentstoassistretailersCollectivelystate-levelassociationspromotetheretailindustrythroughthepressoftenhighlightingalocalretailerrsquosgreatpracticesorsuccessThistranslatestofreePRandadvertisingforretailersprovidedbyatrustedsourcemdashus5
Inadditiontobringingmediaattentionandhelpingtosolveretailchallengesstate-levelretailassociationssupportmerchantsintheireverydayoperationsAdditionalsupportthatassociationsoftenofferincludesdiscountsonstoreservicesthatretailersneedsuchascreditcardprocessingandexpertinsightintostate-specificlawsandotherregulatoryagenciessuchasthedepartmentsofrevenuetransportationorlaborCurtisPicardexecutivedirectoroftheRetailAssociationofMainedescribes
thebenefitsofworkingwithstate-levelassociationsasldquoinsuranceforretailersrdquo
Whenretailersbecomemembersoftheirstate-levelassociationstheygainfull-timerepresentationforlegislativeissuesnetworkingwithotherlike-mindedretailersandaccesstoanumberofmoney-savingprogramsthatcanhelptheirbusinesssavemoneydirectlyandoperatemoreefficientlyWeliketothinkofourselvesasinsuranceforretailersWehelpprotectyouforaverylowcost6
AlthoughlegislativesupportmaynotbeonthetopofyourlistofwaystobesupporteditcertainlyshouldbeexploredStateandnationallegislativedecisionsaffectmerchantsinavarietyofwaysandtoooftenretailersdonrsquot
decisionsaffectmerchantsinavarietyofwaysandtoooftenretailersdonrsquotknowhowtheywillaffectthemuntilitrsquostoolatePicardexplains
Whenyoudonrsquotcommunicatewithyourstate-levelretailassociationitmeansthatyourvoicedoesnotgetheardIcanrsquottellyouhowoftenIhearfromnonmemberretailerswhentheycallaftersomethingbadwaspassedbythelegislatureFirsttheyhadnoideathatcertainlegislationwasbeingconsideredandsecondtheyhadnoopportunitytosharehowitwouldimpactthem7
Inadditiontogettingactiveinyourstate-levelassociationsPicardbelievesthatlocalandtrade-specificgroupsarealsoimperativetoyourretailsuccess
IhavealwaystoldpotentialmembersthattheyneedtobelongtothreeassociationsFirstyouneedtobelongtoyourlocalChamberofCommerceordowntownbusinessassociationThatiswhereyourbusinessisandwhereyouremployeesliveandworkMoreoveryoushouldbelongtoyourspecificindustrytradeassociationsuchastheCraftandHobbyAssociationforcraft-basedretailersAndlastyoushouldbelongtoastatewideassociationbecausemostlegislationhappensatthestatelevelandyouneedeyesandearslookingoutforyourbusinessInmostcasesastateretailassociationwillfillthatrole8
Trade-specificorganizationsaretypicallynationallybasedalthoughmanyofferregionalgroupsaswellNearlyeverysectorofretailfromflowerstofootweartohandbagstohomedecorhasretail-specifictradegroupsthathelptosupportmerchantssellingtheirspecificproductcategoryAmongtheirtoprolesinsupportingretailersisdeliveringeducationthroughannualeventspublicationswebinarsandotheravenuesJamaRiceexecutivedirectorandCEOoftheMuseumStoreAssociation
explainsthatnichegroupssuchashersofferldquoopportunitiesandresourcesforlike-mindedmembersandotherstakeholderstosharebestpracticeslooktotheassociationrsquosindustrystandardstoachieveprofessionalexcellencerelyonbenchmarkingstatisticsforperformanceanalysisaccesspublicationsandonlinecommunitiesandattendface-to-facemeetingsandconferencesfortechnicalandeducationalcontentspecifictononprofitretailingandconnectwithaffiliated
vendorsforsourcinguniqueproductsrdquo9Withsuchanextensiverangeofbenefitstogainfromitseemsfoolishnotto
getinvolvedinorganizationssuchasyourlocalChamberofCommercecityorstateretailassociationornicheretailgroupsMissyBrozekvicepresidentandcreativedirectorofcraftandhobbyretailgroupCraftersrsquoHomeagreesthatthisisextremelyimportantformerchantsparticularlyasretailbecomesevenmorecompetitive
AsretailgetsmoreandmorecompetitiveIrsquomconvincedthatindependentstoreswillneedtokeepbandingtogethertothriveThebenefitsarejusttoogoodtoignoreBuildingagroupgivesretailersopportunitiestocollaborateandlearnfromoneanotherwithoutfeelingliketheyrsquoresupportingtheirdirectcompetitorsInthecaseofnicheretailgroupsitalsoopensuptheopportunitytoleanononeanotherformorespecificsupportreducingtheneedtoreinventthewheelforpromotionsmarketingandeventsAtCraftersrsquoHomeweputtogetherfullyworked-outprogramstosharewithourgroupbasedonourexperienceandtheexperienceofourmembersMaybemostimportanthowevertherersquosstrengthinnumbersItrsquossoimportantthatwemakesurethatmanufacturershearrespondtoandrespectthecollectivevoiceofindependentretailers10
BenefitsThatOrganizationsMayOffer
AsamerchantitrsquospossiblethatyoufallintomorethanonespecificretailsectorThereforeyoumaybeapotentialcandidatetobelongtomorethanoneretail-specificgroupYouwillwanttoconsiderhowparticipatinginmultiplegroupswillhelpyourbusinessparticularlybecausetheytypicallyhaveamembershipfeeappliedtothemWhetheryouareinonegroupormorehoweveryoushouldevaluatewhatbenefitsyougainbyparticipatingineachAmongthevarietyofbenefitsthatretailgroupsaswellasstate-levelretailassociationsmayofferarethefollowing
ConferencesandtradeshowsRetail-specificgroupstypicallyhostannualbiannualandorregionaleventstosupporttheirparticipatingretailersSometimestheseeventsareopentoanyonebutmembersgaina
discountwhenattendingorcanattendaspartoftheirannualduesEitherwaytheseeventsaredesignedtodeliverkeysupportinanicheretailmarketprovidingyouwithexperteducationaccesstovendorsface-to-facenetworkingopportunitiesandmoreBuyersrsquoguidesAbuyerrsquosguideuniquelycreatedforyourretailsectorisavaluableresourceparticularlyconsideringhowbusyretailersareRetailtradeorganizationsoftencreateannualbuyersrsquoguidesthatgiveyouquickconvenientandtrustedaccesstoindustry-specificproductsandservicesRetailMindedalsoprovidesanannualldquoResourceGuiderdquothatfocusesonstoreoperationsandpreferredresourcesforrunningyourbusinesssuchasonlinemarketingande-mailmanagementwhichisavailableatRetailMindedcomPrivateonlinegroupsBeingactiveinamembership-basedgroupwillintroduceyoutootherretailerssimilartoyouThisopensupafantasticopportunitytolearnfromothersleanonothersandleveragewhatotherretailershavedoneintheirownretaileffortsOnlinechatgroupsprivatediscussionboardsandmembership-controlledgroupscanprovideyouwiththechancetogaininsightandexpertisefromotherlike-mindedretailersSomestate-levelretailassociationsofferthisandmostretailnichegroupsprovidethisasamembershipperkaswellHealthandbusinessinsuranceprogramsThebuyingpowerofanassociationversusyourindividualbuyingpowercansaveyoumoneywhenitcomestobuyinginsuranceLeveragingthediscountsorpreferredratesavailabletostateretailassociationsorretail-specificgroupsnotonlycanhelpyousavemoneybutalsocanprovideyouwithstrongerinsurancecoverageBesuretocross-referenceupdatedinsuranceoptionsnolessthanannuallybecauseoftenthesewillchangeandyouroptionsmaybeaffectedaswellMarketresearchandtrendinformationInthesamemannerthatstate-levelorganizationsmayprovideup-to-datenewsontaxesandotherlegislativeissuesnationalretail-specificgroupswillsharethelatestonindustrytrendsmarketresearchandnicheinformationforyourretailsectorApplyingup-to-dateindustrynewsandinformationtoyourbusinesscanonlyaidyouinyouroverallretailsuccessandthusshouldalwaysbeonyourto-dolistMerchantsolutionbenefitsWhetheryourstoreissolelyonlineabrick-and-mortarestablishmentorbothprocessingpaymentsisacriticalpartof
youroperationalplanRetailgroupscanhelpyouachievebetterratesinyourpayment-processingsolutionswhilealsosupportingyouinyourpaymentsoftwaresolutionsManyofthesebenefitsalsoincludetop-notchcustomerservicethatisprovidedasamembershipadvantageofferinganinvaluableresourcewhenyoufacepayment-processingchallengesIndustrypublicationsGainingretail-richcontentisnoeasytaskbutmostretail-specificgroupsworkhardtodeliverqualityinformationtotheirmembersMostofthesegroupsseekexpertinsightonavarietyofretailsubjectstosharewiththeirmembersandmanyarepartofRetailMindedrsquosldquoPartnerProgramrdquomdashsharingadditionalnewseducationandsupportfromRetailMindedthroughaquarterlymagazineandotherretailnewspublicationsUsingthemagazinesnewsletterse-blastsandblogsthattheseorganizationsprovidecanhelpyouachievemoreknowledgeforyourbusinessThekeyofcourseistocombinethisknowledgewithinformationaboutannualeventstradeshowsvendorsandallotherinformationyoucangaintoachievethegreatestsuccessinyourstoreoperationsandsalesTraveldiscountsTravelislikelypartofyourannualscheduleparticularlyifyouareactiveintradeshowsandeducationaleventsManyretailgroupsrecognizethisandprovidediscountedratesforairfarecarrentalsandhotelsTakingadvantageofthesediscountscanhelpsaveyousomehard-earneddollars
AlthoughmanyretailgroupbenefitsexceedthosejustlistedtheonlywaytheyworkisifyougetinvolvedBelowaresomeexamplesofsuchretailgroupsalthoughweencourageyoutolookbeyondtheseassociationsforonesthatmakesenseforyourretailbusiness
AmericanApparelampFootwearAssociationWeWearorgARTHomeFurnishingsNetworkAccessoriesResourceTeamorgCraftandHobbyRetailersCraftampHobbyAssociationwwwcraftandhobbyorgFloralRetailersSocietyofAmericanFloristswwwsafnoworgHomeFurnishingsIndustry
AccessoriesResourceTeam(ART)wwwaccessoriesresourceteamorgIndependentJewelryRetailersandVendorsRetail Jewelers Organization wwwrjomemeberscom Independent Pet
RetailersNexPetwwwnexpetcomMuseumandNot-for-ProfitStoresMuseumStoreAssociationwwwmuseumstoreassociationorgSpecialtyToyIndustryAmericanSpecialtyToyRetailingAssociation(ASTRA)wwwastratoyorg
InadditiontothevariousretailgroupsthatexistitrsquosimportanttoseekadditionalsupportforyourstoreifyoufeelthatthereisavoidnotbeingfilledThismaymeanreachingouttoretailconsultantsparticipatinginretaileducationeventssuchasRetailMindedrsquosannualindependentretailerconferencecallingyourlocalSCOREorsmall-businessdevelopmentcenterandleaningonmentorsyouhaveidentifiedwhocanuniquelyhelpyouRememberitoftentakessteppingoutsideyourcomfortzonetoreachyourretailpotentialThesegroupsandbusinessesexistwiththisinmindandwanttohelpyouinachievingyourbestretailsuccessyet
InChapter4wersquolldiscussthevalueofshapingyourstoretobeuniquelyyoursAlsowersquolldiscusshowinventoryplaysacriticalroleinshapingyourstorersquosreputationandpersonalityaswellasidentifyvariouscharacteristicsofastorethathelptomakeituniqueFinallywersquollofferyousuggestedinterviewquestionsforhiringpotentialemployeesandshareadditionaldetailstohelpmakeyourstoreoneofakind
ActionGuide
YourlocalChambersofCommercemainstreetprogramscitycontactsandbusinessgroupscanhelpyouachievestrongerbusinessengagementwithyourcommunityUsingtheWebaswellaslocalresourcessuchasyourarealibraryidentifywhotocontactandmakeitaprioritytogetinvolvedrightaway
identifywhotocontactandmakeitaprioritytogetinvolvedrightawayBeyondlocalsupportusethefollowinglisttoobtaincontactdetailsforyour
stateretailassociationAnumberofstatesincludingOklahomaWisconsinandAlaskaarenotpartoftheCouncilofStateRetailAssociationsSomestateshoweverhavestatewideChamberofCommerceassociationsinsteadAnexampleofthisistheStateChamberofOklahomawhichyoucanlearnmoreaboutatwwwokstatechambercomForacompletelistandmoreinformationaboutstate-levelretailassociations
visittheCouncilofStateRetailAssociationrsquoswebsiteatwwwcouncilsracomIdentifyyourstatersquoscontactinformationinthefollowinglistandvisitits
websiteFollowupdirectlyviathecontactinformationprovidedonthewebsiteorbyusingthephonenumberinthelisttoidentifyhowbecomingamembercanhelpyouinyourretailgoals
4
IdentifyingYourUniqueStoreStory
TheonlywaytodogreatworkistolovewhatyoudomdashSteveJobs(1955ndash2011)entrepreneurcofounderofAppleInc
THEBEAUTIFULthingaboutworkingwithretailgroupsisthatyougainstrengthinnumbersavoidingthesenseofisolationthatcanweighonanindependentretailerAlthoughasupportsystemandthepowerofacommunityareintegralyoushouldalsooptimizethepowerofyouruniquemerchantstoryEveryretailerhashisorherownstorytotellFromhowitcametolifetowhy
itretainscustomersyourstorehasauniquenarrativewhetheryourecognizeitornotUnderstandingthisnarrativecanhelpyoutostandoutinthemarketplaceallowyoutobettersupportyourcustomersandidentifywaystokeepyoursalesflowingTohelpyouclearlyidentifyyourmerchantstoryconsiderwhyyoubecamea
retailerinthefirstplaceDidyouopenastorebecauseyouloveacertaincategoryofproductAreyoukeepingyourfamilybusinessaliveDoyouprefertoworkforyourselfversusothersPossiblyyoubecamearetailerbyaccidentasaresultofdoingsomethingelseWhateveryourreasonforbecomingaretailerconsiderhowitledyoutowhereyouaretodayThenmdashevenmoreimportantmdashconsiderwhetheryourstoryisworthsharingAfterallifevenyoudonrsquotthinkitisthenwhywouldacustomerwanttoexperienceit
IndependentretailersareoftenconsideredlocalcelebritiessimplybecauseofthefactthattheyhavetheirownstoresWalkingintoyourlocalgrocermaymeanseeing10familiarfacesbecausetheyarecustomersofyourbusiness
meanseeing10familiarfacesbecausetheyarecustomersofyourbusinessGoingtoalocalsportingeventcouldtranslatetomeetingpotentialnewclientsorseeingpastcustomersyouhavenrsquotseeninalongtimeEssentiallyasaretaileryouarenevertrulyldquooffrdquoandalwaysworkingtoimproveandexpandyouridentityThistypeofcommitmenttoyourjobishonorableandyetexhaustingFortunatelyevenyourownuniqueretailstorycomeswithsupportingcharactersAndaswithanyengagingnarrativeeverycharacterhasamessagetoshare
CreatinganInventoryAssortmentThatStandsOut
AmongyourmostpopularsupportingcharactersarethevariousbrandsthatmakeupyourstoreinventoryandmerchandisingassortmentAndjustlikeanygoodstorycharacterswillcomeandgoForaretailerthismaymeanfadingoutofaparticularcategoryofinventoryaltogetherorlettinggoofavendorthatisnotperformingwellThemostboringstorylinesarethosethatnevershuffletheircharactersandforretailersthismeansallowinginventorytobecomestaleanduninvitingldquoMybiggestfearasasmallbrick-and-mortarstoreisthatcustomerswillnot
findmyinventoryexcitingenoughtowanttobuyrdquoChicago-basedretailerAngelaGianfrancescostatesldquoFormethismeansconstantlyseekingcustomerfeedbackattendingtradeshowsevaluatingwhatissellingandwhatrsquosnotandintroducingnewproductsintomyrotationtokeepthingsfreshrdquo1GianfrancescocontinuesIdentifyingastronginventoryassortmentiscriticalwhenitcomestomakinga
lastingimpressiononconsumersnottomentionstandingoutamongyourlocalcompetitionEventhemostbeautifulretailstoresaredoomedtofailiftheirinventoryassortmentdoesnotallurecustomerstobuyFindingtherightcombinationofvendorsandoverallinventorycanbeatoughchallengehoweverldquoIdonrsquotthinkmystorewouldstillbeopenifIhadnotmadeattendingshows
apriorityEveryshowintroducesmetonewvendorswhilealsogivingmethechancetogetfacetimewithmyexistingvendorsrdquo2GianfrancescoexplainsAttendingtradeshowsisafantasticopportunityformerchantsofallkinds
Whetheryousellhigh-endmiddle-tierordollar-priceditemstherearetradeshowsthatcatertoyou
ldquoMakingitaprioritytoattendtradeshowshasneverbeenmychallengethoughIhearitcanbeastruggleforotherretailersMychallengeisdecidingwhichshowstoattendandwhatvendorstobuyfromrdquo3statesGianfrancescoIdentifyingthebestshowsandthebestvendorsforyourstoreisnoeasytask
YoushouldconsidershowsthatintroduceyoutorelevantvendorsfromyournicheretailsectoraswellaslargershowsthatcanintroduceyoutomorediversevendorsandproductsTypicallyitrsquosagoodideatoattendnolessthanoneretail-specifictradeshowandonegeneral-merchandisetradeshowperyearForexampletheFashionFootwearAssociationofNewYork(FFANY)hostsaquarterlyfootwearshowforfootwearretailersMerchantswhoprimarilysellfootwearwouldbenefitfromattendingthisshowbutwouldalsobenefitfromattendingashowsuchastheASDShowinLasVegasabiannualshowthatoffersadiverseassortmentofgeneralconsumermerchandiseByparticipatingintwodistinctlydifferentshowsyouopenuptheopportunityformorerangeinyourinventoryassortmentstrongervarietythanyourcompetitionandgreateropportunitiestoidentifyimpulseseasonalandmust-havepurchasesforyourstoreThefollowingguidesharesinformationonavarietyoftoptradeshowsheldin
theUnitedStatesannuallyaswellasdetailsontheirtargetindustriesshowlocationsdatesandwebsitesAlthoughthislistdoesnotidentifyallavailabletradeshowstoretailersitintroducesyoutosomeofthetopshowsinselectretailmarkets
TRADESHOWGUIDE
PleasenotethislistidentifiesonlysomeoftheUnitedStatesrsquosleadingtradeshowshowevertherearemanymoretradeshowsavailabletoretailersForamorecompletelistingofshowsvisitthebelowwebsites
Advanstar|wwwadvanstarcomEmeraldExpositions|wwwemeraldexpositionscomReedExpositions|wwwreedexpositionscomTarsusgroup|wwwtarsuscom
InChapter5wersquolllookathowyoucanmaximizeyourtradeshowparticipationwhilealsounderstandinghowtopreparefortradeshowsandwaystofollowupwithvendorsoncethetradeshowhasconcludedYouwillalsogainastrongerunderstandingofhowvendorsaffectyourstorestorymdashforbetterorforworse
UniqueTraitsofYourStore
RecognizingtheimportanceofstronginventoryassortmentandhowthisshapesyourmerchantstoryisbeneficialwhenpreparingyourcommunicationplanwithcustomersBecauseconsumersultimatelydecideyoursuccessorfailureasamerchantmdashafteralltheyeitherchoosetoshopatyourstoreornotmdashitrsquosimportanttofactorthemintoyourstorersquosidentityNordstromanAmericanupscalefashionretailerwithover250locations
providesemployeeswithoneruleforallnewhiresTheysimplystateldquoUsegoodjudgmentrdquofollowedbygenerallegalandcompanyexpectationsThissimpleyetpowerfulplanforcustomercarehasshapedNordstromtoberecognizedfortop-notchcustomerservicestellarstorereputationandfantasticoverallin-storeexperienceItrsquosalsoagreatexampleofastorefromwhichindependentretailerscanlearn
RETAILTIPWhencreatingyourstorestoryconsiderhowyouwanttobeperceived
byothersNowconsiderhowyouareactuallyperceivedbyothersWantingtobeseenonewayandactuallybeingseenanotherwayisa
commonscenarioEngagecustomersandpotentialcustomersalikeviasocialmediafocusgroupsandsurveystounderstandtheirperceptionofyourstoreAskquestionsencouragefeedbackandcommentsprovokeconversationandreviewwhatcustomerssharewithyouThiswillhelpyoubetterunderstandtherealityofhowyouareperceivedversustheideaofhowyouthinkyouareperceived
Oftenindependentretailersfeelthatbecausetheycanrsquotoffercomparablepoliciestothoseofbig-boxstorestheydonrsquotofferanyatallThiscancertainlycreatechallengesbutratherthanperceivethisasanobstacleentirelyconsideritaperktobeinganindependentmerchantAsanindependentretaileryouhavetheluxurytocreateyourownruleswhichalsomeanssettingyourcustomer-carestandardsAmongtheseexpectationsshouldbeidentifyingyourstorereturnpoliciesimplementingcheckoutproceduresprovidingVIPcustomerstandardsintroducingstoregiftcardsandmoreBelowinnoparticularorderarevariouspoliciesandproceduresthatall
retailersshouldidentifyandusetoshapetheircustomerexperienceandoverallstorestory
ReturnPolicies
FirstandforemostitrsquosvitaltocreateareturnpolicythatmakessensefortheproductsyousellaswellasthecustomersyoutargetItisimportanttoberealisticwithyourreturn-policyexpectationswhilealsobeingfairtoyourcustomersForexampleyoucouldofferastorerefundexplicitlyforreturnsmadewithin10daysofpurchaseOryoucouldofferfullrefundsonitemspurchasedandunusedwithin14daysofreceiptdatebutonlywiththereceiptanddeliveredinthesamepaymentformasthepurchasewasmadeOnceyouhaveidentifiedapolicythatcaterstoyourstorersquosneedsandclientelepostyourpolicywithinclearviewofyourcheckoutareaaswellasincludingitonallreceiptsMakeitahabittoexplainyourreturnpolicyaspartofyourcheckoutprocedureOnewaytobesurethatyouneverforgettodothisistohaveyour
procedureOnewaytobesurethatyouneverforgettodothisistohaveyourcustomersinitialthereturn-policyexplanationontheirreceiptafteryouhaveexplainedittothemThiscanhelptoalleviatedifficultconversationswithunhappycustomersinthefutureFinallybesuretoidentifyanylimitationstoyourpolicysuchascertainvendorsdefectiveitemsorlawsthatmayapplytoproductsregardingldquono-returnpoliciesrdquo
CheckoutProcedures
EveryoneinvolvedintheoperationofyourbusinessshouldclearlyunderstandallstorepoliciesincludingthoseregardingthecheckoutprocedureThisisastrongifnottheonlyopportunitytocreateapersonalandmemorablemomentwithyourcustomeranditssignificancecannotbeoverstatedItrsquosvitallyimportanttoforgerepeat-customerrelationshipsateveryturnandtherersquosnobetterwaythanthroughpersonalinteractionOntheflipsideifnotmanagedcorrectlyanegativecheckoutexperiencecancrippleyourchancesofrepeatcustomersregardlessoftheotherfactorsMakeitahabittosharenewsofupcomingstoreeventsspecialspromotions
orotherstoreactivitiesduringthecheckoutprocessKindlyaskifthecustomerwouldbeinterestedinsharinghisorhere-mailaddressforstoreupdates(exclusively)orperhapssuggestthatyourcustomermightldquolikerdquoyourstorersquosFacebookpage(youdohaveoneright)FinallybesureyouhaveastandardldquoThankyouforyourpurchaserdquoinplaceaswellItcancertainlybecustomizedtoyourstorersquospersonalitybuteveryoneinvolvedshouldbeonthesamepageregardingthemessageyoudeliverItisstunninghowfewtimesIactuallyseethisdonewellintheindependentcommunity
VIPCustomerCare
NomatterwhatkindofmerchantyouareidentifyingyourtopcustomersshouldbeapriorityWhetheryousell$1candybarsor$10000dressesmakeitapointtotrackyourstrongestcustomersManypoint-of-sale(POS)systemscanhelpyouidentifycustomersandtheirspendingbutsomeindependentretailersfindsuccessinmanagingVIPcustomerstheold-fashionedwaymdashtakingnoteofpurchasesmadetheirbirthdaysspecialoccasionsandotherreasonsuniquetothebusinessWhenidentifyinghowyoucanbettersupportthiscrowdconsider
offeringspecialeventsuniquelyforthemprovidingdistinctiveservicesaboveandbeyondyournormalcustomercaremdashsuchasfreehomedeliveryorcomplimentarygiftsendingmdashaswellaswritinghandwrittenthank-younotesaftereachpurchasetheymakeThistypeofcustomercareletsyourVIPsknowthatyoutrulyvaluetheircommitmenttoyourstore
StoreGiftCertificates
TheNationalRetailFederationreportsthat81percentofshoppersinthe2012holidayseasonboughtatleastonegiftcardAlthoughtheholidaysarenot365daysayearbirthdaysandotherspecialoccasionsareWiththisinmindmakesurethatyouoffergiftcertificatestosellnomatterwhattimeofyearitisNotonlywillthisincreaseyoursalesbutitalsowilllikelyintroducenewcustomerstoyourstorethatyounormallywouldnrsquothaveTheopportunitytosellmorethanthevalueofthegiftcardreferredtoasanupliftisalsotheremdashincreasingyourchancesofahighersalePapergiftcertificatesversusplasticgiftcardsareeasytocustomizeallowingyoutoquicklyintroducethistoyourstorePlasticgiftcardscanbeeasilycustomizedaswellwithsuchplacesasCardPrintingusandPlasticResourcecombothabletomakegiftcardsspecificallyforyourstoreThekeytomanagingagift-cardprogramistocreateaneasy-to-tracksystemofwhengiftcertificatesaresoldandredeemedYoucandothistheold-fashionedwaythroughpenandpaperbutwithtodayrsquosPOSsystemsthiscanbemanagedmuchmoreeffectively
StoreHours
CustomersdonotshopatastoresolelybecausetheylikeitOftentheyshopatastorestrictlybecausethestoreaccommodatestheirscheduleThismeansthatifyoucloseat5pmtorushhomepotentialconsumerswhoonlyshopaftertheirworkdayendsat5pmwillneverbeyourcustomersWhenidentifyingyourstorehoursconsiderwhatmostoftheretailersinyourcommunityrsquoshoursarewhatyourimmediateretailneighborsrsquohoursareanymandatedhoursappliedbyyourcityandwhenyourlocalcustomersgenerallyshopTouristtownswillvaryfromdowntowncorporatesettingstoMainStreetsinsmalltownsacrosstheUnitedStatesAlthoughtherersquosnoblack-and-whiteschedulethatisidealfor
everyoneitrsquosimportanttoidentifyhoursthataccommodateyourlocalcustomersandcomplementothermerchantsAlsorememberthatclosingyourstoreoneortwodaysaweekisnrsquotalwaysanoptionKeepyourcustomersinmindmdashnotyourownpersonalschedulemdashwhenestablishingyourstorehoursandyouwillbemorelikelytofindaschedulethatattractsmorebusiness
Customer-DisputeScenarios
WhenacustomerisupsetaboutyourstorersquosreturnpolicycustomerservicelackofinventorystorehoursoranythingelsewhatmattersmostishowyouhandleitDespitetheiroftenrudeorinappropriatebehaviorremaincalmandallowthecustomertosharehisorherthoughtsonthesituationOncethecustomerhassaidwhatheorshewantstogentlyrespondwithyourresolutionAvoidallowingthecustomertoseeyougetangryorheatedevenifyouarescreaminginsideIfyourresolutiondoesnotmakethecustomerhappyconsiderofferinghimorherastoregiftcertificatefor$5$10or$25andapologizethatyoucannotdoanythingmoreThecostofgivingthecustomermoneytospendinyourstoreisoftenalotlessthanhavingthecustomerbadmouthingyouforyearstocome
StoreTraditions
AnnualsalessignaturemintsfestiveoccasionsmdashbigorsmallretailersshouldstrivetobeknownforahandfulofthingsthatmakethemuniqueTaking10percentoffeverythinginyourstoreonarandomSaturdaywonrsquotdothetrickInsteadseekoutbothsmallandlargeopportunitiestomakeyourstorememorableItmaybethediscosoundtrackthatrsquosalwaysonrepeatthesignaturescentthatcustomersinstinctivelyrememberyourstorebyanannualChristmas-in-Julysalethathasyouremployeesdressinglikeelvesoraprivatered-carpetVIPeventthatgetsyourbestcustomersexcitedeveryyearWhateveryouruniquesomethingsaremakethemconsistentmakethemmemorableandmakethemworthtalkingaboutAllstorecharacteristicswillaffectyouroverallsuccessorfailurebutitrsquosoftentheselittlethingsthataddupthemost
StoreStaff
ShapingyourstorywouldnotbecompletewithoutidentifyingthefacesthatmakeupyourretailbusinessYouremployeesareareflectionofyourstorebrandandthereforeneedtobecarefullyselectedbeforewelcomingthemtoyoursalesfloorNowadaysanaffordablepart-timesalesclerkiseasytofindWhatrsquosnoteasyisfindingasalesclerkworthhavingonyoursalesfloorTakethetimetointerviewpotentialcandidateswithaseriesofinterviewsandbesuretoseekreferencesfrompreviousemployersRetailMindedcomofferstemplatestohelpyoutrackyourinterviewprocessandprovidesemployeereviewformsforwhenyouhaveyourstaffinplaceBelowyoucanfindsomeusefulquestionstohelpyounavigateyournextroundofinterviews
GeneralInterviewQuestionsforPotentialEmployees
1Whatwereyourmajorresponsibilitiesatyourlasttwojobs2WhichofyourpreviousjobsdidyoulikethemostandwhyWhichjobhaveyouhadthatyoulikedtheleast3Whathasbeenyourmostrewardingexperienceatwork4Whatdoyoufindmostsatisfyingaboutworkingwithothers5Whatwasyoursinglemostimportantaccomplishmentforthecompanyinyourlastjob6WhydidyouleaveCompanyX7Ifyoucouldtakewithyouonethingfromyourlastcompanyandbringittothisjobwhatwoulditbeandwhy8Whatwasthetoughestproblemyouhadtosolveatapreviousjobandhowdidyousolveit9Whydoyouwanttoworkforthiscompany
10Afterhearingadescriptionofthispositionwhydoyouthinkyouwouldbeagoodfit11Doyouhaveanyreservationsaboutanyoftheresponsibilitiesidentifiedinthisrole12Whatskillsdidyoulearninpreviousrolesthatyoucanusehere
13Whatskillsorexperiencedoyouthinkmakeyoustandoutfromothercandidates14Wheredoyouprofessionallywanttobefive(orten)yearsfromnow15Arethereanyotherpointsyoursquodliketosharewithusaboutwhyyouwouldmakeagood[insertjobtitlehere]
ManagerKey-HolderQuestions
1Howwouldyoudescribeyourmanagementstyle2Whatdoyoubelievetobethemostdifficultroleofamanager3ManyofouremployeeshavebeenhereforawhileHowdoyoufeelyoucanearntheirrespectasamanager4Whathaveyoulearnedfromothermanagersyouhaveworkedunderinthepast5WhowasyourfavoritemanagerandwhyWhowasyourleastfavoritemanagerandwhy6Whatdoyouthinkisthemostimportanttraitofsuccessfulmanagers7IfIweretoasksomeonewhoyoupreviouslymanagedyourtopthreequalitiesasamanagerwhatdoyouthinkheorshewouldsay8IfIweretoaskthatsamepersonyourthreeworstqualitieswhatdoyouthinkheorshewouldsay9Whydoyoulikebeingamanager
10Howwouldyouplantoengageemployeestoworkeffectivelyunderyourleadership11DoyouconsideremployeemoralepartofyourresponsibilitiesWhyorwhynot12Explainyourmostdifficultmanagementexperiencetodate13Asamanagerdoyouconsiderteachingpartofyourjob14Howgoodareyouatdelegatingresponsibilities15Whatotherpointscanyousharewithusaboutwhyyouwouldmakeagoodmanager
Anotherpointtoconsideristhatwhileitmaybeeasytohirefamilyorfriends
AnotherpointtoconsideristhatwhileitmaybeeasytohirefamilyorfriendsitrsquospossibleamoreskilledcandidateisavailableandwillaidyourstoremoreefficientlyAsageneralruleofthumbconsiderallcandidatesmdashincludingfamilyandfriendsmdashequallyandputeachcandidatethroughthesameinterviewprocessThiswillhelpyouidentifythebestpersontofillyourstorersquosneedsCollectivelytheprecedinguniquetraitsofyourstorecansetyouapartfrom
yourcompetitionandhelpmakeyourstorememorableamongcustomersItrsquosimportantthatyoualsofactorinthevalueofcustomerserviceduringyourentirein-storeexperiencerecognizingthatthiswillalsosetyouapartfromotherretailersineitherapositiveornegativefashionKirtManeckecustomer-serviceexpertandauthorofthebookSmileSell
MorewithAmazingCustomerServicebelievesthatinordertotrulymakeyourstorememorableamongconsumersyoushouldaimtodeliverconsistentstrongcustomerserviceeveryday
DeliveringamazingcustomerserviceonaconsistentbasistoeachandeverycustomermeansthatyouarepreparedYourstaffhasbeentrainedtodeliverserviceandsalesinawaythatisefficientforyourcustomersWhiletherewillalwaysbecustomerswhohavedecreasedattentionareinahurryorappeartobefrazzledyouwanttostillaimtodeliverstrongcustomercaredespiteanycustomerscenarioOnewaytodothisisbytreatingpeoplelikeguestsinyourhomeJustasyouwouldgreetsomeoneatyourdooryoushouldsmileandgreeteverycustomerwithawarmldquoHellordquowithintwosecondsoftheirenteringyourbusinessThissetsthestageforahappyshoppingexperienceforyourcustomersbecausetheyfeelwelcomeandtheyknowthatyouareontopofyourbusinessSurprisinglyhowevermanyretailersfailtodothis
EngageyourcustomeraskquestionsandlistenKnowyourproductsandyourcompetitionso thatyoucanquicklyandefficientlyansweryourcustomersrsquoquestionsandobjectionsandsellyourproductsbetterthananywebsite or other store can do Aim to guide your customers to the bestproduct that fits their needs andwants and then respectfully ask for thesaleIfyoudothesethingsandmoreconsumerswillpayattentionandnotonlyreturntoyourstorebutalsotelltheirfriendsaswell4
Finallyremembertolookoutsideyourcomfortzoneinallyourbusinessresponsibilitiesincludinghowyoudelivercustomerservicewhoyouhirewhichtradeshowsyouattendandwhatyourstorepoliciesare
WhenyouidentifywhattraitsmattermostinyourstorehowyoumanageitsperceptionandwaysinwhichyoucanstandoutinthemarketplaceyouaremorelikelytosucceedinretailFurthermoreconsumerswillbemorereceptivetoshoppingatastorethattakesthetimetoearnaconsumerrsquostrustanddollarsbyapplyinghighstandardsAnadditionalperkisthatduringthisprocessyouwillalsofindconsistencyinyourownactionsandbeabletobettersupportyourcustomersyourstoreteamandyourselfindeliveringastrongin-storeexperienceInthechaptersthatfollowwersquolltakeanevencloserlookathoweach
decisionyoumakewillaffectyourstorersquospersonalityandhowcustomersperceiveyourbusiness
ActionGuide
EverystoretellsastoryandyourstoryneedstobeeasilyunderstoodfrombothaninternalandanexternalperspectiveInternallyhavinganorganizedemployeemanualwillofferyoutremendousguidanceinemployeehiringandmanagementTogetstartedconsiderthefollowingobjectivestoincludeinyourmanualYoumayfindthatsomearenotnecessaryforyourstorewhereasotherobjectivesthatarenotnotedareThegoalhoweveristocreateamanualthatmakessenseforyouruniquebusinessOrganizeabinderthatcollectivelyrepresentsyourstoreemployeemanual
basedonthefollowingsuggestionsEvenforasolostoreownerwithnoadditionalstaffthisexercisewillprovideyouwithafoundationtokeepyourstoreoperationsandexpectationsinorderInadditionifalast-minutehireiseverneededyouwillhaveaclearconcisemanualtohelpyoutrainthatpersoninstoresupportAlthoughthisexercisewilltakesomecommitmentandtimeitisaretail
necessityworthinvestingyourtimein
1StorecontactdetailsaPhysicaladdressbE-mail
cTelephonedFaxeWebfSocialmediaaccounts
2Storehours3Companyphilosophy4Employmentpractices
aEqualemploymentopportunitystatementbDrug-freestatementcHarassmentpolicydAt-willstatement
iFull-timeemployeesiiPart-timeemployeesiiiTemporaryseasonalemployeesivInterns
5TerminationstatementaVoluntarybInvoluntary
6OperationproceduresaPayschedule
iCommissioniiDirectdeposit
bStaffscheduleiOvertimeiiTardinessiiiAbsenteeismivSchedulechanges
cStoreopeningandclosingproceduresiCashdrawerdetails
iiPOSandcomputerdetailsdMerchandising
iDisplayunitsiiPOSareaiiiFloorsivShelvesvOtherareas
7Customer-serviceexpectationsaCustomergreetingsbGeneralcustomersupportcSuggestivesellingdCustomermanagementeTelephoneproceduresfCustomercomplaints
8ExternalrelationshipsaVendorsbShippingcTrademiscellaneous
9Emergencyprocedures10Security
aPersonalbelongingsbLawenforcementcontactdetailscFirstaidbox
11DresscodeaWardrobebPersonalappearance
12MiscellaneousaFoodanddrinkbPersonalphoneuse
cCigarettesmokingdComputeruseeNonemployeeaccessfConfidentiality
MakesuretosaveyouremployeemanualtoaWordfileforeasyeditingFurthermoreitrsquosalwaysagoodideatohaveallnewemployeesreviewthemanualandsignastatementacknowledgingthattheyhavedonesoFinallyalthoughamanualisnotalegallybindingcontractitneverhurtstohaveanattorneyreviewwhatyouhavecreatedtoensurethatyouareaccuratelyandlegallysupportingyourstoreteam
PARTII
PracticalStepstoIncreaseYourStoreVisibilityandSales
5
SourcingProductsThroughTradeShowsandtheInternet
WhetheritrsquosGoogleorAppleorfreesoftwarewersquovegotsomefantasticcompetitorsanditkeepsusonourtoes
mdashBillGates(1955ndashpresent)investorentrepreneurphilanthropist
ASAretailertherearecountlessexternalbusinessresourcesthatyouwillneedtoworkwithtorunyourbusinesseffectivelyAmongthemareservice
providerswholesalersmanufacturersanddistributorsThiscollectivecrowdofbusinessresourcesoffersretailersvariouswaystopurchaseandultimatelysell
productsthroughtheirstoresThequestionisWhatmakessenseforyourbusinessTobeginhoweveryoumustfirstunderstandthedifferencesamongcertainsuppliersourcingstrategiesmdashandhowultimatelyeachoftheseaffects
retailersSourcingasdefinedbyWikipediaorgreferstoldquoanumberofprocurement
practicesaimedatfindingevaluatingandengagingsuppliersofgoodsandservicesrdquoEssentiallysourcingrepresentstheactoffindingproductsfromwholesalersormanufacturerstoresellthroughabusinessInyourcasethiswouldmeanresellingthroughyourretailstoreInpreviousyearssourcingwasnotasaccessibletoretailersandasaresult
notusedfortheirbusinessesonaroutinescaleNowadayshoweversourcingisreadilyavailablethankstowebsitessuchasTopTenWholesalecomandManufacturercomaswellaseventsthatincludeSourcingatMAGICandSourceDirectatASDmdasheachheldbiannuallyinLasVegasTheseeventsaresimultaneouslyheldduringMAGICMarketWeekandtheASDShowrespectivelyofferingretailersachancetoengagewithtraditionalvendorsandwholesalerswhilealsohavingthechancetomeetimportersdistributersproduct-developmentteamsandotherproductprofessionalswithinthesourcing
arenaateachindividualshow
BenefitsofSourcingasaRetailer
ForretailerstherearemanybenefitstosourcingyourownproductsforyourstoreAmongthemaresavingvaluableinventoryandoperatingdollarsbycuttingcostsofproductpurchasesgainingtheabilitytoexpandyourstoreproductbaseofferingdiversificationamongyourcurrentsupplychainmeetingnewprovidersotherwisenotavailabletoyoulocallyorevendomesticallyandlearninghowbusinessisconductedinotherculturesMegyKarydesaformerretailerandcurrentwriterandmarketingconsultant
whoworkswithsmall-businessownersandorganizationsthroughherbusinessKarydesConsultingencouragesretailerstodifferentiatetheirstoresthroughsourcingShesharesbelowsometipsbasedonherownfirsthandexperiencetohelpretailersnavigatetheirsourcingjourney
One way to differentiate your retail business from others is to offerproducts straight from the sourceSincemany retailersare intimidatedbysourcingmdashthinking itrsquos too hard or unavailable to themmdashthose who dorealize greater margins richer merchandising selections and strongerrelationshipswiththeircustomersasaresultoftheirsourcingfindshavealottogainthatothermerchantsmissouton
Forthoseinterestedintestingthewatersmyadvicetoyouistovisitlocal art centers or smaller art fairs to identify items thatmightwork foryourstoreIalsoencourageyoutoengageindialoguewiththeartiststoseeiftheyrsquodbewillingtocreatesomepiecesforyourstoreIfyourcommunitydoesnrsquothaveartfairsoranythingofthesortgoonlineandcheckoutsitessuchasEtsywhereyoucanreachoutdirectlytotheartistsandaskthemiftheyrsquodconsiderworkingwithyou
Onceyouhaveidentifiedsomeonetoworkwiththekeyistocreateamutually beneficial relationship If the person feels that yoursquore trying totake advantage of him or her that person may work with you once butneveragainIdeallyhoweveryoushouldsetagoalofdevelopingalong-term relationship to help aid both you and your contact To do this Isuggest that you invest some time at the onset working out the details
especially if the person isnrsquot experienced working with wholesalecustomersSpendsome time tocreateadocument forbothofyou tosignthatoutlinesthefollowingdetailsEssentiallythiswillactasacontracttoensure thatyoubothmeet theexpectations identifiedonbothsidesof thebusiness You will not want to neglect the following points whendevelopingthisdocument
PricingExclusivityPackagingMerchandisingDeliverydetailsPaymentscheduleUnsolditemsDamageditemsLengthofcontract
AsareminderthisdocumentisintendedtosupportyourrelationshipandkeepyouontrackinworkingtermsWhilefriendlyverbalagreementsalwaysseemsolidtostartbutitrsquossimplyimpossibletopredictthefutureand therefore binding documents are a smarter way to manage yourbusiness1
KarydesmakessomefantasticpointsforyoutoconsiderparticularlyasyouattempttotrysourcingwithbabystepsbeforemakingalargercommitmentSheextendshersupportwiththefollowingdetailsforretailersconsideringhowinternationalsourcingcanhelptheirbusinesses
SavvyretailersalsoknowthattalentextendsbeyondthepondWhilesourcinginternationallycomeswithitsownsetsofchallengesitrsquosactuallymucheasierthanmostpeoplethinkTheInternetisagreatresourcewhenitcomestofindingproductsallovertheworldbutifyoursquorereallylookingtocarryproductsfromaspecificcountrystartyourresearchbyfindingthenearestembassyorconsulateofficeandletthemknowthatyoursquoreinterestedinfindingproductsfromtheircountryWhilethisisnrsquotalwaysthe
interestedinfindingproductsfromtheircountryWhilethisisnrsquotalwaysthecasemanyofthoseofficeshavedivisionsthatcoverinternationaltradeandcanbetremendouslyhelpfulwithrulesregulationscontactsandsourcesManyevenhavefundsintheirbudgetstoflybuyerstothecountrytoaidinbuyingtripsanditrsquosworthaskingifthisissomethingtheyoffer
OneofthequestionsIrsquomoftenaskedaboutworkingwithinternationalsuppliersandimportingishowtodealwithUSCustomsItrsquostruethatanytimeyouimportyoursquollhavetodeclarewhatyoursquorebringinginanddependingonwhatitisalsothecountryfromwhichitrsquoscomingandthevalueofitaswellFurthermoreyoumayhavetopaydutiesbutifyouuseareputablecustomsbrokerorfreightforwarderoftentheywillhandlethepaperworktohelpyoupassyouritemsthroughcustomsIfyouuseservicessuchasDHLorFederalExpressthosecompanieswillhandleclearanceforyouShippingpriceswillvaryconsiderablydependingonwhatyoursquorebringinginandwhichserviceyouuseThemoreyouimportthebetteryoursquollgetatdeterminingyourbestandleastexpensiveshippingoptions2
WhileventuringintotheworldofsourcingmayseemlikeanintimidatingtaskforretailerswhohavenotexploredthisavenueyetthisdoesnrsquothavetobethecaseHereare10tipstohelpfurthersupportyouasyouexplorehowsourcingmayberightforyourretailbusiness
1AttendawholesalemarketortradeshowthathasasourcingsectionallowingyoutomeetsuppliersfirsthandThisface-to-faceopportunitywillofferaneducationalexperienceforyoulettingyouengageandseeksupporttohelpyouachieveyoursourcinggoalsDonrsquotbeafraidtospeakupeitherduringtheseopportunitiesAskquestionsseekanswerslistencarefullyandlearnasmuchasyoucanfromthesesourcingprofessionals2VisitaninternationalsourcingproviderorsectionofatradeshowsuchasSourcingatASDtohelpexpandyourunderstandingofthevastrangeofsourcingopportunitiesforretailersForsomemerchantsinternationalprovidersmaynotbeidealfortheirbrandmessagingorstoreproductassortmentbutforothersthismaybetheperfectmatchforyourbusinessEitherwayunderstandinghowinternationalsourcingcanaidyourretailneedsissomethingyoushouldaddtoyoursourcingto-dolist3NavigatetheInternettolearnmoreaboutsourcingaswellastoget
introducedtosourcingprovidersThissaiditrsquosbestnottosolelygothisrouteandeliminateactualtradeshowandsourcingeventparticipationAlthoughtheInternetcanconnectyoutoprovidersitrsquosimportanttoconsiderallavenuesofsourcingbeforemakingyourfinaldecision4WhenseekingsuppliersgetatleastfivequotesfromdifferentsellerstoensurethatyouarereceivingthebestserviceproductanddealpossibleSeekingbothdomesticandglobalquotescanofferyouabroaderperspectiveonwhatmaybebestforyoursourcingneeds5AsyouseekquotesfromsuppliersbesuretoidentifythevariationsinminimumorderquantitiesThesenumberscanmakeahugedifferenceintheoverallcostforyouthereforeyoushouldseekavarietyofquantitycoststohelpyoutoidentifythebeststrategyforspendingyourallocatedsourcingdollars6Networkwithsourcingprofessionalsaswellasworktobuildsolidgood-standingrelationshipswithyoursourcingcontactsAsinmostindustriesprofessionalsinnichemarketsarelikelytobestsupporttheirclientswhentheyareinvestedincaringfortheiractualsuccessForsourcingspecificallyyoucanbenefitfromprofessionalsldquointheknowrdquowhomayhearofsomethingonafuturedateorknowsomeonewhoknowssomeonewhocanhelpyouinyoursourcingneeds7Subscribetosourcing-specificnewslettersandtrademagazinestocontinuallylearnandgainsourcingnewsAmongthebestresourcestodothisisbysubscribingforafreee-newsletterfromTopTenWholesalecomaswellcheckingoutSourcingJournalOnlinecomInadditionwehaveidentifiedsomeotherkeyresourcesinthefirstsidebarinthischapter8ContinuallyresearchinnovativetrendsandtacticsspecifictoyourproductneedsAttendingtradeshowsvisitingonlinesourcingsitessuchasTopTenWholesalecomandreferencingindustrypublicationscanallhelpyoudothisyetitrsquosuptoyoutoidentifytheneedtoconstantlywanttofollowthroughInotherwordsdonrsquoteversettleforwhatyoucurrentlydoorwhatiscurrentlyofferedAstimeprogressesnewwaystosourceanddevelopproductwillariseBesuretoembracethesechangestohelpyourbusinessstaycurrentandpossiblyevensavemoney9Knowwhatyourbudgetisbeforecommittingtoasourcingquoteor
quantityTherearealotofcostsincurredinretailandwholesalealikeandknowingwhatyourbudgetisupfrontwillhelpyoutomakebetterdecisionsAlsodonotletalimitedbudgetholdyoubackfromseekingsourcingopportunitiesThissimplymeansthatyouneedtobethatmuchmoreeducatedonwhereeverydollaryouspendgoes
10PlanaheadforunexpectedcostsandchallengingmomentsmdashifnotdaysormonthsThisisnotintendedtoscareorshyyouawayfromsourcingbutrathertoprepareyoufortherealitiesofanynewentrepreneurialadventureAsyouseektodosomethingyouhaveneverdonebeforeyoushouldalwaysexpectthattheexcitementandgoodthatcomefromthiswillalsobringyouhardshipsanduncertaintiesThisissimplypartoftherideRemembertoleanonthevastrangeofresourcesavailabletoyoutohelpyouinyoursourcingjourneyandtostayontrackwithyourbudgetandultimatesourcinggoals
AsyoucanseethereisanabundancetobelearnedaboutsourcingandweencourageyoutofurtherexpandyourknowledgeonthissubjectbyreadingJasonAPrescottrsquosbookWholesale101AGuidetoProductSourcingforEntrepreneursandSmallBusinessOwners(McGraw-Hill2013)
SOURCINGNEWSRESOURCESBlogtradegovTradeologyistheofficialblogoftheInternationalTrade
Administrationwhichdiscussesinternationaltradelawsandotherrelevantindustrynews
ManufacturingnetSharesmanufacturingindustry-relatednewstrendsresourcesandmorerelatedtotheglobalmanufacturingcommunity
NamorgAnewsroomhostedbytheUSNationalAssociationofManufacturerssharingmanufacturingrelatednews
RetailMindedcomAretail-specificwebsitethatcoversallaspectsofrunningaretailbusinessincludingworkingwithwholesalersandsuppliers
aswellmanyotherkeyareasofretailOffersfreenewsletterandsubscription-baseddigitalorprintquarterlymagazine
SourcingJournalOnlinecomAglobalnewsresourcewithinformationforbusinessexecutivesandretailerswhowanttoknowmoreaboutsupply-chain-relatedtopicswithinthesoftgoodsandtextileindustry
TopTenWholesalecomCoverswholesaleindustrynewsrelatedtotopicsincludingvendorsupplierandwholesalerprofilesproductnewstradeshowdetailsandmore
WorkingwithWholesalers
SimilartosourcingandtypicallymoreunderstoodbyretailersiswholesalewhichmdashverysimplymdashrepresentsthesaleofmerchandisetoretailersOnamoredetailedlevelwholesalerepresentsthesaleofproductsandgoodstobusinessownerscreatingabusiness-to-businesstransactionversusabusiness-to-consumertransactionAswithsourcingretailershaveaccesstowholesalersthroughavarietyofavenuesincludingtradeshowsonlineplatformsandretailtradepublicationsEvenmoresothansourcinghoweverretailershavetheopportunitytoworkwithinsomeveryspecializedmarketsofwholesaleAnexampleofthiswouldbetheOutdoorRetailerShow(wwwoutdoorretailercom)whichcatersspecificallytoretailersseekingmerchandiseforoutdoorsportsforbothsummerandwintermarketsShowsthatcatertonichemarketssuchasoutdoorsportingretailersofferatremendousvaluetomerchantsspecificallyby
1Introducingindustry-specificbrandsandproductsdirectlytoretailers2Sharinglatestindustrynewsandbuzzthrougheducationnetworkingandotherface-to-faceevents3Demonstratingproductsforretailerstotryhandsonallowingmerchantstoknowfirsthandwhatmaybebestfortheirbusinesses
InadditionretailershaveaccesstocountlesstradeshowsthatoffermoreexpansiveproductassortmentsAnexampleofthiswouldbetheASDShowheldbiannuallyinLasVegaswhichattractsover2800vendorspershowandover40000attendeespereacheventThegeneralmerchandiseassortmentofwholesalersincludesjewelrysouvenirstoyshobbybeautycosmeticsfloralgifthomedecorgroceryapparelaccessoriesstationeryandmuchmuchmoreAsaresultretailershaveaone-stop-shopdestinationtoseekavarietyofproductsfortheirstoresAnotherfantastictradeshowthatcaterstoanexpansivemarketplaceistheNationalHardwareShowwhichattractsover27000attendeesseekingtolearnsourceandconnectspecificallyfortheUShome-improvementanddo-it-yourself(DIY)marketsFormerchantsitisimportanttoidentifyhowbothniche-markettradeshows
andmorediverseat-largeshowscanbenefittheirbusinessesTypicallyitrsquosidealtomakeattendingbothtypesofshowsapriorityThereasonforthisisverysimplewithoutdoingthisyoulimityourexposuretopotentialbrandsproductsandresourcesthatcanaddvaluetoyourstoreFurthermorebydiversifyingyourbuyingexperiencesyoualsosetyourselfapartfromyourcompetitionAttendingniche-marketshowsonlycanlimityoutoproductsandwholesalersthatyourcompetitionislikelybuyingfromaswellHoweverifyouintroduceashowsuchastheASDShowtoyourbuyingrotationyouwillundoubtedlybeabletoincorporateinventorythatyourcompetitordoesnrsquotalsohaveSpecificallyyoucannarrowdownyourbuyingneedsatshowssuchastheASDShowforadd-onsaleslower-pricedproductsandotheruniqueitemstocomplementyourcategory-specificpurchasesfromyourniche-markettradeshowTheseshowshoweversuchastheConsumerElectronicsShow(CES)mdashheldannuallyinLasVegasmdashwillalwaysremaindestinationsthatretailerscanrsquotmiss
UnderstandingtheValueofTradeShows
SchedulingtradeshowsintoyouroperationalcalendarisanimportantresponsibilitytoconstantlykeepupwithparticularlywhenyoushouldplanforanassortmentoftradeshowstoattendeachyearAsaretaileritrsquosnearlyimpossibletoeffectivelyrunyourstorewithoutattendingtradeshowsthereforeknowinghowtomaximizeyourtimespentpershowisextremelyimportantFurthermorebecauseitcostsmoneytotraveltotradeshowsyouwanttoensurethatyouaremaximizingyourinvestmentineacheventyouattend
thatyouaremaximizingyourinvestmentineacheventyouattendInnoparticularorderhereareeightreasonsyoushouldmaketradeshowsa
priorityonyouroperationalcalendarNotonlywillyoubeabletogaintipsonstrengtheningyourtradeshowexperiencesthroughtheidentifiedpointsbutyoushouldalsobeabletojustifythevalueinwhytradeshowsareanimportantexperienceforanyretailbusiness
1TradeshowsallowyoutogainknowledgeaboutandexposuretonewtrendsproductsandresourcesThecombinationofwholesalerssuppliersdistributorsandvendorsisagreatwaytolearnaboutwhatrsquoshotwhatrsquosfadingandwhatyourcompanyneedstointroduceintoitsstoreintheseasonsahead2TradeshowsstimulatenewideasandcreativewaystosupportyourbusinessthroughaspectsthatexpandbeyondinventoryaloneThisincludesofferingretailersexposuretocompaniesthatsupportin-storeoperationsprovidingtradeshowattendeeswitheducationalopportunitiesandofferingshowparticipantsnetworkingandsocialexperiencesCollectivelythesealladdvaluetoyourbusiness3TradeshowsprovideameetingspotforretailersandvendorstoconnectfacetofaceBecauseitrsquosnearlyimpossibleformostwholesalerepresentativestotraveltoeachindividualretailaccounttheyhaveatradeshowbecomesanidealspotforthemtoconnectwithretailersTheseeventsallowretailerstoseeawholesalerrsquosentireinventoryassortmentwhilealsoprovidingavenueforthemtoengageinperson4TradeshowsgiveyouthechancetogenerateleadsforfuturevendorandproductopportunitiesAsamerchantyoucanneverbetoosurewhatthefuturewillbringandthereforeitrsquosessentialtohaveanideaofotherbrandsproductsandbusinessesthatmaybeabletoaidyouinfuturebuysorstorechangesTohelpprepareyouforscenarioslikethiscollectbusinesscardskeeptradeshowdirectoriesandorganizecollectedlinesheetsandotherproductdetailstorefertoshouldyouneedtogetintouchwiththesecompaniesoncethetradeshowhasendedandbeforethenextonebegins5TradeshowsoffereducationalexperiencesthatcanonlybefoundattheseeventseliminatingyourchancetogaintheseexperiencesotherwiseOneexampleofthisistheIndependentRetailerConferenceheldattheASDShowinLasVegaswhichintroducesaselectgroup
ofindustryexpertsandbusinessresourcesforshowattendeestoengagewithandlearnfromThroughvariousseminarsaswellasfourdaysofface-to-faceopportunitiesformerchantsandtheseselectretailleaderstoconnectshowattendeescangainanabundanceofknowledgetotakebacktotheirstoresFurthermoretheirparticipationintheseeducation-richexperiencesisoftenfreetoshowattendeesmdashsomethinganybudget-strappedretailercanappreciate6TradeshowsallowyoutogetanswersrightawayofferinganimmediatecommunicationplatformthroughwhichretailersandshowexhibitorscanconnectTohelpaidyouingainingtheinformationyouwanttoknowitrsquosalwaysagoodideatocomepreparedtoatradeshowwithwrittenquestionsandidealgoalsyouwanttoaccomplishduringyourtradeshowvisit7Tradeshowsofferyouthechancetoconnectwithlike-mindedretailerswhomaynotbeyourdirectcompetitorsAnexampleofthiswouldbeifyouconnectedwitharetailerfromastateontheothersideofthecountrywhohasastoresimilarininventoryassortmenttoyoursThevalueinthisisthatyoucanleanoneachotherasretailprofessionalsyetnotfeelthreatenedbysharingalocalmarketplaceMoreoverwhenyouhavelike-mindedretailfriendsyoucantradeorsellyourinventorywithoneanotherifoneofyouishavingmoresuccesswithacertainproductthananotherAllowingyourselftomeetretailersandengagewiththemisalsoagreatwaytorealizethatyouarenrsquotaloneinyourretailjourneyandevenasanindependentmerchantyoudonrsquothavetomakeeverydecisionbyyourselfLeaningonlike-mindedretailershelpstoeliminatethisisolatedmind-set8TradeshowsgiveyouachancetohavefunYesyoureadthatrightmdashhavefunNothinggivesabusinessownermoreenergyandthedesiretoworkmorethanhavingagoodtimewhileworkingTradeshowscertainlyintroducelongdaysandinformationoverloadbuttheyalsostrengthenandrefresharetailerrsquosmotivationtoworkhardworksmarterandcreatemoresuccessfortheirstores
WHOLESALEMARTSampBUYINGDISTRICTSAcrosstheUnitedStatesareavarietyofwholesalemartsandbuying
districtsthatcatertoretailersallyearlongWhiletheyarenotofficially
districtsthatcatertoretailersallyearlongWhiletheyarenotofficiallyconsideredtradeshowstheyareverysimilarintheirservicesbyofferingadestinationforretailerstoconnectwithsuppliersBelowaresomeofthewholesalemartsandbuyingdistrictswerecommendvisitingintheUnitedStates
AmericarsquosMart|AtlantaGA|wwwamericasmartcom
MidwestMarketDays|ChicagoIL|wwwmidwestmarketdayscom
TheDallasMarketCenter|DallasTX|wwwdallasmarketcentercom
TheMiamiMerchandiseMart|MiamiFL|wwwmiamimerchandisemartcom
TheWholesaleDistrictinLosAngeles|LosAngelesCA|wwwfashiondistrictorg
TheWorldMarketCenter|LasVegasNV|wwwwmclvcom
InadditiontherearemanyothermartsincitiesnationwidethatmaybemoreidealbasedonyourgeographiclocationFinallyNewYorkCityoffersmanymerchandiseandgarmentdistrictsthatcanbeidentifiedatthewebsitebelow
wwwnyccomvisitor_guidegarment_district75853editorial_reviewaspx
WhilerealizingthebenefitsoftradeshowsretailersshouldalsoneverunderestimatethevalueofplanningaheadbeforeattendingoneCamilleCandellagroupmarketingmanagerofEmeraldExpositionsbelievesthatldquowhetheryouareaseasonedproornewtotradeshowsyoushouldalwaysdoyourhomeworkpriortoarrivingatashowYouwanttomaximizeyourtimeat
theshowandthatmeanspreparinginadvancerdquo3Tohelpyoudothisweencourageyoutolearnasmuchasyoucanabouta
tradeshowpriortoattendingitUsingonlineresourcesandanyregistrationmaterialsreceivedbecomefamiliarwithshowexhibitorsspecialeventseducationexperiencesandtheentireshowagendapriortoarrivingattheshowThisallowsyoutoplaninadvancewhatisapriorityforyoutoaccomplishaswellasidentifygeneraltimeallowancesyouwillneedItrsquosalsoveryimportanttotakethetimetopackwellforyourtradeshowtripThismeanspackingcomfortableshoesbecausemosttradeshowsentailalotofwalkingYoushouldalsoplanforacomfortablebagtocarrywithyouthroughoutyourtradeshowvisitallowingroomtoholdcollectedlinesheetsbuyerpacketspromotionalgiveawaysbusinesscardsandmoreDonrsquotforgettopackyourownbusinesscardsaswellAnothertipincludescheckingwhetherthetradeshowyouareattendingallowsforbagswithwheelsManyretailersfindthataminisuitcaseorbriefcaseonwheelsisidealfortradeshowsbutsomeshowsdonotallowtheseontheirfloorsbecauseoflimitedspaceFinallybringingalongaministaplerpensfilingfoldersandotherorganizationalproductsoftencanhelpyoutobettermanagethepaperworkyoucollectatthetradeshow
ManagingOrdersPlacedatShows
WhetheryouhaveattendedcountlesstradeshowsorhaveyettovisityourfirstamongthemostimportantresponsibilitiesyouhaveinmanagingyourtradeshowexperienceisdealingwithordersplacedwhileattheshowForretailerswhohavepreviouslyplacedorderswhileattendingatradeshowDidyoudoagoodjobineffectivelyspendingyouropen-to-buy(OTB)dollarsandstayingwithinbudgetWeretheordersyouplacedreceivedontimeandaccordingtothetermsidentifiedwhenyouplacedthemDidyoufeelsupportedbythecompaniesfromwhichyouorderedfollowingtheshowTherearemanyquestionsretailersshouldaskthemselveswithregardto
productmanagementtradeshoweffectivenessandtheiroverallretailbusinessUltimatelythequestionsyouwanttochallengeyourselfwithshoulddirectyoutomanagingyourstoremoreeffectivelyforyoumdashnotthewholesalersupplierdistributororotherproductprofessionalwithwhomyouareworkingAlthoughitrsquosimportanttoconsiderbothsidesofthesebusinessrelationshipsitrsquoscriticaltocontinuallyevaluatewhetherthedecisionsyouaremakingforyourstoreare
tocontinuallyevaluatewhetherthedecisionsyouaremakingforyourstorearethebestonesyoucanmakeTohelpaccomplishthisgoalbesureyoustaywithinyouridentifiedbudget
whenplacingordersattradeshowsOftenalltypesofdomesticandinternationalsupplierswillofferyoushowspecialstoincreaseyourenthusiasmtobuymorefromthemCertainlythesespecialscanofferyoumanyperksandsavingsbutdonrsquotlosesightofthebudgetyouhavetoworkwithMoreoverdonrsquotneglectyourtargetshippingdatesproductdeliveriesminimumorderidealspaymenttermsandotherbuyingfactorsthatmattertoyouInmanycasessimplycommunicatingwithyourvendorcontactisallittakestoshiftwhatheorsheisofferingtowhatyouactuallyneed
EXPERTSPOTLIGHTBobBergdirectorofsalesofInternationalBusinessattheSourcingat
MAGICtradeshowbelievestherearethreemust-knowtipsforretailattendeestofollowwhentheyparticipateatanytradeshow
1HaveaclearunderstandingofwhatyourgoalisattheshowRemindyourselfofthisgoalaseachdaypassestoensureyoustayontrack2OrganizeyourselfpriortotheshowIdentifyexhibitorsyouhopetoseeschedulevendorappointmentsplanforeventsorotherextraactivitiesandidentifyanymarketingmaterialsyoumaywanttohaveavailablewithyouatthetradeshowThesemayincludebusinesscardsorotherpromotionalitems3GiveyourselftimetonavigatethetradeshowwithoutfeelingrushedBytakingshortcutssqueezinginappointmentsandskippingvendorsyoumissopportunitiesforyourbusiness
RetailersoftenfeelrushedandstretchedfortimewhileattradeshowslettingthemselvesmakequickdecisionsasaresultTothebestofyourabilityyoushouldavoiddoingthisinallsituationsmdashmostimportantthoughwhenyouareabouttowriteanorderHavingaprewrittenchecklistofyouridealordertermsmdashnotjustyouridealproductsmdashcanhelpyoutostayontrackwithyourshippingdeliverypaymentandotherordergoalsFurthermorerememberthatvendorscreateordertermstotheirbenefitmdashnotyoursWiththisinminddonothesitatetospeakupregardingtheiridentifiedtermsandletthemknowyourpreferredtermsiftheyvaryAlthoughthevendorultimatelyhasthefinalcallhere
termsiftheyvaryAlthoughthevendorultimatelyhasthefinalcallherecommunicatingyourpreferreddeliverydatesproductneedsandotherorderdetailsistoyourbenefitWhatisalsotoyourbenefitistoactuallyplaceordersattheshowsyouattendinanefforttogainshowspecialsofferedbyvendorsthatmaysaveyoumoneyFinallymakesurethatyouhaveyourstorersquostaxIDnumbershipping
addressandcompanycontactdetailsreadilyavailableforyoutoprovidetovendorsasyouwriteordersatshowsIfyouhaveapremadestickerstamporbusinesscardwithallthesedetailsonitthiscansaveyoutimeduringtheorder-writingprocessManyvendorsstillinputorderdetailsbypenandpaperdespitetheadvancedtechnologyavailablesodonrsquotbesurprisedifthisoccurs
IncorporatingtradeshowsintoyourretailcalendarisoneofthemostimportantstepsyoucantakeasanindependentretailerTheexperiencestradeshowsofferyouaswellastheopportunitytomeetsuppliersdistributorsvendorswholesalersandotherindustryprofessionalscanrsquotbematchedbyanyotherindustryexperienceJustrememberthatvendorsattradeshowsaretheretosellwhereasretailersaretheretobothresearchandbuymdashtwoverydifferentthingsAlthoughvendorsandretailerscomplementeachotherbesurethatyoustayfocusedonthegoalsyouhavesetforyourbusinessversusalteringthemfortheirsUltimatelythiswillkeepyouonthepathtohavingsuccessineachofyourtradeshowjourneys
UsingOnlineSourcingPlatforms
WhiletradeshowswillalwaysremainanimportantdestinationforyoutoacquireinventoryforyourstoretheInternethasmadeitpossibleforyoutoconnectwithvendorsmanufacturerssuppliersandotherproductprofessionalsaswellOftenthisisagreatdestinationtokick-startyourproductresearchwithonlinesitesbeingreadilyavailabletoyouatallhoursofthedayandnightSearchingforyourspecificproductonGoogleYahooorBingcanbechallenginghoweverandyoushouldkeepinmindthatasearchengineisonlyasgoodaswhatitindexesbasedonaspecialalgorithmManysuppliersandoverseasfactoriesdonothavegreatwebsitesthusmakingithardtofindthem
overseasfactoriesdonothavegreatwebsitesthusmakingithardtofindthemthroughthesesearchenginesFortunatelyhoweveryoucangainquickaccesstosupplierinformationwhenusingkeywordsearchesononlinebusiness-to-business(B2B)platformsthataretrustedandsecureThebestwaytoensurethatyouareworkingwithasecurecredibleB2B
platformwhensourcingonlineistoidentifythatitiswellknownrespectedandhasreliablesupplierswithinitsnetworkIntheUnitedStatestheseinclude
TopTenWholesalecomManufacturercomMFGcomModalystcoThomasnetcomWholesaleCraftscom
RetailersopentoworkingwithbusinesstradeplatformsbasedinChinaandAsiainclude
Made-in-chinacomGlobalSourcescomIndiaMARTcom
AsyouexploreadditionalonlineB2BplatformsitrsquoslikelythatyouwillrunintowebsitesthatadvertisehiddensupplierlistsorwanttochargeyouafeeGenerallyspeakingyoushouldbewaryofthesesitesbecausemostofthemarescamsAsaretaileryoucangainsupplierwholesalerandvendorinformationforfreemdashneverhavingtopayforthesedetailsThewaythatcredibleonlinemarketplacesmakemoneyisfromtheiradvertisersandactualsuppliersprofilednotfromtheretailerswhousetheplatformstobuyandsourcefortheirstoresThisisanimportantdetailtorememberbecauseunfortunatelythereseemstobeanincreasingnumberofscammersouttherelookingtogainmoneyfromretailersviathisavenue
RETAILTIPWhenattendingtradeshowsdonrsquotunderestimatethevalueofthe
educationalopportunitiesavailabletoyouMostnationallybasedtradeshowsandevenselectregionalmarketcentersoffereducationresources
showsandevenselectregionalmarketcentersoffereducationresourcesthatareintendedtohelptheirattendeesadvanceintheirretailgoalsTakingthetimetolearnfromtheretailleadersselectedtodeliverpresentationsworkshopsseminarsandotherlearningopportunitiesattheseeventsarekeyexperiencesthatcanhelpyourbusinessthriveAlsotheseoftenprovideyouthechancetoconnectoneononewithindustryexpertspriortooraftertheirpresentationsThesetypesofopportunitiesarenearlyimpossibletocreatesolelyforyourselfthereforetakingadvantageoftheseeventsisyetanotherreasonnottomisstradeshows
TohelpfurtherensurethatyoucantrustonlinemarketplacesandsourcingplatformsmakesurethatthereisaphonenumberassociatedwiththecompanyTypicallythisshoulddirectyoutoasupportcenterforthecompanyrsquosplatformbutattheveryleastitshoulddirectyoutoalivepersonwhocanansweranyquestionsyoumayhaveNextyouwanttotrustthatthesuppliersidentifiedonthesewebsitesaresafeReputablecompaniesthatofferyouonlinesupplierinformationwillalwaysofferyouthechancetoreviewtheirverificationprocessandyoushouldneverhesitatetoaskaboutthisifyouhaveanyquestionsAnothertiptoconsideriswhetherornottherepresentativesoftheB2BplatformyouarereviewingattendtradeshowsByactuallyparticipatingintradeshowsyoucantrustthattheyaretrulyengagedwithintheirniche-marketnetworksandworkwithsuppliersidentifiedontheirsitesfirsthandFinallywhileyoushouldneverhavetopayanyfeesyouwanttomakesurethattheprofiledsuppliersdopayThismeansthattheyarebenefitingfromtheplatformandfindvalueinit
RETAILTIPOnlineB2Bplatformsareextremelyvaluabletoretailerssincetheyare
availabletobereviewed247AnotheronlinedestinationthatcanhelpyoumanageyourbusinessistheResourceGuidefromRetailMindedThisonlinedirectoryisafreeresourcepublishedannuallyformerchantstogaintrustedreliableinformationonbusinessesthatsupportretailersintheirstoreoperationsUnlikeB2BplatformsthisdirectoryissolelyfocusedonbusinessesthatcatertotheoperationsofrunningaretailstoreCategoriesincludedinRetailMindedrsquosResourceGuideincludee-mailmarketingin-storemediainventorymanagementemployeepayrollretailpackagingin-
storesignageandmoreTodownloadafreecopyofthisdirectorysimplyvisithttpretailmindedcomresource-guide
FinallytoassistyouinfurtherexploringonlinesourcingforyourretailstorewersquovetakenacloserlookattheleadingB2BplatformTopTenWholesalecomandidentifiedwhatitcanofferyouOperatingwiththetaglineldquoFinditSourceitProfitrdquothecompanyrsquossearchenginesanddirectorynetworkofferyoutheabilitytointeractwiththousandsofwholesalersandmanufacturersThecompanyrsquoscoreconcentrationofproductfocusesongeneralmerchandisewelcomingretailbuyersfromavastrangeofretailcategoriesTheseincludeover100productcategoriesandover1millionproductsmdashtotalinganimpressivenumberofover35000suppliersforyoutosourcefrom
RETAILTIPBelowisanexampleofawebsitepagefromTopTenWholesalecom
whereyoucansourcethousandsofvendorsforyourretailstoreTheirextensiverangeofproductsourcesaswellastradeshowpartnershipshelpyoueffectivelyidentifywhattherightmixofinventorymaybeforyourstoreshelves
AswithmostB2BplatformsyouwillneedtoregisteronTopTenWholesalecomtogainaccesstoallitsresourcesalthoughmanyareavailableforfreewithouteverregisteringatallThebenefitofthishoweveris
thatyoucancreateaprofileandmanageyouraccountaswellasadjustyourprivacysettingstoyourpreferencesSeniorbusinessmanagerJonathanPrescottatJPCommunicationsInchadthistosayaboutTopTenWholesalecom
BuyersareabletosavetheirfavoritesuppliersandproductsonTopTenWholesalecomaswellasconnectdirectlywithsomeofthelargestmanufacturersimportersanddistributorsintheworldThisoffersatremendousbenefittobusyretailersbecausetheycanlogonandoffattheirconvenienceFurthermoreitrsquosimportanttorememberthatsiteslikeTopTenWholesalecomsimplyconnectbuyersandsellersandpurchasesbeingmadearenotbeingmadethroughusdirectlyTheperksofworkingwithushoweverincludeanonlinechatfeatureknownasTradeChatmdashwhichisbasicallyaninstantmessagingplatformforbuyersandsellerstoquicklyconnectmdashaswellascountlessotherfeaturesthatallowyoutomanageyoursourcingneedsanduniqueretailgoals4
IdentifyingproductsthatmakesenseforyourstoreisoftenconsideredthemostpreferredresponsibilityofaretailerWithcountlesstradeshowsandonlineplatformsavailabletohelpyoudothiswehopethatyouwillembracetheresourcesavailabletoyouinanefforttomaximizeyourproduct-buyingpotentialInChapter6wersquolldiscusshowyoucanmanagethisinventoryonceitrsquosreceivedatyourstoreaswellaswaysinwhichyoucanhelppromoteitandencouragesalesinthelaterchapters
ActionGuide
Lookingaheadoverthenext12monthsidentifynolessthantwotradeshowsthatyouwanttoattendFocusonthefollowingquestionstohelpyouplanfortheseeventswithacoreconcentrationonplanningforhowmuchitwillcostyoutoattend
Whereistheshow
WhenistheshowHowmanydaysistheshowofferedHowmanydaysdoyoubelieveyouneedtobeonsiteattheshowWillyouneedtoscheduleadditionaldaysfortravelHowmuchwillairfarecostDotheshowdatesoverlapondaysthatyounormallywouldbeinyourstoreHowmanyworkinghourswillyouneedtobudgetforanotheremployeetobeatyourstoreinyourabsenceDoyouwanttobudgetforanadditionalpersontoattendtheshowwithyouIfsofactorinthecostofthatpersonrsquostravelandifnecessaryworkinghoursforwhichyouwillpaythatpersonWillthispersonneedhisorherownhotelroomorcanyoushareOnceattheshowwilltherebetransportationcoststoandfromthehoteltotheactualsiteDoestheshowofferanyspecialratesforhotelairfaretaxisorotheraccommodationdetailsWhatothercostsmightyouincurbyparticipatinginatradeshowsuchaschildcareorotherpersonalexpenses
TakingthetimetoanswerthesequestionswillallowyoutolookaheadathowmuchitwillcostyoutoattendnolessthantwotradeshowsperyearOnceyouhaveidentifiedageneralamounttoallocateforthisbudgetthisintoyourstoreoperationsBymakingthisapriorityandnotanexceptionyouwillbebetterpositionedasaretailer
6
BuyingforCustomersVersusYourself
Yourmostunhappycustomersareyourgreatestsourceoflearning
mdashBillGates(1955ndashpresent)inventorinvestorphilanthropistTIME
ANDtimeagainwehavefoundourselvesspeakingwithretailersandsharingstoriesabouthowtheirstorescametolifeManyoftheseconversationsbeginwithldquoIopenedmystorebecauseIlove[insertwhateveritisyoulovehere]rdquo
Whetheritbeshoesfashionhomedecorsurfinganimalsbikesmodelairplanesoranythingelseyourheartmaydesirewersquovehearditallwhenitcomestowhyfolksofallagesandwalksoflifehaveventuredintotheretail
businessIronicallyhoweverwerarelyhearstoreownerstellingustheyopenedtheir
businessesbecausetheyloveworkingwithpeopleTheironyinthishasalwaysfascinatedusandweimaginewillcontinuetodosoItrsquosquitepossiblethatthisexactreasonhoweverkeepsussoinspiredtohelpmerchantsbetterunderstandthebusinessofretailaswellasitsgreatestobstaclemdashconsumers
UnderstandingtheBasicsofRetailMath
ldquoEachcustomerthatwalksthroughyourdoorisvotingwiththeirdollarsandtellingyouwhattheywantyoutohavemoreofhellipandwhattheywantyoutohavelessofYouneedtolookatthedecisionstheyaremakingthroughtheirpurchasesandevaluateitmonthlyrdquoCEOandnationallyrecognizedretailexpertCathyWagnerofRetailMAVENSexplains
EXPERTSPOTLIGHTTakinganin-depthlookatyourinventoryshouldalwaysbeonthetopof
yourto-do-listRetailexpertCathyWagnerofRetailMAVENSsharesfivetipstohelpyoumanageyourinventorywithagoalofincreasingsell-thru
1Lookattheofbusinessdoneinthedifferentclassesofinventoryofyourstorebydividingtheamountofsalesineachclassbythetotalofsales(withoutsalestax)
(SalesbyClassTotalStoreSales)X100=ofSalesbyClass
2NextlookattheamountofinventorythatyouhaveineachclassatretailDividethedollaramountofinventoryofeachclassbythetotalinventorytodeterminewhatofinventoryeachclassrepresents
(InventoryatRetailbyClassTotalStoreInventoryatRetail)X100=ofInventorybyClassatRetail
3ComparetheofinventorytotheofsalesforeachclassTheofsalesofaclassshouldmatchtheofinventorythattheclassrepresentsofthetotalinventory4MakeadjustmentssothattheoftheinventoryofaclassmatchestheofthesalesthattheclassrepresentsForexampleiftheinventoryofaclassis$5000outof$20000thenitrepresents25oftheentireinventoryIfthesalesofthatclassare50ofthetotalsalesthenyouhavetoincreasetheinventoryto50ofthetotalinventorySincetheinventoryis$20000weknowthattheretailinventoryoftheclassmustbebroughtto$10000Thismeansyoushouldthenordermoreinventory5WhilemakingadjustmentslikethisyouwillfindthatthereisanotherclassthatrepresentsalargerofinventorythansalesTakeactionimmediatelytomarkdownwhateveritemsareslowingthatclassdownsothatyoucandecreasetheinventoryaccordingly
UnderstandingyourinventoryanditsperformanceiscriticalingainingconsumerattentionandstoresalesTohelpyoudothisWagnersuggestsreviewingeachvendororbrandyoucarryinyourstorebydollarsnotunitsForexampleifyoureceived$1000ininventory(pricedatretailnotwholesale)andafterfourmonthssold$200stillowning$800thenyouwouldhavea20
afterfourmonthssold$200stillowning$800thenyouwouldhavea20percentsell-through(2001000)FormostretailersthisisabadscenariosuggestingthatyourinventoryofchoicewasnotwellreceivedbycustomersandthereforeisnrsquotsellingtoplanThequestionthenbecomesWhatdoyoudoWagneranationallyrecognizedretailexpertknownforherexpertisein
inventorymanagementspecificallyoffersthefollowingadvice
LookatthepercentageofbusinessdoneinthedifferentclassesofinventoryofyourstoreversusstrictlybyvendororbrandNextlookattheamountofinventorythatyouhaveineachclassatretailDividethedollaramountofinventoryofeachclassbythetotaltodeterminewhatpercentofinventoryeachclassrepresentsFinallycomparethepercentofinventorytothepercentofsalesforeachclassThepercentofsalesofaclassshouldmatchthepercentofinventorythattheclassrepresentsofthetotalinventoryTohelpensurethatyoufullyunderstandthisonaconsistentbasisIsuggestthatyoudothisexercisemonthlyAlsoknowthattherearefewexceptionstothisscenarioThisisanexcellentwayoflisteningtoyourcustomersandmakingsurethatyouarebuyingwhatyourcustomerswantyoutocarrymdashnotjustwhatyouwanttosell1
Evaluatingyourexistinginventoryandvendorassortmentisaresponsibilitythatshouldneverleaveyourto-dolistOftenretailersgetcaughtupinthehabitofbuyingproductstheylovebuttheircustomersultimatelydonotthereforeitcanbeachallengetoshiftgearsandmakepurchasedecisionsbasedonyouractualsalesorcustomerdemandsRecognizingthatyourtasteandthetasteofyouractualcustomersmayvarycanbechallengingmdashyetacceptingthisiskey
RETAILTIPRunningaretailstoremeansmorethanjustidentifyingagreat
assortmentofinventoryItmeansdoingalotofmathNevergointoaseasonwithoutacompletedopen-to-buy(OTB)planBetteryetnevergointoafiscalyearwithoutafullOTBplansetinplaceNextmakesureyouaccuratelyidentifyyourstorersquosgrossmarginreturnoninvestmentinventoryturnovernetsalessell-thruandstock-to-salesratiousingtheretailformulasbelow
TotalSalesndashCostofGoods=GrossMargin
GrossMargin$AverageInventoryCost=GrossMarginReturnonInvestment
NetSalesAverageRetailInventory(SkuCount)=InventoryTurnover
GrossSalesndashReturnsampAllowances=NetSales
UnitsSoldUnitsReceived=SellThrough
BeginningofMonthStockTotalMonthSales=Stock-to-SalesRatio
Onceyourealizethatyourpersonaltastepreferredpurchasesorproductpicksarenrsquotalwaysthesameasthoseofyourcustomersyouwillopenyourselfuptomakingpurchasesthatarestrongersuitedforoptimalsell-throughTohelpyouaccomplishthisanalyzehowmuchmoneyyoumakepereachvendorinyourstoreperseasonTodothissimplytaketheamountsoldlessthecostoftheinventoryandthendividethatnumberbytheamountsoldandmultiplythatby100Thiswillcalculatethemaintainedmarkup(MMU)forthatvendor
Maintainedmarkup(MMU)=(amountsoldndashcost)amountsoldtimes100
AlthoughyouridealMMUwillvarybasedonyourretailsectorandaveragepricepointsofinventorytypicallyyouwanttoseeyourMMUatover50percentpervendorYoushouldconsidereliminatingvendorsorspecificproductsperformingatlessthan50percentfromyourstoreassortmentaltogetherafterimplementingamarkdownstrategytohelprecoversomeofyourinvestmentintothemYoualsoshouldconsiderincreasingthetotalquantityofitemsthatexceed80percentwhichmayincludeintroducingmorecolorassortmentsavarietyofstylesordeeperbuysintowhateverthatitemmaybeAsalwaysthoughyouwillwanttorepeatyourreviewofeachvendororspecificitemsell-throughduringandnolaterthanattheendofeachseasontocontrolyourpurchasequantitiesaswellasyouroverallopen-to-buy(OTB)dollars
OTBdollars=projectedsales+projectedmarkdowns+plannedend-of-monthinventoryndashplannedbeginning-of-monthinventory
Inadditiontousingstrategicretailformulastomanageyourinventorysell-throughconsiderintroducingacustomerfocusgroupintoyourstorebuyingagendaTraditionallyspeakingafocusgrouphelpstodeliverresearchbyaskingpeoplequestionsregardingtheiropinionsperceptionsattitudesandoverallinterestsregardingaproductserviceideaor(inyourcase)storefromacollectiveperspectiveThevalueinincorporatingacustomerfocusgroupintoyourstorestrategyisthatyoucangainfirsthandrealisticandinformativeinsighttohelpyoureactmoreappropriatelytoyourtargetconsumerinterests
IntroducingCustomerFeedbackforInventoryManagement
KarenHollisanIllinois-basedjewelryretailerwhohashadherownjewelrystoresince2005introducedacustomeradvisoryboardinearly2013Ultimatelyhergoalwastohavemorein-depthconversationsaboutherstoreexperienceandherstoreinventoryduringhercustomeradvisorymeetingsChoosingamidweekeveningtobringagroupof20customerstogetherHolliscreatedarelaxingenvironmentthatallowedcustomerstobothhavefunandsharetheirthoughtsonherstoreKHollisJewelersldquoIidentifiedcustomersIfeltknewmystorewellenoughtocommentonitrdquo
HollisexplainedChoosingcustomerswhorangedfrombigspenderstomoderatespendersallowedHollistogainamorediverseunderstandingofherstoreaswellDuringthistwo-houreventHollisofferedlightappetizersanddrinks
encouragingcustomerstowalkaroundthestoreattheirleisureHollisalsoincorporatedfishbowl-stylevasesthroughoutthestoreandpiecesofpaperandpensforcustomerstosharetheirthoughtsonanythingmdashwhetheritwastosaytheydidnrsquotlikesomethingorthoughtacertaincategoryofproductshouldbeintroducedHolliswelcomedcustomerstoshareanyinsightthatcouldhelphertofurtherhelpthemBywelcomingcustomerstospeakupgetinvolvedandsharetheirthoughts
onyourstoreinventoryandotherdetailsaboutyourstoreyoucanlearnmoreaboutwhatyourcustomersreallywantIfhostingquarterlybiannualorevenonce-a-yearadvisoryboardeventsisnotinyourforecastmakesurethatyoustillwelcometruthfulfeedbackfromconsumersviacommentcardsandsocial
mediaAskyourcustomersdirectlyfortheirthoughtsaboutyourstoreidentifyingspecificquestionstohelpthemrespondtowhatyouaremostcuriousaboutIndicatingthatyouwanttohearbothprosandconsaboutyourstorecanhelpcustomerstoopenupwiththeirresponsesaswellSomesuggestedquestionstodirecttocustomersviaacustomeradvisory
meetingsocialmediaorcommentcardsinyourstoreincludethefollowing
1Whatisyourfavoritevendorandoritemcurrentlysoldinourstore2Whatisyourleastfavoritevendorandoritemcurrentlysoldinourstore3ArethereanyvendorsproductsorbrandsthatwedonrsquotsellthatyouthinkweshouldPleaseidentifythem4Whatisyouraveragebudgetwhenshoppingforitemsthatarepartofourstoreassortment5DidyoubuysomethingthelasttimeyouvisitedourstoreWhyorwhynot6IftodayisyourfirsttimevisitingourstorewouldyouplantovisitagainWhyorwhynot7Ifyouarearepeatcustomerwhatreasonskeepyoureturningtoourstore8Doyouhavesuggestionsonhowwecanbettersupportyouinyourpurchasingdecisions9WhatotherstoreswouldyouconsidervisitinginsteadofoursWhy
10DoesourproductassortmentmakeyouexcitedtomakeapurchasePleaseexplain
SupportingtheideatosolicitcustomerinsightDrGaryEdwardschiefcustomerofficeratMindshareTechnologiesbelievesthatspeakingupispartofthejobofamerchantldquoIfretailersdonrsquotasktheircustomerswonrsquottellmdashandwhattheydonrsquotknowcanhurttheirbusinessinnumerouswaysrdquo2
UsingtheinformationyoureceivecreateanactionplantobettersupportyourstorebuysaswellasyourstoreexperienceMoreoverDrEdwardsrecommendscheckingoutwhatyourcustomersaresayingonreviewsitessuchasYelpcomandCitySearchcombothofwhichhighlightretailstoreswithcustomerreviews
RETAILTIPIllinois-basedretailerTomKonopackiexperiencedaldquoseven-yearitchrdquo
thatpushedhimtowantmorethanjusthissinglestoreAnastaziainGenevaIllinoisHissolutionOpeningstorenumber2WhileexpandinghisexistingstorewasoneideaultimatelyhedecidedasecondlocationwouldallowhimtoreachmorecustomersandgainmoresalesldquoAbiggerstoredoesnrsquotnecessarilytranslatetotwiceasmanysales
InsteadanotherlocationmakesmoresenserdquoKonopackidecidedonopeningasecondstore26milesfromhisoriginal
storeinGlenEllynIllinoisNinetypercentofhismerchandiseisduplicatedwhiletheother10percentisdistinctivetoeachrespectivestorersquoscustomersandsalespatternsldquoAddingasecondlocationhasresultedinnearlydoubleannualrevenue
butthatcomeswithdoublerentpayrollandinventoryaswellItrsquosimportantthatwhilewehavesimilarinventoryinourstoreswedonrsquotforgetthateachstorehasitrsquosowncorecustomerItrytoalwayscatertotheactualcustomerateachstoreandforusthatmeansbuyingmoreimpulsegift-stylebuysatourGenevastoreandlargerfurniturepiecesforourGlenEllynlocationOnly10percentofthestoreinventorymayvarybutthat10percentaddsupEverypercentdoesactuallywhichiswhyIrsquomalwaysevaluatingourcustomersourinventoryandwhatwecandobettertoincreasebusinessrdquo3
UsingPoint-of-SaleSoftwaretoHelpManageInventory
ldquoGrowingabusinesscomesdowntodataIfyoudonrsquotthoroughlyunderstandhowyourbusinessisperformingwhatyourcashflowislikeandwhoyourcustomersaregrowingmdashandevenjustrunningmdashabusinesscanbearealgamblerdquo4VaughanRowsellVendCEObelievesAsRowsellsuggestsmanaginginventorydemandsprecisecareHaving
strongpoint-of-sale(POS)softwareisakeyfactorinthisequationallowingretailerstoconfidentlymanageandtracktheirinventoryaswellastheircustomerloyaltyRowsellsharesfivereasonsthatretailerscanbenefitfrom
customerloyaltyRowsellsharesfivereasonsthatretailerscanbenefitfromincorporatingaPOSsystemintotheirstoremanagementSpecificallythebenefitsidentifiedcanallbegainedfromVendPOSwhereasmanyalsocanbeachievedviaPOSsoftwarefromotherproviders
Reason 1 POS systems easily keep track of inventory and always knowexactlyhowmuchinventoryyouhaveinstockReason 2 POS systems allow you to run reports on which products aresellingwhen theyare sellingandhowoftenallowingyou togaina realunderstandingofyourproductturnoverandbusyperiodReason3POSsystemsofferretailersawaytounderstandtheircustomersrsquopreferences and spending habits by sharing actual data As a resultmerchants can create targeted marketing campaigns in response to thesedatastrengtheningtheiroverallstoremanagementandmarketingeffortsReason 4 Some POS systems (such asVend) even have built-in loyaltyprogramsgivingretailers tools to rewardcustomersandencouragerepeatbusinessReason5GoodPOSsystemsshouldkeepyourdatasafeExcelfilespapernotebooks and spreadsheets are allwell andgood but they arenrsquot highlyrated when it comes to longevity or security Itrsquos easy to spill a cup ofcoffeeonanotebookor a laptopandcompletelydestroyhours (oryears)worth of painstaking labor Having a state-of-the-art POS system meanssafely and painlessly storing your information (including sales and dailyreports)inthecloudsothatyouneverloseit5
InadditiontotheprecedingreasonsthatPOSsystemsaregoodforretailersitrsquosimportanttoalsoconsiderwhichPOSsystemisgoodspecificallyforyourbusinessRowsellrecommendstakingthetimetoresearchwhichPOSsystemprovider
makesthemostsenseforyouruniqueretailstoreallowingyoutoaccuratelyunderstandallyouroptionsbeforemakinganinvestmentinaPOSsystem
WritealistofallthefeaturesyouneedtohavethenstartsearchingandsticktothatlistThiswillhelptopreventyoufromgettingsweptoffyourfeetbythemarketingglamourofallthesolutionsoutthereFurthermoreonceyoursquoveselectedtherightPOSsystemtakethetimeandspendthemoneynecessarytosetupyourPOSproperlyfromthebeginningThiswill
saveyoulotsoftimeandheartachedowntheroadrdquo6
RETAILTIPPoint-of-sale(POS)providerscanstreamlineinventorymanagement
whilealsohelpingtosupportreasonsformarketingin-storeeventscustomerloyaltyandmoreThedifferenceisallinthedetailshoweverToensureyouselecttherightPOSproviderforyourbusinessmakesureyoucompletedemonstrationsofeachPOSprovideryouareconsideringaswellasidentifyifthePOSsoftwareyouareconsideringmeetstheneedsofyourbusinessBelowisanexampleofVendrsquosinventorymanagementandproduct
historyspecifictooneuniqueitemOneofthebenefitsofusingaPOSsoftwarelikeVendisthatyoucanextensivelyidentifysellingpatternsinventorychallengesandmorethroughtheirexpansivedatadetails
FinallyrememberthatcombiningyoureffortstoidentifythebestinventoryassortmentforyourstoreistheidealwaytomanageyourinventoryldquoByutilizingalltypesoffeedbackretailersincreasetheirabilitytolistentotheircustomersandtoimprovetheirretail-consumerrelationshipsrdquo7DrEdwardsfurtherexplainsUltimatelyyouhavecontroloverhowyouspendyourOTBdollarsbutitis
customerswhoreallymakethebuyingdecisionsDonrsquotneglecttheirvoiceinyourinventorymanagementandinreturntheywillbelesslikelytoneglectyourstore
Inthechaptersthatfollowwersquolldiscusshowyoucanbettermanageand
InthechaptersthatfollowwersquolldiscusshowyoucanbettermanageandmarketyourinventorybyintroducingyoutovariousbusinessesthatcanhelpaswellasbyprovidingtipsyoucanapplytoyourstorerightawayAmongthesearein-storeeventsanddisplaypointersWersquolldiscusshowtechnologyaffectsretailerstodayandwhetherornotmobilecommercehasaneffectonyourbusiness
ActionGuide
RetailexpertandCEOofRetailMAVENSCathyWagnerworkswiththousandsofretailershelpingthemtoobtainretailprofitsHerthoughtonmanagingyourinventoryandincreasingyourpaycheckisthatitrequiresthesamestrategyaseatinganelephantYesIsaiditeatinganelephantldquoGrowingyourbusinessrequiresthesamestrategyaseatinganelephantAn
elephantisHUGEandifIweregoingtoeatitmdashwhatwouldIdoHowwouldIstartWherewouldIstartThereisasecretandsupereasywaytodoithelliponebiteatatimerdquo8explainsWagnerIfyourgoalistohavealargerpaycheckthemostimportantstepyoucantake
istomanageyoursinglelargestexpensewellThismeansthatyouhavetolearnhowtocontrolyourinventorybetterldquoTheeffortthatyouspenddoingthatyieldssuchalargeimpactbecausecost
ofgoodsrepresentsabout50percentofyoursalesrdquo9WagnerfurtherexplainsFurthermorethistypeofgoaltakestimetoaccomplishwhichisnodifferentthaneatingahugeelephantonebiteatatimeHerersquosanexampleIfyoudo$400000inbusinessyouarespendingabout
$200000onyourinventoryinayearIfyouwerebuyoneitemthatcostthatmuchthinkabouthowmuchresearchandeffortyouwouldputintomakingagooddecisionHowevertoooftenbuyersareguiltyofspending$500hereand$1200therewithoutknowingforsureifitisbeingspentwhereitshouldbeThatshouldnothappenmdasheverWagnerrsquosadviceldquoTakecontrolofyourinventoryandstartputtingmoredollarsinyourpocketrdquo10
InfollowingWagnerrsquosadvicetakethetimetoorganizeyourinventoryintoclassificationsofinventoryversusinventorybyvendorThefollowingstepswillshowyouhowtodothisandwhythisisvaluableforyourbusiness1Groupyourstoreitemsbystock-keepingunit(SKU)intoclassificationsofinventorymdashorclassesmdashversusbyvendorAclassisagroupofsimilarinventorymdashsimilarin
typeofitemandinventoryturnBybreakingyourinventorydownintomanageablebite-sizedpiecesitiseasytocontrolWhenyoulookatyourstorebyclassesyoucananalyzesalesandinventorylevelsbetterAndwhenthathappensitbecomeseasiertocontrolTheresultisincreasedgrowthinsalesandprofits2GiveyourcustomerswhattheywantCustomerstelluswhattheywanteverytimetheybuysomethingfromusTheyarevotingwitheachdollartheyspendWhentheymakeapurchasetheyarevotingthattheywantmoreofthatclassofitemsKeypointheretheirpurchaseshouldrepresentawholeclassofitemsnotjustasingleitemTheyaretellingyouthatyoudoagoodjobbuyingdressesorcandlesorchairsYouhavetolookbeyondtheactualitemitselfthoughWhenyouhaveclassesyoucantrackwhatcustomerswantfromyouandmakesurethatyouhavejustenoughforthemaswellasanassortmenttoofferthemThisknowledgegivesyoupowerinyourretailbuying
3ReacttotheclassesbeingidentifiedastopperformersaswellaslowperformersLetrsquossaythatyouwanttoincreaseyourpurchasesfortheholidaysby10percentbecauseyoubelievethatyourbusinesswillgrowbythatmuchJustadding10percentacrosstheboardwouldbeabigmistakeRetailspendingisneverevenlydistributedamongeveryclassthereforeyourretailbuysshouldnotbeeveneitherSomeclasseswillbeup20percentmaybeeven25percentandsomeotherclassesshouldbedown15percentIfyoujustadded10percenttoallyourordersyouwouldendupoverinventoriedinsomeclassesandunderinventoriedinothersEssentiallythiswouldcausesomeofyourcustomerstoleaveyourstoreandshopelsewherebecauseyoucouldnrsquotgivethemwhattheywantedHoweverwhenyouknowthedemandofeachclassyoucanlookathoweachistrendingandthenbuyaccordingly
RememberthatinventorymanagementisnotsomethingtooccasionallydomdashbutrathertoalwaysdoMakeinventorymanagementatoppriorityofyourstoretoensurestrongsell-throughandsmarterbuyingdecisions
7
SellingYourProducts
ObstaclesdonrsquothavetostopyouIfyourunintoawalldonrsquotturnaroundandgiveupFigureouthowtoclimbit
gothroughitorworkaroundit
mdashMichaelJordan(1963ndashpresent)formerNBAplayerentrepreneur
ALTHOUGHBUYINGinventoryisanextremelyimportantpartofaretailerrsquosjobthehardestpartofallisstillleftaheadmdashsellingwhathasbeenpurchasedThedynamicsthatsurroundsellinginbrick-and-mortarretailstorefrontsaremuchgreaterandmorediverseandextremethanatanyothertimeinretailhistory
Oftenmerchantsfeelbombardedwiththevariousldquonewrdquotechnologiesandotherretail-focusedproductsthataremarketedtohelpthemintheirbusiness
operationsFurthermorethecoreresponsibilitiesofrunningastorefrontsuchasmerchandisingandtrackinginventorymustremaintopofmindforbusyretailersdespitethevastrangeofotherresponsibilitiesontheirto-dolists
Combinedtheseresponsibilitiescreateachallengingagendaforretailerstomanageoftenresultinginoverlookedorundermanagedsituations
MichaelAmatoformerpresidentofWashingtonMutualandcurrentCEOandpresidentofCimarronanadvisoryfirmthathelpsleadersmaketheirmarkontheirbusinessesencouragesretailersandallentrepreneurstobestrategicintheirbusinessoperationsAmatoexplains
Itrsquosimperativeforsmall-businessownerstofocusonstrategicalignmentAnentrepreneurshouldnotonlydevelopavisionandmissionstatementorstatementofpurposebutalsoidentifyanddevelopabusinessstrategyAsasmall-businessowneryouareoftennotforcedtodothesestepsandconsequentlyskipoverthemButthiseliminatesyoufromhavingastrategywhichcancreatedysfunction1
AmatorsquospointtoidentifyaplanofactioninyourbusinessstrategyisnotonetoignoreAsaretaileryourgoalistoprovideanendsaletoaconsumerThequestionisAsidefrombuyinginventoryhowdoyoudothis
IntroducingandManagingStoreEvents
UponarrivalofinventorytoyourstoreyoushouldalreadyhaveidentifiedyourplanofattackforhowthisproductwillaffectyourcurrentinventoryassortmentaswellashowyouplantomerchandiseitmarketitandultimatelysellitIdeallyyouarebuyingyourproductwellinadvanceallowingyoutoadequatelyplanforitsarrivalandallthelayersofsupportthatcomewithitTogetstartedthisincludescreatingamarketingcalendartohelpyoupromoteyourinventoryandcollectivestoreatlargeLookingaheadnolessthansixmonthsandevenasfarasoneyearretailers
canbenefitfromidentifyingtheirmarketingplansviaadedicatedstorecalendarUsedtoenrichalltheanglesthataffectyourstorersquosvisibilitymdashincludingsocialmediacommunityeventscustomer-loyaltyprogramsandmoremdashthiscalendarcanhelpyoutotrackmanageandidentifyyourin-storemarketinggoalsChicago-basedretailerAngelaGianfrancescosharesherexperienceon
planningaheadforherretailstore
IworkoffastorecalendarthatIplanaheadbyaboutninemonthsandoftenitrsquosevenfurtherplannedoutThoughold-fashionedIhavethiscalendarhangingonmybackroomwallsothatIamconstantlyremindedofitandasaresultuseitThereisnrsquotadaythatpassesthatIdonrsquotleanonthiscalendarasareminderofwhatIneedtodoinordertostayontrackwithmysell-throughgoalsEssentiallythiscalendaridentifiesweekbyweekwhatIhavegoingoninmystoreallowingmetovisuallyseewhetherornotIhaveeventsplannedorifIrsquomdueforamerchandisingwindowchangeItalsoidentifiesanylocaleventstakingplacekeepingmyinvolvementwithourcommunityalwaystopofmymindPlusIusedifferentcolorstoreflectdifferentthingssuchasredtoidentifythatitrsquostimeforanewwindowdisplayandbluetoidentifythatwehaveanin-storeevent2
ForGianfrancescomakinghercalendarboldandbigwascriticaltoherattempttoactuallyuseitPriortocommittingtoacalendarGianfrancescohadleanedonmemoryalonetokeepupwithherstoreplanningSheexplains
HonestlyIwassobusythatIneverfeltlikeIcouldstoptocreateamoreorganizedwaytokeepupwithinventoryandstoregoalsItwasnrsquotuntilIfinallymadethetimethatIrealizeditactuallyhelpsmeandultimatelysavesmetimenowaswell3
ForsomeretailersposterboardndashsizedcalendarswonrsquotdothetrickFortunatelytechnologyoffersyoumanyoptionsthatcanseamlesslyblendintoyourstoreoperationsOnetechnologytoconsiderisSnapRetailrsquosdraganddropcalendarwhichallowsyoutoorganizeyourmonth-by-monthmarketingplansinjustminutesYoucanaddyourowneventsandincorporateprewrittene-mailtemplatesandsocialmediapostsfromSnapRetailrsquoslibraryofoptionstomakeyourmarketingeffortsquickyeteffectiveAndforretailerswhopreferpapercopiesyoucansimplyprintthiscalendartoreferenceasneededCreatingacalendaristheeasystepinthisprocesscomparedwithactually
determiningwhatneedstogoonitFormerchantsidentifyingthebestwaystoattractcustomerattentionandgetthemintoyourstorealwaysshouldbetopofmindThismeansthatyoushouldstageeventsandotherpromotionstohelpyouachieveyourgoal
RETAILTIPUsingtheSnapRetailcalendarisoneoftheeasiestwaystomanageboth
yourimportantin-storeactivitiesaswellasyouronlinemarketingeffortsNotonlycanyouplanaheadbyschedulingyoursocialpostsande-mailsinadvanceyoucansavetimebyusingprewrittenideasfromtheirsocialmedialibraryBelowisanexampleofwhatSnapRetailrsquoscalendarlookslikeKeepin
mindthatwhenvisibleonlineandincolorthiscalendarbecomesclearerandeasiertonavigate
RichKizerandGeorganneBenderinternationallyrecognizedretailkeynotespeakersandconsultantsbelievethatconsistenteventsarekey
Everyretailerneedstohosttwokindsofin-storeeventsallyearlongmajorandminorInfactyoushouldhostonemajorin-storeeventandtwotothreeminoreventseachandeverymonthAmajoreventisonethatbuildstrafficandpacksyourstorewithcustomersDonotconfuseamajoreventwithsomethingthattakesalongtimetoplanhoweverAfashionshowcanbeamajorundertakingbutitrsquosnotamajoreventunlessitattractslotsofpotentialcustomerswhocometowatchmdashandbuysomethingwhiletheyrsquorethereAminoreventmightbeaSaturdayfullofldquomakitsandtakitsrdquodemonstrationsorminiclassesMinoreventsdrawcustomerstoyourstorebutshouldnottakealotoftimetoplanorimplementIftheconceptofeventsandpromotionsisnewtoyouthenbeginbyrunningonemajor
eventandoneminoreventforeachmonthoftheyear4
KizerandBenderrsquosadvicetoplanbothmajorandminoreventsintoyourstorecalendarshouldnotbeoverlookedWhetheryousellpetsuppliescraftitemswomenrsquosfashionsorpaintandhardwarethereisanever-endinglistofeventpossibilitiesforyournichestoreOnewaytoidentifywhattypesofeventsmaybebestsuitedforyourcustomersistoaskthemdirectlyLeaningonyoursocialmedianetworksaswellasin-storestaffcommunicationaskyourcustomerspointblankwhattypesofeventstheyrsquodlovetoseefromyouAlsohostafeweventswithatrial-and-erroragendathatallowsyoutoidentifywhicharemoresuccessfulthanothers
RETAILTIPGenevaIllinois-basedretailerShariRalishopenedhergeneral
merchandisestoreinFebruary2010DuringthefirstyearofbusinessRalishrarelyhostedin-storeeventsanddidnotfactorinthevaluethatthesecouldhaveonherbusinessuntil2012AtthistimeshemademonthlyeventsapriorityandroutinelyscheduledbothminiandmajoreventsinherstorehostingonaveragesixeventsamonthFrom2011to2012salesasadirectresultofin-storeeventsincreasedby86percentandfrom2012to2013salesincreasedby27percentduetostoreeventsTocontinuethistrendRalishlooksaheadbynolessthansixmonthstoensurehereventcalendarissecurelyidentifiedrangingfromvendortrunkshowstoproductsamplingeventstolivemusicbeingplayedinherstoreThisalsoallowsRalishtocommunicatewithhercustomersinatimelyfashionsharingeverythingthatistakingplaceinherstore
WhenplanningeventsyoushouldconsidernotonlywhattheeventisbutalsowhenitisForexampleyoumayfindhostingthesameeventonaWednesdaynightandaSundayafternoonattractsmorepeopleonetimeversustheotherDonrsquotletthisbringyoudownbutinsteadattempttounderstandwhythismaybeInresponsebegintoplanyourfutureeventsaccordinglyOnlytrialanderrorcanhelpyoutoidentifywhatrsquosrightforyourcustomersandyourstoreThekeyhereistotrackeacheventsothatyoucanleanonyoureventhistorytohelpincreaseyourfutureeventsuccessSomethingstoidentifyandtrackfromeach
increaseyourfutureeventsuccessSomethingstoidentifyandtrackfromeacheventinclude
1HowfarinadvancedidyouplantheeventIfyouaddalast-minuteeventtoyourcalendarandfailtogiveitalotofmarketinginadvancethiscouldaffecttheeventrsquossuccessrateMeanwhileifyouhaveaneventidentifiedsixmonthsoutandstrategicallyidentifywhenyouwillannounceittoyourcustomerspreparepressreleasesforthelocalmediaandincorporatedetailsoftheeventintoyoure-mailmarketingplansandsocialmediathiswilllikelyincreaseyourchanceforastrongerreturnonyoureventinvestment2HowdidyoumarketeacheventForminoreventsyourmarketingplanmaybeacombinationofsocialmediain-storecommunicationandcustomerphonecallsHoweverforamajoreventyoumayincreaseyourmarketingreachbydoingpostcardmailerstoyourstoremailinglistreachingouttoyourlocalmediaforpressattentionandworkingwithoutsidevendorsandlike-mindedbusinessestoreachalargeraudienceofpotentialcustomersandattendeesAlwaysmakesuretotrackandidentifyyourmarketingeffortsmdashnomatterhowsmallorlargemdashsothatoncetheeventisoveryoucanreflectbackandseehowthesedetailsaffectedyoureventAneasywaytodothisisbycreatinganExcelspreadsheetthatactsasachecklistofwhatyouneedtodoandwhatyouhavealreadydoneSnapRetailrsquosonlinecalendaralsocansupportyouinthistracking3WhowasinvitedtoeacheventManyretailershaveopeninvitationsandwelcomeanyoneandeveryonetotheirstoreeventsThismakessenseandisagreatwaytoincreaseyourchanceofstrongersalesHowevertheremaybesomeexceptionstothisruleandonoccasionadedicatedinvitelistisidealOneexampleofthiswouldbeifyouarecelebratingastoreanniversaryandwanttorewardyourtopcustomerswithaspecialpartymakingitaninvite-onlyeventthatyouplanduringtraditionallyclosedhoursYoucouldkeepyourstoreopenuntilyournormalclosingtimewelcomingallcustomerstoenjoyyouranniversarycelebrationswithproductincentivesstorespecialsandotherpromotionalexperiencesandthencloseandlockyourstoreforaprivateinvite-onlycelebrationthatbeginsafteryourstoreisofficiallyclosedtothepublic4Whatin-storeexperiencesdidyouofferateacheventOtherthan
sellinginventoryandprovidingaplaceforyourcustomerstoshopwhatdidyoudoinyourstorethatmadeyoureventmoreuniqueSomeideastoconsiderwouldbehavinglivemusicofferinganassortmentoffoodanddrinksinvitingavendortobeonsiteandengagewithcustomershostingabooksigningsharingproductdemonstrationsofferinghands-onexperiencesthatmayincludeclassesormakingcraftsandofferingcustomersminifacialsmanicuresorotherspaexperiencesDependingonyournicheaudiencetheideaswillvarybutthegeneralideatogainhereisthatbyintroducingexperiencesinyourstorethatdonothappenonanormaldayyouareofferingastrongerreasonforconsumerstowanttoattendyoureventRemembertorecordthedetailsofwhatitisyouofferallowingyoutoreflectbackonhowthismayhaveincreasedstoresalesandstoretraffic5WhatwerebothyourexpensesandsalesasadirectresultofeacheventTheentirereasonthateventsareundertakenistomakemoneyplainandsimpleNaturallytherewillbeexceptionstothissuchasifyouhostaneventtoraiseawarenessforalocalcharitybutformostofyoureventsmakingmoneywillmdashandshouldbemdashyourgoalMakesurethatyousetasalesgoalforeacheventandplanyourmarketingeffortsaccordinglymdashhelpingyoutoreachyourgoalswhilealsostrengtheningyourchanceofhavingasuccessfuleventBesuretoalsoidentifyandtrackanyadditionalexpensesthatyoumayincurwhenintroducingeventstoyourstoresuchasbuyingfooddrinksandotherpromotionalitemsthatcouldincludeballoonspaperplatesnapkinsandmore
WhilecreatingmanagingandexecutingeventsmayseemlikeadauntingtasktherewardyouseeinsalesshouldhelpyoutostaymotivatedinkeepingupwiththisagendaSomefinaltime-savingtipswhenpreparingforin-storeeventscomefromNolchaEventscofounderKerryBannigan
YoucanneverbetoopreparedwhenitcomestoplanninganeventmdashnomatterhowlargeorsmallMakeanactionplanandconsiderthetimingforyourneedsPrintingpromotionalmaterialsschedulingproductdeliveriesandbuyingrefreshmentsforyoureventshouldallbeconsideredwellinadvancetoensurethatyoudonrsquotmissabeatItrsquosalsoagoodideatoconsiderpreparingyourstoretheeveningpriortoaneventafteritclosesfor
thedayallowingyoutogetorganizedandreadytogowithoutthechaosofcustomersorotherstoreoperationalresponsibilitiesFinallyworkingwithlocalbusinessesinyourcommunitytohelppromoteyoureventcanneverhurtDonrsquotwaituntilthelastminutetoseektheirsupporthoweverIdentifywellinadvancewhatlocalbusinessesyouwanttogetinvolvedinyoureventmarketingandthengetintouchwiththemrightawaytoidentifyhowyoucanmutuallysupporteachotherthroughthisprocess5
HighlightingInventoryThroughDisplays
Eventscertainlycanhelpretailerstopushsalesandgainvisibilitybutyourday-to-dayexistencewillalwaysplayakeyroleinyourretailsuccessCathyWagnerCEOandfounderofRetailMAVENSbelievesthatthekeytothisiskeepingthingsconstantlymovingaroundyourstoretoincreasethechanceofsell-through
TherearetwothingstoconsiderwhenpushinginventoryYouhavetoremainawareofthenewergoodsbutdonrsquotforgetabouttheoldstuffJustbecauseitrsquosolderdoesnotmeanthatitneedstobemarkeddownalthoughincaseswhereitemsarenrsquotsellingthiswillbeyoursolutionThekeyistoidentifywhatissellingandwhatisnotsellingnomatterhowneworoldtheyaretoyourstoreassortmentOnewaytodothisistosimplymovethingsaroundyourstoretoincreasesell-through6
WagnerrsquosadvicetomoveinventoryaroundyourstoreisaclassicexampleofhowmerchandisingcanaffectproductsalesAgreeingwithWagnerareretailexpertsKizerandBenderwhobelievethatldquoyoursalesflooranddisplaysrequireconstantreinventionsothatshoppersdonrsquotgetboredandgosomewhereelserdquo7
RETAILTIPLightingiscommonlyoverlookedinretailspaceshoweverithasthe
LightingiscommonlyoverlookedinretailspaceshoweverithasthepotentialtotransformastoreaswellasacustomerrsquosexperiencewithinaretailenvironmentProperlightingcanenticecustomerstoengagewithproductsaswellasleadthemtocertainareasofyourstoreOnthecontrarydarkspaceswithinretailenvironmentsmaycausecustomerstostraintheireyesornotviewinventoryondisplayatallEnsureyourstorehasadequatelightingfromallanglesbyincorporating
accentlightinghighactivitylighting(suchasnearyourcashwraporbyadressingroom)ambientlightingthatmayincludeasingularstorechandelierandcaseandshelvelightingtohelphighlightspecificmerchandiseWhilethereisnosinglestoreformulaforlightingonegeneralruleofthumbtofollowistochangeyourlightingasyouchangeyourdisplays
KeepingcustomersvisuallyengagedintheirshoppingexperienceisaconstantresponsibilityforretailerstokeepupwithAgreatdisplaymaybejustthatmdashgreatmdashbutafterawhileitisnolongerexcitinginterestingorengagingforyourcustomersbecauseitwillinevitablybecomestaleYourjobasaretaileristoneverletthishappenbutinsteadconsistentlyoffercustomersvisuallyengagingexperiencesthroughconstantlyrotatingstoremerchandiseanddisplaysAlthougheveryinchofyourstoremustbekeptupwithregardto
merchandisingsomekeyareastopayspecialattentiontoinclude
1StorewindowsAretailerrsquoswindowsoffercustomersafirstchancetoformanimpressionofthestoreAndastheoldsayinggoesldquoFirstimpressionshaveaboutthreesecondstomakealastingimpactrdquoWiththisinmindaskyourselfifyourstorewindowsdeliverastronglastingimpressionIfyoursquoveanswerednothenitrsquoscriticalthatyouaddldquochangestorewindowdisplaysrdquotoyourimmediateto-dolistYourgoalshouldbetocreateadisplaythatnotonlycapturestheattentionofapreviouscustomerbutalsoenticesapotentialcustomerwhohasneverbeeninyourstoreWindowsofferthechancetohighlightstoreinventorythroughdisplaysbutalsoareagreatplacetotellastorythatrepresentsyourstoreversusactuallyhighlightingwhatyousellForexampleyoucouldcreateawindowthathasanoversizedteddybearsittingonaminiaturechairwithaboldhighlightedcalloutsayingldquoLetustaketheweightoffyouthisValentinersquosDayrdquotodemonstrateyourstoreasthego-tospotforgift
givingWindowsofferachancetohavefunandgetcreativebutultimatelytheymustattractattentionforyoutoattractsalesAgoodgoalforkeepingupwithyourwindowdisplaysistochangethematleasteverytwotothreeweeks2Immediate-rightzoneStudiestellusthattimeaftertimecustomersturntotheirrightoncetheyenterastoreLikelythisisduetomostfolksbeingright-handedbutdespitethereasontherealtakeawayhereistofocusonwhatyouofferthroughdisplayandmerchandisingtotheimmediaterightinyourstoreDoesthisareacapturecustomerattentionAreyouhighlightingmust-haveitemshereoristhisspacewastedbynothavingadisplayatallConsiderwhatyourstorecurrentlyhasinthisareaandthenplantoincreaseitsmerchandisingvaluebystrengtheningyourdisplaysandproductassortmentthereKeepinmindthatwhileyouwantyourcustomerstostopshopandgetengagedthisisalsoahigh-trafficareaforbusyretailerssoyouwanttoallowenoughspaceforcustomermovementsothatcustomerscaneasilypasseachotheraswell3StorestoppersSometimesrecognizedasstorespeedbumpsstorestoppersaredisplaysthatstopcustomersintheirtracksandgetthemfocusedonadisplayorproductIncorporatingafewstorestoppersthroughoutyourretailspaceiskeyinkeepingyourcustomersengagedandshoppingthroughouttheirentirein-storeexperienceRatherthanbundlingyourstore-stopperdisplaysclosetoeachotherspreadthemoutthroughoutyourentirestoretokeepyourcustomersmovingandinterestedastheynavigateyourstorespaceIdeallyyoushouldhaveaboutfivestorestoppersforevery500squarefeetofstoreTheycanbeontabletopdisplaysorshelvesbutshouldallowcustomerstotouchandinteractwiththeproductversusmakingthemhavetoaskforsupportinhandlingthefeatureditemsondisplaySomestoresmayrunintochallengesheresuchashigh-endjewelrystoresbuttheideastillshouldbeapplied4Point-of-sale(POS)areaThereisnogreateropportunitytoincreaseyoursalesthanbyincreasingeachindividualpurchasebeingmadeRetailerscanapplythisstrategytotheirstoressimplybystrengtheningtheirPOSareaswithproductsthatmakegreatadd-onsalesorimpulsebuysforcustomerswhohavealreadydecidedtobuysomethingEssentiallythisisyourstorersquoscheckoutspotandwhenacustomerlandshereitmeansthatheorshehasdecidedtomakea
purchaseThisisyourchancetoincreasethetotalpurchasevaluebykeepingthecustomerengagedwithbothinterestingandnecessity-baseditemsthatheorshecaneasilyincludeinthepurchaseIdeallyyouwanttokeeptheitemsmerchandisedinyourPOSarealowerinpricerelievingthecustomerofhavingtothinktoomuchaboutwhetherornotheorsheshouldbuyanitemProductspricedat$1$5$10andunder$20aregreatcandidatesforthisareakeepinginmindthatthesepricesshouldreflectyourtargetaudienceandtotalstoreinventoryassortment5SalesectionNotallretailershaveadedicatedsalesectionpermanentlyintheirstoresbutwhetheryouofferthisseasonallyorfulltimethisareaoffersagreatchancetoengageyourcustomersthroughdisplaysUnlikeyourstore-stoppersectionsandPOSareayoursalesectionshouldleanmoreheavilyonpromotingthevalueofthesalediscountversustheproductitselfIfyouareofferingsomethingat50percentoffforexamplethismessagealonetocustomerswillgetthemmoreexcitedthanbyhighlightingwhatisactuallyforsaleLeaningonstoresignagecompaniessuchasBoutiqueVisioncomforstrongsignagecanhelpyouachievethis
InadditiontothesefivekeyareasofstoredisplaysyoualsoshouldincorporatesomemerchandisingtechniquesthroughoutyourentirestoretohelpincreasesalesAmongthebestwaystodothisistocross-merchandiseinventoryallowingmultiplechancesforyourcustomerstoseesomethingondisplayThemainreasonthatthisissovaluableforyourbusinessisthatcustomersdonrsquotseeeverythinginyourstoresoofferingthemthechancetoseesomethinginmorethanonespotincreasesthechancethattheywillactuallyexperienceitFurthermorerepetitionofproductsincreasestheconsumerrsquosimpressionofitwhichalsoincreasesthechancethatheorshewillwanttoknowmoreaboutaproductandthatultimatelyincreasesyourchanceofsellingthatproductAnothertactictoapplytoyourstoremerchandisingisthatofstaplesand
statementsIfyourstorehasitemsthatarealwaysinstocksuchasplainwhiteT-shirtsor8-by10-inchframesthencreateanareaofyourstorethathighlightsyourstorestaplesTrainyourcustomersthroughstoresignageandstaffcommunicationthatyoualwayshavethesestapleitemsinstockthereforehelpingtoincreasethechancethatyourstorewillbecomethego-toplacefortheseidentifieditemsOnthecontraryifyouhaveitemsthatareseasonalquick
sellersortrenditemsthesewouldfallintothestatementcategoryTheseitemsdeservesomehighlightedattentionaswellandwouldmerchandisewellinyourstore-stopperspotsandinwindowdisplaysItrsquosnosecretthatmerchandisingastoreisagiantresponsibilitythatrequires
notonlyskillbutalsotimeTohelpmakesurethatyoudonotneglectthisimportantstoreresponsibilityaddmerchandisingtoyourstorecalendarSpecificallyaddwhatneedstobedonesuchaschangingafront-windowdisplayorrearrangingyourPOSdisplayareaGenerallyspeakingyoushouldrotateyourin-storedisplaysonaweeklybasistokeepthingsfreshandexcitingforyourcustomersandyoushouldchangeyourfront-windowdisplaysnolessthaneverytwoweeks
UsingModernTechnologyinYourStore
InadditiontoclassicmerchandisingtechniquesretailersshouldconsiderhowmoderntechnologycanbeincorporatedintotheirstorestrategyiPadsforexamplearebeingusedincreasinglyforcustomerengagementSomelocalretailersareintroducingiPadsintotheirstoresasawayforcustomerstocheckinontheirsocialmediasitessuchasonFacebookorFourSquareinanefforttoincreasetheirstoreexposurethroughtheircustomersrsquosocialnetworksOthersuseiPadsasawaytofurthercommunicatewiththeircustomerswhiletheyareonthesalesfloorldquoWithaniPadinhanditrsquoseasytopullupyouronlinestoreoranInstagram
feedtoshowitemsastheymightlookinacustomerrsquoshomeorshowcustomersothercoloroptionsthatmightbemomentarilyoutofstockrdquo8CEOVaughanRowsellofVendaloyaltyandPOSsystemcompanyshareswithus
RETAILTIPModerntechnologywillcontinuetoimpactretailershoweversome
thingswillneverchangewhenitcomestocreatingadynamicretailenvironmentFormerchantsthesoundscustomershearintheirstoreswillalwaysplayaroleintheirsellingsuccessretailexperiencesandoverallstoreenvironmentFortunatelymerchantscaneasilycontroltheirstore
storeenvironmentFortunatelymerchantscaneasilycontroltheirstorespacethroughsoundbyintroducingcustomizedradiostationstotheirstoresCalifornia-basedcompanyRetailRadioprovideslicensedmusicand
customizedradiostationsforindependentretailersandotherbusinessownersTheirgoalistocreateaprogrammedmusicstationthathastheretailerrsquoscustomerinmindinadditiontocreatingcommercialsthatpromoteeachrespectivestoreEssentiallyRetailRadiocreatesin-storecustomercommunicationplatformsthroughmusicandmessagingAnaddedbonusisthatthemusictheyofferisalllegallylicensedmeetingalllegalrequirementsforcommercialbusinessestouseInadditiontosupportingretailersthroughcustomizedmusicand
messagingRetailRadioprovidesothersensory-basedsupportformerchantsaddressingtheneedsofsightsoundscentandsalesYoucanlearnmoreaboutRetailRadioatRetailRadiobiz
AsVaughanexplainedusinganiPadaspartofyourstoreexperiencenotonlycanhelpyouasamerchantbutalsocankeepcustomersengagedAnotheraddedbenefitthatiPadsofferretailersisthechancetoeliminateadestinationspotforcheckoutproceduresandinsteadwelcomeanyspotasachancetoringupasaleRowsellcontinues
TheiPadasaPOSistotallyrevolutionaryforanumberofreasonsThefirstandpossiblythemostvaluableisthatofitsmobilityYoucanuseaniPadanywhereexpandingyourreachforpotentialcustomersandultimatelysalesWhetherinfoodtrucksretailtrucksfarmersrsquomarketsattradeshowsorinyourownstoreyouriPadcanprocesstransactionsforyourbusinessBecauseofthiswhatrsquossoamazingfortraditionalbrick-and-mortarretailersisthattheycancompletelydoawaywiththecheckoutcounterandcreateacompletelyuniquecustomizedretailexperienceImagineaniPadPOSsystemgivesyoutheluxurytoprocesssalesanywherewhilealsoeliminatingtheneedforacheckoutcountertodisruptyourretailstoredesignMoreoveryoudonothavetointerrupttheshoppingexperienceasyoudragyourcustomersacrossthestoretocheckstocklevelsorringuptheirpurchasesInsteadallofthiscanbetakencareofrightonyourshopfloorbecauseofaniPadPOSsystem9
CertainlyaportablePOSsystemcourtesyofaniPadhasitsbenefitsas
CertainlyaportablePOSsystemcourtesyofaniPadhasitsbenefitsasRowsellpointsoutButonethingretailersshouldconsiderwhenintroducinganiPadintotheirstorersquosenvironmentisitsvulnerabilitytobedamagedorpossiblyevenstolenIfyoudohaveacheckoutareainyourstorekeepingyouriPadinadesignatedspotwithinthislocationisonewaytohelpmanageitsvulnerabilityAlsoyoumayevenconsiderlockingitinadrawerHoweverthemosteffectivewaytokeepyouriPadaccessibleandusefulistohaveitsecurelyfastenedtoaniPadstandthatislockedinplacewithinyourstoreThereareanumberofmodelsavailableforretailerstoconsiderbut
essentiallyretailersshouldlookforaniPadstandthatsecurelylockstheiriPadinplaceonlyreleasingitonkeyretrievalorbyenteringacodeRetailerswhowantaportableiPadthatcanmovearoundthestorewiththemshouldconsideriPadcartsandothermovingdevicesthatallowretailerstoeasilybringalongiPadsanywhereinthestorewhilekeepingtheirhandsfreetosupporttheircustomersandattendtootherstoreresponsibilitiesThesetypesofiPadcasescartsandothersecurity-focusedproductsmaybeavailablefromyourPOSproviderbutarealsoavailableatiPadEnclosurescom
IdentifyingWhetherMobileCommerceMatters
iPadsarecertainlyatechnologyofthepresentandfuturethatwedonrsquotforeseeleavingtheretailsceneforalonglongtimeThatsaidmobiletechnologycontinuestobeapopularconversationinretailbutitshouldberecognizedthatm-commerceisnotgrowingasoriginallyanticipatedamongsmall-businessownersM-commerceotherwiseknownassellingviamobiledevicesrepresentsaminorityamongInternet-basedpurchasesandmostconsumersstillleanontheircomputersortabletswhenbuyingonlineJasonRichelsonfounderandCEOofShopKeepPOShasspenthisentire
careerinretailandbelievesthatsimilartocredit-cardadoptionnotallsmallbusinesseswillembracemobiletechnology
Thebigtalkingpointwithinthepaymentsworldin2013hasreallybeenmobileButIhavetosayIrsquoveseenlittletononeofthattalktranslateforsmallbusinessesTherearemanypredictionsabout2014astheyearofmobilebutIdonrsquotthinksmallretailersbyandlargewillmovethatquickly
Takecredit-cardadoptionforexampleDespitemorethan40yearsofusealargepercentageofsmallbusinessesstilldonrsquotacceptthemSimilarlytheadoptioncurveformobilepaymentswillnotshiftsignificantlyovernightThereneedstobeincentiveitneedstobeeasyandthereneedstobedemandfromconsumers10
WithconsumersinmindaretailerrsquosgreaterinterestinmobiletechnologyshouldbeinembracingtheideathatcustomerslikelywillengagewiththeirphoneswhileinhisorherstorealthoughthisdoesnrsquotalwaysmeanthatcustomersarecompetitiveshoppingonlineOftencustomersrefertotheirphonessimplytocallfamilyandfriendsforproductadvicesendpicturestofriendsforfeedbackseekcouponsfortheimmediatestoretheyareinorsearchforproductreviewsofaparticularitemCompetitiveshoppingdoesexistviamobilephonesbutthisrealityisnrsquotonetosweatoverifyourin-storeexperienceisdeliveringstrongengagementdisplaysandmarketingmdashtherebygivingyourcustomersanexperiencetheysimplycannotgetonlineFinallyneverlosesightofthefactthatshoppingtrulyisasportformany
consumersJustasinacompetitivegameofbasketballfootballoranyothersportshoppingoffersthechanceforyoutowinorlosewhenitcomestoattractingandkeepingcustomerattentionEverydetailthataffectsyourbusinessmustconstantlybenurturedandattendedtojustlikeeverydetailofanyprofessionalsportmattersIntheenditrsquosonlythosewhoarewillingtoworktheirhardestdespiteobstaclesandsetbackswhowillremainstandingandultimatelybecomewinnersinthecompetitivegameofretail
HopefullybynowyouhaverealizedjusthowmuchrangeandtimearenecessarytomanageandmarketaretailstoreInthechaptersthatfollowwersquollunveilwaystoapplypressandmarketingtoyourretailbusinessaswaystogeneratesomewell-deservedattentiontothehardworkyouhavedonetocreateyouruniquestore
ActionGuide
ResearchshowsthatcustomerspreferstorelayoutsthatallowforeasynavigationandmovementthroughouttheirshoppingexperienceMoreoverresearchtellsusthatcustomersrespondreactandultimatelymakepurchasingdecisionsbasedonalltheirsensesmdashnotjustthatofsightaloneTohelpyoumaximizeyourcustomersrsquoexperienceinyourstoreconsider
eachofthefivesensesandtakeactiontoimprovetheirroleinyourstore
1SightFromtheexteriorofyourstoretotheentireinteriorstorespaceidentifywhetheryourstoreisattractiveandcaptivatingingainingcustomerattentionNextlookforanydebrisdirtordustthroughoutyourentirestorespacethatneedstobecleanedupThenvisuallyidentifywhetherastrollerwheelchaircaneorotherassistivedevicewouldbeabletobeusedcomfortablyinyourstoreThesevisualobservationsareonesthatmanycustomersidentifywhenforminganimpressionofyourstoreandshouldbeimprovediftheydonotcurrentlycatertoconsumersrsquoneedsandideals2TouchInstinctivelycustomerswanttotouchthingsandexperienceproductshands-onWalkthroughyourcurrentstorespaceandidentifywhetheryouofferaspacethatencouragescustomerstotouchandinteractwithyourinventoryKeepingproductsateyelevelforhands-onengagementisagoodwaytomakecustomersfeelwelcometotouchyourproductsIncorporatingsignageasnecessarythatstatesldquoFeelfreetosamplerdquoorldquoPleasedonottouchthisdisplaybutwehopeyouwilltouchourotheronesrdquocanlendahelpinghandinencouragingyourcustomerstotouchandinteractwithyourstoreproductsasappropriateForthoseofyouwhohavecustomerswhobringtheirchildrenwiththemcreateadedicatedareaorsimplyhaveasmallbasketwithtoysorwashablecrayonsandpapertodistractkidsfromtouchingyourinventoryandtofreeuptheattentionofyourcustomer3SoundIdentifywhatyourstorecurrentlysoundslikeIsitthesoundofblaringmusicorcoworkerschattingabouttheirweekendplansPossiblyitsoundssilentwithonlytheoccasionalbuzzofadooropeningandclosingCustomerstendtostayinenvironmentsthatmakethemfeelcomfortableandsoundplaysabigroleinthisMakeitaruleforemployeestoeliminatepersonalphonecallsstoregossiporanyotherunnecessaryconversationsthatcustomersmayoverhearInadditionchoosemusicthatisneutrallyaccommodatingtoyourdiverserangeofcustomersKeepthesoundlevelofyourmusicata
moderatelevelaswellthatdoesnotmakecustomersuncomfortableandstillallowsthemtohearyouspeakandallowsthemtospeaktoeachother4SmellAromacanbegoodorbadWhatdoesyourstoresmelllikeIdentifywhatyourstoresmellslikeandwhetherornotthisaffectsyourcustomersrsquoexperiencesItrsquospossiblethatalocalbakeryrsquosaromatricklesintoyourstoreandthusyougainascentoutofyourcontrolOrmaybeyouchoosetoburnincensethatsomecustomersfindunattractiveinscentWhateveryourcurrentsituationisstrivetoidentifyasinglescentthatyoucanalwaysapplytoyourstoreandthatcustomerswillassociatewithyourstoreastimepassesScentssuchaschocolatevanillacoffeeandpineareoftenperceivedasmass-appealingscentswhereasthescentsofflowersorcertainspicesarenotaspreferredbythemassesPickastorescentforyourstorethatissubtleyetcomplementingtoyourretailspaceandthenmakethisyoursignaturescentforcustomerstoassociatewithyourstore5TasteEvenifyourstoredoesnotsellfoodorofferanopportunitytocatertoyourcustomersrsquotastebudsyoucanstillengageyouraudiencethroughthepoweroftasteChooseasignaturesweetsuchasbite-sizedchocolatesorpeppermintsandalwayshavetheseavailableforyourcustomerstotakeAsmallglassofwatercanevenprovoketastebudsandmayextendyoursupportindeliveringstrongcustomercareIfyourstorehasnotintroducedtastetoitsstrategyofsupportingcustomersitrsquostimetodoso
8
ApplyingPressandMarketingtoYourBusiness
LackofattentionnotlackoftimeistheproblemWeallhavetwenty-four-hourdays
mdashZigZiglar(1926ndash2012)authorandmotivationalspeaker
RETAILERSTODAYarebombardedwithplacestogothingstodoandcustomerstoserveDespitetheirbusyscheduleshowevercustomershavehigh
expectationsfromretailersandexpecttheirconsumerexperiencestobetop-notchAlsocustomershavechoiceswhenitcomestomakingtheirbuyingdecisionswhichmakesanyretailerrsquosattempttostandoutinhisorherlocal
marketplacethatmuchmoreimportantLong-timeindependentretailerCynthiaSuttonownerofTheSilverBarnin
ColumbusTexasbelievesthatdespitebusyschedulesandbig-boxcompetitionlocally-basedmerchantshavesomekeyadvantagesthatlargerretailersdonotSuttonexplains
LocalindependentretailerscanreacttocommunityneedsinstantlyForexamplehereinoursmalltowntherewasahorriblecaraccidentwhereayoungchildwasseriouslyinjuredandagrandmotherkilledThecarthathitthemhadnoinsuranceWesprangintoactionandstartedafundraiserwithotherlocalmerchantsOurlocalWalmarthowevercouldnotparticipatebecausetheyhadtowaittogetcorporateapproval1
ThistypeofquickresponseisjustoneexampleofhowlocalmerchantscansupporttheircommunitiesandlocalcustomersaswellasgenerateawarenessfortheirstoresInadditiontoreactingtoaworthycausethisalsoprovidesagreatreasontogainpublicityforastoreUnlikesomemarketingeffortspublicity
reasontogainpublicityforastoreUnlikesomemarketingeffortspublicitydoesnotcostyoualotofmoneymdashifanymdashyetyoucangainexposuretobothexistingandpotentialcustomersExposurethroughpublicityaddsvaluetoamerchantandoftenmakesastoremorememorableThekeyherehoweverishavingastorytotellthatthepresswouldbeinterestedinhighlightingamongtheirmediaoutletsFortunatelythisgoeshandinhandwithalsocreatingastoreenvironmentthatencouragescustomerstocomebackldquoWecanrsquotcompetewithvolumepricingmassadvertisinganddepthof
inventoryHoweverwecandeliverstrongercustomerserviceandmoreuniqueinventorythanbig-boxstoresThisisextremelyvaluabletoconsumersrdquo2explainsSutton
HOWTOWRITEAPRESSRELEASEPublicitywhenmanagedinternallycostsyounearlynothingexcepttime
andpossiblyafewadditionaldollarsForthemostparthoweverpressisfreeWiththisinmindunderstandinghowtowriteapressreleasecanhelpyoupitchyourstoretolocalandnationalmediaincreasingstorevisibilityandencourageagrowthinsalesUsingthetipsbelowlearnmoreabouthowtowriteapressrelease
1ApressreleaseisastatementintendedtosharenoteworthynewseventdetailsandotherinterestingfactswiththemediaWhenwritingapressreleaseyouwanttokeeptheaudienceinmindandanswerthequestionsldquowhordquoldquowhatrdquoldquowhenrdquoldquowhererdquoandldquowhyrdquo2AllcriticalinformationshouldbeconciselysummarizedwithinthefirstparagraphofyourpressreleaseallowingbusyeditorsandothermembersofthemediatoquicklyidentifywhatitisyouwanttoshareThefollowingparagraphsshouldelaborateonthedetailssharedIncludingquotesfromrelevantpeopleinvolvedinthenewsyouaresharingwhetheryourselforastorevendorforexamplecanaddvaluetothepressrelease3PressreleasesshouldideallybenomorethanonepageandshouldbeconstructedinstandardpressreleaseformatThisincludesidentifyingyourstorenamecontactpersonandcontactdetailsinthetopleftcornerprovidingacaptivatingtitleandsupportingtaglineforyourpressreleaseandprovidingthereleasedateandcityofthepressreleasepriortoyourfirst
sentenceInadditiontheparagraphsthatfollowshouldsharedetailedinformationaboutyourstoreandthepurposeofyourpressreleasewhileofferinggeneralorinterestingfactsAnexamplewouldbe
MarsquosGeneralStoreContactJaneSmithPhone5555555555Emailshopmasgeneralstorecom
MarsquosGeneralStoreIntroducesExtendedShoppingHoursonWeekends
DoorstoOpenat9amtoAccommodateCustomerRequests
May12014(GenevaIL)mdashKickingoffthespringshoppingseasonMarsquosGeneralStoreisexcitedtowelcomecustomersat9ameverySaturdayandSundayintotheirdowntownGenevastoreAfteryearsofcustomersrequestingearliershoppinghoursMarsquosGeneralStorelooksforwardtosupportingcustomersontheirweekendsshoppingforgeneralhouseholdsuppliesandothereverydaynecessitiesAndallcustomerswhoshopMarsquosGeneralStorebefore11amwillbeofferedcomplimentarycoffeeorjuiceldquoItrsquosimportantforustokeepourcustomershappyandtheseadditional
storehourswillallowthemtogettheirweekenderrandsofftoanearlystartwhichwersquorethrilledtosupportrdquostoreownerJaneSmithstatesBasedindowntownGenevainthehistoricshoppingdistrictMarsquos
GeneralStoreisafavoritedestinationamonglocalresidentstostockuponhouseholdsuppliesandeverydaynecessitiesInadditiontotheirwell-stockedshelvesMarsquosGeneralStorewillbeofferingtheirearlybirdcustomerscomplimentarycoffeeandjuiceTolearnmoreaboutMarsquosGeneralStoretospeakwithownerJane
Smithortorequesthigh-resolutionimagespleasecontactus5555555555orshopmasgeneralstorecom
4PressreleasesshouldaimtobeconciseclearcorrectandcourteouskeepingyouraudiencersquosattentionwhilebeingdirectandinformativeinthenewsyoushareAttheendofyourreleaseidentifyitsconclusionwiththreenumbersignsThisindicatesitiscompleteandispartofthegeneral
threenumbersignsThisindicatesitiscompleteandispartofthegeneralformatofwritingapressrelease5SendingapressreleasedoesnotguaranteepresswillbereceivedBesuretofollowupwithyourmediacontactsandrespecttheiroutreachtoyouaswellshouldtheywantmoreinformationLikeyoumediaprofessionalsarebusypeoplesotryandgetbacktothemassoonaspossibleshouldtheywantmoreinformationaboutthenewsyoushared
Customerserviceanduniqueinventoryaretwowell-knownfactorsthatmakeindependentretailersstandoutfrombig-boxstoresYetmerchantsoftenunderestimatetheirvalueinthepressAsSuttonbelievesldquoBasicisgreatatbigboxspecialisgreatat
independentsrdquoWiththisinmindIencourageyoutoconstantlyseekoutwhatmakesyourstorestandoutamongothersIsittheuniquestoryofanemployeeofyourstorewhohappenstoexcelatcustomerserviceIsittheone-of-a-kindproductsbylocalartisansthatyousellmadeIsitthefactthatyourstoreunlikesomanyothersoffersanexperiencethatcanrsquotbeduplicatedanywhereelseOrpossiblyisitarandomcustomerexperienceyouhadthatoffersagreatstorytosharewiththepressAsaretaileryouneednotonlytostrivetomakeyourstorememorableand
uniquebutalsorecognizewhenuniqueandmemorablethingshappenwithinyourstoreenvironmentInresponsetothesescenariosyoushouldbepreparedtosharethedetailswithcustomersviathepresstheInternetthroughe-mailandviaotheravenuesthatcangenerateawarenessofyourstoreSuzyTeeleCOOofSnapRetailcomaready-to-usemarketingsolutionfor
independentretailersbelievesthatwhilecustomerserviceandproductassortmentaddvaluetoashoppingexperiencemerchantstodayshouldnotignorethevalueoftheirstorepersonalityaswellSheexplains
ldquoIthinkthebiggestmisconceptionthatretailersfacetodayisthatsometimestheyrelytoomuchontheirproductstogetcustomersintotheirstoresBrandsgoinandoutoffavorsobrandsalonearenrsquotenoughIndependentretailersshouldrememberthatitrsquosnotonlythemerchandiseitrsquosalsohowtheymerchandisethemerchandiseInotherwordscreatingastrongstorepersonalityandstoriesaroundthemerchandisewilldrivestoretrafficandreducethefocusoncompetitivepricing3
RETAILTIPOnlinemarketingandpresscanhelpgeneratestorevisibilitybutdonrsquot
neglectthepowerofgoodold-fashionedstorepackagingAfamousexampleofthisistheTiffanyblueboxorbagrecognizedbycustomersasapurchaseofluxuryandbeautyWhileyourstoremaynotcatertothesameclientelethatTiffanydoesthisshouldnotkeepyoufromaimingtohavestrongstorepackagingAneasywaytoenhanceyourstorepackagingistoinvestinasignature
bagthatisusedanytimeacustomermakesapurchaseRatherthanuseagenericbrownorothercoloredbagthathasnobrandimpressionsonitconsidercreatingacustomizedbagthatcurrentandfuturecustomerscanbegintorecognizeyoubyOvertimeyourbagwillbecomearecognizedsymbolforyourstoreincreasingcustomerawarenessofyourbusinessAdditionaltipstohelpbrandyourstorethroughpackagingincludeusing
thesametissuepaperribbonandgiftwrappingpapereverytimetheyareneededInotherwordsconsistencyiskeyhereTohelpyouaccomplishthisleanonanoutsidecompanythatspecializesinsupportingbusinessessuchasindependentretailersthroughpackagingOnesuchcompanyisPremierPackagingasmallbusinessthemselveswhosupportretailersthroughsalesofgiftboxesgiftbagstissuepaperribbonsandcustomizedoptionstohelpstrengthenaretailerrsquosbrandandvisibility
TeelersquosperspectiveiscommonamongretailexpertsandsupporterswiththeideathatproductalonecannotmakeyouasuccessfulretailerShecontinues
InmyexperiencethestoresthatIhaveseensucceedhavebeenabletodosobecausetheymaketheircustomersfeelasthoughtheyarepartofsomethingspecialTheymakecustomerswanttoshopthereThisisaccomplishedbycreatingthatstrongstorepersonalitysharingthatpersonalitythroughsocialmediaandinvitingcustomerstobepartofitthroughe-mailmarketingandotherpromotionaleventsUsingthelatestmarketingtoolsindependentretailerscancreatetheirbrandsandstorepersonalitiespositioningthemtoeffectivelycompetewithbig-boxretailers4
CompaniesthatprovidemarketingtoolsforindependentretailersarebecomingmoreandmorecommonSnapRetailisagreatexampleofthistypeofcompanyprovidingready-to-usemarketingforindependentretailersinavarietyofwaysFoundedin2010SnapRetailprovidesprewrittencontentintheformofe-mailssocialmediapostseventmarketingandmoreallspecifictoindependentretailersTheireasy-to-usemarketingsolutionhelpsretailerstobettermanagetheirtimewhilebecomingmoreengagedinallthenecessaryavenuesofretailincludingmarketingsocialmediae-maileventplanningandgeneralpromotionalexposureTeelesays
SnapRetailcustomersoftenseeabouta15to20percentincreaseinsalesandastrongerengagementthroughsocialmediawithcontinualuseofoursolutionOurmostsuccessfulretailersengagewiththeircustomersonsocialmediasiteslikeFacebookatleastonceadayandsendmeaningfule-mailstwotothreetimesperweek5
InChapter9wersquollfurtherdiscusshowSnapRetailrsquosmarketingsolutionsspecificallyapplytoonlineefforts
UsingE-mailtoCommunicateStoreMessages
Increasingyoure-mailopenratewhichidentifieshowmanypeoplewhoreceiveyoure-mailsactuallyreadthemisanimportantgoaltohaveYetretailersoftenstrugglewithwhattosayandhowtocreateastronglayoutfortheire-mailsSnapRetailrsquoslibraryofprewrittenandprofessionallydesignede-mailtemplatesdoestheworkforyouevenofferingacalendarfeaturewiththesoftwaresothatyoucanscheduleandmanageyoure-mailandothermarketingcommunicationsIncorporatingsolutionssuchasthisintoyourmarketingplanisagreatwaytomakeyourto-dolisteasierwithoutcompromisingthesuccessofyourstoreInfactthegoalistoincreaseitMarketingcommunicationsmanagerJessicaMorettiofSnapndashRetailisalways
searchingforthebestmessagesretailerscansharewiththeircustomersprovidingwithusfivetipsthatretailersshouldleanonwhencreatinge-mailsfortheircustomers
1ContentcontentcontentContentiskeytoengaginge-mailmarketingAlwaysensurethatyoure-mailscontaincontentthatistimelyrelevantandvaluabletoyourreaders
2LightscameraactionAgoode-mailcontainsoneclearcall toaction(CTA)YourreadersshouldknowexactlywhatyouwantthemtodoanditshouldberelativelyeasyforthemtocompletetheactionmdashldquoShopoursalerdquoldquoVisitourwebsiterdquoldquoPinyourfavoriteproductrdquo
3Keepitsimplestupid(KISS)BorrowapagefromtheNavyrsquoshandbookandfollowtheKISSrulewhenitcomestoe-maildesignKeepitsimplebyusingacolorpaletteofnomorethanthreecomplementarycolorseasy-to-readfontsandastructuredformat
4First impressions are everything Give your subject line the love andattentionitdeservesItrsquosthefirstthingyourreaderswillseeandcanmakeorbreakwhetheryourreaderswillopenyoure-mail
5Goneinlessthan60secondsResearchshowsthatyouhavelessthan60secondstograbyourreadersrsquoattentionbeforetheyclickawayfromyoure-mail Because of this it is imperative that your headlines and calls toactions are more compelling than that video of a sneezing panda yourreaderjustreceivedfromafriend6
Keepingthesefivetipsinmindremembertoalsoconsiderhowoftenyoureachouttoyourcustomersviae-mailYoudonrsquotwanttobombardyourcustomersrsquoe-mailin-boxeseverydaybutyoudonrsquotwanttogotoolonginbetweene-mailseitherRecentlyRetailMindedsurveyeditsretailaudienceandaskedthemhowoftentheyprefertoreceivee-mailsfromcompaniestheychoosetofollowaswellashowoftentheysendoute-mailstotheirowne-mailmarketinglistsInresponsetobothquestionsretailerssurveyedthroughRetailMindedcomanditssocialmedianetworksidentifiedonceaweekforeachscenarioAlthoughtherewillbeexceptionsifyouhavesomethingworthsharingwithyouraudienceonaweeklybasisane-mailblastscheduledonceaweekisagoodstartingpointtoplanforyourowne-mailmarketingeffortsTofurthersupportyoure-mailoutreachyouwanttoalsoevaluatethesuccess
ofeache-mailblastyousendoutAnalyzingtheresultsofeache-mailcampaignallowsyoutounderstandwhatismosteffectiveinyoure-maileffortsE-mailmarketingproviderssuchasSnapRetailConstantContactandMailChimpalloffere-mailanalysisaspartoftheirservicesandweencourageyoutomakeitaprioritytoevaluatetheseresultsonaconsistentbasisAmongthemanythingsane-mailreportmaytellyouiswhiche-mailswere
Amongthemanythingsane-mailreportmaytellyouiswhiche-mailswereopenedthemost(theiropenrates)whatdaysandtimese-mailssentweremostreadandwhetherornotpromotionsorincentivesofferedviae-mailgainedastrongerreturnthanothere-mailssentAlittlestudyingofthesereportscangoalongwaysobesuretoaddthistoyourretailto-dolist
UsingtheInternetasaMarketingPlatform
E-mailmarketingisnearlyaclassictechniquecomparedwithotheronlinemarketingeffortsyetitshouldnrsquotbeignoredasyouincorporateadditionalInternet-basedmarketingintoyoursalesandmarketingstrategyOnecompanythataimstospecificallysupportindependentmerchantsindoingthisisBoutiqueWindowThisNebraska-basedcompanydevelopedsoftwaretohelpretailersshowofftheirlatestinventorynewarrivalsstorepromotionsandmoreviaamerchantrsquosownwebsiteandsocialmediaWithasetupthattakesonlyminutesretailerscanuploadandeditphotosoftheirstoremerchandiseaddproductdetailstosupporttheirimagesandpublishimmediatelyonFacebookTwitterPinterestandtheirindividualbusinesswebsitesDoingthishelpsretailerstokeeptheirstorestopofmindfortheircustomersrsquoshoppinglistsanimportantfactortoincludeinyourownretailmarketingCofounderofBoutiqueWindowCourtneyRodgersbelievesthatevenifyou
donrsquotsellonlineyouronlinevisibilityissomethingyoucanrsquotignore
ConnectingwithshoppersonlineisessentialtothesuccessofyourbusinessevenifyoudonrsquotactuallyhaveanonlinestoreShopperstodayareengrossedinthedigitalworldmakingyourstorevisibilitypossiblewithonlyafewsimpleclicksWiththerapidgrowthofsocialnetworksandimprovementsinlocalsearchoptionscustomerscanaccessanyinformationtheywantonlinewithjustaclickortwoOfcourseifyouarenrsquotonlinethenyourstorewillmissoutontheseopportunitiesEvenbrick-and-mortarstoreswithnoplanstosellonlineshouldstillhaveanonlinepresenceforthisreasonalone7
BeingtopofmindisidealforanyretailerbutthosewhohaveyettomakeanonlinepresenceareboundtobeleftoutinthecoldBeingvisibleonlineisa
onlinepresenceareboundtobeleftoutinthecoldBeingvisibleonlineisamustthesedaysevenifyouhavenoplanstoeversellviathewebCreatingawebsitethatcomplementsyourin-storeexperienceandbrandidentityiskeyallowingcustomerstounderstandyourstorepersonalitybothonlineandofflinemorecohesivelyIn2012e-commercesalesgenerated$231billionintheUnitedStatesalone
accordingtomarketresearchfirmForresterThiscompanyalsofoundthatthegrowthofe-commercewhichin2012accountedforabout8percentoftotalretailsalesintheUnitedStatesisexpectedtooutperformthegrowthofbrick-and-mortarstoresoverthenextfiveyearsreaching$370billionby2017WiththesetypesofnumbersindependentretailersshouldnotchallengethequestionofiftheywanttosellonlinebutratherwhentheywillstartFortunatelycreatinganonlinepresenceiseasythankstoe-commercetemplatesfromavarietyofprovidersLeadingthismarketisShopifycomanonlinecompanythatsupportsemergingorexistingretailersandwholesalersintheireffortstocreatesavvycustomer-friendlyonlineshopsShopifyrsquos247supportandeasy-to-customizewebsitetemplatesareidealforindependentmerchantslookingtogetonlinequicklyeffectivelyandaffordablyInChapter9wersquolldiscusshowyoucanmaximizeyouronlinesuccessinmoredetailspecificallylookingatsocialmediaande-commerceldquoIndiemerchantshaveavarietyofchallengesbuttheirultimatechallengeis
alwaysgettingenoughtrafficintheirstoresmdasheitherphysicaloronlinemdashtokeeptheirlightsonrdquo8TexanretailerSuttonstatesWhilethiscouldnotbetrueritrsquosoftentheretailersthemselveswholeadthemselvestoturned-offlightsToavoidthisbecomingarealityforyourstorechoosetobeaggressiveinyourstoremarketingeffortstokeepupwithyourcompetitionandyourcustomersalikeFinallytohelpyoufurthernavigateyourmarketingsuccessasanindependent
merchantwersquoveidentifiedalistofmust-knowbusinessestohelpyoureachyourmarketinggoalsWealsoencourageyoutoexploreAppendixAforamorecomprehensivelistofbusinessesandresourcesthatcanhelpyourbusinessreachitsfullpotential
ResourcesEveryIndependentRetailerShouldKnowAbout
1AmericanIndependentBusinessAlliancewwwamibanetThisisa
nonprofitorganizationthathelpscommunitiesandretailerslaunchandoperatebuy-localcampaignstosupportlocalentrepreneursandeconomies2BoutiqueWindowwwwboutiquewindowcomThiscompanyprovidesonlinemarketingtoshowcaseinventoryviayourwebsiteorsocialmediaoutletsallowingretailerstoengagetheircustomerswithnew-productarrivalsandmore3MOOwwwmoocomThiscompanyprovidesbusinesscardspostcardsstorehangtagsandotherprintgoodsthatarestylishindesignandeasytocustomizetoyouruniquestoreneeds4PremierPackagingwwwretailpackagingcomThiscompanyprovidespackagingsolutionsthatcatertoretailerslookingtoincorporatepackagingoptionssuchasbagsgiftboxesandtissuepaperaspartoftheirstoreidentityandmarketing5RetailRadiowwwretailradiobizCustomizeyourin-storeexperiencewithmusicthatiscatereduniquelytoyourstoreandyourcustomerwhilealsoincorporatingcustomizedmessagingtocreatethebestpossibleambianceforyouruniqueretailspace6ShopifywwwshopifycomThiscompanyprovideseasy-to-customizeonlinestoretemplatesthathelpyoutosellonlineefficientlyaffordablyandprofessionally7SmartSignwwwsmartsigncomSignagecansupportyourstorecommunicationtohelpcustomersnavigateyourstorespaceandmaximizetheirstoreexperienceUsefordisplaymerchandisingorpromotionandincorporatesafetysignagesuchasldquoEmergencyExitrdquoorldquoEmployeesOnlyrdquoaswell8SnapRetailwwwsnapretailcomThiscompanyprovidesprewrittencontentandgeneralmarketingsupportthatincludese-mailsocialmediaandeventmanagementspecifictoindependentretailers9TriparInternationalwwwtriparcomThiscompanyprovidesvisualdisplaysandfixturesthathelpyoutobeautifullyshowcaseproductengagecustomersanddrivesaleswithproductsthatincludetabletopdisplaysjewelrystandseaselspoint-of-sale(POS)accessoriesandmore
10VendwwwvendhqcomManageyourcustomerloyaltyinventoryandPOSsystemswithoneeasy-to-usesoftwareprogramthatisaccessibleon
aniPadcomputersmartphoneoranydevicewithawebbrowserWhilenotmarketing-specificthiscompanyrsquosPOSsoftwarecanhelpyoustreamlinetheentireoperationalproceduresofyourstoreincludingcustomermanagementandexposure
UsingthischapterasyourreferenceyoucanseejusthowmanybusinessesareavailabletohelpyoureachyourfullmarketingpotentialaswellastheneedtoincreaseyourstorersquosvisibilityInthechaptersaheadwersquolldiscussadditionalwaystogeneratemoreexposureforyourstoreultimatelytohelpincreasesales
ActionGuide
CreatingastorepersonalityisakeystepinseparatingyourbusinessfromothersMerchantsshouldtakethetimetoidentifyhowtheywanttobeperceivednotonlybycustomersbutalsobytheircompetitionIdentifyingthecharacteristicsofyourstoreisanimportantstepalthoughitrsquosalsocriticaltorecognizewhetheryourstorersquosperceptionmatchesyourintendedrealityOnewaytodothisistoputyourselfintheshoesofacustomerPuttingyouremotionsasidechallengeyourselftotakeontheroleof
customerinyourstoreBequicktojudgeandimpatientasyouevaluateyourstoreallowingyourselftoholdcharacteristicsofcommoncustomersintodayrsquosbusymarketplaceWithyourmind-setcommittedtobeingthatofacustomerinsteadofastoreownerwalkintoyourstoreandcritiqueyourstorersquosenvironmentAnswerthefollowingquestionsasobjectivelyaspossibleMoreoverinviteatleastthreeandideallyupto10otherpeopletocompletethissameexercise
1WhatdoyouimmediatelyviewasmostappealinginthestoreWhy2WhatdoyouimmediatelyidentifyasleastappealinginthestoreWhy3WhatdiditfeellikewhenyoufirstenteredthestoreExplainyour
emotionalreactionsuchasldquowelcomingrdquoldquoclaustrophobicrdquoldquoengagingrdquoldquodistractingrdquooranythingelseyoumayfeel4ArethereanydistractionsintheretailspacethattakeyouawayfromshoppingorwantingtobrowsethestoreThismayincludepeoplenoisedisplaysoranythingelse5WhatitemsifanylookoutofplaceinthestoreWhydoyouthinkthisis6WhatitemsstandoutthemostWhy7DoanyitemsstrikeyouasbeingoutofplacewithinthestoreassortmentPleaseexplain8ArethereanyitemsthatyoudonrsquotseeinthestoreassortmentbutbelievewouldmakesensetohavePleaseexplain9DothedisplaysengageyouasacustomerHowso
10WhatareasofthestoreappearmostaccommodatingforshoppingandenjoyingPleaseexplainwhyyouthinkthis11WhichareasofthestoredonotattractyoutothematallPleaseexplainwhyyouthinkthismaybe12DoesthestoreappearcleantoyouDoyouseeanyvisibledustorotherdirt13Forstoreswithpublicrestroomswhatimpressiondoestherestroomgiveofftoacustomerobservingit14Doesthecash-wrapareaprovidecustomerswithaplacetoresttheirpurseorsignareceiptandenjoytheircheckoutexperience15Dothewallsneedafreshcoatofpaint16AretherevisibleareasofthestorethatlookasiftheyneedsomeTLCorsomekindofrepairPleaseexplain17Doanystorefixturesoverpowertheinventoryorrestrictyouasacustomerfromshoppingandenjoyingthestoreexperience18DoesthestoresignageattractyourattentionWhyorwhynotIsiteasytoidentifywhatisonsalestorepoliciesspecialannouncementsandmore19Doesanyunstockedinventoryappeartobeonthesellingfloor20Whatisyourultimatefinalimpressionofthestore
OncecompletedreviewyourresponseswithanopenmindandidentifycommonresponsesamongallparticipantsWorktostrengthentheareasidentifiedasneedinghelppositioningyourselftobettersupportyourcustomersandyouroverallbusinesssuccess
PARTIII
MakingaMarkintheEconomy
9
MakingYourPresenceOnline
Makeyourproducteasiertobuythanyourcompetitionoryouwillfindyourcustomersbuyingfromthemnotyou
mdashMarkCuban(1958ndashpresent)DallasMavericksowner
businessmaninvestorONEOFthegreatestmisconceptionsaboutbrick-and-mortarindependentretailisthatitrsquosasolitaryendeavorSmall-businessownershavecountlessoptionsbeyondtheirstorewallsallowingthemtoconnectand
engagewithvendorsretailsupportersandcustomersalikeAmongtheseoptionsaree-commerceandsocialmedia
Ecommercehasgainedabadreputationamongindependentretailersbecauseofthesuccessofbig-boxplayerssuchasAmazonWalmartStaplesandothersAlthoughthisisunderstandableitdoesnrsquotmeanthate-commerceshouldbeignoredbyindependentretailersInfactitmeansthatitshouldbeembracedChoosingnottoengageine-commerceonlyeliminatestheadditionalrevenueandexposurethate-commercecanprovideInternetRetailerMagazinersquoseditorinchiefDonDavissharedhisthoughtsonthevalueofsellingonlineemphasizingaretailerrsquostotalreachofpotentialconsumers
Smallbrick-and-mortarretailerscanreachamuchbroaderaudienceonlinethantheycanintheirphysicalstorefrontsaloneWithaphysicalstoreyoucanonlyreachtheconsumerswithindrivingdistancewithanonlinestoreyoucanatleastreachacrossthecountryandwithalittleefforttheworldMostconsumersareshoppingonlineandabigmajorityofaffluentconsumerswiththemostdisposableincomeareincludedinthisaudienceWithoutane-commercesiteanindependentretailercanrsquotreachmillionsofconsumers1
HarleyFinkelsteinanentrepreneurattorneyandchiefplatformofficeratShopifycomagreeswithDavissharinghisbeliefthatmerchantsshouldnotdifferentiatebetweenofflineoronlinesalesbutinsteadlookatthemtogetherldquoInmyopinionthefutureofe-commercebelongstosmallbusinessesThisisthebiggestopportunityforretailerssincefarmerrsquosmarketsbeganhundredsofyearsagordquo2Finkelsteinexplains
EmbracingEcommerce
Expandingyourreachamongpotentialcustomersseemslikeano-brainerbutmanyretailersarestillhesitanttointroduceanonlinebusinessasasupplementtotheirbrick-and-mortarstoresFortunatelythehasslesandfrustrationsthatpreviouslyexistedwithmanagingonlineshopsareathingofthepastthankstocompaniessuchasShopifycomanonlinecompanycommittedtohelpingsmallbusinessescreatebeautifule-commercestoresthroughitseasy-to-implementwebsitetemplatesFoundedin2006ShopifyhasgrowntosupportovertensofthousandsofonlineretailersacrosstheworldThroughitsplatformuserscaneasilyandquicklycreatetheirownonlineshopswithouthavingtodealwithallthetechnicalworkinvolvedindevelopingacustomizedwebsiteEssentiallyShopifyeliminatesthehassleofrunninganonlinestoremdashsomethingbusystoreownerscanappreciatemdashyetdeliversanopportunityforbrick-and-mortarmerchantstoexpandtheirsalesandvisibilityonlineldquoPeoplesometimeshavethisperceptionthatsettingupanonlinestoreis
difficultandexpensivebutthatrsquosnotthecaserdquo3FinkelsteinexplainsInadditiontoFinkelsteinrsquosowntwocentswehaveexperiencedusingaShopify-basede-commercesitefirsthandonmorethanoneoccasionHavingbeenablenotonlytobuildawebsitethroughShopifybutalsotonavigateandshopShopify-managedwebsitesasaconsumerourcollectiveexperienceallowsustoconfidentlysupportShopifycomasournumberonechoicefore-commerce-basedwebsitetemplateoptionsAmongthevarietyofreasonswepreferShopifyisthatthecompanyoffersadiverserangeofoptionsthatcatertoalltypesofretailerswhilemakingtheuserexperiencefromboththeretailersrsquoandtheconsumersrsquoperspectiveseasyandmdashdarewesayitmdashenjoyableForexampleShopifyoffersanumberofe-commercepackagesthatfitany
retailerrsquosbudgetWithoptionsthatincludeattractivewebsitetemplatesproduct
imagesgiftcardsshopping-cartfeaturescarriershippingandmuchmoreretailerscanconfidentlymanageanonlinestorewithoutwonderingiftheyhavecoveredalltheirbasesAnotherperkofusingane-commercetemplatecompanysuchasShopifyisthatasyourbusinessgrowsandyouronlinesalesincreaseyoucancomfortablyexpandyoure-commercesupportviaShopifywithjustafewsimpleclicksOneexampleofaretailerthatdidjustthatisBeardbrandwhosewebsiteisBeardbrandcomBeardbrandamodernretailerthatsellsgroomingkitsbeardcareandother
lifestyleproductsformenfirstcreatedaShopify-basedstoreinearly2013FounderEricBandholzhadbeenbloggingaboutbeardsforawhilesoheknewafewthingsaboutbeingvisibleonlineThissaidhedidnrsquotknoweverythingheneededtostartandmanageane-commercebusinessThisiswhereShopifycomenteredthepictureDespitehavingonlythreeproductsandnoestablishedsalesBeardbrandfoundinstantsuccessandwasevenfeaturedintheNewYorkTimesmdashanimpressiveaccomplishmentforaretailerthatonlyayearpriorhadnoe-commercebusinessSincethenBeardbrandcomhasexpandeditslineandnowgeneratesupto$60000monthlymdashanumberthatcontinuestoincreaseAnotheronlinesuccessstoryfromaverydifferentnicheretailmarketisthat
ofFringeSportaTexas-basedretailerthatcaterstotheat-homegymenthusiastBrothersPeterandAlexKellerfoundedFringeSportin2010andwithinthefirstyearthecompanybroughtin$100000throughitsonlineShopify-basedstoreBy2012theKellerbrothershadintroducedadditionalbrick-and-mortarlocationsaswellasawholesaleprogramcollectivelygenerating$1millioninrevenuein2012aloneIn2013thatnumbergrewto$3millionOfthat$3million60percentcamefromtheonlinestore
RETAILTIPOneofthemanyperksofusingatemplate-basede-commercewebsiteis
thatitmakeswebsitemanagementeasyandaccessibleformerchantstouseAnexampleofthiscanbefoundbelowinascreenshotfromShopifycomwhereyoucaneasilyidentifywhenorderswerereceivedonlineandhowmucheachorderwasforInadditiontoidentifyingdailysummariesofonlinesalesShopifycomidentifiesweeklymonthlyandtotalsalesmadethroughouteachyearCollectivelytheirextensivereportingande-commercemanagementhelpretailersidentifysalestrendsmissed
opportunitiesandmore
HavinganichemarketcertainlyhelpsretailersBeardbrandandFringeSportstandoutinthemarketplacebutanotherkeyfactortorecognizehereisthedesignandaestheticsoftheironlinestoresBothstoresareeasytonavigateallowingcustomersfromanypartoftheworldtoshoptheirweb-basedstoreswitheaseSupportingyourcustomerswithawell-thought-outeasy-to-navigatewebsiteisnodifferentthansupportingyourcustomerswithawell-thought-outeasy-to-navigatephysicalstorefrontBotharecriticalinkeepingyourcustomersrsquoattentionbuttheyvarytremendouslyinthetricksandtipsnecessarytoaccomplishthisgoalUnlikerunningyourownbrick-and-mortarstoremanagingane-commerceshopdoesnrsquottakeasmuchtimetosetupmanageormerchandisemdashallowingyoutonearlyeffortlesslyintroducethistoyoursalesstrategyparticularlyifyoualreadyhaveanexistingbrick-and-mortarstorewithstockreadytosellThekeyhereasalreadymentionedisusingatemplate-basede-commercewebsitesuchasShopifycomversustakingthetimetocreateyourownwebstorefromscratchNotonlywillthissaveyoutimebutyouwill
alsolikelysavemoneywhenpositioningyourselfonlineinthiswayWhetheryoucurrentlyhaveanonlinestoreplantointroduceyourfirstone
soonorarestillupintheairastowhetherornotyouwanttobringyourbusinessonlinethefollowing10tipsshouldbeconsideredwhenbuildingyourwebpresence
1FocusonwhatrsquosuniquetoyouAsInternetRetailerMagazinersquoseditorinchiefDonDavissharesldquoThereisnopointintryingtocompeteinsellingstandardpapertowelsorsockswithAmazoncomorWalmartcomTheyrsquollkillyouinpriceInsteadfocusonsomethingmoreunusualsuchasaselectionofcrochetingwoollocalhandcrafteditemsoradeepselectionofoliveoiltocaptureabuyingmarketforyourgoodsonlinerdquo6
EXPERTSPOTLIGHTAccordingtoBoutiqueWindowcofounderCourtneyRodgershavingan
onlinepresenceasaretailerisnolongeroptionalldquoDoingapoorjobofrepresentingyourstoreonlinereflectsnegativelyon
yourstorersquosbrandKeepingyourwebsiteandsocialmediaprofilesuptodateshouldbeworkedintoyourregularbusinessscheduleMakesureyoursquorepostingnewmerchandisetoyourwebsiteasitarrivesandsticktoaconsistentsocialmediascheduleaswellrdquo4Rodgerrsquosadvicetomakeyouronlinepresenceapriorityisnrsquotsharedby
heropinionaloneldquoForresterResearchestimatesthatin2014505ofin-storeretailsales
willbeinfluencedbyonlineresearchCommunicatingwhatiscurrentlyinyourstoreisthebestwaytoattractnewcustomersandturnexistingcustomersintorepeatloyalshoppersBeingonlinewillhelpyoudothisrdquo5Rodgersexplains
2CreatestrongproductdescriptionsUnlikeaphysicalstorefrontthathasasalespersonavailabletoanswercustomerquestionsorshareproductinformationanonlinestoreneedstospeakforitselfMakesurethatyouronlinewrittencommunicationisdetailedandeasyto
understandallowingyouronlinecustomerstogainasmuchinformationaboutyourproductsaspossibleFurthermoreyoushouldaimtoprovideengaginginformationtocomplementthegreatproductdetailsyouaresharingKeepingyouraudienceintriguedwillaffectyourcustomerengagementsochoosingtherightwordsiscriticalwhensellingontheweb3UsecrispclearimagesoftheproductsyousellonlineWhileyourproductdescriptionsneedtobestrongyoudonotwanttoneglectyourproductpictureseitherWithoutcustomersbeingabletotouchholdsmelltasteorotherwiseengagewiththeproductstheyareinterestedinyourproductimagesmustreallystandoutandcaptureyourcustomersrsquoattentionDependingontheproductyouaresellingmultipleimagesperproductmaybenecessarytoreallyallowyourcustomerstofeelasiftheyhaveasolidunderstandingofwhatthatproducttrulylookslikeIftakingpicturesisnotyourexpertisebesuretorequestproductimagesfromyourvendorsandalsoconsideranoutsidecompanysuchasBuyersPacketcomwhichoffersastudioeffectservicethatcantakeanypictureandmakeitappeartohavebeenprofessionallyphotographedYoualsoshouldaimtohavehigh-resolutionimagesonyourwebsiteaswell4BeconsistentinyourproductlayoutWithbothyourproductdescriptionsandimagestobeconsideredhereyouwanttohaveaconsistentlayoutforyourentireonlineinventoryInotherwordsdonotgiveexpandeddetailsononeitemandwriteabriefoverviewonanotherorshowacrispclearpictureofoneproductandthenablurrylow-resolutionimageofanotherCustomerswanttheirentireonlineshoppingexperiencetobegreatmdashnotjustsomeofitConsistencyiskeyinachievingthis5IdentifyyourshoppingcartoptionatalltimesWhensellingonlineashoppingcartisreferredtoastheplaceinwhichproductslandonceacustomeridentifiesthemassomethingtheywouldliketopurchaseHavingthisshoppingcartvisiblewithaniconallowsyourcustomerstocheckitemsintheircartsandeasilycheckoutwhentheyarereadyComplicatingthesetwocriticalstepsbymakingyourcustomerssearchforthispartofyourwebsitewillonlydecreaseyourchanceofcapturingtheirsales6DisplaycompanycontactinformationanaboutuspageandotherhighlighteddetailsBynowhopefullyyoursquoverealizedthataneasy-
to-seeandeasy-to-navigatewebsiteiskeytosuccessfullysellingonlineThisalsoholdstrueforanyotherdetailsacustomermaywanttogainfromyourwebsiteincludingcompanycontactdetailsdealsandpromotionsanaboutuspageandmoreWhilesharingthesedetailsmaynotseemlikeabigdealwhatyouarereallydoinghereisgainingtrustfromyourcustomerConsumersonlinewanttofeelsecurewhenshoppingandofferingthemeasy-to-accessdetailsaboutyourcompanycanhelpyouachievethis7OffermultiplepaymentoptionsThelastthinganonlinemerchantwantstoseehappenisgettingabunchofshoppingcartsfilledtopurchaseonlytohavethembecomeabandonedAmongthereasonsthismayhappenisbecauseacustomerdoesnotlikethepaymentoptionsavailableonlineWhenidentifyingwhatchoicesyouwantyourcustomerstohaveinmakinganonlinepurchasevarietyiskeyHavingmultiplepaymentoptionsensuresthatyoumeetmultiplecustomerpreferencessavingyouyetanotherhassleoftryingtoidentifywhatisbestIncludingPayPalandmultiplecreditcardoptionsistypicallymostpreferredbycustomers8Leanone-commercespecificresourcestohelpyoumanageyourbusinessTheannualInternetRetailerConferenceandExhibition(IRCE)offers200+speakersoverafour-dayperiodattracting600ormoree-commercetechnologyandservicevendorstogetherinoneplaceAsDavistellsusldquoWhateveryouneedtosellonlineyoucanlearnaboutitandfindtherightprovidersforyourgoalsatIRCErdquo7ThisisagreateventtoconsiderattendingalthoughyoualsocanstayinthecomfortofyourstoreandvisitInternetRetailercomforfreetrustede-commercesupportaswellasrefertoShopifycomrsquosEcommerceUniversityandgloballyrecognizedblogforadditionale-commercenewseducationandsupportaswell9AvoidchargingforshippingwheneverpossibleWecertainlyunderstandthatthisisnotalwaysthecasebutifyoucanfactorinoccasionalfreeshippingopportunitiesoreliminateshippingcostsaltogetheryouwillbemorelikelytoincreaseyouronlinesalesOnewaytoincorporatethisintoyoursalesstrategyistoeliminateofferingproductdiscountssuchas15percentoffandinsteadapplythesesavingstoyourshippingCustomersnowadaysarebecomingincreasinglymoredependentonfreeshippingthankstoourbig-boxcompetitorssoyouwanttoacknowledgethisrealityheadonrather
thanavoiditWhenshippingcostsarenecessarymakesurethatyouofferthemosteconomicaloptionspossible
10KeepyourcustomerstopofmindineverydecisionyoumakeAreyoutryingtoattractGenerationYconsumersornear-retirementfolksWhomeveryouraudienceneverlosesightofthemasyouasdevelopyouronlinestoreIfyourpreferredcustomersaremoreGenerationYthanbabyboomersconsiderintroducingvideosonyourwebsiteBeproactiveinknowingwhoyourcustomersareandcateringtotheiruniqueonlinepreferencesthereforebettersupportingtheirshoppingexperiencesThisreallyisnrsquotthatmuchdifferentfromchoosingtocreateonedisplayinyourphysicalstoreversusanotherdevelopingitwithauniqueaudienceinmindAndtruetoeverydecisionyoumakeregardingyouronlinestorealwaysmakesurethatusernavigationfromaconsumerrsquosperspectiveiseasyandsecure
WithonlinespendingprojectedbyForresterResearchInctoreach$370billiongloballyby20178itrsquoshardtoignorethevalueofsellingonlineWhetheryouarebasedinruralOklahomaorthebustlingstreetsofBrooklynyouronlinestorehasthepotentialtohaveaglobalaudienceHowyoucapturethisaudiencedependsonyouronlinemarketingeffortshoweverAmongthevariouswaysinwhichyoucandothisissocialmediaHavingbeenaroundsince1994socialmedianolongerconstituteanewtrendthatretailersshouldbeawareofInsteadsocialmediashouldberecognizedasestablishedinteractiveexperiencesthatallowmerchantstoexchangeinformationwithinvirtualcommunitiesandnetworksmdashreachingbothcurrentandpotentialcustomers
SocialMediainTodayrsquosRetailMarketplace
OvertheyearstherehasbeenanongoingdebateastohowsocialmediadelivervaluetosmallbusinessesMuchhasbeensaidaboutthelackofmeasureableresultsgeneratedbysocialmediaspecificallyintheindependentarenaAccordingtoldquo2013SocialMedia300RankingE-RetailrsquosLeadersinSocialMediaMarketingandCommercerdquofromInternetRetailerMagazine9howeverrefutingthisclaimreliesheavilyonprovingthatsmallbusinessescaninfactfindsuccessandgeneratesalesusingsocialmediaaspartoftheir
strategiesLeadersonthelistincludePetflowcomFabcomandCoastalcommdashwithretailgiantssuchasWalmartTargetandBestBuynotevenmakingthetop100
EXPERTSPOTLIGHTInadditiontohavingyourownwebsitemanyindependentretailershave
foundsuccessexpandingtheirproductassortmentonwebsitesthatincludeAmazoncomeBayandSearscomThesesiteshaveuniquesellingplatformsthatcollectivelygeneratemillionsofwebvisitorseachdayWiththisinminditmaymakesensetoalsoexpandyouronlinepresencetoincorporatetheseonlineavenuesSkipMcGrathisaprofessionaleBayandAmazonsellerwhoiswidely
recognizedasanindustryexpertinsellingonbothofthesewebsitesBelowheshareshisinsightonhowindependentretailerscanbenefitfromapplyingtheirsalesstrategytoincludesellingonAmazoneBayandSearsldquoItusedtobeastorecouldopenawebsiteandgettrafficbuttheworld
ofGooglehaschangedandtodayitisverydifficultforasmallshoppingsitetogetanytractionwithsearchenginesHoweveronlinesellingsitessuchasAmazoneBayandSearscomalreadyhavetrafficcomprisedofcustomerslookingforthingstobuyAddingoneormoreoftheseavenuescanhaveanimmediateeffectonaretailerrsquossalesAsyoulooktogetstartedinexploringtheseavenuesyoushould
considerthefollowingTostarteBayusedtobekingofthemountainwhenitcametosmallsellerslookingforawaytoexpandonlineButeBayhaschangedandisnolongeraswelcomingtosmallersellerseBayisstilltheplacetosellusedandvintagegoodsbutAmazonhasgrabbedmarketsharewhenitcomestonewmerchandiseAndAmazonwelcomesnewsellersandgivesthemgreatsupportSearshasalsoenteredthegameandisexpandingrapidlyButAmazonisstillthebestplacetostartOnemorethingtothinkaboutisthepotentialfornewcustomersyoucan
gainthroughthesesellingavenuesIfyouhaveastoreinasmalltownorashoppingmallyouareexposedtothousandsofpotentialcustomersbutwhenyouexpandonlineitslikehavingastoreinacitywithapopulationofahundredmillionormorerdquo11McGrathsharesadditionalinsightonsellingoneBayAmazonandSears
onhiswebsitewwwSkipMcGrathcom
ldquoPetFlowcombringsin30percentofitstotalsitetrafficandoverallrevenuefromsocialnetworksmdashmostlyasaresultofalaser-likefocusonbuildingandmaintainingaloyalFacebookfanbaseandregularpoststhatspeaktotheirfollowersrsquoinnerpetloverrdquotheguideidentified10AlsoitstatedthatFabcomreceived25percentofitswebsitetrafficfromsocialnetworksmeaningthataquarterofallitsonlinevisitorsareadirectresultofsocialmediaengagementAthoughtheseonlinestoresarenotyourtraditionalMainStreetmerchants
theirsuccesswasfoundstrictlyusingtheInternetastheirsellingplatformEvenifyouneverstrivetohavemoreonlinesalesthanofflinerecognizingthevalueofblendingbothstrategiestoincreaseyourtotalsalesisagoodgoaltoaimforThatsaiddonrsquotbesurprisedifyourhardworkdeliversstrongersalesonlinethanoffAfterallyourreachofconsumersismuchgreateronthewebthanviaanystorefronteverandthiscanonlystrengthenwiththehelpofsocialmediaUsingsocialmediatoincreaseyouronlinesalescertainlymakessensebut
Massachusetts-basedretailstoreJennyBostonafive-locationboutiquesellingpursesaccessoriesandotherwomenrsquosfashionapparelintheBostonsuburbsalsofindsthatsocialmediahelptobringfoottrafficintotheirstoresJennyBostonco-ownersJenniferDeMariaandKristinMaynardbegan
postingandsellingitemsonFacebookinOctober2012Sincethennotonlyhavetheironlinesalesexceededthoseoftheiractualphysicalstoresbuttheyrsquoveincreasedtheirin-storefoottrafficasaresultofpeoplepickinguptheiritemspurchasedonlineandoftenmakingafewmorepurchasesonceintheboutiquesThistypeofchainreactionthatbeginsonasocialmediasitesuchasFacebookmdashwhichhas15billionplususersandgrowingmdashisproofthatsellingonlineusingsocialmediaandhavingaphysicalstorefronttrulygohandinhand
AlthoughaimingtogainstoreattentionandsalesshouldalwaysbeyourgoalitrsquoseasyforindependentretailerstofeelasiftheycanrsquotdoitallYourto-dolistsarelongandaddingyetanotherresponsibilitytoyourplateoftencanseemoverwhelmingldquoStudyafterstudyhasshownthatsmallbusinessesbelieveinthepowerof
socialmediabutdonrsquotparticipateactivelyfortworeasonsThisincludesnot
havingtimeandnotknowingwhattosayrdquoexplainschiefoperatingofficerSuzyTeeleofSnapRetailcom12SnapRetailanonlinemarketingcompanythatprovidesmarketingsolutions
specificallyforindependentretailersdemonstratesthatautomatedmarketingsolutionscanhelpbusyretailerstoactivelyparticipateinsocialmediawhilesavingtimeanddeliveringprewrittencontentTeelecontinues
SelectingamarketingautomationsolutionthatprovidesprewrittencontentcandelivereasewhilebeingeffectiveforretailersWhenaretailerhasinterestingcleverormeaningfulsocialmediapostsattheirfingertipsandcanbrowseandscheduleamonthrsquosworthormoreatatimetheanxietyaboutsocialmediagoesawayandtheretailersuccessfullyengageswiththeircustomersinstead13
UsingstrongengagingcontentonyoursocialmediapostsisanimportantpieceofthesocialmediapuzzleMoreimportantisgettingengagedinsocialmediatobeginwithWithoutparticipatinginthesekeyconsumervirtualcommunitiesyouaremissingoutonopportunitiestocommunicatewithyourcustomerswhilealsowillinglyallowingyourcompetitiontogainmoreattentionandultimatelysalesthatcouldbeyoursEdClearypublisherofthewebsiteRetailTouchPointsbelievesthat
independentretailersshouldnotneglectsocialmediamdashnomatterhowbusyorstretchedfortimetheythinktheymaybeClearysays
RETAILTIPSnapRetailoffersprewrittensocialmediapostsforretailerstochoose
fromofferingquicktimelyandeffectivesocialmediapostsforthemtoengagetheircustomerswithSnapRetailalsooffersimagestoaccommodateyourpostsincreasingyouruserexperienceandsocialmediasuccessBelowisanexampleofwhatSnapRetailrsquossocialmediagallerylooks
likeKeepinmindthatwhenvisibleonlineandincolorthisuserpagebecomesclearerandeasiertonavigate
IndependentretailershavegreatopportunitiestosharewhatisgoingonintheirstoresbothonlineandviasocialmediaIseewaytoomanysmallretailersthathavefantasticin-storeexperiencesbutyouwouldneverknowthatunlessyouarephysicallyintheirstoresDevelopinganonlinecommunicationplanincludingane-mailmarketinglistandusingsocialmediaallowsretailerstosharetheirstoriespersonalmessagesproductnewsandmoreonaconsistentbasisConsistencyiskeyhereallowingstorestoremaintopofmindfortheircustomers14
EchoingClearyonthispointareRichKizerandGeorganneBenderinternationallyrecognizedretailexpertsandkeynotespeakerswhospendtheirdaysresearchingbestpracticesforretailersMoreoverKizerandBenderemphasizethevalueofreachingyourtargetaudiencewithanauthenticvoice
HerersquosthethingaboutsocialmediaitrsquosfreetousebutitrequiresaninvestmentoftimewhichcanoftentranslatetomoneymdashafteralltimeismoneyWersquovealwaysconsideredsocialmedianodifferentthananonlinepartythatrequiresconstantattentionfromyouthestoreownerorstoreteamwhichtranslatestothestorersquospersonalityitselfYouneedtoengagedailyonsocialmediaandnotneglectyourpartygoersakacustomersWhilethereareallsortsofcompaniesandappsthatofferyoutheabilitytopreplanpostsandcommunicateviasocialmediawithyourcustomersthereisnothinglikedoingityourselfYourfansandfollowerswanttocommunicatewithyou15
AkeytakeawayfromKizerandBenderrsquosthoughtsonsocialmediaistoalwaysreactrespondandreplytoanysocialmediacommentspostsquestionsorotheractivitysharedwithyouoryourstoreviasocialmediaKizerandBendersuggestsettingasidehalfanhouradaytocheckyoursocialmediasitesallowingyoutodothefollowing
1ListenReadwhatrsquosbeingsaid2InteractRespondtocomments3ReactAnswerquestionsandrespondtocomplaints4SellYoucanpushmerchandiseabouteveryfifthpostRememberitssocialmedianotacataloglistingofwhatyousell16
InadditiontoKizerandBenderrsquostipsonbeingengagedonsocialmediaSnapRetailbelievesinaruleithastaglinedasthe70-20-10ruleThisindicatesthat70percentofyoursocialmediaexperienceshouldbeengagingcontent(egfunfactsexpertadvicequestions)20percentshouldbesharedcontent(egothercustomerspartnerstoresvendorinformationetc)and10percentshouldberelatedtotheproductssalesorotherinformationaboutyourstoreAsSnapRetailrsquosSuzyTeeletellsmeldquoThisistherightbalancetobuildastrongresponsivefollowingrdquo17
PartoffindingtherightbalancealsomeansidentifyingwhichsocialmediachannelsmakethemostsenseforyouraudienceFacebookandPinteresttendtogeneratethemostlinkbacksthatleadtoconsumerpurchaseswithTwitterInstagramandGoogle+alsousedtoengageyourtargetconsumeraudienceRememberthatdespitethisdiverserangeofsocialmediaoptionsthereistrustedsupportforthosewhosimplydonrsquothavethetimetomanagethemeffectively
SnapRetailcomandBoutiqueWindowcomarebothcompaniestoconsiderwithcountlessappsalsoavailabletohelpyoumanageyoursocialmediacommunication
EXPERTSPOTLIGHTSocialmediaoffersawayforretailerslargeorsmalltoconnectwith
customersonadailybasisAmongthetopsocialmediasitesforretailerstodothisisFacebookwherefrequentusersarereportedlyloggingontotheiraccountsasmanyas10timesperdayBoutiqueWindowisamarketingplatformdesigneduniquelyfor
independentretailerstoshareproductimagesandmoreviasocialmediaCofounderEllaWirtzencouragesretailerstoincorporateFacebookintomarketingstrategiesasawaytostayengagedwithcustomerswhilealsopushingsellingopportunitiesldquoFacebookistheperfectplatformtosharepicturesofnewproduct
arrivalslast-minutesalesspecialeventsstorepromotionsandmoreFurthermorekeepyourFacebookupdatesfreshbysharinginterestingadviceproducttipsandseasonalrecommendationsalongwiththeproductimagesyoupostYourpicturesarekeyhoweverThisiswhatwillgetyourcustomersmostexcitedrdquo18
Finallyinthespiritofreachingthousandsandaimingtoincreaseyoursalesbythousandswersquoveidentifiedatop10listofresourcestohelpyouinyouronlinesalesandsocialmediainitiativesPleasenotethattherecommendedresourcesarelistedalphabetically
1BoutiqueWindowBoutiqueWindowcomShowcasemerchandiseonFacebookTwitterPinterestandyourwebsitethroughBoutiqueWindowrsquosphotoeditingtoolsandonlinepublishingcapabilitiesThissavvyonlinemarketingcompanywascreatedentirelyforindependentmerchantshelpingyoureachmorecustomersgainmoresalesandincreasestorevisibility2DoItInPersonDoItInPersoncomThisonlineeventplatformallowsretailersandotherbusinessestomanageandpromotetheir
eventsinoneconvenientplace3InternetRetailerMagazineInternetRetailercomThisdigitalandprintpublicationproducesaflagshipmagazineaswellasfourannualresearchguidesspecificallyonthesubjectofsellingonlineLeanontheirfreeonlineblogforadditionalnewspertainingtoe-commercesocialmediamobilemarketingandmore4RetailTouchPointsRetailTouchPointscomGaintimelyarticlesonretainingcustomersinthediverseworldofmultitouchretailingfromthisfreesubscription-basedresourceRetailTouchPointsisdesignedforretailexecutivesbutsharesvaluablereportsandindustrynewssothatretailerssmallandlargecanlearnmore5ShipwireShipwirecomIfstoragebecomesanissueandyouroneormorestorefrontsoutgrowyouronlinesellinginventoryShipwirecansupportyouinstoringyourproductprovidingfastandreliableshippingmanagingyourdistributionsanddeliveriesandmuchmuchmoreTheirultimategoalistohelpyousavetimecostandcomplexitymdashwhichanyindependentretailerknowsisagoodgoaltohave6ShopifyShopifycomThankstoe-commercetemplateoptionsretailerscanintroduceanonlinestoreinseveneasyhassle-freestepsfromShopifyInadditionthecompanyrsquosblogandEcommerceUniversityshareatremendousamountofvaluableinformationandnewsaboutsellingonlineandengaginginsocialmediathatallretailerscanlearnfrom7SnapRetailSnapRetailcomCommunicatewithyourcustomerswithautomatedprewrittensocialmediae-mailmarketingandgeneralstorecommunicationscontentInadditiongainaccesstocountlessimagesandotherpromotionalmaterialsprovidedbySnapRetailspecificallyforindependentretailersSnapRetailalsooffersitsusersamanagementcalendartotrackstoreeventsonlinepromotionse-mailblastssocialmediaupdatesandmore8SoldsieSoldsiecomSoldsieallowsretailerstobringtheirwebstorestoFacebookItrsquoseasytousefunforcustomerstoengageandhelpstoturnsocialmediacommunicationintosalesAlthoughthereareotheroptionstoconsiderincludingBeetailercomSoldsieisaretailerfavorite9VineVinecomThisTwitter-ownedmobileappreached40million
usersinAugust2013andcontinuestogroweverydayUsedtoincorporatevideosintoyouronlinemessagingVineallowscustomersandretailersaliketoengageviavideowiththeopportunitytoshareabehind-the-sceneslookatyourstoreofferproducthow-tosshareindustryupdatesandmoreEssentiallyitbringsyourpersonalityaliveandallowsyourcustomerstobecomeevenmoreconnectedtoyourbrandandyourbusinessItrsquosalsoagreatwaytochallengeyourcustomersviacontestsonlinetosharetheirownvideoswithyou
10WishpondWishpondcomWishpondisanappthatmakesiteasytorunagroupofferorsocialmediacontesttodrivesalesandtraffictoyourwebsiteorstorewithcouponsandotherspecialoffersviaFacebookTwitterPinterestyourwebsiteandmobiledevicesSeventy-thousandplusbusinessesusethiswithtrustandtheirsupportisconstantlyevolvingwithretailersinmind
Engagingonlineaspartofyourbrick-and-mortarstrategyisavitalpartinbothreachingandkeepingtodayrsquosconsumersmdashwhetheronlineorinyourphysicalstorefront
Althoughincorporatinganonlinepresenceintoyourbusinessisvitalintodayrsquosmodernmarketplaceitrsquosalsoimportanttotakepartinbuy-localandshop-independentinitiativesInChapter10wersquolldiscussthisinmoredetailandidentifywaysinwhichyoucanincorporatethispracticeintoyourbusinessandcommunity
ActionGuide
CreatinganonlinestoreandusingsocialmediatohelppromoteitcanaddvalueandvisibilitytoyourbusinessAnotherwaytoincreaseyouroddsofgainingmoreawarenessonlineisthroughcontentmarketingContentmarketingisintendedtoattractandkeepcustomerattentionthough
theuseofwordsmdashcontentmdashappliedtoyourproductdescriptionscompanyprofilemarketingstrategiesandallotherwrittencommunicationsEssentially
profilemarketingstrategiesandallotherwrittencommunicationsEssentiallycontentmarketingsupportsbusinessesintheirsaleandbrandidentitycreatinganavenueofcommunicationinwhichcustomersengageAlsocontentmarketingoverlapsintohowonlinesearchenginessuchasGooglerankyourwebsiteinonlinesearchesCollectivelythesereasonsofferretailersavaluableexcusetomakecontentmarketingapriorityfortheirbusinessesUsingthefollowingproductdescriptionasanexamplecreateyourown
productdescriptionsfornolessthanfiveproductscurrentlybeingsoldinyourstoreWhetheryouhaveanonlinebusinessornotidentifyingasavvypreciseandengagingwaytocommunicatedetailsaboutyourproductscanhelpyoutostandoutamongothermerchantsandintheeyesofconsumers
ExampleProductdescriptionforclassicwhiteladiescrew-neckT-shirtDescription100percentcottonside-seamedandcap-sleevedT-shirtwithacontouredfitthatshapesthenaturalcurvesofawomanrsquosbodypositioningaboutfourinchesbelowthewaistline
PriortoidentifyingyourproductdescriptionsascompletehaveatleastthreeotherpeoplereviewthemShowthemthedescriptionswithoutpicturestocomplementthemthenshowthemtheproductpicturesoractualproductonlyaftertheyhavereadthedescriptionUsingthisasatestforyourcontentmarketinghaveyoursubjectsidentifywhetheryourproductdescriptionsaccuratelydescribetheactualimagesyoushowthem
10
TakingPartinShop-LocalInitiatives
HoweverbeautifulthestrategyyoushouldoccasionallylookattheresultsmdashWinstonChurchill(1874ndash1965)
formerPrimeMinisterofUnitedKingdomREMEMBERTHATAstoriaNewYorkretailerwementionedearlierinthisbookWellMackenziFarqueraretailstoreownerforoversevenyearssuggeststhatbeingavisiblememberofyourlocalcommunityiskeytostayingrelevantandprofitableinacrowdedmarketplace
MynumberoneruleforsurvivalistostayvisiblewithinyourcommunityByembeddingyourselfinthefabricofyourlocalmarketplaceyouhelptomakecustomersfeelresponsibleforyoursuccessorfailureFurthermoreitrsquosimportanttodowhatbig-boxstoreseitherdonotorcannotdosuchasprovidingfreedeliveryonselectpurchasesacceptingeverycreditcardhavingnocreditcardminimumsandgoingtogreatlengthstodelivermemorablestrongcustomerservice1
AsaseasonedstoreownerFarquerrsquosinsightissomethingtobeconsideredOnewaytobecomeengrainedinyourlocalmarketplaceistoparticipateinabuy-localcampaign
UnderstandingBuy-LocalCampaigns
Buy-localcampaignsaredefinedbytheAmericanIndependentBusinessAlliance(AMIBA)asorganizedcampaignsthatengagelocalcitizensandbusinessestoshifttheirspendinghabitstobenefitindependentbusinessowners
businessestoshifttheirspendinghabitstobenefitindependentbusinessownersJeffMilchencodirectorofAMIBAexplainsthatcommunitiesand
independentbusinessownerscangainsalessupportandattentionbyintroducingabuy-localcampaignintheircommunities
Whenproperlystructuredandsustainedovertimebygrassrootsorganizationsbuy-localcampaignsaremakingabigimpactinshiftingcultureandspendinghabitsForexampleinaJanuary2013surveybytheInstituteforLocalSelf-Relianceindependentbusinessesincommunitieswithcampaignsbysuchgroupsreportedanaverageannualrevenueincreaseof86percentcomparedwith34percentamongindependentsinothercommunitiesThiswasthefifthstraightyeartheirannualsurveyshowedsuchadifferentialWhiletheydonrsquotprovecauseandeffectthesesurveysareamongseveralstrongpiecesofevidencethatbuy-localcampaignstrulymakeanimpactforindependentbusinessowners2
MoreoverMilchenpointsoutthatthesesurveysonlycountcampaignsthatdefinelocalaslocalownershipandindependentlyownedHecontinues
Thecountlessldquobuy-localrdquocampaignsstartedbymunicipalitiesorgroupsunwillingtodistinguishbetweenlocalownershipandmerephysicallocationalmostuniversallyfadeawaywithoutmakinganimpact3
Usingthefigureinthefollowingsidebaryoushouldbeabletoidentifyyear-to-yearsalesincreasesamongindependentbusinesseswhoactivelyengagedinbuy-localcampaignsrunbyindependentbusinessalliancessuchasAMIBAWithsalessuccessaclearadvantageofincorporatingabuy-localcampaign
intoyourowncommunitythequestionremainshowyoucandosoeffectivelyMilchensaysthatbeingclearinyourcommunicationsandgoalsiscriticalinyourplanningefforts
Beclearineverycommunicationthatyouplanwhendevelopingabuy-localandindependentshoppingcampaignItonlytakesonepersoninameetingwiththeideaofacampaignthatincludesldquoshopyourlocalWalmartrdquotodogreatharmBesuretoemphasizelocallyowned
independentbusinessesinyourmessagingWhiledirectlycritiquingchainsorabsentee-ownedbusinessesisnotessentialyouraudienceshouldunderstandthatyouintendlocaltomeanlocalownershipandcontrolnotmerelylocation4
RETAILTIPTheAmericanIndependentBusinessAlliancealsorecognizedas
AMIBAhelpsretailersandcommunitiescreateandmanageldquobuylocalrdquoandldquobuyindependentrdquocampaignsBelowyoucanseehowsaleswereimpactedamongindependentbusinesseswhoparticipatedinthesetypesofcampaignsfrom2010through2012
Fortunatelyforbusyretailersandcommunityleaderslookingtointroduceabuy-localcampaignintotheircommunitiesavastrangeofhelpisavailableAmongthefirststepsyoushouldtakeistocontactAMIBAtoseeifanyoneelseinyourcommunityhasalreadyinquiredaboutanorganizedbuy-localcampaignBeinglinkedtothispersonorgroupofpeoplecanhelpyouinorganizingalike-
mindedgroupofindividualstoworktogetherwiththesamegoalofsupportingindependentbusinessesinmindNextobtainafreecopyofAMIBArsquosldquoGuidetoCreatingaBuy-Local
Campaignrdquowhichdelivershow-tostepsongettingstartedorganizingpartnershipsleveraginglocalrelationshipssharingyourmessageandmoreTheguideavailableinbothprintanddigitalformatscanbeobtainedathttpwwwamibanetaboutprimer-formThis12-pageoverviewofkick-startingabuy-localcampaigncontainsdetailsoncreatingyourowncommunitylogoideastogeneratemediasupportandinsightsintoincorporatingyourbuy-localcampaignasanonprofitwiththegoalofbecominga501c6organization(anInternalRevenueServicedesignation)AMIBAalsocansupportyouwithfreeguidancethrougheverystepofthewaytoensurethatyounotonlysavetimebutalsoavoidunnecessaryexpensesMilchenencouragespeopleinterestedinstartingtheirownbuy-local
campaignstotakefulladvantageofwhatisreadilyavailablealreadyldquoDonrsquotwastetimeandmoneyreinventingthewheelrdquo5heexplainsWithatrustedresourcesuchasAMIBAhavingspent12+yearsgatheringandrefiningbestpracticesmaterialsandtoolsavailabletocommunitiesandindependentbusinessownersitmakessensetosavesometimebyleaningonAMIBAforhelpinachievingyourbuy-localgoalsInadditiontoAMIBAotherresourcesareavailabletoyoutohelpyoucreate
abuy-localandbuy-independentcampaignAmongthemistheBusinessAllianceforLocalLivingEconomies(BALLE)whichisfocusedoncreatingprosperitybyconnectingleadersandsolutionsinlocaleconomiesAmongthebenefitsthatBALLEoffersforretailersandtheircommunity
leadersaretheBALLEcalculatorsThroughthesecalculatorsyouareabletoidentifyhowself-reliantyourtownisinfoodwhatmissingopportunitiesmayexistforjobcreationandwhereyoucanfindthenearestbankorcreditunionAlthoughtheanswerstothesequestionsmaycomequicklytoyouthecollectiveanalysisofthesequestionsandcountlessotherscanhelpretailersandcommunitiesidentifyweaknessesstrengthsandopportunitiesAsBALLEexplainsldquoCalculatingmissedopportunitiesforrevenueandjobcreationisinvaluableforlivingeconomicdevelopmentrdquo6ForretailersinparticularthisincludesprovidingabettersenseofopportunitiesforexpansionandunderstandingthemoreprofitablemarketsinyourlocalcommunityCombiningtheeffortsofAMIBAandBALLEasofficialpartnersShiftYour
ShoppingisonemorewaytogetinvolvedinsharingthemessageofshoppinglocalwithyourcommunityMorethan160organizationshaveunitedalreadyto
encourageconsumerstoshifttheirshoppingfrombig-boxtoindependentretailersaconsiderableaccomplishmentfromthisgrassrootscampaignThecollectiveeffortsofBALLEandAMIBAandmorethan160localorganizationsthattogetherequalmorethan38000localbusinessessupporttheShiftYourShoppingcampaignThiscampaignencouragescustomerstobuyfromlocallyownedbusinessesmdashincludingrestaurantsservice-basedretailerssuchasdrycleanerschiropracticofficesandbrick-and-mortarmerchantsItrsquostheirbeliefthatldquoasinglemerchanthastheabilitytoshiftattitudesorconsumerspendingButbybuildingstrengthinnumberswecancreatebroadsupportforindependentbusinessesandadvocatefortheirinterestsrdquo7
FindingSuccessThroughSmall-BusinessSaturday
Inadditiontosupportingconsistentbuy-localandotherindependentbusinesscampaignstheincreasinglypopularSmallBusinessSaturdaycampaignthatwasfoundedin2010byAmericanExpressissomethingallretailersshouldembracemdashwhethertheyacceptAmericanExpressintheirstoresornotThisone-dayeventtakesplacetheSaturdayfollowingThanksgivingalthoughthemessagingandcampaigneffortsarerecognizedasldquoShopSmallrdquoallyearround2013rsquosSmallBusinessSaturdayshowedthatcustomerswhowereawareof
thishighlighteddayspent$57billiona36percentincreasefrom2012ThisstudycompletedbytheNationalFederationofIndependentBusinessesandAmericanExpressResearchalsoconfirmsthatinjustfourshortyearscustomershaveadoptedSmallBusinessSaturdayassomethingtheywanttosupport8ldquoCustomersaremakingSmallBusinessSaturdaypartoftheirholiday
shoppingtraditionsrdquoSusanSobbottpresidentofAmericanExpressOPENstatesldquoOur2013SmallBusinessSaturdaysawacontinuationofthisgrowingtrendascommunitiesaroundthecountrycametogethertocelebratelocalbusinessesandhelpeddriveconsumerstoShopSmallonthedayrdquo9Inadditiontothein-storesalesandlocalcommunityattentionthatthis
campaigngeneratestherewasa65percentincreaseinTwitterengagementrevolvingaroundSmallBusinessSaturdayfrom2012to2013aloneThistypeofgrowthcombinedwithmorethan33millionFacebookusershavinglikedtheofficialSmallBusinessSaturdayFacebookpageonlyreinforcesthatshopping
smallandshoppinglocalisheretostay10WashingtonDCndashbasedprofessionalwriterandconsumerAmyKnebelfirst
heardofSmallBusinessSaturdayin2011ayearafteritsintroductiontothemarketplaceSincethenKnebelhasactivelyparticipatedasacustomersupportingindependentretailersonSmallBusinessSaturdaymakingitatraditionamongherselfandherfriendstofrequentlocalbusinessestokickofftheirholidayshoppingKnebelexplains
IlovetheOldTownAlexandriaBoutiqueDistrictwhichIliveclosetoandcanrsquotimaginenothavingallthefantasticboutiquesrestaurantsandindependentbusinessesthatmakeupthisneighborhoodFormesupportingSmallBusinessSaturdayismywayofsayingthankyoutothemanybusinessesandtheirownersforhelpingtomakemyeverydaylifethatmuchmoreinterestingandfun11
Activelyengaginginmultiplebuy-localandshopsmallcampaignsnotonlyisbecomingmorepopulartodoasaretailerbutalsoisbecomingmorerecognizedandrespectedfromaconsumerperspectiveThisreasonaloneshouldbeenoughofapushtomakeyouwanttogetinvolvedbecausesupportingyourcustomersalwaysshouldbeagoalAlthoughparticipatinginmultiplebuy-localcampaignssuchasyourownlocalcommunitycampaignShiftYourShoppingandSmallBusinessSaturdaymayseemlikeanunlikelyfirststepforabusyretailerwehopethatyouwillmakeitapriorityastimepassesTheresourcesavailabletoyouareplentifulandthesuccessofawell-executedcampaignismeasuredinsalesmdashsomethingwersquorecertainanyretailercanappreciateTorecaptheresourcesidentifiedthroughoutthischapterpleaserefertothe
followinglist
AmericanIndependentBusinessAlliance(AMIBA)wwwamibanetBusinessAllianceforLocalLivingEconomies(BALLE)wwwBeALocalistorgInstituteforLocalSelf-ReliancewwwilsrorgShiftYourShoppingwwwshiftyourshoppingorgShopSmallandSmallBusinessSaturdaywwwshopsmallcom
IntroducingCommerceandCharity
Shop-localbuy-localandshopsmallcampaignsarenottheonlyfamiliarmovementstakingplaceinretailrightnowCommerceandcharityareincreasinglybecomingafamiliarduowiththeholidayseasonbeingaparticularlypopulartimeofyearforretailersbigandsmalltorequestdonationsfortheircharitiesofchoiceVirginia-basedCausetownorgbelievesthatconsumersdonrsquotnecessarilywanttochangetheirshoppingbehaviorstogivetocharitywhichiswhydonatingapercentageofpurchasesmadeisbecomingapreferredwayforcustomerstogivebackAsaconsumeryouhavelikelyexperiencedthecombinationofcommerce
andcharityyourselfwhilecheckingoutatagrocerystoreorotherbig-boxretailerHaveyoueverwonderedhowthiscanbeappliedtoindependentmerchantsthoughUntilrecentlyacollectionjarwithaslotforloosechangeortheoccasionalfolded-upbillwasthemostlikelyavenueforindependentretailerstoparticipateincollectingforacharityoftheirchoiceNowhoweverorganizationssuchasCausetownorgallowlocalbusinessestoraiseawarenessandfundsbypartneringwithanonprofitThegoalistosupportindependentbusinessesbypromotingeventsofferingpromotionalmaterialshandlingsalestrackingmanagingfunddistributionandmoremdashalltohelpsupportcharitiesDanMcCabeoneofthefoundersofCausetownorgexplainsldquoResearch
showsthat83percentofcustomerswanttobuyproductsthatbenefitacauserdquo12Keepingthisinmindcombiningyourbusinesswithacharityofyourchoiceisanothermovementyoushouldconsiderforyourstore
FinallyinChapter11wersquolllookaheadatthefutureofindependentretailandhowyourparticipationasabusinessownercanaffectnotonlyyoursingularsuccessorfailurebutalsotheeconomyatlarge
ActionGuide
Readytomakeyourcommunityandlocallyownedbusinessesstandoutin
ReadytomakeyourcommunityandlocallyownedbusinessesstandoutinconsumermindsTokick-startyoureffortsformasteeringcommitteethatcanhelpyoulaunchabuy-localcampaigninyourtown
1Introducetheideaofabuy-localcampaigntolocalbusinessownersandkeydecisionmakersinyourcommunityBepreparedtoidentifythebenefitsofabuy-localcampaignandtoexplainwhatitwouldtaketogetonestartedUsingtheresourcesidentifiedthroughoutthischapteryoucanconfidentlysuggestresourcestohelpyoulaunchacampaign2AimtogatheramixofbusinessownersandinfluentialcommunityleaderstobeapartofyourcommitteeCombiningthemindsresourcesandcommunityreachofadiversesteeringcommitteecanhelpyouaccomplishyourbuy-localcampaignplanningmoreeffectivelyIdeallyyoushouldhavelong-timebusinessownersmdashcommunityleaderssuchasyoureconomicdirectormayororaldermanmdashandhighlyregardedindividualsonyourcommitteewhoeithervolunteerorworkwithotherorganizationsthatreachalotofconsumersBetween7and12memberswouldbeidealalthoughafewlessorafewmorestillcanworktodeliverastrongcommittee3Identifyadateandalistoffuturedatestomeetasagrouptobeginyoureffortsinplanningforabuy-localcampaignDuringthesescheduledmeetingsbesuretoclearlyidentifywhoisresponsibleforwhatwithdeadlinesclearlystatedtoensurefollowthroughHavingaleaderortwoonyoursteeringcommitteecanhelpeveryonetostayontrackwiththeirindividualresponsibilitiesaswell
Onceacommitteehasbeenidentifiedandeachmemberiscommittedtocreatingabuy-localcampaignwiththesamegoalsinmindbesuretoleanontheresourcesidentifiedinthischaptertohelpyouinmovingforwardThroughyourcombinedeffortsyoucanestablishastrongcampaignwithinyourowncommunitytoincreaseindependentbusinessvisibilityandsaleswhilealsoenhancingyourlocalcustomersrsquocommunityexperience
11
ACrystalBallforIndependentRetailers
Thebestwaytopredictyourfutureistocreateit
mdashPeterFDrucker(1909ndash2005)authorconsultantprofessorIFSOMEONEhadtoldyouwhenyouwerejustembarkingonyourcareerpaththatyouwouldbecomeastoreownerwouldyouhavebelievedhimorherThe
realityisthatretailisnrsquotajobmanyretailerssetouttodoldquoIdidnrsquotgochasingadreamofbeingabusinessownerparticularlyaretailstoreownerThisdream
chasedmerdquo1KimberlyEfseaffofBonBijouxGirlyBoutiqueinDelMarCaliforniatoldus
HavingheardsimilarstoriesfromcountlessotherretailersweknowthatretailisnrsquotalwaysthejobtheyhavedreamedofmdashwhereasothersfeeljusttheoppositeandconsiderowningtheirownstoreadreamcometrueldquoIcanrsquotimaginelivingmylifeanyotherwaythanhowIdonowwhichisbeinginmystoresevendaysaweekItrsquossomethingIrsquovealwayswantedtodoandamthrilledtoactuallybedoingitrdquo2Chicago-basedstoreownerAngelaGianfrancescosaid
TheFutureofIndependentRetail
WhetheryoufallintothecategoryofanaccidentalretaileroraretailerbyintentthefutureofthisdynamicbusinesshasalotinstoreforyouJasonRichelsonfounderandCEOofShopKeepPOSbelievesthatthereisalotforindependentmerchantstolookforwardto
IhavefivepredictionsforthefutureofretailbeginningwiththefactthatthecloudisheretostayandWindowsisdeadOverthenextthreetofiveyearsthecloudwillreallycomeofageinretailandWindows-basedPOS
yearsthecloudwillreallycomeofageinretailandWindows-basedPOS(pointofsale)andotheroperationswilldisappearThiswillkick-startinApril2014whenMicrosoftwillstopsupportingXPwhichwillrenderhundredsofthousandsofWindowsPOSsystemsoutofPCI(paymentcardindustry)complianceRetailerswillhavetostartthinkingaboutupgradingtheirexistingtechnologymdashwiththecloudbeingtheobviousoptionThevastadoptionofiOSandAndroidwillalsodrivethisshiftalongwiththeproliferationofmobiledevices
NextIbelievewersquoregoingtoseehandheldregistersthatallowstafftohelpcustomersontheshopfloorandthenringthemuprightthereinsteadofhavingtolineuptogettothecounterThetypeofhandheldregisterthathasbeenproventoworkforAppleNordstromandBarneyswillultimatelycome to small stores I believe and as a result therewill no longer be areasontohaveacountertoprocesstransactionsThatspacecanbefreedupforotheruseslikedisplaysormorefloorspace
AlsoandagainreferencingthecloudIbelievethatsmallretailerswillbeabletoaccessdatasimilartohowbig-boxretailershavebeenforyearsThecloudhasleveledtheplayingfieldandloweredthepricepointforthistypeofinformationcollectionandanalysiseffectivelydemocratizingdataTheworldofcustomerproductandsalesanalysisthatonlyexistedfortheWalmartsorStarbucksofthisworldnowexistsforanyonewhowantsitIn2014 access to datawill be the equalizer for small businesses The nextdifferentiatorwillbeknowinghowtouseit
With these data and combined with POS technology I also believeretailerswillbeabletobetteridentifywheretheirmarketingdollarsshouldbe spent Small businesses are expected to spendmore than half of theirmarketingbudgetsontheirownassetsin2014includingtheirwebsitese-mailmarketingcampaignsandsocialmediachannelsThiswillbedrivenbytwothingstheavailabilityofcost-effectiveonlinetoolsandtheabilityto act on their own customer data POS technology has fundamentallychangedthecustomerinteractionInsteadofacustomerhandingovercashandwalkingawayyouaregatheringinformationandbuildingaprofileofthatcustomerthatcanbeusedtomarkettothemSmallretailerswillstarttotakeadvantageofthisandwewillseethemarketingdollarsfollow
Finallyover timewearegoing toseeavarietyofbusinessservicesstarttointegratewiththePOSsystemDifferentappsaretailermightusetorun their store including loyalty CRM (customer resourcemanagement)accounting e-mail marketing delivery social media payroll mobile
paymentsandmorewillplugintothebackendofPOSallowingretailersto usemultiple tools in an integrated fashionAs a resultmerchants canthenoperate and report on all these systems froma singleviewwith themostimportantthingatthecentermdashwhichiswhatishappeningatthecashregisterThisisthefutureforretailers3
RichelsonrsquosexpansivepredictionofwhereindependentretailisheadingismdashinouropinionmdashrightonThankstothecloudanddata-collectingtechnologiesthathaveadvancedinrecentyearsontheretailscenesmallretailerscanfinallybecomemorecompetitivewithintheirlocalandglobalmarketplacesTheseopportunitiesforindependentretailerscancreateadominoeffectofgoodorbadresultsbasedonwhatkindofgrowthchangeandcustomercaretheyintroducetotheirstoresVendCEOVaughanRowsellshareshisthoughtsonthefutureofretailas
wellspecificallydiscussinghowpoint-of-sale(POS)systemscanhelpretailerstoleveragemoresalesandbettermanagetheirbusinessesYoursquollfindthatmuchofwhatRowsellsaysisalsosupportedbyRichelsonrsquosthoughtsreinforcingtheideathatthefutureofretailisdevelopingatasteadypaceamongleadingindustryplayers
Web-basedPOSisgroundbreakingineveryrespectforindependentretailersFirstoffaweb-basedPOSlowersthebarriertoentryViasubscription-basedwebsoftwareindependentretailerscannowaffordthesophisticatedtoolsandreal-timeanalyticsthatbigretailershavebeenleveragingforyearsAlsosmallstartupscangetaPOSforlessthanitcoststobuytwopizzasamonthButthereareotherevenmoreexcitingfacetstoweb-basedPOSwhichareadd-onsandcustomsolutions
JustasretailerscannowcustomizetheretailexperienceontheirshopfloorstheycanalsocustomizetheirPOSsoftwaretoexactlyfittheirneedsWeb-basedsoftware (alsocalledsoftwareasaserviceorSAAS) isoftencomplementing other software allowing retailers to truly take control oftheir retail operations An example of this would be for a retailer tointegrate their POS systemwith their accounting software This not onlysaves themhoursofadministrationtimeeveryweekbutalsospares thempossibleexternalbookkeepingexpensesortimelydouble-entryproceduresonmultiplespreadsheetsorinmultiplesoftwareaccounts
ThissaidPOScanbeevenmorecustomizablethanthisIfyouowna
hairsalonforexampleyouneedtobeabletokeeptrackofyourproductsand your appointmentsmdashtwo very different details of your business yetequally importantWithSAASsolutions this iseasyYousimplyfindanaddon that integrates appointment software with your POS system andawayyougo
Finallyothersolutionscanbecherrypickedasyouneedthemtohelpmanage your unique business specificallyWant to spare your customersthe crazy queues during the holiday season Integrate your POS systemwithaself-checkoutappsothatcustomerscanringthemselvesupandpayviatheirsmartphonesWanttotakeordersandacceptpaymentsinadvanceatyourcafeacuteTherersquosanadd-onforthattooInthefuturetherewilllikelybeanappforanythingyoucanthinkofaswell4
Anappforeverythingiscertainlyapredictionwecanexpecttobecomerealitybutwhataboutthefutureofretailbeyondtechnology
TheFutureBeyondTechnology
Portablecashregisterscloud-baseddatacollectioninstantappadditionsandothertechnologysolutionsundoubtedlywillplayabigroleinthefutureofretailThissaidthereissomethingtobesaidforgoodold-fashionedcustomercareSupportingthisideaisCamilleCandellagroupmarketingmanagerforEmeraldExpositions
TodayrsquoscustomersaremoreeducatedthaneverbeforeandtheyhaveaccesstomorestoresthaneverbeforeAsaresultcustomersarebecomingmoreselectiveinwhattheywanttobuyandwheretheywanttobuyitForindependentretailersIbelievethiswillpositionthemtobuildstrongerclientelebygivingthemmorepersonalizedattentionandreallylisteningtotheirneedsOnewaytodothisistokeepproductsfreshbasedonwhatyourcustomersaretellingyouUnlikebig-boxstoressmallermerchantscanreactfastertocustomerdemandsandoftenreceiveinventorysoonerbasedonsmallerquantityneedsThiscertainlyplaystotheadvantageofindependentretailersandcanhelpthemhavemoresuccessintheirtotalstoresalesaswell5
ReactingtocustomersonafastermorefocusedscaleisunarguablyatrendthatretailerswillneedtoembraceandlikewiseonethatconsumerswillbegintodemandPublisherBillMcNultyofSumnerCommunicationsIncsharesthispredictionanticipatingconsumerexpectationsamongallretailerstoincreaseinyearstocome
TheharshrealityisthatoverthenextfewyearsinanytypeofbusinessanythingyoutrythatispoorlyexecutedisgoingtohavesignificantstrugglesTheconsumerexpectationbarhasrisenacrosstheboardatanalarmingrateIfyougiveshoppersareasontowalkthroughyourdoortheywillHoweverifyougohalfspeedandhopeeverythingwillworkitselfoutyoursquoreinforanuphillclimbThemarketspeaksloudandclearanditisneverwrongWhilethismayseemlikeahugechallengemorethaneverbeforesmallretailershavetheabilitytochangebuyingbehaviorsinsteadofsimplyreactingtothem
Retailers are the first and last line of defense for customer serviceTechnology iswhat it is and can be a great tool formarketing but self-checkout and single-click buying will never replace face-to-facerelationship building for an overwhelming percentage of your customersOffering fantastic customer service going the extramile for a customerand adding a personal touch to every transaction are things only you andyour team can do People remember kindness and they remember greatserviceUnderstandthatyourcustomerdeepdownwouldreallyprefertobuylocallymdashfromyoumdashthanfromyournearestbig-boxneighborUsethistoyouradvantageanddosomethingtorewardthatbehavior6
McNultyrsquosopiniononsupportingcustomerswithexceptionalcustomercarenomatterhowmuchnewtechnologyisintroducedissomethingallretailersshouldpayattentiontoWhileiPadsandothermoderntechnologiesshouldhaveaplaceinyourstoreitrsquosimportantnottolosesightofhowstrongcustomerservicecanhaveanimpactonyourbusinessmdashandultimatelyyourretailfutureInfactasothermerchantsembracetechnologyentirelyanddismissthesepresumedold-fashionedsellingtechniquesyoushouldleveragethepowerofcombiningthesetacticstomaximizeyourstorersquosfullpotentialJewelryretailerAngelaGianfrancescohasplanstodotojustthat
Ilovethatmodernconvenienceslikepointofsaleande-mailmarketing
solutionsmakemyjobsomucheasierbutIneverwanttoforgetwhyIbelievecustomersshopatmystoreItrsquosnotjusttheeaseofacustomercheckoutexperiencethattheyenjoybutrathertheentireexperienceofmystoreIknowthatmypersonalityalongwithmyteamrsquoshasalottodowiththisandIdonrsquotwanttoneglectjusthowmeaningfulthisistomybusiness7
GianfrancescooffersagoodreminderforallmerchantspointingoutthatpartofyourstoreisinfactyourpersonalityAsyouembarkorcontinueonyourretailjourneyalwaysrememberthatyourpersonalityaffectsyourbusinessplainandsimpleMoreoverrememberthatyouremployeesareareflectionofyourbusinessandcanaffectyourstorersquossuccessandsalesaswell
Withblack-and-whitedataincreasinglybecomingmoreaccessibletoretailersandtechnologybecominganexpectedadditiontoretailstorefrontsmerchantsshouldembracethechangestakingplacebothonlineandofflinewhenitcomestomanagingandmarketingtheirretailstoresDelayingtheincorporationofthesetechnologiesandmodernamenitiescanpushretailersyearsbehindtheircompetitorsmakingtheirracetofinallycatchupnearlyimpossibleoncetheyrsquorereadyTohelpavoidthislong-windedjourneymakeyourfuturemorepredictablebywelcomingtherealitiesofmodernretailintoyourbusinessmodeltoday
WhenRetailIsnrsquotinYourFuture
DespitewhattheeconomytrendsinretailandevenyourownpersonalgoalsmaybeforthefuturesomeretailersmaygettoapointwheretheywantorneedtoselltheirstoreThisdecisiondoesnrsquotneedtobeperceivedasabadonebutrathersimplyasastepinadifferentdirectionOftenretailerswhoneedtomoveoutofstatewanttoretireorhaveothergoalsinmindchoosetoselltheirbusinessesasawaytomoveforwardGroupgeneralmanagerCurtisKroekerofBizBuySellcomandBizQuestcomshareshisthoughtsonhowsellingyour
businessmaybeyourbestdecisionyet
TherearemanyfactorsthatgointodeterminingifabusinesssaleisrightforyouThefirststepistoobjectivelyassessyourbusinessasasaleprospectProspectivebuyerswilldoextensiveresearchbeforesigningonthedottedlinesomakesurethatyouthoroughlyexamineyourfinancialsinfrastructurestaffingandevenclienteletodetermineifyourbusinesswillbecoveredIfthereareissuesinanyoftheseareasbesuretoatleastcreateanactionplantoguidethenewownerbutyoursquollbetterpositionyourbusinessforasuccessfulsaleifyouaddresstheseissuespriortosellingThiswillhelptodrawinmoreprospectivebuyersandimproveyourchancesforahighersalespricedowntheline
In addition itrsquos important to remember that selling a business is apersonal decision Make sure to analyze your motivations for selling toensure that it is therightstepforyouWhydoyouwant tosellAreyouburntoutLookingtodothenextthingHavinghealthproblemsSimplyready for that well-deserved retirement There are countless reasons youmaybeconsideringasaleDeterminingwhyyouwanttogetoutwillhelpyou to setyourdesired time lineandgoals for the saleThiswill amongother thingshelpyoudecidehowtotradeoffsalespeedandsalepricemdashtwo goals that are often somewhat at odds Also be sure to outline yourpostsaleplanYoumayberetiringusingthemoneyforanotherventureoreven staying with the company in a managerial capacity Defining theseafter-sale interests will help you determine if you are ready to sell anddesignasaleapproachthatfitsyourmotivations
Nextifyoubelievesellingyourbusinessmaybeinyourfuturestartplanning for this now The best retailers are always working to improvebusinessvalueIfyouhaveasaleinmindfromtheverystartitensuresthatyou are always thinking about how to maximize value and will be in abetterpositionwhenthetimecomestosellHoweverifyouhavenrsquotbeenthinking thiswaydonrsquot despairTherersquos still time Just donrsquot putoff thisway of thinking any longer Positioning your business tomaximize yoursaleoutcomewilltaketime
TostartpreparingyourbusinessforsaleputtogetherapresaleactionplanThegoalof thisplan is toget all the improvementsdone forwhichyouhavetheenergyandcapabilityDoingsowillensurethatyourbusinessisinitsbestshapewhenithitsthemarketThenextstepiscollectingand
organizing necessary documentation Sooner or later prospective buyersaregoingtowanttoseeldquojustthefactsrdquoonpaperThisusuallyincludesatleast three years of financial statements that will help to prove yourbusinessrsquosworthNextstartassemblingyoursalesteamSellingabusinessis not an extracurricular activity it is a full-time jobExperienced sellersleveragethehelpofqualifiedbusinessbrokersappraisersaccountantsandattorneystohandlethemanydetailsofasuccessfulsaleThisallowsthemtofocusonmaintainingoracceleratingbusinessperformancewhileitisonthemarketmdashnothing sells a business better than strengthening financialsWithagoodteaminplaceyoursquollbewellpositionedtopriceyourbusinessrightprepareyourfor-salemarketingmaterialsandmuchmore
Finallydonrsquotbe intimidatedby the thoughtof sellingyourbusinessbutdonrsquotunderestimatewhat it takes tosellabusinesseitherTheproperpresalepreparationcanmeanthedifferencebetweenasuccessfulsaleandlongdrawn-outfrustrationThesetipswillhelpyoutogetstartedbuttherearecountlessmoredetailsthatyoushouldconsiderTolearnmoreyoucancheck out our full BizBuySell Guide to Selling Your Small Business athttpwwwbizbuysellcomsellerguideselling-a-business8
YourfutureinretaildoesnrsquothavetoendorstartinanytraditionalwaySellingyourbusinessmaynotbeyourgoaltodaybutknowingupfrontthatitmightbeonedayiswhatyourtakeawayshouldbehereAfterallyouwanttobuildabusinessthatisworthsomethingdonrsquotyouWhetheryouplantopassyourbusinessdownthroughgenerationshopetosellitonedayforagainorsimplyhopetoworkuntilyoudonrsquotwanttoworkanymoreplanningaheadandcreatingastrategyforyourbusinessshouldremaintopofmindYoumaybeyourownbossafterallbutthatdoesnrsquotmeanthatyoucanpredictyouroutcomeThatresponsibilityisleftinthehandsofconsumers
PartingWordsfromJasonPrescott
ItusedtobeexpectedthatrevolutionsinretailoccurredeverycoupleofyearsmdashormaybeevendecadesInaveryshorthistoricaltimeframewemovedfromsmallstreetindependentstodepartmentstoresyieldingmassiveconglomeratestoe-commercebehemothsAnewdynamicparadigmhascreatedamassiveshifttowhatcaneasilybestatedasacustomer-centricrevolutionAstechnology
moldseverymovementandinvestmentretailersmakethemostsignificantinvestmentthatmustbemadeisknowingandunderstandingthegranularityofyourpotentialandexistingcustomerbaseAsaresultaretailstorefrontmustbeseenasmuchmorethanastorefrontorplacewhereservicesandmerchandisearemerelytransactedThestoreneedstobecomethebattlefieldwhereknowledgeacquisitionofyourcustomersmustoccurTohelpretailersmoveforwardwiththisstateofmindmerchantsmustrealize
andembracethefactthatdataarenowbeingtransactedateverypointWhenashopperentersastorethedaywillsoonbeherewheredigitaldisplayssynchwithprofilesandGoogleGlass(awearablecomputerwithanopticalhead-mounteddisplay)allowingmerchantstoaccessaplethoraofinformationthatisconstantlygatheredandprocessedbythesedevicesCreditanddebitcardswillalsobecomeevenmoremeaningfultoretailerswitheveryswipebecominganopportunitytocollectconsumerdetailsandshoppingtrendsfromcompaniessuchasCardlyticsFurthermorethesedetailswillbeabletobesharedwithothermerchantsmakingaretailerrsquoschancetobothcollectandsharecustomercontactdetailsmorerelevantinalltheirstoredecisionsOfcourseFacebookTwitterGooglePlacesYelpTripAdvisorandother
majorinfluencerswillcontinuetohelpbusinessescompeteagainsttheWalmartsoftheworldbuttotrulycompeteitrsquostheunderlyingbusinessintelligence-gatheringprocessthatwillshapethefutureofretailConsumershavebecomethemostpowerfulmediaforceintheworldtodayTheybondtogetherintheirsimilarinterestsandchoosetotrotdownthepathofreviewsreferralsandsocialbuzzandtheyadvocatewhatispopularatthemomentIfyouaregoingtosucceedyoumustbefocusedonnotbecomingafadbutsettingtrendsandconstantlyadaptingtothedynamiclifestylechangesofthoseyouvaluemostmdashyourcustomers
PartingWordsfromNicoleLeinbachReyhle
ItrsquoscompetitiveinretailnomatterhowbigorsmallyourstoreisKeepingupwithcustomerexpectationsmarkettrendsretailchangesandyourlocalcommunityisanonstopjobthatdemandsmuchmorethanatraditional40-hourworkweekThatsaidretailisanexcitingalwaysevolvingandconstantlyentertainingbusinessthatasaresultisoneyoumustconstantlytendto
Unlikemuchofourretailcompetitionindependentmerchantsdonothavehumanresourcemarketingpublicrelationsorotheroperationalin-houseteamsthathelpkeeptheirstoresvisibleandtheirdoorsopenRatherthanrunawayfromthisrealityretailersshouldtacklethisheadontohelpkeeptheirstoresafloatandtheirbusinessessuccessfulOftenthismeansacceptingthatyousimplycanrsquotdothisaloneItrsquoswiththisinmindthatIbelievethefutureofretailwillcontinuetointroduceandembracesupportingplayerstoindependentmerchantsCompaniessuchasSnapRetailBoutiqueVisionPremierPackagingVendSquareShopifyandmanyothershavecometolifeasaresultofneedmdashandhavestayedaliveasaresultofdemandTheseexternalbusinesspartnersarekeycontributorsthatdelivereffectivesupportforstoreoperationsmarketingmanagementandevensalesWithoutthemindependentretailerssimplycannotthriveinourcompetitiveretailmarketplaceTogetherhoweverindependentretailersandtheirexternalbusinesspartnerscanhaveapositiveimpactoneconomicgrowthandcustomerloyaltyforyearsandyearstocome
Conclusion
ThroughoutthisbookyouhavelearnedhowmanagingandmarketingyourretailbusinessrequiresadiverserangeofskillssupportandexpertiseMoreoverwehaveintroducedyoutocountlessresourcesbusinessesorganizationsandassociationsthatwehopeyouwillfindusefulinyourindividualretailbusinessesCollectivelythedetailswesharedareintendedtohelpyouinyouruniqueretailjourneymdashandwehopethattheywilldojustthatWhetheryouarenewtoretailaltogetherhavehadastoreopenforcountlessyearsorsellexclusivelyonlineweapplaudyoufortakingthetimetolearnmoretohelpyourbusinessandwishyousuccessasyourembarkonyourretailjourneyahead
APPENDIXA
ResourcesforIndependentRetailers
THEFOLLOWINGlistwascreatedtoofferyouacollectivedestinationtoidentifythebestresourcesforentrepreneursandretailersspecificallyThesebusinessesallofwhichweprovidewebsitedetailsforcoveravarietyoftopicsthatincludewheretogotogainsmall-businessloanscompaniestohelpwithyourretailmarketingeducationalpublicationsspecifictoretailerstradeassociationstohelpyournichebusinessandmuchmuchmoreListedinalphabeticalordertheseresourcesshouldbeevaluateduniquelyforyournicheretailbusiness
Advanstar advanstarcom Advanstar is an event and marketing servicesbusiness that serves retailers through trade shows publications and otherindustry-specificeventsAmongitstradeshowsareMAGICMarketWeekandENTInternationalAmericanApparelandFootwearAssociationWeWearorgTheAmericanApparelandFootwearAssociation (AAFA) isanational tradeassociationthat representsapparel footwear andother sewn-productscompaniesandsuppliersTheassociationhas retailer-specific supportandoffersvaluableinsightformerchantswhoselltheseproductcategoriesAmerican Independent Business Alliance amibanet This nonprofitorganizationhelpscommunitiesandretailers launchandoperatebuy-localcampaignstosupportlocalentrepreneurseconomiesandretailersARTHomeFurnishingsNetworkAccessoriesResourceTeamorgARTisamember-basedorganization in thehomefurnishings industry that includesretailers importers sales representatives product designers interiordesigners and industry supporters ART offers its members a forum to
learnnetworkandgainadditionalbenefitstohelptheirbusinessesASD Trade Show ASDonlinecom ASD Las Vegas brings the worldrsquoswidest variety of generalmerchandise together in one efficient consumergoods trade showHeld biannually inLasVegas annually inNewYorkandannually inMiamiASDattracts thousandsof retailers and supplierssupporting retail categories that include gift home fashion health andbeautyjewelryvalueandvarietytoysandmoreAssociation of Small Business Development Centers asbdc-usorg SmallBusinessDevelopmentCenters (SBDC)provides retailers andother smallbusiness owners in the United States with assistance education andconsulting to help launch grow and manage their unique businessesSBDC branches often reside on college campuses andmaywork closelywith their local Chambers of Commerce and other community programsGototheSBDCwebsitetolocateacenterclosesttoyouBank of America bankofamericacom Bank of America offers small-business checking with more control and access than many other banksallowingyoutobettermanageyourbusinessdollarsBankofAmericaalsooffers a variety of merchant services that may be suited to your uniqueretailneedsBizBuySell BizBuySellcom The Internetrsquos largestmarketplace for buyingandsellingbusinessesaswellasaresourcedestinationtogaininsightintowhatyouneedtodotoprepareforthispossiblestepinyourretailjourneyWhetheryouwanttobuyorsellaretailstorethisisafantasticresourcetorefertoBosiDNAbosidnacomDiscoveryourentrepreneurialinsightthroughthisonlinequizidentifyingwhattypeofentrepreneuryouareOncecompletedthis quiz reveals ways to strengthen your business weaknesses andmaximizeyourbusinessstrengthsBoutique Vision BoutiqueVisioncom Drive traffic and increase salesthrough customized store signage and other in-store marketing materialsfromBoutiqueVisionTheparentcompanyInnoMarkCommunicationsisoneoftheleadingprovidersofcustomvisualmerchandisingsolutionsandBoutiqueVisionwascreateduniquely to support small retailersmdashkeepingbudgetandqualityalwaystopofmindBoutiqueWindowBoutiqueWindowcomShowcaseyournewinventoryandother highlightedproducts throughFacebookTwitterPinterest andyourwebsitethroughBoutiqueWindowrsquosbuilt-inphotoeditingtoolsandonlinemarketingmanagementresources
Bureau of Labor Statistics httpstatsblsgovaudiencebusinesshtm TheBureau of Labor Statistics provides statistics that help you find newmarkets for your store and can compare your businesswith others in theindustryaswellasassessemploymentcostsBusiness Alliance for Local Living Economies (BALLE) BeALocalistorgThe Business Alliance for Local Living Economies is a fast-growingallianceofentrepreneursbusinessnetworksandlocaleconomyfundersinNorthAmericawho aim to gain prosperity among communities and helpindependentretailersandothersmall-businessownersthriveBusinessUSA httpbusinessusagov This is a one-stop shop destinationforeverythingrelatedtobusinessintheUnitedStatesEssentiallythisisadestinationtogainadditionalresourcesforyourbusinessCardlyticsCardlyticscom ThroughCardlytics you can reach individualsbasedontheiruniquepurchasehistoryandhelptodrivesalestoyourstoreraisepromotionawarenessbuildloyaltyandmoreCausetownCausetownorgCausetownhelpslocalindependentbusinessesto attract customer attention and encourage sales throughpromotions thatgive a portion of purchases to each customerrsquos charity of choice Theplatform manages all the details of these transactions including charitydistributionallowingcommunityfundraisingforindependentretailerstobeeasyandaccessibleCouncilofStateRetailAssociationsCouncilSRAcomTheCouncilofStateRetail Associations (CSRA)was organized to strengthen and support theretailindustryworkingwithindividualstateretailassociationexecutivesaswell as directly with retailers The goal is to help support associationmembersandtheretailcommunityatlargeCraft andHobbyAssociationCraftAndHobbyorgThis international not-for-profit trade association consists of thousands of member companiesengagedinthedesignmanufactureandretailingofcraftandhobbyitemsTheassociationoffersavastrangeofresourcesandbenefitstoitsmembersandproducesanumberofeventseachyearCraftersrsquoHomeCraftersHomecomCraftersrsquoHomeisamembership-basedorganizationthatsupportsindependentscrapbookandpapercraftretailershelping to maximize a retailerrsquos relationship with manufacturers andcustomersCraftersrsquooffersavarietyofbenefitstoitsmembersthatincludediscountsfromvendorsandmoreDo It In Person DoItInPersoncom This online event platform allowsretailers and other businesses tomanage and promote their events in one
convenientplaceEmerald Expositions EmeraldExpositionscom Formerly NielsenExpositions Emerald Expositions is a leading owner and operator of avarietyofbusiness-to-businesstradeshowsmostofwhichcatertoretailersThe market categories include general merchandise apparel sportsjewelryfurnituredesignandmoreGlobalShop GlobalShoporg GlobalShop is the worldrsquos largest annualevent for retail design and shopper marketing creating a one-stopdestinationforretailerstoconnectdirectlywithstorefixturecompaniesandother in-store solutions GlobalShop also offers networking and learningopportunitiesIdeationIdeationGiftscomIdeationisthepremiergiftcatalogcompanyinthe United States that provides catalog and marketing services toindependentgifttoyandfashionretailersnationwideIndependent Retailer Conference RetailMindedcomRetail-ConferenceTheIndependentRetailerConferenceholdsa flagshipone-dayconferenceannually and brings its quality and independent retail-specific educationonsitetotheASDTradeShowbiannuallyKnownforaddressingkeyissuesin the independent retail scene the Independent Retailer Conference iswidelyrecognizedasamust-attendeventforindependentstoreownersIndependent Retailer Magazine IndependentRetailercom This monthlypublicationoffersretailadviceonwholesalebuyingandsellingintroducingretailers to importersmanufacturers trade shows and countless productsfortheirstoresInternetRetailerConferenceandExhibitionircecomTheInternetRetailerConference and Exhibition (IRCE) holds a variety of events that discusskey topics for online merchants introduce industry resources and shareexpert informationwith attendeesThe IRCEcanbe foundat select tradeshows where it holds educational tracks specifically discussing e-commercesolutionsandothere-commerceeducationandexpertiseInternet Retailer Magazine InternetRetailercom Internet RetailerMagazine supports retailers and other businesses with e-commerceintelligencenewsandmarket supportThepublicationdelivers12 issueseach year and provides additional resources that include newslettersresearchguidesandmoreInstitute for Local Self-Reliance ilsrorg The Institute for Local Self-Reliance works to provide innovative strategies and timely support tocommunity development working with entrepreneurs and community
leadersalikeThewebsiteoffersadiverserangeofinformationvaluabletobusinessownersInternal Revenue Service (IRS) httpwwwirsgovbusinesses The IRShostssmall-business taxworkshopsandwebinarsandprovides tax-relatedinformationforstartingoperatingorclosingabusinessiPadEnclosures iPadEnclosurescomAscloud-basedpoint-of-sale (POS)and iPadsystemsbecome increasinglypopular for retailers theftof iPadsfromretailersisalsoaconcerniPadEnclosuresoffersproductsspecificallydesigned for retailers and other businesses allowing you to take controloveryouriPadmanagementandvulnerabilitytotheftKabbage Kabbagecom Kabbage has simplified the process of getting abusinesscashadvanceallowingretailerstoavoidtraditionalbankshiddenfees and unexpected charges while trying to gain working capital Thecompanyrsquosflexiblefundingoptionsallowqualifiedretailerstogainquickconvenient access to capital to help their businesses while also makingmoneytransferseasyandstraightforwardLicensingExpoLicensingExpocomTheLicensingExpoconnectsretailersbrands and manufacturers to entertainment character fashion art andcorporate brand owners to establish relationships spot trends buildstrategicpartnershipsandsecurepromotionaltie-insItisheldonceayearinLasVegasMAGIC Market Week MagicOnlinecomMagic-Market-Week MAGICMarketWeek is the largest global market week for contemporary menrsquosand womenrsquos apparel footwear and sourcing Held biannually in LasVegasMAGICattractsfashionbuyersandbrandsfromaroundtheworldManagement One Management-Onecom Management One servesindependent retailers and other small businesses by helping them get abetterreturnontheirinvestmentsincludinginventoryandpeopleThecoreservices and products surround inventory planning and solutions helpingretailersachievegreatersuccessandsalesManufacturercomManufacturercomisthepremierglobalonlinebusiness-to-business marketplace where buyers and suppliers connect and profitBillionsofdollarsofgeneralmerchandiseapparelandfashionaccessoriesaresourcedthroughManufacturercomasmillionsofbuyersthroughouttheworldconnectdirectly tosuppliers inChina India theUnitedStatesanddozensofothercountriesMinority BusinessDevelopment Agency (MBDA)MBDAgovmainofficesThis agency funds a network of minority business centers located
throughoutthenationthatprovideminorityentrepreneurswithone-on-oneassistance in marketing writing business plans management technicalassistanceandfinancialplanningModalystModalystcomRetailerscanaccess risingaccessoryand jewelrydesigners in this well-crafted cutting-edge online marketplace thatshowcasesproductsthroughvirtualshowroomsThisisagreatdestinationforfashionandaccessory-basedretailersMOO Moocom MOO is an online company that offers business cardspostcardsstorehangtagsandotherprintproductsthatarestylishindesignManyofMOOrsquosdesignsarereadytogowhereasothersareavailabletobecustomizedNational Hardware Show NationalHardwareShowcom The NationalHardwareShowisthepremiertradeshowforthe$343billionUShome-improvement and do-it-yourself (DIY) markets Held annually in LasVegas this show caters to retailers in the building hardware lawn andgardenpethomegoodsandfarmcategoriesaswellasmanyotherretailsectorsPremierPackagingRetailPackagingcomPremierPackagingisaleaderincustomprintingandoffersstockready-to-shipretailpackagingoptionsforretailers that include paper and plastic bags ribbons tissue paper giftboxesandmoreReed Expositions ReedExpocom Reed Expositions offers a portfolio ofmore than 500 events in 41 countries many of which cater to retailersspecificallyThewebsiteidentifiesthemorethan500eventsallowingyoutoidentifywhatmaybebestforyouruniqueretailbusinessRetail Adventures Blog RetailAdventuresBlogcom Internationallyrecognized retail experts Rich Kizer and Georganne Bender of Kizer ampBenderSpeakingwrite thisblog sharing their firsthand retail experienceswhilealsoofferingretailinsighttipsandmoreRetailMAVENS RetailMavenscom RetailMAVENS is managed byhusband and wife team Paul and CathyWagner who are previous storeowners and current retail consultants Their expertise primarily falls intoretailinventorymanagementandtheirservicesareidealformerchantswhowantadditionalhands-onhelpfortheirstoreinventoriesandplanningRetailMindedRetailMindedcomRetailMindedisthenationrsquosonlyretaillifestylepublisherthatsupportsindependentretailerswithnewseducationand support to help them both in and out of their stores The quarterlypublicationRetailMindedMagazine is anavenuebywhich retail-focused
groups associations and other member-based organizations can helpretailersachievestronger successRetailMindedcaters toall independentretailers and does not eliminate any sector of retail and it offers aninformativefreenewsletterforindependentmerchantsRetailRadioRetailRadiobizTherightmusicinastoreenhancesthestoreexperienceandspendingbehaviorRetailRadioallowsmerchantstocreatetheidealatmospherefortheirstoresandcustomerscustomizingtheirownin-store radio station and professionally produced commercials for theirbusinessesRetailTouchPointsRetailTouchPointscomDesignedforretailexecutivesRetailTouchPointsisknownforitsin-depthmarketresearchspecifictotheretailindustryatlargeRetailTouchPointsoffersafreesubscription-basednewsletterthatretailersbigandsmallcanlearnfromShift Your Shopping ShiftYourShoppingorg Shift Your Shopping workswith organizations that include the American Independent BusinessAlliance (AMIBA) the Business Alliance for Local Living Economies(BALLE)CausetownandKevinBaconrsquosSixDegreesorgtopromotelocalandindependentshoppingAlthoughthemessageistargetedatconsumerstheplatformencouragesretailerstogetinvolvedShipwire Shipwirecom For retailers who need more space to storeinventory beyond their storefronts Shipwire is a fantastic resource Thecompanyoffersstorageshippingandmanagementof inventorymdashhelpingretailerssavetimeandcostsandavoidunnecessaryandcomplexshippingissuesShopifyShopifycomShopifyallows retailers to easily create andmanageanonlinestoreMerchantscanchoosefromover100professionaltemplatesthatcanbecustomized to theiruniquestoresalsoofferinganeasy-to-useback-endsystemforretailmanagementShopifyalsoprovideseducationalresourcesonitswebsiteforretailerstolearnfromShop Indie Retail ShopIndieRetailcom This is an online directory ofindependent retail stores across the United States highlighting theiruniquenessandsharingcontactdetailswithcustomersShopKeep POS ShopKeepcom ShopKeep POS is a simple easy-to-usepoint-of-salesystemthatisidealforindependentretailersandservice-basedbusinesses such as coffee shops The cloud-based POS system helpsretailerstracksalesmanageinventoryprintore-mailreceiptsandmoreShopSmallShopSmallcomShopSmallwasfoundedin2010byAmericanExpressandhassinceevolvedtobeanationallyrecognizedmovementthat
supports small-business owners The Saturday following Thanksgiving isofficiallyrecognizedasShopSmallSaturdayandthroughtheShopSmallnetwork retailers can gain a variety of tools and resources to helpstrengthentheirstorepresenceSierra Pacific Crafts SPCus Sierra Pacific Crafts is a member-ownedcooperativethatworkstocreateandsustainavibrantcommunityoffamily-owned retailers in creative industries through cooperative strategies insharingeducationmerchandisingmarketingoperationsandmoreSnapRetailSnapRetailcomSnapRetailistheonlycompanytoexclusivelysupport independent retailers with online marketing that ranges fromprewritten socialmediaposts toprofessionallydesignedandprewrittene-mailsadrag-and-dropcalendaralibraryofimagestouseandmoreSoldsieSoldsiecomSoldsiesoftwarehelpsretailerstoimporttheirexistingweb store on to Facebook The tools can help you promote products viaFacebookandultimatelyallowcustomerstomakepurchasesdirectlyfromFacebookSquare SquareUpcom Square allows merchants to conveniently swipecredit cards viamobile devices and iPadswith their Square Card readerThe company also offers other services and software to help merchantsbettermanagetheirretailstoreswhilealsobeingcompatiblewithavarietyofPOSprovidersSTOPfakes Stopfakesgov STOPfakes is a one-stop shop for USgovernment resources and tools on intellectual property rights (IPRs) Itassists and educates small and medium-sized enterprises (SMEs)consumersgovernmentofficialsandthegeneralpublicaboutIPRsStore Specialty Services SpecialtyStoreServicescom Discover a widevariety of store fixtures store displays and other related products ThisonlinewarehouseallowsyoutoconvenientlyshopforyourstoreTarsus Group tarsuscom Tarsus Group represents a number of tradeshows and publications including theOff-Price Show held inNewYorkandLasVegasannuallyTopTenWholesale TopTenWholesalecom This is a vertical search enginethat connects buyers of general merchandise wholesale products tomanufacturers importers distributors auctioneers independent retailersflea marketers drop shippers and any reseller of new and closeoutsmerchandiseTrademarksTheSpotTMTheSpotcomTrademarksTheSpothelpsretailersand other business owners to take the necessary steps to protect their
businesses The legal team offers federal and state trademark searchesfiling monitoring and moremdashoften more affordable than other attorneyratesTrade Show Exhibitors Association TSEAorg This association providesknowledge tomanagement andmarketingprofessionalswhopromote andsell products through face-to-facemarketing This is a great resource forfindingtradeshowsTripar International Triparcom Beautifully showcase your products andinspire your customers with Triparrsquos boutique selection of fixturesdisplays tabletop stands accessories andmore The companyrsquos productsare known to stand out among boutique retailers and help drive salesthroughdisplaysUnitedStatesPatentandTrademarkOfficehttpwwwusptogovTheUSPatent and Trademark Office (USPTO) registers trademarks and protectsintellectualproperty(IP)forUSentrepreneursandinnovatorsworldwideUSSmallBusinessAdministrationSBAgovTheSBAhas resources andinformationforstartingandmanagingbusinessesgettingloansandgrantsregistering for government contracting and receiving business counselingand training In addition the SBA supports regional Small BusinessDevelopmentCentersoftenadjacent tocollegeoruniversitycampusesformorehands-onsupportVend VendHQcom Vend is a POS inventory and customer-loyaltysoftwarethathelpsretailersmanageandgrowtheirbusinessesTheeasy-to-use software is iPad-based and ideal for retailers in a diverse range ofindustries including apparel fashion sports health and beauty food anddrinktourismhomegoodsandmoreVine Vinecom Vine allows merchants to incorporate videos into theironlinemessagingThisappiseasytouseandcanbeusedviasocialmediae-mail marketing and other online efforts to help communicate detailsaboutyourstoreorbusinessWishpondWishpondcomWishpond isanapp thatmakes iteasy to runagroupofferorsocialmediacontesttodrivesalesandtraffictoawebsiteorstorewithcouponsandotherspecialoffersviaFacebookTwitterPinterestyourwebsiteandmobiledevicesWholesaleCraftscomWholesaleCraftscom WholesaleCraftscom Retailerscandiscoverovera1000AmericanandCanadianwholesaleartistsonthisonline virtual marketplace Buyers must be qualified retailers and onceapprovedmayenrollforfree
Wholesale Minded RetailMindedcomWholesale-minded-magazineWholesale Minded Magazine is a free digital publication from RetailMindedthatsharesexpert insightpracticalsolutionseducationalsupportspecifically to independent wholesalers new-to-market vendors andretailerswhoworkwiththem
APPENDIXB
CommonRetailTermsandDefinitions
INTHISappendixwehaveprovidedalistofcommonretailtermstohelpsupportyouinyouroverallunderstandingoftheretailbusinessatlargeWersquollalsoaddresscommonwholesaletermsinaneffortforyoutobestmanageyoursuppliercommunicationAlthoughretailincludesmanyadditionaltermsthislistisintendedtosupportthemostcommonwordsusedintheretailindustryWersquodliketoalsothankViaTradingforitssupportinsupplyingmanyofthe
termsidentifiedhereinandweencourageyoutovisitViaTradingrsquosexpansiveglossaryforadditionalretailandwholesaleterminologyathttpwwwviatradingcomwholesale456Glossary-of-Termshtml
AcceptanceTheactofadraweeacknowledginginwritingonthefaceofadraftpayableatafixedordeterminablefuturedatethatheorshewillpaythedraftatmaturityAcceptance draft A sight draft documents against acceptance SeeDocumentsagainstacceptanceAirway bill The carrying agreement between shipper and air carrierwhichisobtainedfromtheairlineusedtoshipthegoodsAll-risksclauseAninsuranceprovisionthatprovidesadditionalcoveragetoanopencargopolicyusuallyforanadditionalpremiumContrarytoitsnametheclausedoesnotprotectagainstallrisksThemorecommonperilsit does cover are theft pilferagenondelivery freshwaterdamage contactwithothercargobreakageandleakageInherentvicelossofmarketandlossescausedbydelayarenotcoveredAs-is Refers to thesellingconditionsofcertainmerchandiseThebuyer
typicallyassumesallrisksinpurchasingsuchgoodsandthemerchandiseissoldwithnoguaranteesorreturnsATAcarnet Customsdocumentthatenablesonetocarryorsendgoodstemporarily intocertainforeigncountrieswithoutpayingdutiesorpostingbondsAuthoritytopayAdocumentcomparablewitharevocableletterofcreditbutunderwhosetermstheauthoritytopaythesellerstemsfromthebuyerratherthanfromabankB2B trade platforms B2B trade platforms are business-to-businessvertical search engines that connect buyers and sellers in global anddomestictradeTheseonlinemarketplacesprovidetoolsthatarenecessaryto facilitate communication between retailersresellers andwholesalersmanufacturersBalanceoftradeThebalancebetweenacountryrsquosexportsandimportsBeneficiaryThepersoninwhosefavoraletterofcreditisissuedoradraftisdrawnBig-boxstoresBig-boxstoresarestand-aloneretailersthatcarryassortedmerchandiseAnexamplewouldbeMacyrsquosorTargetBig-boxstoresalsomay be categorized as department stores discount stores or warehousestoresdependingonthestoreitselfBillofexchangeSeeDraftBillofladingAdocumentthatprovidesthetermsofthecontractbetweentheshipperandthetransportationcompanytomovefreightbetweenstatedpointsataspecifiedchargeBondedwarehouseAbuildingauthorizedbycustomsauthoritiesforthestorageofgoodswithoutpaymentofdutiesuntilremovalBoutique Refers to small shops or stores that are independently ownedand often sell a product assortment that is not duplicated exactly in anyotherstoreBuy local (also referred toasShop local) A termused to identify theimportanceofshoppingat localbusinessesoftenused tocommunicate toconsumersinanefforttostrengthenlocaleconomicimportanceandsmall-businessvalueBuyingagent Anagentwhobuys in thiscountry for foreign importersespecially for such large foreign users as mines railroads governmentsandpublicutilitiesSynonymouswithpurchasingagentCapitalThewealthwhetherinmoneyorpropertyownedbyabusiness
orindividualCash and carry A form of wholesale that sells products on the spotusually with cash only to a purchaser who is then able to self-carry theproducts themselves without having to wait for any time betweenpurchasinganddeliveryCashwrap [also referred to as point-of-sale (POS)Area] The placewhere a consumer goes to purchase products or services within a storeoftenthesameareainwhichpurchasesarewrappedinbagsforcustomersCarrierAtransportationlinethathaulscargoCasepacksGenerallyreferstoitemspackedinasmallcasetypicallyinquantities of 6 12 24 or 100 Goods such as cosmetics clothingaccessories and jewelry are often sold in case packs representing apredetermineditemcountCertificate of free sale A certificate required by some foreigngovernments stating that the goods for export (if products are under thejurisdiction of the US Federal Food and Drug Administration) areacceptable for sale in theUnitedStates that is that theproductsare soldfreelywithout restrictionTheFoodandDrugAdministration (FDA)willissueshippersaletterofcommenttosatisfyforeignrequestsorregulationsCertificateofinspectionAdocumentinwhichcertificationismadeastothegoodconditionofthemerchandiseimmediatelypriortoshipmentThebuyerusuallydesignatestheinspectingorganizationwhichis typicallyanindependentinspectionfirmorgovernmentbodyCertificate of manufacture A statement by a producer sometimesnotarizedthatcertifiesthatmanufacturinghasbeencompletedandthatthegoodsareatthedisposalofthebuyerCertificateoforiginAdocumentinwhichcertificationismadeastothecountryoforiginofthemerchandiseCampFCostandfreightSameasCIFexceptthatinsuranceiscoveredbythebuyerCFRCostandfreightindicatesthatthesellerwilldeliverthegoodstothebuyerandapplyactualcostoffreighttothebuyersChamberofCommerceAnassociationofbusinesspeoplewhosepurposeistopromotecommercialandindustrialinterestsinthecommunityCIF Cost insurance and freightApricing termunderwhich the sellerpaysallexpensesinvolvedintheplacingofmerchandiseonboardacarrierand in addition prepays the freight and insures the goods (an automatic
conditionofthecontract)toanagreed-ondestinationCleanbillofladingAbillofladingsignedbythetransportationcompanyindicating that the shipment has been received in good conditionwith noirregularities in the packing or general condition of all or any part of theshipmentCloseoutSellingtheentirelotofremainingmerchandiseusuallythroughasaleatreducedpricesCollection The procedure involved in a bankrsquos collectingmoney for aseller against a draft drawn on a buyer abroad usually through acorrespondentbankCOD Cash on delivery If your goods are delivered according toCODterms you must pay cash for them COD is common for retailers whencreditistightCollection papers The documents submitted usually with a draft oragainstaletterofcreditforpaymentofanexportshipmentCommercialinvoiceAtradeinvoicethatidentifieschargesappliedfromapurchaseorserviceConsigneeThepersonfirmorrepresentativetowhomasellerorshippersendsmerchandiseandwhoonpresentationofthenecessarydocumentsisrecognizedastheownerofthemerchandiseforthepurposeofthepaymentofcustomsdutiesThistermisalsousedasapplyingtoonetowhomgoodsareshippedusuallyattheshipperrsquosriskwhenanoutrightsalehasnotbeenmadeSeeConsignmentConsignment A term pertaining to merchandise that has not beenpurchasedunderanagreementbywhichtheconsigneeisobligatedtosellthegoodsfortheaccountoftheconsignorandtoremitproceedsasgoodsaresoldConsumersThefinalpurchaserorenduserofanyproductorserviceInretailspecificallyconsumersareoftenreferredtoascustomersCorrespondent bank A bank that is a depository for another bankacceptingdepositsandcollectingitemsforitsbankdepositorCountry of origin The country in which a product or commodity ismanufacturedorproducedCreditriskinsuranceAformofinsurancethatprotectstheselleragainstlossduetodefaultonthepartofthebuyerCustomerreturn Item thathasbeenpurchasedbyacustomerand thenreturnedtothestore(oronlinestore)foranynumberofreasons
Customs The agency or procedure for collecting duties imposed by acountryonimportsorexportsDASeeDocumentsagainstacceptanceDead stock Inventory in a store that has never been purchased by aconsumer and reflects products from past seasons Despite multipleattempts to sell it this stockdoesnot sellDeadstock isoftena resultofinexperiencedbuyingincludinglackofknowledgeofthecustomerbaseDefectiveDefectiveconditionreferstoitemsthathavebeenputthroughatestingprocessandhavebeendeemeddefectiveornotworkingItemsmaybevisuallydefectiveorincompleteorbemissingpartsItemsalsomaybebrandnewbutwithamajorquality-controlflawmakingthemdefectiveDemographics Identifies population in groups based on age genderincomeoccupationeducation religion race familysize family lifestyleandmoreGovernmentstudiesoftenprovidedemographicinformationandselectretailgroupsororganizationsspecifictotheirnicheretailcategoryDirectshipmentReferstoitemsthatareshippedtothecustomerdirectlyfromastorersquosfacilityDiscount A reduction in the price of an item Discounts will vary inamountandpurposeDisplays Represents thevisualappearanceofastoreenvironmentoftenreferring to specific areas of a storemdashsuch as a window display tabledisplayorpoint-of-sale(POS)displayDiscrepancyletterofcreditWhendocumentspresenteddonotconformtothetermsoftheletterofcredititisreferredtoasadiscrepancyDistributor A firm that sells directly for amanufacturer usually on anexclusivebasisforaspecifiedterritoryandthatmaintainsaninventoryonhandDocuments against acceptance (DA) A type of payment for goods inwhich the documents transferring title to the goods are not given to thebuyeruntilheorshehasacceptedthedraftissuedagainsthimorherDocuments against payment (DP) A type of payment for goods inwhich the documents transferring title to the goods are not given to thebuyeruntilheorshehaspaidthevalueofadraftissuedagainsthimorherDomestic International Sales Corporation (DISC) An export salescorporationsetupbyaUScompanyunderUSgovernmentauthorizationtopromoteexportsfromtheUnitedStatesbygivingtheexportereconomicadvantagesnotavailableoutsidesuchauthorization
DPSeeDocumentsagainstpaymentDraft(alsoknownasbillofexchange)Awrittenorderforacertainsumofmoneytobetransferredonacertaindatefromthepersonwhoowesthemoneyorwhoagreestomakethepayment(thedrawee)tothecreditor towhomthemoneyisowed(thedrawerofthedraft)DraweeOneonwhomadraftisdrawnandwhoowesthestatedamountSeeDraftDrawerOnewhodrawsadraftandreceivespaymentSeeDraftDropshippingAnorderthatisplacedwithavendorandshippeddirectlyto the end consumer (Brokers dealwith drop shipperswhen they do notwant to touch or warehouse the merchandise They receive orders fromtheircustomersand thenplaceadrop-shiporderwithavendorwho thenshipsthemerchandisedirectlytothebrokerrsquoscustomer)Drop-shipordersaretypicallyshippedblindmeaningwithnotraceofthevendorrsquosnameoraddresstoprotectthebrokerDuty The tax imposedbyagovernmentonmerchandise imported fromanothercountryE-mailblastAne-mailsenttoalargegroupofpeopleatonceEMCAnexportmanagementcompanyEmployeeturnoverTheratiobetweenthenumberofemployeeswhohadtobe replacedand thenumberofaverageemployees inagivenperiodoftimeForexample ifyouhaveanaverageofsixemployeesinayearandthreepeoplehad tobereplacedbecause theyquit thatyearyour turnoverwouldbe50percentTurnoveristheoppositeofretentionETCAnexporttradingcompanyExchange permit A government permit sometimes required of animportertoenablehimorhertoconverthisorherowncountryrsquoscurrencyintoaforeigncurrencywithwhichtopayasellerinanothercountryExchangeregulationsrestrictionsRestrictionsimposedbyanimportingcountrytoprotectitsforeign-exchangereservesSeeExchangepermitExcisetaxAdomestictaxassessedonthemanufacturesaleoruseofacommoditywithinacountryUsuallyrefundableiftheproductisexportedExpirationdate The finaldateonwhich thepresentationofdocumentsanddrawingofdraftsunderaletterofcreditmaybemadeExportTosendgoodstoaforeigncountryoroverseasterritoryExportbroker Onewhobringstogethertheexporterandimporterforafeeandthenwithdrawsfromthetransaction
EXW(exworks) Indicates that thebuyer is responsibleforcargowhenitrsquosavailableatthesellerrsquosfactoryFactoring company (also referred to as a factor) A businessorganizationthatlendsmoneyonaccountsreceivableorbuysandcollectsaccountsreceivableFactorsmakefundsavailabletoretailersFCA(freecarrierat) Indicates that the sellerdelivers thegoods to thenamed place free of any transportation cost having cleared the cargo forexport The seller accepts transportation costs risks and responsibilitiesuntilthecargoishandedoveratthenamedplaceFocusgroupAgroupofpeople(egyourcustomers)broughttogethertogivetheiropinionsonaparticularissueorproductoftenforthepurposeofmarket research or inventory strategies usually no more than 10 to 12peopleGeneral license (export) Government authorization to export withoutspecificdocumentaryapprovalGrossweight Totalweight of goods packing and container ready forshipmentHandlingchargesTheforwarderrsquosfeetotheshippingclientImport To bring merchandise into a country from another country oroverseasterritoryImportlicenseAgovernmentdocumentthatpermitstheimportationofaproductormaterialintoacountrywheresuchlicensesarenecessaryInco terms Indicate whether the buyer or the seller carries the riskresponsibilityliabilityorcostsatspecificpointsduringatransactionInconvertibilityTheinabilitytoexchangethecurrencyofonecountryforthecurrencyofanotherInsurance certificate A document issued by an insurance companyusually to order of shipper under a marine policy and in cover of aparticularshipmentofmerchandiseInternship Any program formal or informal that provides practicalexperience for beginners in an occupation or profession Retailers oftenseek to hire interns to help in specific areas of their businesses such asvisualmerchandisingor socialmedia as away togain store support thattheymaynotnormallyhaveaccesstootherwiseInvoice A document that identifies charges applied from a purchase orserviceSeeCommercialinvoiceIrrevocableAppliedtolettersofcreditAnirrevocableletterofcreditis
onethatcannotbealteredorcanceledonceithasbeennegotiatedbetweenthebuyerandhisorherbankJointventureAcommercialorindustrialenterpriseinwhichprincipalsofone company share control and ownership with principals of anothercompanyKioskAfree-standingstructureusedinapublicplacesuchasamallthatisdesignedtosupportaproductorservicetobesoldtoconsumersItisalsousedforinteractiveopportunitiesandmaybeonashort-termbasissuchaswhenusedduringafestivalLCSeeLetterofcreditLegalweightTheweightofgoodsplusanyimmediatewrappingsthataresold alongwith the goods for example theweight of a tin can togetherwithitscontentsSeeNetweightLetterofcredit(LC)(commercial) Adocument issuedbyabankatabuyerrsquosrequestinfavorofasellerpromisingtopayanagreedamountofmoneyonreceiptbythebankofcertaindocumentswithinaspecifiedtimeLicensingThegrantoftechnicalassistanceandserviceandortheuseofproprietary rights such as a trademark or patent in return for royaltypaymentsLineofcreditSameasacreditlimitthemaximumamountofcreditthatastoreisauthorizedtousebyabankorotherlenderLine sheet A document that collectively represents products from aspecific brand or vendor sharing details on product pricesmdashincludingwholesale and retailmdashas well as product availability shipping termscontentsofproductsandmoreLookbookAbookthatissimilartoaportfoliobutitrepresentsaproductline rather than providing visual samples of onersquos work history Thepurposeofalookbookistoprovidealdquostoryrdquoldquofeelingrdquoorldquoinspirationaloverviewrdquoof theproduct assortment throughphotographsof theproductsbeingsoldMarkdownAdevaluationofaproductbasedonitsinabilitytobesoldattheoriginalplannedsellingpriceMarkup Increase in the price of a product or service to create a profitmarginforthebusinessManufacturedsuggestedretailprice (MSRPalsorecognizedasretailvalue) The value and suggested retail price a vendor supplier orwholesaleridentifiesaproducttobesoldat
ManufacturerReferstohandmadeormachine-constructedproductsthatbeginas rawmaterials andare completed into finishedgoods that are foruseorsaletowholesalersaswellasretailersMastercase100percentbrand-newfactory-sealedmerchandisestillinitsoriginalpackagingMaturitydateThedateonwhichadraftoracceptancebecomesdueforpaymentMOQ(minimumorderquantity) AMOQisthesmallestquantityofaproductthatasupplierrequiresyoutobuyinasinglepurchaseNet weight The weight of the goods alone without any immediatewrappingsforexampletheweightofthecontentsofatincanwithouttheweightofthecanOnline marketplace Refers to a type of e-commerce website whereproductisavailabletobesourcedforaretailstoreTypicallytransactionsareprocessedbythisonlinemarketplaceandthendeliveredandfulfilledbytheparticipatingsuppliers(wholesalers)Opentobuy(OTB) ReferstotheportionofaretailbudgetavailabletospendoninventoryatanygiventimeUsedtoidentifyhowmuchmoneyisavailabletoplaceordersforstoreproductOperatingexpensesTheexpensesinvolvedinrunningabusinessPacking list A list that shows thenumber andkindsof packagesbeingshippedtotalsofgrosslegalandnetweightsofthepackagesandmarksand numbers on the packages The listmay be requested by a retailer orsuppliedvoluntarilybyavendororsupplierPoint of sale (POS) Traditionally speaking POS represents the placewhereanactualtransactioniscompletedInmodernretailPOSoftenrefersto software thatprocessesa transaction inexchange forgoodsor servicessoldPop-upshopTheactofopeningashort-termstorefrontoftenapplyingtoonlyonedayalthoughitmayapplytoaweekendoraslongasamonthProduct sourcing The act of finding products from wholesalers ormanufacturerstoresellthroughabusinessProformainvoice Aninvoiceforwardedbythesellerofgoodsprior toshipmenttoadvisethebuyeroftheweightandvalueofthegoodsPsychographics Identifies lifestyles and stages that appear to influenceconsumershoppingdecisions Includesactivitiesbeliefshabitsopinionsandmoreofcustomers
QuotaThetotalquantityofaproductorcommoditythatmaybeimportedinto a country without restriction or the penalty of additional duties ortaxesQuotationAnoffertosellgoodsatastatedpriceandunderstatedtermsRate of exchange The basis on which money of one country will beexchangedforthatofanotherRatesofexchangeareestablishedandquotedfor foreigncurrencieson thebasisof thedemandsupplyandstabilityoftheindividualcurrenciesSeeExchangeRetailThebusinessofsellingservicesorproductsthatultimatelywillbesoldtoconsumerstheendusersoftheproductsorservicespurchasedRetailsupplychain Aproduct iscreatedatamanufacturer issold toawholesaler and then is sold again to a retailer who ultimately sells theproducttothefinalpurchasertheconsumerRetail value [also recognized as manufactured suggested retail price(MSRP)] Thevalueofan itemassuggestedbyasupplierorvendorforretailerstoselltheproductatretailRetailer Afixedlocationincludingstorefronts theInternetkiosksandpop-upshops thatsellproductsorservices toconsumers Inaddition thetermretailercanbeappliedtothepersonwhoownsaretailstoreRevocableAppliedtolettersofcreditArevocableletterofcreditisonethatcanbealteredorcanceledby thebuyerafterheor shehasopened itthroughhisorherbankRFQ (also referred to as RFP) Request for quotation or request forproposal A business process that invites suppliers to bid on specificproducts or services It allows suppliers to provide quotations for theirgoodsandservicestoretailersandordistributorsRoyaltypaymentTheshareoftheproductorprofitpaidbyalicenseetohisorherlicenserSeeLicensingSalesrepresentativeArepresentativeofacompanyeithercontract-basedor as an employee of a particularly company who represents a productbeing sold Typically sales representatives will work for vendorsattemptingtosecuretheirproductswithinretailstoresSeasonal goods Goods that are heavy in merchandise for a particularseasonsuchasHalloweenEasterChristmasandsoonSell-through The ratiobetween thequantityofgoods soldbya retailerand the quantity originally delivered to thewholesaler number of piecessolddividedbynumberoforiginalpiecesdeliveredIfyousellfiveofeight
pairsofpantsyoursell-throughis625percentShipperrsquos export declaration A form required by the US TreasuryDepartment and completed by a shipper showing the value weightconsigneedestinationandsoonofexportshipmentsaswellasaScheduleBidentificationnumberShipping documents Commercial invoices bills of lading insurancecertificatesconsularinvoicesandrelateddocumentsStockingdistributor AdistributorwhomaintainsaninventoryofgoodsofamanufacturerSupplier May refer tomanufacturer distributorwholesaler or vendorCollectivelyrepresentsalltheseproductprofessionalsSustainableIfsomethingissustainableitdoesnotharmtheenvironmentor deplete natural resources In retailing it often refers to sustainabledesignwhetherthatbeinbuildingdesignorproductdesignTareweight TheweightofpackingandcontainerswithoutthegoodstobeshippedTariffAscheduleorsystemofdutiesimposedbyagovernmentongoodsimportedorexportedtherateofdutyimposedinatariffTenorThetimefixedorallowedforpaymentasinldquothetenorofadraftrdquoTime draft A draft drawn to mature at a certain fixed time afterpresentationoracceptanceTrade shows Trade shows are organized events that cater to a specificindustry and introduce buyers and sellers Traditionally trade shows areclosed to the public and are only accessible to registered buyers andmembersoftheretailtradeValidated license A government document authorizing the export ofcommoditieswithinthelimitationssetforthinthedocumentVisa A signature of formal approval on a document Obtained fromconsulatesVisual merchandising The art of using effective design andmerchandisingideasthatwillenhancetheshoppingexperienceofastoreaswellasincreasesalesandfoottrafficWholesaleThesellingofgoodsthroughabusiness-to-businesstransactionoflargequantitiestoretailersWholesalerAnindividualorcompanythatsellsaproductorservicetoaretaileranddoesnotsellthisproductorservicedirectlytoconsumers
Notes
1StandingOutamongOtherRetailers
1KimberlyEfseaffowneranddesignerBonBijouxGirlyBoutiqueInterviewbyNicoleReyhleDecember142013
2SteppingOutsideYourComfortZone
1MacquenziFarquerownerLockportAstoriaNewYorkInterviewbyNicoleReyhleOctober1520132Ibid3ShariRalishownerPeacefulParlourInterviewbyNicoleReyhle
November1120134JoeAbrahamauthorofEntrepreneurialDNAInterviewbyNicoleReyhle
December122013GenevaIllinois
3LeaningonOutsideOrganizations
1EllenDivitaeconomicdevelopmentdirectorCityofGenevaInterviewbyNicoleReyhleNovember32013GenevaIllinois2Ibid3HarrietParkermanagerAuroraIllinoisndashbasedSmallBusiness
DevelopmentCenterInterviewbyNicoleReyhleOctober212013GenevaIllinois4AndyEllenpresidentandgeneralcounselNorthCarolinaRetail
MerchantsAssociationInterviewbyNicoleReyhleviae-mailOctober2820135Ibid6CurtisPicardexecutivedirectorRetailAssociationofMaineInterviewby
NicoleReyhleOctober2920137Ibid8Ibid9JamaRiceexecutivedirectorandCEOofMuseumStoreAssociation
interviewbyNicoleReyhleviae-mailNovember6201310MissyBrozekvicepresidentandcreativedirectorCrafterrsquosHome
InterviewbyNicoleReyhleJanuary12014
4IdentifyingYourUniqueStoreStory
1AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicoleReyhleOctober182013ChicagoIllinois2Ibid3Ibid4KirtManeckeauthorandcustomer-serviceexpertInterviewbyNicole
ReyhleNovember2013
5SourcingProductsThroughTradeShowsandtheInternet1MegyKarydesownerKarydesConsultingInterviewbyNicoleReyhle
January22014ChicagoIllinois2Ibid3CamilleCandellagroupmarketingmanagerEmeraldExpositions
InterviewbyNicoleReyhleDecember520134JonathanPrescottseniorbusinessmanagerJPCommunicationsInc
InterviewbyNicoleReyhleDecember142013
6BuyingforCustomerversusYourself
1CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhleNovember112013GenevaIllinois2DrGaryEdwardschiefcustomerofficerMindshareTechnologies
OriginallysharedviaRetailMindedcominanarticlepublishedbyRetailMindedJanuary20143TomKonopackiownerAnastaziaInterviewbyNicoleReyhleDecember
2013GenevaIllinois4VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember29
20135Ibid6Ibid7DrGaryEdwardschiefcustomerofficerMindshareTechnologies
OriginallysharedviaRetailMindedcominanarticlepublishedbyRetailMindedJanuary20148CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhle
December92013GenevaIllinois9Ibid10Ibid
7SellingYourProducts
1MichaelAmatopresidentandCEOCimarronInc2AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois3Ibid4RichKizerandGeorganneBenderKizerampBenderSpeakingInterviewby
NicoleReyhleNovember52013StCharlesIllinois5KerryBannigancofounderNolchaFashionWeekNewYorkInterview
byNicoleReyhleNovember252013NewYorkCity6CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhle
November12013GenevaIllinois7RichKizerandGeorganneBenderKizerampBenderSpeakingInterviewby
NicoleReyhleNovember52013StCharlesIllinois8VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember30
20139Ibid10JasonRichelsonfounderandCEOShopKeepPOSInterviewbyNicole
ReyhleNovember252013NewYorkNewYork
8ApplyingPressandMarketingtoYourBusiness
1CynthiaSuttonownerSilverBarnretailstoreInterviewbyNicoleReyhleOctober162013ColumbusTexas2Ibid3SuzyTeeleCOOSnapRetailcomInterviewbyNicoleReyhleNovember
220134Ibid5Ibid6JessicaMorettimarketingcommunicationsmanagerSnapRetailcom
InterviewbyNicoleReyhleDecember1020137CourtneyRodgerscofounderBoutiqueWindowInterviewbyNicole
ReyhleNovember2720138CynthiaSuttonownerSilverBarnretailstoreInterviewbyNicoleReyhle
October162013ColumbusTexas
9MakingYourPresenceOnline
1DonDaviseditor-in-chiefInternetRetailerMagazineInterviewbyNicoleReyhleNovember2013ChicagoIllinois2HarleyFinkelsteinchiefplatformofficerShopifycomInterviewby
NicoleReyhleinOctober20133Ibid4CourtneyRodgerscofounderBoutiqueWindowInterviewbyNicole
ReyhleNovember2720145Ibid6DonDaviseditorinchiefofInternetRetailerMagazineInterviewedby
NicoleReyhleNovember2013ChicagoIllinois7Ibid8ForresterResearchreleasedareporttitledldquoUSCrossChannelRetail
ForecastrdquoonOctober292013thatidentifiedthisfindingwhichcanbefoundatforrestercom9DonDaviseditor-in-chiefInternetRetailerMagazineInterviewbyNicole
ReyhleNovember2013ChicagoIllinois10Ibid11SkipMcGrathpublisherSkipMcGrathcomInterviewbyNicoleReyhle
December6201312SuzyTeeleCOOSnapRetailInterviewbyNicoleReyhleNovember25
201313Ibid14EdClearypublisherRetailTouchPointsInterviewbyNicoleReyhle
November25201315RichKizerandGeorganneBenderKizerampBenderSpeakingInterview
byNicoleReyhleNovember2013StCharlesIllinois16Ibid17SuzyTeeleCOOSnapRetailInterviewbyNicoleReyhleNovember25
201318EllaWirtzcofounderBoutiqueWindowInterviewbyNicoleReyhle
November272013
10TakingPartinShop-LocalInitiatives
1MackenziFarquerownerLockportAstoriaNewYorkInterviewbyNicoleReyhleNewYorkCityOctober1620132JeffMilchencodirectorAMIBAInterviewbyNicoleReyhleNovember
2320133Ibid4Ibid5Ibid6MitchenIdentifiedincompanyoverviewonAMBIAnetNovember20137Ibid8IdentifiedinareportreleasedbytheNationalFederationofIndependent
BusinessesandAmericanExpressResearchDecember20139SusanSobbottpresidentAmericanExpressOPENsharedinapress
releasestatementreleasedJuly201310Ibid11AmyKnebelWashingtonDC-basedcustomerInterviewbyNicole
ReyhleDecember6201312DanMcCabeCEOCausetownorgInterviewbyNicoleReyhle
December92013
11ACrystalBallforIndependentRetailers
1KimberlyEfseaffBonBijouxGirlyBoutiqueDelMarCaliforniaInterviewbyNicoleReyhleDecember2820132AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois3JasonRichelsonfounderandCEOShopKeepPOSInterviewbyNicole
ReyhleNovember2520134VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember28
20135CamilleCandellagroupmarketingmanagerEmeraldExpositions
InterviewbyNicoleReyhleDecember520136BillMcNultypublisherSumnerCommunicationsIncInterviewby
NicoleReyhleDecember2820137AngelaGianfrancescoownerofStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois8CurtisKroekerBizBuySellcomandBizQuestcomInterviewbyNicole
ReyhleNovember182013
Index
PleasenotethatindexlinkspointtopagebeginningsfromtheprinteditionLocationsareapproximateine-readersandyoumayneedtopagedownoneormoretimesafterclickingalinktogettotheindexedmaterial
70-20-10ruleinsocialmedia170
AbrahamJoe914AccessoriesResourceTeam(ART)32206ActionGuides5AdidasxvndashxviAdvanstar44205Advisoryboardscustomer-based95ndash97AlabamaRetailAssociation34AmatoMichael108Amazon153164165AmericarsquosMart73AmericanApparelampFootwearAssociation32206AmericanExpress183215ndash216American Independent Business Alliance (AMIBA) 146 178ndash182 185 206214
AmericanSpecialtyToyRetailingAssociation(ASTRA)32Anastazia98Android190AppleInc39191Apps194SeealsoiPodsArizonaRetailersAssociation34ArkansasGrocersandRetailMerchantsAssoc34
Aroma130ARTHomeFurnishingsNetwork32206ASDTradeShowxviii1742436266707174206210AssociatedOregonIndustriesRetailCouncil34AssociationofSmallBusinessDevelopmentCenters206
BaconKevin215BALLEcalculators182BandholzEric156BankofAmerica207BanniganKerryxviii116Barneys191BeALocalistorg207Beardbrand156158BeckhamDavidxviBeetailer172207BenderGeorganne112118169170213Benefitsoforganizations29BergBob78BestBuy165Big-boxcompetition10ndash12Bing80BizBuySell197200207BizQuest197Blogtradegove69BloggingxvindashxviiBonBijouxGirlyBoutique189BosiDNA207BoutiqueVision208BoutiqueWindow144146159171172202207Branding139BrozekMissy28BuehlerJef21Builderentrepreneurs9BureauofLaborStatistics208
BusinessAlliance for Local Living Economies (BALLE) 181ndash182 185 207214ndash215
Businesscards76Businessinsurance30Business-to-Business(B2B)sourcingplatforms80ndash85BusinessUSA208Buy-localcampaigns5178ndash182BuyersxivBuyersrsquoguides29Buying89ndash105Buyingdistrictswholesale73
CalculatorsBALLE182Calendarforstore109ndash111CaliforniaRetailersAssociation34Calltoaction(CTA)inmarketingmessage142CandellaCamille76194Cardlytics201208CardPrintingus48Causetownorg185ndash186208215CEStradeshow4371ChambersofCommerce422ndash2333ChanelCoco3Charityevents134185ndash186ChasallaxiiiCheckoutprocedures46ndash47ChildrenrsquosClubtradeshow43Choosingselectingyourinventory41ndash42ChurchillWinston177Cimarron108CityofGenevaIllinois22CitySearchcom97ClairersquosBoutique12ClearyEd167169
Cloudcomputing191192Cloud-basedpoint-of-sale(POS)210Coastalcom165ColoradoRetailCouncil34Comfortzoneexpansion9ndash20Community-basedsupports4ndash522ndash37Companycontactinfoonlinestore161Companyphilosophy56Competition16
big-boxstoresas10ndash12identifying10ndash12learningfrom16
Conferences2933ConnecticutRetailMerchantsAssociation34ConstantContact143ConsumerElectronicsShow71Contactinformationforstore56161Contentmarketing175ndash176Contentofmarketingmessage142CouncilofStateRetailAssociations(CSRA)209Couturetradeshow43CraftampHobbyAssociation32209CraftandHobbyRetailers32CraftersrsquoHomexviii28209CrainrsquosChicagoBusinessxviiCreatinganonlinestore155ndash163Creditcardsales201216Cross-merchandisingtechniques122CubanMark153Customercarecustomerservice20444547ndash485457138194ndash197
customerfeedbackand95ndash97104customerresourcemanagement(CRS)in192disputesin49ndash50importanceof194ndash197invitingcustomerstoeventsin114ndash115
onlinestore163reviewsitesand97
Customerdisputes49ndash50Customerfeedback95ndash97104Customerresourcemanagement(CRS)192Customers
identifying47targeting715163understandinghabitsof1519ndash20
Customsregulations65
Dailystoreroutines20DallasMarketCenterThe73DallasMavericks153DanceRetailerNewsxviiDatasources15DavisDon154158162DelawareRetailCouncilInc35DeMariaJennifer166DHL65DickrsquosSportingGoodsxviDillardsxivDiscountedmerchandise121ndash122Displaysdisplayhardware117ndash123150
cross-merchandisingtechniquesin122immediate-rightzonein120lightingand118pointofsale(POS)areasand121salesectionin121ndash122staplesvsstatementsin122ndash123storestoppersas120ndash121storewindowsas119
Diversifyingyourinventory11ndash13DivitaEllen22
DoItInPerson172209Dresscode58DruckerPeter189
Ecommerce153statisticson145
E-mailmarketing140141ndash144eBay164165Educationalopportunitiesattradeshows82EdwardsGary97102EfseaffKimberly3ndash4189EllenAndy25EmeraldExpositions4476194209Emergencyprocedures58Employeemanuals58Employeesandstaff750ndash53Seealso
Operationprocedures57employeemanualfor58employmentpractices56fullvspartndashtime18hiring51ndash53interviewing51ndash53managersashiring52ndash53terminationof57
Employmentpractices56Engagingthesensesinselling128ndash131ENTInternational205EntrepreneurialDNA(Abraham)914Entrepreneurs9EtienneAignerxvEvents
advanceplanningfor114116ndash117expensesvssalesgeneratedby116in-storeexperienceascenterpieceof115ndash116
introducingandmanaging108ndash117invitingcustomersto114ndash115marketing114planningdatesfor113regularschedulingof112storecalendarfor109ndash111trackingresponseto113ndash116
ldquoExperiencerdquoofastore3SeealsoEngagingthesenses
Fabcom165Facebook47123144166171183201207218FarquerMacquenzi10177FashionFootwearAssociationofNewYork(FFANY)42FederalExpress65Feedbackfromcustomers95ndash97104Financing211FinkelsteinHarley154Firstimpressionsinmarketing142FloralRetailers32FloridaRetailFederationxviii35Focusgroups45FootwearNewsmagazinexvForbesxviiForresterResearchonlineshopping159163FourSquare123FrancoSartoxivFreeshippingonlinestore162ndash163Freight65FringeSport156158Futuretrends189ndash203
GanderMountainxviGarmentdistrictNewYork73
GatesBill6189Generationaltargeting7GeorgiaRetailAssociation35GianfrancescoAngela4ndash541109196ndash197Giftboxeswrapping139Giftcertificates48GiftFairNY43GlamourmagazinexvGlobalShop210GlobalSourcescom81Glossaryofcommonretailterms219ndash235Google80164GoogleGlass201GooglePlaces201Google+in171Grossmargin93Grosssales93Groupmemberships7Growingyourbusiness102ndash103
Habitsofsuccessfulretailers14ndash19Handheldportablecashregisters190ndash191194Healthinsurance30Hiringemployees51ndash53HollisKaren95HomeFurnishingsIndustry32
IdahoRetailersAssociation35Ideation211IllinoisRetailMerchantsAssociation35IllinoisSmallbusinessDevelopmentCenter24Immediate-rightzone120Importingmerchandise65ImprovementDistrictProgramsofNewJersey21
IndependentJewelryRetailersandVendors32IndependentPetRetailers32IndependentRetailerConferencexviii210IndependentRetailerMagazine210IndiaMARTcom81IndianaRetailCouncil35Industrypublications31Informationsources15InnoMarkCommunications208Innovatorentrepreneurs9Instagramin171InstituteforLocalSelf-Reliance178185211Insurance30Intellectualproperty(IP)217Intellectualpropertyrights(IPRs)216InternalRevenueService(IRS)211InternationalBusinessattheSourcing78Internationalsourcing6466InternationalTradeOrganization69Internet61sourcingthrough66InternetRetailerConferenceandExhibition(IRCE)162211InternetRetailerMagazine154158164172210Internet-basedmarketing139144ndash146InternetRetailercom162Interviewingpotentialhires51ndash53Introducingnewitemsforsale108ndash117Inventorymanagementxv1941ndash42138
choosingselecting41ndash42classificationofitemsin90ndash91103ndash104customerfeedbacktoinfluence95ndash97104displaysdisplayhardwarefor117ndash123diversifyingin11ndash13dollarvalueofvsunits92introducingnewitemsin108ndash117
maintainedmarkup(MMU)94opentobuy(OTB)planningin9394pointofsalesoftwarefor99ndash102rankingperformanceofclassesin104ndash105retailmathbasicsin90ndash95stock-keepingunit(SKU)numbersin104tradeshowsand41ndash44turnover93vendorsand93
Inventoryturnover93iOS190IowaRetailFederation35iPads123ndash126216iPadEnclosures126210iPadpointndashofndashsale(POS)123ndash126210ISStradeshow43
JCKtradeshow43JennyBoston166JobsSteve39JPCommunicationsIncxvii85
KHollisJewelers95Kabbage211KansasChamberofCommerce35KarydesConsulting63KarydesMegy63Keepingitsimpleinmarketingmessage142KellerAlex156KellerPeter156KentuckyRetailFederation35KizerampBenderSpeaking112118169170213KizerRich112118169170213KnebelAmy184
KonopackiTom98KroekerCurtis197ndash200
Layoutconsistencyonlinestore160Learning16ndash17LicensingExpo211ndash212Licensing211ndash212Lighting118Localevents40SeealsoBuy-localeventsLocalmedia16Lockport10LordampTaylorxivLouisianaRetailersAssociation35Luckymagazinexv
MacyrsquosxivMade-in-chinacom81MAGICMarketWeek212MAGICtradeshow436278205MailChimp143MainStreetNewJersey21Maintainedmarkup(MMU)94ManagementOne212Managershiring52ndash53Managingyourbusiness18ManeckeKirt54Manufacturerscomxvii6281212Manufacturingnet69Marketresearch30454795ndash97Marketing162040133
brandingand139charityeventsas134e-mailin140141ndash144events114giftboxesbagsetc139
importanceof138Internet-based144ndash146online139resourcesandinformationon146ndash148socialmediain140ndash141
MarylandRetailersAssociation35Mathretailmathbasics90ndash95MaxStudioxiiiMaynardKristin166McCabeDane186McGrathSkip164165McNultyBill195ndash196Medialocal1620Merchandising57Merchantsolutionbenefits30ndash31MFGcom81MiamiMerchandiseMartThe73MichiganRetailersAssociation35MidwestMarketDays73MilchenJeff178ndash182MindshareTechnologies97MinnesotaMainStreetxviiiMinnesotaRetailersAssociation35MinorityBusinessDevelopmentAgency(MBDA)212MississippiRetailandGrocersAssociation35MissouriRetailersAssociation35Mobilecommerce126ndash128Modalyst81212MontanaRetailAssociation35Moocom147213MorettiJessica142MuseumandNotndashforndashProfitStores32MuseumStoreAssociationxviii2732MuseumsampMorexviiMusic124129ndash130147
Namorg69NationalFederationofIndependentBusinesses183NationalHardwareShow4371213NationalRetailFederation48NebraskaRetailFederation35Netsales93NewJerseyRetailMerchantsAssociation36NewMexicoRetailAssociation36NewYorkInternationalGiftFair43NewYorkwholesalegarmentdistrict73NexPet32NielsenExpositions209NineWestxivNolchaEvents116NolchaFashionWeekNewYorkxviiiNordstromxiiixiv44191NorthCarolinaRetailMerchantsAssociation2536NorthDakotaRetailAssociation36
OffndashPriceShow217OhioCouncilofRetailMerchants36Onlinegroups30OnlinemarketingSeeInternet-basedmarketingOnlinepresenceonlinestore731153ndash176201AmazoneBayplatformsfor164165companycontactinfoin161contentmarketingand175ndash176creatinganonlinestorefor155ndash163customercarecustomerserviceand163e-commerceand154ndash163Facebookassalesplatformin166focusonyouruniqueimagein158ndash159freeshippingand162ndash163layoutconsistencyin160
paymentoptionsfor161ndash162photosimagesin160productdescriptionsfor159ndash160175ndash176reachof154resourcesandinformationon162salesamountsgeneratedby163salestrackingsoftwarein157157Shopifyincreatingonlinestores155shoppingcartsystemfor161socialmediaand163164ndash174targetcustomersfor163tipsforbuilding158ndash163
Onlinesourcingplatforms80ndash85Opentobuy(OTB)planning779394Operationalprocedures1957Opportunistentrepreneurs9Ordersplacedattradeshows77ndash79OutdoorRetailerShow70Outsidesourcesofinformationsupport6ndash721ndash37
ParkerHarriet24Payingemployees57Paymentcardindustry(PCI)compliance190Paymentoptionsonlinestore161ndash162PeacefulParlour13PennsylvaniaRetailersrsquoAssociation36Petflowcom165PGAShow43Philosophycompany56Photosimagesonlinestore160PicardCurtis26ndash27PicassoPablo9Pinterest144171208218PlasticResourcecom48
Point-of-sale(POS)areas121Point-of-sale(POS)date15Point-of-sales(POS)systemstechnology4714899ndash102123ndash126190191ndash194210SeealsoInventorymanagementPremierPackaging139147202213
PrescottJasonxviixix6885200ndash202Pressreleases133135ndash137Pricing90ndash95Productdescriptionsonlinestore159ndash160175ndash176Profitretailmathbasics90ndash95Publicationsxvxvii3167Publicity 7 134 See alsoMarketingQuotes and price comparison sourcing66ndash67
Radio124RalishShari13113RalphLaurenxiiiReedExpositions44213Resourcelisting205ndash218RetailAdventuresBlog213RetailAssociationofMaine2636RetailAssociationofNevada36RetailCouncilofNewYorkState36RetailJewelersOrganization32RetailMerchantsAssociationofNewHampshire36RetailMerchantsofHawaii36RetailMindedxvi2969143210214218
conferencesby33PartnerPrograminxviii31
RetailMindedMagazinexviindashxviiiRetailRadio124147214RetailTouchPoints167172ndash173214RetailersAssociationofMassachusetts36RetailMAVENS90102117214Returnoninvestment93Returnpolicies46
Reviewsites97ReyhleNicoleLeinbach202RhodeIslandRetailFederation36RiceJama27RichelsonJason126190RobbinsTony21RodgersCourtney144159RowsellVaughn99ndash102123124192
Salesection121ndash122Salestrackingsoftwareonlinestores157157Scheduling57SCORE33Searchengines80Searchingforproductsonline80Searsxiii164Seasonalemployees7Security58Sellthrough93117Selling107ndash131
cross-merchandisingtechniquesin122displaysforinventory117ndash123e-commercestatisticsand145engagingthesensesin128ndash131immediate-rightzonein120mobilecommerceand126ndash128pointofsale(POS)areasand121salesectionin121ndash122soundtoenhancebuyingexperienceand124staplesvsstatementsin122ndash123storecalendarand109ndash111storestoppersin120ndash121technologyfor123ndash126
Sellingyourstore197ndash200
ShiftYourShoppingprogram182184185214Shipping65onlinestore162ndash163Shipwire173215ShopIndieRetail215ShopSmallcampaign183ndash185215ndash216Shop-localinitiatives177ndash188
AmericanIndependentBusinessAlliance(AMIBA)and178ndash182185BALLEcalculatorsand182Business Alliance for Local Living Economies (BALLE) and 181ndash182185buy-localcampaignsand178ndash182charityeventsand185ndash186InstituteforLocalSelf-Relianceand185ShiftYourShoppingprogramand182184185ShopSmallcampaignand183ndash185SmallBusinessSaturdaycampaignand183ndash185startingyourowncampaignfor186ndash188
Shopify145147154155162173202215ShopKeep126190215Shoppingcartsystemsonlinestore161SierraPacificCrafts216Sightengagingthesensesinselling128ndash129Signage3147SilverBarnThe12133ndash134SixDegreesorg215SkipMcGrathcom165Smallandmedium-sizedenterprises(SMEs)216SmallBusinessAdministration(SBA)217SmallBusinessDevelopmentCenters(SBDC)24206217SmallBusinessSaturdaycampaign183ndash185SmartRetailerxviiSmartSign147Smellengagingthesensesinselling130SmileSellMorewithAmazingCustomerService(Manecke)54
SnapRetail110ndash111138140141142143147167168170173202216SobbottSusan183Socialmedia1645123140153163164ndash174201
70-20-10rulein170BoutiqueWindowand171Facebookin166171findingrightchannelin170ndash171Google+in171Instagramin171Pinterestin171resourcesandinformationfor172salesgeneratedthrough164SnapRetailofferingin168timerequirementstoparticipatein170Twitterin171useofbymerchants167ldquovoicerdquoin169
SocietyofAmericanFlorists32Softwareasaservice(SAAS)193Soundtoenhancebuyingexperience124Soundengagingthesensesinselling129ndash130SourceDirect62Sourcing61ndash87
budgetingfor68Business-to-Business(B2B)sourcingplatformsfor80ndash85importantpointstorememberin64international64ndash6566Internetfor66networkingfor67onlineplatformsfor80ndash85publicationsabout67quotesandpricecomparisonin66ndash67resourcesandinformationon69retailerbenefitsof62ndash69searchenginestolocateproductsin80
trendsin67ndash68USCustomsregulationsand65unexpectedissuesin68
SourcingJournalOnlinecom6769SouthCarolinaRetailAssociation36SouthDakotaRetailersAssociation36Specialistentrepreneurs9SpecialtyToyIndustry32SquareSquareUpcom202216StaffSeeemployeesandstaffStandingoutamongotherretailers3ndash7Staples153Staplesvsstatementsdisplays122ndash123Starbucks191StateChamberofOklahomaxviiiState-levelretailassociations25ndash37StellaBlueDesign4Stocktosalesratio93Stock-keepingunit(SKU)numbers104STOPfakes216Stoppersstorestoppers120ndash121Storecalendar109ndash111Storecontactinformation56161Storehours4956StoreSpecialtyServices216Storestoppersas120ndash121Storetraditions50Storewindow119Storyofyourstore39ndash58Strategicalignment108SumnerCommunicationsInc195Suppliers66ndash67SeealsoSourcingSupportingotherlocalbusinesses17Surveys45SuttonCynthia12133ndash134138146
Target165Targetingcustomers715163TarsusGroup44217Tasteengagingthesensesinselling130ndash131Taxes211Technology123ndash126190ndash191SeealsoPointofsales(POS)
futurebeyond194TeeleSuzy138140141167170TennesseeRetailAssociation37Terminationofemployees57TexasRetailersAssociation37TheLimitedxiiiThingsRememberedxiiiThomasnetcom81Tiffany139TopTenWholesalecomxvii6267698183ndash85218Touchengagingthesensesinselling129TradeShowExhibitorsAssociation(TSEA)217Tradeshows172941ndash446166677071ndash77
educationalopportunitiesof82guideto43open-to-buy(OTB)budgetin77ordersplacedat77ndash79preparingtoattend86ndash87tipsforattending78
Trade-specificorganizations27TrademarkTheSpot217Tradeology69Traditionsstore50Trainingemployeesandyourself16ndash172074ndash75Traveldiscounts31Trends3067TripAdvisor201TriparInternational147ndash148217Twitterxvi144171183201208218
USCustomsregulations65USNationalAssociationofManufacturers69USPatentandTrademarkOffice(USPTO)217USSmallBusinessAdministration(SBA)217Uniqueimageinonlineretail158ndash159Uniquetraitsofyourstore44ndash58UtahRetailMerchantsAssociation37
Vend99ndash102123148192202218Vendors61741587493
maintainedmarkup(MMU)and94VermontRetailAssociation37ViaTrading219Vine174218VIPcustomercare47ndash48VirginiaRetailMerchantsAssociation37ldquoVoicerdquoinsocialmedia169
WagnerCathy9092102117118214WagnerPaul214Walmart153165191201WashingtonMutual108WashingtonRetailAssociation37WaubonseeCommunityCollege24Websites 7 See also Online presenceOnline stores West Virginia RetailersAssociation37
WesternRetailerxviiWeWearorg206Wholesale101AGuidetohellip(Prescott)68WholesaleDistrictinLosAngelesThe73Wholesalemarkets66WholesaleMindedMagazine218WholesaleCraftscom81218Wholesalersxvii626769ndash718183218
martsandbuyingdistrictsfor73Windowdisplays3119WindowsPOSsystems190WirtzElla171Wishpond173ndash174218WomenrsquosWearDailyxvWorldMarketCenter73WyomingRetailAssociation37
Yahoo80Yelpcom97201
ZiglerZig133
AbouttheAuthors
NicoleLeinbachReyhleisanexperiencedretailandwholesaleprofessionalwithapassionforsmallbusinessesAfteryearsofholdingbothregionalandnationalmanagementrolesforcompaniesincludingNordstromAdidasAmericaSearsandFrancoSartoFootwearReyhlefoundedRetailMindedin2007tosupportindependentretailersthroughouttheworldIntendedtohelpindividualbusinessownersthriveRetailMindeddelivers
valuablenewseducationandsupportspecifictoindependentmerchantsSince2011ReyhlehasalsosupportedtheretailandsmallbusinesscommunitythroughherquarterlypublicationRetailMindedmagazineaswellasthroughtheRetailMindedPartnerProgramwhichaffiliateswithmanyassociationsandorganizationsinanefforttodeliverretaileducationandsupporttomerchantsfromallsectorsReyhlersquosonlinewebsiteRetailMindedcomhasover1500articlesspecificto
retaileducationforsmallbusinessesandReyhlehaswrittenandpublishedover500articlesinavarietyofotherpublicationsaswellAfrequentspeakeratbothnationalandinternationaleventsReyhleisthecofounderoftheIndependentRetailerConferencewhichiscommittedtodeliveringqualityeducationtomerchantswithonetotenstoresReyhleisactiveinavarietyofretail-andsmallbusiness-focusedadvisoryboardsthroughouttheUnitedStatesandcontinuouslyworkstostayengagedinretailtrendsresearchandnewsReyhleservesasaspokespersonandadvisorforSmallBusinessSaturdaya
nationallyrecognizeddayoccuringtheSaturdayafterThanksgivingthat
nationallyrecognizeddayoccuringtheSaturdayafterThanksgivingthatsupportssmallbusinessesAmericanExpressisafoundingpartnerofSmallBusinessSaturdayReyhlehasbeenanadjunctinstructoratColumbiaCollegeChicagosince2004teachingvariousretailandbusinesscoursesReyhleresidesintheChicagoareawithherhusbandtheirtwoyoung
childrenandtheirWeimaranerFollowReyhleonTwitteratRetailMindedandonFacebookatFacebookcomRetailMinded
JasonAPrescottCEOofJPCommunicationsIncdirectsanetworkofglobaltradeplatformsusedforsourcingproductsbymillionsofbusinessesandentrepreneursAnchoredbyTopTenWholesalecomandManufacturercomover2000000manufacturerswholesalersimportersretailersandproductresellersbelongtotheJPCInctradeplatformsJasonrecentlypublishedhisfirstbookWholesale101AGuidetoProductSourcingforEntrepreneursandSmallBusinessOwners(McGraw-Hill2013)PrescottspearheadedtheacquisitionofManufacturercomfromagroupofChinesenationalsandforeigninvestorsin2009JPCommunicationsIncoperatesinChinaunderHangzhouFlatWorldSourcingLTDPrescottisapioneerinbusiness-to-businessonlinetradeplatformsJP
CommunicationsrsquotradeplatformsarepartneredwithindustrytradeshowgiantsSourcingatMagicASDtheOffPriceShowInternetRetailerandtheNationalHardwareShowandhehasgivenpresentationsatSearchEngineStrategiesSIPPASANDIOSASDTradeShowsSourcingatMagicandtheSanDiegoSoftwareCouncilPrescottauthoredoneofthefirstsearchmarketingcoursesfortheSearchEngineMarketingProfessionalsOrganizationandwasonSEMPOrsquosEducationCommitteeBesidespresentationsandconsultingPrescotthaswrittenarticlesonbusinessandtechnologyappearinginB2BOnlineOMMAIMediaConnectionCEOmagazineandEntrepreneurOnlineHehasalsobeencitedinIncmagazineBusinessWeekandForbesOnlineTopTenWholesalewasnamed1inFastGrowthAwards(2008)by
bizSanDiegoandrankedintheTop20forTechnologyawardssponsoredbytheSanDiegoBusinessJournalPrescottwasnamedintheTop40EntrepreneursUnder40listin2007bySanDiegorsquosMetropolitanmagazineandwasrecognizedforOutstandingEmergingBusinessoftheYearbytheSanDiegoChamberofCommercePrescottisagraduateofWesternConnecticutStateUniversityandcurrently
livesinLosAngelesCalifornia
- Acknowledgments
- Introduction
-
- Action Guide
- Habits of Successful Retailers
- Action Guide
- Getting Involved with Outside Organizations
- Benefits That Organizations May Offer
- Action Guide
- Creating an Inventory Assortment That Stands Out
- Unique Traits of Your Store
- General Interview Questions for Potential Employees
- Action Guide
- Benefits of Sourcing as a Retailer
- Working with Wholesalers
- Understanding the Value of Trade Shows
- Managing Orders Placed at Shows
- Using Online Sourcing Platforms
- Action Guide
- Understanding the Basics of Retail Math
- Introducing Customer Feedback for Inventory Management
- Using Point-of-Sale Software to Help Manage Inventory
- Action Guide
- Introducing and Managing Store Events
- Highlighting Inventory Through Displays
- Using Modern Technology in Your Store
- Identifying Whether Mobile Commerce Matters
- Action Guide
- Using E-mail to Communicate Store Messages
- Using the Internet as a Marketing Platform
- Resources Every Independent Retailer Should Know About
- Action Guide
- Embracing E-commerce
- Social Media in Todayrsquos Retail Marketplace
- Action Guide
- Understanding Buy-Local Campaigns
- Finding Success Through Small-Business Saturday
- Introducing Commerce and Charity
- Action Guide
- The Future of Independent Retail
- The Future Beyond Technology
- When Retail Isnrsquot in Your Future
- Parting Words from Jason Prescott
- Parting Words from Nicole Leinbach Reyhle
- Conclusion
-
- Part I Being Indie in a Big-Box World
-
- 1
- Standing Out among the Crowd
- 2
- Stepping Outside Your Comfort Zone
- 3
- Leaning on Outside Organizations
- 4
- Identifying Your Unique Store Story
-
- Part II Practical Steps to Increase Your Store Visibility and Sales
-
- 5
- Sourcing Products Through Trade Shows and the Internet
- 6
- Buying for Customers Versus Yourself
- 7
- Selling Your Products
- 8
- Applying Press and Marketing to Your Business
-
- Part III Making a Mark in the Economy
-
- 9
- Making Your Presence Online
- 10
- Taking Part in Shop-Local Initiatives
- 11
- A Crystal Ball for Independent Retailers
-
- Appendix A Resources for Independent Retailers
- Appendix B Common Retail Terms and Definitions
- Notes
- Index
-
youandfeelaliveeverydaywithyoubymyside
mdashJasonAPrescott
Contents
Acknowledgments
Introduction
PartIBeingIndieinaBig-BoxWorld
1 StandingOutamongtheCrowdActionGuide
2 SteppingOutsideYourComfortZoneHabitsofSuccessfulRetailersActionGuide
3 LeaningonOutsideOrganizationsGettingInvolvedwithOutsideOrganizationsBenefitsThatOrganizationsMayOfferActionGuide
4 IdentifyingYourUniqueStoreStoryCreatinganInventoryAssortmentThatStandsOutUniqueTraitsofYourStoreGeneralInterviewQuestionsforPotentialEmployeesActionGuide
PartIIPracticalStepstoIncreaseYourStoreVisibilityandSales
5 SourcingProductsThroughTradeShowsandtheInternetBenefitsofSourcingasaRetailerWorkingwithWholesalersUnderstandingtheValueofTradeShowsManagingOrdersPlacedatShowsUsingOnlineSourcingPlatformsActionGuide
6 BuyingforCustomersVersusYourselfUnderstandingtheBasicsofRetailMathIntroducingCustomerFeedbackforInventoryManagementUsingPoint-of-SaleSoftwaretoHelpManageInventoryActionGuide
7 SellingYourProductsIntroducingandManagingStoreEventsHighlightingInventoryThroughDisplaysUsingModernTechnologyinYourStoreIdentifyingWhetherMobileCommerceMattersActionGuide
8 ApplyingPressandMarketingtoYourBusinessUsingE-mailtoCommunicateStoreMessagesUsingtheInternetasaMarketingPlatformResourcesEveryIndependentRetailerShouldKnowAboutActionGuide
PartIIIMakingaMarkintheEconomy
9 MakingYourPresenceOnlineEmbracingEcommerceSocialMediainTodayrsquosRetailMarketplaceActionGuide
10 TakingPartinShop-LocalInitiativesUnderstandingBuy-LocalCampaignsFindingSuccessThroughSmall-BusinessSaturdayIntroducingCommerceandCharityActionGuide
11 ACrystalBallforIndependentRetailersTheFutureofIndependentRetailTheFutureBeyondTechnologyWhenRetailIsnrsquotinYourFuturePartingWordsfromJasonPrescottPartingWordsfromNicoleLeinbachReyhleConclusion
AppendixAResourcesforIndependentRetailers
AppendixBCommonRetailTermsandDefinitions
Notes
Index
Acknowledgments
NicoleLeinbachReyhleFIRSTANDforemostthankyoutoJasonPrescottforbeingsuchagreatbelieverandsupporterofRetailMindedandmyselfsincedayoneYouwereamongthefirstindustryleaderstoreachoutandworkwithmeasaretailresourceandIrsquomgratefulforourcontinuedsupportofeachotherovertheyearsFurthermoreIcanrsquotthankyouenoughfortheopportunitytocoauthorthisbooktogetherYourwisdomenergyandexperienceareinvaluableNextIwanttoextendahugegeneralthankyoutoallthebusinesses
organizationsandpeoplewhocontributedcontentandresearchmaterialtothisbookJasonandIbothareverygratefulfortheinsighttimeenergyandexperiencethatyouallprovidedWithoutyoursupportthisbooksimplywouldnotbepossibleThankyouagainandwewisheachofyoucontinuedsuccessinthefutureNextIwanttothankthepeoplewhowereinvolvedintheliteralcreationof
thisbookTostartBillGladstonethankyouIappreciateyourtakingachanceonafirst-timeauthorandlookforwardtoworkingwithyoumuchmoreinthefutureAlsoTaraGladstonethankyouforyourwisdomandsupportincreatingthebookproposalWhileIhadhopedtoworkwithyoumoreourlimitedworktogethertaughtmesomuchandIlookforwardtothechancetoworkwithyouagainLastbutcertainlynotleastthankyouThomasMilleroureditoratMcGraw-HillYourguidanceandenthusiasmthroughoutthisprojecthavebeenfantasticandJasonandIbotharegratefulforyouroverallsupportDannalieDiazfromMcGraw-HillIalsoappreciateyourtakingthetimetogivemesomeextrafirst-timeauthorcoachingaswellFinallyIwanttoextendspecialthankstosomekeycontributorsand
supportersofthisbookWhiletherearetoomanytohighlightthefollowingpeoplewentaboveandbeyondtoreallyhelpmakethisbookthebestitcouldbeSuzyTeeleCOOofSnapRetailthankyouYourconstantsupportistruly
appreciatedCourtneySymonsmarketingmanagerwithShopifythankyoufordiggingandsearchingforalltheexactdetailsweneededtomakethisbookcometolifeCamilleCandellagroupmarketingdirectorforEmeraldExpositions
thankyouforsharingyourwisdomandhelpingretailerstobettersucceedJeffMilchencodirectoroftheAmericanIndependentBusinessAlliancethankforyourinvaluableinsightandexpertiseDonDaviseditorinchiefatInternetRetailerMagazineIappreciateyourtakingthetimetoshareyouruniqueperspectivesandamgratefultoofferthemtoourreadersJoeAbrahamauthorofEntrepreneurialDNAandCEOofBosiDNAIhavebeenfortunatetoworkwithyoufirsthandinmyownbusinessgrowthandamthrilledthatyousharedyourwisdomwiththereadersofthisbookaswellAnadditionalthankyougoestoallmyRetailMindedpartnerswhohelpedto
providetheirexpertiseandinsighttoourreadersincludingJeffBuehlerofMainStreetNewJerseyAndyEllenandChristieBurrisofNorthCarolinaRetailMerchantsAssociationEllenDivitaoftheCityofGenevaIllinoisLynneSchwartzofDowntownStCharlesPartnershipandJamaRiceoftheMuseumStoreAssociationIrsquodlikealsotothankthreefolksIrsquomluckytocallmyfriendswhoalsowork
withindependentretailersasconsultantsexpertsandleadersGeorganneBenderandRichKizerIrsquoveadmiredyourworksincewefirstmetattheDanceRetailerExpoinLasVegasmanysummersagoIwasluckytolearnthatourofficeswereonlyatownapartandsincethenIrsquomgratefulforourmanylunchesbrainstormingsessionschitchatsandconstantsupportthatyouhaveprovidedLookingforwardtoourcontinuedsupportandworkwitheachotherInadditionabigthankyoutoCathyWagnerYoursquoreretailinsightandfriendshipisverymuchappreciatedFinallythankyoutomyfamilyandfriendsBeingsurroundedbygoodcompanyatworkathomeandatplayisagreatwaytolivelifeandIrsquomfortunatetodojustthatThankyou
JasonAPrescott
IhavealwaysbeenabelieverthatoneoftheleadingcausesofsuccessispassionNicoleReyhleyouareoneofthemostpassionateprofessionalswithwhomIrsquoveeverhadthehonorofworkingThankyouforthecountlesshoursofresearchinterviewsanddetailyoubroughttothisbookYouhaveaveryspecialgiftthatisgoingtoberesponsibleforthesuccessofsomanyentrepreneursandsmall-businessownersYourhonestyintegrityandprofessionalismwillmakeyouHIPformanyyearstocomeItwasmyhonortohelpopenthedoorandIawaitwithexcitementournextprojecttogetherBillGladstonethankyouforcontinuingtoopenyourdoorIneverwould
havethoughtthatwewouldbepublishingnotjustonebuttwomajorbusiness
havethoughtthatwewouldbepublishingnotjustonebuttwomajorbusinesstitlesinunderoneyearYouareamanofmiraclesandIsalutethebeliefyoucontinuetohaveinallweaccomplishtogetherToAlainStamboulipresidentofViaTradingtherearenotverymanypeople
capableofemulatingthesuccessyourcompanyhashadovertheyearsYoucontinuetosetthebarinaverydynamicindustryandIhavenodoubtthatthetrendwillcontinueYourbusinesscreatesopportunitiesforthousandsofretailersandpowersaneconomicbackboneforcountlesslivesAstheViaTradingstorycontinuesIrsquollalwaysconsidermyselffortunatetohaveinspiringfriendslikeyouinmylifeAndfinallyIrsquodliketoacknowledgeallmyfriendscolleaguescustomers
andpartnerswhocontinuetobethepropellersandmotivatorsofeveryaccomplishmentIrsquovebeenpartofsince2005MypassioncomesfromyouandthepathwecontinuedowntogetherhasbeenanunforgettableandhumblingexperienceServingyouisaprivilegeandIameternallythankfulforsuchanopportunity
Introduction
IrsquoDLIKEtobelievethatmycareerinretailneverreallybeganbutratheralwaysexistedAsalittlegirlIrememberweavinginandoutofstoreswithmymotherandtwosistersalwaysonthehuntforsomethingforoneofusMymommdashacompetitiveshopperwhoknewofeverysalenewstoreopeningandspecialpromotionthatwouldbetakingplacemdashconsideredshoppingmoreofapastimethanaresponsibilityIontheotherhandenjoyedourshoppingexperiencesformuchdifferentreasonsInsteadofbeingexcitedoveranewtoporsomeshoesIwouldgravitatetothecheckoutareaandtrytochatwithoneofthesalesassociatesaboutworkinginretailNaturallycomingfromapreteenthisconversationdidnrsquotgoveryfarHoweverbythetimeIwasabletogetmyfirstpart-timejobIknewthatIwantedittobeintheretailworldOverthefollowingyearsfromages15to22IworkedatThingsRememberedTheLimitedRalphLaurenNordstromMaxStudioandultimatelyalittleboutiqueindowntownChicagocalledChasallaItwasduringthatexperiencethatIknewIwantedtosomehowsomedaysupportindependentretailersFirsthoweverIknewthatIneededamoreexpansiveunderstandingofthedynamicworldofretailThefollowingyearstookmeonawhirlwindtourofbothretailandwholesale
MyfirstjobuponcollegegraduationwasatSearsrsquoscorporateofficesinHoffmanEstatesIllinoiswhereIworkedasamerchandiseanalystwithinthewomenrsquosapparelbuyingofficesThecommutefromChicagotoHoffmanEstateswouldoftentakeabrutaltwohourssosoonafterIswitchedgearswhenofferedajobwithFrancoSartofootwearMyroleforFrancoSartoincludedvisitingcountlessretailerswithintheMidwesternregionrangingfromindependentretailerstobig-boxstoressuchasDillardsMacyrsquosLordampTaylorandmyretailalmamaterNordstromAdditionallyIworkedcloselywiththemarketingteamtoprepareforFrancoSartopersonalappearancesandotherin-storespecialeventswhilealsoattendingnolessthansixtradeshowsayearAtonly24yearsofageIwascertainthatIhadmydreamjobforthattimeinmylifeItturnsoutthoughthatdreamscangrowandby25IwasofferedthechancetorelocatetoFrancoSartorsquosheadquartersinBostontobecomethecompanyrsquosnationalmarketingdirectorIwasbeyondthrilledMyexcitementtotakeonmoreresponsibilitywasoffthechartsbutapartof
Myexcitementtotakeonmoreresponsibilitywasoffthechartsbutapartofmewasunsureaboutthiscross-countrymovebecauseofmyfatherrsquosrecentdiagnosisofbraincancerBeingbothaproudfatherandamarketingprohimselfmydadencouragedmetogoandnotlookbackWithhisapprovalIpackedmybagsandwasonmywayWorkingwithawholesalersuchasFrancoSartogavemesuchincredible
opportunitiestolearnmorenotonlyaboutthevendorsideofthebusinessbutalsoabouttheretailsideofthebusinessAtthetimeFrancoSartowasoutperformingmostofitscompetitionincludingNineWestatretailerssmallandlargeandasaresultmyresponsibilitieswerealwaysevolvingAmongthemincludedtryingtoseeknationalpressforFrancoSartorsquosgrowingbrandWorkingwithconsumerpublicationsthatincludedLuckyandGlamour
magazinesaswellasthetradepublicationsFootwearNewsWomenrsquosWearDailyandmanyothersexposedmetoawholenewsideofretailInstinctivelyIlovedthecombinationofretailandmediaanditwasatthistimethatIstartedtoidentifyhowImightbeabletoapplythisduoinmyownuniquewaytohelpindependentretailersinthefutureFastforwardtoacoupleofyearslaterandIwasreadytoreturntoChicago
AlthoughIlovedmyjobIlovedmyfathermoreHiscancerhadadvancedandIknewthathewouldpasssoonerthanlaterwhichmademydecisiontospendasmuchtimeasIcouldwithhimapriorityAlthoughitwasatoughchoicetoleaveajobthatIadoredIwasfortunatethatBennettFootwearthethen-ownerofFrancoSartoofferedtorelocatemeandgivemeanewpositionthatcouldbebasedintheMidwestSayinggoodbyetomymarketingdayswasextremelytoughbutIembracedmynewchallengeasanaccountexecutiveforFrancoSartorsquossisterfootwearbrandEtienneAignerThefollowingyearintroducedmetolotsofchangemostnotablyspending
mydayssurroundedbynumbersManagingandsellinginventoryarenoeasytasksparticularlywhenyouareworkingwithretailersthatbudgetclosetoamilliondollarsormorejustforyourbrandaloneLookingbackIrefertothispointofmycareerasmyownpersonalretailmathbootcampItwasfastfuriousandunforgettableIlearnedalotmadesomemistakesandultimatelydecidedthatbeinganaccountmanagerwasnrsquotformeImissedmymarketingdayssoIquietlylookedaroundforanewopportunitythatwouldallowmetodomarketingagainFortunatelyAdidaswasrollingoutanin-storeandmajoraccountsmarketingmanagerpositionbasedinChicagoandIwasluckyenoughtogetthejobWorkingwithAdidasIwasexposedtoawholenewworldofretailersthat
includedDickrsquosSportingGoodsGanderMountainandcountlessspecialtyretailersthatservednichemarketsincludingsoccerswimandtennis
retailersthatservednichemarketsincludingsoccerswimandtennisMoreoverthiswasthefirsttimeIworkedforacompanythatwasnotonlyaretailerbutalsoawholesalerAdidashasitsownstoresandalsosellstootherstoresmdashwhichasyoucanimaginehasbothchallengesandbenefitsOnceagainIconsideredmyselffortunatetogainnewexperienceandlearnfromsomeofthemostwell-respectedretailersinthebusinessMeetingDavidBeckhamandotherAdidasathleteswasnrsquotabadjobperkeitherDespiteagreatjobandthechancetomanageateamofover30peopleI
couldfeelaradicalchangebrewingwithinmeIdesperatelywantedtocontrolmytimemoreafteryearsofconstanttravelandIalsohopedtoshareeverythingIhadlearnedwithsmallermoremom-and-pop-stylemerchantsAfteronlyacoupleofyearswithAdidasIwasfinallyreadytobeginmyownuniqueretailjourneywithoutanemployertoofficiallyreporttoLikecountlessotherentrepreneursandpossiblyevenlikeyourselfIdecidedtobecomemyownbossFriendsandfamilythoughtforsureowningalittleboutiqueofmyownwouldbeinmyfuturebutinsteadIwantedtoworkwithboutiquesretailersandsmall-businessownersmdashsharingwiththemwhatIcouldtohelpthemintheiruniquegoalsIn2007RetailMindedwasofficiallybornTaglinedaboutiqueconsultingfirmRetailMindedaimedtosupportretailers
withinmyimmediateChicagocommunityAtthissametimeIbeganwritingablogmdashanewtrendthatwasemergingalongwithsocialmediasitessuchasTwitterFairlyquicklymyblogbecamerecognizedasadestinationforindependentretailerstogainnewseducationandsupportfortheirbusinessesThissoontookoverasmytaglineandIalsobegantoacceptfreelancewritingassignmentsfortradepublicationsthatincludedSmartRetailerDanceRetailerNewsMuseumsampMoreCrainrsquosChicagoBusinessWesternRetailerandevenForbescomWithoutintentionallytryingmyloveformediaandretailhadgrownintoafunctioningbusinessandsoonaftermyone-on-oneconsultingwaspushedasideIrealizedthatthroughmediaIcouldreachmanymoreretailerswithmygoalofsharingindependentspecificnewseducationandsupportanditisthroughmediathatIdidexactlythatTheyearsthatfollowedintroducedmetomanynewmediaclientsaswellas
selectconsultingprojectsItrsquosalsoduringthistimethatIfirstmetmycoauthorJasonPrescottfounderandCEOofJPCommunicationsIncwhichrepresentscompaniesthatincludeTopTenWholesalecomandManufacturercomDespiteafullscheduleIwantedtoreachmoreretailersinawaythatI
believedtheywerenrsquotbeingreachedyetTherewereandstillarehundredsofpublicationscommittedtoretailaudiencesyetnonefocusesonthetotallifestyleofbeinganindependentretailermdashwhethersellingshoeshardwarehomegoods
oranythingelseTomethismeanssupportingthisuniqueaudienceofretailerswithallthedetailsoftheirbusinessesmdashnotjustthosethatfellwithintheirstorewallsInotherwordsIwanteddiscussionsaboutinsurancehealthfamilytimemanagementandmoretoberegularcontributionstoapublicationthatretailerscouldreallyrelatetoandonethatwassolelycommittedtoindependentretailersnotbig-boxmerchantsItrsquoswiththisinmindthatRetailMindedMagazinecametolifeWithoutaformalpublishingbackgroundorextensivemediaexperienceI
launchedRetailMindedMagazineinJanuary2011MyquietlaunchwaswellreceivedbymyalreadyloyalblogfollowersandwiththehelpofmyuniquedistributionmodeltheRetailMindedPartnerProgramRetailMindedMagazinenowreachesover150000readerswitheachquarterlyissueThisuntraditionalavenueofdistributionallowsnicheretailgroupssuchasCrafterrsquosHomeortheMuseumStoreAssociationaswellaslocalandstate-levelretailorganizationssuchastheStateChamberofOklahomatheFloridaRetailFederationMinnesotaMainStreetandotherstodistributeRetailMindedMagazineasamembershipbenefitandeducationalresourcetotheirmembersThesameyearIrolledoutRetailMindedMagazineIalsointroducedthe
independentretailerconferenceforthefirsttimeinJuly2011alongsidemyconferencecofounderKerryBanniganofNolchaFashionWeekNewYorkSincethenthisannualeventhasgrowninbothsizeandrecognitionwelcomingindependentretailersandretailsupporterstogainhands-onknowledgeabouttrendsspecificintheindependentretailsceneInMarch2014theIndependentRetailerConferencewasproudlyintroducedasourfirstpop-upconferenceatthenationrsquoslargestconsumertradeshowtheASDShowheldbiannuallyinLasVegasTheRetailMindedworldhascertainlygrownsinceitrsquosbabydaysbackin
2007yetlikemuchofmyaudiencewearestillsmallandindependentourselvesIknowfirsthandthestruggletogetafulldayrsquosworkinandstillfeellikeIhavenrsquotworkedenoughaswellastheconstantjugglingacttofindtimeforfamilyfriendsandmdashdareIsayitmdashevenmyselfMyteamremainssmallbutourmissionisalwaysgrowingIconsideritbothaprivilegeandaresponsibilitytosupportindependentretailerswhichiswhyIwassohonoredtojoinJasonPrescottinauthoringthisbooktodojustthatItrsquosmyhopethatyouwilltakeawayfromthisbooktipstricksandpractical
solutionstoapplytoyouruniqueretailbusinessWhetheryouareaseasonedmerchantorretailnewbiethecontentthroughoutthisbookisaimedathelpingyoutomanagemarketandgrowyourretailbusinessTogetherJasonandIhaveuncoveredresourcesidentifiedsolutionsandcompiledacollectivespotforyou
uncoveredresourcesidentifiedsolutionsandcompiledacollectivespotforyoutoconfidentlyrefertoasyoucontinueyourretailjourneyAlsowersquoveinterviewedover50industryleadersandretailersallowingyoutogainmultipleperspectivesonthedynamicworldofretailWersquovealsoprovidedyouwithActionGuidesthatfolloweachchaptergivingyounextstepsandhow-toinstructionstohelpyourbusinesssucceedIrsquodliketobelievethatlikemeyoulookatyourjobasaprivilegeand
thereforethatyouareconstantlyseekingnewwaystoimproveyourbusinessWhetherthisistrueornotIhopethatthisbookcandelivernewwaysforyoutofindsuccessandachieveyouruniqueretailgoalsThankyouforgivingustheopportunitytohelpyouaccomplishthismdashwehopeyouenjoytheride
PARTI
BeingIndieinaBig-BoxWorld
1
StandingOutamongOtherRetailers
Inordertobeirreplaceableonemustalwaysbedifferent
mdashCocoChanel(1883ndash1971)founderofChanelfashiondesignerTO
GAINsuccessinretailmerchantsmustcreateanenvironmentandanexperiencethatcustomerswanttovisitagainandagainCalifornia-basedretailerKimberly
Efseaffagreeswiththissharingherthoughtsaboutwhereacustomerrsquosexperiencebegins
TheexperienceofastoreshouldstartbeforeacustomerevenwalksinthedoorWhensomeoneseesyoursignageorpeeksinthewindowthereshouldbeawowfactorItshouldcaptivatethemandmakethemwanttoinvestigateyourbusinessevenifitrsquosnotsomethingtheymaynormallybedrawntoOncetheydowalkintheyshouldfeelliketheyareexperiencingsomethingthatistotallyuniqueandunlikeanyotherstoretheyhaveeverbeentoThecolorsproductsatmospheredesignaestheticsandallotherstoredetailswillhelpmakethishappenorforthatmatternothappenUltimatelyastoreshouldfeelasuniqueasitlooksIfyoudothiscorrectlyyourcustomerwillbecomecaptivatedandengagedinyourbusiness1
EngagingcustomersiskeyandretailerssuchasEfseaffknowthatthisisessentialtocreatingkeepingandgrowingbusinessThequestionishoweverjusthowdoyoudothisIrsquoveinterviewedover50industryleaderswhoincluderetailerswholesalerstradeshowdirectorsmagazineeditorsretailorganizationleadersandmoretohelpanswerthisquestionAllofthemsharetheiruniqueexpertiseandperspectivesonhowyoucanfindstoresuccessinthecompetitiveworldofretailWithaheavyemphasisonindependentbrick-and-mortarretailersthisbookwilllookatthemanylayersinvolvedinmanagingandmarketingaretailstoretodayFromthereitwillhelpintroduceyoutonew
marketingaretailstoretodayFromthereitwillhelpintroduceyoutonewideasreshapeoldhabitsandidentifythetrendsofretaildesignedtokeepmodernmerchantsvisibleandsuccessfulAmongthemaingoalsofthisbookwillalsobetointroduceretailerstoexternalplayersrangingfrombusinessresourcestotradeshowstoretailassociationsandmoreIllinois-basedretailerAngelaGianfrancescowhosestoreStellaBlueDesign
residesjustamilewestofChicagorsquosWrigleyFieldconsiderslearningfromoutsideinfluencersakeystrategyinhelpingherownbusinessgrowldquoImayonlyhaveonestoreandbethesolestoreownerbutIneverfeelaloneinrunningitThroughRetailMindedcommylocalChamberofCommerceagreatstaffandmerchantfriendsIconstantlyfeellikeIamlearningnewthingsandhavepeopletoturntowhenIhavequestionsrdquoAsanindependentretaileritrsquoseasytoforgetthatyouhavesomanyadvocates
onyoursidetohelpyourbusinessthriveOneofthemaingoalsofthisbookistohelpretailersregaintheirtrustandsupportfromoutsideplayerswelcomingavarietyofbusinessesandpeopleintotheirnicheworldstohelpthemfurthersucceedinretailInthechaptersthatfollowwersquollunveilorganizationsassociationsandretail-specificgroupsthathaveyourbestinterestinmindaswellasidentifywhyyourparticipationwiththemmattersWewillalsodiscussthevalueinworkingwithyourlocalcommunitytoincreaseyourstoreandtownrsquosindependentretailawarenessWewillalsoprovidedetailsonhowyoucanbecomemoreinvolvedintheincreasinglypopularbuy-localmovementsMostimportanthoweverwewillidentifypracticalwaysforyoutokeepyourdoorsopeninacompetitiveretailenvironmentsharingexpertyetrealisticinsightonhowyoucandothisAsretailerGianfrancescostressesldquoIhavebeenopensince2010andsincethenIcancountonmyhandhowmanydaysIhavegonetoworkwithoutlearningsomethingnewaboutcustomercareorstoremanagementZeroEverydayeverycustomerandeverysituationteachesmesomethingthatcanimprovemybusinessrdquoItrsquoswiththisinmindthatthechaptersthatfollowwerecreatedEverychapter
everydetailandeveryresourceidentifiedisintendedtohelpyouwithyourbusinessAsanindependentmerchanthoweveritrsquosuptoyoutodecidejusthowyouwillapplythesedetailstoyourownuniquestoreTofurthersupportyoueachchapterconcludeswithanActionGuideintendedtohelpyoutakeimmediatestepsinhelpingyourbusinessCollectivelywehopethattheseActionGuidespushyoutolookatyourstoreorfuturestoreviaanewperspectivewhilealsoencouragingyoutodothingsyoumayneverhavedonebeforeFinallyremembertostayenthusiasticoptimisticandacceptingofchallenges
astheycomeyourwaymdashbecausetheywillmdashasyouembarkonyourretail
astheycomeyourwaymdashbecausetheywillmdashasyouembarkonyourretailjourneyWhetheryoursquoreaveteranmerchantoranewstoreownerretailasweknowitischangingatapacefasterthaneverbeforeAsaresultyoushouldbereadyforbothupsanddownsalongthewayThisbookwillhelpyoutounderstandthelatesttrendsexpectedgrowthandanticipatedopportunitiesspecifictoindependentretailersandwehopethatyouenjoytheexperienceofthechaptersahead
ActionGuide
EmbracingchangeisnrsquotalwaysaneasytaskparticularlyforentrepreneurswhochoosetofollowtheirownindividualpathsChangehoweverisacriticalcomponentofkeepingupwithcustomersinventoryandsalesTohelpyoutoidentifyyourcomfortforchangeanswerthefollowing
questionswitheitheryesorno
1Haveyouintroducedanewvendorintoyourstoreassortmentinthelastthreemonths2Haveyoueliminatedavendorfromyourstoreassortmentwithinthelastsixmonths3Doyouactivelyseekoutsideexternalresourcestohelpyoulearnmoreaboutmanagingyourbusinesspossiblyincludingaconsultationeducationcourseorotherlearningscenario4Haveyouidentifiedyourtargetcustomer5Doyoubelievethatyourtargetcustomerisyouractualcustomer6DoyouwanttogainanewgenerationofcustomersinyourstoresuchasGenerationY7Doyouactivelysolicitpublicityforyourstoreeitherfromanoutsidepublicrelationssupportorfromyourowninternalefforts8DoyouhaveasolidonlinepresenceallowingyoutogainrecognitioninonlinesearchesonwebsitessuchasGoogleorYahoo9Areyouamemberofnolessthanoneretail-specificgroup
10Doyouhaveemployeeswhoareeitherpartorfulltimebutnotseasonal
Foreveryyesyouansweredgiveyourself10pointsBasedonatraditionalgradingscaleof0to100totalyourpointstoidentifyyourgradeasacurrentretailerAreyouat50pointsIfsothatgivesyouanFinyourretailperformanceplayingyouat50percentinscoreAreyouat70percentThatrsquosaCwhichrepresentsanaverageperformanceyetitisjustonepointawayfrombelowaverageIfyouscoredat80percentorabovewelldoneYouaredoingagreatjobatretailhoweverlikeallthingsinlifetherersquosalwaysroomtoimproveWhetheryoufailedorthrivedinthisbasicretailevaluationwelookforwardtohelpingyouachievestrongerretailsuccessbyofferingyouexpertinsightadditionalactionguidesandmuchmoreinthechaptersahead
2
SteppingOutsideYourComfortZone
IamalwaysdoingthatwhichIcannotdoinorderthatImaylearnhowtodoit
mdashPabloPicasso(1881ndash1973)painterandartistACCORDINGTOJoeAbrahamauthorofEntrepreneurialDNAtherearefourkindsofentrepreneursBuilderopportunistspecialistandinnovatorrepresentthevariouspersonalitiesofownersofsmallmedium-sizedandlargebusinesseswhenitcomestobeing
theirownbossAlthoughindependentretailerswillembodyoneormoreofthesefourentrepreneurialDNApersonalitiesallentrepreneurialpersonalitiesare
likelytocreatethehabitofworkingwithintheirowncomfortzoneHavingfoundedourownbusinesseswecanrelatefirsthandtothechallenges
ofbeinganentrepreneurWecanalsospeaktothehabitsthatshapeourdailyactionsmanyofwhichkeepusacutelyfocusedandworkingcomfortablywithinfamiliarterritorybothliterallyandfigurativelyMoreimportanthoweverwersquovealsoexperiencedfirsthandthebenefitsofsteppingoutsideourcomfortzoneAsaresultwepushourselvestodothismoreoftenthannotOurexperiencesasidewhatreallymattershereisconsumersrsquoreactionstoyourhabitsWhetheryouconsideryourselfanold-fashionedretaileramodernmerchant
oranup-and-comingstoreowneracriticalcomponenttoyourretailsuccessisidentifyingyourstrengthsweaknessesandpotentialtodobetterWithoverhalfofsmall-businessownersclosingtheirdoorswithintwoyearsofopeningthemitrsquosimperativetoconsiderallavailableopportunitiestosucceedThisisparticularlycrucialconsideringthenatureoftodayrsquoscompetitivemarketplaceConsumershaveatremendousnumberofchoiceswhenitcomestomakingtheirbuyingdecisionsandindependentretailersshouldattempttostandoutversusblendinwhenitcomestostayingcompetitiveNewYorkndashbasedmerchantMacquenziFarquerwhoownsgiftandspecialty
storeLockportintheAstorianeighborhoodofNewYorkCitysuggeststhatindependentretailersneedtoidentifydirectcompetitionattheverybeginning
independentretailersneedtoidentifydirectcompetitionattheverybeginningandunderstandhowtheycancompetewithitfromarealisticperspective
Big-boxstorescandeliverrealheadachesforindependentmerchantsThereisnothingworseforasmall-businessownertohearthatthesameproducttheycarryisbeingsoldforlessatabig-boxstoreIrecognizethatthispricecomparisonwillhappenhoweverIalsorecognizethatmostconsumerswillnotunderstandtherhymeorreasonwhyThissaidItrytochallengemyselftoprovidethebestinventoryassortmentIcantobettercompetewithbig-boxstoresInevitablymyinventorywillbecomparedtothatofotherretailersandItrytobuymoreuniqueinventorytodealwiththis1
ChallengingyourselftoofferavarietyofmerchandisecancertainlyhelptoattractconsumersandincreasepurchasesHoweveridentifyingtherightassortmentofinventoryisoftenthechallengethatretailersfaceForFarquerthismeantidentifyingwhatherlocalcustomerswantedandthenidentifyingtheappropriateblendofpriceandproducttoofferherconsumersIndoingthisshesteppedoutsidehercomfortzonetocreateanedgeagainstherlocalretailcompetition
FormycustomersfindingstockfurniturefortheirtypicallysmallerurbanlivingspacesisachallengeFormeitrsquosalsoachallengetostockfurnitureinmylimitedsquarefootstoreWhilemycustomerisconstantlyaskingforthisIhavelearnedthatnomatterwhatIcanofferIcanrsquotcompeteagainstmytwoclosestbig-boxcompetitorsIKEAorCB2InsteadIcallmyfurnitureselectionldquofinishingpiecesrdquoandmarketthemasthespecialdetailyoulayerwithmoreaffordablepiecesfromnationalchains2
TacklingthejobofunderstandingthelocalconsumersrsquobehaviorshelpedFarquertoidentifyasmartstrategicplantostayrelevantinherAstoriaNewYorkneighborhoodHersolutionofprovidingldquofinishingdetailsrdquoversustraditionalstockfurniturehasdifferentiatedherfrombig-boxretailerswhilealsoopeningupanichesalesstrategyThisapproachalsoplacesheroutsideatraditionalretailcomfortzonebyacknowledgingandactuallydiscussingtheuseofbig-boxinventoryincombinationwithherown
RETAILTIPDonotignorethatmanymdashifnotallmdashofyourcustomersincludebig-box
storesnationalchainsordiscountcentersasregulardestinationstoshopInsteadidentifythebestwaystosupportthesecustomersknowingthattheyarealsoshoppingatyourcompetitorsAmongthewaysinwhichyoucandothisincludeintroducingdiverseinventoryprovidingstrongercustomercarehostingin-storeeventssupportingcommunityeventsandbeingafamiliarfriendlyfacewithinyourownstoreBrickandmortarretailerCynthiaSuttonisaretailveteranhaving
previouslyworkedinthebuyingofficesformajorretailerClairersquosBoutiquepriortoopeningherownstoreTheSilverBarninColumbusTexasin2008SellingeverythingfromhomedeacutecortobabygiftsSuttonrecognizesthatbig-boxstoresarehercompetitionandbelievesthereisroomforalltypesofretailersldquoBig-boxstoresandindependentretailerscancomplimenteachother
Thekeyisforindependentretailerstoofferuniqueitemsthatarenoteasilyfoundindepartmentstoresorotherbig-boxmerchantsItrsquosourjobtosearchforspecialtyitemsandvendorsnotfoundinthesestoresofferingsomethinguniquetoourcustomersrdquoWhetheryourstorestockseverydaybasicsorspecialtyitemsitrsquos
importanttorecognizehowyoustackupagainstbig-boxcompetitionMakeitaprioritytoknowwhattheyrsquoresellingsoyoucandecidewhatbestsuitsyourstoreshelvesandcustomersaswellTakethetimetovisityourcompetitorrsquosstoresonnolessthanaquarterlybasisrecognizinganythingnewtheyhavedonetotheirstoresThismayincludetheintroductionofnewvendorsbolddisplaychangescustomerserviceenhancementsoranythingelsethatstandsoutWhilevisitingyourcompetitionmaynotseemlikeavaluableadditionto
ourto-do-listitrsquospossiblethatitrsquosamongthemostvaluablethingsyoucandoasabusinessownerAlwaysknowwhatyourcompetitionisuptoinanefforttostaycompetitiveagainstthem
InventoryisacriticalcomponentofanystorersquossuccessyetwellbeyondwhatfillsyourstoreshelvesishowyoumarketmanageandsellitTheseactionscanmakeorbreakaretailerrsquoslivelihoodyetmanyretailersfallintohabitsthatworkagainsttheirsalesgoalsGevenaIllinoisndashbasedretailerShariRalishwhosestorePeacefulParlour
providesherbalteasearth-friendlyproductsartisanworkandmoreisan
providesherbalteasearth-friendlyproductsartisanworkandmoreisanexampleofanindependentmerchantwhofellvictimtobeingsetinheroldways
WhenIopenedmystoreinFebruary2010ImerchandiseditandstockeditwithproductsIthoughtcustomerswantedbecauseIwantedthemaswellIttookmeafewyearstotrulyunderstandmylocalconsumersandeventhenmyfloorplandidnrsquotaccommodatetheirshoppingpatternsormytotalstoreassortmentItwasnrsquotuntil2012thatIfinallyletanoutsideretailspecialistcomeinandhelpmeseemystorethroughanotherpersonrsquoseyesThechangesininventorystorelayoutandmyoverallmarketinginitiativeshavehelpedtoincreasemysalesbyover37percentinthepastyearalonerdquo3
ForcingyourselftoletothersaffecthowyouoperateyourstorecanbeadifficultchallengeforsomeparticularlyifyouhaveanentrepreneurialpersonalitythatprefersindependenceandcontrolYetidentifyingthisasaweaknessinyourentrepreneurialDNAcanactuallyhelpyouinyoursuccessasamerchantJoeAbrahamauthorofEntrepreneurialDNAbelievesthatmostretailers
ldquowillrunintosomecommonchallengeswhenoperatingtheirstoresKnowingupfrontwhattheiroperationalweaknessesandstrengthsarecanactuallyempowerthemtoalignwithadvisorspartnersandserviceproviderswhocomplementtheirweaknessesWithoutaddressingtheirownentrepreneurialcharacteristicsretailersriskafrustratingjourneyorworsethedemiseoftheirbusinessesrdquo4
HabitsofSuccessfulRetailers
WhileclosingyourdoorsiscertainlynotthegoalidentifyingthetophabitsofeffectiveretailersshouldbeHereinnoparticularorderare10habitsofhighlyeffectiveretailersInthechaptersthatfollowwewillexploreeachoftheseindetail
Habit1KnowWhoYourCustomersAre
OftenretailersopentheirstoreswithavisualimageoftheirtypicalconsumerthatmaynotbeaccurateUsingmoderndataincludingpoint-of-sale(POS)andothertrackingsystemstohelpidentifywhoyouractualcustomersareyoucanhelptoidentifywhoistrulyspendingmoneyatyourstoreInthisregardtherersquosnosuchthingastoomuchinformation
Habit2UnderstandHowYourCustomersShop
KnowingwhoyourcustomersareisonethingbutunderstandinghowtheyshopisanentirelydifferentthingSeekconsumerinsightbyaskingquestionsviasocialmediathroughin-storeconversationsbyofferingquicksurveysviae-mailoryourwebsiteandusingotherdata-collectingmethodsthataddresstheneedswantsandactionsofyourcustomersGoodold-fashionedobservationgoesalongwayhereaswellBeorganizedbyaggregatingandcategorizingyourresearch
Habit3ReacttotheInformationYouGainfromCustomers
TheworstthingyoucoulddoisgainqualityinsightintoyourcustomersandthenfailtoactonitMakeitaprioritytoconstantlyevaluateyourcustomersListentowhattheyareaskingforidentifywhattheyarenotinterestedinwithyourproductassortmentorshoppingexperienceandtrytocapturetheirwishesasaconsumerAcknowledgingboththeirwantsandlackofinterestisagreatwaytodiscoverwhatandhowyoushouldbeselling
Habit4BeWhereYourCompetitionIs
Whileyoumayneverhaveathousandstoreslikeyournearestbig-boxneighboryoucanbewheretheyarewhenitcomestoyourmarketingeffortsDonotneglectsocialmediaoryourlocalmarketmediaSeekcoverageinyourareapublicationsparticipateinlocaleventsandbevisiblebeyondyourstorewallsincludingonline
Habit5CompareYourselfwithOthers
RememberwhenyourmotherusedtotellyounottocompareyourselfwithyourpeersWellwersquorethrowingthatadviceoutthewindowInthecaseofretailyouwanttoalwayscompareyourselfwithyournearbymerchantsThiswillidentifynotonlythewaysyouaredifferentbutalsothewaysyouarealikeLearningfromothersrsquomistakesismuchlesspainfulmdashandoftenlesscostlymdashthanlearningfromyourown
Habit6TrainYourEmployeesandYourself
NomatterwhatyoumaythinkyousimplydonrsquotknowitallNoonedoesChallengeyourselftoconstantlylearnsomethingnewaboutyourbusinessWhetheritisstoreoperationsoranewvendortherersquosalwayssomethingtoresearchAdditionallymakesurethatyourteamlearnsnewupdatesonstoreproceduresproductsindustrytrendssocialmediafeaturesandmoreAllemployeesevenpart-timeorseasonalemployeescangainfromscheduledtrainingsessionsthathelptopositionthemnotonlytolearnmorebutalsotofeelasiftheyarekeyplayersinthesuccessofyourbusiness
Habit7SupportOtherLocalBusinesses
NobodylikesthepersonwhodoesnrsquotpracticewhattheypreachForindependentretailersthisholdsespeciallytrueSupportyourfellowlocalmerchantsasmuchaspossibleTheoldsayingldquoWhatgoesaroundcomesaroundrdquoholdsverytruehereandshouldnotbetakenlightlyInsteadembraceotherlocalbusinessesnotonlybyshoppingatthembutalsobyreferringthem
Habit8AttendTradeShowsRegularly
MosttradeshowsnowadaysoffermorethanjusttheopportunitytobuyinventoryManysuchastheASDTradeShowheldbiannuallyinLasVegasprovideeducationalexperiencesnetworkingeventssocialopportunitiesandmoreTakeadvantageofallthattradeshowshavetoofferincludingthechancetoconnectfacetofacewithyourexistingvendorsanddiscovernewvendorsas
toconnectfacetofacewithyourexistingvendorsanddiscovernewvendorsaswell
Habit9SeekNewWaystoManageYourBusiness
OurmodernworldisconstantlyintroducingnewtechnologiesandotherwaystohelpbusinessesofallkindsthriveForretailersitrsquosespeciallyimportanttoevaluateserviceprovidersandavailabletechnologythatcanhelpyouoperateyourstoremoreefficientlyNeglectingcommercialevolutioncancauseyoutodriftapartfromyourretailpeersandultimatelyfromyourconsumers
Habit10BeOpentoPart-TimeorFull-TimeEmployees
ItrsquoseasytofallintothehabitofworkingeverydayinyourstorewithoutevertakingabreakHoweverworkinginyourstorefulltimedoesnotallowyoutoaccomplishmanyoftheothersuggestedhabitsonthislistandalsolimitsyoufromsimplygettingabreakSuccessfulretailerseventhosewithonlyonestoreareoftenmoresuccessfulbecausetheybudgetforpart-timeorfull-timeemployeesAsaresulttheirperformanceasastoreownerisnotcompromisedandinsteadtheyreaptherewardsofamorebalancedworkscheduleandstrongersalesHumansarecreaturesofcomfortandretailersarenoexceptionItcanget
reallycozysettlingintoyourwaysbutpushyourselftostepoutsideyourcomfortzonetoreallyallowyourselfandyourstoretoevolveandthrive
Inthechaptersthatfollowwersquollidentifyhowtoincorporateretailbestpracticesintoyourbusinesssharepreferredresourcesforindependentretailersintroducecontactdetailsforvariousretailassociationsexplainhowtosolicitandmanageyourownpressofferwaystomarketyourstorebothonlineandofflineandexplainwhyincorporatingabuy-localcampaignwouldbegoodforsalesInadditionwersquollofferyouexpertinsightintomanagingyourinventorysocialmediaemployeesandofcoursecustomers
ActionGuide
WhentryingtounderstandyourownstrengthsandweaknessesasaretaileritrsquosimportanttorecognizeyouroperationalhabitsasamerchantAnswerthefollowingquestionsandrecordyourresponsesallowingyoutoreferenceyourhabitsinthechaptersaheadandultimatelyreflectonthenecessarychangesyoumayneedtomaketoenhanceyourbusiness
1Whatoperationalproceduresdoesyourstoreroutinelyperformtodaythatitdidnotoneyearago2Ifyouhavebeenopenlongerthanthreeyearswhatthreeadditionalstoreoperationsareconductedthatyouwerenotdoing36monthsago3HaveyourcoreinventorycategorieschangedsinceyoufirstopenedyourstoreWhyorwhynot4Doyourmostpopularitemssellbasedoncircumstancesuchasacustomerfindingauniquegiftheorshelovesorisitmorestrategicsuchasreplenishingahouseholditemthatcustomersknowyouhaveinstock5DoyouprovideemployeetrainingforstoreoperationsnewproductsoranyotherreasonIfsohowoftendoyoudothis6Whatcustomer-serviceexpectationsdoesyourstorehaveinplaceHowisthismeasuredamongyouremployeesandyourself7Whatmarketingstrategiesdoyouconsistentlyleanontopromoteyourstoretobothexistingandnewcustomers8Howoftendoyouseekattentionfromthemediawithaformalpressreleaseororganizedmediapitch9Whatday-to-dayhabitsdoyouidentifyasmandatoryinyourstoresuchasstockreplenishmentmerchandisingorcoldcallingcustomers
10Whatisonyourwishlistfortheyearsaheadasyourstorecontinuestogrow
TakethetimetohonestlyanswerthesequestionspushingyourselftobetruthfulwithyourresponsesOftensimplyacknowledgingyourroutinehabitsincomparisonwithsuggestedotheronescanhelpyouinsteppingoutsideyourcomfortzoneInthechaptersthatfollowwersquolldiveintothedetailsofhowthis
comfortzoneInthechaptersthatfollowwersquolldiveintothedetailsofhowthiscanbeaccomplished
3
LeaningonOutsideOrganizations
Ifyoudowhatyoursquovealwaysdoneyoursquollgetwhatyoursquovealwaysgotten
mdashTonyRobbins(1960ndashpresent)lifecoachauthormotivational
speakerldquoTHENUMBERonejobofabusinessowneristorunagreatbusinesssoitwouldbeshort-sightednottotakefulladvantageofopportunitiesprovidedtohelpbusinessesachievegreatersuccessrdquoOfficeofMainStreetNewJerseyandImprovementDistrictProgramsofNewJerseyrsquosJefBuehlerstatesWhilewe
couldnotagreemoreitrsquosofteneasiersaidthandonewhenitcomestosupportingyourbusinesswiththemanyresourcesavailabletoyouOften
businessownersgetlostintheireverydayhustleandbustlewithouteverseekingoutsidesupporttomaketheirjobseasierLuckilythereisavastanddiverse
groupofbothprivate-andpublic-sectororganizationsthatcanhelpyouachievestrongerretailsuccess
Retailersshouldlookattheirlocalcommunitiesstate-levelorganizationsandnationalgroupsinanefforttoidentifysupportthatmakessenseforthemandtheiruniquebusinessesBeginningatalocallevelmostretailershaveaccesstomunicipalsupportincludingcitymeetingseducationresourcesandlocalChamberofCommercesupportAlthougheachcommunityhasitsownvariedoperationalresourcesthatbenefitretailersspecificallyallretailershavesupportbeyondtheirlocaltownsState-levelorganizationssuchastheRetailAssociationofMaineandtheKentuckyRetailFederationprovidetremendoussupportforretailersofallsizes
GettingInvolvedwithOutsideOrganizations
Gettingengagedatyourlocallevelisabsolutelyvitalinbuildingtowardyour
GettingengagedatyourlocallevelisabsolutelyvitalinbuildingtowardyourbusinesssuccessparticularlyifsellingonlineorbeyondyourlocalareaisnotpartofyourbusinessplanThislocal-levelparticipationwillgiveyousupportandinsightintoyourcustomerscompetitionandcommunitythatstate-levelandnationalorganizationsoftencannotEllenDivitaeconomicdevelopmentdirectorfortheCityofGenevaIllinois
explainsjusthowvaluablelocalcitiesandChambersofCommercecanbetoasmall-businessowner
YourlocalcityandchamberofferavarietyofresourcestoretailersincludingvisibilityandcredentialtoyourbusinessBecausetrustissuchanimportantcomponentinthemarketplacethesedaysthisisespeciallyimportanttoconsiderasabusinessownerofanykindLocalcityandchamberofficesoffermanyresourcesincludingassistancewiththedevelopmentandopeningprocesspermitsandlicensesThenontangibleassistancecanproveevenmorevaluablewhichincludesbuildingrelationshipslocallythatcandeliverthevisibilityandcredentialthatyourbusinessneeds1
FurthermoreDivitastressestheimportanceofrespectingconsumeroptions
PeoplehavechoiceswhenitcomestowheretheyshopandconsumerswillbuyfromretailerstheytrustBeingreferredandtrustedbythechamberandyourlocalcitygovernmentislikebeingprescreenedwhichiscriticalforretailersconsideringtheimmenseamountofcompetitiontheyhaveUnlikenationalretailerswhosereturnpoliciesandothercustomerexpectationsaremoreknownindependentretailersneedtogainthetrustoftheirconsumersYourlocalchamberandcitycanhelpyouachieveastrongreputationthatgivescustomersthetrusttheyarelookingfor2
Beingknowninyourcommunityforwhatyouoffercanbepricelesswhencross-referralshappenorganicallyastheresultofsatisfiedcustomerscommunityparticipationandyourcommitmenttodeliveringastrongin-storeandcityexperienceFurthermoremanylocalChambersofCommerceandcityorganizationsprovideeducationalresourceslocalmediasupportandothercommunity-basedincentivesthatcanhelpmerchantsgainstrongercustomer
awarenessBeyondyourlocalorganizationshoweveritrsquosimportanttolookatstate-levelretailassociationsthatcanhelpyourbusinessfromabroaderperspectiveaswell
EXPERTSPOTLIGHTHarrietParkermanageroftheIllinoisSmallBusinessDevelopment
CenteratWaubonseeCommunityCollegeinAuroraIllinoissuggeststhatworkingwithoutsideorganizationscanhelpretailersandothersmallbusinessownersgainaccesstoexpertsupportthatisoftenfreeoratareducedrateAlsoParkersharesherinsightonhowongoingsupportversusonlywhenneededcanhelpretailersldquoByworkingwithorganizationssuchasSmallBusinessDevelopment
Centers(SBDCs)retailersareabletoaccessexpertisetheymaybelackingaswellasresourcestheymaynotknowaboutOurorganizationslikemanyothersoftenhavebusinessexpertsreadytohelpretailersgobeyondtheirowncapabilitiestobuildstrongerbusinessesInadditionweencourageretailersnottowaituntiltheyareexperiencingaproblemtoseekassistancebutinsteadtreattheseresourcesasanongoingpartnerfortheirbusinessteamWhetheritisforaproblemabrainstormingsessionornearlyanythingelseSBDCrsquosandothersupportorganizationsshouldbeviewedastrustedadvisorstohelpretailersrdquoTogetstartedinseekingoutsidesupportfromyourlocalSBDCParker
suggestsvisitingwwwsbagovandclickingontheGetLocalAssistancelinkFromtheremakingaphonecalltotheirofficesistypicallyallittakestogetstarted3
AndyEllenpresidentandgeneralcounseloftheNorthCarolinaRetailMerchantsAssociationexplainsthatassociationslikehisareintendedtoactaspartofaretailerrsquosownteam
WeseeourselvesasanextensionofaretailerrsquosstaffOurreasonforbeingistopromoteandadvocatefortheretailindustrysowemakeitaprioritytobeexpertsonallissuesthatwillimpactaretailerrsquosstoreoperationsaswell
asdevelopstrongrelationshipswithpolicymakersinourstateIfyouhaveaproblemoranissueitisquitelikelythatyourstateretailassociationhasalreadyencounteredthisissueforanotherretailerandhastheanswertoyourquestionattheirfingertips4
InadditionEllenbelievesthatretailorganizationssuchastheNorthCarolinaRetailMerchantsAssociationhelpdeliversolutionstocommonanduncommonretailchallenges
StateretailassociationsareproblemsolversWeunderstandstategovernmentsandknowhowtocutthroughtheredtapeandvoicemailjungleofstateandlocalgovernmentstoassistretailersCollectivelystate-levelassociationspromotetheretailindustrythroughthepressoftenhighlightingalocalretailerrsquosgreatpracticesorsuccessThistranslatestofreePRandadvertisingforretailersprovidedbyatrustedsourcemdashus5
Inadditiontobringingmediaattentionandhelpingtosolveretailchallengesstate-levelretailassociationssupportmerchantsintheireverydayoperationsAdditionalsupportthatassociationsoftenofferincludesdiscountsonstoreservicesthatretailersneedsuchascreditcardprocessingandexpertinsightintostate-specificlawsandotherregulatoryagenciessuchasthedepartmentsofrevenuetransportationorlaborCurtisPicardexecutivedirectoroftheRetailAssociationofMainedescribes
thebenefitsofworkingwithstate-levelassociationsasldquoinsuranceforretailersrdquo
Whenretailersbecomemembersoftheirstate-levelassociationstheygainfull-timerepresentationforlegislativeissuesnetworkingwithotherlike-mindedretailersandaccesstoanumberofmoney-savingprogramsthatcanhelptheirbusinesssavemoneydirectlyandoperatemoreefficientlyWeliketothinkofourselvesasinsuranceforretailersWehelpprotectyouforaverylowcost6
AlthoughlegislativesupportmaynotbeonthetopofyourlistofwaystobesupporteditcertainlyshouldbeexploredStateandnationallegislativedecisionsaffectmerchantsinavarietyofwaysandtoooftenretailersdonrsquot
decisionsaffectmerchantsinavarietyofwaysandtoooftenretailersdonrsquotknowhowtheywillaffectthemuntilitrsquostoolatePicardexplains
Whenyoudonrsquotcommunicatewithyourstate-levelretailassociationitmeansthatyourvoicedoesnotgetheardIcanrsquottellyouhowoftenIhearfromnonmemberretailerswhentheycallaftersomethingbadwaspassedbythelegislatureFirsttheyhadnoideathatcertainlegislationwasbeingconsideredandsecondtheyhadnoopportunitytosharehowitwouldimpactthem7
Inadditiontogettingactiveinyourstate-levelassociationsPicardbelievesthatlocalandtrade-specificgroupsarealsoimperativetoyourretailsuccess
IhavealwaystoldpotentialmembersthattheyneedtobelongtothreeassociationsFirstyouneedtobelongtoyourlocalChamberofCommerceordowntownbusinessassociationThatiswhereyourbusinessisandwhereyouremployeesliveandworkMoreoveryoushouldbelongtoyourspecificindustrytradeassociationsuchastheCraftandHobbyAssociationforcraft-basedretailersAndlastyoushouldbelongtoastatewideassociationbecausemostlegislationhappensatthestatelevelandyouneedeyesandearslookingoutforyourbusinessInmostcasesastateretailassociationwillfillthatrole8
Trade-specificorganizationsaretypicallynationallybasedalthoughmanyofferregionalgroupsaswellNearlyeverysectorofretailfromflowerstofootweartohandbagstohomedecorhasretail-specifictradegroupsthathelptosupportmerchantssellingtheirspecificproductcategoryAmongtheirtoprolesinsupportingretailersisdeliveringeducationthroughannualeventspublicationswebinarsandotheravenuesJamaRiceexecutivedirectorandCEOoftheMuseumStoreAssociation
explainsthatnichegroupssuchashersofferldquoopportunitiesandresourcesforlike-mindedmembersandotherstakeholderstosharebestpracticeslooktotheassociationrsquosindustrystandardstoachieveprofessionalexcellencerelyonbenchmarkingstatisticsforperformanceanalysisaccesspublicationsandonlinecommunitiesandattendface-to-facemeetingsandconferencesfortechnicalandeducationalcontentspecifictononprofitretailingandconnectwithaffiliated
vendorsforsourcinguniqueproductsrdquo9Withsuchanextensiverangeofbenefitstogainfromitseemsfoolishnotto
getinvolvedinorganizationssuchasyourlocalChamberofCommercecityorstateretailassociationornicheretailgroupsMissyBrozekvicepresidentandcreativedirectorofcraftandhobbyretailgroupCraftersrsquoHomeagreesthatthisisextremelyimportantformerchantsparticularlyasretailbecomesevenmorecompetitive
AsretailgetsmoreandmorecompetitiveIrsquomconvincedthatindependentstoreswillneedtokeepbandingtogethertothriveThebenefitsarejusttoogoodtoignoreBuildingagroupgivesretailersopportunitiestocollaborateandlearnfromoneanotherwithoutfeelingliketheyrsquoresupportingtheirdirectcompetitorsInthecaseofnicheretailgroupsitalsoopensuptheopportunitytoleanononeanotherformorespecificsupportreducingtheneedtoreinventthewheelforpromotionsmarketingandeventsAtCraftersrsquoHomeweputtogetherfullyworked-outprogramstosharewithourgroupbasedonourexperienceandtheexperienceofourmembersMaybemostimportanthowevertherersquosstrengthinnumbersItrsquossoimportantthatwemakesurethatmanufacturershearrespondtoandrespectthecollectivevoiceofindependentretailers10
BenefitsThatOrganizationsMayOffer
AsamerchantitrsquospossiblethatyoufallintomorethanonespecificretailsectorThereforeyoumaybeapotentialcandidatetobelongtomorethanoneretail-specificgroupYouwillwanttoconsiderhowparticipatinginmultiplegroupswillhelpyourbusinessparticularlybecausetheytypicallyhaveamembershipfeeappliedtothemWhetheryouareinonegroupormorehoweveryoushouldevaluatewhatbenefitsyougainbyparticipatingineachAmongthevarietyofbenefitsthatretailgroupsaswellasstate-levelretailassociationsmayofferarethefollowing
ConferencesandtradeshowsRetail-specificgroupstypicallyhostannualbiannualandorregionaleventstosupporttheirparticipatingretailersSometimestheseeventsareopentoanyonebutmembersgaina
discountwhenattendingorcanattendaspartoftheirannualduesEitherwaytheseeventsaredesignedtodeliverkeysupportinanicheretailmarketprovidingyouwithexperteducationaccesstovendorsface-to-facenetworkingopportunitiesandmoreBuyersrsquoguidesAbuyerrsquosguideuniquelycreatedforyourretailsectorisavaluableresourceparticularlyconsideringhowbusyretailersareRetailtradeorganizationsoftencreateannualbuyersrsquoguidesthatgiveyouquickconvenientandtrustedaccesstoindustry-specificproductsandservicesRetailMindedalsoprovidesanannualldquoResourceGuiderdquothatfocusesonstoreoperationsandpreferredresourcesforrunningyourbusinesssuchasonlinemarketingande-mailmanagementwhichisavailableatRetailMindedcomPrivateonlinegroupsBeingactiveinamembership-basedgroupwillintroduceyoutootherretailerssimilartoyouThisopensupafantasticopportunitytolearnfromothersleanonothersandleveragewhatotherretailershavedoneintheirownretaileffortsOnlinechatgroupsprivatediscussionboardsandmembership-controlledgroupscanprovideyouwiththechancetogaininsightandexpertisefromotherlike-mindedretailersSomestate-levelretailassociationsofferthisandmostretailnichegroupsprovidethisasamembershipperkaswellHealthandbusinessinsuranceprogramsThebuyingpowerofanassociationversusyourindividualbuyingpowercansaveyoumoneywhenitcomestobuyinginsuranceLeveragingthediscountsorpreferredratesavailabletostateretailassociationsorretail-specificgroupsnotonlycanhelpyousavemoneybutalsocanprovideyouwithstrongerinsurancecoverageBesuretocross-referenceupdatedinsuranceoptionsnolessthanannuallybecauseoftenthesewillchangeandyouroptionsmaybeaffectedaswellMarketresearchandtrendinformationInthesamemannerthatstate-levelorganizationsmayprovideup-to-datenewsontaxesandotherlegislativeissuesnationalretail-specificgroupswillsharethelatestonindustrytrendsmarketresearchandnicheinformationforyourretailsectorApplyingup-to-dateindustrynewsandinformationtoyourbusinesscanonlyaidyouinyouroverallretailsuccessandthusshouldalwaysbeonyourto-dolistMerchantsolutionbenefitsWhetheryourstoreissolelyonlineabrick-and-mortarestablishmentorbothprocessingpaymentsisacriticalpartof
youroperationalplanRetailgroupscanhelpyouachievebetterratesinyourpayment-processingsolutionswhilealsosupportingyouinyourpaymentsoftwaresolutionsManyofthesebenefitsalsoincludetop-notchcustomerservicethatisprovidedasamembershipadvantageofferinganinvaluableresourcewhenyoufacepayment-processingchallengesIndustrypublicationsGainingretail-richcontentisnoeasytaskbutmostretail-specificgroupsworkhardtodeliverqualityinformationtotheirmembersMostofthesegroupsseekexpertinsightonavarietyofretailsubjectstosharewiththeirmembersandmanyarepartofRetailMindedrsquosldquoPartnerProgramrdquomdashsharingadditionalnewseducationandsupportfromRetailMindedthroughaquarterlymagazineandotherretailnewspublicationsUsingthemagazinesnewsletterse-blastsandblogsthattheseorganizationsprovidecanhelpyouachievemoreknowledgeforyourbusinessThekeyofcourseistocombinethisknowledgewithinformationaboutannualeventstradeshowsvendorsandallotherinformationyoucangaintoachievethegreatestsuccessinyourstoreoperationsandsalesTraveldiscountsTravelislikelypartofyourannualscheduleparticularlyifyouareactiveintradeshowsandeducationaleventsManyretailgroupsrecognizethisandprovidediscountedratesforairfarecarrentalsandhotelsTakingadvantageofthesediscountscanhelpsaveyousomehard-earneddollars
AlthoughmanyretailgroupbenefitsexceedthosejustlistedtheonlywaytheyworkisifyougetinvolvedBelowaresomeexamplesofsuchretailgroupsalthoughweencourageyoutolookbeyondtheseassociationsforonesthatmakesenseforyourretailbusiness
AmericanApparelampFootwearAssociationWeWearorgARTHomeFurnishingsNetworkAccessoriesResourceTeamorgCraftandHobbyRetailersCraftampHobbyAssociationwwwcraftandhobbyorgFloralRetailersSocietyofAmericanFloristswwwsafnoworgHomeFurnishingsIndustry
AccessoriesResourceTeam(ART)wwwaccessoriesresourceteamorgIndependentJewelryRetailersandVendorsRetail Jewelers Organization wwwrjomemeberscom Independent Pet
RetailersNexPetwwwnexpetcomMuseumandNot-for-ProfitStoresMuseumStoreAssociationwwwmuseumstoreassociationorgSpecialtyToyIndustryAmericanSpecialtyToyRetailingAssociation(ASTRA)wwwastratoyorg
InadditiontothevariousretailgroupsthatexistitrsquosimportanttoseekadditionalsupportforyourstoreifyoufeelthatthereisavoidnotbeingfilledThismaymeanreachingouttoretailconsultantsparticipatinginretaileducationeventssuchasRetailMindedrsquosannualindependentretailerconferencecallingyourlocalSCOREorsmall-businessdevelopmentcenterandleaningonmentorsyouhaveidentifiedwhocanuniquelyhelpyouRememberitoftentakessteppingoutsideyourcomfortzonetoreachyourretailpotentialThesegroupsandbusinessesexistwiththisinmindandwanttohelpyouinachievingyourbestretailsuccessyet
InChapter4wersquolldiscussthevalueofshapingyourstoretobeuniquelyyoursAlsowersquolldiscusshowinventoryplaysacriticalroleinshapingyourstorersquosreputationandpersonalityaswellasidentifyvariouscharacteristicsofastorethathelptomakeituniqueFinallywersquollofferyousuggestedinterviewquestionsforhiringpotentialemployeesandshareadditionaldetailstohelpmakeyourstoreoneofakind
ActionGuide
YourlocalChambersofCommercemainstreetprogramscitycontactsandbusinessgroupscanhelpyouachievestrongerbusinessengagementwithyourcommunityUsingtheWebaswellaslocalresourcessuchasyourarealibraryidentifywhotocontactandmakeitaprioritytogetinvolvedrightaway
identifywhotocontactandmakeitaprioritytogetinvolvedrightawayBeyondlocalsupportusethefollowinglisttoobtaincontactdetailsforyour
stateretailassociationAnumberofstatesincludingOklahomaWisconsinandAlaskaarenotpartoftheCouncilofStateRetailAssociationsSomestateshoweverhavestatewideChamberofCommerceassociationsinsteadAnexampleofthisistheStateChamberofOklahomawhichyoucanlearnmoreaboutatwwwokstatechambercomForacompletelistandmoreinformationaboutstate-levelretailassociations
visittheCouncilofStateRetailAssociationrsquoswebsiteatwwwcouncilsracomIdentifyyourstatersquoscontactinformationinthefollowinglistandvisitits
websiteFollowupdirectlyviathecontactinformationprovidedonthewebsiteorbyusingthephonenumberinthelisttoidentifyhowbecomingamembercanhelpyouinyourretailgoals
4
IdentifyingYourUniqueStoreStory
TheonlywaytodogreatworkistolovewhatyoudomdashSteveJobs(1955ndash2011)entrepreneurcofounderofAppleInc
THEBEAUTIFULthingaboutworkingwithretailgroupsisthatyougainstrengthinnumbersavoidingthesenseofisolationthatcanweighonanindependentretailerAlthoughasupportsystemandthepowerofacommunityareintegralyoushouldalsooptimizethepowerofyouruniquemerchantstoryEveryretailerhashisorherownstorytotellFromhowitcametolifetowhy
itretainscustomersyourstorehasauniquenarrativewhetheryourecognizeitornotUnderstandingthisnarrativecanhelpyoutostandoutinthemarketplaceallowyoutobettersupportyourcustomersandidentifywaystokeepyoursalesflowingTohelpyouclearlyidentifyyourmerchantstoryconsiderwhyyoubecamea
retailerinthefirstplaceDidyouopenastorebecauseyouloveacertaincategoryofproductAreyoukeepingyourfamilybusinessaliveDoyouprefertoworkforyourselfversusothersPossiblyyoubecamearetailerbyaccidentasaresultofdoingsomethingelseWhateveryourreasonforbecomingaretailerconsiderhowitledyoutowhereyouaretodayThenmdashevenmoreimportantmdashconsiderwhetheryourstoryisworthsharingAfterallifevenyoudonrsquotthinkitisthenwhywouldacustomerwanttoexperienceit
IndependentretailersareoftenconsideredlocalcelebritiessimplybecauseofthefactthattheyhavetheirownstoresWalkingintoyourlocalgrocermaymeanseeing10familiarfacesbecausetheyarecustomersofyourbusiness
meanseeing10familiarfacesbecausetheyarecustomersofyourbusinessGoingtoalocalsportingeventcouldtranslatetomeetingpotentialnewclientsorseeingpastcustomersyouhavenrsquotseeninalongtimeEssentiallyasaretaileryouarenevertrulyldquooffrdquoandalwaysworkingtoimproveandexpandyouridentityThistypeofcommitmenttoyourjobishonorableandyetexhaustingFortunatelyevenyourownuniqueretailstorycomeswithsupportingcharactersAndaswithanyengagingnarrativeeverycharacterhasamessagetoshare
CreatinganInventoryAssortmentThatStandsOut
AmongyourmostpopularsupportingcharactersarethevariousbrandsthatmakeupyourstoreinventoryandmerchandisingassortmentAndjustlikeanygoodstorycharacterswillcomeandgoForaretailerthismaymeanfadingoutofaparticularcategoryofinventoryaltogetherorlettinggoofavendorthatisnotperformingwellThemostboringstorylinesarethosethatnevershuffletheircharactersandforretailersthismeansallowinginventorytobecomestaleanduninvitingldquoMybiggestfearasasmallbrick-and-mortarstoreisthatcustomerswillnot
findmyinventoryexcitingenoughtowanttobuyrdquoChicago-basedretailerAngelaGianfrancescostatesldquoFormethismeansconstantlyseekingcustomerfeedbackattendingtradeshowsevaluatingwhatissellingandwhatrsquosnotandintroducingnewproductsintomyrotationtokeepthingsfreshrdquo1GianfrancescocontinuesIdentifyingastronginventoryassortmentiscriticalwhenitcomestomakinga
lastingimpressiononconsumersnottomentionstandingoutamongyourlocalcompetitionEventhemostbeautifulretailstoresaredoomedtofailiftheirinventoryassortmentdoesnotallurecustomerstobuyFindingtherightcombinationofvendorsandoverallinventorycanbeatoughchallengehoweverldquoIdonrsquotthinkmystorewouldstillbeopenifIhadnotmadeattendingshows
apriorityEveryshowintroducesmetonewvendorswhilealsogivingmethechancetogetfacetimewithmyexistingvendorsrdquo2GianfrancescoexplainsAttendingtradeshowsisafantasticopportunityformerchantsofallkinds
Whetheryousellhigh-endmiddle-tierordollar-priceditemstherearetradeshowsthatcatertoyou
ldquoMakingitaprioritytoattendtradeshowshasneverbeenmychallengethoughIhearitcanbeastruggleforotherretailersMychallengeisdecidingwhichshowstoattendandwhatvendorstobuyfromrdquo3statesGianfrancescoIdentifyingthebestshowsandthebestvendorsforyourstoreisnoeasytask
YoushouldconsidershowsthatintroduceyoutorelevantvendorsfromyournicheretailsectoraswellaslargershowsthatcanintroduceyoutomorediversevendorsandproductsTypicallyitrsquosagoodideatoattendnolessthanoneretail-specifictradeshowandonegeneral-merchandisetradeshowperyearForexampletheFashionFootwearAssociationofNewYork(FFANY)hostsaquarterlyfootwearshowforfootwearretailersMerchantswhoprimarilysellfootwearwouldbenefitfromattendingthisshowbutwouldalsobenefitfromattendingashowsuchastheASDShowinLasVegasabiannualshowthatoffersadiverseassortmentofgeneralconsumermerchandiseByparticipatingintwodistinctlydifferentshowsyouopenuptheopportunityformorerangeinyourinventoryassortmentstrongervarietythanyourcompetitionandgreateropportunitiestoidentifyimpulseseasonalandmust-havepurchasesforyourstoreThefollowingguidesharesinformationonavarietyoftoptradeshowsheldin
theUnitedStatesannuallyaswellasdetailsontheirtargetindustriesshowlocationsdatesandwebsitesAlthoughthislistdoesnotidentifyallavailabletradeshowstoretailersitintroducesyoutosomeofthetopshowsinselectretailmarkets
TRADESHOWGUIDE
PleasenotethislistidentifiesonlysomeoftheUnitedStatesrsquosleadingtradeshowshowevertherearemanymoretradeshowsavailabletoretailersForamorecompletelistingofshowsvisitthebelowwebsites
Advanstar|wwwadvanstarcomEmeraldExpositions|wwwemeraldexpositionscomReedExpositions|wwwreedexpositionscomTarsusgroup|wwwtarsuscom
InChapter5wersquolllookathowyoucanmaximizeyourtradeshowparticipationwhilealsounderstandinghowtopreparefortradeshowsandwaystofollowupwithvendorsoncethetradeshowhasconcludedYouwillalsogainastrongerunderstandingofhowvendorsaffectyourstorestorymdashforbetterorforworse
UniqueTraitsofYourStore
RecognizingtheimportanceofstronginventoryassortmentandhowthisshapesyourmerchantstoryisbeneficialwhenpreparingyourcommunicationplanwithcustomersBecauseconsumersultimatelydecideyoursuccessorfailureasamerchantmdashafteralltheyeitherchoosetoshopatyourstoreornotmdashitrsquosimportanttofactorthemintoyourstorersquosidentityNordstromanAmericanupscalefashionretailerwithover250locations
providesemployeeswithoneruleforallnewhiresTheysimplystateldquoUsegoodjudgmentrdquofollowedbygenerallegalandcompanyexpectationsThissimpleyetpowerfulplanforcustomercarehasshapedNordstromtoberecognizedfortop-notchcustomerservicestellarstorereputationandfantasticoverallin-storeexperienceItrsquosalsoagreatexampleofastorefromwhichindependentretailerscanlearn
RETAILTIPWhencreatingyourstorestoryconsiderhowyouwanttobeperceived
byothersNowconsiderhowyouareactuallyperceivedbyothersWantingtobeseenonewayandactuallybeingseenanotherwayisa
commonscenarioEngagecustomersandpotentialcustomersalikeviasocialmediafocusgroupsandsurveystounderstandtheirperceptionofyourstoreAskquestionsencouragefeedbackandcommentsprovokeconversationandreviewwhatcustomerssharewithyouThiswillhelpyoubetterunderstandtherealityofhowyouareperceivedversustheideaofhowyouthinkyouareperceived
Oftenindependentretailersfeelthatbecausetheycanrsquotoffercomparablepoliciestothoseofbig-boxstorestheydonrsquotofferanyatallThiscancertainlycreatechallengesbutratherthanperceivethisasanobstacleentirelyconsideritaperktobeinganindependentmerchantAsanindependentretaileryouhavetheluxurytocreateyourownruleswhichalsomeanssettingyourcustomer-carestandardsAmongtheseexpectationsshouldbeidentifyingyourstorereturnpoliciesimplementingcheckoutproceduresprovidingVIPcustomerstandardsintroducingstoregiftcardsandmoreBelowinnoparticularorderarevariouspoliciesandproceduresthatall
retailersshouldidentifyandusetoshapetheircustomerexperienceandoverallstorestory
ReturnPolicies
FirstandforemostitrsquosvitaltocreateareturnpolicythatmakessensefortheproductsyousellaswellasthecustomersyoutargetItisimportanttoberealisticwithyourreturn-policyexpectationswhilealsobeingfairtoyourcustomersForexampleyoucouldofferastorerefundexplicitlyforreturnsmadewithin10daysofpurchaseOryoucouldofferfullrefundsonitemspurchasedandunusedwithin14daysofreceiptdatebutonlywiththereceiptanddeliveredinthesamepaymentformasthepurchasewasmadeOnceyouhaveidentifiedapolicythatcaterstoyourstorersquosneedsandclientelepostyourpolicywithinclearviewofyourcheckoutareaaswellasincludingitonallreceiptsMakeitahabittoexplainyourreturnpolicyaspartofyourcheckoutprocedureOnewaytobesurethatyouneverforgettodothisistohaveyour
procedureOnewaytobesurethatyouneverforgettodothisistohaveyourcustomersinitialthereturn-policyexplanationontheirreceiptafteryouhaveexplainedittothemThiscanhelptoalleviatedifficultconversationswithunhappycustomersinthefutureFinallybesuretoidentifyanylimitationstoyourpolicysuchascertainvendorsdefectiveitemsorlawsthatmayapplytoproductsregardingldquono-returnpoliciesrdquo
CheckoutProcedures
EveryoneinvolvedintheoperationofyourbusinessshouldclearlyunderstandallstorepoliciesincludingthoseregardingthecheckoutprocedureThisisastrongifnottheonlyopportunitytocreateapersonalandmemorablemomentwithyourcustomeranditssignificancecannotbeoverstatedItrsquosvitallyimportanttoforgerepeat-customerrelationshipsateveryturnandtherersquosnobetterwaythanthroughpersonalinteractionOntheflipsideifnotmanagedcorrectlyanegativecheckoutexperiencecancrippleyourchancesofrepeatcustomersregardlessoftheotherfactorsMakeitahabittosharenewsofupcomingstoreeventsspecialspromotions
orotherstoreactivitiesduringthecheckoutprocessKindlyaskifthecustomerwouldbeinterestedinsharinghisorhere-mailaddressforstoreupdates(exclusively)orperhapssuggestthatyourcustomermightldquolikerdquoyourstorersquosFacebookpage(youdohaveoneright)FinallybesureyouhaveastandardldquoThankyouforyourpurchaserdquoinplaceaswellItcancertainlybecustomizedtoyourstorersquospersonalitybuteveryoneinvolvedshouldbeonthesamepageregardingthemessageyoudeliverItisstunninghowfewtimesIactuallyseethisdonewellintheindependentcommunity
VIPCustomerCare
NomatterwhatkindofmerchantyouareidentifyingyourtopcustomersshouldbeapriorityWhetheryousell$1candybarsor$10000dressesmakeitapointtotrackyourstrongestcustomersManypoint-of-sale(POS)systemscanhelpyouidentifycustomersandtheirspendingbutsomeindependentretailersfindsuccessinmanagingVIPcustomerstheold-fashionedwaymdashtakingnoteofpurchasesmadetheirbirthdaysspecialoccasionsandotherreasonsuniquetothebusinessWhenidentifyinghowyoucanbettersupportthiscrowdconsider
offeringspecialeventsuniquelyforthemprovidingdistinctiveservicesaboveandbeyondyournormalcustomercaremdashsuchasfreehomedeliveryorcomplimentarygiftsendingmdashaswellaswritinghandwrittenthank-younotesaftereachpurchasetheymakeThistypeofcustomercareletsyourVIPsknowthatyoutrulyvaluetheircommitmenttoyourstore
StoreGiftCertificates
TheNationalRetailFederationreportsthat81percentofshoppersinthe2012holidayseasonboughtatleastonegiftcardAlthoughtheholidaysarenot365daysayearbirthdaysandotherspecialoccasionsareWiththisinmindmakesurethatyouoffergiftcertificatestosellnomatterwhattimeofyearitisNotonlywillthisincreaseyoursalesbutitalsowilllikelyintroducenewcustomerstoyourstorethatyounormallywouldnrsquothaveTheopportunitytosellmorethanthevalueofthegiftcardreferredtoasanupliftisalsotheremdashincreasingyourchancesofahighersalePapergiftcertificatesversusplasticgiftcardsareeasytocustomizeallowingyoutoquicklyintroducethistoyourstorePlasticgiftcardscanbeeasilycustomizedaswellwithsuchplacesasCardPrintingusandPlasticResourcecombothabletomakegiftcardsspecificallyforyourstoreThekeytomanagingagift-cardprogramistocreateaneasy-to-tracksystemofwhengiftcertificatesaresoldandredeemedYoucandothistheold-fashionedwaythroughpenandpaperbutwithtodayrsquosPOSsystemsthiscanbemanagedmuchmoreeffectively
StoreHours
CustomersdonotshopatastoresolelybecausetheylikeitOftentheyshopatastorestrictlybecausethestoreaccommodatestheirscheduleThismeansthatifyoucloseat5pmtorushhomepotentialconsumerswhoonlyshopaftertheirworkdayendsat5pmwillneverbeyourcustomersWhenidentifyingyourstorehoursconsiderwhatmostoftheretailersinyourcommunityrsquoshoursarewhatyourimmediateretailneighborsrsquohoursareanymandatedhoursappliedbyyourcityandwhenyourlocalcustomersgenerallyshopTouristtownswillvaryfromdowntowncorporatesettingstoMainStreetsinsmalltownsacrosstheUnitedStatesAlthoughtherersquosnoblack-and-whiteschedulethatisidealfor
everyoneitrsquosimportanttoidentifyhoursthataccommodateyourlocalcustomersandcomplementothermerchantsAlsorememberthatclosingyourstoreoneortwodaysaweekisnrsquotalwaysanoptionKeepyourcustomersinmindmdashnotyourownpersonalschedulemdashwhenestablishingyourstorehoursandyouwillbemorelikelytofindaschedulethatattractsmorebusiness
Customer-DisputeScenarios
WhenacustomerisupsetaboutyourstorersquosreturnpolicycustomerservicelackofinventorystorehoursoranythingelsewhatmattersmostishowyouhandleitDespitetheiroftenrudeorinappropriatebehaviorremaincalmandallowthecustomertosharehisorherthoughtsonthesituationOncethecustomerhassaidwhatheorshewantstogentlyrespondwithyourresolutionAvoidallowingthecustomertoseeyougetangryorheatedevenifyouarescreaminginsideIfyourresolutiondoesnotmakethecustomerhappyconsiderofferinghimorherastoregiftcertificatefor$5$10or$25andapologizethatyoucannotdoanythingmoreThecostofgivingthecustomermoneytospendinyourstoreisoftenalotlessthanhavingthecustomerbadmouthingyouforyearstocome
StoreTraditions
AnnualsalessignaturemintsfestiveoccasionsmdashbigorsmallretailersshouldstrivetobeknownforahandfulofthingsthatmakethemuniqueTaking10percentoffeverythinginyourstoreonarandomSaturdaywonrsquotdothetrickInsteadseekoutbothsmallandlargeopportunitiestomakeyourstorememorableItmaybethediscosoundtrackthatrsquosalwaysonrepeatthesignaturescentthatcustomersinstinctivelyrememberyourstorebyanannualChristmas-in-Julysalethathasyouremployeesdressinglikeelvesoraprivatered-carpetVIPeventthatgetsyourbestcustomersexcitedeveryyearWhateveryouruniquesomethingsaremakethemconsistentmakethemmemorableandmakethemworthtalkingaboutAllstorecharacteristicswillaffectyouroverallsuccessorfailurebutitrsquosoftentheselittlethingsthataddupthemost
StoreStaff
ShapingyourstorywouldnotbecompletewithoutidentifyingthefacesthatmakeupyourretailbusinessYouremployeesareareflectionofyourstorebrandandthereforeneedtobecarefullyselectedbeforewelcomingthemtoyoursalesfloorNowadaysanaffordablepart-timesalesclerkiseasytofindWhatrsquosnoteasyisfindingasalesclerkworthhavingonyoursalesfloorTakethetimetointerviewpotentialcandidateswithaseriesofinterviewsandbesuretoseekreferencesfrompreviousemployersRetailMindedcomofferstemplatestohelpyoutrackyourinterviewprocessandprovidesemployeereviewformsforwhenyouhaveyourstaffinplaceBelowyoucanfindsomeusefulquestionstohelpyounavigateyournextroundofinterviews
GeneralInterviewQuestionsforPotentialEmployees
1Whatwereyourmajorresponsibilitiesatyourlasttwojobs2WhichofyourpreviousjobsdidyoulikethemostandwhyWhichjobhaveyouhadthatyoulikedtheleast3Whathasbeenyourmostrewardingexperienceatwork4Whatdoyoufindmostsatisfyingaboutworkingwithothers5Whatwasyoursinglemostimportantaccomplishmentforthecompanyinyourlastjob6WhydidyouleaveCompanyX7Ifyoucouldtakewithyouonethingfromyourlastcompanyandbringittothisjobwhatwoulditbeandwhy8Whatwasthetoughestproblemyouhadtosolveatapreviousjobandhowdidyousolveit9Whydoyouwanttoworkforthiscompany
10Afterhearingadescriptionofthispositionwhydoyouthinkyouwouldbeagoodfit11Doyouhaveanyreservationsaboutanyoftheresponsibilitiesidentifiedinthisrole12Whatskillsdidyoulearninpreviousrolesthatyoucanusehere
13Whatskillsorexperiencedoyouthinkmakeyoustandoutfromothercandidates14Wheredoyouprofessionallywanttobefive(orten)yearsfromnow15Arethereanyotherpointsyoursquodliketosharewithusaboutwhyyouwouldmakeagood[insertjobtitlehere]
ManagerKey-HolderQuestions
1Howwouldyoudescribeyourmanagementstyle2Whatdoyoubelievetobethemostdifficultroleofamanager3ManyofouremployeeshavebeenhereforawhileHowdoyoufeelyoucanearntheirrespectasamanager4Whathaveyoulearnedfromothermanagersyouhaveworkedunderinthepast5WhowasyourfavoritemanagerandwhyWhowasyourleastfavoritemanagerandwhy6Whatdoyouthinkisthemostimportanttraitofsuccessfulmanagers7IfIweretoasksomeonewhoyoupreviouslymanagedyourtopthreequalitiesasamanagerwhatdoyouthinkheorshewouldsay8IfIweretoaskthatsamepersonyourthreeworstqualitieswhatdoyouthinkheorshewouldsay9Whydoyoulikebeingamanager
10Howwouldyouplantoengageemployeestoworkeffectivelyunderyourleadership11DoyouconsideremployeemoralepartofyourresponsibilitiesWhyorwhynot12Explainyourmostdifficultmanagementexperiencetodate13Asamanagerdoyouconsiderteachingpartofyourjob14Howgoodareyouatdelegatingresponsibilities15Whatotherpointscanyousharewithusaboutwhyyouwouldmakeagoodmanager
Anotherpointtoconsideristhatwhileitmaybeeasytohirefamilyorfriends
AnotherpointtoconsideristhatwhileitmaybeeasytohirefamilyorfriendsitrsquospossibleamoreskilledcandidateisavailableandwillaidyourstoremoreefficientlyAsageneralruleofthumbconsiderallcandidatesmdashincludingfamilyandfriendsmdashequallyandputeachcandidatethroughthesameinterviewprocessThiswillhelpyouidentifythebestpersontofillyourstorersquosneedsCollectivelytheprecedinguniquetraitsofyourstorecansetyouapartfrom
yourcompetitionandhelpmakeyourstorememorableamongcustomersItrsquosimportantthatyoualsofactorinthevalueofcustomerserviceduringyourentirein-storeexperiencerecognizingthatthiswillalsosetyouapartfromotherretailersineitherapositiveornegativefashionKirtManeckecustomer-serviceexpertandauthorofthebookSmileSell
MorewithAmazingCustomerServicebelievesthatinordertotrulymakeyourstorememorableamongconsumersyoushouldaimtodeliverconsistentstrongcustomerserviceeveryday
DeliveringamazingcustomerserviceonaconsistentbasistoeachandeverycustomermeansthatyouarepreparedYourstaffhasbeentrainedtodeliverserviceandsalesinawaythatisefficientforyourcustomersWhiletherewillalwaysbecustomerswhohavedecreasedattentionareinahurryorappeartobefrazzledyouwanttostillaimtodeliverstrongcustomercaredespiteanycustomerscenarioOnewaytodothisisbytreatingpeoplelikeguestsinyourhomeJustasyouwouldgreetsomeoneatyourdooryoushouldsmileandgreeteverycustomerwithawarmldquoHellordquowithintwosecondsoftheirenteringyourbusinessThissetsthestageforahappyshoppingexperienceforyourcustomersbecausetheyfeelwelcomeandtheyknowthatyouareontopofyourbusinessSurprisinglyhowevermanyretailersfailtodothis
EngageyourcustomeraskquestionsandlistenKnowyourproductsandyourcompetitionso thatyoucanquicklyandefficientlyansweryourcustomersrsquoquestionsandobjectionsandsellyourproductsbetterthananywebsite or other store can do Aim to guide your customers to the bestproduct that fits their needs andwants and then respectfully ask for thesaleIfyoudothesethingsandmoreconsumerswillpayattentionandnotonlyreturntoyourstorebutalsotelltheirfriendsaswell4
Finallyremembertolookoutsideyourcomfortzoneinallyourbusinessresponsibilitiesincludinghowyoudelivercustomerservicewhoyouhirewhichtradeshowsyouattendandwhatyourstorepoliciesare
WhenyouidentifywhattraitsmattermostinyourstorehowyoumanageitsperceptionandwaysinwhichyoucanstandoutinthemarketplaceyouaremorelikelytosucceedinretailFurthermoreconsumerswillbemorereceptivetoshoppingatastorethattakesthetimetoearnaconsumerrsquostrustanddollarsbyapplyinghighstandardsAnadditionalperkisthatduringthisprocessyouwillalsofindconsistencyinyourownactionsandbeabletobettersupportyourcustomersyourstoreteamandyourselfindeliveringastrongin-storeexperienceInthechaptersthatfollowwersquolltakeanevencloserlookathoweach
decisionyoumakewillaffectyourstorersquospersonalityandhowcustomersperceiveyourbusiness
ActionGuide
EverystoretellsastoryandyourstoryneedstobeeasilyunderstoodfrombothaninternalandanexternalperspectiveInternallyhavinganorganizedemployeemanualwillofferyoutremendousguidanceinemployeehiringandmanagementTogetstartedconsiderthefollowingobjectivestoincludeinyourmanualYoumayfindthatsomearenotnecessaryforyourstorewhereasotherobjectivesthatarenotnotedareThegoalhoweveristocreateamanualthatmakessenseforyouruniquebusinessOrganizeabinderthatcollectivelyrepresentsyourstoreemployeemanual
basedonthefollowingsuggestionsEvenforasolostoreownerwithnoadditionalstaffthisexercisewillprovideyouwithafoundationtokeepyourstoreoperationsandexpectationsinorderInadditionifalast-minutehireiseverneededyouwillhaveaclearconcisemanualtohelpyoutrainthatpersoninstoresupportAlthoughthisexercisewilltakesomecommitmentandtimeitisaretail
necessityworthinvestingyourtimein
1StorecontactdetailsaPhysicaladdressbE-mail
cTelephonedFaxeWebfSocialmediaaccounts
2Storehours3Companyphilosophy4Employmentpractices
aEqualemploymentopportunitystatementbDrug-freestatementcHarassmentpolicydAt-willstatement
iFull-timeemployeesiiPart-timeemployeesiiiTemporaryseasonalemployeesivInterns
5TerminationstatementaVoluntarybInvoluntary
6OperationproceduresaPayschedule
iCommissioniiDirectdeposit
bStaffscheduleiOvertimeiiTardinessiiiAbsenteeismivSchedulechanges
cStoreopeningandclosingproceduresiCashdrawerdetails
iiPOSandcomputerdetailsdMerchandising
iDisplayunitsiiPOSareaiiiFloorsivShelvesvOtherareas
7Customer-serviceexpectationsaCustomergreetingsbGeneralcustomersupportcSuggestivesellingdCustomermanagementeTelephoneproceduresfCustomercomplaints
8ExternalrelationshipsaVendorsbShippingcTrademiscellaneous
9Emergencyprocedures10Security
aPersonalbelongingsbLawenforcementcontactdetailscFirstaidbox
11DresscodeaWardrobebPersonalappearance
12MiscellaneousaFoodanddrinkbPersonalphoneuse
cCigarettesmokingdComputeruseeNonemployeeaccessfConfidentiality
MakesuretosaveyouremployeemanualtoaWordfileforeasyeditingFurthermoreitrsquosalwaysagoodideatohaveallnewemployeesreviewthemanualandsignastatementacknowledgingthattheyhavedonesoFinallyalthoughamanualisnotalegallybindingcontractitneverhurtstohaveanattorneyreviewwhatyouhavecreatedtoensurethatyouareaccuratelyandlegallysupportingyourstoreteam
PARTII
PracticalStepstoIncreaseYourStoreVisibilityandSales
5
SourcingProductsThroughTradeShowsandtheInternet
WhetheritrsquosGoogleorAppleorfreesoftwarewersquovegotsomefantasticcompetitorsanditkeepsusonourtoes
mdashBillGates(1955ndashpresent)investorentrepreneurphilanthropist
ASAretailertherearecountlessexternalbusinessresourcesthatyouwillneedtoworkwithtorunyourbusinesseffectivelyAmongthemareservice
providerswholesalersmanufacturersanddistributorsThiscollectivecrowdofbusinessresourcesoffersretailersvariouswaystopurchaseandultimatelysell
productsthroughtheirstoresThequestionisWhatmakessenseforyourbusinessTobeginhoweveryoumustfirstunderstandthedifferencesamongcertainsuppliersourcingstrategiesmdashandhowultimatelyeachoftheseaffects
retailersSourcingasdefinedbyWikipediaorgreferstoldquoanumberofprocurement
practicesaimedatfindingevaluatingandengagingsuppliersofgoodsandservicesrdquoEssentiallysourcingrepresentstheactoffindingproductsfromwholesalersormanufacturerstoresellthroughabusinessInyourcasethiswouldmeanresellingthroughyourretailstoreInpreviousyearssourcingwasnotasaccessibletoretailersandasaresult
notusedfortheirbusinessesonaroutinescaleNowadayshoweversourcingisreadilyavailablethankstowebsitessuchasTopTenWholesalecomandManufacturercomaswellaseventsthatincludeSourcingatMAGICandSourceDirectatASDmdasheachheldbiannuallyinLasVegasTheseeventsaresimultaneouslyheldduringMAGICMarketWeekandtheASDShowrespectivelyofferingretailersachancetoengagewithtraditionalvendorsandwholesalerswhilealsohavingthechancetomeetimportersdistributersproduct-developmentteamsandotherproductprofessionalswithinthesourcing
arenaateachindividualshow
BenefitsofSourcingasaRetailer
ForretailerstherearemanybenefitstosourcingyourownproductsforyourstoreAmongthemaresavingvaluableinventoryandoperatingdollarsbycuttingcostsofproductpurchasesgainingtheabilitytoexpandyourstoreproductbaseofferingdiversificationamongyourcurrentsupplychainmeetingnewprovidersotherwisenotavailabletoyoulocallyorevendomesticallyandlearninghowbusinessisconductedinotherculturesMegyKarydesaformerretailerandcurrentwriterandmarketingconsultant
whoworkswithsmall-businessownersandorganizationsthroughherbusinessKarydesConsultingencouragesretailerstodifferentiatetheirstoresthroughsourcingShesharesbelowsometipsbasedonherownfirsthandexperiencetohelpretailersnavigatetheirsourcingjourney
One way to differentiate your retail business from others is to offerproducts straight from the sourceSincemany retailersare intimidatedbysourcingmdashthinking itrsquos too hard or unavailable to themmdashthose who dorealize greater margins richer merchandising selections and strongerrelationshipswiththeircustomersasaresultoftheirsourcingfindshavealottogainthatothermerchantsmissouton
Forthoseinterestedintestingthewatersmyadvicetoyouistovisitlocal art centers or smaller art fairs to identify items thatmightwork foryourstoreIalsoencourageyoutoengageindialoguewiththeartiststoseeiftheyrsquodbewillingtocreatesomepiecesforyourstoreIfyourcommunitydoesnrsquothaveartfairsoranythingofthesortgoonlineandcheckoutsitessuchasEtsywhereyoucanreachoutdirectlytotheartistsandaskthemiftheyrsquodconsiderworkingwithyou
Onceyouhaveidentifiedsomeonetoworkwiththekeyistocreateamutually beneficial relationship If the person feels that yoursquore trying totake advantage of him or her that person may work with you once butneveragainIdeallyhoweveryoushouldsetagoalofdevelopingalong-term relationship to help aid both you and your contact To do this Isuggest that you invest some time at the onset working out the details
especially if the person isnrsquot experienced working with wholesalecustomersSpendsome time tocreateadocument forbothofyou tosignthatoutlinesthefollowingdetailsEssentiallythiswillactasacontracttoensure thatyoubothmeet theexpectations identifiedonbothsidesof thebusiness You will not want to neglect the following points whendevelopingthisdocument
PricingExclusivityPackagingMerchandisingDeliverydetailsPaymentscheduleUnsolditemsDamageditemsLengthofcontract
AsareminderthisdocumentisintendedtosupportyourrelationshipandkeepyouontrackinworkingtermsWhilefriendlyverbalagreementsalwaysseemsolidtostartbutitrsquossimplyimpossibletopredictthefutureand therefore binding documents are a smarter way to manage yourbusiness1
KarydesmakessomefantasticpointsforyoutoconsiderparticularlyasyouattempttotrysourcingwithbabystepsbeforemakingalargercommitmentSheextendshersupportwiththefollowingdetailsforretailersconsideringhowinternationalsourcingcanhelptheirbusinesses
SavvyretailersalsoknowthattalentextendsbeyondthepondWhilesourcinginternationallycomeswithitsownsetsofchallengesitrsquosactuallymucheasierthanmostpeoplethinkTheInternetisagreatresourcewhenitcomestofindingproductsallovertheworldbutifyoursquorereallylookingtocarryproductsfromaspecificcountrystartyourresearchbyfindingthenearestembassyorconsulateofficeandletthemknowthatyoursquoreinterestedinfindingproductsfromtheircountryWhilethisisnrsquotalwaysthe
interestedinfindingproductsfromtheircountryWhilethisisnrsquotalwaysthecasemanyofthoseofficeshavedivisionsthatcoverinternationaltradeandcanbetremendouslyhelpfulwithrulesregulationscontactsandsourcesManyevenhavefundsintheirbudgetstoflybuyerstothecountrytoaidinbuyingtripsanditrsquosworthaskingifthisissomethingtheyoffer
OneofthequestionsIrsquomoftenaskedaboutworkingwithinternationalsuppliersandimportingishowtodealwithUSCustomsItrsquostruethatanytimeyouimportyoursquollhavetodeclarewhatyoursquorebringinginanddependingonwhatitisalsothecountryfromwhichitrsquoscomingandthevalueofitaswellFurthermoreyoumayhavetopaydutiesbutifyouuseareputablecustomsbrokerorfreightforwarderoftentheywillhandlethepaperworktohelpyoupassyouritemsthroughcustomsIfyouuseservicessuchasDHLorFederalExpressthosecompanieswillhandleclearanceforyouShippingpriceswillvaryconsiderablydependingonwhatyoursquorebringinginandwhichserviceyouuseThemoreyouimportthebetteryoursquollgetatdeterminingyourbestandleastexpensiveshippingoptions2
WhileventuringintotheworldofsourcingmayseemlikeanintimidatingtaskforretailerswhohavenotexploredthisavenueyetthisdoesnrsquothavetobethecaseHereare10tipstohelpfurthersupportyouasyouexplorehowsourcingmayberightforyourretailbusiness
1AttendawholesalemarketortradeshowthathasasourcingsectionallowingyoutomeetsuppliersfirsthandThisface-to-faceopportunitywillofferaneducationalexperienceforyoulettingyouengageandseeksupporttohelpyouachieveyoursourcinggoalsDonrsquotbeafraidtospeakupeitherduringtheseopportunitiesAskquestionsseekanswerslistencarefullyandlearnasmuchasyoucanfromthesesourcingprofessionals2VisitaninternationalsourcingproviderorsectionofatradeshowsuchasSourcingatASDtohelpexpandyourunderstandingofthevastrangeofsourcingopportunitiesforretailersForsomemerchantsinternationalprovidersmaynotbeidealfortheirbrandmessagingorstoreproductassortmentbutforothersthismaybetheperfectmatchforyourbusinessEitherwayunderstandinghowinternationalsourcingcanaidyourretailneedsissomethingyoushouldaddtoyoursourcingto-dolist3NavigatetheInternettolearnmoreaboutsourcingaswellastoget
introducedtosourcingprovidersThissaiditrsquosbestnottosolelygothisrouteandeliminateactualtradeshowandsourcingeventparticipationAlthoughtheInternetcanconnectyoutoprovidersitrsquosimportanttoconsiderallavenuesofsourcingbeforemakingyourfinaldecision4WhenseekingsuppliersgetatleastfivequotesfromdifferentsellerstoensurethatyouarereceivingthebestserviceproductanddealpossibleSeekingbothdomesticandglobalquotescanofferyouabroaderperspectiveonwhatmaybebestforyoursourcingneeds5AsyouseekquotesfromsuppliersbesuretoidentifythevariationsinminimumorderquantitiesThesenumberscanmakeahugedifferenceintheoverallcostforyouthereforeyoushouldseekavarietyofquantitycoststohelpyoutoidentifythebeststrategyforspendingyourallocatedsourcingdollars6Networkwithsourcingprofessionalsaswellasworktobuildsolidgood-standingrelationshipswithyoursourcingcontactsAsinmostindustriesprofessionalsinnichemarketsarelikelytobestsupporttheirclientswhentheyareinvestedincaringfortheiractualsuccessForsourcingspecificallyyoucanbenefitfromprofessionalsldquointheknowrdquowhomayhearofsomethingonafuturedateorknowsomeonewhoknowssomeonewhocanhelpyouinyoursourcingneeds7Subscribetosourcing-specificnewslettersandtrademagazinestocontinuallylearnandgainsourcingnewsAmongthebestresourcestodothisisbysubscribingforafreee-newsletterfromTopTenWholesalecomaswellcheckingoutSourcingJournalOnlinecomInadditionwehaveidentifiedsomeotherkeyresourcesinthefirstsidebarinthischapter8ContinuallyresearchinnovativetrendsandtacticsspecifictoyourproductneedsAttendingtradeshowsvisitingonlinesourcingsitessuchasTopTenWholesalecomandreferencingindustrypublicationscanallhelpyoudothisyetitrsquosuptoyoutoidentifytheneedtoconstantlywanttofollowthroughInotherwordsdonrsquoteversettleforwhatyoucurrentlydoorwhatiscurrentlyofferedAstimeprogressesnewwaystosourceanddevelopproductwillariseBesuretoembracethesechangestohelpyourbusinessstaycurrentandpossiblyevensavemoney9Knowwhatyourbudgetisbeforecommittingtoasourcingquoteor
quantityTherearealotofcostsincurredinretailandwholesalealikeandknowingwhatyourbudgetisupfrontwillhelpyoutomakebetterdecisionsAlsodonotletalimitedbudgetholdyoubackfromseekingsourcingopportunitiesThissimplymeansthatyouneedtobethatmuchmoreeducatedonwhereeverydollaryouspendgoes
10PlanaheadforunexpectedcostsandchallengingmomentsmdashifnotdaysormonthsThisisnotintendedtoscareorshyyouawayfromsourcingbutrathertoprepareyoufortherealitiesofanynewentrepreneurialadventureAsyouseektodosomethingyouhaveneverdonebeforeyoushouldalwaysexpectthattheexcitementandgoodthatcomefromthiswillalsobringyouhardshipsanduncertaintiesThisissimplypartoftherideRemembertoleanonthevastrangeofresourcesavailabletoyoutohelpyouinyoursourcingjourneyandtostayontrackwithyourbudgetandultimatesourcinggoals
AsyoucanseethereisanabundancetobelearnedaboutsourcingandweencourageyoutofurtherexpandyourknowledgeonthissubjectbyreadingJasonAPrescottrsquosbookWholesale101AGuidetoProductSourcingforEntrepreneursandSmallBusinessOwners(McGraw-Hill2013)
SOURCINGNEWSRESOURCESBlogtradegovTradeologyistheofficialblogoftheInternationalTrade
Administrationwhichdiscussesinternationaltradelawsandotherrelevantindustrynews
ManufacturingnetSharesmanufacturingindustry-relatednewstrendsresourcesandmorerelatedtotheglobalmanufacturingcommunity
NamorgAnewsroomhostedbytheUSNationalAssociationofManufacturerssharingmanufacturingrelatednews
RetailMindedcomAretail-specificwebsitethatcoversallaspectsofrunningaretailbusinessincludingworkingwithwholesalersandsuppliers
aswellmanyotherkeyareasofretailOffersfreenewsletterandsubscription-baseddigitalorprintquarterlymagazine
SourcingJournalOnlinecomAglobalnewsresourcewithinformationforbusinessexecutivesandretailerswhowanttoknowmoreaboutsupply-chain-relatedtopicswithinthesoftgoodsandtextileindustry
TopTenWholesalecomCoverswholesaleindustrynewsrelatedtotopicsincludingvendorsupplierandwholesalerprofilesproductnewstradeshowdetailsandmore
WorkingwithWholesalers
SimilartosourcingandtypicallymoreunderstoodbyretailersiswholesalewhichmdashverysimplymdashrepresentsthesaleofmerchandisetoretailersOnamoredetailedlevelwholesalerepresentsthesaleofproductsandgoodstobusinessownerscreatingabusiness-to-businesstransactionversusabusiness-to-consumertransactionAswithsourcingretailershaveaccesstowholesalersthroughavarietyofavenuesincludingtradeshowsonlineplatformsandretailtradepublicationsEvenmoresothansourcinghoweverretailershavetheopportunitytoworkwithinsomeveryspecializedmarketsofwholesaleAnexampleofthiswouldbetheOutdoorRetailerShow(wwwoutdoorretailercom)whichcatersspecificallytoretailersseekingmerchandiseforoutdoorsportsforbothsummerandwintermarketsShowsthatcatertonichemarketssuchasoutdoorsportingretailersofferatremendousvaluetomerchantsspecificallyby
1Introducingindustry-specificbrandsandproductsdirectlytoretailers2Sharinglatestindustrynewsandbuzzthrougheducationnetworkingandotherface-to-faceevents3Demonstratingproductsforretailerstotryhandsonallowingmerchantstoknowfirsthandwhatmaybebestfortheirbusinesses
InadditionretailershaveaccesstocountlesstradeshowsthatoffermoreexpansiveproductassortmentsAnexampleofthiswouldbetheASDShowheldbiannuallyinLasVegaswhichattractsover2800vendorspershowandover40000attendeespereacheventThegeneralmerchandiseassortmentofwholesalersincludesjewelrysouvenirstoyshobbybeautycosmeticsfloralgifthomedecorgroceryapparelaccessoriesstationeryandmuchmuchmoreAsaresultretailershaveaone-stop-shopdestinationtoseekavarietyofproductsfortheirstoresAnotherfantastictradeshowthatcaterstoanexpansivemarketplaceistheNationalHardwareShowwhichattractsover27000attendeesseekingtolearnsourceandconnectspecificallyfortheUShome-improvementanddo-it-yourself(DIY)marketsFormerchantsitisimportanttoidentifyhowbothniche-markettradeshows
andmorediverseat-largeshowscanbenefittheirbusinessesTypicallyitrsquosidealtomakeattendingbothtypesofshowsapriorityThereasonforthisisverysimplewithoutdoingthisyoulimityourexposuretopotentialbrandsproductsandresourcesthatcanaddvaluetoyourstoreFurthermorebydiversifyingyourbuyingexperiencesyoualsosetyourselfapartfromyourcompetitionAttendingniche-marketshowsonlycanlimityoutoproductsandwholesalersthatyourcompetitionislikelybuyingfromaswellHoweverifyouintroduceashowsuchastheASDShowtoyourbuyingrotationyouwillundoubtedlybeabletoincorporateinventorythatyourcompetitordoesnrsquotalsohaveSpecificallyyoucannarrowdownyourbuyingneedsatshowssuchastheASDShowforadd-onsaleslower-pricedproductsandotheruniqueitemstocomplementyourcategory-specificpurchasesfromyourniche-markettradeshowTheseshowshoweversuchastheConsumerElectronicsShow(CES)mdashheldannuallyinLasVegasmdashwillalwaysremaindestinationsthatretailerscanrsquotmiss
UnderstandingtheValueofTradeShows
SchedulingtradeshowsintoyouroperationalcalendarisanimportantresponsibilitytoconstantlykeepupwithparticularlywhenyoushouldplanforanassortmentoftradeshowstoattendeachyearAsaretaileritrsquosnearlyimpossibletoeffectivelyrunyourstorewithoutattendingtradeshowsthereforeknowinghowtomaximizeyourtimespentpershowisextremelyimportantFurthermorebecauseitcostsmoneytotraveltotradeshowsyouwanttoensurethatyouaremaximizingyourinvestmentineacheventyouattend
thatyouaremaximizingyourinvestmentineacheventyouattendInnoparticularorderhereareeightreasonsyoushouldmaketradeshowsa
priorityonyouroperationalcalendarNotonlywillyoubeabletogaintipsonstrengtheningyourtradeshowexperiencesthroughtheidentifiedpointsbutyoushouldalsobeabletojustifythevalueinwhytradeshowsareanimportantexperienceforanyretailbusiness
1TradeshowsallowyoutogainknowledgeaboutandexposuretonewtrendsproductsandresourcesThecombinationofwholesalerssuppliersdistributorsandvendorsisagreatwaytolearnaboutwhatrsquoshotwhatrsquosfadingandwhatyourcompanyneedstointroduceintoitsstoreintheseasonsahead2TradeshowsstimulatenewideasandcreativewaystosupportyourbusinessthroughaspectsthatexpandbeyondinventoryaloneThisincludesofferingretailersexposuretocompaniesthatsupportin-storeoperationsprovidingtradeshowattendeeswitheducationalopportunitiesandofferingshowparticipantsnetworkingandsocialexperiencesCollectivelythesealladdvaluetoyourbusiness3TradeshowsprovideameetingspotforretailersandvendorstoconnectfacetofaceBecauseitrsquosnearlyimpossibleformostwholesalerepresentativestotraveltoeachindividualretailaccounttheyhaveatradeshowbecomesanidealspotforthemtoconnectwithretailersTheseeventsallowretailerstoseeawholesalerrsquosentireinventoryassortmentwhilealsoprovidingavenueforthemtoengageinperson4TradeshowsgiveyouthechancetogenerateleadsforfuturevendorandproductopportunitiesAsamerchantyoucanneverbetoosurewhatthefuturewillbringandthereforeitrsquosessentialtohaveanideaofotherbrandsproductsandbusinessesthatmaybeabletoaidyouinfuturebuysorstorechangesTohelpprepareyouforscenarioslikethiscollectbusinesscardskeeptradeshowdirectoriesandorganizecollectedlinesheetsandotherproductdetailstorefertoshouldyouneedtogetintouchwiththesecompaniesoncethetradeshowhasendedandbeforethenextonebegins5TradeshowsoffereducationalexperiencesthatcanonlybefoundattheseeventseliminatingyourchancetogaintheseexperiencesotherwiseOneexampleofthisistheIndependentRetailerConferenceheldattheASDShowinLasVegaswhichintroducesaselectgroup
ofindustryexpertsandbusinessresourcesforshowattendeestoengagewithandlearnfromThroughvariousseminarsaswellasfourdaysofface-to-faceopportunitiesformerchantsandtheseselectretailleaderstoconnectshowattendeescangainanabundanceofknowledgetotakebacktotheirstoresFurthermoretheirparticipationintheseeducation-richexperiencesisoftenfreetoshowattendeesmdashsomethinganybudget-strappedretailercanappreciate6TradeshowsallowyoutogetanswersrightawayofferinganimmediatecommunicationplatformthroughwhichretailersandshowexhibitorscanconnectTohelpaidyouingainingtheinformationyouwanttoknowitrsquosalwaysagoodideatocomepreparedtoatradeshowwithwrittenquestionsandidealgoalsyouwanttoaccomplishduringyourtradeshowvisit7Tradeshowsofferyouthechancetoconnectwithlike-mindedretailerswhomaynotbeyourdirectcompetitorsAnexampleofthiswouldbeifyouconnectedwitharetailerfromastateontheothersideofthecountrywhohasastoresimilarininventoryassortmenttoyoursThevalueinthisisthatyoucanleanoneachotherasretailprofessionalsyetnotfeelthreatenedbysharingalocalmarketplaceMoreoverwhenyouhavelike-mindedretailfriendsyoucantradeorsellyourinventorywithoneanotherifoneofyouishavingmoresuccesswithacertainproductthananotherAllowingyourselftomeetretailersandengagewiththemisalsoagreatwaytorealizethatyouarenrsquotaloneinyourretailjourneyandevenasanindependentmerchantyoudonrsquothavetomakeeverydecisionbyyourselfLeaningonlike-mindedretailershelpstoeliminatethisisolatedmind-set8TradeshowsgiveyouachancetohavefunYesyoureadthatrightmdashhavefunNothinggivesabusinessownermoreenergyandthedesiretoworkmorethanhavingagoodtimewhileworkingTradeshowscertainlyintroducelongdaysandinformationoverloadbuttheyalsostrengthenandrefresharetailerrsquosmotivationtoworkhardworksmarterandcreatemoresuccessfortheirstores
WHOLESALEMARTSampBUYINGDISTRICTSAcrosstheUnitedStatesareavarietyofwholesalemartsandbuying
districtsthatcatertoretailersallyearlongWhiletheyarenotofficially
districtsthatcatertoretailersallyearlongWhiletheyarenotofficiallyconsideredtradeshowstheyareverysimilarintheirservicesbyofferingadestinationforretailerstoconnectwithsuppliersBelowaresomeofthewholesalemartsandbuyingdistrictswerecommendvisitingintheUnitedStates
AmericarsquosMart|AtlantaGA|wwwamericasmartcom
MidwestMarketDays|ChicagoIL|wwwmidwestmarketdayscom
TheDallasMarketCenter|DallasTX|wwwdallasmarketcentercom
TheMiamiMerchandiseMart|MiamiFL|wwwmiamimerchandisemartcom
TheWholesaleDistrictinLosAngeles|LosAngelesCA|wwwfashiondistrictorg
TheWorldMarketCenter|LasVegasNV|wwwwmclvcom
InadditiontherearemanyothermartsincitiesnationwidethatmaybemoreidealbasedonyourgeographiclocationFinallyNewYorkCityoffersmanymerchandiseandgarmentdistrictsthatcanbeidentifiedatthewebsitebelow
wwwnyccomvisitor_guidegarment_district75853editorial_reviewaspx
WhilerealizingthebenefitsoftradeshowsretailersshouldalsoneverunderestimatethevalueofplanningaheadbeforeattendingoneCamilleCandellagroupmarketingmanagerofEmeraldExpositionsbelievesthatldquowhetheryouareaseasonedproornewtotradeshowsyoushouldalwaysdoyourhomeworkpriortoarrivingatashowYouwanttomaximizeyourtimeat
theshowandthatmeanspreparinginadvancerdquo3Tohelpyoudothisweencourageyoutolearnasmuchasyoucanabouta
tradeshowpriortoattendingitUsingonlineresourcesandanyregistrationmaterialsreceivedbecomefamiliarwithshowexhibitorsspecialeventseducationexperiencesandtheentireshowagendapriortoarrivingattheshowThisallowsyoutoplaninadvancewhatisapriorityforyoutoaccomplishaswellasidentifygeneraltimeallowancesyouwillneedItrsquosalsoveryimportanttotakethetimetopackwellforyourtradeshowtripThismeanspackingcomfortableshoesbecausemosttradeshowsentailalotofwalkingYoushouldalsoplanforacomfortablebagtocarrywithyouthroughoutyourtradeshowvisitallowingroomtoholdcollectedlinesheetsbuyerpacketspromotionalgiveawaysbusinesscardsandmoreDonrsquotforgettopackyourownbusinesscardsaswellAnothertipincludescheckingwhetherthetradeshowyouareattendingallowsforbagswithwheelsManyretailersfindthataminisuitcaseorbriefcaseonwheelsisidealfortradeshowsbutsomeshowsdonotallowtheseontheirfloorsbecauseoflimitedspaceFinallybringingalongaministaplerpensfilingfoldersandotherorganizationalproductsoftencanhelpyoutobettermanagethepaperworkyoucollectatthetradeshow
ManagingOrdersPlacedatShows
WhetheryouhaveattendedcountlesstradeshowsorhaveyettovisityourfirstamongthemostimportantresponsibilitiesyouhaveinmanagingyourtradeshowexperienceisdealingwithordersplacedwhileattheshowForretailerswhohavepreviouslyplacedorderswhileattendingatradeshowDidyoudoagoodjobineffectivelyspendingyouropen-to-buy(OTB)dollarsandstayingwithinbudgetWeretheordersyouplacedreceivedontimeandaccordingtothetermsidentifiedwhenyouplacedthemDidyoufeelsupportedbythecompaniesfromwhichyouorderedfollowingtheshowTherearemanyquestionsretailersshouldaskthemselveswithregardto
productmanagementtradeshoweffectivenessandtheiroverallretailbusinessUltimatelythequestionsyouwanttochallengeyourselfwithshoulddirectyoutomanagingyourstoremoreeffectivelyforyoumdashnotthewholesalersupplierdistributororotherproductprofessionalwithwhomyouareworkingAlthoughitrsquosimportanttoconsiderbothsidesofthesebusinessrelationshipsitrsquoscriticaltocontinuallyevaluatewhetherthedecisionsyouaremakingforyourstoreare
tocontinuallyevaluatewhetherthedecisionsyouaremakingforyourstorearethebestonesyoucanmakeTohelpaccomplishthisgoalbesureyoustaywithinyouridentifiedbudget
whenplacingordersattradeshowsOftenalltypesofdomesticandinternationalsupplierswillofferyoushowspecialstoincreaseyourenthusiasmtobuymorefromthemCertainlythesespecialscanofferyoumanyperksandsavingsbutdonrsquotlosesightofthebudgetyouhavetoworkwithMoreoverdonrsquotneglectyourtargetshippingdatesproductdeliveriesminimumorderidealspaymenttermsandotherbuyingfactorsthatmattertoyouInmanycasessimplycommunicatingwithyourvendorcontactisallittakestoshiftwhatheorsheisofferingtowhatyouactuallyneed
EXPERTSPOTLIGHTBobBergdirectorofsalesofInternationalBusinessattheSourcingat
MAGICtradeshowbelievestherearethreemust-knowtipsforretailattendeestofollowwhentheyparticipateatanytradeshow
1HaveaclearunderstandingofwhatyourgoalisattheshowRemindyourselfofthisgoalaseachdaypassestoensureyoustayontrack2OrganizeyourselfpriortotheshowIdentifyexhibitorsyouhopetoseeschedulevendorappointmentsplanforeventsorotherextraactivitiesandidentifyanymarketingmaterialsyoumaywanttohaveavailablewithyouatthetradeshowThesemayincludebusinesscardsorotherpromotionalitems3GiveyourselftimetonavigatethetradeshowwithoutfeelingrushedBytakingshortcutssqueezinginappointmentsandskippingvendorsyoumissopportunitiesforyourbusiness
RetailersoftenfeelrushedandstretchedfortimewhileattradeshowslettingthemselvesmakequickdecisionsasaresultTothebestofyourabilityyoushouldavoiddoingthisinallsituationsmdashmostimportantthoughwhenyouareabouttowriteanorderHavingaprewrittenchecklistofyouridealordertermsmdashnotjustyouridealproductsmdashcanhelpyoutostayontrackwithyourshippingdeliverypaymentandotherordergoalsFurthermorerememberthatvendorscreateordertermstotheirbenefitmdashnotyoursWiththisinminddonothesitatetospeakupregardingtheiridentifiedtermsandletthemknowyourpreferredtermsiftheyvaryAlthoughthevendorultimatelyhasthefinalcallhere
termsiftheyvaryAlthoughthevendorultimatelyhasthefinalcallherecommunicatingyourpreferreddeliverydatesproductneedsandotherorderdetailsistoyourbenefitWhatisalsotoyourbenefitistoactuallyplaceordersattheshowsyouattendinanefforttogainshowspecialsofferedbyvendorsthatmaysaveyoumoneyFinallymakesurethatyouhaveyourstorersquostaxIDnumbershipping
addressandcompanycontactdetailsreadilyavailableforyoutoprovidetovendorsasyouwriteordersatshowsIfyouhaveapremadestickerstamporbusinesscardwithallthesedetailsonitthiscansaveyoutimeduringtheorder-writingprocessManyvendorsstillinputorderdetailsbypenandpaperdespitetheadvancedtechnologyavailablesodonrsquotbesurprisedifthisoccurs
IncorporatingtradeshowsintoyourretailcalendarisoneofthemostimportantstepsyoucantakeasanindependentretailerTheexperiencestradeshowsofferyouaswellastheopportunitytomeetsuppliersdistributorsvendorswholesalersandotherindustryprofessionalscanrsquotbematchedbyanyotherindustryexperienceJustrememberthatvendorsattradeshowsaretheretosellwhereasretailersaretheretobothresearchandbuymdashtwoverydifferentthingsAlthoughvendorsandretailerscomplementeachotherbesurethatyoustayfocusedonthegoalsyouhavesetforyourbusinessversusalteringthemfortheirsUltimatelythiswillkeepyouonthepathtohavingsuccessineachofyourtradeshowjourneys
UsingOnlineSourcingPlatforms
WhiletradeshowswillalwaysremainanimportantdestinationforyoutoacquireinventoryforyourstoretheInternethasmadeitpossibleforyoutoconnectwithvendorsmanufacturerssuppliersandotherproductprofessionalsaswellOftenthisisagreatdestinationtokick-startyourproductresearchwithonlinesitesbeingreadilyavailabletoyouatallhoursofthedayandnightSearchingforyourspecificproductonGoogleYahooorBingcanbechallenginghoweverandyoushouldkeepinmindthatasearchengineisonlyasgoodaswhatitindexesbasedonaspecialalgorithmManysuppliersandoverseasfactoriesdonothavegreatwebsitesthusmakingithardtofindthem
overseasfactoriesdonothavegreatwebsitesthusmakingithardtofindthemthroughthesesearchenginesFortunatelyhoweveryoucangainquickaccesstosupplierinformationwhenusingkeywordsearchesononlinebusiness-to-business(B2B)platformsthataretrustedandsecureThebestwaytoensurethatyouareworkingwithasecurecredibleB2B
platformwhensourcingonlineistoidentifythatitiswellknownrespectedandhasreliablesupplierswithinitsnetworkIntheUnitedStatestheseinclude
TopTenWholesalecomManufacturercomMFGcomModalystcoThomasnetcomWholesaleCraftscom
RetailersopentoworkingwithbusinesstradeplatformsbasedinChinaandAsiainclude
Made-in-chinacomGlobalSourcescomIndiaMARTcom
AsyouexploreadditionalonlineB2BplatformsitrsquoslikelythatyouwillrunintowebsitesthatadvertisehiddensupplierlistsorwanttochargeyouafeeGenerallyspeakingyoushouldbewaryofthesesitesbecausemostofthemarescamsAsaretaileryoucangainsupplierwholesalerandvendorinformationforfreemdashneverhavingtopayforthesedetailsThewaythatcredibleonlinemarketplacesmakemoneyisfromtheiradvertisersandactualsuppliersprofilednotfromtheretailerswhousetheplatformstobuyandsourcefortheirstoresThisisanimportantdetailtorememberbecauseunfortunatelythereseemstobeanincreasingnumberofscammersouttherelookingtogainmoneyfromretailersviathisavenue
RETAILTIPWhenattendingtradeshowsdonrsquotunderestimatethevalueofthe
educationalopportunitiesavailabletoyouMostnationallybasedtradeshowsandevenselectregionalmarketcentersoffereducationresources
showsandevenselectregionalmarketcentersoffereducationresourcesthatareintendedtohelptheirattendeesadvanceintheirretailgoalsTakingthetimetolearnfromtheretailleadersselectedtodeliverpresentationsworkshopsseminarsandotherlearningopportunitiesattheseeventsarekeyexperiencesthatcanhelpyourbusinessthriveAlsotheseoftenprovideyouthechancetoconnectoneononewithindustryexpertspriortooraftertheirpresentationsThesetypesofopportunitiesarenearlyimpossibletocreatesolelyforyourselfthereforetakingadvantageoftheseeventsisyetanotherreasonnottomisstradeshows
TohelpfurtherensurethatyoucantrustonlinemarketplacesandsourcingplatformsmakesurethatthereisaphonenumberassociatedwiththecompanyTypicallythisshoulddirectyoutoasupportcenterforthecompanyrsquosplatformbutattheveryleastitshoulddirectyoutoalivepersonwhocanansweranyquestionsyoumayhaveNextyouwanttotrustthatthesuppliersidentifiedonthesewebsitesaresafeReputablecompaniesthatofferyouonlinesupplierinformationwillalwaysofferyouthechancetoreviewtheirverificationprocessandyoushouldneverhesitatetoaskaboutthisifyouhaveanyquestionsAnothertiptoconsideriswhetherornottherepresentativesoftheB2BplatformyouarereviewingattendtradeshowsByactuallyparticipatingintradeshowsyoucantrustthattheyaretrulyengagedwithintheirniche-marketnetworksandworkwithsuppliersidentifiedontheirsitesfirsthandFinallywhileyoushouldneverhavetopayanyfeesyouwanttomakesurethattheprofiledsuppliersdopayThismeansthattheyarebenefitingfromtheplatformandfindvalueinit
RETAILTIPOnlineB2Bplatformsareextremelyvaluabletoretailerssincetheyare
availabletobereviewed247AnotheronlinedestinationthatcanhelpyoumanageyourbusinessistheResourceGuidefromRetailMindedThisonlinedirectoryisafreeresourcepublishedannuallyformerchantstogaintrustedreliableinformationonbusinessesthatsupportretailersintheirstoreoperationsUnlikeB2BplatformsthisdirectoryissolelyfocusedonbusinessesthatcatertotheoperationsofrunningaretailstoreCategoriesincludedinRetailMindedrsquosResourceGuideincludee-mailmarketingin-storemediainventorymanagementemployeepayrollretailpackagingin-
storesignageandmoreTodownloadafreecopyofthisdirectorysimplyvisithttpretailmindedcomresource-guide
FinallytoassistyouinfurtherexploringonlinesourcingforyourretailstorewersquovetakenacloserlookattheleadingB2BplatformTopTenWholesalecomandidentifiedwhatitcanofferyouOperatingwiththetaglineldquoFinditSourceitProfitrdquothecompanyrsquossearchenginesanddirectorynetworkofferyoutheabilitytointeractwiththousandsofwholesalersandmanufacturersThecompanyrsquoscoreconcentrationofproductfocusesongeneralmerchandisewelcomingretailbuyersfromavastrangeofretailcategoriesTheseincludeover100productcategoriesandover1millionproductsmdashtotalinganimpressivenumberofover35000suppliersforyoutosourcefrom
RETAILTIPBelowisanexampleofawebsitepagefromTopTenWholesalecom
whereyoucansourcethousandsofvendorsforyourretailstoreTheirextensiverangeofproductsourcesaswellastradeshowpartnershipshelpyoueffectivelyidentifywhattherightmixofinventorymaybeforyourstoreshelves
AswithmostB2BplatformsyouwillneedtoregisteronTopTenWholesalecomtogainaccesstoallitsresourcesalthoughmanyareavailableforfreewithouteverregisteringatallThebenefitofthishoweveris
thatyoucancreateaprofileandmanageyouraccountaswellasadjustyourprivacysettingstoyourpreferencesSeniorbusinessmanagerJonathanPrescottatJPCommunicationsInchadthistosayaboutTopTenWholesalecom
BuyersareabletosavetheirfavoritesuppliersandproductsonTopTenWholesalecomaswellasconnectdirectlywithsomeofthelargestmanufacturersimportersanddistributorsintheworldThisoffersatremendousbenefittobusyretailersbecausetheycanlogonandoffattheirconvenienceFurthermoreitrsquosimportanttorememberthatsiteslikeTopTenWholesalecomsimplyconnectbuyersandsellersandpurchasesbeingmadearenotbeingmadethroughusdirectlyTheperksofworkingwithushoweverincludeanonlinechatfeatureknownasTradeChatmdashwhichisbasicallyaninstantmessagingplatformforbuyersandsellerstoquicklyconnectmdashaswellascountlessotherfeaturesthatallowyoutomanageyoursourcingneedsanduniqueretailgoals4
IdentifyingproductsthatmakesenseforyourstoreisoftenconsideredthemostpreferredresponsibilityofaretailerWithcountlesstradeshowsandonlineplatformsavailabletohelpyoudothiswehopethatyouwillembracetheresourcesavailabletoyouinanefforttomaximizeyourproduct-buyingpotentialInChapter6wersquolldiscusshowyoucanmanagethisinventoryonceitrsquosreceivedatyourstoreaswellaswaysinwhichyoucanhelppromoteitandencouragesalesinthelaterchapters
ActionGuide
Lookingaheadoverthenext12monthsidentifynolessthantwotradeshowsthatyouwanttoattendFocusonthefollowingquestionstohelpyouplanfortheseeventswithacoreconcentrationonplanningforhowmuchitwillcostyoutoattend
Whereistheshow
WhenistheshowHowmanydaysistheshowofferedHowmanydaysdoyoubelieveyouneedtobeonsiteattheshowWillyouneedtoscheduleadditionaldaysfortravelHowmuchwillairfarecostDotheshowdatesoverlapondaysthatyounormallywouldbeinyourstoreHowmanyworkinghourswillyouneedtobudgetforanotheremployeetobeatyourstoreinyourabsenceDoyouwanttobudgetforanadditionalpersontoattendtheshowwithyouIfsofactorinthecostofthatpersonrsquostravelandifnecessaryworkinghoursforwhichyouwillpaythatpersonWillthispersonneedhisorherownhotelroomorcanyoushareOnceattheshowwilltherebetransportationcoststoandfromthehoteltotheactualsiteDoestheshowofferanyspecialratesforhotelairfaretaxisorotheraccommodationdetailsWhatothercostsmightyouincurbyparticipatinginatradeshowsuchaschildcareorotherpersonalexpenses
TakingthetimetoanswerthesequestionswillallowyoutolookaheadathowmuchitwillcostyoutoattendnolessthantwotradeshowsperyearOnceyouhaveidentifiedageneralamounttoallocateforthisbudgetthisintoyourstoreoperationsBymakingthisapriorityandnotanexceptionyouwillbebetterpositionedasaretailer
6
BuyingforCustomersVersusYourself
Yourmostunhappycustomersareyourgreatestsourceoflearning
mdashBillGates(1955ndashpresent)inventorinvestorphilanthropistTIME
ANDtimeagainwehavefoundourselvesspeakingwithretailersandsharingstoriesabouthowtheirstorescametolifeManyoftheseconversationsbeginwithldquoIopenedmystorebecauseIlove[insertwhateveritisyoulovehere]rdquo
Whetheritbeshoesfashionhomedecorsurfinganimalsbikesmodelairplanesoranythingelseyourheartmaydesirewersquovehearditallwhenitcomestowhyfolksofallagesandwalksoflifehaveventuredintotheretail
businessIronicallyhoweverwerarelyhearstoreownerstellingustheyopenedtheir
businessesbecausetheyloveworkingwithpeopleTheironyinthishasalwaysfascinatedusandweimaginewillcontinuetodosoItrsquosquitepossiblethatthisexactreasonhoweverkeepsussoinspiredtohelpmerchantsbetterunderstandthebusinessofretailaswellasitsgreatestobstaclemdashconsumers
UnderstandingtheBasicsofRetailMath
ldquoEachcustomerthatwalksthroughyourdoorisvotingwiththeirdollarsandtellingyouwhattheywantyoutohavemoreofhellipandwhattheywantyoutohavelessofYouneedtolookatthedecisionstheyaremakingthroughtheirpurchasesandevaluateitmonthlyrdquoCEOandnationallyrecognizedretailexpertCathyWagnerofRetailMAVENSexplains
EXPERTSPOTLIGHTTakinganin-depthlookatyourinventoryshouldalwaysbeonthetopof
yourto-do-listRetailexpertCathyWagnerofRetailMAVENSsharesfivetipstohelpyoumanageyourinventorywithagoalofincreasingsell-thru
1Lookattheofbusinessdoneinthedifferentclassesofinventoryofyourstorebydividingtheamountofsalesineachclassbythetotalofsales(withoutsalestax)
(SalesbyClassTotalStoreSales)X100=ofSalesbyClass
2NextlookattheamountofinventorythatyouhaveineachclassatretailDividethedollaramountofinventoryofeachclassbythetotalinventorytodeterminewhatofinventoryeachclassrepresents
(InventoryatRetailbyClassTotalStoreInventoryatRetail)X100=ofInventorybyClassatRetail
3ComparetheofinventorytotheofsalesforeachclassTheofsalesofaclassshouldmatchtheofinventorythattheclassrepresentsofthetotalinventory4MakeadjustmentssothattheoftheinventoryofaclassmatchestheofthesalesthattheclassrepresentsForexampleiftheinventoryofaclassis$5000outof$20000thenitrepresents25oftheentireinventoryIfthesalesofthatclassare50ofthetotalsalesthenyouhavetoincreasetheinventoryto50ofthetotalinventorySincetheinventoryis$20000weknowthattheretailinventoryoftheclassmustbebroughtto$10000Thismeansyoushouldthenordermoreinventory5WhilemakingadjustmentslikethisyouwillfindthatthereisanotherclassthatrepresentsalargerofinventorythansalesTakeactionimmediatelytomarkdownwhateveritemsareslowingthatclassdownsothatyoucandecreasetheinventoryaccordingly
UnderstandingyourinventoryanditsperformanceiscriticalingainingconsumerattentionandstoresalesTohelpyoudothisWagnersuggestsreviewingeachvendororbrandyoucarryinyourstorebydollarsnotunitsForexampleifyoureceived$1000ininventory(pricedatretailnotwholesale)andafterfourmonthssold$200stillowning$800thenyouwouldhavea20
afterfourmonthssold$200stillowning$800thenyouwouldhavea20percentsell-through(2001000)FormostretailersthisisabadscenariosuggestingthatyourinventoryofchoicewasnotwellreceivedbycustomersandthereforeisnrsquotsellingtoplanThequestionthenbecomesWhatdoyoudoWagneranationallyrecognizedretailexpertknownforherexpertisein
inventorymanagementspecificallyoffersthefollowingadvice
LookatthepercentageofbusinessdoneinthedifferentclassesofinventoryofyourstoreversusstrictlybyvendororbrandNextlookattheamountofinventorythatyouhaveineachclassatretailDividethedollaramountofinventoryofeachclassbythetotaltodeterminewhatpercentofinventoryeachclassrepresentsFinallycomparethepercentofinventorytothepercentofsalesforeachclassThepercentofsalesofaclassshouldmatchthepercentofinventorythattheclassrepresentsofthetotalinventoryTohelpensurethatyoufullyunderstandthisonaconsistentbasisIsuggestthatyoudothisexercisemonthlyAlsoknowthattherearefewexceptionstothisscenarioThisisanexcellentwayoflisteningtoyourcustomersandmakingsurethatyouarebuyingwhatyourcustomerswantyoutocarrymdashnotjustwhatyouwanttosell1
Evaluatingyourexistinginventoryandvendorassortmentisaresponsibilitythatshouldneverleaveyourto-dolistOftenretailersgetcaughtupinthehabitofbuyingproductstheylovebuttheircustomersultimatelydonotthereforeitcanbeachallengetoshiftgearsandmakepurchasedecisionsbasedonyouractualsalesorcustomerdemandsRecognizingthatyourtasteandthetasteofyouractualcustomersmayvarycanbechallengingmdashyetacceptingthisiskey
RETAILTIPRunningaretailstoremeansmorethanjustidentifyingagreat
assortmentofinventoryItmeansdoingalotofmathNevergointoaseasonwithoutacompletedopen-to-buy(OTB)planBetteryetnevergointoafiscalyearwithoutafullOTBplansetinplaceNextmakesureyouaccuratelyidentifyyourstorersquosgrossmarginreturnoninvestmentinventoryturnovernetsalessell-thruandstock-to-salesratiousingtheretailformulasbelow
TotalSalesndashCostofGoods=GrossMargin
GrossMargin$AverageInventoryCost=GrossMarginReturnonInvestment
NetSalesAverageRetailInventory(SkuCount)=InventoryTurnover
GrossSalesndashReturnsampAllowances=NetSales
UnitsSoldUnitsReceived=SellThrough
BeginningofMonthStockTotalMonthSales=Stock-to-SalesRatio
Onceyourealizethatyourpersonaltastepreferredpurchasesorproductpicksarenrsquotalwaysthesameasthoseofyourcustomersyouwillopenyourselfuptomakingpurchasesthatarestrongersuitedforoptimalsell-throughTohelpyouaccomplishthisanalyzehowmuchmoneyyoumakepereachvendorinyourstoreperseasonTodothissimplytaketheamountsoldlessthecostoftheinventoryandthendividethatnumberbytheamountsoldandmultiplythatby100Thiswillcalculatethemaintainedmarkup(MMU)forthatvendor
Maintainedmarkup(MMU)=(amountsoldndashcost)amountsoldtimes100
AlthoughyouridealMMUwillvarybasedonyourretailsectorandaveragepricepointsofinventorytypicallyyouwanttoseeyourMMUatover50percentpervendorYoushouldconsidereliminatingvendorsorspecificproductsperformingatlessthan50percentfromyourstoreassortmentaltogetherafterimplementingamarkdownstrategytohelprecoversomeofyourinvestmentintothemYoualsoshouldconsiderincreasingthetotalquantityofitemsthatexceed80percentwhichmayincludeintroducingmorecolorassortmentsavarietyofstylesordeeperbuysintowhateverthatitemmaybeAsalwaysthoughyouwillwanttorepeatyourreviewofeachvendororspecificitemsell-throughduringandnolaterthanattheendofeachseasontocontrolyourpurchasequantitiesaswellasyouroverallopen-to-buy(OTB)dollars
OTBdollars=projectedsales+projectedmarkdowns+plannedend-of-monthinventoryndashplannedbeginning-of-monthinventory
Inadditiontousingstrategicretailformulastomanageyourinventorysell-throughconsiderintroducingacustomerfocusgroupintoyourstorebuyingagendaTraditionallyspeakingafocusgrouphelpstodeliverresearchbyaskingpeoplequestionsregardingtheiropinionsperceptionsattitudesandoverallinterestsregardingaproductserviceideaor(inyourcase)storefromacollectiveperspectiveThevalueinincorporatingacustomerfocusgroupintoyourstorestrategyisthatyoucangainfirsthandrealisticandinformativeinsighttohelpyoureactmoreappropriatelytoyourtargetconsumerinterests
IntroducingCustomerFeedbackforInventoryManagement
KarenHollisanIllinois-basedjewelryretailerwhohashadherownjewelrystoresince2005introducedacustomeradvisoryboardinearly2013Ultimatelyhergoalwastohavemorein-depthconversationsaboutherstoreexperienceandherstoreinventoryduringhercustomeradvisorymeetingsChoosingamidweekeveningtobringagroupof20customerstogetherHolliscreatedarelaxingenvironmentthatallowedcustomerstobothhavefunandsharetheirthoughtsonherstoreKHollisJewelersldquoIidentifiedcustomersIfeltknewmystorewellenoughtocommentonitrdquo
HollisexplainedChoosingcustomerswhorangedfrombigspenderstomoderatespendersallowedHollistogainamorediverseunderstandingofherstoreaswellDuringthistwo-houreventHollisofferedlightappetizersanddrinks
encouragingcustomerstowalkaroundthestoreattheirleisureHollisalsoincorporatedfishbowl-stylevasesthroughoutthestoreandpiecesofpaperandpensforcustomerstosharetheirthoughtsonanythingmdashwhetheritwastosaytheydidnrsquotlikesomethingorthoughtacertaincategoryofproductshouldbeintroducedHolliswelcomedcustomerstoshareanyinsightthatcouldhelphertofurtherhelpthemBywelcomingcustomerstospeakupgetinvolvedandsharetheirthoughts
onyourstoreinventoryandotherdetailsaboutyourstoreyoucanlearnmoreaboutwhatyourcustomersreallywantIfhostingquarterlybiannualorevenonce-a-yearadvisoryboardeventsisnotinyourforecastmakesurethatyoustillwelcometruthfulfeedbackfromconsumersviacommentcardsandsocial
mediaAskyourcustomersdirectlyfortheirthoughtsaboutyourstoreidentifyingspecificquestionstohelpthemrespondtowhatyouaremostcuriousaboutIndicatingthatyouwanttohearbothprosandconsaboutyourstorecanhelpcustomerstoopenupwiththeirresponsesaswellSomesuggestedquestionstodirecttocustomersviaacustomeradvisory
meetingsocialmediaorcommentcardsinyourstoreincludethefollowing
1Whatisyourfavoritevendorandoritemcurrentlysoldinourstore2Whatisyourleastfavoritevendorandoritemcurrentlysoldinourstore3ArethereanyvendorsproductsorbrandsthatwedonrsquotsellthatyouthinkweshouldPleaseidentifythem4Whatisyouraveragebudgetwhenshoppingforitemsthatarepartofourstoreassortment5DidyoubuysomethingthelasttimeyouvisitedourstoreWhyorwhynot6IftodayisyourfirsttimevisitingourstorewouldyouplantovisitagainWhyorwhynot7Ifyouarearepeatcustomerwhatreasonskeepyoureturningtoourstore8Doyouhavesuggestionsonhowwecanbettersupportyouinyourpurchasingdecisions9WhatotherstoreswouldyouconsidervisitinginsteadofoursWhy
10DoesourproductassortmentmakeyouexcitedtomakeapurchasePleaseexplain
SupportingtheideatosolicitcustomerinsightDrGaryEdwardschiefcustomerofficeratMindshareTechnologiesbelievesthatspeakingupispartofthejobofamerchantldquoIfretailersdonrsquotasktheircustomerswonrsquottellmdashandwhattheydonrsquotknowcanhurttheirbusinessinnumerouswaysrdquo2
UsingtheinformationyoureceivecreateanactionplantobettersupportyourstorebuysaswellasyourstoreexperienceMoreoverDrEdwardsrecommendscheckingoutwhatyourcustomersaresayingonreviewsitessuchasYelpcomandCitySearchcombothofwhichhighlightretailstoreswithcustomerreviews
RETAILTIPIllinois-basedretailerTomKonopackiexperiencedaldquoseven-yearitchrdquo
thatpushedhimtowantmorethanjusthissinglestoreAnastaziainGenevaIllinoisHissolutionOpeningstorenumber2WhileexpandinghisexistingstorewasoneideaultimatelyhedecidedasecondlocationwouldallowhimtoreachmorecustomersandgainmoresalesldquoAbiggerstoredoesnrsquotnecessarilytranslatetotwiceasmanysales
InsteadanotherlocationmakesmoresenserdquoKonopackidecidedonopeningasecondstore26milesfromhisoriginal
storeinGlenEllynIllinoisNinetypercentofhismerchandiseisduplicatedwhiletheother10percentisdistinctivetoeachrespectivestorersquoscustomersandsalespatternsldquoAddingasecondlocationhasresultedinnearlydoubleannualrevenue
butthatcomeswithdoublerentpayrollandinventoryaswellItrsquosimportantthatwhilewehavesimilarinventoryinourstoreswedonrsquotforgetthateachstorehasitrsquosowncorecustomerItrytoalwayscatertotheactualcustomerateachstoreandforusthatmeansbuyingmoreimpulsegift-stylebuysatourGenevastoreandlargerfurniturepiecesforourGlenEllynlocationOnly10percentofthestoreinventorymayvarybutthat10percentaddsupEverypercentdoesactuallywhichiswhyIrsquomalwaysevaluatingourcustomersourinventoryandwhatwecandobettertoincreasebusinessrdquo3
UsingPoint-of-SaleSoftwaretoHelpManageInventory
ldquoGrowingabusinesscomesdowntodataIfyoudonrsquotthoroughlyunderstandhowyourbusinessisperformingwhatyourcashflowislikeandwhoyourcustomersaregrowingmdashandevenjustrunningmdashabusinesscanbearealgamblerdquo4VaughanRowsellVendCEObelievesAsRowsellsuggestsmanaginginventorydemandsprecisecareHaving
strongpoint-of-sale(POS)softwareisakeyfactorinthisequationallowingretailerstoconfidentlymanageandtracktheirinventoryaswellastheircustomerloyaltyRowsellsharesfivereasonsthatretailerscanbenefitfrom
customerloyaltyRowsellsharesfivereasonsthatretailerscanbenefitfromincorporatingaPOSsystemintotheirstoremanagementSpecificallythebenefitsidentifiedcanallbegainedfromVendPOSwhereasmanyalsocanbeachievedviaPOSsoftwarefromotherproviders
Reason 1 POS systems easily keep track of inventory and always knowexactlyhowmuchinventoryyouhaveinstockReason 2 POS systems allow you to run reports on which products aresellingwhen theyare sellingandhowoftenallowingyou togaina realunderstandingofyourproductturnoverandbusyperiodReason3POSsystemsofferretailersawaytounderstandtheircustomersrsquopreferences and spending habits by sharing actual data As a resultmerchants can create targeted marketing campaigns in response to thesedatastrengtheningtheiroverallstoremanagementandmarketingeffortsReason 4 Some POS systems (such asVend) even have built-in loyaltyprogramsgivingretailers tools to rewardcustomersandencouragerepeatbusinessReason5GoodPOSsystemsshouldkeepyourdatasafeExcelfilespapernotebooks and spreadsheets are allwell andgood but they arenrsquot highlyrated when it comes to longevity or security Itrsquos easy to spill a cup ofcoffeeonanotebookor a laptopandcompletelydestroyhours (oryears)worth of painstaking labor Having a state-of-the-art POS system meanssafely and painlessly storing your information (including sales and dailyreports)inthecloudsothatyouneverloseit5
InadditiontotheprecedingreasonsthatPOSsystemsaregoodforretailersitrsquosimportanttoalsoconsiderwhichPOSsystemisgoodspecificallyforyourbusinessRowsellrecommendstakingthetimetoresearchwhichPOSsystemprovider
makesthemostsenseforyouruniqueretailstoreallowingyoutoaccuratelyunderstandallyouroptionsbeforemakinganinvestmentinaPOSsystem
WritealistofallthefeaturesyouneedtohavethenstartsearchingandsticktothatlistThiswillhelptopreventyoufromgettingsweptoffyourfeetbythemarketingglamourofallthesolutionsoutthereFurthermoreonceyoursquoveselectedtherightPOSsystemtakethetimeandspendthemoneynecessarytosetupyourPOSproperlyfromthebeginningThiswill
saveyoulotsoftimeandheartachedowntheroadrdquo6
RETAILTIPPoint-of-sale(POS)providerscanstreamlineinventorymanagement
whilealsohelpingtosupportreasonsformarketingin-storeeventscustomerloyaltyandmoreThedifferenceisallinthedetailshoweverToensureyouselecttherightPOSproviderforyourbusinessmakesureyoucompletedemonstrationsofeachPOSprovideryouareconsideringaswellasidentifyifthePOSsoftwareyouareconsideringmeetstheneedsofyourbusinessBelowisanexampleofVendrsquosinventorymanagementandproduct
historyspecifictooneuniqueitemOneofthebenefitsofusingaPOSsoftwarelikeVendisthatyoucanextensivelyidentifysellingpatternsinventorychallengesandmorethroughtheirexpansivedatadetails
FinallyrememberthatcombiningyoureffortstoidentifythebestinventoryassortmentforyourstoreistheidealwaytomanageyourinventoryldquoByutilizingalltypesoffeedbackretailersincreasetheirabilitytolistentotheircustomersandtoimprovetheirretail-consumerrelationshipsrdquo7DrEdwardsfurtherexplainsUltimatelyyouhavecontroloverhowyouspendyourOTBdollarsbutitis
customerswhoreallymakethebuyingdecisionsDonrsquotneglecttheirvoiceinyourinventorymanagementandinreturntheywillbelesslikelytoneglectyourstore
Inthechaptersthatfollowwersquolldiscusshowyoucanbettermanageand
InthechaptersthatfollowwersquolldiscusshowyoucanbettermanageandmarketyourinventorybyintroducingyoutovariousbusinessesthatcanhelpaswellasbyprovidingtipsyoucanapplytoyourstorerightawayAmongthesearein-storeeventsanddisplaypointersWersquolldiscusshowtechnologyaffectsretailerstodayandwhetherornotmobilecommercehasaneffectonyourbusiness
ActionGuide
RetailexpertandCEOofRetailMAVENSCathyWagnerworkswiththousandsofretailershelpingthemtoobtainretailprofitsHerthoughtonmanagingyourinventoryandincreasingyourpaycheckisthatitrequiresthesamestrategyaseatinganelephantYesIsaiditeatinganelephantldquoGrowingyourbusinessrequiresthesamestrategyaseatinganelephantAn
elephantisHUGEandifIweregoingtoeatitmdashwhatwouldIdoHowwouldIstartWherewouldIstartThereisasecretandsupereasywaytodoithelliponebiteatatimerdquo8explainsWagnerIfyourgoalistohavealargerpaycheckthemostimportantstepyoucantake
istomanageyoursinglelargestexpensewellThismeansthatyouhavetolearnhowtocontrolyourinventorybetterldquoTheeffortthatyouspenddoingthatyieldssuchalargeimpactbecausecost
ofgoodsrepresentsabout50percentofyoursalesrdquo9WagnerfurtherexplainsFurthermorethistypeofgoaltakestimetoaccomplishwhichisnodifferentthaneatingahugeelephantonebiteatatimeHerersquosanexampleIfyoudo$400000inbusinessyouarespendingabout
$200000onyourinventoryinayearIfyouwerebuyoneitemthatcostthatmuchthinkabouthowmuchresearchandeffortyouwouldputintomakingagooddecisionHowevertoooftenbuyersareguiltyofspending$500hereand$1200therewithoutknowingforsureifitisbeingspentwhereitshouldbeThatshouldnothappenmdasheverWagnerrsquosadviceldquoTakecontrolofyourinventoryandstartputtingmoredollarsinyourpocketrdquo10
InfollowingWagnerrsquosadvicetakethetimetoorganizeyourinventoryintoclassificationsofinventoryversusinventorybyvendorThefollowingstepswillshowyouhowtodothisandwhythisisvaluableforyourbusiness1Groupyourstoreitemsbystock-keepingunit(SKU)intoclassificationsofinventorymdashorclassesmdashversusbyvendorAclassisagroupofsimilarinventorymdashsimilarin
typeofitemandinventoryturnBybreakingyourinventorydownintomanageablebite-sizedpiecesitiseasytocontrolWhenyoulookatyourstorebyclassesyoucananalyzesalesandinventorylevelsbetterAndwhenthathappensitbecomeseasiertocontrolTheresultisincreasedgrowthinsalesandprofits2GiveyourcustomerswhattheywantCustomerstelluswhattheywanteverytimetheybuysomethingfromusTheyarevotingwitheachdollartheyspendWhentheymakeapurchasetheyarevotingthattheywantmoreofthatclassofitemsKeypointheretheirpurchaseshouldrepresentawholeclassofitemsnotjustasingleitemTheyaretellingyouthatyoudoagoodjobbuyingdressesorcandlesorchairsYouhavetolookbeyondtheactualitemitselfthoughWhenyouhaveclassesyoucantrackwhatcustomerswantfromyouandmakesurethatyouhavejustenoughforthemaswellasanassortmenttoofferthemThisknowledgegivesyoupowerinyourretailbuying
3ReacttotheclassesbeingidentifiedastopperformersaswellaslowperformersLetrsquossaythatyouwanttoincreaseyourpurchasesfortheholidaysby10percentbecauseyoubelievethatyourbusinesswillgrowbythatmuchJustadding10percentacrosstheboardwouldbeabigmistakeRetailspendingisneverevenlydistributedamongeveryclassthereforeyourretailbuysshouldnotbeeveneitherSomeclasseswillbeup20percentmaybeeven25percentandsomeotherclassesshouldbedown15percentIfyoujustadded10percenttoallyourordersyouwouldendupoverinventoriedinsomeclassesandunderinventoriedinothersEssentiallythiswouldcausesomeofyourcustomerstoleaveyourstoreandshopelsewherebecauseyoucouldnrsquotgivethemwhattheywantedHoweverwhenyouknowthedemandofeachclassyoucanlookathoweachistrendingandthenbuyaccordingly
RememberthatinventorymanagementisnotsomethingtooccasionallydomdashbutrathertoalwaysdoMakeinventorymanagementatoppriorityofyourstoretoensurestrongsell-throughandsmarterbuyingdecisions
7
SellingYourProducts
ObstaclesdonrsquothavetostopyouIfyourunintoawalldonrsquotturnaroundandgiveupFigureouthowtoclimbit
gothroughitorworkaroundit
mdashMichaelJordan(1963ndashpresent)formerNBAplayerentrepreneur
ALTHOUGHBUYINGinventoryisanextremelyimportantpartofaretailerrsquosjobthehardestpartofallisstillleftaheadmdashsellingwhathasbeenpurchasedThedynamicsthatsurroundsellinginbrick-and-mortarretailstorefrontsaremuchgreaterandmorediverseandextremethanatanyothertimeinretailhistory
Oftenmerchantsfeelbombardedwiththevariousldquonewrdquotechnologiesandotherretail-focusedproductsthataremarketedtohelpthemintheirbusiness
operationsFurthermorethecoreresponsibilitiesofrunningastorefrontsuchasmerchandisingandtrackinginventorymustremaintopofmindforbusyretailersdespitethevastrangeofotherresponsibilitiesontheirto-dolists
Combinedtheseresponsibilitiescreateachallengingagendaforretailerstomanageoftenresultinginoverlookedorundermanagedsituations
MichaelAmatoformerpresidentofWashingtonMutualandcurrentCEOandpresidentofCimarronanadvisoryfirmthathelpsleadersmaketheirmarkontheirbusinessesencouragesretailersandallentrepreneurstobestrategicintheirbusinessoperationsAmatoexplains
Itrsquosimperativeforsmall-businessownerstofocusonstrategicalignmentAnentrepreneurshouldnotonlydevelopavisionandmissionstatementorstatementofpurposebutalsoidentifyanddevelopabusinessstrategyAsasmall-businessowneryouareoftennotforcedtodothesestepsandconsequentlyskipoverthemButthiseliminatesyoufromhavingastrategywhichcancreatedysfunction1
AmatorsquospointtoidentifyaplanofactioninyourbusinessstrategyisnotonetoignoreAsaretaileryourgoalistoprovideanendsaletoaconsumerThequestionisAsidefrombuyinginventoryhowdoyoudothis
IntroducingandManagingStoreEvents
UponarrivalofinventorytoyourstoreyoushouldalreadyhaveidentifiedyourplanofattackforhowthisproductwillaffectyourcurrentinventoryassortmentaswellashowyouplantomerchandiseitmarketitandultimatelysellitIdeallyyouarebuyingyourproductwellinadvanceallowingyoutoadequatelyplanforitsarrivalandallthelayersofsupportthatcomewithitTogetstartedthisincludescreatingamarketingcalendartohelpyoupromoteyourinventoryandcollectivestoreatlargeLookingaheadnolessthansixmonthsandevenasfarasoneyearretailers
canbenefitfromidentifyingtheirmarketingplansviaadedicatedstorecalendarUsedtoenrichalltheanglesthataffectyourstorersquosvisibilitymdashincludingsocialmediacommunityeventscustomer-loyaltyprogramsandmoremdashthiscalendarcanhelpyoutotrackmanageandidentifyyourin-storemarketinggoalsChicago-basedretailerAngelaGianfrancescosharesherexperienceon
planningaheadforherretailstore
IworkoffastorecalendarthatIplanaheadbyaboutninemonthsandoftenitrsquosevenfurtherplannedoutThoughold-fashionedIhavethiscalendarhangingonmybackroomwallsothatIamconstantlyremindedofitandasaresultuseitThereisnrsquotadaythatpassesthatIdonrsquotleanonthiscalendarasareminderofwhatIneedtodoinordertostayontrackwithmysell-throughgoalsEssentiallythiscalendaridentifiesweekbyweekwhatIhavegoingoninmystoreallowingmetovisuallyseewhetherornotIhaveeventsplannedorifIrsquomdueforamerchandisingwindowchangeItalsoidentifiesanylocaleventstakingplacekeepingmyinvolvementwithourcommunityalwaystopofmymindPlusIusedifferentcolorstoreflectdifferentthingssuchasredtoidentifythatitrsquostimeforanewwindowdisplayandbluetoidentifythatwehaveanin-storeevent2
ForGianfrancescomakinghercalendarboldandbigwascriticaltoherattempttoactuallyuseitPriortocommittingtoacalendarGianfrancescohadleanedonmemoryalonetokeepupwithherstoreplanningSheexplains
HonestlyIwassobusythatIneverfeltlikeIcouldstoptocreateamoreorganizedwaytokeepupwithinventoryandstoregoalsItwasnrsquotuntilIfinallymadethetimethatIrealizeditactuallyhelpsmeandultimatelysavesmetimenowaswell3
ForsomeretailersposterboardndashsizedcalendarswonrsquotdothetrickFortunatelytechnologyoffersyoumanyoptionsthatcanseamlesslyblendintoyourstoreoperationsOnetechnologytoconsiderisSnapRetailrsquosdraganddropcalendarwhichallowsyoutoorganizeyourmonth-by-monthmarketingplansinjustminutesYoucanaddyourowneventsandincorporateprewrittene-mailtemplatesandsocialmediapostsfromSnapRetailrsquoslibraryofoptionstomakeyourmarketingeffortsquickyeteffectiveAndforretailerswhopreferpapercopiesyoucansimplyprintthiscalendartoreferenceasneededCreatingacalendaristheeasystepinthisprocesscomparedwithactually
determiningwhatneedstogoonitFormerchantsidentifyingthebestwaystoattractcustomerattentionandgetthemintoyourstorealwaysshouldbetopofmindThismeansthatyoushouldstageeventsandotherpromotionstohelpyouachieveyourgoal
RETAILTIPUsingtheSnapRetailcalendarisoneoftheeasiestwaystomanageboth
yourimportantin-storeactivitiesaswellasyouronlinemarketingeffortsNotonlycanyouplanaheadbyschedulingyoursocialpostsande-mailsinadvanceyoucansavetimebyusingprewrittenideasfromtheirsocialmedialibraryBelowisanexampleofwhatSnapRetailrsquoscalendarlookslikeKeepin
mindthatwhenvisibleonlineandincolorthiscalendarbecomesclearerandeasiertonavigate
RichKizerandGeorganneBenderinternationallyrecognizedretailkeynotespeakersandconsultantsbelievethatconsistenteventsarekey
Everyretailerneedstohosttwokindsofin-storeeventsallyearlongmajorandminorInfactyoushouldhostonemajorin-storeeventandtwotothreeminoreventseachandeverymonthAmajoreventisonethatbuildstrafficandpacksyourstorewithcustomersDonotconfuseamajoreventwithsomethingthattakesalongtimetoplanhoweverAfashionshowcanbeamajorundertakingbutitrsquosnotamajoreventunlessitattractslotsofpotentialcustomerswhocometowatchmdashandbuysomethingwhiletheyrsquorethereAminoreventmightbeaSaturdayfullofldquomakitsandtakitsrdquodemonstrationsorminiclassesMinoreventsdrawcustomerstoyourstorebutshouldnottakealotoftimetoplanorimplementIftheconceptofeventsandpromotionsisnewtoyouthenbeginbyrunningonemajor
eventandoneminoreventforeachmonthoftheyear4
KizerandBenderrsquosadvicetoplanbothmajorandminoreventsintoyourstorecalendarshouldnotbeoverlookedWhetheryousellpetsuppliescraftitemswomenrsquosfashionsorpaintandhardwarethereisanever-endinglistofeventpossibilitiesforyournichestoreOnewaytoidentifywhattypesofeventsmaybebestsuitedforyourcustomersistoaskthemdirectlyLeaningonyoursocialmedianetworksaswellasin-storestaffcommunicationaskyourcustomerspointblankwhattypesofeventstheyrsquodlovetoseefromyouAlsohostafeweventswithatrial-and-erroragendathatallowsyoutoidentifywhicharemoresuccessfulthanothers
RETAILTIPGenevaIllinois-basedretailerShariRalishopenedhergeneral
merchandisestoreinFebruary2010DuringthefirstyearofbusinessRalishrarelyhostedin-storeeventsanddidnotfactorinthevaluethatthesecouldhaveonherbusinessuntil2012AtthistimeshemademonthlyeventsapriorityandroutinelyscheduledbothminiandmajoreventsinherstorehostingonaveragesixeventsamonthFrom2011to2012salesasadirectresultofin-storeeventsincreasedby86percentandfrom2012to2013salesincreasedby27percentduetostoreeventsTocontinuethistrendRalishlooksaheadbynolessthansixmonthstoensurehereventcalendarissecurelyidentifiedrangingfromvendortrunkshowstoproductsamplingeventstolivemusicbeingplayedinherstoreThisalsoallowsRalishtocommunicatewithhercustomersinatimelyfashionsharingeverythingthatistakingplaceinherstore
WhenplanningeventsyoushouldconsidernotonlywhattheeventisbutalsowhenitisForexampleyoumayfindhostingthesameeventonaWednesdaynightandaSundayafternoonattractsmorepeopleonetimeversustheotherDonrsquotletthisbringyoudownbutinsteadattempttounderstandwhythismaybeInresponsebegintoplanyourfutureeventsaccordinglyOnlytrialanderrorcanhelpyoutoidentifywhatrsquosrightforyourcustomersandyourstoreThekeyhereistotrackeacheventsothatyoucanleanonyoureventhistorytohelpincreaseyourfutureeventsuccessSomethingstoidentifyandtrackfromeach
increaseyourfutureeventsuccessSomethingstoidentifyandtrackfromeacheventinclude
1HowfarinadvancedidyouplantheeventIfyouaddalast-minuteeventtoyourcalendarandfailtogiveitalotofmarketinginadvancethiscouldaffecttheeventrsquossuccessrateMeanwhileifyouhaveaneventidentifiedsixmonthsoutandstrategicallyidentifywhenyouwillannounceittoyourcustomerspreparepressreleasesforthelocalmediaandincorporatedetailsoftheeventintoyoure-mailmarketingplansandsocialmediathiswilllikelyincreaseyourchanceforastrongerreturnonyoureventinvestment2HowdidyoumarketeacheventForminoreventsyourmarketingplanmaybeacombinationofsocialmediain-storecommunicationandcustomerphonecallsHoweverforamajoreventyoumayincreaseyourmarketingreachbydoingpostcardmailerstoyourstoremailinglistreachingouttoyourlocalmediaforpressattentionandworkingwithoutsidevendorsandlike-mindedbusinessestoreachalargeraudienceofpotentialcustomersandattendeesAlwaysmakesuretotrackandidentifyyourmarketingeffortsmdashnomatterhowsmallorlargemdashsothatoncetheeventisoveryoucanreflectbackandseehowthesedetailsaffectedyoureventAneasywaytodothisisbycreatinganExcelspreadsheetthatactsasachecklistofwhatyouneedtodoandwhatyouhavealreadydoneSnapRetailrsquosonlinecalendaralsocansupportyouinthistracking3WhowasinvitedtoeacheventManyretailershaveopeninvitationsandwelcomeanyoneandeveryonetotheirstoreeventsThismakessenseandisagreatwaytoincreaseyourchanceofstrongersalesHowevertheremaybesomeexceptionstothisruleandonoccasionadedicatedinvitelistisidealOneexampleofthiswouldbeifyouarecelebratingastoreanniversaryandwanttorewardyourtopcustomerswithaspecialpartymakingitaninvite-onlyeventthatyouplanduringtraditionallyclosedhoursYoucouldkeepyourstoreopenuntilyournormalclosingtimewelcomingallcustomerstoenjoyyouranniversarycelebrationswithproductincentivesstorespecialsandotherpromotionalexperiencesandthencloseandlockyourstoreforaprivateinvite-onlycelebrationthatbeginsafteryourstoreisofficiallyclosedtothepublic4Whatin-storeexperiencesdidyouofferateacheventOtherthan
sellinginventoryandprovidingaplaceforyourcustomerstoshopwhatdidyoudoinyourstorethatmadeyoureventmoreuniqueSomeideastoconsiderwouldbehavinglivemusicofferinganassortmentoffoodanddrinksinvitingavendortobeonsiteandengagewithcustomershostingabooksigningsharingproductdemonstrationsofferinghands-onexperiencesthatmayincludeclassesormakingcraftsandofferingcustomersminifacialsmanicuresorotherspaexperiencesDependingonyournicheaudiencetheideaswillvarybutthegeneralideatogainhereisthatbyintroducingexperiencesinyourstorethatdonothappenonanormaldayyouareofferingastrongerreasonforconsumerstowanttoattendyoureventRemembertorecordthedetailsofwhatitisyouofferallowingyoutoreflectbackonhowthismayhaveincreasedstoresalesandstoretraffic5WhatwerebothyourexpensesandsalesasadirectresultofeacheventTheentirereasonthateventsareundertakenistomakemoneyplainandsimpleNaturallytherewillbeexceptionstothissuchasifyouhostaneventtoraiseawarenessforalocalcharitybutformostofyoureventsmakingmoneywillmdashandshouldbemdashyourgoalMakesurethatyousetasalesgoalforeacheventandplanyourmarketingeffortsaccordinglymdashhelpingyoutoreachyourgoalswhilealsostrengtheningyourchanceofhavingasuccessfuleventBesuretoalsoidentifyandtrackanyadditionalexpensesthatyoumayincurwhenintroducingeventstoyourstoresuchasbuyingfooddrinksandotherpromotionalitemsthatcouldincludeballoonspaperplatesnapkinsandmore
WhilecreatingmanagingandexecutingeventsmayseemlikeadauntingtasktherewardyouseeinsalesshouldhelpyoutostaymotivatedinkeepingupwiththisagendaSomefinaltime-savingtipswhenpreparingforin-storeeventscomefromNolchaEventscofounderKerryBannigan
YoucanneverbetoopreparedwhenitcomestoplanninganeventmdashnomatterhowlargeorsmallMakeanactionplanandconsiderthetimingforyourneedsPrintingpromotionalmaterialsschedulingproductdeliveriesandbuyingrefreshmentsforyoureventshouldallbeconsideredwellinadvancetoensurethatyoudonrsquotmissabeatItrsquosalsoagoodideatoconsiderpreparingyourstoretheeveningpriortoaneventafteritclosesfor
thedayallowingyoutogetorganizedandreadytogowithoutthechaosofcustomersorotherstoreoperationalresponsibilitiesFinallyworkingwithlocalbusinessesinyourcommunitytohelppromoteyoureventcanneverhurtDonrsquotwaituntilthelastminutetoseektheirsupporthoweverIdentifywellinadvancewhatlocalbusinessesyouwanttogetinvolvedinyoureventmarketingandthengetintouchwiththemrightawaytoidentifyhowyoucanmutuallysupporteachotherthroughthisprocess5
HighlightingInventoryThroughDisplays
Eventscertainlycanhelpretailerstopushsalesandgainvisibilitybutyourday-to-dayexistencewillalwaysplayakeyroleinyourretailsuccessCathyWagnerCEOandfounderofRetailMAVENSbelievesthatthekeytothisiskeepingthingsconstantlymovingaroundyourstoretoincreasethechanceofsell-through
TherearetwothingstoconsiderwhenpushinginventoryYouhavetoremainawareofthenewergoodsbutdonrsquotforgetabouttheoldstuffJustbecauseitrsquosolderdoesnotmeanthatitneedstobemarkeddownalthoughincaseswhereitemsarenrsquotsellingthiswillbeyoursolutionThekeyistoidentifywhatissellingandwhatisnotsellingnomatterhowneworoldtheyaretoyourstoreassortmentOnewaytodothisistosimplymovethingsaroundyourstoretoincreasesell-through6
WagnerrsquosadvicetomoveinventoryaroundyourstoreisaclassicexampleofhowmerchandisingcanaffectproductsalesAgreeingwithWagnerareretailexpertsKizerandBenderwhobelievethatldquoyoursalesflooranddisplaysrequireconstantreinventionsothatshoppersdonrsquotgetboredandgosomewhereelserdquo7
RETAILTIPLightingiscommonlyoverlookedinretailspaceshoweverithasthe
LightingiscommonlyoverlookedinretailspaceshoweverithasthepotentialtotransformastoreaswellasacustomerrsquosexperiencewithinaretailenvironmentProperlightingcanenticecustomerstoengagewithproductsaswellasleadthemtocertainareasofyourstoreOnthecontrarydarkspaceswithinretailenvironmentsmaycausecustomerstostraintheireyesornotviewinventoryondisplayatallEnsureyourstorehasadequatelightingfromallanglesbyincorporating
accentlightinghighactivitylighting(suchasnearyourcashwraporbyadressingroom)ambientlightingthatmayincludeasingularstorechandelierandcaseandshelvelightingtohelphighlightspecificmerchandiseWhilethereisnosinglestoreformulaforlightingonegeneralruleofthumbtofollowistochangeyourlightingasyouchangeyourdisplays
KeepingcustomersvisuallyengagedintheirshoppingexperienceisaconstantresponsibilityforretailerstokeepupwithAgreatdisplaymaybejustthatmdashgreatmdashbutafterawhileitisnolongerexcitinginterestingorengagingforyourcustomersbecauseitwillinevitablybecomestaleYourjobasaretaileristoneverletthishappenbutinsteadconsistentlyoffercustomersvisuallyengagingexperiencesthroughconstantlyrotatingstoremerchandiseanddisplaysAlthougheveryinchofyourstoremustbekeptupwithregardto
merchandisingsomekeyareastopayspecialattentiontoinclude
1StorewindowsAretailerrsquoswindowsoffercustomersafirstchancetoformanimpressionofthestoreAndastheoldsayinggoesldquoFirstimpressionshaveaboutthreesecondstomakealastingimpactrdquoWiththisinmindaskyourselfifyourstorewindowsdeliverastronglastingimpressionIfyoursquoveanswerednothenitrsquoscriticalthatyouaddldquochangestorewindowdisplaysrdquotoyourimmediateto-dolistYourgoalshouldbetocreateadisplaythatnotonlycapturestheattentionofapreviouscustomerbutalsoenticesapotentialcustomerwhohasneverbeeninyourstoreWindowsofferthechancetohighlightstoreinventorythroughdisplaysbutalsoareagreatplacetotellastorythatrepresentsyourstoreversusactuallyhighlightingwhatyousellForexampleyoucouldcreateawindowthathasanoversizedteddybearsittingonaminiaturechairwithaboldhighlightedcalloutsayingldquoLetustaketheweightoffyouthisValentinersquosDayrdquotodemonstrateyourstoreasthego-tospotforgift
givingWindowsofferachancetohavefunandgetcreativebutultimatelytheymustattractattentionforyoutoattractsalesAgoodgoalforkeepingupwithyourwindowdisplaysistochangethematleasteverytwotothreeweeks2Immediate-rightzoneStudiestellusthattimeaftertimecustomersturntotheirrightoncetheyenterastoreLikelythisisduetomostfolksbeingright-handedbutdespitethereasontherealtakeawayhereistofocusonwhatyouofferthroughdisplayandmerchandisingtotheimmediaterightinyourstoreDoesthisareacapturecustomerattentionAreyouhighlightingmust-haveitemshereoristhisspacewastedbynothavingadisplayatallConsiderwhatyourstorecurrentlyhasinthisareaandthenplantoincreaseitsmerchandisingvaluebystrengtheningyourdisplaysandproductassortmentthereKeepinmindthatwhileyouwantyourcustomerstostopshopandgetengagedthisisalsoahigh-trafficareaforbusyretailerssoyouwanttoallowenoughspaceforcustomermovementsothatcustomerscaneasilypasseachotheraswell3StorestoppersSometimesrecognizedasstorespeedbumpsstorestoppersaredisplaysthatstopcustomersintheirtracksandgetthemfocusedonadisplayorproductIncorporatingafewstorestoppersthroughoutyourretailspaceiskeyinkeepingyourcustomersengagedandshoppingthroughouttheirentirein-storeexperienceRatherthanbundlingyourstore-stopperdisplaysclosetoeachotherspreadthemoutthroughoutyourentirestoretokeepyourcustomersmovingandinterestedastheynavigateyourstorespaceIdeallyyoushouldhaveaboutfivestorestoppersforevery500squarefeetofstoreTheycanbeontabletopdisplaysorshelvesbutshouldallowcustomerstotouchandinteractwiththeproductversusmakingthemhavetoaskforsupportinhandlingthefeatureditemsondisplaySomestoresmayrunintochallengesheresuchashigh-endjewelrystoresbuttheideastillshouldbeapplied4Point-of-sale(POS)areaThereisnogreateropportunitytoincreaseyoursalesthanbyincreasingeachindividualpurchasebeingmadeRetailerscanapplythisstrategytotheirstoressimplybystrengtheningtheirPOSareaswithproductsthatmakegreatadd-onsalesorimpulsebuysforcustomerswhohavealreadydecidedtobuysomethingEssentiallythisisyourstorersquoscheckoutspotandwhenacustomerlandshereitmeansthatheorshehasdecidedtomakea
purchaseThisisyourchancetoincreasethetotalpurchasevaluebykeepingthecustomerengagedwithbothinterestingandnecessity-baseditemsthatheorshecaneasilyincludeinthepurchaseIdeallyyouwanttokeeptheitemsmerchandisedinyourPOSarealowerinpricerelievingthecustomerofhavingtothinktoomuchaboutwhetherornotheorsheshouldbuyanitemProductspricedat$1$5$10andunder$20aregreatcandidatesforthisareakeepinginmindthatthesepricesshouldreflectyourtargetaudienceandtotalstoreinventoryassortment5SalesectionNotallretailershaveadedicatedsalesectionpermanentlyintheirstoresbutwhetheryouofferthisseasonallyorfulltimethisareaoffersagreatchancetoengageyourcustomersthroughdisplaysUnlikeyourstore-stoppersectionsandPOSareayoursalesectionshouldleanmoreheavilyonpromotingthevalueofthesalediscountversustheproductitselfIfyouareofferingsomethingat50percentoffforexamplethismessagealonetocustomerswillgetthemmoreexcitedthanbyhighlightingwhatisactuallyforsaleLeaningonstoresignagecompaniessuchasBoutiqueVisioncomforstrongsignagecanhelpyouachievethis
InadditiontothesefivekeyareasofstoredisplaysyoualsoshouldincorporatesomemerchandisingtechniquesthroughoutyourentirestoretohelpincreasesalesAmongthebestwaystodothisistocross-merchandiseinventoryallowingmultiplechancesforyourcustomerstoseesomethingondisplayThemainreasonthatthisissovaluableforyourbusinessisthatcustomersdonrsquotseeeverythinginyourstoresoofferingthemthechancetoseesomethinginmorethanonespotincreasesthechancethattheywillactuallyexperienceitFurthermorerepetitionofproductsincreasestheconsumerrsquosimpressionofitwhichalsoincreasesthechancethatheorshewillwanttoknowmoreaboutaproductandthatultimatelyincreasesyourchanceofsellingthatproductAnothertactictoapplytoyourstoremerchandisingisthatofstaplesand
statementsIfyourstorehasitemsthatarealwaysinstocksuchasplainwhiteT-shirtsor8-by10-inchframesthencreateanareaofyourstorethathighlightsyourstorestaplesTrainyourcustomersthroughstoresignageandstaffcommunicationthatyoualwayshavethesestapleitemsinstockthereforehelpingtoincreasethechancethatyourstorewillbecomethego-toplacefortheseidentifieditemsOnthecontraryifyouhaveitemsthatareseasonalquick
sellersortrenditemsthesewouldfallintothestatementcategoryTheseitemsdeservesomehighlightedattentionaswellandwouldmerchandisewellinyourstore-stopperspotsandinwindowdisplaysItrsquosnosecretthatmerchandisingastoreisagiantresponsibilitythatrequires
notonlyskillbutalsotimeTohelpmakesurethatyoudonotneglectthisimportantstoreresponsibilityaddmerchandisingtoyourstorecalendarSpecificallyaddwhatneedstobedonesuchaschangingafront-windowdisplayorrearrangingyourPOSdisplayareaGenerallyspeakingyoushouldrotateyourin-storedisplaysonaweeklybasistokeepthingsfreshandexcitingforyourcustomersandyoushouldchangeyourfront-windowdisplaysnolessthaneverytwoweeks
UsingModernTechnologyinYourStore
InadditiontoclassicmerchandisingtechniquesretailersshouldconsiderhowmoderntechnologycanbeincorporatedintotheirstorestrategyiPadsforexamplearebeingusedincreasinglyforcustomerengagementSomelocalretailersareintroducingiPadsintotheirstoresasawayforcustomerstocheckinontheirsocialmediasitessuchasonFacebookorFourSquareinanefforttoincreasetheirstoreexposurethroughtheircustomersrsquosocialnetworksOthersuseiPadsasawaytofurthercommunicatewiththeircustomerswhiletheyareonthesalesfloorldquoWithaniPadinhanditrsquoseasytopullupyouronlinestoreoranInstagram
feedtoshowitemsastheymightlookinacustomerrsquoshomeorshowcustomersothercoloroptionsthatmightbemomentarilyoutofstockrdquo8CEOVaughanRowsellofVendaloyaltyandPOSsystemcompanyshareswithus
RETAILTIPModerntechnologywillcontinuetoimpactretailershoweversome
thingswillneverchangewhenitcomestocreatingadynamicretailenvironmentFormerchantsthesoundscustomershearintheirstoreswillalwaysplayaroleintheirsellingsuccessretailexperiencesandoverallstoreenvironmentFortunatelymerchantscaneasilycontroltheirstore
storeenvironmentFortunatelymerchantscaneasilycontroltheirstorespacethroughsoundbyintroducingcustomizedradiostationstotheirstoresCalifornia-basedcompanyRetailRadioprovideslicensedmusicand
customizedradiostationsforindependentretailersandotherbusinessownersTheirgoalistocreateaprogrammedmusicstationthathastheretailerrsquoscustomerinmindinadditiontocreatingcommercialsthatpromoteeachrespectivestoreEssentiallyRetailRadiocreatesin-storecustomercommunicationplatformsthroughmusicandmessagingAnaddedbonusisthatthemusictheyofferisalllegallylicensedmeetingalllegalrequirementsforcommercialbusinessestouseInadditiontosupportingretailersthroughcustomizedmusicand
messagingRetailRadioprovidesothersensory-basedsupportformerchantsaddressingtheneedsofsightsoundscentandsalesYoucanlearnmoreaboutRetailRadioatRetailRadiobiz
AsVaughanexplainedusinganiPadaspartofyourstoreexperiencenotonlycanhelpyouasamerchantbutalsocankeepcustomersengagedAnotheraddedbenefitthatiPadsofferretailersisthechancetoeliminateadestinationspotforcheckoutproceduresandinsteadwelcomeanyspotasachancetoringupasaleRowsellcontinues
TheiPadasaPOSistotallyrevolutionaryforanumberofreasonsThefirstandpossiblythemostvaluableisthatofitsmobilityYoucanuseaniPadanywhereexpandingyourreachforpotentialcustomersandultimatelysalesWhetherinfoodtrucksretailtrucksfarmersrsquomarketsattradeshowsorinyourownstoreyouriPadcanprocesstransactionsforyourbusinessBecauseofthiswhatrsquossoamazingfortraditionalbrick-and-mortarretailersisthattheycancompletelydoawaywiththecheckoutcounterandcreateacompletelyuniquecustomizedretailexperienceImagineaniPadPOSsystemgivesyoutheluxurytoprocesssalesanywherewhilealsoeliminatingtheneedforacheckoutcountertodisruptyourretailstoredesignMoreoveryoudonothavetointerrupttheshoppingexperienceasyoudragyourcustomersacrossthestoretocheckstocklevelsorringuptheirpurchasesInsteadallofthiscanbetakencareofrightonyourshopfloorbecauseofaniPadPOSsystem9
CertainlyaportablePOSsystemcourtesyofaniPadhasitsbenefitsas
CertainlyaportablePOSsystemcourtesyofaniPadhasitsbenefitsasRowsellpointsoutButonethingretailersshouldconsiderwhenintroducinganiPadintotheirstorersquosenvironmentisitsvulnerabilitytobedamagedorpossiblyevenstolenIfyoudohaveacheckoutareainyourstorekeepingyouriPadinadesignatedspotwithinthislocationisonewaytohelpmanageitsvulnerabilityAlsoyoumayevenconsiderlockingitinadrawerHoweverthemosteffectivewaytokeepyouriPadaccessibleandusefulistohaveitsecurelyfastenedtoaniPadstandthatislockedinplacewithinyourstoreThereareanumberofmodelsavailableforretailerstoconsiderbut
essentiallyretailersshouldlookforaniPadstandthatsecurelylockstheiriPadinplaceonlyreleasingitonkeyretrievalorbyenteringacodeRetailerswhowantaportableiPadthatcanmovearoundthestorewiththemshouldconsideriPadcartsandothermovingdevicesthatallowretailerstoeasilybringalongiPadsanywhereinthestorewhilekeepingtheirhandsfreetosupporttheircustomersandattendtootherstoreresponsibilitiesThesetypesofiPadcasescartsandothersecurity-focusedproductsmaybeavailablefromyourPOSproviderbutarealsoavailableatiPadEnclosurescom
IdentifyingWhetherMobileCommerceMatters
iPadsarecertainlyatechnologyofthepresentandfuturethatwedonrsquotforeseeleavingtheretailsceneforalonglongtimeThatsaidmobiletechnologycontinuestobeapopularconversationinretailbutitshouldberecognizedthatm-commerceisnotgrowingasoriginallyanticipatedamongsmall-businessownersM-commerceotherwiseknownassellingviamobiledevicesrepresentsaminorityamongInternet-basedpurchasesandmostconsumersstillleanontheircomputersortabletswhenbuyingonlineJasonRichelsonfounderandCEOofShopKeepPOShasspenthisentire
careerinretailandbelievesthatsimilartocredit-cardadoptionnotallsmallbusinesseswillembracemobiletechnology
Thebigtalkingpointwithinthepaymentsworldin2013hasreallybeenmobileButIhavetosayIrsquoveseenlittletononeofthattalktranslateforsmallbusinessesTherearemanypredictionsabout2014astheyearofmobilebutIdonrsquotthinksmallretailersbyandlargewillmovethatquickly
Takecredit-cardadoptionforexampleDespitemorethan40yearsofusealargepercentageofsmallbusinessesstilldonrsquotacceptthemSimilarlytheadoptioncurveformobilepaymentswillnotshiftsignificantlyovernightThereneedstobeincentiveitneedstobeeasyandthereneedstobedemandfromconsumers10
WithconsumersinmindaretailerrsquosgreaterinterestinmobiletechnologyshouldbeinembracingtheideathatcustomerslikelywillengagewiththeirphoneswhileinhisorherstorealthoughthisdoesnrsquotalwaysmeanthatcustomersarecompetitiveshoppingonlineOftencustomersrefertotheirphonessimplytocallfamilyandfriendsforproductadvicesendpicturestofriendsforfeedbackseekcouponsfortheimmediatestoretheyareinorsearchforproductreviewsofaparticularitemCompetitiveshoppingdoesexistviamobilephonesbutthisrealityisnrsquotonetosweatoverifyourin-storeexperienceisdeliveringstrongengagementdisplaysandmarketingmdashtherebygivingyourcustomersanexperiencetheysimplycannotgetonlineFinallyneverlosesightofthefactthatshoppingtrulyisasportformany
consumersJustasinacompetitivegameofbasketballfootballoranyothersportshoppingoffersthechanceforyoutowinorlosewhenitcomestoattractingandkeepingcustomerattentionEverydetailthataffectsyourbusinessmustconstantlybenurturedandattendedtojustlikeeverydetailofanyprofessionalsportmattersIntheenditrsquosonlythosewhoarewillingtoworktheirhardestdespiteobstaclesandsetbackswhowillremainstandingandultimatelybecomewinnersinthecompetitivegameofretail
HopefullybynowyouhaverealizedjusthowmuchrangeandtimearenecessarytomanageandmarketaretailstoreInthechaptersthatfollowwersquollunveilwaystoapplypressandmarketingtoyourretailbusinessaswaystogeneratesomewell-deservedattentiontothehardworkyouhavedonetocreateyouruniquestore
ActionGuide
ResearchshowsthatcustomerspreferstorelayoutsthatallowforeasynavigationandmovementthroughouttheirshoppingexperienceMoreoverresearchtellsusthatcustomersrespondreactandultimatelymakepurchasingdecisionsbasedonalltheirsensesmdashnotjustthatofsightaloneTohelpyoumaximizeyourcustomersrsquoexperienceinyourstoreconsider
eachofthefivesensesandtakeactiontoimprovetheirroleinyourstore
1SightFromtheexteriorofyourstoretotheentireinteriorstorespaceidentifywhetheryourstoreisattractiveandcaptivatingingainingcustomerattentionNextlookforanydebrisdirtordustthroughoutyourentirestorespacethatneedstobecleanedupThenvisuallyidentifywhetherastrollerwheelchaircaneorotherassistivedevicewouldbeabletobeusedcomfortablyinyourstoreThesevisualobservationsareonesthatmanycustomersidentifywhenforminganimpressionofyourstoreandshouldbeimprovediftheydonotcurrentlycatertoconsumersrsquoneedsandideals2TouchInstinctivelycustomerswanttotouchthingsandexperienceproductshands-onWalkthroughyourcurrentstorespaceandidentifywhetheryouofferaspacethatencouragescustomerstotouchandinteractwithyourinventoryKeepingproductsateyelevelforhands-onengagementisagoodwaytomakecustomersfeelwelcometotouchyourproductsIncorporatingsignageasnecessarythatstatesldquoFeelfreetosamplerdquoorldquoPleasedonottouchthisdisplaybutwehopeyouwilltouchourotheronesrdquocanlendahelpinghandinencouragingyourcustomerstotouchandinteractwithyourstoreproductsasappropriateForthoseofyouwhohavecustomerswhobringtheirchildrenwiththemcreateadedicatedareaorsimplyhaveasmallbasketwithtoysorwashablecrayonsandpapertodistractkidsfromtouchingyourinventoryandtofreeuptheattentionofyourcustomer3SoundIdentifywhatyourstorecurrentlysoundslikeIsitthesoundofblaringmusicorcoworkerschattingabouttheirweekendplansPossiblyitsoundssilentwithonlytheoccasionalbuzzofadooropeningandclosingCustomerstendtostayinenvironmentsthatmakethemfeelcomfortableandsoundplaysabigroleinthisMakeitaruleforemployeestoeliminatepersonalphonecallsstoregossiporanyotherunnecessaryconversationsthatcustomersmayoverhearInadditionchoosemusicthatisneutrallyaccommodatingtoyourdiverserangeofcustomersKeepthesoundlevelofyourmusicata
moderatelevelaswellthatdoesnotmakecustomersuncomfortableandstillallowsthemtohearyouspeakandallowsthemtospeaktoeachother4SmellAromacanbegoodorbadWhatdoesyourstoresmelllikeIdentifywhatyourstoresmellslikeandwhetherornotthisaffectsyourcustomersrsquoexperiencesItrsquospossiblethatalocalbakeryrsquosaromatricklesintoyourstoreandthusyougainascentoutofyourcontrolOrmaybeyouchoosetoburnincensethatsomecustomersfindunattractiveinscentWhateveryourcurrentsituationisstrivetoidentifyasinglescentthatyoucanalwaysapplytoyourstoreandthatcustomerswillassociatewithyourstoreastimepassesScentssuchaschocolatevanillacoffeeandpineareoftenperceivedasmass-appealingscentswhereasthescentsofflowersorcertainspicesarenotaspreferredbythemassesPickastorescentforyourstorethatissubtleyetcomplementingtoyourretailspaceandthenmakethisyoursignaturescentforcustomerstoassociatewithyourstore5TasteEvenifyourstoredoesnotsellfoodorofferanopportunitytocatertoyourcustomersrsquotastebudsyoucanstillengageyouraudiencethroughthepoweroftasteChooseasignaturesweetsuchasbite-sizedchocolatesorpeppermintsandalwayshavetheseavailableforyourcustomerstotakeAsmallglassofwatercanevenprovoketastebudsandmayextendyoursupportindeliveringstrongcustomercareIfyourstorehasnotintroducedtastetoitsstrategyofsupportingcustomersitrsquostimetodoso
8
ApplyingPressandMarketingtoYourBusiness
LackofattentionnotlackoftimeistheproblemWeallhavetwenty-four-hourdays
mdashZigZiglar(1926ndash2012)authorandmotivationalspeaker
RETAILERSTODAYarebombardedwithplacestogothingstodoandcustomerstoserveDespitetheirbusyscheduleshowevercustomershavehigh
expectationsfromretailersandexpecttheirconsumerexperiencestobetop-notchAlsocustomershavechoiceswhenitcomestomakingtheirbuyingdecisionswhichmakesanyretailerrsquosattempttostandoutinhisorherlocal
marketplacethatmuchmoreimportantLong-timeindependentretailerCynthiaSuttonownerofTheSilverBarnin
ColumbusTexasbelievesthatdespitebusyschedulesandbig-boxcompetitionlocally-basedmerchantshavesomekeyadvantagesthatlargerretailersdonotSuttonexplains
LocalindependentretailerscanreacttocommunityneedsinstantlyForexamplehereinoursmalltowntherewasahorriblecaraccidentwhereayoungchildwasseriouslyinjuredandagrandmotherkilledThecarthathitthemhadnoinsuranceWesprangintoactionandstartedafundraiserwithotherlocalmerchantsOurlocalWalmarthowevercouldnotparticipatebecausetheyhadtowaittogetcorporateapproval1
ThistypeofquickresponseisjustoneexampleofhowlocalmerchantscansupporttheircommunitiesandlocalcustomersaswellasgenerateawarenessfortheirstoresInadditiontoreactingtoaworthycausethisalsoprovidesagreatreasontogainpublicityforastoreUnlikesomemarketingeffortspublicity
reasontogainpublicityforastoreUnlikesomemarketingeffortspublicitydoesnotcostyoualotofmoneymdashifanymdashyetyoucangainexposuretobothexistingandpotentialcustomersExposurethroughpublicityaddsvaluetoamerchantandoftenmakesastoremorememorableThekeyherehoweverishavingastorytotellthatthepresswouldbeinterestedinhighlightingamongtheirmediaoutletsFortunatelythisgoeshandinhandwithalsocreatingastoreenvironmentthatencouragescustomerstocomebackldquoWecanrsquotcompetewithvolumepricingmassadvertisinganddepthof
inventoryHoweverwecandeliverstrongercustomerserviceandmoreuniqueinventorythanbig-boxstoresThisisextremelyvaluabletoconsumersrdquo2explainsSutton
HOWTOWRITEAPRESSRELEASEPublicitywhenmanagedinternallycostsyounearlynothingexcepttime
andpossiblyafewadditionaldollarsForthemostparthoweverpressisfreeWiththisinmindunderstandinghowtowriteapressreleasecanhelpyoupitchyourstoretolocalandnationalmediaincreasingstorevisibilityandencourageagrowthinsalesUsingthetipsbelowlearnmoreabouthowtowriteapressrelease
1ApressreleaseisastatementintendedtosharenoteworthynewseventdetailsandotherinterestingfactswiththemediaWhenwritingapressreleaseyouwanttokeeptheaudienceinmindandanswerthequestionsldquowhordquoldquowhatrdquoldquowhenrdquoldquowhererdquoandldquowhyrdquo2AllcriticalinformationshouldbeconciselysummarizedwithinthefirstparagraphofyourpressreleaseallowingbusyeditorsandothermembersofthemediatoquicklyidentifywhatitisyouwanttoshareThefollowingparagraphsshouldelaborateonthedetailssharedIncludingquotesfromrelevantpeopleinvolvedinthenewsyouaresharingwhetheryourselforastorevendorforexamplecanaddvaluetothepressrelease3PressreleasesshouldideallybenomorethanonepageandshouldbeconstructedinstandardpressreleaseformatThisincludesidentifyingyourstorenamecontactpersonandcontactdetailsinthetopleftcornerprovidingacaptivatingtitleandsupportingtaglineforyourpressreleaseandprovidingthereleasedateandcityofthepressreleasepriortoyourfirst
sentenceInadditiontheparagraphsthatfollowshouldsharedetailedinformationaboutyourstoreandthepurposeofyourpressreleasewhileofferinggeneralorinterestingfactsAnexamplewouldbe
MarsquosGeneralStoreContactJaneSmithPhone5555555555Emailshopmasgeneralstorecom
MarsquosGeneralStoreIntroducesExtendedShoppingHoursonWeekends
DoorstoOpenat9amtoAccommodateCustomerRequests
May12014(GenevaIL)mdashKickingoffthespringshoppingseasonMarsquosGeneralStoreisexcitedtowelcomecustomersat9ameverySaturdayandSundayintotheirdowntownGenevastoreAfteryearsofcustomersrequestingearliershoppinghoursMarsquosGeneralStorelooksforwardtosupportingcustomersontheirweekendsshoppingforgeneralhouseholdsuppliesandothereverydaynecessitiesAndallcustomerswhoshopMarsquosGeneralStorebefore11amwillbeofferedcomplimentarycoffeeorjuiceldquoItrsquosimportantforustokeepourcustomershappyandtheseadditional
storehourswillallowthemtogettheirweekenderrandsofftoanearlystartwhichwersquorethrilledtosupportrdquostoreownerJaneSmithstatesBasedindowntownGenevainthehistoricshoppingdistrictMarsquos
GeneralStoreisafavoritedestinationamonglocalresidentstostockuponhouseholdsuppliesandeverydaynecessitiesInadditiontotheirwell-stockedshelvesMarsquosGeneralStorewillbeofferingtheirearlybirdcustomerscomplimentarycoffeeandjuiceTolearnmoreaboutMarsquosGeneralStoretospeakwithownerJane
Smithortorequesthigh-resolutionimagespleasecontactus5555555555orshopmasgeneralstorecom
4PressreleasesshouldaimtobeconciseclearcorrectandcourteouskeepingyouraudiencersquosattentionwhilebeingdirectandinformativeinthenewsyoushareAttheendofyourreleaseidentifyitsconclusionwiththreenumbersignsThisindicatesitiscompleteandispartofthegeneral
threenumbersignsThisindicatesitiscompleteandispartofthegeneralformatofwritingapressrelease5SendingapressreleasedoesnotguaranteepresswillbereceivedBesuretofollowupwithyourmediacontactsandrespecttheiroutreachtoyouaswellshouldtheywantmoreinformationLikeyoumediaprofessionalsarebusypeoplesotryandgetbacktothemassoonaspossibleshouldtheywantmoreinformationaboutthenewsyoushared
Customerserviceanduniqueinventoryaretwowell-knownfactorsthatmakeindependentretailersstandoutfrombig-boxstoresYetmerchantsoftenunderestimatetheirvalueinthepressAsSuttonbelievesldquoBasicisgreatatbigboxspecialisgreatat
independentsrdquoWiththisinmindIencourageyoutoconstantlyseekoutwhatmakesyourstorestandoutamongothersIsittheuniquestoryofanemployeeofyourstorewhohappenstoexcelatcustomerserviceIsittheone-of-a-kindproductsbylocalartisansthatyousellmadeIsitthefactthatyourstoreunlikesomanyothersoffersanexperiencethatcanrsquotbeduplicatedanywhereelseOrpossiblyisitarandomcustomerexperienceyouhadthatoffersagreatstorytosharewiththepressAsaretaileryouneednotonlytostrivetomakeyourstorememorableand
uniquebutalsorecognizewhenuniqueandmemorablethingshappenwithinyourstoreenvironmentInresponsetothesescenariosyoushouldbepreparedtosharethedetailswithcustomersviathepresstheInternetthroughe-mailandviaotheravenuesthatcangenerateawarenessofyourstoreSuzyTeeleCOOofSnapRetailcomaready-to-usemarketingsolutionfor
independentretailersbelievesthatwhilecustomerserviceandproductassortmentaddvaluetoashoppingexperiencemerchantstodayshouldnotignorethevalueoftheirstorepersonalityaswellSheexplains
ldquoIthinkthebiggestmisconceptionthatretailersfacetodayisthatsometimestheyrelytoomuchontheirproductstogetcustomersintotheirstoresBrandsgoinandoutoffavorsobrandsalonearenrsquotenoughIndependentretailersshouldrememberthatitrsquosnotonlythemerchandiseitrsquosalsohowtheymerchandisethemerchandiseInotherwordscreatingastrongstorepersonalityandstoriesaroundthemerchandisewilldrivestoretrafficandreducethefocusoncompetitivepricing3
RETAILTIPOnlinemarketingandpresscanhelpgeneratestorevisibilitybutdonrsquot
neglectthepowerofgoodold-fashionedstorepackagingAfamousexampleofthisistheTiffanyblueboxorbagrecognizedbycustomersasapurchaseofluxuryandbeautyWhileyourstoremaynotcatertothesameclientelethatTiffanydoesthisshouldnotkeepyoufromaimingtohavestrongstorepackagingAneasywaytoenhanceyourstorepackagingistoinvestinasignature
bagthatisusedanytimeacustomermakesapurchaseRatherthanuseagenericbrownorothercoloredbagthathasnobrandimpressionsonitconsidercreatingacustomizedbagthatcurrentandfuturecustomerscanbegintorecognizeyoubyOvertimeyourbagwillbecomearecognizedsymbolforyourstoreincreasingcustomerawarenessofyourbusinessAdditionaltipstohelpbrandyourstorethroughpackagingincludeusing
thesametissuepaperribbonandgiftwrappingpapereverytimetheyareneededInotherwordsconsistencyiskeyhereTohelpyouaccomplishthisleanonanoutsidecompanythatspecializesinsupportingbusinessessuchasindependentretailersthroughpackagingOnesuchcompanyisPremierPackagingasmallbusinessthemselveswhosupportretailersthroughsalesofgiftboxesgiftbagstissuepaperribbonsandcustomizedoptionstohelpstrengthenaretailerrsquosbrandandvisibility
TeelersquosperspectiveiscommonamongretailexpertsandsupporterswiththeideathatproductalonecannotmakeyouasuccessfulretailerShecontinues
InmyexperiencethestoresthatIhaveseensucceedhavebeenabletodosobecausetheymaketheircustomersfeelasthoughtheyarepartofsomethingspecialTheymakecustomerswanttoshopthereThisisaccomplishedbycreatingthatstrongstorepersonalitysharingthatpersonalitythroughsocialmediaandinvitingcustomerstobepartofitthroughe-mailmarketingandotherpromotionaleventsUsingthelatestmarketingtoolsindependentretailerscancreatetheirbrandsandstorepersonalitiespositioningthemtoeffectivelycompetewithbig-boxretailers4
CompaniesthatprovidemarketingtoolsforindependentretailersarebecomingmoreandmorecommonSnapRetailisagreatexampleofthistypeofcompanyprovidingready-to-usemarketingforindependentretailersinavarietyofwaysFoundedin2010SnapRetailprovidesprewrittencontentintheformofe-mailssocialmediapostseventmarketingandmoreallspecifictoindependentretailersTheireasy-to-usemarketingsolutionhelpsretailerstobettermanagetheirtimewhilebecomingmoreengagedinallthenecessaryavenuesofretailincludingmarketingsocialmediae-maileventplanningandgeneralpromotionalexposureTeelesays
SnapRetailcustomersoftenseeabouta15to20percentincreaseinsalesandastrongerengagementthroughsocialmediawithcontinualuseofoursolutionOurmostsuccessfulretailersengagewiththeircustomersonsocialmediasiteslikeFacebookatleastonceadayandsendmeaningfule-mailstwotothreetimesperweek5
InChapter9wersquollfurtherdiscusshowSnapRetailrsquosmarketingsolutionsspecificallyapplytoonlineefforts
UsingE-mailtoCommunicateStoreMessages
Increasingyoure-mailopenratewhichidentifieshowmanypeoplewhoreceiveyoure-mailsactuallyreadthemisanimportantgoaltohaveYetretailersoftenstrugglewithwhattosayandhowtocreateastronglayoutfortheire-mailsSnapRetailrsquoslibraryofprewrittenandprofessionallydesignede-mailtemplatesdoestheworkforyouevenofferingacalendarfeaturewiththesoftwaresothatyoucanscheduleandmanageyoure-mailandothermarketingcommunicationsIncorporatingsolutionssuchasthisintoyourmarketingplanisagreatwaytomakeyourto-dolisteasierwithoutcompromisingthesuccessofyourstoreInfactthegoalistoincreaseitMarketingcommunicationsmanagerJessicaMorettiofSnapndashRetailisalways
searchingforthebestmessagesretailerscansharewiththeircustomersprovidingwithusfivetipsthatretailersshouldleanonwhencreatinge-mailsfortheircustomers
1ContentcontentcontentContentiskeytoengaginge-mailmarketingAlwaysensurethatyoure-mailscontaincontentthatistimelyrelevantandvaluabletoyourreaders
2LightscameraactionAgoode-mailcontainsoneclearcall toaction(CTA)YourreadersshouldknowexactlywhatyouwantthemtodoanditshouldberelativelyeasyforthemtocompletetheactionmdashldquoShopoursalerdquoldquoVisitourwebsiterdquoldquoPinyourfavoriteproductrdquo
3Keepitsimplestupid(KISS)BorrowapagefromtheNavyrsquoshandbookandfollowtheKISSrulewhenitcomestoe-maildesignKeepitsimplebyusingacolorpaletteofnomorethanthreecomplementarycolorseasy-to-readfontsandastructuredformat
4First impressions are everything Give your subject line the love andattentionitdeservesItrsquosthefirstthingyourreaderswillseeandcanmakeorbreakwhetheryourreaderswillopenyoure-mail
5Goneinlessthan60secondsResearchshowsthatyouhavelessthan60secondstograbyourreadersrsquoattentionbeforetheyclickawayfromyoure-mail Because of this it is imperative that your headlines and calls toactions are more compelling than that video of a sneezing panda yourreaderjustreceivedfromafriend6
Keepingthesefivetipsinmindremembertoalsoconsiderhowoftenyoureachouttoyourcustomersviae-mailYoudonrsquotwanttobombardyourcustomersrsquoe-mailin-boxeseverydaybutyoudonrsquotwanttogotoolonginbetweene-mailseitherRecentlyRetailMindedsurveyeditsretailaudienceandaskedthemhowoftentheyprefertoreceivee-mailsfromcompaniestheychoosetofollowaswellashowoftentheysendoute-mailstotheirowne-mailmarketinglistsInresponsetobothquestionsretailerssurveyedthroughRetailMindedcomanditssocialmedianetworksidentifiedonceaweekforeachscenarioAlthoughtherewillbeexceptionsifyouhavesomethingworthsharingwithyouraudienceonaweeklybasisane-mailblastscheduledonceaweekisagoodstartingpointtoplanforyourowne-mailmarketingeffortsTofurthersupportyoure-mailoutreachyouwanttoalsoevaluatethesuccess
ofeache-mailblastyousendoutAnalyzingtheresultsofeache-mailcampaignallowsyoutounderstandwhatismosteffectiveinyoure-maileffortsE-mailmarketingproviderssuchasSnapRetailConstantContactandMailChimpalloffere-mailanalysisaspartoftheirservicesandweencourageyoutomakeitaprioritytoevaluatetheseresultsonaconsistentbasisAmongthemanythingsane-mailreportmaytellyouiswhiche-mailswere
Amongthemanythingsane-mailreportmaytellyouiswhiche-mailswereopenedthemost(theiropenrates)whatdaysandtimese-mailssentweremostreadandwhetherornotpromotionsorincentivesofferedviae-mailgainedastrongerreturnthanothere-mailssentAlittlestudyingofthesereportscangoalongwaysobesuretoaddthistoyourretailto-dolist
UsingtheInternetasaMarketingPlatform
E-mailmarketingisnearlyaclassictechniquecomparedwithotheronlinemarketingeffortsyetitshouldnrsquotbeignoredasyouincorporateadditionalInternet-basedmarketingintoyoursalesandmarketingstrategyOnecompanythataimstospecificallysupportindependentmerchantsindoingthisisBoutiqueWindowThisNebraska-basedcompanydevelopedsoftwaretohelpretailersshowofftheirlatestinventorynewarrivalsstorepromotionsandmoreviaamerchantrsquosownwebsiteandsocialmediaWithasetupthattakesonlyminutesretailerscanuploadandeditphotosoftheirstoremerchandiseaddproductdetailstosupporttheirimagesandpublishimmediatelyonFacebookTwitterPinterestandtheirindividualbusinesswebsitesDoingthishelpsretailerstokeeptheirstorestopofmindfortheircustomersrsquoshoppinglistsanimportantfactortoincludeinyourownretailmarketingCofounderofBoutiqueWindowCourtneyRodgersbelievesthatevenifyou
donrsquotsellonlineyouronlinevisibilityissomethingyoucanrsquotignore
ConnectingwithshoppersonlineisessentialtothesuccessofyourbusinessevenifyoudonrsquotactuallyhaveanonlinestoreShopperstodayareengrossedinthedigitalworldmakingyourstorevisibilitypossiblewithonlyafewsimpleclicksWiththerapidgrowthofsocialnetworksandimprovementsinlocalsearchoptionscustomerscanaccessanyinformationtheywantonlinewithjustaclickortwoOfcourseifyouarenrsquotonlinethenyourstorewillmissoutontheseopportunitiesEvenbrick-and-mortarstoreswithnoplanstosellonlineshouldstillhaveanonlinepresenceforthisreasonalone7
BeingtopofmindisidealforanyretailerbutthosewhohaveyettomakeanonlinepresenceareboundtobeleftoutinthecoldBeingvisibleonlineisa
onlinepresenceareboundtobeleftoutinthecoldBeingvisibleonlineisamustthesedaysevenifyouhavenoplanstoeversellviathewebCreatingawebsitethatcomplementsyourin-storeexperienceandbrandidentityiskeyallowingcustomerstounderstandyourstorepersonalitybothonlineandofflinemorecohesivelyIn2012e-commercesalesgenerated$231billionintheUnitedStatesalone
accordingtomarketresearchfirmForresterThiscompanyalsofoundthatthegrowthofe-commercewhichin2012accountedforabout8percentoftotalretailsalesintheUnitedStatesisexpectedtooutperformthegrowthofbrick-and-mortarstoresoverthenextfiveyearsreaching$370billionby2017WiththesetypesofnumbersindependentretailersshouldnotchallengethequestionofiftheywanttosellonlinebutratherwhentheywillstartFortunatelycreatinganonlinepresenceiseasythankstoe-commercetemplatesfromavarietyofprovidersLeadingthismarketisShopifycomanonlinecompanythatsupportsemergingorexistingretailersandwholesalersintheireffortstocreatesavvycustomer-friendlyonlineshopsShopifyrsquos247supportandeasy-to-customizewebsitetemplatesareidealforindependentmerchantslookingtogetonlinequicklyeffectivelyandaffordablyInChapter9wersquolldiscusshowyoucanmaximizeyouronlinesuccessinmoredetailspecificallylookingatsocialmediaande-commerceldquoIndiemerchantshaveavarietyofchallengesbuttheirultimatechallengeis
alwaysgettingenoughtrafficintheirstoresmdasheitherphysicaloronlinemdashtokeeptheirlightsonrdquo8TexanretailerSuttonstatesWhilethiscouldnotbetrueritrsquosoftentheretailersthemselveswholeadthemselvestoturned-offlightsToavoidthisbecomingarealityforyourstorechoosetobeaggressiveinyourstoremarketingeffortstokeepupwithyourcompetitionandyourcustomersalikeFinallytohelpyoufurthernavigateyourmarketingsuccessasanindependent
merchantwersquoveidentifiedalistofmust-knowbusinessestohelpyoureachyourmarketinggoalsWealsoencourageyoutoexploreAppendixAforamorecomprehensivelistofbusinessesandresourcesthatcanhelpyourbusinessreachitsfullpotential
ResourcesEveryIndependentRetailerShouldKnowAbout
1AmericanIndependentBusinessAlliancewwwamibanetThisisa
nonprofitorganizationthathelpscommunitiesandretailerslaunchandoperatebuy-localcampaignstosupportlocalentrepreneursandeconomies2BoutiqueWindowwwwboutiquewindowcomThiscompanyprovidesonlinemarketingtoshowcaseinventoryviayourwebsiteorsocialmediaoutletsallowingretailerstoengagetheircustomerswithnew-productarrivalsandmore3MOOwwwmoocomThiscompanyprovidesbusinesscardspostcardsstorehangtagsandotherprintgoodsthatarestylishindesignandeasytocustomizetoyouruniquestoreneeds4PremierPackagingwwwretailpackagingcomThiscompanyprovidespackagingsolutionsthatcatertoretailerslookingtoincorporatepackagingoptionssuchasbagsgiftboxesandtissuepaperaspartoftheirstoreidentityandmarketing5RetailRadiowwwretailradiobizCustomizeyourin-storeexperiencewithmusicthatiscatereduniquelytoyourstoreandyourcustomerwhilealsoincorporatingcustomizedmessagingtocreatethebestpossibleambianceforyouruniqueretailspace6ShopifywwwshopifycomThiscompanyprovideseasy-to-customizeonlinestoretemplatesthathelpyoutosellonlineefficientlyaffordablyandprofessionally7SmartSignwwwsmartsigncomSignagecansupportyourstorecommunicationtohelpcustomersnavigateyourstorespaceandmaximizetheirstoreexperienceUsefordisplaymerchandisingorpromotionandincorporatesafetysignagesuchasldquoEmergencyExitrdquoorldquoEmployeesOnlyrdquoaswell8SnapRetailwwwsnapretailcomThiscompanyprovidesprewrittencontentandgeneralmarketingsupportthatincludese-mailsocialmediaandeventmanagementspecifictoindependentretailers9TriparInternationalwwwtriparcomThiscompanyprovidesvisualdisplaysandfixturesthathelpyoutobeautifullyshowcaseproductengagecustomersanddrivesaleswithproductsthatincludetabletopdisplaysjewelrystandseaselspoint-of-sale(POS)accessoriesandmore
10VendwwwvendhqcomManageyourcustomerloyaltyinventoryandPOSsystemswithoneeasy-to-usesoftwareprogramthatisaccessibleon
aniPadcomputersmartphoneoranydevicewithawebbrowserWhilenotmarketing-specificthiscompanyrsquosPOSsoftwarecanhelpyoustreamlinetheentireoperationalproceduresofyourstoreincludingcustomermanagementandexposure
UsingthischapterasyourreferenceyoucanseejusthowmanybusinessesareavailabletohelpyoureachyourfullmarketingpotentialaswellastheneedtoincreaseyourstorersquosvisibilityInthechaptersaheadwersquolldiscussadditionalwaystogeneratemoreexposureforyourstoreultimatelytohelpincreasesales
ActionGuide
CreatingastorepersonalityisakeystepinseparatingyourbusinessfromothersMerchantsshouldtakethetimetoidentifyhowtheywanttobeperceivednotonlybycustomersbutalsobytheircompetitionIdentifyingthecharacteristicsofyourstoreisanimportantstepalthoughitrsquosalsocriticaltorecognizewhetheryourstorersquosperceptionmatchesyourintendedrealityOnewaytodothisistoputyourselfintheshoesofacustomerPuttingyouremotionsasidechallengeyourselftotakeontheroleof
customerinyourstoreBequicktojudgeandimpatientasyouevaluateyourstoreallowingyourselftoholdcharacteristicsofcommoncustomersintodayrsquosbusymarketplaceWithyourmind-setcommittedtobeingthatofacustomerinsteadofastoreownerwalkintoyourstoreandcritiqueyourstorersquosenvironmentAnswerthefollowingquestionsasobjectivelyaspossibleMoreoverinviteatleastthreeandideallyupto10otherpeopletocompletethissameexercise
1WhatdoyouimmediatelyviewasmostappealinginthestoreWhy2WhatdoyouimmediatelyidentifyasleastappealinginthestoreWhy3WhatdiditfeellikewhenyoufirstenteredthestoreExplainyour
emotionalreactionsuchasldquowelcomingrdquoldquoclaustrophobicrdquoldquoengagingrdquoldquodistractingrdquooranythingelseyoumayfeel4ArethereanydistractionsintheretailspacethattakeyouawayfromshoppingorwantingtobrowsethestoreThismayincludepeoplenoisedisplaysoranythingelse5WhatitemsifanylookoutofplaceinthestoreWhydoyouthinkthisis6WhatitemsstandoutthemostWhy7DoanyitemsstrikeyouasbeingoutofplacewithinthestoreassortmentPleaseexplain8ArethereanyitemsthatyoudonrsquotseeinthestoreassortmentbutbelievewouldmakesensetohavePleaseexplain9DothedisplaysengageyouasacustomerHowso
10WhatareasofthestoreappearmostaccommodatingforshoppingandenjoyingPleaseexplainwhyyouthinkthis11WhichareasofthestoredonotattractyoutothematallPleaseexplainwhyyouthinkthismaybe12DoesthestoreappearcleantoyouDoyouseeanyvisibledustorotherdirt13Forstoreswithpublicrestroomswhatimpressiondoestherestroomgiveofftoacustomerobservingit14Doesthecash-wrapareaprovidecustomerswithaplacetoresttheirpurseorsignareceiptandenjoytheircheckoutexperience15Dothewallsneedafreshcoatofpaint16AretherevisibleareasofthestorethatlookasiftheyneedsomeTLCorsomekindofrepairPleaseexplain17Doanystorefixturesoverpowertheinventoryorrestrictyouasacustomerfromshoppingandenjoyingthestoreexperience18DoesthestoresignageattractyourattentionWhyorwhynotIsiteasytoidentifywhatisonsalestorepoliciesspecialannouncementsandmore19Doesanyunstockedinventoryappeartobeonthesellingfloor20Whatisyourultimatefinalimpressionofthestore
OncecompletedreviewyourresponseswithanopenmindandidentifycommonresponsesamongallparticipantsWorktostrengthentheareasidentifiedasneedinghelppositioningyourselftobettersupportyourcustomersandyouroverallbusinesssuccess
PARTIII
MakingaMarkintheEconomy
9
MakingYourPresenceOnline
Makeyourproducteasiertobuythanyourcompetitionoryouwillfindyourcustomersbuyingfromthemnotyou
mdashMarkCuban(1958ndashpresent)DallasMavericksowner
businessmaninvestorONEOFthegreatestmisconceptionsaboutbrick-and-mortarindependentretailisthatitrsquosasolitaryendeavorSmall-businessownershavecountlessoptionsbeyondtheirstorewallsallowingthemtoconnectand
engagewithvendorsretailsupportersandcustomersalikeAmongtheseoptionsaree-commerceandsocialmedia
Ecommercehasgainedabadreputationamongindependentretailersbecauseofthesuccessofbig-boxplayerssuchasAmazonWalmartStaplesandothersAlthoughthisisunderstandableitdoesnrsquotmeanthate-commerceshouldbeignoredbyindependentretailersInfactitmeansthatitshouldbeembracedChoosingnottoengageine-commerceonlyeliminatestheadditionalrevenueandexposurethate-commercecanprovideInternetRetailerMagazinersquoseditorinchiefDonDavissharedhisthoughtsonthevalueofsellingonlineemphasizingaretailerrsquostotalreachofpotentialconsumers
Smallbrick-and-mortarretailerscanreachamuchbroaderaudienceonlinethantheycanintheirphysicalstorefrontsaloneWithaphysicalstoreyoucanonlyreachtheconsumerswithindrivingdistancewithanonlinestoreyoucanatleastreachacrossthecountryandwithalittleefforttheworldMostconsumersareshoppingonlineandabigmajorityofaffluentconsumerswiththemostdisposableincomeareincludedinthisaudienceWithoutane-commercesiteanindependentretailercanrsquotreachmillionsofconsumers1
HarleyFinkelsteinanentrepreneurattorneyandchiefplatformofficeratShopifycomagreeswithDavissharinghisbeliefthatmerchantsshouldnotdifferentiatebetweenofflineoronlinesalesbutinsteadlookatthemtogetherldquoInmyopinionthefutureofe-commercebelongstosmallbusinessesThisisthebiggestopportunityforretailerssincefarmerrsquosmarketsbeganhundredsofyearsagordquo2Finkelsteinexplains
EmbracingEcommerce
Expandingyourreachamongpotentialcustomersseemslikeano-brainerbutmanyretailersarestillhesitanttointroduceanonlinebusinessasasupplementtotheirbrick-and-mortarstoresFortunatelythehasslesandfrustrationsthatpreviouslyexistedwithmanagingonlineshopsareathingofthepastthankstocompaniessuchasShopifycomanonlinecompanycommittedtohelpingsmallbusinessescreatebeautifule-commercestoresthroughitseasy-to-implementwebsitetemplatesFoundedin2006ShopifyhasgrowntosupportovertensofthousandsofonlineretailersacrosstheworldThroughitsplatformuserscaneasilyandquicklycreatetheirownonlineshopswithouthavingtodealwithallthetechnicalworkinvolvedindevelopingacustomizedwebsiteEssentiallyShopifyeliminatesthehassleofrunninganonlinestoremdashsomethingbusystoreownerscanappreciatemdashyetdeliversanopportunityforbrick-and-mortarmerchantstoexpandtheirsalesandvisibilityonlineldquoPeoplesometimeshavethisperceptionthatsettingupanonlinestoreis
difficultandexpensivebutthatrsquosnotthecaserdquo3FinkelsteinexplainsInadditiontoFinkelsteinrsquosowntwocentswehaveexperiencedusingaShopify-basede-commercesitefirsthandonmorethanoneoccasionHavingbeenablenotonlytobuildawebsitethroughShopifybutalsotonavigateandshopShopify-managedwebsitesasaconsumerourcollectiveexperienceallowsustoconfidentlysupportShopifycomasournumberonechoicefore-commerce-basedwebsitetemplateoptionsAmongthevarietyofreasonswepreferShopifyisthatthecompanyoffersadiverserangeofoptionsthatcatertoalltypesofretailerswhilemakingtheuserexperiencefromboththeretailersrsquoandtheconsumersrsquoperspectiveseasyandmdashdarewesayitmdashenjoyableForexampleShopifyoffersanumberofe-commercepackagesthatfitany
retailerrsquosbudgetWithoptionsthatincludeattractivewebsitetemplatesproduct
imagesgiftcardsshopping-cartfeaturescarriershippingandmuchmoreretailerscanconfidentlymanageanonlinestorewithoutwonderingiftheyhavecoveredalltheirbasesAnotherperkofusingane-commercetemplatecompanysuchasShopifyisthatasyourbusinessgrowsandyouronlinesalesincreaseyoucancomfortablyexpandyoure-commercesupportviaShopifywithjustafewsimpleclicksOneexampleofaretailerthatdidjustthatisBeardbrandwhosewebsiteisBeardbrandcomBeardbrandamodernretailerthatsellsgroomingkitsbeardcareandother
lifestyleproductsformenfirstcreatedaShopify-basedstoreinearly2013FounderEricBandholzhadbeenbloggingaboutbeardsforawhilesoheknewafewthingsaboutbeingvisibleonlineThissaidhedidnrsquotknoweverythingheneededtostartandmanageane-commercebusinessThisiswhereShopifycomenteredthepictureDespitehavingonlythreeproductsandnoestablishedsalesBeardbrandfoundinstantsuccessandwasevenfeaturedintheNewYorkTimesmdashanimpressiveaccomplishmentforaretailerthatonlyayearpriorhadnoe-commercebusinessSincethenBeardbrandcomhasexpandeditslineandnowgeneratesupto$60000monthlymdashanumberthatcontinuestoincreaseAnotheronlinesuccessstoryfromaverydifferentnicheretailmarketisthat
ofFringeSportaTexas-basedretailerthatcaterstotheat-homegymenthusiastBrothersPeterandAlexKellerfoundedFringeSportin2010andwithinthefirstyearthecompanybroughtin$100000throughitsonlineShopify-basedstoreBy2012theKellerbrothershadintroducedadditionalbrick-and-mortarlocationsaswellasawholesaleprogramcollectivelygenerating$1millioninrevenuein2012aloneIn2013thatnumbergrewto$3millionOfthat$3million60percentcamefromtheonlinestore
RETAILTIPOneofthemanyperksofusingatemplate-basede-commercewebsiteis
thatitmakeswebsitemanagementeasyandaccessibleformerchantstouseAnexampleofthiscanbefoundbelowinascreenshotfromShopifycomwhereyoucaneasilyidentifywhenorderswerereceivedonlineandhowmucheachorderwasforInadditiontoidentifyingdailysummariesofonlinesalesShopifycomidentifiesweeklymonthlyandtotalsalesmadethroughouteachyearCollectivelytheirextensivereportingande-commercemanagementhelpretailersidentifysalestrendsmissed
opportunitiesandmore
HavinganichemarketcertainlyhelpsretailersBeardbrandandFringeSportstandoutinthemarketplacebutanotherkeyfactortorecognizehereisthedesignandaestheticsoftheironlinestoresBothstoresareeasytonavigateallowingcustomersfromanypartoftheworldtoshoptheirweb-basedstoreswitheaseSupportingyourcustomerswithawell-thought-outeasy-to-navigatewebsiteisnodifferentthansupportingyourcustomerswithawell-thought-outeasy-to-navigatephysicalstorefrontBotharecriticalinkeepingyourcustomersrsquoattentionbuttheyvarytremendouslyinthetricksandtipsnecessarytoaccomplishthisgoalUnlikerunningyourownbrick-and-mortarstoremanagingane-commerceshopdoesnrsquottakeasmuchtimetosetupmanageormerchandisemdashallowingyoutonearlyeffortlesslyintroducethistoyoursalesstrategyparticularlyifyoualreadyhaveanexistingbrick-and-mortarstorewithstockreadytosellThekeyhereasalreadymentionedisusingatemplate-basede-commercewebsitesuchasShopifycomversustakingthetimetocreateyourownwebstorefromscratchNotonlywillthissaveyoutimebutyouwill
alsolikelysavemoneywhenpositioningyourselfonlineinthiswayWhetheryoucurrentlyhaveanonlinestoreplantointroduceyourfirstone
soonorarestillupintheairastowhetherornotyouwanttobringyourbusinessonlinethefollowing10tipsshouldbeconsideredwhenbuildingyourwebpresence
1FocusonwhatrsquosuniquetoyouAsInternetRetailerMagazinersquoseditorinchiefDonDavissharesldquoThereisnopointintryingtocompeteinsellingstandardpapertowelsorsockswithAmazoncomorWalmartcomTheyrsquollkillyouinpriceInsteadfocusonsomethingmoreunusualsuchasaselectionofcrochetingwoollocalhandcrafteditemsoradeepselectionofoliveoiltocaptureabuyingmarketforyourgoodsonlinerdquo6
EXPERTSPOTLIGHTAccordingtoBoutiqueWindowcofounderCourtneyRodgershavingan
onlinepresenceasaretailerisnolongeroptionalldquoDoingapoorjobofrepresentingyourstoreonlinereflectsnegativelyon
yourstorersquosbrandKeepingyourwebsiteandsocialmediaprofilesuptodateshouldbeworkedintoyourregularbusinessscheduleMakesureyoursquorepostingnewmerchandisetoyourwebsiteasitarrivesandsticktoaconsistentsocialmediascheduleaswellrdquo4Rodgerrsquosadvicetomakeyouronlinepresenceapriorityisnrsquotsharedby
heropinionaloneldquoForresterResearchestimatesthatin2014505ofin-storeretailsales
willbeinfluencedbyonlineresearchCommunicatingwhatiscurrentlyinyourstoreisthebestwaytoattractnewcustomersandturnexistingcustomersintorepeatloyalshoppersBeingonlinewillhelpyoudothisrdquo5Rodgersexplains
2CreatestrongproductdescriptionsUnlikeaphysicalstorefrontthathasasalespersonavailabletoanswercustomerquestionsorshareproductinformationanonlinestoreneedstospeakforitselfMakesurethatyouronlinewrittencommunicationisdetailedandeasyto
understandallowingyouronlinecustomerstogainasmuchinformationaboutyourproductsaspossibleFurthermoreyoushouldaimtoprovideengaginginformationtocomplementthegreatproductdetailsyouaresharingKeepingyouraudienceintriguedwillaffectyourcustomerengagementsochoosingtherightwordsiscriticalwhensellingontheweb3UsecrispclearimagesoftheproductsyousellonlineWhileyourproductdescriptionsneedtobestrongyoudonotwanttoneglectyourproductpictureseitherWithoutcustomersbeingabletotouchholdsmelltasteorotherwiseengagewiththeproductstheyareinterestedinyourproductimagesmustreallystandoutandcaptureyourcustomersrsquoattentionDependingontheproductyouaresellingmultipleimagesperproductmaybenecessarytoreallyallowyourcustomerstofeelasiftheyhaveasolidunderstandingofwhatthatproducttrulylookslikeIftakingpicturesisnotyourexpertisebesuretorequestproductimagesfromyourvendorsandalsoconsideranoutsidecompanysuchasBuyersPacketcomwhichoffersastudioeffectservicethatcantakeanypictureandmakeitappeartohavebeenprofessionallyphotographedYoualsoshouldaimtohavehigh-resolutionimagesonyourwebsiteaswell4BeconsistentinyourproductlayoutWithbothyourproductdescriptionsandimagestobeconsideredhereyouwanttohaveaconsistentlayoutforyourentireonlineinventoryInotherwordsdonotgiveexpandeddetailsononeitemandwriteabriefoverviewonanotherorshowacrispclearpictureofoneproductandthenablurrylow-resolutionimageofanotherCustomerswanttheirentireonlineshoppingexperiencetobegreatmdashnotjustsomeofitConsistencyiskeyinachievingthis5IdentifyyourshoppingcartoptionatalltimesWhensellingonlineashoppingcartisreferredtoastheplaceinwhichproductslandonceacustomeridentifiesthemassomethingtheywouldliketopurchaseHavingthisshoppingcartvisiblewithaniconallowsyourcustomerstocheckitemsintheircartsandeasilycheckoutwhentheyarereadyComplicatingthesetwocriticalstepsbymakingyourcustomerssearchforthispartofyourwebsitewillonlydecreaseyourchanceofcapturingtheirsales6DisplaycompanycontactinformationanaboutuspageandotherhighlighteddetailsBynowhopefullyyoursquoverealizedthataneasy-
to-seeandeasy-to-navigatewebsiteiskeytosuccessfullysellingonlineThisalsoholdstrueforanyotherdetailsacustomermaywanttogainfromyourwebsiteincludingcompanycontactdetailsdealsandpromotionsanaboutuspageandmoreWhilesharingthesedetailsmaynotseemlikeabigdealwhatyouarereallydoinghereisgainingtrustfromyourcustomerConsumersonlinewanttofeelsecurewhenshoppingandofferingthemeasy-to-accessdetailsaboutyourcompanycanhelpyouachievethis7OffermultiplepaymentoptionsThelastthinganonlinemerchantwantstoseehappenisgettingabunchofshoppingcartsfilledtopurchaseonlytohavethembecomeabandonedAmongthereasonsthismayhappenisbecauseacustomerdoesnotlikethepaymentoptionsavailableonlineWhenidentifyingwhatchoicesyouwantyourcustomerstohaveinmakinganonlinepurchasevarietyiskeyHavingmultiplepaymentoptionsensuresthatyoumeetmultiplecustomerpreferencessavingyouyetanotherhassleoftryingtoidentifywhatisbestIncludingPayPalandmultiplecreditcardoptionsistypicallymostpreferredbycustomers8Leanone-commercespecificresourcestohelpyoumanageyourbusinessTheannualInternetRetailerConferenceandExhibition(IRCE)offers200+speakersoverafour-dayperiodattracting600ormoree-commercetechnologyandservicevendorstogetherinoneplaceAsDavistellsusldquoWhateveryouneedtosellonlineyoucanlearnaboutitandfindtherightprovidersforyourgoalsatIRCErdquo7ThisisagreateventtoconsiderattendingalthoughyoualsocanstayinthecomfortofyourstoreandvisitInternetRetailercomforfreetrustede-commercesupportaswellasrefertoShopifycomrsquosEcommerceUniversityandgloballyrecognizedblogforadditionale-commercenewseducationandsupportaswell9AvoidchargingforshippingwheneverpossibleWecertainlyunderstandthatthisisnotalwaysthecasebutifyoucanfactorinoccasionalfreeshippingopportunitiesoreliminateshippingcostsaltogetheryouwillbemorelikelytoincreaseyouronlinesalesOnewaytoincorporatethisintoyoursalesstrategyistoeliminateofferingproductdiscountssuchas15percentoffandinsteadapplythesesavingstoyourshippingCustomersnowadaysarebecomingincreasinglymoredependentonfreeshippingthankstoourbig-boxcompetitorssoyouwanttoacknowledgethisrealityheadonrather
thanavoiditWhenshippingcostsarenecessarymakesurethatyouofferthemosteconomicaloptionspossible
10KeepyourcustomerstopofmindineverydecisionyoumakeAreyoutryingtoattractGenerationYconsumersornear-retirementfolksWhomeveryouraudienceneverlosesightofthemasyouasdevelopyouronlinestoreIfyourpreferredcustomersaremoreGenerationYthanbabyboomersconsiderintroducingvideosonyourwebsiteBeproactiveinknowingwhoyourcustomersareandcateringtotheiruniqueonlinepreferencesthereforebettersupportingtheirshoppingexperiencesThisreallyisnrsquotthatmuchdifferentfromchoosingtocreateonedisplayinyourphysicalstoreversusanotherdevelopingitwithauniqueaudienceinmindAndtruetoeverydecisionyoumakeregardingyouronlinestorealwaysmakesurethatusernavigationfromaconsumerrsquosperspectiveiseasyandsecure
WithonlinespendingprojectedbyForresterResearchInctoreach$370billiongloballyby20178itrsquoshardtoignorethevalueofsellingonlineWhetheryouarebasedinruralOklahomaorthebustlingstreetsofBrooklynyouronlinestorehasthepotentialtohaveaglobalaudienceHowyoucapturethisaudiencedependsonyouronlinemarketingeffortshoweverAmongthevariouswaysinwhichyoucandothisissocialmediaHavingbeenaroundsince1994socialmedianolongerconstituteanewtrendthatretailersshouldbeawareofInsteadsocialmediashouldberecognizedasestablishedinteractiveexperiencesthatallowmerchantstoexchangeinformationwithinvirtualcommunitiesandnetworksmdashreachingbothcurrentandpotentialcustomers
SocialMediainTodayrsquosRetailMarketplace
OvertheyearstherehasbeenanongoingdebateastohowsocialmediadelivervaluetosmallbusinessesMuchhasbeensaidaboutthelackofmeasureableresultsgeneratedbysocialmediaspecificallyintheindependentarenaAccordingtoldquo2013SocialMedia300RankingE-RetailrsquosLeadersinSocialMediaMarketingandCommercerdquofromInternetRetailerMagazine9howeverrefutingthisclaimreliesheavilyonprovingthatsmallbusinessescaninfactfindsuccessandgeneratesalesusingsocialmediaaspartoftheir
strategiesLeadersonthelistincludePetflowcomFabcomandCoastalcommdashwithretailgiantssuchasWalmartTargetandBestBuynotevenmakingthetop100
EXPERTSPOTLIGHTInadditiontohavingyourownwebsitemanyindependentretailershave
foundsuccessexpandingtheirproductassortmentonwebsitesthatincludeAmazoncomeBayandSearscomThesesiteshaveuniquesellingplatformsthatcollectivelygeneratemillionsofwebvisitorseachdayWiththisinminditmaymakesensetoalsoexpandyouronlinepresencetoincorporatetheseonlineavenuesSkipMcGrathisaprofessionaleBayandAmazonsellerwhoiswidely
recognizedasanindustryexpertinsellingonbothofthesewebsitesBelowheshareshisinsightonhowindependentretailerscanbenefitfromapplyingtheirsalesstrategytoincludesellingonAmazoneBayandSearsldquoItusedtobeastorecouldopenawebsiteandgettrafficbuttheworld
ofGooglehaschangedandtodayitisverydifficultforasmallshoppingsitetogetanytractionwithsearchenginesHoweveronlinesellingsitessuchasAmazoneBayandSearscomalreadyhavetrafficcomprisedofcustomerslookingforthingstobuyAddingoneormoreoftheseavenuescanhaveanimmediateeffectonaretailerrsquossalesAsyoulooktogetstartedinexploringtheseavenuesyoushould
considerthefollowingTostarteBayusedtobekingofthemountainwhenitcametosmallsellerslookingforawaytoexpandonlineButeBayhaschangedandisnolongeraswelcomingtosmallersellerseBayisstilltheplacetosellusedandvintagegoodsbutAmazonhasgrabbedmarketsharewhenitcomestonewmerchandiseAndAmazonwelcomesnewsellersandgivesthemgreatsupportSearshasalsoenteredthegameandisexpandingrapidlyButAmazonisstillthebestplacetostartOnemorethingtothinkaboutisthepotentialfornewcustomersyoucan
gainthroughthesesellingavenuesIfyouhaveastoreinasmalltownorashoppingmallyouareexposedtothousandsofpotentialcustomersbutwhenyouexpandonlineitslikehavingastoreinacitywithapopulationofahundredmillionormorerdquo11McGrathsharesadditionalinsightonsellingoneBayAmazonandSears
onhiswebsitewwwSkipMcGrathcom
ldquoPetFlowcombringsin30percentofitstotalsitetrafficandoverallrevenuefromsocialnetworksmdashmostlyasaresultofalaser-likefocusonbuildingandmaintainingaloyalFacebookfanbaseandregularpoststhatspeaktotheirfollowersrsquoinnerpetloverrdquotheguideidentified10AlsoitstatedthatFabcomreceived25percentofitswebsitetrafficfromsocialnetworksmeaningthataquarterofallitsonlinevisitorsareadirectresultofsocialmediaengagementAthoughtheseonlinestoresarenotyourtraditionalMainStreetmerchants
theirsuccesswasfoundstrictlyusingtheInternetastheirsellingplatformEvenifyouneverstrivetohavemoreonlinesalesthanofflinerecognizingthevalueofblendingbothstrategiestoincreaseyourtotalsalesisagoodgoaltoaimforThatsaiddonrsquotbesurprisedifyourhardworkdeliversstrongersalesonlinethanoffAfterallyourreachofconsumersismuchgreateronthewebthanviaanystorefronteverandthiscanonlystrengthenwiththehelpofsocialmediaUsingsocialmediatoincreaseyouronlinesalescertainlymakessensebut
Massachusetts-basedretailstoreJennyBostonafive-locationboutiquesellingpursesaccessoriesandotherwomenrsquosfashionapparelintheBostonsuburbsalsofindsthatsocialmediahelptobringfoottrafficintotheirstoresJennyBostonco-ownersJenniferDeMariaandKristinMaynardbegan
postingandsellingitemsonFacebookinOctober2012Sincethennotonlyhavetheironlinesalesexceededthoseoftheiractualphysicalstoresbuttheyrsquoveincreasedtheirin-storefoottrafficasaresultofpeoplepickinguptheiritemspurchasedonlineandoftenmakingafewmorepurchasesonceintheboutiquesThistypeofchainreactionthatbeginsonasocialmediasitesuchasFacebookmdashwhichhas15billionplususersandgrowingmdashisproofthatsellingonlineusingsocialmediaandhavingaphysicalstorefronttrulygohandinhand
AlthoughaimingtogainstoreattentionandsalesshouldalwaysbeyourgoalitrsquoseasyforindependentretailerstofeelasiftheycanrsquotdoitallYourto-dolistsarelongandaddingyetanotherresponsibilitytoyourplateoftencanseemoverwhelmingldquoStudyafterstudyhasshownthatsmallbusinessesbelieveinthepowerof
socialmediabutdonrsquotparticipateactivelyfortworeasonsThisincludesnot
havingtimeandnotknowingwhattosayrdquoexplainschiefoperatingofficerSuzyTeeleofSnapRetailcom12SnapRetailanonlinemarketingcompanythatprovidesmarketingsolutions
specificallyforindependentretailersdemonstratesthatautomatedmarketingsolutionscanhelpbusyretailerstoactivelyparticipateinsocialmediawhilesavingtimeanddeliveringprewrittencontentTeelecontinues
SelectingamarketingautomationsolutionthatprovidesprewrittencontentcandelivereasewhilebeingeffectiveforretailersWhenaretailerhasinterestingcleverormeaningfulsocialmediapostsattheirfingertipsandcanbrowseandscheduleamonthrsquosworthormoreatatimetheanxietyaboutsocialmediagoesawayandtheretailersuccessfullyengageswiththeircustomersinstead13
UsingstrongengagingcontentonyoursocialmediapostsisanimportantpieceofthesocialmediapuzzleMoreimportantisgettingengagedinsocialmediatobeginwithWithoutparticipatinginthesekeyconsumervirtualcommunitiesyouaremissingoutonopportunitiestocommunicatewithyourcustomerswhilealsowillinglyallowingyourcompetitiontogainmoreattentionandultimatelysalesthatcouldbeyoursEdClearypublisherofthewebsiteRetailTouchPointsbelievesthat
independentretailersshouldnotneglectsocialmediamdashnomatterhowbusyorstretchedfortimetheythinktheymaybeClearysays
RETAILTIPSnapRetailoffersprewrittensocialmediapostsforretailerstochoose
fromofferingquicktimelyandeffectivesocialmediapostsforthemtoengagetheircustomerswithSnapRetailalsooffersimagestoaccommodateyourpostsincreasingyouruserexperienceandsocialmediasuccessBelowisanexampleofwhatSnapRetailrsquossocialmediagallerylooks
likeKeepinmindthatwhenvisibleonlineandincolorthisuserpagebecomesclearerandeasiertonavigate
IndependentretailershavegreatopportunitiestosharewhatisgoingonintheirstoresbothonlineandviasocialmediaIseewaytoomanysmallretailersthathavefantasticin-storeexperiencesbutyouwouldneverknowthatunlessyouarephysicallyintheirstoresDevelopinganonlinecommunicationplanincludingane-mailmarketinglistandusingsocialmediaallowsretailerstosharetheirstoriespersonalmessagesproductnewsandmoreonaconsistentbasisConsistencyiskeyhereallowingstorestoremaintopofmindfortheircustomers14
EchoingClearyonthispointareRichKizerandGeorganneBenderinternationallyrecognizedretailexpertsandkeynotespeakerswhospendtheirdaysresearchingbestpracticesforretailersMoreoverKizerandBenderemphasizethevalueofreachingyourtargetaudiencewithanauthenticvoice
HerersquosthethingaboutsocialmediaitrsquosfreetousebutitrequiresaninvestmentoftimewhichcanoftentranslatetomoneymdashafteralltimeismoneyWersquovealwaysconsideredsocialmedianodifferentthananonlinepartythatrequiresconstantattentionfromyouthestoreownerorstoreteamwhichtranslatestothestorersquospersonalityitselfYouneedtoengagedailyonsocialmediaandnotneglectyourpartygoersakacustomersWhilethereareallsortsofcompaniesandappsthatofferyoutheabilitytopreplanpostsandcommunicateviasocialmediawithyourcustomersthereisnothinglikedoingityourselfYourfansandfollowerswanttocommunicatewithyou15
AkeytakeawayfromKizerandBenderrsquosthoughtsonsocialmediaistoalwaysreactrespondandreplytoanysocialmediacommentspostsquestionsorotheractivitysharedwithyouoryourstoreviasocialmediaKizerandBendersuggestsettingasidehalfanhouradaytocheckyoursocialmediasitesallowingyoutodothefollowing
1ListenReadwhatrsquosbeingsaid2InteractRespondtocomments3ReactAnswerquestionsandrespondtocomplaints4SellYoucanpushmerchandiseabouteveryfifthpostRememberitssocialmedianotacataloglistingofwhatyousell16
InadditiontoKizerandBenderrsquostipsonbeingengagedonsocialmediaSnapRetailbelievesinaruleithastaglinedasthe70-20-10ruleThisindicatesthat70percentofyoursocialmediaexperienceshouldbeengagingcontent(egfunfactsexpertadvicequestions)20percentshouldbesharedcontent(egothercustomerspartnerstoresvendorinformationetc)and10percentshouldberelatedtotheproductssalesorotherinformationaboutyourstoreAsSnapRetailrsquosSuzyTeeletellsmeldquoThisistherightbalancetobuildastrongresponsivefollowingrdquo17
PartoffindingtherightbalancealsomeansidentifyingwhichsocialmediachannelsmakethemostsenseforyouraudienceFacebookandPinteresttendtogeneratethemostlinkbacksthatleadtoconsumerpurchaseswithTwitterInstagramandGoogle+alsousedtoengageyourtargetconsumeraudienceRememberthatdespitethisdiverserangeofsocialmediaoptionsthereistrustedsupportforthosewhosimplydonrsquothavethetimetomanagethemeffectively
SnapRetailcomandBoutiqueWindowcomarebothcompaniestoconsiderwithcountlessappsalsoavailabletohelpyoumanageyoursocialmediacommunication
EXPERTSPOTLIGHTSocialmediaoffersawayforretailerslargeorsmalltoconnectwith
customersonadailybasisAmongthetopsocialmediasitesforretailerstodothisisFacebookwherefrequentusersarereportedlyloggingontotheiraccountsasmanyas10timesperdayBoutiqueWindowisamarketingplatformdesigneduniquelyfor
independentretailerstoshareproductimagesandmoreviasocialmediaCofounderEllaWirtzencouragesretailerstoincorporateFacebookintomarketingstrategiesasawaytostayengagedwithcustomerswhilealsopushingsellingopportunitiesldquoFacebookistheperfectplatformtosharepicturesofnewproduct
arrivalslast-minutesalesspecialeventsstorepromotionsandmoreFurthermorekeepyourFacebookupdatesfreshbysharinginterestingadviceproducttipsandseasonalrecommendationsalongwiththeproductimagesyoupostYourpicturesarekeyhoweverThisiswhatwillgetyourcustomersmostexcitedrdquo18
Finallyinthespiritofreachingthousandsandaimingtoincreaseyoursalesbythousandswersquoveidentifiedatop10listofresourcestohelpyouinyouronlinesalesandsocialmediainitiativesPleasenotethattherecommendedresourcesarelistedalphabetically
1BoutiqueWindowBoutiqueWindowcomShowcasemerchandiseonFacebookTwitterPinterestandyourwebsitethroughBoutiqueWindowrsquosphotoeditingtoolsandonlinepublishingcapabilitiesThissavvyonlinemarketingcompanywascreatedentirelyforindependentmerchantshelpingyoureachmorecustomersgainmoresalesandincreasestorevisibility2DoItInPersonDoItInPersoncomThisonlineeventplatformallowsretailersandotherbusinessestomanageandpromotetheir
eventsinoneconvenientplace3InternetRetailerMagazineInternetRetailercomThisdigitalandprintpublicationproducesaflagshipmagazineaswellasfourannualresearchguidesspecificallyonthesubjectofsellingonlineLeanontheirfreeonlineblogforadditionalnewspertainingtoe-commercesocialmediamobilemarketingandmore4RetailTouchPointsRetailTouchPointscomGaintimelyarticlesonretainingcustomersinthediverseworldofmultitouchretailingfromthisfreesubscription-basedresourceRetailTouchPointsisdesignedforretailexecutivesbutsharesvaluablereportsandindustrynewssothatretailerssmallandlargecanlearnmore5ShipwireShipwirecomIfstoragebecomesanissueandyouroneormorestorefrontsoutgrowyouronlinesellinginventoryShipwirecansupportyouinstoringyourproductprovidingfastandreliableshippingmanagingyourdistributionsanddeliveriesandmuchmuchmoreTheirultimategoalistohelpyousavetimecostandcomplexitymdashwhichanyindependentretailerknowsisagoodgoaltohave6ShopifyShopifycomThankstoe-commercetemplateoptionsretailerscanintroduceanonlinestoreinseveneasyhassle-freestepsfromShopifyInadditionthecompanyrsquosblogandEcommerceUniversityshareatremendousamountofvaluableinformationandnewsaboutsellingonlineandengaginginsocialmediathatallretailerscanlearnfrom7SnapRetailSnapRetailcomCommunicatewithyourcustomerswithautomatedprewrittensocialmediae-mailmarketingandgeneralstorecommunicationscontentInadditiongainaccesstocountlessimagesandotherpromotionalmaterialsprovidedbySnapRetailspecificallyforindependentretailersSnapRetailalsooffersitsusersamanagementcalendartotrackstoreeventsonlinepromotionse-mailblastssocialmediaupdatesandmore8SoldsieSoldsiecomSoldsieallowsretailerstobringtheirwebstorestoFacebookItrsquoseasytousefunforcustomerstoengageandhelpstoturnsocialmediacommunicationintosalesAlthoughthereareotheroptionstoconsiderincludingBeetailercomSoldsieisaretailerfavorite9VineVinecomThisTwitter-ownedmobileappreached40million
usersinAugust2013andcontinuestogroweverydayUsedtoincorporatevideosintoyouronlinemessagingVineallowscustomersandretailersaliketoengageviavideowiththeopportunitytoshareabehind-the-sceneslookatyourstoreofferproducthow-tosshareindustryupdatesandmoreEssentiallyitbringsyourpersonalityaliveandallowsyourcustomerstobecomeevenmoreconnectedtoyourbrandandyourbusinessItrsquosalsoagreatwaytochallengeyourcustomersviacontestsonlinetosharetheirownvideoswithyou
10WishpondWishpondcomWishpondisanappthatmakesiteasytorunagroupofferorsocialmediacontesttodrivesalesandtraffictoyourwebsiteorstorewithcouponsandotherspecialoffersviaFacebookTwitterPinterestyourwebsiteandmobiledevicesSeventy-thousandplusbusinessesusethiswithtrustandtheirsupportisconstantlyevolvingwithretailersinmind
Engagingonlineaspartofyourbrick-and-mortarstrategyisavitalpartinbothreachingandkeepingtodayrsquosconsumersmdashwhetheronlineorinyourphysicalstorefront
Althoughincorporatinganonlinepresenceintoyourbusinessisvitalintodayrsquosmodernmarketplaceitrsquosalsoimportanttotakepartinbuy-localandshop-independentinitiativesInChapter10wersquolldiscussthisinmoredetailandidentifywaysinwhichyoucanincorporatethispracticeintoyourbusinessandcommunity
ActionGuide
CreatinganonlinestoreandusingsocialmediatohelppromoteitcanaddvalueandvisibilitytoyourbusinessAnotherwaytoincreaseyouroddsofgainingmoreawarenessonlineisthroughcontentmarketingContentmarketingisintendedtoattractandkeepcustomerattentionthough
theuseofwordsmdashcontentmdashappliedtoyourproductdescriptionscompanyprofilemarketingstrategiesandallotherwrittencommunicationsEssentially
profilemarketingstrategiesandallotherwrittencommunicationsEssentiallycontentmarketingsupportsbusinessesintheirsaleandbrandidentitycreatinganavenueofcommunicationinwhichcustomersengageAlsocontentmarketingoverlapsintohowonlinesearchenginessuchasGooglerankyourwebsiteinonlinesearchesCollectivelythesereasonsofferretailersavaluableexcusetomakecontentmarketingapriorityfortheirbusinessesUsingthefollowingproductdescriptionasanexamplecreateyourown
productdescriptionsfornolessthanfiveproductscurrentlybeingsoldinyourstoreWhetheryouhaveanonlinebusinessornotidentifyingasavvypreciseandengagingwaytocommunicatedetailsaboutyourproductscanhelpyoutostandoutamongothermerchantsandintheeyesofconsumers
ExampleProductdescriptionforclassicwhiteladiescrew-neckT-shirtDescription100percentcottonside-seamedandcap-sleevedT-shirtwithacontouredfitthatshapesthenaturalcurvesofawomanrsquosbodypositioningaboutfourinchesbelowthewaistline
PriortoidentifyingyourproductdescriptionsascompletehaveatleastthreeotherpeoplereviewthemShowthemthedescriptionswithoutpicturestocomplementthemthenshowthemtheproductpicturesoractualproductonlyaftertheyhavereadthedescriptionUsingthisasatestforyourcontentmarketinghaveyoursubjectsidentifywhetheryourproductdescriptionsaccuratelydescribetheactualimagesyoushowthem
10
TakingPartinShop-LocalInitiatives
HoweverbeautifulthestrategyyoushouldoccasionallylookattheresultsmdashWinstonChurchill(1874ndash1965)
formerPrimeMinisterofUnitedKingdomREMEMBERTHATAstoriaNewYorkretailerwementionedearlierinthisbookWellMackenziFarqueraretailstoreownerforoversevenyearssuggeststhatbeingavisiblememberofyourlocalcommunityiskeytostayingrelevantandprofitableinacrowdedmarketplace
MynumberoneruleforsurvivalistostayvisiblewithinyourcommunityByembeddingyourselfinthefabricofyourlocalmarketplaceyouhelptomakecustomersfeelresponsibleforyoursuccessorfailureFurthermoreitrsquosimportanttodowhatbig-boxstoreseitherdonotorcannotdosuchasprovidingfreedeliveryonselectpurchasesacceptingeverycreditcardhavingnocreditcardminimumsandgoingtogreatlengthstodelivermemorablestrongcustomerservice1
AsaseasonedstoreownerFarquerrsquosinsightissomethingtobeconsideredOnewaytobecomeengrainedinyourlocalmarketplaceistoparticipateinabuy-localcampaign
UnderstandingBuy-LocalCampaigns
Buy-localcampaignsaredefinedbytheAmericanIndependentBusinessAlliance(AMIBA)asorganizedcampaignsthatengagelocalcitizensandbusinessestoshifttheirspendinghabitstobenefitindependentbusinessowners
businessestoshifttheirspendinghabitstobenefitindependentbusinessownersJeffMilchencodirectorofAMIBAexplainsthatcommunitiesand
independentbusinessownerscangainsalessupportandattentionbyintroducingabuy-localcampaignintheircommunities
Whenproperlystructuredandsustainedovertimebygrassrootsorganizationsbuy-localcampaignsaremakingabigimpactinshiftingcultureandspendinghabitsForexampleinaJanuary2013surveybytheInstituteforLocalSelf-Relianceindependentbusinessesincommunitieswithcampaignsbysuchgroupsreportedanaverageannualrevenueincreaseof86percentcomparedwith34percentamongindependentsinothercommunitiesThiswasthefifthstraightyeartheirannualsurveyshowedsuchadifferentialWhiletheydonrsquotprovecauseandeffectthesesurveysareamongseveralstrongpiecesofevidencethatbuy-localcampaignstrulymakeanimpactforindependentbusinessowners2
MoreoverMilchenpointsoutthatthesesurveysonlycountcampaignsthatdefinelocalaslocalownershipandindependentlyownedHecontinues
Thecountlessldquobuy-localrdquocampaignsstartedbymunicipalitiesorgroupsunwillingtodistinguishbetweenlocalownershipandmerephysicallocationalmostuniversallyfadeawaywithoutmakinganimpact3
Usingthefigureinthefollowingsidebaryoushouldbeabletoidentifyyear-to-yearsalesincreasesamongindependentbusinesseswhoactivelyengagedinbuy-localcampaignsrunbyindependentbusinessalliancessuchasAMIBAWithsalessuccessaclearadvantageofincorporatingabuy-localcampaign
intoyourowncommunitythequestionremainshowyoucandosoeffectivelyMilchensaysthatbeingclearinyourcommunicationsandgoalsiscriticalinyourplanningefforts
Beclearineverycommunicationthatyouplanwhendevelopingabuy-localandindependentshoppingcampaignItonlytakesonepersoninameetingwiththeideaofacampaignthatincludesldquoshopyourlocalWalmartrdquotodogreatharmBesuretoemphasizelocallyowned
independentbusinessesinyourmessagingWhiledirectlycritiquingchainsorabsentee-ownedbusinessesisnotessentialyouraudienceshouldunderstandthatyouintendlocaltomeanlocalownershipandcontrolnotmerelylocation4
RETAILTIPTheAmericanIndependentBusinessAlliancealsorecognizedas
AMIBAhelpsretailersandcommunitiescreateandmanageldquobuylocalrdquoandldquobuyindependentrdquocampaignsBelowyoucanseehowsaleswereimpactedamongindependentbusinesseswhoparticipatedinthesetypesofcampaignsfrom2010through2012
Fortunatelyforbusyretailersandcommunityleaderslookingtointroduceabuy-localcampaignintotheircommunitiesavastrangeofhelpisavailableAmongthefirststepsyoushouldtakeistocontactAMIBAtoseeifanyoneelseinyourcommunityhasalreadyinquiredaboutanorganizedbuy-localcampaignBeinglinkedtothispersonorgroupofpeoplecanhelpyouinorganizingalike-
mindedgroupofindividualstoworktogetherwiththesamegoalofsupportingindependentbusinessesinmindNextobtainafreecopyofAMIBArsquosldquoGuidetoCreatingaBuy-Local
Campaignrdquowhichdelivershow-tostepsongettingstartedorganizingpartnershipsleveraginglocalrelationshipssharingyourmessageandmoreTheguideavailableinbothprintanddigitalformatscanbeobtainedathttpwwwamibanetaboutprimer-formThis12-pageoverviewofkick-startingabuy-localcampaigncontainsdetailsoncreatingyourowncommunitylogoideastogeneratemediasupportandinsightsintoincorporatingyourbuy-localcampaignasanonprofitwiththegoalofbecominga501c6organization(anInternalRevenueServicedesignation)AMIBAalsocansupportyouwithfreeguidancethrougheverystepofthewaytoensurethatyounotonlysavetimebutalsoavoidunnecessaryexpensesMilchenencouragespeopleinterestedinstartingtheirownbuy-local
campaignstotakefulladvantageofwhatisreadilyavailablealreadyldquoDonrsquotwastetimeandmoneyreinventingthewheelrdquo5heexplainsWithatrustedresourcesuchasAMIBAhavingspent12+yearsgatheringandrefiningbestpracticesmaterialsandtoolsavailabletocommunitiesandindependentbusinessownersitmakessensetosavesometimebyleaningonAMIBAforhelpinachievingyourbuy-localgoalsInadditiontoAMIBAotherresourcesareavailabletoyoutohelpyoucreate
abuy-localandbuy-independentcampaignAmongthemistheBusinessAllianceforLocalLivingEconomies(BALLE)whichisfocusedoncreatingprosperitybyconnectingleadersandsolutionsinlocaleconomiesAmongthebenefitsthatBALLEoffersforretailersandtheircommunity
leadersaretheBALLEcalculatorsThroughthesecalculatorsyouareabletoidentifyhowself-reliantyourtownisinfoodwhatmissingopportunitiesmayexistforjobcreationandwhereyoucanfindthenearestbankorcreditunionAlthoughtheanswerstothesequestionsmaycomequicklytoyouthecollectiveanalysisofthesequestionsandcountlessotherscanhelpretailersandcommunitiesidentifyweaknessesstrengthsandopportunitiesAsBALLEexplainsldquoCalculatingmissedopportunitiesforrevenueandjobcreationisinvaluableforlivingeconomicdevelopmentrdquo6ForretailersinparticularthisincludesprovidingabettersenseofopportunitiesforexpansionandunderstandingthemoreprofitablemarketsinyourlocalcommunityCombiningtheeffortsofAMIBAandBALLEasofficialpartnersShiftYour
ShoppingisonemorewaytogetinvolvedinsharingthemessageofshoppinglocalwithyourcommunityMorethan160organizationshaveunitedalreadyto
encourageconsumerstoshifttheirshoppingfrombig-boxtoindependentretailersaconsiderableaccomplishmentfromthisgrassrootscampaignThecollectiveeffortsofBALLEandAMIBAandmorethan160localorganizationsthattogetherequalmorethan38000localbusinessessupporttheShiftYourShoppingcampaignThiscampaignencouragescustomerstobuyfromlocallyownedbusinessesmdashincludingrestaurantsservice-basedretailerssuchasdrycleanerschiropracticofficesandbrick-and-mortarmerchantsItrsquostheirbeliefthatldquoasinglemerchanthastheabilitytoshiftattitudesorconsumerspendingButbybuildingstrengthinnumberswecancreatebroadsupportforindependentbusinessesandadvocatefortheirinterestsrdquo7
FindingSuccessThroughSmall-BusinessSaturday
Inadditiontosupportingconsistentbuy-localandotherindependentbusinesscampaignstheincreasinglypopularSmallBusinessSaturdaycampaignthatwasfoundedin2010byAmericanExpressissomethingallretailersshouldembracemdashwhethertheyacceptAmericanExpressintheirstoresornotThisone-dayeventtakesplacetheSaturdayfollowingThanksgivingalthoughthemessagingandcampaigneffortsarerecognizedasldquoShopSmallrdquoallyearround2013rsquosSmallBusinessSaturdayshowedthatcustomerswhowereawareof
thishighlighteddayspent$57billiona36percentincreasefrom2012ThisstudycompletedbytheNationalFederationofIndependentBusinessesandAmericanExpressResearchalsoconfirmsthatinjustfourshortyearscustomershaveadoptedSmallBusinessSaturdayassomethingtheywanttosupport8ldquoCustomersaremakingSmallBusinessSaturdaypartoftheirholiday
shoppingtraditionsrdquoSusanSobbottpresidentofAmericanExpressOPENstatesldquoOur2013SmallBusinessSaturdaysawacontinuationofthisgrowingtrendascommunitiesaroundthecountrycametogethertocelebratelocalbusinessesandhelpeddriveconsumerstoShopSmallonthedayrdquo9Inadditiontothein-storesalesandlocalcommunityattentionthatthis
campaigngeneratestherewasa65percentincreaseinTwitterengagementrevolvingaroundSmallBusinessSaturdayfrom2012to2013aloneThistypeofgrowthcombinedwithmorethan33millionFacebookusershavinglikedtheofficialSmallBusinessSaturdayFacebookpageonlyreinforcesthatshopping
smallandshoppinglocalisheretostay10WashingtonDCndashbasedprofessionalwriterandconsumerAmyKnebelfirst
heardofSmallBusinessSaturdayin2011ayearafteritsintroductiontothemarketplaceSincethenKnebelhasactivelyparticipatedasacustomersupportingindependentretailersonSmallBusinessSaturdaymakingitatraditionamongherselfandherfriendstofrequentlocalbusinessestokickofftheirholidayshoppingKnebelexplains
IlovetheOldTownAlexandriaBoutiqueDistrictwhichIliveclosetoandcanrsquotimaginenothavingallthefantasticboutiquesrestaurantsandindependentbusinessesthatmakeupthisneighborhoodFormesupportingSmallBusinessSaturdayismywayofsayingthankyoutothemanybusinessesandtheirownersforhelpingtomakemyeverydaylifethatmuchmoreinterestingandfun11
Activelyengaginginmultiplebuy-localandshopsmallcampaignsnotonlyisbecomingmorepopulartodoasaretailerbutalsoisbecomingmorerecognizedandrespectedfromaconsumerperspectiveThisreasonaloneshouldbeenoughofapushtomakeyouwanttogetinvolvedbecausesupportingyourcustomersalwaysshouldbeagoalAlthoughparticipatinginmultiplebuy-localcampaignssuchasyourownlocalcommunitycampaignShiftYourShoppingandSmallBusinessSaturdaymayseemlikeanunlikelyfirststepforabusyretailerwehopethatyouwillmakeitapriorityastimepassesTheresourcesavailabletoyouareplentifulandthesuccessofawell-executedcampaignismeasuredinsalesmdashsomethingwersquorecertainanyretailercanappreciateTorecaptheresourcesidentifiedthroughoutthischapterpleaserefertothe
followinglist
AmericanIndependentBusinessAlliance(AMIBA)wwwamibanetBusinessAllianceforLocalLivingEconomies(BALLE)wwwBeALocalistorgInstituteforLocalSelf-ReliancewwwilsrorgShiftYourShoppingwwwshiftyourshoppingorgShopSmallandSmallBusinessSaturdaywwwshopsmallcom
IntroducingCommerceandCharity
Shop-localbuy-localandshopsmallcampaignsarenottheonlyfamiliarmovementstakingplaceinretailrightnowCommerceandcharityareincreasinglybecomingafamiliarduowiththeholidayseasonbeingaparticularlypopulartimeofyearforretailersbigandsmalltorequestdonationsfortheircharitiesofchoiceVirginia-basedCausetownorgbelievesthatconsumersdonrsquotnecessarilywanttochangetheirshoppingbehaviorstogivetocharitywhichiswhydonatingapercentageofpurchasesmadeisbecomingapreferredwayforcustomerstogivebackAsaconsumeryouhavelikelyexperiencedthecombinationofcommerce
andcharityyourselfwhilecheckingoutatagrocerystoreorotherbig-boxretailerHaveyoueverwonderedhowthiscanbeappliedtoindependentmerchantsthoughUntilrecentlyacollectionjarwithaslotforloosechangeortheoccasionalfolded-upbillwasthemostlikelyavenueforindependentretailerstoparticipateincollectingforacharityoftheirchoiceNowhoweverorganizationssuchasCausetownorgallowlocalbusinessestoraiseawarenessandfundsbypartneringwithanonprofitThegoalistosupportindependentbusinessesbypromotingeventsofferingpromotionalmaterialshandlingsalestrackingmanagingfunddistributionandmoremdashalltohelpsupportcharitiesDanMcCabeoneofthefoundersofCausetownorgexplainsldquoResearch
showsthat83percentofcustomerswanttobuyproductsthatbenefitacauserdquo12Keepingthisinmindcombiningyourbusinesswithacharityofyourchoiceisanothermovementyoushouldconsiderforyourstore
FinallyinChapter11wersquolllookaheadatthefutureofindependentretailandhowyourparticipationasabusinessownercanaffectnotonlyyoursingularsuccessorfailurebutalsotheeconomyatlarge
ActionGuide
Readytomakeyourcommunityandlocallyownedbusinessesstandoutin
ReadytomakeyourcommunityandlocallyownedbusinessesstandoutinconsumermindsTokick-startyoureffortsformasteeringcommitteethatcanhelpyoulaunchabuy-localcampaigninyourtown
1Introducetheideaofabuy-localcampaigntolocalbusinessownersandkeydecisionmakersinyourcommunityBepreparedtoidentifythebenefitsofabuy-localcampaignandtoexplainwhatitwouldtaketogetonestartedUsingtheresourcesidentifiedthroughoutthischapteryoucanconfidentlysuggestresourcestohelpyoulaunchacampaign2AimtogatheramixofbusinessownersandinfluentialcommunityleaderstobeapartofyourcommitteeCombiningthemindsresourcesandcommunityreachofadiversesteeringcommitteecanhelpyouaccomplishyourbuy-localcampaignplanningmoreeffectivelyIdeallyyoushouldhavelong-timebusinessownersmdashcommunityleaderssuchasyoureconomicdirectormayororaldermanmdashandhighlyregardedindividualsonyourcommitteewhoeithervolunteerorworkwithotherorganizationsthatreachalotofconsumersBetween7and12memberswouldbeidealalthoughafewlessorafewmorestillcanworktodeliverastrongcommittee3Identifyadateandalistoffuturedatestomeetasagrouptobeginyoureffortsinplanningforabuy-localcampaignDuringthesescheduledmeetingsbesuretoclearlyidentifywhoisresponsibleforwhatwithdeadlinesclearlystatedtoensurefollowthroughHavingaleaderortwoonyoursteeringcommitteecanhelpeveryonetostayontrackwiththeirindividualresponsibilitiesaswell
Onceacommitteehasbeenidentifiedandeachmemberiscommittedtocreatingabuy-localcampaignwiththesamegoalsinmindbesuretoleanontheresourcesidentifiedinthischaptertohelpyouinmovingforwardThroughyourcombinedeffortsyoucanestablishastrongcampaignwithinyourowncommunitytoincreaseindependentbusinessvisibilityandsaleswhilealsoenhancingyourlocalcustomersrsquocommunityexperience
11
ACrystalBallforIndependentRetailers
Thebestwaytopredictyourfutureistocreateit
mdashPeterFDrucker(1909ndash2005)authorconsultantprofessorIFSOMEONEhadtoldyouwhenyouwerejustembarkingonyourcareerpaththatyouwouldbecomeastoreownerwouldyouhavebelievedhimorherThe
realityisthatretailisnrsquotajobmanyretailerssetouttodoldquoIdidnrsquotgochasingadreamofbeingabusinessownerparticularlyaretailstoreownerThisdream
chasedmerdquo1KimberlyEfseaffofBonBijouxGirlyBoutiqueinDelMarCaliforniatoldus
HavingheardsimilarstoriesfromcountlessotherretailersweknowthatretailisnrsquotalwaysthejobtheyhavedreamedofmdashwhereasothersfeeljusttheoppositeandconsiderowningtheirownstoreadreamcometrueldquoIcanrsquotimaginelivingmylifeanyotherwaythanhowIdonowwhichisbeinginmystoresevendaysaweekItrsquossomethingIrsquovealwayswantedtodoandamthrilledtoactuallybedoingitrdquo2Chicago-basedstoreownerAngelaGianfrancescosaid
TheFutureofIndependentRetail
WhetheryoufallintothecategoryofanaccidentalretaileroraretailerbyintentthefutureofthisdynamicbusinesshasalotinstoreforyouJasonRichelsonfounderandCEOofShopKeepPOSbelievesthatthereisalotforindependentmerchantstolookforwardto
IhavefivepredictionsforthefutureofretailbeginningwiththefactthatthecloudisheretostayandWindowsisdeadOverthenextthreetofiveyearsthecloudwillreallycomeofageinretailandWindows-basedPOS
yearsthecloudwillreallycomeofageinretailandWindows-basedPOS(pointofsale)andotheroperationswilldisappearThiswillkick-startinApril2014whenMicrosoftwillstopsupportingXPwhichwillrenderhundredsofthousandsofWindowsPOSsystemsoutofPCI(paymentcardindustry)complianceRetailerswillhavetostartthinkingaboutupgradingtheirexistingtechnologymdashwiththecloudbeingtheobviousoptionThevastadoptionofiOSandAndroidwillalsodrivethisshiftalongwiththeproliferationofmobiledevices
NextIbelievewersquoregoingtoseehandheldregistersthatallowstafftohelpcustomersontheshopfloorandthenringthemuprightthereinsteadofhavingtolineuptogettothecounterThetypeofhandheldregisterthathasbeenproventoworkforAppleNordstromandBarneyswillultimatelycome to small stores I believe and as a result therewill no longer be areasontohaveacountertoprocesstransactionsThatspacecanbefreedupforotheruseslikedisplaysormorefloorspace
AlsoandagainreferencingthecloudIbelievethatsmallretailerswillbeabletoaccessdatasimilartohowbig-boxretailershavebeenforyearsThecloudhasleveledtheplayingfieldandloweredthepricepointforthistypeofinformationcollectionandanalysiseffectivelydemocratizingdataTheworldofcustomerproductandsalesanalysisthatonlyexistedfortheWalmartsorStarbucksofthisworldnowexistsforanyonewhowantsitIn2014 access to datawill be the equalizer for small businesses The nextdifferentiatorwillbeknowinghowtouseit
With these data and combined with POS technology I also believeretailerswillbeabletobetteridentifywheretheirmarketingdollarsshouldbe spent Small businesses are expected to spendmore than half of theirmarketingbudgetsontheirownassetsin2014includingtheirwebsitese-mailmarketingcampaignsandsocialmediachannelsThiswillbedrivenbytwothingstheavailabilityofcost-effectiveonlinetoolsandtheabilityto act on their own customer data POS technology has fundamentallychangedthecustomerinteractionInsteadofacustomerhandingovercashandwalkingawayyouaregatheringinformationandbuildingaprofileofthatcustomerthatcanbeusedtomarkettothemSmallretailerswillstarttotakeadvantageofthisandwewillseethemarketingdollarsfollow
Finallyover timewearegoing toseeavarietyofbusinessservicesstarttointegratewiththePOSsystemDifferentappsaretailermightusetorun their store including loyalty CRM (customer resourcemanagement)accounting e-mail marketing delivery social media payroll mobile
paymentsandmorewillplugintothebackendofPOSallowingretailersto usemultiple tools in an integrated fashionAs a resultmerchants canthenoperate and report on all these systems froma singleviewwith themostimportantthingatthecentermdashwhichiswhatishappeningatthecashregisterThisisthefutureforretailers3
RichelsonrsquosexpansivepredictionofwhereindependentretailisheadingismdashinouropinionmdashrightonThankstothecloudanddata-collectingtechnologiesthathaveadvancedinrecentyearsontheretailscenesmallretailerscanfinallybecomemorecompetitivewithintheirlocalandglobalmarketplacesTheseopportunitiesforindependentretailerscancreateadominoeffectofgoodorbadresultsbasedonwhatkindofgrowthchangeandcustomercaretheyintroducetotheirstoresVendCEOVaughanRowsellshareshisthoughtsonthefutureofretailas
wellspecificallydiscussinghowpoint-of-sale(POS)systemscanhelpretailerstoleveragemoresalesandbettermanagetheirbusinessesYoursquollfindthatmuchofwhatRowsellsaysisalsosupportedbyRichelsonrsquosthoughtsreinforcingtheideathatthefutureofretailisdevelopingatasteadypaceamongleadingindustryplayers
Web-basedPOSisgroundbreakingineveryrespectforindependentretailersFirstoffaweb-basedPOSlowersthebarriertoentryViasubscription-basedwebsoftwareindependentretailerscannowaffordthesophisticatedtoolsandreal-timeanalyticsthatbigretailershavebeenleveragingforyearsAlsosmallstartupscangetaPOSforlessthanitcoststobuytwopizzasamonthButthereareotherevenmoreexcitingfacetstoweb-basedPOSwhichareadd-onsandcustomsolutions
JustasretailerscannowcustomizetheretailexperienceontheirshopfloorstheycanalsocustomizetheirPOSsoftwaretoexactlyfittheirneedsWeb-basedsoftware (alsocalledsoftwareasaserviceorSAAS) isoftencomplementing other software allowing retailers to truly take control oftheir retail operations An example of this would be for a retailer tointegrate their POS systemwith their accounting software This not onlysaves themhoursofadministrationtimeeveryweekbutalsospares thempossibleexternalbookkeepingexpensesortimelydouble-entryproceduresonmultiplespreadsheetsorinmultiplesoftwareaccounts
ThissaidPOScanbeevenmorecustomizablethanthisIfyouowna
hairsalonforexampleyouneedtobeabletokeeptrackofyourproductsand your appointmentsmdashtwo very different details of your business yetequally importantWithSAASsolutions this iseasyYousimplyfindanaddon that integrates appointment software with your POS system andawayyougo
Finallyothersolutionscanbecherrypickedasyouneedthemtohelpmanage your unique business specificallyWant to spare your customersthe crazy queues during the holiday season Integrate your POS systemwithaself-checkoutappsothatcustomerscanringthemselvesupandpayviatheirsmartphonesWanttotakeordersandacceptpaymentsinadvanceatyourcafeacuteTherersquosanadd-onforthattooInthefuturetherewilllikelybeanappforanythingyoucanthinkofaswell4
Anappforeverythingiscertainlyapredictionwecanexpecttobecomerealitybutwhataboutthefutureofretailbeyondtechnology
TheFutureBeyondTechnology
Portablecashregisterscloud-baseddatacollectioninstantappadditionsandothertechnologysolutionsundoubtedlywillplayabigroleinthefutureofretailThissaidthereissomethingtobesaidforgoodold-fashionedcustomercareSupportingthisideaisCamilleCandellagroupmarketingmanagerforEmeraldExpositions
TodayrsquoscustomersaremoreeducatedthaneverbeforeandtheyhaveaccesstomorestoresthaneverbeforeAsaresultcustomersarebecomingmoreselectiveinwhattheywanttobuyandwheretheywanttobuyitForindependentretailersIbelievethiswillpositionthemtobuildstrongerclientelebygivingthemmorepersonalizedattentionandreallylisteningtotheirneedsOnewaytodothisistokeepproductsfreshbasedonwhatyourcustomersaretellingyouUnlikebig-boxstoressmallermerchantscanreactfastertocustomerdemandsandoftenreceiveinventorysoonerbasedonsmallerquantityneedsThiscertainlyplaystotheadvantageofindependentretailersandcanhelpthemhavemoresuccessintheirtotalstoresalesaswell5
ReactingtocustomersonafastermorefocusedscaleisunarguablyatrendthatretailerswillneedtoembraceandlikewiseonethatconsumerswillbegintodemandPublisherBillMcNultyofSumnerCommunicationsIncsharesthispredictionanticipatingconsumerexpectationsamongallretailerstoincreaseinyearstocome
TheharshrealityisthatoverthenextfewyearsinanytypeofbusinessanythingyoutrythatispoorlyexecutedisgoingtohavesignificantstrugglesTheconsumerexpectationbarhasrisenacrosstheboardatanalarmingrateIfyougiveshoppersareasontowalkthroughyourdoortheywillHoweverifyougohalfspeedandhopeeverythingwillworkitselfoutyoursquoreinforanuphillclimbThemarketspeaksloudandclearanditisneverwrongWhilethismayseemlikeahugechallengemorethaneverbeforesmallretailershavetheabilitytochangebuyingbehaviorsinsteadofsimplyreactingtothem
Retailers are the first and last line of defense for customer serviceTechnology iswhat it is and can be a great tool formarketing but self-checkout and single-click buying will never replace face-to-facerelationship building for an overwhelming percentage of your customersOffering fantastic customer service going the extramile for a customerand adding a personal touch to every transaction are things only you andyour team can do People remember kindness and they remember greatserviceUnderstandthatyourcustomerdeepdownwouldreallyprefertobuylocallymdashfromyoumdashthanfromyournearestbig-boxneighborUsethistoyouradvantageanddosomethingtorewardthatbehavior6
McNultyrsquosopiniononsupportingcustomerswithexceptionalcustomercarenomatterhowmuchnewtechnologyisintroducedissomethingallretailersshouldpayattentiontoWhileiPadsandothermoderntechnologiesshouldhaveaplaceinyourstoreitrsquosimportantnottolosesightofhowstrongcustomerservicecanhaveanimpactonyourbusinessmdashandultimatelyyourretailfutureInfactasothermerchantsembracetechnologyentirelyanddismissthesepresumedold-fashionedsellingtechniquesyoushouldleveragethepowerofcombiningthesetacticstomaximizeyourstorersquosfullpotentialJewelryretailerAngelaGianfrancescohasplanstodotojustthat
Ilovethatmodernconvenienceslikepointofsaleande-mailmarketing
solutionsmakemyjobsomucheasierbutIneverwanttoforgetwhyIbelievecustomersshopatmystoreItrsquosnotjusttheeaseofacustomercheckoutexperiencethattheyenjoybutrathertheentireexperienceofmystoreIknowthatmypersonalityalongwithmyteamrsquoshasalottodowiththisandIdonrsquotwanttoneglectjusthowmeaningfulthisistomybusiness7
GianfrancescooffersagoodreminderforallmerchantspointingoutthatpartofyourstoreisinfactyourpersonalityAsyouembarkorcontinueonyourretailjourneyalwaysrememberthatyourpersonalityaffectsyourbusinessplainandsimpleMoreoverrememberthatyouremployeesareareflectionofyourbusinessandcanaffectyourstorersquossuccessandsalesaswell
Withblack-and-whitedataincreasinglybecomingmoreaccessibletoretailersandtechnologybecominganexpectedadditiontoretailstorefrontsmerchantsshouldembracethechangestakingplacebothonlineandofflinewhenitcomestomanagingandmarketingtheirretailstoresDelayingtheincorporationofthesetechnologiesandmodernamenitiescanpushretailersyearsbehindtheircompetitorsmakingtheirracetofinallycatchupnearlyimpossibleoncetheyrsquorereadyTohelpavoidthislong-windedjourneymakeyourfuturemorepredictablebywelcomingtherealitiesofmodernretailintoyourbusinessmodeltoday
WhenRetailIsnrsquotinYourFuture
DespitewhattheeconomytrendsinretailandevenyourownpersonalgoalsmaybeforthefuturesomeretailersmaygettoapointwheretheywantorneedtoselltheirstoreThisdecisiondoesnrsquotneedtobeperceivedasabadonebutrathersimplyasastepinadifferentdirectionOftenretailerswhoneedtomoveoutofstatewanttoretireorhaveothergoalsinmindchoosetoselltheirbusinessesasawaytomoveforwardGroupgeneralmanagerCurtisKroekerofBizBuySellcomandBizQuestcomshareshisthoughtsonhowsellingyour
businessmaybeyourbestdecisionyet
TherearemanyfactorsthatgointodeterminingifabusinesssaleisrightforyouThefirststepistoobjectivelyassessyourbusinessasasaleprospectProspectivebuyerswilldoextensiveresearchbeforesigningonthedottedlinesomakesurethatyouthoroughlyexamineyourfinancialsinfrastructurestaffingandevenclienteletodetermineifyourbusinesswillbecoveredIfthereareissuesinanyoftheseareasbesuretoatleastcreateanactionplantoguidethenewownerbutyoursquollbetterpositionyourbusinessforasuccessfulsaleifyouaddresstheseissuespriortosellingThiswillhelptodrawinmoreprospectivebuyersandimproveyourchancesforahighersalespricedowntheline
In addition itrsquos important to remember that selling a business is apersonal decision Make sure to analyze your motivations for selling toensure that it is therightstepforyouWhydoyouwant tosellAreyouburntoutLookingtodothenextthingHavinghealthproblemsSimplyready for that well-deserved retirement There are countless reasons youmaybeconsideringasaleDeterminingwhyyouwanttogetoutwillhelpyou to setyourdesired time lineandgoals for the saleThiswill amongother thingshelpyoudecidehowtotradeoffsalespeedandsalepricemdashtwo goals that are often somewhat at odds Also be sure to outline yourpostsaleplanYoumayberetiringusingthemoneyforanotherventureoreven staying with the company in a managerial capacity Defining theseafter-sale interests will help you determine if you are ready to sell anddesignasaleapproachthatfitsyourmotivations
Nextifyoubelievesellingyourbusinessmaybeinyourfuturestartplanning for this now The best retailers are always working to improvebusinessvalueIfyouhaveasaleinmindfromtheverystartitensuresthatyou are always thinking about how to maximize value and will be in abetterpositionwhenthetimecomestosellHoweverifyouhavenrsquotbeenthinking thiswaydonrsquot despairTherersquos still time Just donrsquot putoff thisway of thinking any longer Positioning your business tomaximize yoursaleoutcomewilltaketime
TostartpreparingyourbusinessforsaleputtogetherapresaleactionplanThegoalof thisplan is toget all the improvementsdone forwhichyouhavetheenergyandcapabilityDoingsowillensurethatyourbusinessisinitsbestshapewhenithitsthemarketThenextstepiscollectingand
organizing necessary documentation Sooner or later prospective buyersaregoingtowanttoseeldquojustthefactsrdquoonpaperThisusuallyincludesatleast three years of financial statements that will help to prove yourbusinessrsquosworthNextstartassemblingyoursalesteamSellingabusinessis not an extracurricular activity it is a full-time jobExperienced sellersleveragethehelpofqualifiedbusinessbrokersappraisersaccountantsandattorneystohandlethemanydetailsofasuccessfulsaleThisallowsthemtofocusonmaintainingoracceleratingbusinessperformancewhileitisonthemarketmdashnothing sells a business better than strengthening financialsWithagoodteaminplaceyoursquollbewellpositionedtopriceyourbusinessrightprepareyourfor-salemarketingmaterialsandmuchmore
Finallydonrsquotbe intimidatedby the thoughtof sellingyourbusinessbutdonrsquotunderestimatewhat it takes tosellabusinesseitherTheproperpresalepreparationcanmeanthedifferencebetweenasuccessfulsaleandlongdrawn-outfrustrationThesetipswillhelpyoutogetstartedbuttherearecountlessmoredetailsthatyoushouldconsiderTolearnmoreyoucancheck out our full BizBuySell Guide to Selling Your Small Business athttpwwwbizbuysellcomsellerguideselling-a-business8
YourfutureinretaildoesnrsquothavetoendorstartinanytraditionalwaySellingyourbusinessmaynotbeyourgoaltodaybutknowingupfrontthatitmightbeonedayiswhatyourtakeawayshouldbehereAfterallyouwanttobuildabusinessthatisworthsomethingdonrsquotyouWhetheryouplantopassyourbusinessdownthroughgenerationshopetosellitonedayforagainorsimplyhopetoworkuntilyoudonrsquotwanttoworkanymoreplanningaheadandcreatingastrategyforyourbusinessshouldremaintopofmindYoumaybeyourownbossafterallbutthatdoesnrsquotmeanthatyoucanpredictyouroutcomeThatresponsibilityisleftinthehandsofconsumers
PartingWordsfromJasonPrescott
ItusedtobeexpectedthatrevolutionsinretailoccurredeverycoupleofyearsmdashormaybeevendecadesInaveryshorthistoricaltimeframewemovedfromsmallstreetindependentstodepartmentstoresyieldingmassiveconglomeratestoe-commercebehemothsAnewdynamicparadigmhascreatedamassiveshifttowhatcaneasilybestatedasacustomer-centricrevolutionAstechnology
moldseverymovementandinvestmentretailersmakethemostsignificantinvestmentthatmustbemadeisknowingandunderstandingthegranularityofyourpotentialandexistingcustomerbaseAsaresultaretailstorefrontmustbeseenasmuchmorethanastorefrontorplacewhereservicesandmerchandisearemerelytransactedThestoreneedstobecomethebattlefieldwhereknowledgeacquisitionofyourcustomersmustoccurTohelpretailersmoveforwardwiththisstateofmindmerchantsmustrealize
andembracethefactthatdataarenowbeingtransactedateverypointWhenashopperentersastorethedaywillsoonbeherewheredigitaldisplayssynchwithprofilesandGoogleGlass(awearablecomputerwithanopticalhead-mounteddisplay)allowingmerchantstoaccessaplethoraofinformationthatisconstantlygatheredandprocessedbythesedevicesCreditanddebitcardswillalsobecomeevenmoremeaningfultoretailerswitheveryswipebecominganopportunitytocollectconsumerdetailsandshoppingtrendsfromcompaniessuchasCardlyticsFurthermorethesedetailswillbeabletobesharedwithothermerchantsmakingaretailerrsquoschancetobothcollectandsharecustomercontactdetailsmorerelevantinalltheirstoredecisionsOfcourseFacebookTwitterGooglePlacesYelpTripAdvisorandother
majorinfluencerswillcontinuetohelpbusinessescompeteagainsttheWalmartsoftheworldbuttotrulycompeteitrsquostheunderlyingbusinessintelligence-gatheringprocessthatwillshapethefutureofretailConsumershavebecomethemostpowerfulmediaforceintheworldtodayTheybondtogetherintheirsimilarinterestsandchoosetotrotdownthepathofreviewsreferralsandsocialbuzzandtheyadvocatewhatispopularatthemomentIfyouaregoingtosucceedyoumustbefocusedonnotbecomingafadbutsettingtrendsandconstantlyadaptingtothedynamiclifestylechangesofthoseyouvaluemostmdashyourcustomers
PartingWordsfromNicoleLeinbachReyhle
ItrsquoscompetitiveinretailnomatterhowbigorsmallyourstoreisKeepingupwithcustomerexpectationsmarkettrendsretailchangesandyourlocalcommunityisanonstopjobthatdemandsmuchmorethanatraditional40-hourworkweekThatsaidretailisanexcitingalwaysevolvingandconstantlyentertainingbusinessthatasaresultisoneyoumustconstantlytendto
Unlikemuchofourretailcompetitionindependentmerchantsdonothavehumanresourcemarketingpublicrelationsorotheroperationalin-houseteamsthathelpkeeptheirstoresvisibleandtheirdoorsopenRatherthanrunawayfromthisrealityretailersshouldtacklethisheadontohelpkeeptheirstoresafloatandtheirbusinessessuccessfulOftenthismeansacceptingthatyousimplycanrsquotdothisaloneItrsquoswiththisinmindthatIbelievethefutureofretailwillcontinuetointroduceandembracesupportingplayerstoindependentmerchantsCompaniessuchasSnapRetailBoutiqueVisionPremierPackagingVendSquareShopifyandmanyothershavecometolifeasaresultofneedmdashandhavestayedaliveasaresultofdemandTheseexternalbusinesspartnersarekeycontributorsthatdelivereffectivesupportforstoreoperationsmarketingmanagementandevensalesWithoutthemindependentretailerssimplycannotthriveinourcompetitiveretailmarketplaceTogetherhoweverindependentretailersandtheirexternalbusinesspartnerscanhaveapositiveimpactoneconomicgrowthandcustomerloyaltyforyearsandyearstocome
Conclusion
ThroughoutthisbookyouhavelearnedhowmanagingandmarketingyourretailbusinessrequiresadiverserangeofskillssupportandexpertiseMoreoverwehaveintroducedyoutocountlessresourcesbusinessesorganizationsandassociationsthatwehopeyouwillfindusefulinyourindividualretailbusinessesCollectivelythedetailswesharedareintendedtohelpyouinyouruniqueretailjourneymdashandwehopethattheywilldojustthatWhetheryouarenewtoretailaltogetherhavehadastoreopenforcountlessyearsorsellexclusivelyonlineweapplaudyoufortakingthetimetolearnmoretohelpyourbusinessandwishyousuccessasyourembarkonyourretailjourneyahead
APPENDIXA
ResourcesforIndependentRetailers
THEFOLLOWINGlistwascreatedtoofferyouacollectivedestinationtoidentifythebestresourcesforentrepreneursandretailersspecificallyThesebusinessesallofwhichweprovidewebsitedetailsforcoveravarietyoftopicsthatincludewheretogotogainsmall-businessloanscompaniestohelpwithyourretailmarketingeducationalpublicationsspecifictoretailerstradeassociationstohelpyournichebusinessandmuchmuchmoreListedinalphabeticalordertheseresourcesshouldbeevaluateduniquelyforyournicheretailbusiness
Advanstar advanstarcom Advanstar is an event and marketing servicesbusiness that serves retailers through trade shows publications and otherindustry-specificeventsAmongitstradeshowsareMAGICMarketWeekandENTInternationalAmericanApparelandFootwearAssociationWeWearorgTheAmericanApparelandFootwearAssociation (AAFA) isanational tradeassociationthat representsapparel footwear andother sewn-productscompaniesandsuppliersTheassociationhas retailer-specific supportandoffersvaluableinsightformerchantswhoselltheseproductcategoriesAmerican Independent Business Alliance amibanet This nonprofitorganizationhelpscommunitiesandretailers launchandoperatebuy-localcampaignstosupportlocalentrepreneurseconomiesandretailersARTHomeFurnishingsNetworkAccessoriesResourceTeamorgARTisamember-basedorganization in thehomefurnishings industry that includesretailers importers sales representatives product designers interiordesigners and industry supporters ART offers its members a forum to
learnnetworkandgainadditionalbenefitstohelptheirbusinessesASD Trade Show ASDonlinecom ASD Las Vegas brings the worldrsquoswidest variety of generalmerchandise together in one efficient consumergoods trade showHeld biannually inLasVegas annually inNewYorkandannually inMiamiASDattracts thousandsof retailers and supplierssupporting retail categories that include gift home fashion health andbeautyjewelryvalueandvarietytoysandmoreAssociation of Small Business Development Centers asbdc-usorg SmallBusinessDevelopmentCenters (SBDC)provides retailers andother smallbusiness owners in the United States with assistance education andconsulting to help launch grow and manage their unique businessesSBDC branches often reside on college campuses andmaywork closelywith their local Chambers of Commerce and other community programsGototheSBDCwebsitetolocateacenterclosesttoyouBank of America bankofamericacom Bank of America offers small-business checking with more control and access than many other banksallowingyoutobettermanageyourbusinessdollarsBankofAmericaalsooffers a variety of merchant services that may be suited to your uniqueretailneedsBizBuySell BizBuySellcom The Internetrsquos largestmarketplace for buyingandsellingbusinessesaswellasaresourcedestinationtogaininsightintowhatyouneedtodotoprepareforthispossiblestepinyourretailjourneyWhetheryouwanttobuyorsellaretailstorethisisafantasticresourcetorefertoBosiDNAbosidnacomDiscoveryourentrepreneurialinsightthroughthisonlinequizidentifyingwhattypeofentrepreneuryouareOncecompletedthis quiz reveals ways to strengthen your business weaknesses andmaximizeyourbusinessstrengthsBoutique Vision BoutiqueVisioncom Drive traffic and increase salesthrough customized store signage and other in-store marketing materialsfromBoutiqueVisionTheparentcompanyInnoMarkCommunicationsisoneoftheleadingprovidersofcustomvisualmerchandisingsolutionsandBoutiqueVisionwascreateduniquely to support small retailersmdashkeepingbudgetandqualityalwaystopofmindBoutiqueWindowBoutiqueWindowcomShowcaseyournewinventoryandother highlightedproducts throughFacebookTwitterPinterest andyourwebsitethroughBoutiqueWindowrsquosbuilt-inphotoeditingtoolsandonlinemarketingmanagementresources
Bureau of Labor Statistics httpstatsblsgovaudiencebusinesshtm TheBureau of Labor Statistics provides statistics that help you find newmarkets for your store and can compare your businesswith others in theindustryaswellasassessemploymentcostsBusiness Alliance for Local Living Economies (BALLE) BeALocalistorgThe Business Alliance for Local Living Economies is a fast-growingallianceofentrepreneursbusinessnetworksandlocaleconomyfundersinNorthAmericawho aim to gain prosperity among communities and helpindependentretailersandothersmall-businessownersthriveBusinessUSA httpbusinessusagov This is a one-stop shop destinationforeverythingrelatedtobusinessintheUnitedStatesEssentiallythisisadestinationtogainadditionalresourcesforyourbusinessCardlyticsCardlyticscom ThroughCardlytics you can reach individualsbasedontheiruniquepurchasehistoryandhelptodrivesalestoyourstoreraisepromotionawarenessbuildloyaltyandmoreCausetownCausetownorgCausetownhelpslocalindependentbusinessesto attract customer attention and encourage sales throughpromotions thatgive a portion of purchases to each customerrsquos charity of choice Theplatform manages all the details of these transactions including charitydistributionallowingcommunityfundraisingforindependentretailerstobeeasyandaccessibleCouncilofStateRetailAssociationsCouncilSRAcomTheCouncilofStateRetail Associations (CSRA)was organized to strengthen and support theretailindustryworkingwithindividualstateretailassociationexecutivesaswell as directly with retailers The goal is to help support associationmembersandtheretailcommunityatlargeCraft andHobbyAssociationCraftAndHobbyorgThis international not-for-profit trade association consists of thousands of member companiesengagedinthedesignmanufactureandretailingofcraftandhobbyitemsTheassociationoffersavastrangeofresourcesandbenefitstoitsmembersandproducesanumberofeventseachyearCraftersrsquoHomeCraftersHomecomCraftersrsquoHomeisamembership-basedorganizationthatsupportsindependentscrapbookandpapercraftretailershelping to maximize a retailerrsquos relationship with manufacturers andcustomersCraftersrsquooffersavarietyofbenefitstoitsmembersthatincludediscountsfromvendorsandmoreDo It In Person DoItInPersoncom This online event platform allowsretailers and other businesses tomanage and promote their events in one
convenientplaceEmerald Expositions EmeraldExpositionscom Formerly NielsenExpositions Emerald Expositions is a leading owner and operator of avarietyofbusiness-to-businesstradeshowsmostofwhichcatertoretailersThe market categories include general merchandise apparel sportsjewelryfurnituredesignandmoreGlobalShop GlobalShoporg GlobalShop is the worldrsquos largest annualevent for retail design and shopper marketing creating a one-stopdestinationforretailerstoconnectdirectlywithstorefixturecompaniesandother in-store solutions GlobalShop also offers networking and learningopportunitiesIdeationIdeationGiftscomIdeationisthepremiergiftcatalogcompanyinthe United States that provides catalog and marketing services toindependentgifttoyandfashionretailersnationwideIndependent Retailer Conference RetailMindedcomRetail-ConferenceTheIndependentRetailerConferenceholdsa flagshipone-dayconferenceannually and brings its quality and independent retail-specific educationonsitetotheASDTradeShowbiannuallyKnownforaddressingkeyissuesin the independent retail scene the Independent Retailer Conference iswidelyrecognizedasamust-attendeventforindependentstoreownersIndependent Retailer Magazine IndependentRetailercom This monthlypublicationoffersretailadviceonwholesalebuyingandsellingintroducingretailers to importersmanufacturers trade shows and countless productsfortheirstoresInternetRetailerConferenceandExhibitionircecomTheInternetRetailerConference and Exhibition (IRCE) holds a variety of events that discusskey topics for online merchants introduce industry resources and shareexpert informationwith attendeesThe IRCEcanbe foundat select tradeshows where it holds educational tracks specifically discussing e-commercesolutionsandothere-commerceeducationandexpertiseInternet Retailer Magazine InternetRetailercom Internet RetailerMagazine supports retailers and other businesses with e-commerceintelligencenewsandmarket supportThepublicationdelivers12 issueseach year and provides additional resources that include newslettersresearchguidesandmoreInstitute for Local Self-Reliance ilsrorg The Institute for Local Self-Reliance works to provide innovative strategies and timely support tocommunity development working with entrepreneurs and community
leadersalikeThewebsiteoffersadiverserangeofinformationvaluabletobusinessownersInternal Revenue Service (IRS) httpwwwirsgovbusinesses The IRShostssmall-business taxworkshopsandwebinarsandprovides tax-relatedinformationforstartingoperatingorclosingabusinessiPadEnclosures iPadEnclosurescomAscloud-basedpoint-of-sale (POS)and iPadsystemsbecome increasinglypopular for retailers theftof iPadsfromretailersisalsoaconcerniPadEnclosuresoffersproductsspecificallydesigned for retailers and other businesses allowing you to take controloveryouriPadmanagementandvulnerabilitytotheftKabbage Kabbagecom Kabbage has simplified the process of getting abusinesscashadvanceallowingretailerstoavoidtraditionalbankshiddenfees and unexpected charges while trying to gain working capital Thecompanyrsquosflexiblefundingoptionsallowqualifiedretailerstogainquickconvenient access to capital to help their businesses while also makingmoneytransferseasyandstraightforwardLicensingExpoLicensingExpocomTheLicensingExpoconnectsretailersbrands and manufacturers to entertainment character fashion art andcorporate brand owners to establish relationships spot trends buildstrategicpartnershipsandsecurepromotionaltie-insItisheldonceayearinLasVegasMAGIC Market Week MagicOnlinecomMagic-Market-Week MAGICMarketWeek is the largest global market week for contemporary menrsquosand womenrsquos apparel footwear and sourcing Held biannually in LasVegasMAGICattractsfashionbuyersandbrandsfromaroundtheworldManagement One Management-Onecom Management One servesindependent retailers and other small businesses by helping them get abetterreturnontheirinvestmentsincludinginventoryandpeopleThecoreservices and products surround inventory planning and solutions helpingretailersachievegreatersuccessandsalesManufacturercomManufacturercomisthepremierglobalonlinebusiness-to-business marketplace where buyers and suppliers connect and profitBillionsofdollarsofgeneralmerchandiseapparelandfashionaccessoriesaresourcedthroughManufacturercomasmillionsofbuyersthroughouttheworldconnectdirectly tosuppliers inChina India theUnitedStatesanddozensofothercountriesMinority BusinessDevelopment Agency (MBDA)MBDAgovmainofficesThis agency funds a network of minority business centers located
throughoutthenationthatprovideminorityentrepreneurswithone-on-oneassistance in marketing writing business plans management technicalassistanceandfinancialplanningModalystModalystcomRetailerscanaccess risingaccessoryand jewelrydesigners in this well-crafted cutting-edge online marketplace thatshowcasesproductsthroughvirtualshowroomsThisisagreatdestinationforfashionandaccessory-basedretailersMOO Moocom MOO is an online company that offers business cardspostcardsstorehangtagsandotherprintproductsthatarestylishindesignManyofMOOrsquosdesignsarereadytogowhereasothersareavailabletobecustomizedNational Hardware Show NationalHardwareShowcom The NationalHardwareShowisthepremiertradeshowforthe$343billionUShome-improvement and do-it-yourself (DIY) markets Held annually in LasVegas this show caters to retailers in the building hardware lawn andgardenpethomegoodsandfarmcategoriesaswellasmanyotherretailsectorsPremierPackagingRetailPackagingcomPremierPackagingisaleaderincustomprintingandoffersstockready-to-shipretailpackagingoptionsforretailers that include paper and plastic bags ribbons tissue paper giftboxesandmoreReed Expositions ReedExpocom Reed Expositions offers a portfolio ofmore than 500 events in 41 countries many of which cater to retailersspecificallyThewebsiteidentifiesthemorethan500eventsallowingyoutoidentifywhatmaybebestforyouruniqueretailbusinessRetail Adventures Blog RetailAdventuresBlogcom Internationallyrecognized retail experts Rich Kizer and Georganne Bender of Kizer ampBenderSpeakingwrite thisblog sharing their firsthand retail experienceswhilealsoofferingretailinsighttipsandmoreRetailMAVENS RetailMavenscom RetailMAVENS is managed byhusband and wife team Paul and CathyWagner who are previous storeowners and current retail consultants Their expertise primarily falls intoretailinventorymanagementandtheirservicesareidealformerchantswhowantadditionalhands-onhelpfortheirstoreinventoriesandplanningRetailMindedRetailMindedcomRetailMindedisthenationrsquosonlyretaillifestylepublisherthatsupportsindependentretailerswithnewseducationand support to help them both in and out of their stores The quarterlypublicationRetailMindedMagazine is anavenuebywhich retail-focused
groups associations and other member-based organizations can helpretailersachievestronger successRetailMindedcaters toall independentretailers and does not eliminate any sector of retail and it offers aninformativefreenewsletterforindependentmerchantsRetailRadioRetailRadiobizTherightmusicinastoreenhancesthestoreexperienceandspendingbehaviorRetailRadioallowsmerchantstocreatetheidealatmospherefortheirstoresandcustomerscustomizingtheirownin-store radio station and professionally produced commercials for theirbusinessesRetailTouchPointsRetailTouchPointscomDesignedforretailexecutivesRetailTouchPointsisknownforitsin-depthmarketresearchspecifictotheretailindustryatlargeRetailTouchPointsoffersafreesubscription-basednewsletterthatretailersbigandsmallcanlearnfromShift Your Shopping ShiftYourShoppingorg Shift Your Shopping workswith organizations that include the American Independent BusinessAlliance (AMIBA) the Business Alliance for Local Living Economies(BALLE)CausetownandKevinBaconrsquosSixDegreesorgtopromotelocalandindependentshoppingAlthoughthemessageistargetedatconsumerstheplatformencouragesretailerstogetinvolvedShipwire Shipwirecom For retailers who need more space to storeinventory beyond their storefronts Shipwire is a fantastic resource Thecompanyoffersstorageshippingandmanagementof inventorymdashhelpingretailerssavetimeandcostsandavoidunnecessaryandcomplexshippingissuesShopifyShopifycomShopifyallows retailers to easily create andmanageanonlinestoreMerchantscanchoosefromover100professionaltemplatesthatcanbecustomized to theiruniquestoresalsoofferinganeasy-to-useback-endsystemforretailmanagementShopifyalsoprovideseducationalresourcesonitswebsiteforretailerstolearnfromShop Indie Retail ShopIndieRetailcom This is an online directory ofindependent retail stores across the United States highlighting theiruniquenessandsharingcontactdetailswithcustomersShopKeep POS ShopKeepcom ShopKeep POS is a simple easy-to-usepoint-of-salesystemthatisidealforindependentretailersandservice-basedbusinesses such as coffee shops The cloud-based POS system helpsretailerstracksalesmanageinventoryprintore-mailreceiptsandmoreShopSmallShopSmallcomShopSmallwasfoundedin2010byAmericanExpressandhassinceevolvedtobeanationallyrecognizedmovementthat
supports small-business owners The Saturday following Thanksgiving isofficiallyrecognizedasShopSmallSaturdayandthroughtheShopSmallnetwork retailers can gain a variety of tools and resources to helpstrengthentheirstorepresenceSierra Pacific Crafts SPCus Sierra Pacific Crafts is a member-ownedcooperativethatworkstocreateandsustainavibrantcommunityoffamily-owned retailers in creative industries through cooperative strategies insharingeducationmerchandisingmarketingoperationsandmoreSnapRetailSnapRetailcomSnapRetailistheonlycompanytoexclusivelysupport independent retailers with online marketing that ranges fromprewritten socialmediaposts toprofessionallydesignedandprewrittene-mailsadrag-and-dropcalendaralibraryofimagestouseandmoreSoldsieSoldsiecomSoldsiesoftwarehelpsretailerstoimporttheirexistingweb store on to Facebook The tools can help you promote products viaFacebookandultimatelyallowcustomerstomakepurchasesdirectlyfromFacebookSquare SquareUpcom Square allows merchants to conveniently swipecredit cards viamobile devices and iPadswith their Square Card readerThe company also offers other services and software to help merchantsbettermanagetheirretailstoreswhilealsobeingcompatiblewithavarietyofPOSprovidersSTOPfakes Stopfakesgov STOPfakes is a one-stop shop for USgovernment resources and tools on intellectual property rights (IPRs) Itassists and educates small and medium-sized enterprises (SMEs)consumersgovernmentofficialsandthegeneralpublicaboutIPRsStore Specialty Services SpecialtyStoreServicescom Discover a widevariety of store fixtures store displays and other related products ThisonlinewarehouseallowsyoutoconvenientlyshopforyourstoreTarsus Group tarsuscom Tarsus Group represents a number of tradeshows and publications including theOff-Price Show held inNewYorkandLasVegasannuallyTopTenWholesale TopTenWholesalecom This is a vertical search enginethat connects buyers of general merchandise wholesale products tomanufacturers importers distributors auctioneers independent retailersflea marketers drop shippers and any reseller of new and closeoutsmerchandiseTrademarksTheSpotTMTheSpotcomTrademarksTheSpothelpsretailersand other business owners to take the necessary steps to protect their
businesses The legal team offers federal and state trademark searchesfiling monitoring and moremdashoften more affordable than other attorneyratesTrade Show Exhibitors Association TSEAorg This association providesknowledge tomanagement andmarketingprofessionalswhopromote andsell products through face-to-facemarketing This is a great resource forfindingtradeshowsTripar International Triparcom Beautifully showcase your products andinspire your customers with Triparrsquos boutique selection of fixturesdisplays tabletop stands accessories andmore The companyrsquos productsare known to stand out among boutique retailers and help drive salesthroughdisplaysUnitedStatesPatentandTrademarkOfficehttpwwwusptogovTheUSPatent and Trademark Office (USPTO) registers trademarks and protectsintellectualproperty(IP)forUSentrepreneursandinnovatorsworldwideUSSmallBusinessAdministrationSBAgovTheSBAhas resources andinformationforstartingandmanagingbusinessesgettingloansandgrantsregistering for government contracting and receiving business counselingand training In addition the SBA supports regional Small BusinessDevelopmentCentersoftenadjacent tocollegeoruniversitycampusesformorehands-onsupportVend VendHQcom Vend is a POS inventory and customer-loyaltysoftwarethathelpsretailersmanageandgrowtheirbusinessesTheeasy-to-use software is iPad-based and ideal for retailers in a diverse range ofindustries including apparel fashion sports health and beauty food anddrinktourismhomegoodsandmoreVine Vinecom Vine allows merchants to incorporate videos into theironlinemessagingThisappiseasytouseandcanbeusedviasocialmediae-mail marketing and other online efforts to help communicate detailsaboutyourstoreorbusinessWishpondWishpondcomWishpond isanapp thatmakes iteasy to runagroupofferorsocialmediacontesttodrivesalesandtraffictoawebsiteorstorewithcouponsandotherspecialoffersviaFacebookTwitterPinterestyourwebsiteandmobiledevicesWholesaleCraftscomWholesaleCraftscom WholesaleCraftscom Retailerscandiscoverovera1000AmericanandCanadianwholesaleartistsonthisonline virtual marketplace Buyers must be qualified retailers and onceapprovedmayenrollforfree
Wholesale Minded RetailMindedcomWholesale-minded-magazineWholesale Minded Magazine is a free digital publication from RetailMindedthatsharesexpert insightpracticalsolutionseducationalsupportspecifically to independent wholesalers new-to-market vendors andretailerswhoworkwiththem
APPENDIXB
CommonRetailTermsandDefinitions
INTHISappendixwehaveprovidedalistofcommonretailtermstohelpsupportyouinyouroverallunderstandingoftheretailbusinessatlargeWersquollalsoaddresscommonwholesaletermsinaneffortforyoutobestmanageyoursuppliercommunicationAlthoughretailincludesmanyadditionaltermsthislistisintendedtosupportthemostcommonwordsusedintheretailindustryWersquodliketoalsothankViaTradingforitssupportinsupplyingmanyofthe
termsidentifiedhereinandweencourageyoutovisitViaTradingrsquosexpansiveglossaryforadditionalretailandwholesaleterminologyathttpwwwviatradingcomwholesale456Glossary-of-Termshtml
AcceptanceTheactofadraweeacknowledginginwritingonthefaceofadraftpayableatafixedordeterminablefuturedatethatheorshewillpaythedraftatmaturityAcceptance draft A sight draft documents against acceptance SeeDocumentsagainstacceptanceAirway bill The carrying agreement between shipper and air carrierwhichisobtainedfromtheairlineusedtoshipthegoodsAll-risksclauseAninsuranceprovisionthatprovidesadditionalcoveragetoanopencargopolicyusuallyforanadditionalpremiumContrarytoitsnametheclausedoesnotprotectagainstallrisksThemorecommonperilsit does cover are theft pilferagenondelivery freshwaterdamage contactwithothercargobreakageandleakageInherentvicelossofmarketandlossescausedbydelayarenotcoveredAs-is Refers to thesellingconditionsofcertainmerchandiseThebuyer
typicallyassumesallrisksinpurchasingsuchgoodsandthemerchandiseissoldwithnoguaranteesorreturnsATAcarnet Customsdocumentthatenablesonetocarryorsendgoodstemporarily intocertainforeigncountrieswithoutpayingdutiesorpostingbondsAuthoritytopayAdocumentcomparablewitharevocableletterofcreditbutunderwhosetermstheauthoritytopaythesellerstemsfromthebuyerratherthanfromabankB2B trade platforms B2B trade platforms are business-to-businessvertical search engines that connect buyers and sellers in global anddomestictradeTheseonlinemarketplacesprovidetoolsthatarenecessaryto facilitate communication between retailersresellers andwholesalersmanufacturersBalanceoftradeThebalancebetweenacountryrsquosexportsandimportsBeneficiaryThepersoninwhosefavoraletterofcreditisissuedoradraftisdrawnBig-boxstoresBig-boxstoresarestand-aloneretailersthatcarryassortedmerchandiseAnexamplewouldbeMacyrsquosorTargetBig-boxstoresalsomay be categorized as department stores discount stores or warehousestoresdependingonthestoreitselfBillofexchangeSeeDraftBillofladingAdocumentthatprovidesthetermsofthecontractbetweentheshipperandthetransportationcompanytomovefreightbetweenstatedpointsataspecifiedchargeBondedwarehouseAbuildingauthorizedbycustomsauthoritiesforthestorageofgoodswithoutpaymentofdutiesuntilremovalBoutique Refers to small shops or stores that are independently ownedand often sell a product assortment that is not duplicated exactly in anyotherstoreBuy local (also referred toasShop local) A termused to identify theimportanceofshoppingat localbusinessesoftenused tocommunicate toconsumersinanefforttostrengthenlocaleconomicimportanceandsmall-businessvalueBuyingagent Anagentwhobuys in thiscountry for foreign importersespecially for such large foreign users as mines railroads governmentsandpublicutilitiesSynonymouswithpurchasingagentCapitalThewealthwhetherinmoneyorpropertyownedbyabusiness
orindividualCash and carry A form of wholesale that sells products on the spotusually with cash only to a purchaser who is then able to self-carry theproducts themselves without having to wait for any time betweenpurchasinganddeliveryCashwrap [also referred to as point-of-sale (POS)Area] The placewhere a consumer goes to purchase products or services within a storeoftenthesameareainwhichpurchasesarewrappedinbagsforcustomersCarrierAtransportationlinethathaulscargoCasepacksGenerallyreferstoitemspackedinasmallcasetypicallyinquantities of 6 12 24 or 100 Goods such as cosmetics clothingaccessories and jewelry are often sold in case packs representing apredetermineditemcountCertificate of free sale A certificate required by some foreigngovernments stating that the goods for export (if products are under thejurisdiction of the US Federal Food and Drug Administration) areacceptable for sale in theUnitedStates that is that theproductsare soldfreelywithout restrictionTheFoodandDrugAdministration (FDA)willissueshippersaletterofcommenttosatisfyforeignrequestsorregulationsCertificateofinspectionAdocumentinwhichcertificationismadeastothegoodconditionofthemerchandiseimmediatelypriortoshipmentThebuyerusuallydesignatestheinspectingorganizationwhichis typicallyanindependentinspectionfirmorgovernmentbodyCertificate of manufacture A statement by a producer sometimesnotarizedthatcertifiesthatmanufacturinghasbeencompletedandthatthegoodsareatthedisposalofthebuyerCertificateoforiginAdocumentinwhichcertificationismadeastothecountryoforiginofthemerchandiseCampFCostandfreightSameasCIFexceptthatinsuranceiscoveredbythebuyerCFRCostandfreightindicatesthatthesellerwilldeliverthegoodstothebuyerandapplyactualcostoffreighttothebuyersChamberofCommerceAnassociationofbusinesspeoplewhosepurposeistopromotecommercialandindustrialinterestsinthecommunityCIF Cost insurance and freightApricing termunderwhich the sellerpaysallexpensesinvolvedintheplacingofmerchandiseonboardacarrierand in addition prepays the freight and insures the goods (an automatic
conditionofthecontract)toanagreed-ondestinationCleanbillofladingAbillofladingsignedbythetransportationcompanyindicating that the shipment has been received in good conditionwith noirregularities in the packing or general condition of all or any part of theshipmentCloseoutSellingtheentirelotofremainingmerchandiseusuallythroughasaleatreducedpricesCollection The procedure involved in a bankrsquos collectingmoney for aseller against a draft drawn on a buyer abroad usually through acorrespondentbankCOD Cash on delivery If your goods are delivered according toCODterms you must pay cash for them COD is common for retailers whencreditistightCollection papers The documents submitted usually with a draft oragainstaletterofcreditforpaymentofanexportshipmentCommercialinvoiceAtradeinvoicethatidentifieschargesappliedfromapurchaseorserviceConsigneeThepersonfirmorrepresentativetowhomasellerorshippersendsmerchandiseandwhoonpresentationofthenecessarydocumentsisrecognizedastheownerofthemerchandiseforthepurposeofthepaymentofcustomsdutiesThistermisalsousedasapplyingtoonetowhomgoodsareshippedusuallyattheshipperrsquosriskwhenanoutrightsalehasnotbeenmadeSeeConsignmentConsignment A term pertaining to merchandise that has not beenpurchasedunderanagreementbywhichtheconsigneeisobligatedtosellthegoodsfortheaccountoftheconsignorandtoremitproceedsasgoodsaresoldConsumersThefinalpurchaserorenduserofanyproductorserviceInretailspecificallyconsumersareoftenreferredtoascustomersCorrespondent bank A bank that is a depository for another bankacceptingdepositsandcollectingitemsforitsbankdepositorCountry of origin The country in which a product or commodity ismanufacturedorproducedCreditriskinsuranceAformofinsurancethatprotectstheselleragainstlossduetodefaultonthepartofthebuyerCustomerreturn Item thathasbeenpurchasedbyacustomerand thenreturnedtothestore(oronlinestore)foranynumberofreasons
Customs The agency or procedure for collecting duties imposed by acountryonimportsorexportsDASeeDocumentsagainstacceptanceDead stock Inventory in a store that has never been purchased by aconsumer and reflects products from past seasons Despite multipleattempts to sell it this stockdoesnot sellDeadstock isoftena resultofinexperiencedbuyingincludinglackofknowledgeofthecustomerbaseDefectiveDefectiveconditionreferstoitemsthathavebeenputthroughatestingprocessandhavebeendeemeddefectiveornotworkingItemsmaybevisuallydefectiveorincompleteorbemissingpartsItemsalsomaybebrandnewbutwithamajorquality-controlflawmakingthemdefectiveDemographics Identifies population in groups based on age genderincomeoccupationeducation religion race familysize family lifestyleandmoreGovernmentstudiesoftenprovidedemographicinformationandselectretailgroupsororganizationsspecifictotheirnicheretailcategoryDirectshipmentReferstoitemsthatareshippedtothecustomerdirectlyfromastorersquosfacilityDiscount A reduction in the price of an item Discounts will vary inamountandpurposeDisplays Represents thevisualappearanceofastoreenvironmentoftenreferring to specific areas of a storemdashsuch as a window display tabledisplayorpoint-of-sale(POS)displayDiscrepancyletterofcreditWhendocumentspresenteddonotconformtothetermsoftheletterofcredititisreferredtoasadiscrepancyDistributor A firm that sells directly for amanufacturer usually on anexclusivebasisforaspecifiedterritoryandthatmaintainsaninventoryonhandDocuments against acceptance (DA) A type of payment for goods inwhich the documents transferring title to the goods are not given to thebuyeruntilheorshehasacceptedthedraftissuedagainsthimorherDocuments against payment (DP) A type of payment for goods inwhich the documents transferring title to the goods are not given to thebuyeruntilheorshehaspaidthevalueofadraftissuedagainsthimorherDomestic International Sales Corporation (DISC) An export salescorporationsetupbyaUScompanyunderUSgovernmentauthorizationtopromoteexportsfromtheUnitedStatesbygivingtheexportereconomicadvantagesnotavailableoutsidesuchauthorization
DPSeeDocumentsagainstpaymentDraft(alsoknownasbillofexchange)Awrittenorderforacertainsumofmoneytobetransferredonacertaindatefromthepersonwhoowesthemoneyorwhoagreestomakethepayment(thedrawee)tothecreditor towhomthemoneyisowed(thedrawerofthedraft)DraweeOneonwhomadraftisdrawnandwhoowesthestatedamountSeeDraftDrawerOnewhodrawsadraftandreceivespaymentSeeDraftDropshippingAnorderthatisplacedwithavendorandshippeddirectlyto the end consumer (Brokers dealwith drop shipperswhen they do notwant to touch or warehouse the merchandise They receive orders fromtheircustomersand thenplaceadrop-shiporderwithavendorwho thenshipsthemerchandisedirectlytothebrokerrsquoscustomer)Drop-shipordersaretypicallyshippedblindmeaningwithnotraceofthevendorrsquosnameoraddresstoprotectthebrokerDuty The tax imposedbyagovernmentonmerchandise imported fromanothercountryE-mailblastAne-mailsenttoalargegroupofpeopleatonceEMCAnexportmanagementcompanyEmployeeturnoverTheratiobetweenthenumberofemployeeswhohadtobe replacedand thenumberofaverageemployees inagivenperiodoftimeForexample ifyouhaveanaverageofsixemployeesinayearandthreepeoplehad tobereplacedbecause theyquit thatyearyour turnoverwouldbe50percentTurnoveristheoppositeofretentionETCAnexporttradingcompanyExchange permit A government permit sometimes required of animportertoenablehimorhertoconverthisorherowncountryrsquoscurrencyintoaforeigncurrencywithwhichtopayasellerinanothercountryExchangeregulationsrestrictionsRestrictionsimposedbyanimportingcountrytoprotectitsforeign-exchangereservesSeeExchangepermitExcisetaxAdomestictaxassessedonthemanufacturesaleoruseofacommoditywithinacountryUsuallyrefundableiftheproductisexportedExpirationdate The finaldateonwhich thepresentationofdocumentsanddrawingofdraftsunderaletterofcreditmaybemadeExportTosendgoodstoaforeigncountryoroverseasterritoryExportbroker Onewhobringstogethertheexporterandimporterforafeeandthenwithdrawsfromthetransaction
EXW(exworks) Indicates that thebuyer is responsibleforcargowhenitrsquosavailableatthesellerrsquosfactoryFactoring company (also referred to as a factor) A businessorganizationthatlendsmoneyonaccountsreceivableorbuysandcollectsaccountsreceivableFactorsmakefundsavailabletoretailersFCA(freecarrierat) Indicates that the sellerdelivers thegoods to thenamed place free of any transportation cost having cleared the cargo forexport The seller accepts transportation costs risks and responsibilitiesuntilthecargoishandedoveratthenamedplaceFocusgroupAgroupofpeople(egyourcustomers)broughttogethertogivetheiropinionsonaparticularissueorproductoftenforthepurposeofmarket research or inventory strategies usually no more than 10 to 12peopleGeneral license (export) Government authorization to export withoutspecificdocumentaryapprovalGrossweight Totalweight of goods packing and container ready forshipmentHandlingchargesTheforwarderrsquosfeetotheshippingclientImport To bring merchandise into a country from another country oroverseasterritoryImportlicenseAgovernmentdocumentthatpermitstheimportationofaproductormaterialintoacountrywheresuchlicensesarenecessaryInco terms Indicate whether the buyer or the seller carries the riskresponsibilityliabilityorcostsatspecificpointsduringatransactionInconvertibilityTheinabilitytoexchangethecurrencyofonecountryforthecurrencyofanotherInsurance certificate A document issued by an insurance companyusually to order of shipper under a marine policy and in cover of aparticularshipmentofmerchandiseInternship Any program formal or informal that provides practicalexperience for beginners in an occupation or profession Retailers oftenseek to hire interns to help in specific areas of their businesses such asvisualmerchandisingor socialmedia as away togain store support thattheymaynotnormallyhaveaccesstootherwiseInvoice A document that identifies charges applied from a purchase orserviceSeeCommercialinvoiceIrrevocableAppliedtolettersofcreditAnirrevocableletterofcreditis
onethatcannotbealteredorcanceledonceithasbeennegotiatedbetweenthebuyerandhisorherbankJointventureAcommercialorindustrialenterpriseinwhichprincipalsofone company share control and ownership with principals of anothercompanyKioskAfree-standingstructureusedinapublicplacesuchasamallthatisdesignedtosupportaproductorservicetobesoldtoconsumersItisalsousedforinteractiveopportunitiesandmaybeonashort-termbasissuchaswhenusedduringafestivalLCSeeLetterofcreditLegalweightTheweightofgoodsplusanyimmediatewrappingsthataresold alongwith the goods for example theweight of a tin can togetherwithitscontentsSeeNetweightLetterofcredit(LC)(commercial) Adocument issuedbyabankatabuyerrsquosrequestinfavorofasellerpromisingtopayanagreedamountofmoneyonreceiptbythebankofcertaindocumentswithinaspecifiedtimeLicensingThegrantoftechnicalassistanceandserviceandortheuseofproprietary rights such as a trademark or patent in return for royaltypaymentsLineofcreditSameasacreditlimitthemaximumamountofcreditthatastoreisauthorizedtousebyabankorotherlenderLine sheet A document that collectively represents products from aspecific brand or vendor sharing details on product pricesmdashincludingwholesale and retailmdashas well as product availability shipping termscontentsofproductsandmoreLookbookAbookthatissimilartoaportfoliobutitrepresentsaproductline rather than providing visual samples of onersquos work history Thepurposeofalookbookistoprovidealdquostoryrdquoldquofeelingrdquoorldquoinspirationaloverviewrdquoof theproduct assortment throughphotographsof theproductsbeingsoldMarkdownAdevaluationofaproductbasedonitsinabilitytobesoldattheoriginalplannedsellingpriceMarkup Increase in the price of a product or service to create a profitmarginforthebusinessManufacturedsuggestedretailprice (MSRPalsorecognizedasretailvalue) The value and suggested retail price a vendor supplier orwholesaleridentifiesaproducttobesoldat
ManufacturerReferstohandmadeormachine-constructedproductsthatbeginas rawmaterials andare completed into finishedgoods that are foruseorsaletowholesalersaswellasretailersMastercase100percentbrand-newfactory-sealedmerchandisestillinitsoriginalpackagingMaturitydateThedateonwhichadraftoracceptancebecomesdueforpaymentMOQ(minimumorderquantity) AMOQisthesmallestquantityofaproductthatasupplierrequiresyoutobuyinasinglepurchaseNet weight The weight of the goods alone without any immediatewrappingsforexampletheweightofthecontentsofatincanwithouttheweightofthecanOnline marketplace Refers to a type of e-commerce website whereproductisavailabletobesourcedforaretailstoreTypicallytransactionsareprocessedbythisonlinemarketplaceandthendeliveredandfulfilledbytheparticipatingsuppliers(wholesalers)Opentobuy(OTB) ReferstotheportionofaretailbudgetavailabletospendoninventoryatanygiventimeUsedtoidentifyhowmuchmoneyisavailabletoplaceordersforstoreproductOperatingexpensesTheexpensesinvolvedinrunningabusinessPacking list A list that shows thenumber andkindsof packagesbeingshippedtotalsofgrosslegalandnetweightsofthepackagesandmarksand numbers on the packages The listmay be requested by a retailer orsuppliedvoluntarilybyavendororsupplierPoint of sale (POS) Traditionally speaking POS represents the placewhereanactualtransactioniscompletedInmodernretailPOSoftenrefersto software thatprocessesa transaction inexchange forgoodsor servicessoldPop-upshopTheactofopeningashort-termstorefrontoftenapplyingtoonlyonedayalthoughitmayapplytoaweekendoraslongasamonthProduct sourcing The act of finding products from wholesalers ormanufacturerstoresellthroughabusinessProformainvoice Aninvoiceforwardedbythesellerofgoodsprior toshipmenttoadvisethebuyeroftheweightandvalueofthegoodsPsychographics Identifies lifestyles and stages that appear to influenceconsumershoppingdecisions Includesactivitiesbeliefshabitsopinionsandmoreofcustomers
QuotaThetotalquantityofaproductorcommoditythatmaybeimportedinto a country without restriction or the penalty of additional duties ortaxesQuotationAnoffertosellgoodsatastatedpriceandunderstatedtermsRate of exchange The basis on which money of one country will beexchangedforthatofanotherRatesofexchangeareestablishedandquotedfor foreigncurrencieson thebasisof thedemandsupplyandstabilityoftheindividualcurrenciesSeeExchangeRetailThebusinessofsellingservicesorproductsthatultimatelywillbesoldtoconsumerstheendusersoftheproductsorservicespurchasedRetailsupplychain Aproduct iscreatedatamanufacturer issold toawholesaler and then is sold again to a retailer who ultimately sells theproducttothefinalpurchasertheconsumerRetail value [also recognized as manufactured suggested retail price(MSRP)] Thevalueofan itemassuggestedbyasupplierorvendorforretailerstoselltheproductatretailRetailer Afixedlocationincludingstorefronts theInternetkiosksandpop-upshops thatsellproductsorservices toconsumers Inaddition thetermretailercanbeappliedtothepersonwhoownsaretailstoreRevocableAppliedtolettersofcreditArevocableletterofcreditisonethatcanbealteredorcanceledby thebuyerafterheor shehasopened itthroughhisorherbankRFQ (also referred to as RFP) Request for quotation or request forproposal A business process that invites suppliers to bid on specificproducts or services It allows suppliers to provide quotations for theirgoodsandservicestoretailersandordistributorsRoyaltypaymentTheshareoftheproductorprofitpaidbyalicenseetohisorherlicenserSeeLicensingSalesrepresentativeArepresentativeofacompanyeithercontract-basedor as an employee of a particularly company who represents a productbeing sold Typically sales representatives will work for vendorsattemptingtosecuretheirproductswithinretailstoresSeasonal goods Goods that are heavy in merchandise for a particularseasonsuchasHalloweenEasterChristmasandsoonSell-through The ratiobetween thequantityofgoods soldbya retailerand the quantity originally delivered to thewholesaler number of piecessolddividedbynumberoforiginalpiecesdeliveredIfyousellfiveofeight
pairsofpantsyoursell-throughis625percentShipperrsquos export declaration A form required by the US TreasuryDepartment and completed by a shipper showing the value weightconsigneedestinationandsoonofexportshipmentsaswellasaScheduleBidentificationnumberShipping documents Commercial invoices bills of lading insurancecertificatesconsularinvoicesandrelateddocumentsStockingdistributor AdistributorwhomaintainsaninventoryofgoodsofamanufacturerSupplier May refer tomanufacturer distributorwholesaler or vendorCollectivelyrepresentsalltheseproductprofessionalsSustainableIfsomethingissustainableitdoesnotharmtheenvironmentor deplete natural resources In retailing it often refers to sustainabledesignwhetherthatbeinbuildingdesignorproductdesignTareweight TheweightofpackingandcontainerswithoutthegoodstobeshippedTariffAscheduleorsystemofdutiesimposedbyagovernmentongoodsimportedorexportedtherateofdutyimposedinatariffTenorThetimefixedorallowedforpaymentasinldquothetenorofadraftrdquoTime draft A draft drawn to mature at a certain fixed time afterpresentationoracceptanceTrade shows Trade shows are organized events that cater to a specificindustry and introduce buyers and sellers Traditionally trade shows areclosed to the public and are only accessible to registered buyers andmembersoftheretailtradeValidated license A government document authorizing the export ofcommoditieswithinthelimitationssetforthinthedocumentVisa A signature of formal approval on a document Obtained fromconsulatesVisual merchandising The art of using effective design andmerchandisingideasthatwillenhancetheshoppingexperienceofastoreaswellasincreasesalesandfoottrafficWholesaleThesellingofgoodsthroughabusiness-to-businesstransactionoflargequantitiestoretailersWholesalerAnindividualorcompanythatsellsaproductorservicetoaretaileranddoesnotsellthisproductorservicedirectlytoconsumers
Notes
1StandingOutamongOtherRetailers
1KimberlyEfseaffowneranddesignerBonBijouxGirlyBoutiqueInterviewbyNicoleReyhleDecember142013
2SteppingOutsideYourComfortZone
1MacquenziFarquerownerLockportAstoriaNewYorkInterviewbyNicoleReyhleOctober1520132Ibid3ShariRalishownerPeacefulParlourInterviewbyNicoleReyhle
November1120134JoeAbrahamauthorofEntrepreneurialDNAInterviewbyNicoleReyhle
December122013GenevaIllinois
3LeaningonOutsideOrganizations
1EllenDivitaeconomicdevelopmentdirectorCityofGenevaInterviewbyNicoleReyhleNovember32013GenevaIllinois2Ibid3HarrietParkermanagerAuroraIllinoisndashbasedSmallBusiness
DevelopmentCenterInterviewbyNicoleReyhleOctober212013GenevaIllinois4AndyEllenpresidentandgeneralcounselNorthCarolinaRetail
MerchantsAssociationInterviewbyNicoleReyhleviae-mailOctober2820135Ibid6CurtisPicardexecutivedirectorRetailAssociationofMaineInterviewby
NicoleReyhleOctober2920137Ibid8Ibid9JamaRiceexecutivedirectorandCEOofMuseumStoreAssociation
interviewbyNicoleReyhleviae-mailNovember6201310MissyBrozekvicepresidentandcreativedirectorCrafterrsquosHome
InterviewbyNicoleReyhleJanuary12014
4IdentifyingYourUniqueStoreStory
1AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicoleReyhleOctober182013ChicagoIllinois2Ibid3Ibid4KirtManeckeauthorandcustomer-serviceexpertInterviewbyNicole
ReyhleNovember2013
5SourcingProductsThroughTradeShowsandtheInternet1MegyKarydesownerKarydesConsultingInterviewbyNicoleReyhle
January22014ChicagoIllinois2Ibid3CamilleCandellagroupmarketingmanagerEmeraldExpositions
InterviewbyNicoleReyhleDecember520134JonathanPrescottseniorbusinessmanagerJPCommunicationsInc
InterviewbyNicoleReyhleDecember142013
6BuyingforCustomerversusYourself
1CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhleNovember112013GenevaIllinois2DrGaryEdwardschiefcustomerofficerMindshareTechnologies
OriginallysharedviaRetailMindedcominanarticlepublishedbyRetailMindedJanuary20143TomKonopackiownerAnastaziaInterviewbyNicoleReyhleDecember
2013GenevaIllinois4VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember29
20135Ibid6Ibid7DrGaryEdwardschiefcustomerofficerMindshareTechnologies
OriginallysharedviaRetailMindedcominanarticlepublishedbyRetailMindedJanuary20148CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhle
December92013GenevaIllinois9Ibid10Ibid
7SellingYourProducts
1MichaelAmatopresidentandCEOCimarronInc2AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois3Ibid4RichKizerandGeorganneBenderKizerampBenderSpeakingInterviewby
NicoleReyhleNovember52013StCharlesIllinois5KerryBannigancofounderNolchaFashionWeekNewYorkInterview
byNicoleReyhleNovember252013NewYorkCity6CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhle
November12013GenevaIllinois7RichKizerandGeorganneBenderKizerampBenderSpeakingInterviewby
NicoleReyhleNovember52013StCharlesIllinois8VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember30
20139Ibid10JasonRichelsonfounderandCEOShopKeepPOSInterviewbyNicole
ReyhleNovember252013NewYorkNewYork
8ApplyingPressandMarketingtoYourBusiness
1CynthiaSuttonownerSilverBarnretailstoreInterviewbyNicoleReyhleOctober162013ColumbusTexas2Ibid3SuzyTeeleCOOSnapRetailcomInterviewbyNicoleReyhleNovember
220134Ibid5Ibid6JessicaMorettimarketingcommunicationsmanagerSnapRetailcom
InterviewbyNicoleReyhleDecember1020137CourtneyRodgerscofounderBoutiqueWindowInterviewbyNicole
ReyhleNovember2720138CynthiaSuttonownerSilverBarnretailstoreInterviewbyNicoleReyhle
October162013ColumbusTexas
9MakingYourPresenceOnline
1DonDaviseditor-in-chiefInternetRetailerMagazineInterviewbyNicoleReyhleNovember2013ChicagoIllinois2HarleyFinkelsteinchiefplatformofficerShopifycomInterviewby
NicoleReyhleinOctober20133Ibid4CourtneyRodgerscofounderBoutiqueWindowInterviewbyNicole
ReyhleNovember2720145Ibid6DonDaviseditorinchiefofInternetRetailerMagazineInterviewedby
NicoleReyhleNovember2013ChicagoIllinois7Ibid8ForresterResearchreleasedareporttitledldquoUSCrossChannelRetail
ForecastrdquoonOctober292013thatidentifiedthisfindingwhichcanbefoundatforrestercom9DonDaviseditor-in-chiefInternetRetailerMagazineInterviewbyNicole
ReyhleNovember2013ChicagoIllinois10Ibid11SkipMcGrathpublisherSkipMcGrathcomInterviewbyNicoleReyhle
December6201312SuzyTeeleCOOSnapRetailInterviewbyNicoleReyhleNovember25
201313Ibid14EdClearypublisherRetailTouchPointsInterviewbyNicoleReyhle
November25201315RichKizerandGeorganneBenderKizerampBenderSpeakingInterview
byNicoleReyhleNovember2013StCharlesIllinois16Ibid17SuzyTeeleCOOSnapRetailInterviewbyNicoleReyhleNovember25
201318EllaWirtzcofounderBoutiqueWindowInterviewbyNicoleReyhle
November272013
10TakingPartinShop-LocalInitiatives
1MackenziFarquerownerLockportAstoriaNewYorkInterviewbyNicoleReyhleNewYorkCityOctober1620132JeffMilchencodirectorAMIBAInterviewbyNicoleReyhleNovember
2320133Ibid4Ibid5Ibid6MitchenIdentifiedincompanyoverviewonAMBIAnetNovember20137Ibid8IdentifiedinareportreleasedbytheNationalFederationofIndependent
BusinessesandAmericanExpressResearchDecember20139SusanSobbottpresidentAmericanExpressOPENsharedinapress
releasestatementreleasedJuly201310Ibid11AmyKnebelWashingtonDC-basedcustomerInterviewbyNicole
ReyhleDecember6201312DanMcCabeCEOCausetownorgInterviewbyNicoleReyhle
December92013
11ACrystalBallforIndependentRetailers
1KimberlyEfseaffBonBijouxGirlyBoutiqueDelMarCaliforniaInterviewbyNicoleReyhleDecember2820132AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois3JasonRichelsonfounderandCEOShopKeepPOSInterviewbyNicole
ReyhleNovember2520134VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember28
20135CamilleCandellagroupmarketingmanagerEmeraldExpositions
InterviewbyNicoleReyhleDecember520136BillMcNultypublisherSumnerCommunicationsIncInterviewby
NicoleReyhleDecember2820137AngelaGianfrancescoownerofStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois8CurtisKroekerBizBuySellcomandBizQuestcomInterviewbyNicole
ReyhleNovember182013
Index
PleasenotethatindexlinkspointtopagebeginningsfromtheprinteditionLocationsareapproximateine-readersandyoumayneedtopagedownoneormoretimesafterclickingalinktogettotheindexedmaterial
70-20-10ruleinsocialmedia170
AbrahamJoe914AccessoriesResourceTeam(ART)32206ActionGuides5AdidasxvndashxviAdvanstar44205Advisoryboardscustomer-based95ndash97AlabamaRetailAssociation34AmatoMichael108Amazon153164165AmericarsquosMart73AmericanApparelampFootwearAssociation32206AmericanExpress183215ndash216American Independent Business Alliance (AMIBA) 146 178ndash182 185 206214
AmericanSpecialtyToyRetailingAssociation(ASTRA)32Anastazia98Android190AppleInc39191Apps194SeealsoiPodsArizonaRetailersAssociation34ArkansasGrocersandRetailMerchantsAssoc34
Aroma130ARTHomeFurnishingsNetwork32206ASDTradeShowxviii1742436266707174206210AssociatedOregonIndustriesRetailCouncil34AssociationofSmallBusinessDevelopmentCenters206
BaconKevin215BALLEcalculators182BandholzEric156BankofAmerica207BanniganKerryxviii116Barneys191BeALocalistorg207Beardbrand156158BeckhamDavidxviBeetailer172207BenderGeorganne112118169170213Benefitsoforganizations29BergBob78BestBuy165Big-boxcompetition10ndash12Bing80BizBuySell197200207BizQuest197Blogtradegove69BloggingxvindashxviiBonBijouxGirlyBoutique189BosiDNA207BoutiqueVision208BoutiqueWindow144146159171172202207Branding139BrozekMissy28BuehlerJef21Builderentrepreneurs9BureauofLaborStatistics208
BusinessAlliance for Local Living Economies (BALLE) 181ndash182 185 207214ndash215
Businesscards76Businessinsurance30Business-to-Business(B2B)sourcingplatforms80ndash85BusinessUSA208Buy-localcampaigns5178ndash182BuyersxivBuyersrsquoguides29Buying89ndash105Buyingdistrictswholesale73
CalculatorsBALLE182Calendarforstore109ndash111CaliforniaRetailersAssociation34Calltoaction(CTA)inmarketingmessage142CandellaCamille76194Cardlytics201208CardPrintingus48Causetownorg185ndash186208215CEStradeshow4371ChambersofCommerce422ndash2333ChanelCoco3Charityevents134185ndash186ChasallaxiiiCheckoutprocedures46ndash47ChildrenrsquosClubtradeshow43Choosingselectingyourinventory41ndash42ChurchillWinston177Cimarron108CityofGenevaIllinois22CitySearchcom97ClairersquosBoutique12ClearyEd167169
Cloudcomputing191192Cloud-basedpoint-of-sale(POS)210Coastalcom165ColoradoRetailCouncil34Comfortzoneexpansion9ndash20Community-basedsupports4ndash522ndash37Companycontactinfoonlinestore161Companyphilosophy56Competition16
big-boxstoresas10ndash12identifying10ndash12learningfrom16
Conferences2933ConnecticutRetailMerchantsAssociation34ConstantContact143ConsumerElectronicsShow71Contactinformationforstore56161Contentmarketing175ndash176Contentofmarketingmessage142CouncilofStateRetailAssociations(CSRA)209Couturetradeshow43CraftampHobbyAssociation32209CraftandHobbyRetailers32CraftersrsquoHomexviii28209CrainrsquosChicagoBusinessxviiCreatinganonlinestore155ndash163Creditcardsales201216Cross-merchandisingtechniques122CubanMark153Customercarecustomerservice20444547ndash485457138194ndash197
customerfeedbackand95ndash97104customerresourcemanagement(CRS)in192disputesin49ndash50importanceof194ndash197invitingcustomerstoeventsin114ndash115
onlinestore163reviewsitesand97
Customerdisputes49ndash50Customerfeedback95ndash97104Customerresourcemanagement(CRS)192Customers
identifying47targeting715163understandinghabitsof1519ndash20
Customsregulations65
Dailystoreroutines20DallasMarketCenterThe73DallasMavericks153DanceRetailerNewsxviiDatasources15DavisDon154158162DelawareRetailCouncilInc35DeMariaJennifer166DHL65DickrsquosSportingGoodsxviDillardsxivDiscountedmerchandise121ndash122Displaysdisplayhardware117ndash123150
cross-merchandisingtechniquesin122immediate-rightzonein120lightingand118pointofsale(POS)areasand121salesectionin121ndash122staplesvsstatementsin122ndash123storestoppersas120ndash121storewindowsas119
Diversifyingyourinventory11ndash13DivitaEllen22
DoItInPerson172209Dresscode58DruckerPeter189
Ecommerce153statisticson145
E-mailmarketing140141ndash144eBay164165Educationalopportunitiesattradeshows82EdwardsGary97102EfseaffKimberly3ndash4189EllenAndy25EmeraldExpositions4476194209Emergencyprocedures58Employeemanuals58Employeesandstaff750ndash53Seealso
Operationprocedures57employeemanualfor58employmentpractices56fullvspartndashtime18hiring51ndash53interviewing51ndash53managersashiring52ndash53terminationof57
Employmentpractices56Engagingthesensesinselling128ndash131ENTInternational205EntrepreneurialDNA(Abraham)914Entrepreneurs9EtienneAignerxvEvents
advanceplanningfor114116ndash117expensesvssalesgeneratedby116in-storeexperienceascenterpieceof115ndash116
introducingandmanaging108ndash117invitingcustomersto114ndash115marketing114planningdatesfor113regularschedulingof112storecalendarfor109ndash111trackingresponseto113ndash116
ldquoExperiencerdquoofastore3SeealsoEngagingthesenses
Fabcom165Facebook47123144166171183201207218FarquerMacquenzi10177FashionFootwearAssociationofNewYork(FFANY)42FederalExpress65Feedbackfromcustomers95ndash97104Financing211FinkelsteinHarley154Firstimpressionsinmarketing142FloralRetailers32FloridaRetailFederationxviii35Focusgroups45FootwearNewsmagazinexvForbesxviiForresterResearchonlineshopping159163FourSquare123FrancoSartoxivFreeshippingonlinestore162ndash163Freight65FringeSport156158Futuretrends189ndash203
GanderMountainxviGarmentdistrictNewYork73
GatesBill6189Generationaltargeting7GeorgiaRetailAssociation35GianfrancescoAngela4ndash541109196ndash197Giftboxeswrapping139Giftcertificates48GiftFairNY43GlamourmagazinexvGlobalShop210GlobalSourcescom81Glossaryofcommonretailterms219ndash235Google80164GoogleGlass201GooglePlaces201Google+in171Grossmargin93Grosssales93Groupmemberships7Growingyourbusiness102ndash103
Habitsofsuccessfulretailers14ndash19Handheldportablecashregisters190ndash191194Healthinsurance30Hiringemployees51ndash53HollisKaren95HomeFurnishingsIndustry32
IdahoRetailersAssociation35Ideation211IllinoisRetailMerchantsAssociation35IllinoisSmallbusinessDevelopmentCenter24Immediate-rightzone120Importingmerchandise65ImprovementDistrictProgramsofNewJersey21
IndependentJewelryRetailersandVendors32IndependentPetRetailers32IndependentRetailerConferencexviii210IndependentRetailerMagazine210IndiaMARTcom81IndianaRetailCouncil35Industrypublications31Informationsources15InnoMarkCommunications208Innovatorentrepreneurs9Instagramin171InstituteforLocalSelf-Reliance178185211Insurance30Intellectualproperty(IP)217Intellectualpropertyrights(IPRs)216InternalRevenueService(IRS)211InternationalBusinessattheSourcing78Internationalsourcing6466InternationalTradeOrganization69Internet61sourcingthrough66InternetRetailerConferenceandExhibition(IRCE)162211InternetRetailerMagazine154158164172210Internet-basedmarketing139144ndash146InternetRetailercom162Interviewingpotentialhires51ndash53Introducingnewitemsforsale108ndash117Inventorymanagementxv1941ndash42138
choosingselecting41ndash42classificationofitemsin90ndash91103ndash104customerfeedbacktoinfluence95ndash97104displaysdisplayhardwarefor117ndash123diversifyingin11ndash13dollarvalueofvsunits92introducingnewitemsin108ndash117
maintainedmarkup(MMU)94opentobuy(OTB)planningin9394pointofsalesoftwarefor99ndash102rankingperformanceofclassesin104ndash105retailmathbasicsin90ndash95stock-keepingunit(SKU)numbersin104tradeshowsand41ndash44turnover93vendorsand93
Inventoryturnover93iOS190IowaRetailFederation35iPads123ndash126216iPadEnclosures126210iPadpointndashofndashsale(POS)123ndash126210ISStradeshow43
JCKtradeshow43JennyBoston166JobsSteve39JPCommunicationsIncxvii85
KHollisJewelers95Kabbage211KansasChamberofCommerce35KarydesConsulting63KarydesMegy63Keepingitsimpleinmarketingmessage142KellerAlex156KellerPeter156KentuckyRetailFederation35KizerampBenderSpeaking112118169170213KizerRich112118169170213KnebelAmy184
KonopackiTom98KroekerCurtis197ndash200
Layoutconsistencyonlinestore160Learning16ndash17LicensingExpo211ndash212Licensing211ndash212Lighting118Localevents40SeealsoBuy-localeventsLocalmedia16Lockport10LordampTaylorxivLouisianaRetailersAssociation35Luckymagazinexv
MacyrsquosxivMade-in-chinacom81MAGICMarketWeek212MAGICtradeshow436278205MailChimp143MainStreetNewJersey21Maintainedmarkup(MMU)94ManagementOne212Managershiring52ndash53Managingyourbusiness18ManeckeKirt54Manufacturerscomxvii6281212Manufacturingnet69Marketresearch30454795ndash97Marketing162040133
brandingand139charityeventsas134e-mailin140141ndash144events114giftboxesbagsetc139
importanceof138Internet-based144ndash146online139resourcesandinformationon146ndash148socialmediain140ndash141
MarylandRetailersAssociation35Mathretailmathbasics90ndash95MaxStudioxiiiMaynardKristin166McCabeDane186McGrathSkip164165McNultyBill195ndash196Medialocal1620Merchandising57Merchantsolutionbenefits30ndash31MFGcom81MiamiMerchandiseMartThe73MichiganRetailersAssociation35MidwestMarketDays73MilchenJeff178ndash182MindshareTechnologies97MinnesotaMainStreetxviiiMinnesotaRetailersAssociation35MinorityBusinessDevelopmentAgency(MBDA)212MississippiRetailandGrocersAssociation35MissouriRetailersAssociation35Mobilecommerce126ndash128Modalyst81212MontanaRetailAssociation35Moocom147213MorettiJessica142MuseumandNotndashforndashProfitStores32MuseumStoreAssociationxviii2732MuseumsampMorexviiMusic124129ndash130147
Namorg69NationalFederationofIndependentBusinesses183NationalHardwareShow4371213NationalRetailFederation48NebraskaRetailFederation35Netsales93NewJerseyRetailMerchantsAssociation36NewMexicoRetailAssociation36NewYorkInternationalGiftFair43NewYorkwholesalegarmentdistrict73NexPet32NielsenExpositions209NineWestxivNolchaEvents116NolchaFashionWeekNewYorkxviiiNordstromxiiixiv44191NorthCarolinaRetailMerchantsAssociation2536NorthDakotaRetailAssociation36
OffndashPriceShow217OhioCouncilofRetailMerchants36Onlinegroups30OnlinemarketingSeeInternet-basedmarketingOnlinepresenceonlinestore731153ndash176201AmazoneBayplatformsfor164165companycontactinfoin161contentmarketingand175ndash176creatinganonlinestorefor155ndash163customercarecustomerserviceand163e-commerceand154ndash163Facebookassalesplatformin166focusonyouruniqueimagein158ndash159freeshippingand162ndash163layoutconsistencyin160
paymentoptionsfor161ndash162photosimagesin160productdescriptionsfor159ndash160175ndash176reachof154resourcesandinformationon162salesamountsgeneratedby163salestrackingsoftwarein157157Shopifyincreatingonlinestores155shoppingcartsystemfor161socialmediaand163164ndash174targetcustomersfor163tipsforbuilding158ndash163
Onlinesourcingplatforms80ndash85Opentobuy(OTB)planning779394Operationalprocedures1957Opportunistentrepreneurs9Ordersplacedattradeshows77ndash79OutdoorRetailerShow70Outsidesourcesofinformationsupport6ndash721ndash37
ParkerHarriet24Payingemployees57Paymentcardindustry(PCI)compliance190Paymentoptionsonlinestore161ndash162PeacefulParlour13PennsylvaniaRetailersrsquoAssociation36Petflowcom165PGAShow43Philosophycompany56Photosimagesonlinestore160PicardCurtis26ndash27PicassoPablo9Pinterest144171208218PlasticResourcecom48
Point-of-sale(POS)areas121Point-of-sale(POS)date15Point-of-sales(POS)systemstechnology4714899ndash102123ndash126190191ndash194210SeealsoInventorymanagementPremierPackaging139147202213
PrescottJasonxviixix6885200ndash202Pressreleases133135ndash137Pricing90ndash95Productdescriptionsonlinestore159ndash160175ndash176Profitretailmathbasics90ndash95Publicationsxvxvii3167Publicity 7 134 See alsoMarketingQuotes and price comparison sourcing66ndash67
Radio124RalishShari13113RalphLaurenxiiiReedExpositions44213Resourcelisting205ndash218RetailAdventuresBlog213RetailAssociationofMaine2636RetailAssociationofNevada36RetailCouncilofNewYorkState36RetailJewelersOrganization32RetailMerchantsAssociationofNewHampshire36RetailMerchantsofHawaii36RetailMindedxvi2969143210214218
conferencesby33PartnerPrograminxviii31
RetailMindedMagazinexviindashxviiiRetailRadio124147214RetailTouchPoints167172ndash173214RetailersAssociationofMassachusetts36RetailMAVENS90102117214Returnoninvestment93Returnpolicies46
Reviewsites97ReyhleNicoleLeinbach202RhodeIslandRetailFederation36RiceJama27RichelsonJason126190RobbinsTony21RodgersCourtney144159RowsellVaughn99ndash102123124192
Salesection121ndash122Salestrackingsoftwareonlinestores157157Scheduling57SCORE33Searchengines80Searchingforproductsonline80Searsxiii164Seasonalemployees7Security58Sellthrough93117Selling107ndash131
cross-merchandisingtechniquesin122displaysforinventory117ndash123e-commercestatisticsand145engagingthesensesin128ndash131immediate-rightzonein120mobilecommerceand126ndash128pointofsale(POS)areasand121salesectionin121ndash122soundtoenhancebuyingexperienceand124staplesvsstatementsin122ndash123storecalendarand109ndash111storestoppersin120ndash121technologyfor123ndash126
Sellingyourstore197ndash200
ShiftYourShoppingprogram182184185214Shipping65onlinestore162ndash163Shipwire173215ShopIndieRetail215ShopSmallcampaign183ndash185215ndash216Shop-localinitiatives177ndash188
AmericanIndependentBusinessAlliance(AMIBA)and178ndash182185BALLEcalculatorsand182Business Alliance for Local Living Economies (BALLE) and 181ndash182185buy-localcampaignsand178ndash182charityeventsand185ndash186InstituteforLocalSelf-Relianceand185ShiftYourShoppingprogramand182184185ShopSmallcampaignand183ndash185SmallBusinessSaturdaycampaignand183ndash185startingyourowncampaignfor186ndash188
Shopify145147154155162173202215ShopKeep126190215Shoppingcartsystemsonlinestore161SierraPacificCrafts216Sightengagingthesensesinselling128ndash129Signage3147SilverBarnThe12133ndash134SixDegreesorg215SkipMcGrathcom165Smallandmedium-sizedenterprises(SMEs)216SmallBusinessAdministration(SBA)217SmallBusinessDevelopmentCenters(SBDC)24206217SmallBusinessSaturdaycampaign183ndash185SmartRetailerxviiSmartSign147Smellengagingthesensesinselling130SmileSellMorewithAmazingCustomerService(Manecke)54
SnapRetail110ndash111138140141142143147167168170173202216SobbottSusan183Socialmedia1645123140153163164ndash174201
70-20-10rulein170BoutiqueWindowand171Facebookin166171findingrightchannelin170ndash171Google+in171Instagramin171Pinterestin171resourcesandinformationfor172salesgeneratedthrough164SnapRetailofferingin168timerequirementstoparticipatein170Twitterin171useofbymerchants167ldquovoicerdquoin169
SocietyofAmericanFlorists32Softwareasaservice(SAAS)193Soundtoenhancebuyingexperience124Soundengagingthesensesinselling129ndash130SourceDirect62Sourcing61ndash87
budgetingfor68Business-to-Business(B2B)sourcingplatformsfor80ndash85importantpointstorememberin64international64ndash6566Internetfor66networkingfor67onlineplatformsfor80ndash85publicationsabout67quotesandpricecomparisonin66ndash67resourcesandinformationon69retailerbenefitsof62ndash69searchenginestolocateproductsin80
trendsin67ndash68USCustomsregulationsand65unexpectedissuesin68
SourcingJournalOnlinecom6769SouthCarolinaRetailAssociation36SouthDakotaRetailersAssociation36Specialistentrepreneurs9SpecialtyToyIndustry32SquareSquareUpcom202216StaffSeeemployeesandstaffStandingoutamongotherretailers3ndash7Staples153Staplesvsstatementsdisplays122ndash123Starbucks191StateChamberofOklahomaxviiiState-levelretailassociations25ndash37StellaBlueDesign4Stocktosalesratio93Stock-keepingunit(SKU)numbers104STOPfakes216Stoppersstorestoppers120ndash121Storecalendar109ndash111Storecontactinformation56161Storehours4956StoreSpecialtyServices216Storestoppersas120ndash121Storetraditions50Storewindow119Storyofyourstore39ndash58Strategicalignment108SumnerCommunicationsInc195Suppliers66ndash67SeealsoSourcingSupportingotherlocalbusinesses17Surveys45SuttonCynthia12133ndash134138146
Target165Targetingcustomers715163TarsusGroup44217Tasteengagingthesensesinselling130ndash131Taxes211Technology123ndash126190ndash191SeealsoPointofsales(POS)
futurebeyond194TeeleSuzy138140141167170TennesseeRetailAssociation37Terminationofemployees57TexasRetailersAssociation37TheLimitedxiiiThingsRememberedxiiiThomasnetcom81Tiffany139TopTenWholesalecomxvii6267698183ndash85218Touchengagingthesensesinselling129TradeShowExhibitorsAssociation(TSEA)217Tradeshows172941ndash446166677071ndash77
educationalopportunitiesof82guideto43open-to-buy(OTB)budgetin77ordersplacedat77ndash79preparingtoattend86ndash87tipsforattending78
Trade-specificorganizations27TrademarkTheSpot217Tradeology69Traditionsstore50Trainingemployeesandyourself16ndash172074ndash75Traveldiscounts31Trends3067TripAdvisor201TriparInternational147ndash148217Twitterxvi144171183201208218
USCustomsregulations65USNationalAssociationofManufacturers69USPatentandTrademarkOffice(USPTO)217USSmallBusinessAdministration(SBA)217Uniqueimageinonlineretail158ndash159Uniquetraitsofyourstore44ndash58UtahRetailMerchantsAssociation37
Vend99ndash102123148192202218Vendors61741587493
maintainedmarkup(MMU)and94VermontRetailAssociation37ViaTrading219Vine174218VIPcustomercare47ndash48VirginiaRetailMerchantsAssociation37ldquoVoicerdquoinsocialmedia169
WagnerCathy9092102117118214WagnerPaul214Walmart153165191201WashingtonMutual108WashingtonRetailAssociation37WaubonseeCommunityCollege24Websites 7 See also Online presenceOnline stores West Virginia RetailersAssociation37
WesternRetailerxviiWeWearorg206Wholesale101AGuidetohellip(Prescott)68WholesaleDistrictinLosAngelesThe73Wholesalemarkets66WholesaleMindedMagazine218WholesaleCraftscom81218Wholesalersxvii626769ndash718183218
martsandbuyingdistrictsfor73Windowdisplays3119WindowsPOSsystems190WirtzElla171Wishpond173ndash174218WomenrsquosWearDailyxvWorldMarketCenter73WyomingRetailAssociation37
Yahoo80Yelpcom97201
ZiglerZig133
AbouttheAuthors
NicoleLeinbachReyhleisanexperiencedretailandwholesaleprofessionalwithapassionforsmallbusinessesAfteryearsofholdingbothregionalandnationalmanagementrolesforcompaniesincludingNordstromAdidasAmericaSearsandFrancoSartoFootwearReyhlefoundedRetailMindedin2007tosupportindependentretailersthroughouttheworldIntendedtohelpindividualbusinessownersthriveRetailMindeddelivers
valuablenewseducationandsupportspecifictoindependentmerchantsSince2011ReyhlehasalsosupportedtheretailandsmallbusinesscommunitythroughherquarterlypublicationRetailMindedmagazineaswellasthroughtheRetailMindedPartnerProgramwhichaffiliateswithmanyassociationsandorganizationsinanefforttodeliverretaileducationandsupporttomerchantsfromallsectorsReyhlersquosonlinewebsiteRetailMindedcomhasover1500articlesspecificto
retaileducationforsmallbusinessesandReyhlehaswrittenandpublishedover500articlesinavarietyofotherpublicationsaswellAfrequentspeakeratbothnationalandinternationaleventsReyhleisthecofounderoftheIndependentRetailerConferencewhichiscommittedtodeliveringqualityeducationtomerchantswithonetotenstoresReyhleisactiveinavarietyofretail-andsmallbusiness-focusedadvisoryboardsthroughouttheUnitedStatesandcontinuouslyworkstostayengagedinretailtrendsresearchandnewsReyhleservesasaspokespersonandadvisorforSmallBusinessSaturdaya
nationallyrecognizeddayoccuringtheSaturdayafterThanksgivingthat
nationallyrecognizeddayoccuringtheSaturdayafterThanksgivingthatsupportssmallbusinessesAmericanExpressisafoundingpartnerofSmallBusinessSaturdayReyhlehasbeenanadjunctinstructoratColumbiaCollegeChicagosince2004teachingvariousretailandbusinesscoursesReyhleresidesintheChicagoareawithherhusbandtheirtwoyoung
childrenandtheirWeimaranerFollowReyhleonTwitteratRetailMindedandonFacebookatFacebookcomRetailMinded
JasonAPrescottCEOofJPCommunicationsIncdirectsanetworkofglobaltradeplatformsusedforsourcingproductsbymillionsofbusinessesandentrepreneursAnchoredbyTopTenWholesalecomandManufacturercomover2000000manufacturerswholesalersimportersretailersandproductresellersbelongtotheJPCInctradeplatformsJasonrecentlypublishedhisfirstbookWholesale101AGuidetoProductSourcingforEntrepreneursandSmallBusinessOwners(McGraw-Hill2013)PrescottspearheadedtheacquisitionofManufacturercomfromagroupofChinesenationalsandforeigninvestorsin2009JPCommunicationsIncoperatesinChinaunderHangzhouFlatWorldSourcingLTDPrescottisapioneerinbusiness-to-businessonlinetradeplatformsJP
CommunicationsrsquotradeplatformsarepartneredwithindustrytradeshowgiantsSourcingatMagicASDtheOffPriceShowInternetRetailerandtheNationalHardwareShowandhehasgivenpresentationsatSearchEngineStrategiesSIPPASANDIOSASDTradeShowsSourcingatMagicandtheSanDiegoSoftwareCouncilPrescottauthoredoneofthefirstsearchmarketingcoursesfortheSearchEngineMarketingProfessionalsOrganizationandwasonSEMPOrsquosEducationCommitteeBesidespresentationsandconsultingPrescotthaswrittenarticlesonbusinessandtechnologyappearinginB2BOnlineOMMAIMediaConnectionCEOmagazineandEntrepreneurOnlineHehasalsobeencitedinIncmagazineBusinessWeekandForbesOnlineTopTenWholesalewasnamed1inFastGrowthAwards(2008)by
bizSanDiegoandrankedintheTop20forTechnologyawardssponsoredbytheSanDiegoBusinessJournalPrescottwasnamedintheTop40EntrepreneursUnder40listin2007bySanDiegorsquosMetropolitanmagazineandwasrecognizedforOutstandingEmergingBusinessoftheYearbytheSanDiegoChamberofCommercePrescottisagraduateofWesternConnecticutStateUniversityandcurrently
livesinLosAngelesCalifornia
- Acknowledgments
- Introduction
-
- Action Guide
- Habits of Successful Retailers
- Action Guide
- Getting Involved with Outside Organizations
- Benefits That Organizations May Offer
- Action Guide
- Creating an Inventory Assortment That Stands Out
- Unique Traits of Your Store
- General Interview Questions for Potential Employees
- Action Guide
- Benefits of Sourcing as a Retailer
- Working with Wholesalers
- Understanding the Value of Trade Shows
- Managing Orders Placed at Shows
- Using Online Sourcing Platforms
- Action Guide
- Understanding the Basics of Retail Math
- Introducing Customer Feedback for Inventory Management
- Using Point-of-Sale Software to Help Manage Inventory
- Action Guide
- Introducing and Managing Store Events
- Highlighting Inventory Through Displays
- Using Modern Technology in Your Store
- Identifying Whether Mobile Commerce Matters
- Action Guide
- Using E-mail to Communicate Store Messages
- Using the Internet as a Marketing Platform
- Resources Every Independent Retailer Should Know About
- Action Guide
- Embracing E-commerce
- Social Media in Todayrsquos Retail Marketplace
- Action Guide
- Understanding Buy-Local Campaigns
- Finding Success Through Small-Business Saturday
- Introducing Commerce and Charity
- Action Guide
- The Future of Independent Retail
- The Future Beyond Technology
- When Retail Isnrsquot in Your Future
- Parting Words from Jason Prescott
- Parting Words from Nicole Leinbach Reyhle
- Conclusion
-
- Part I Being Indie in a Big-Box World
-
- 1
- Standing Out among the Crowd
- 2
- Stepping Outside Your Comfort Zone
- 3
- Leaning on Outside Organizations
- 4
- Identifying Your Unique Store Story
-
- Part II Practical Steps to Increase Your Store Visibility and Sales
-
- 5
- Sourcing Products Through Trade Shows and the Internet
- 6
- Buying for Customers Versus Yourself
- 7
- Selling Your Products
- 8
- Applying Press and Marketing to Your Business
-
- Part III Making a Mark in the Economy
-
- 9
- Making Your Presence Online
- 10
- Taking Part in Shop-Local Initiatives
- 11
- A Crystal Ball for Independent Retailers
-
- Appendix A Resources for Independent Retailers
- Appendix B Common Retail Terms and Definitions
- Notes
- Index
-
Contents
Acknowledgments
Introduction
PartIBeingIndieinaBig-BoxWorld
1 StandingOutamongtheCrowdActionGuide
2 SteppingOutsideYourComfortZoneHabitsofSuccessfulRetailersActionGuide
3 LeaningonOutsideOrganizationsGettingInvolvedwithOutsideOrganizationsBenefitsThatOrganizationsMayOfferActionGuide
4 IdentifyingYourUniqueStoreStoryCreatinganInventoryAssortmentThatStandsOutUniqueTraitsofYourStoreGeneralInterviewQuestionsforPotentialEmployeesActionGuide
PartIIPracticalStepstoIncreaseYourStoreVisibilityandSales
5 SourcingProductsThroughTradeShowsandtheInternetBenefitsofSourcingasaRetailerWorkingwithWholesalersUnderstandingtheValueofTradeShowsManagingOrdersPlacedatShowsUsingOnlineSourcingPlatformsActionGuide
6 BuyingforCustomersVersusYourselfUnderstandingtheBasicsofRetailMathIntroducingCustomerFeedbackforInventoryManagementUsingPoint-of-SaleSoftwaretoHelpManageInventoryActionGuide
7 SellingYourProductsIntroducingandManagingStoreEventsHighlightingInventoryThroughDisplaysUsingModernTechnologyinYourStoreIdentifyingWhetherMobileCommerceMattersActionGuide
8 ApplyingPressandMarketingtoYourBusinessUsingE-mailtoCommunicateStoreMessagesUsingtheInternetasaMarketingPlatformResourcesEveryIndependentRetailerShouldKnowAboutActionGuide
PartIIIMakingaMarkintheEconomy
9 MakingYourPresenceOnlineEmbracingEcommerceSocialMediainTodayrsquosRetailMarketplaceActionGuide
10 TakingPartinShop-LocalInitiativesUnderstandingBuy-LocalCampaignsFindingSuccessThroughSmall-BusinessSaturdayIntroducingCommerceandCharityActionGuide
11 ACrystalBallforIndependentRetailersTheFutureofIndependentRetailTheFutureBeyondTechnologyWhenRetailIsnrsquotinYourFuturePartingWordsfromJasonPrescottPartingWordsfromNicoleLeinbachReyhleConclusion
AppendixAResourcesforIndependentRetailers
AppendixBCommonRetailTermsandDefinitions
Notes
Index
Acknowledgments
NicoleLeinbachReyhleFIRSTANDforemostthankyoutoJasonPrescottforbeingsuchagreatbelieverandsupporterofRetailMindedandmyselfsincedayoneYouwereamongthefirstindustryleaderstoreachoutandworkwithmeasaretailresourceandIrsquomgratefulforourcontinuedsupportofeachotherovertheyearsFurthermoreIcanrsquotthankyouenoughfortheopportunitytocoauthorthisbooktogetherYourwisdomenergyandexperienceareinvaluableNextIwanttoextendahugegeneralthankyoutoallthebusinesses
organizationsandpeoplewhocontributedcontentandresearchmaterialtothisbookJasonandIbothareverygratefulfortheinsighttimeenergyandexperiencethatyouallprovidedWithoutyoursupportthisbooksimplywouldnotbepossibleThankyouagainandwewisheachofyoucontinuedsuccessinthefutureNextIwanttothankthepeoplewhowereinvolvedintheliteralcreationof
thisbookTostartBillGladstonethankyouIappreciateyourtakingachanceonafirst-timeauthorandlookforwardtoworkingwithyoumuchmoreinthefutureAlsoTaraGladstonethankyouforyourwisdomandsupportincreatingthebookproposalWhileIhadhopedtoworkwithyoumoreourlimitedworktogethertaughtmesomuchandIlookforwardtothechancetoworkwithyouagainLastbutcertainlynotleastthankyouThomasMilleroureditoratMcGraw-HillYourguidanceandenthusiasmthroughoutthisprojecthavebeenfantasticandJasonandIbotharegratefulforyouroverallsupportDannalieDiazfromMcGraw-HillIalsoappreciateyourtakingthetimetogivemesomeextrafirst-timeauthorcoachingaswellFinallyIwanttoextendspecialthankstosomekeycontributorsand
supportersofthisbookWhiletherearetoomanytohighlightthefollowingpeoplewentaboveandbeyondtoreallyhelpmakethisbookthebestitcouldbeSuzyTeeleCOOofSnapRetailthankyouYourconstantsupportistruly
appreciatedCourtneySymonsmarketingmanagerwithShopifythankyoufordiggingandsearchingforalltheexactdetailsweneededtomakethisbookcometolifeCamilleCandellagroupmarketingdirectorforEmeraldExpositions
thankyouforsharingyourwisdomandhelpingretailerstobettersucceedJeffMilchencodirectoroftheAmericanIndependentBusinessAlliancethankforyourinvaluableinsightandexpertiseDonDaviseditorinchiefatInternetRetailerMagazineIappreciateyourtakingthetimetoshareyouruniqueperspectivesandamgratefultoofferthemtoourreadersJoeAbrahamauthorofEntrepreneurialDNAandCEOofBosiDNAIhavebeenfortunatetoworkwithyoufirsthandinmyownbusinessgrowthandamthrilledthatyousharedyourwisdomwiththereadersofthisbookaswellAnadditionalthankyougoestoallmyRetailMindedpartnerswhohelpedto
providetheirexpertiseandinsighttoourreadersincludingJeffBuehlerofMainStreetNewJerseyAndyEllenandChristieBurrisofNorthCarolinaRetailMerchantsAssociationEllenDivitaoftheCityofGenevaIllinoisLynneSchwartzofDowntownStCharlesPartnershipandJamaRiceoftheMuseumStoreAssociationIrsquodlikealsotothankthreefolksIrsquomluckytocallmyfriendswhoalsowork
withindependentretailersasconsultantsexpertsandleadersGeorganneBenderandRichKizerIrsquoveadmiredyourworksincewefirstmetattheDanceRetailerExpoinLasVegasmanysummersagoIwasluckytolearnthatourofficeswereonlyatownapartandsincethenIrsquomgratefulforourmanylunchesbrainstormingsessionschitchatsandconstantsupportthatyouhaveprovidedLookingforwardtoourcontinuedsupportandworkwitheachotherInadditionabigthankyoutoCathyWagnerYoursquoreretailinsightandfriendshipisverymuchappreciatedFinallythankyoutomyfamilyandfriendsBeingsurroundedbygoodcompanyatworkathomeandatplayisagreatwaytolivelifeandIrsquomfortunatetodojustthatThankyou
JasonAPrescott
IhavealwaysbeenabelieverthatoneoftheleadingcausesofsuccessispassionNicoleReyhleyouareoneofthemostpassionateprofessionalswithwhomIrsquoveeverhadthehonorofworkingThankyouforthecountlesshoursofresearchinterviewsanddetailyoubroughttothisbookYouhaveaveryspecialgiftthatisgoingtoberesponsibleforthesuccessofsomanyentrepreneursandsmall-businessownersYourhonestyintegrityandprofessionalismwillmakeyouHIPformanyyearstocomeItwasmyhonortohelpopenthedoorandIawaitwithexcitementournextprojecttogetherBillGladstonethankyouforcontinuingtoopenyourdoorIneverwould
havethoughtthatwewouldbepublishingnotjustonebuttwomajorbusiness
havethoughtthatwewouldbepublishingnotjustonebuttwomajorbusinesstitlesinunderoneyearYouareamanofmiraclesandIsalutethebeliefyoucontinuetohaveinallweaccomplishtogetherToAlainStamboulipresidentofViaTradingtherearenotverymanypeople
capableofemulatingthesuccessyourcompanyhashadovertheyearsYoucontinuetosetthebarinaverydynamicindustryandIhavenodoubtthatthetrendwillcontinueYourbusinesscreatesopportunitiesforthousandsofretailersandpowersaneconomicbackboneforcountlesslivesAstheViaTradingstorycontinuesIrsquollalwaysconsidermyselffortunatetohaveinspiringfriendslikeyouinmylifeAndfinallyIrsquodliketoacknowledgeallmyfriendscolleaguescustomers
andpartnerswhocontinuetobethepropellersandmotivatorsofeveryaccomplishmentIrsquovebeenpartofsince2005MypassioncomesfromyouandthepathwecontinuedowntogetherhasbeenanunforgettableandhumblingexperienceServingyouisaprivilegeandIameternallythankfulforsuchanopportunity
Introduction
IrsquoDLIKEtobelievethatmycareerinretailneverreallybeganbutratheralwaysexistedAsalittlegirlIrememberweavinginandoutofstoreswithmymotherandtwosistersalwaysonthehuntforsomethingforoneofusMymommdashacompetitiveshopperwhoknewofeverysalenewstoreopeningandspecialpromotionthatwouldbetakingplacemdashconsideredshoppingmoreofapastimethanaresponsibilityIontheotherhandenjoyedourshoppingexperiencesformuchdifferentreasonsInsteadofbeingexcitedoveranewtoporsomeshoesIwouldgravitatetothecheckoutareaandtrytochatwithoneofthesalesassociatesaboutworkinginretailNaturallycomingfromapreteenthisconversationdidnrsquotgoveryfarHoweverbythetimeIwasabletogetmyfirstpart-timejobIknewthatIwantedittobeintheretailworldOverthefollowingyearsfromages15to22IworkedatThingsRememberedTheLimitedRalphLaurenNordstromMaxStudioandultimatelyalittleboutiqueindowntownChicagocalledChasallaItwasduringthatexperiencethatIknewIwantedtosomehowsomedaysupportindependentretailersFirsthoweverIknewthatIneededamoreexpansiveunderstandingofthedynamicworldofretailThefollowingyearstookmeonawhirlwindtourofbothretailandwholesale
MyfirstjobuponcollegegraduationwasatSearsrsquoscorporateofficesinHoffmanEstatesIllinoiswhereIworkedasamerchandiseanalystwithinthewomenrsquosapparelbuyingofficesThecommutefromChicagotoHoffmanEstateswouldoftentakeabrutaltwohourssosoonafterIswitchedgearswhenofferedajobwithFrancoSartofootwearMyroleforFrancoSartoincludedvisitingcountlessretailerswithintheMidwesternregionrangingfromindependentretailerstobig-boxstoressuchasDillardsMacyrsquosLordampTaylorandmyretailalmamaterNordstromAdditionallyIworkedcloselywiththemarketingteamtoprepareforFrancoSartopersonalappearancesandotherin-storespecialeventswhilealsoattendingnolessthansixtradeshowsayearAtonly24yearsofageIwascertainthatIhadmydreamjobforthattimeinmylifeItturnsoutthoughthatdreamscangrowandby25IwasofferedthechancetorelocatetoFrancoSartorsquosheadquartersinBostontobecomethecompanyrsquosnationalmarketingdirectorIwasbeyondthrilledMyexcitementtotakeonmoreresponsibilitywasoffthechartsbutapartof
Myexcitementtotakeonmoreresponsibilitywasoffthechartsbutapartofmewasunsureaboutthiscross-countrymovebecauseofmyfatherrsquosrecentdiagnosisofbraincancerBeingbothaproudfatherandamarketingprohimselfmydadencouragedmetogoandnotlookbackWithhisapprovalIpackedmybagsandwasonmywayWorkingwithawholesalersuchasFrancoSartogavemesuchincredible
opportunitiestolearnmorenotonlyaboutthevendorsideofthebusinessbutalsoabouttheretailsideofthebusinessAtthetimeFrancoSartowasoutperformingmostofitscompetitionincludingNineWestatretailerssmallandlargeandasaresultmyresponsibilitieswerealwaysevolvingAmongthemincludedtryingtoseeknationalpressforFrancoSartorsquosgrowingbrandWorkingwithconsumerpublicationsthatincludedLuckyandGlamour
magazinesaswellasthetradepublicationsFootwearNewsWomenrsquosWearDailyandmanyothersexposedmetoawholenewsideofretailInstinctivelyIlovedthecombinationofretailandmediaanditwasatthistimethatIstartedtoidentifyhowImightbeabletoapplythisduoinmyownuniquewaytohelpindependentretailersinthefutureFastforwardtoacoupleofyearslaterandIwasreadytoreturntoChicago
AlthoughIlovedmyjobIlovedmyfathermoreHiscancerhadadvancedandIknewthathewouldpasssoonerthanlaterwhichmademydecisiontospendasmuchtimeasIcouldwithhimapriorityAlthoughitwasatoughchoicetoleaveajobthatIadoredIwasfortunatethatBennettFootwearthethen-ownerofFrancoSartoofferedtorelocatemeandgivemeanewpositionthatcouldbebasedintheMidwestSayinggoodbyetomymarketingdayswasextremelytoughbutIembracedmynewchallengeasanaccountexecutiveforFrancoSartorsquossisterfootwearbrandEtienneAignerThefollowingyearintroducedmetolotsofchangemostnotablyspending
mydayssurroundedbynumbersManagingandsellinginventoryarenoeasytasksparticularlywhenyouareworkingwithretailersthatbudgetclosetoamilliondollarsormorejustforyourbrandaloneLookingbackIrefertothispointofmycareerasmyownpersonalretailmathbootcampItwasfastfuriousandunforgettableIlearnedalotmadesomemistakesandultimatelydecidedthatbeinganaccountmanagerwasnrsquotformeImissedmymarketingdayssoIquietlylookedaroundforanewopportunitythatwouldallowmetodomarketingagainFortunatelyAdidaswasrollingoutanin-storeandmajoraccountsmarketingmanagerpositionbasedinChicagoandIwasluckyenoughtogetthejobWorkingwithAdidasIwasexposedtoawholenewworldofretailersthat
includedDickrsquosSportingGoodsGanderMountainandcountlessspecialtyretailersthatservednichemarketsincludingsoccerswimandtennis
retailersthatservednichemarketsincludingsoccerswimandtennisMoreoverthiswasthefirsttimeIworkedforacompanythatwasnotonlyaretailerbutalsoawholesalerAdidashasitsownstoresandalsosellstootherstoresmdashwhichasyoucanimaginehasbothchallengesandbenefitsOnceagainIconsideredmyselffortunatetogainnewexperienceandlearnfromsomeofthemostwell-respectedretailersinthebusinessMeetingDavidBeckhamandotherAdidasathleteswasnrsquotabadjobperkeitherDespiteagreatjobandthechancetomanageateamofover30peopleI
couldfeelaradicalchangebrewingwithinmeIdesperatelywantedtocontrolmytimemoreafteryearsofconstanttravelandIalsohopedtoshareeverythingIhadlearnedwithsmallermoremom-and-pop-stylemerchantsAfteronlyacoupleofyearswithAdidasIwasfinallyreadytobeginmyownuniqueretailjourneywithoutanemployertoofficiallyreporttoLikecountlessotherentrepreneursandpossiblyevenlikeyourselfIdecidedtobecomemyownbossFriendsandfamilythoughtforsureowningalittleboutiqueofmyownwouldbeinmyfuturebutinsteadIwantedtoworkwithboutiquesretailersandsmall-businessownersmdashsharingwiththemwhatIcouldtohelpthemintheiruniquegoalsIn2007RetailMindedwasofficiallybornTaglinedaboutiqueconsultingfirmRetailMindedaimedtosupportretailers
withinmyimmediateChicagocommunityAtthissametimeIbeganwritingablogmdashanewtrendthatwasemergingalongwithsocialmediasitessuchasTwitterFairlyquicklymyblogbecamerecognizedasadestinationforindependentretailerstogainnewseducationandsupportfortheirbusinessesThissoontookoverasmytaglineandIalsobegantoacceptfreelancewritingassignmentsfortradepublicationsthatincludedSmartRetailerDanceRetailerNewsMuseumsampMoreCrainrsquosChicagoBusinessWesternRetailerandevenForbescomWithoutintentionallytryingmyloveformediaandretailhadgrownintoafunctioningbusinessandsoonaftermyone-on-oneconsultingwaspushedasideIrealizedthatthroughmediaIcouldreachmanymoreretailerswithmygoalofsharingindependentspecificnewseducationandsupportanditisthroughmediathatIdidexactlythatTheyearsthatfollowedintroducedmetomanynewmediaclientsaswellas
selectconsultingprojectsItrsquosalsoduringthistimethatIfirstmetmycoauthorJasonPrescottfounderandCEOofJPCommunicationsIncwhichrepresentscompaniesthatincludeTopTenWholesalecomandManufacturercomDespiteafullscheduleIwantedtoreachmoreretailersinawaythatI
believedtheywerenrsquotbeingreachedyetTherewereandstillarehundredsofpublicationscommittedtoretailaudiencesyetnonefocusesonthetotallifestyleofbeinganindependentretailermdashwhethersellingshoeshardwarehomegoods
oranythingelseTomethismeanssupportingthisuniqueaudienceofretailerswithallthedetailsoftheirbusinessesmdashnotjustthosethatfellwithintheirstorewallsInotherwordsIwanteddiscussionsaboutinsurancehealthfamilytimemanagementandmoretoberegularcontributionstoapublicationthatretailerscouldreallyrelatetoandonethatwassolelycommittedtoindependentretailersnotbig-boxmerchantsItrsquoswiththisinmindthatRetailMindedMagazinecametolifeWithoutaformalpublishingbackgroundorextensivemediaexperienceI
launchedRetailMindedMagazineinJanuary2011MyquietlaunchwaswellreceivedbymyalreadyloyalblogfollowersandwiththehelpofmyuniquedistributionmodeltheRetailMindedPartnerProgramRetailMindedMagazinenowreachesover150000readerswitheachquarterlyissueThisuntraditionalavenueofdistributionallowsnicheretailgroupssuchasCrafterrsquosHomeortheMuseumStoreAssociationaswellaslocalandstate-levelretailorganizationssuchastheStateChamberofOklahomatheFloridaRetailFederationMinnesotaMainStreetandotherstodistributeRetailMindedMagazineasamembershipbenefitandeducationalresourcetotheirmembersThesameyearIrolledoutRetailMindedMagazineIalsointroducedthe
independentretailerconferenceforthefirsttimeinJuly2011alongsidemyconferencecofounderKerryBanniganofNolchaFashionWeekNewYorkSincethenthisannualeventhasgrowninbothsizeandrecognitionwelcomingindependentretailersandretailsupporterstogainhands-onknowledgeabouttrendsspecificintheindependentretailsceneInMarch2014theIndependentRetailerConferencewasproudlyintroducedasourfirstpop-upconferenceatthenationrsquoslargestconsumertradeshowtheASDShowheldbiannuallyinLasVegasTheRetailMindedworldhascertainlygrownsinceitrsquosbabydaysbackin
2007yetlikemuchofmyaudiencewearestillsmallandindependentourselvesIknowfirsthandthestruggletogetafulldayrsquosworkinandstillfeellikeIhavenrsquotworkedenoughaswellastheconstantjugglingacttofindtimeforfamilyfriendsandmdashdareIsayitmdashevenmyselfMyteamremainssmallbutourmissionisalwaysgrowingIconsideritbothaprivilegeandaresponsibilitytosupportindependentretailerswhichiswhyIwassohonoredtojoinJasonPrescottinauthoringthisbooktodojustthatItrsquosmyhopethatyouwilltakeawayfromthisbooktipstricksandpractical
solutionstoapplytoyouruniqueretailbusinessWhetheryouareaseasonedmerchantorretailnewbiethecontentthroughoutthisbookisaimedathelpingyoutomanagemarketandgrowyourretailbusinessTogetherJasonandIhaveuncoveredresourcesidentifiedsolutionsandcompiledacollectivespotforyou
uncoveredresourcesidentifiedsolutionsandcompiledacollectivespotforyoutoconfidentlyrefertoasyoucontinueyourretailjourneyAlsowersquoveinterviewedover50industryleadersandretailersallowingyoutogainmultipleperspectivesonthedynamicworldofretailWersquovealsoprovidedyouwithActionGuidesthatfolloweachchaptergivingyounextstepsandhow-toinstructionstohelpyourbusinesssucceedIrsquodliketobelievethatlikemeyoulookatyourjobasaprivilegeand
thereforethatyouareconstantlyseekingnewwaystoimproveyourbusinessWhetherthisistrueornotIhopethatthisbookcandelivernewwaysforyoutofindsuccessandachieveyouruniqueretailgoalsThankyouforgivingustheopportunitytohelpyouaccomplishthismdashwehopeyouenjoytheride
PARTI
BeingIndieinaBig-BoxWorld
1
StandingOutamongOtherRetailers
Inordertobeirreplaceableonemustalwaysbedifferent
mdashCocoChanel(1883ndash1971)founderofChanelfashiondesignerTO
GAINsuccessinretailmerchantsmustcreateanenvironmentandanexperiencethatcustomerswanttovisitagainandagainCalifornia-basedretailerKimberly
Efseaffagreeswiththissharingherthoughtsaboutwhereacustomerrsquosexperiencebegins
TheexperienceofastoreshouldstartbeforeacustomerevenwalksinthedoorWhensomeoneseesyoursignageorpeeksinthewindowthereshouldbeawowfactorItshouldcaptivatethemandmakethemwanttoinvestigateyourbusinessevenifitrsquosnotsomethingtheymaynormallybedrawntoOncetheydowalkintheyshouldfeelliketheyareexperiencingsomethingthatistotallyuniqueandunlikeanyotherstoretheyhaveeverbeentoThecolorsproductsatmospheredesignaestheticsandallotherstoredetailswillhelpmakethishappenorforthatmatternothappenUltimatelyastoreshouldfeelasuniqueasitlooksIfyoudothiscorrectlyyourcustomerwillbecomecaptivatedandengagedinyourbusiness1
EngagingcustomersiskeyandretailerssuchasEfseaffknowthatthisisessentialtocreatingkeepingandgrowingbusinessThequestionishoweverjusthowdoyoudothisIrsquoveinterviewedover50industryleaderswhoincluderetailerswholesalerstradeshowdirectorsmagazineeditorsretailorganizationleadersandmoretohelpanswerthisquestionAllofthemsharetheiruniqueexpertiseandperspectivesonhowyoucanfindstoresuccessinthecompetitiveworldofretailWithaheavyemphasisonindependentbrick-and-mortarretailersthisbookwilllookatthemanylayersinvolvedinmanagingandmarketingaretailstoretodayFromthereitwillhelpintroduceyoutonew
marketingaretailstoretodayFromthereitwillhelpintroduceyoutonewideasreshapeoldhabitsandidentifythetrendsofretaildesignedtokeepmodernmerchantsvisibleandsuccessfulAmongthemaingoalsofthisbookwillalsobetointroduceretailerstoexternalplayersrangingfrombusinessresourcestotradeshowstoretailassociationsandmoreIllinois-basedretailerAngelaGianfrancescowhosestoreStellaBlueDesign
residesjustamilewestofChicagorsquosWrigleyFieldconsiderslearningfromoutsideinfluencersakeystrategyinhelpingherownbusinessgrowldquoImayonlyhaveonestoreandbethesolestoreownerbutIneverfeelaloneinrunningitThroughRetailMindedcommylocalChamberofCommerceagreatstaffandmerchantfriendsIconstantlyfeellikeIamlearningnewthingsandhavepeopletoturntowhenIhavequestionsrdquoAsanindependentretaileritrsquoseasytoforgetthatyouhavesomanyadvocates
onyoursidetohelpyourbusinessthriveOneofthemaingoalsofthisbookistohelpretailersregaintheirtrustandsupportfromoutsideplayerswelcomingavarietyofbusinessesandpeopleintotheirnicheworldstohelpthemfurthersucceedinretailInthechaptersthatfollowwersquollunveilorganizationsassociationsandretail-specificgroupsthathaveyourbestinterestinmindaswellasidentifywhyyourparticipationwiththemmattersWewillalsodiscussthevalueinworkingwithyourlocalcommunitytoincreaseyourstoreandtownrsquosindependentretailawarenessWewillalsoprovidedetailsonhowyoucanbecomemoreinvolvedintheincreasinglypopularbuy-localmovementsMostimportanthoweverwewillidentifypracticalwaysforyoutokeepyourdoorsopeninacompetitiveretailenvironmentsharingexpertyetrealisticinsightonhowyoucandothisAsretailerGianfrancescostressesldquoIhavebeenopensince2010andsincethenIcancountonmyhandhowmanydaysIhavegonetoworkwithoutlearningsomethingnewaboutcustomercareorstoremanagementZeroEverydayeverycustomerandeverysituationteachesmesomethingthatcanimprovemybusinessrdquoItrsquoswiththisinmindthatthechaptersthatfollowwerecreatedEverychapter
everydetailandeveryresourceidentifiedisintendedtohelpyouwithyourbusinessAsanindependentmerchanthoweveritrsquosuptoyoutodecidejusthowyouwillapplythesedetailstoyourownuniquestoreTofurthersupportyoueachchapterconcludeswithanActionGuideintendedtohelpyoutakeimmediatestepsinhelpingyourbusinessCollectivelywehopethattheseActionGuidespushyoutolookatyourstoreorfuturestoreviaanewperspectivewhilealsoencouragingyoutodothingsyoumayneverhavedonebeforeFinallyremembertostayenthusiasticoptimisticandacceptingofchallenges
astheycomeyourwaymdashbecausetheywillmdashasyouembarkonyourretail
astheycomeyourwaymdashbecausetheywillmdashasyouembarkonyourretailjourneyWhetheryoursquoreaveteranmerchantoranewstoreownerretailasweknowitischangingatapacefasterthaneverbeforeAsaresultyoushouldbereadyforbothupsanddownsalongthewayThisbookwillhelpyoutounderstandthelatesttrendsexpectedgrowthandanticipatedopportunitiesspecifictoindependentretailersandwehopethatyouenjoytheexperienceofthechaptersahead
ActionGuide
EmbracingchangeisnrsquotalwaysaneasytaskparticularlyforentrepreneurswhochoosetofollowtheirownindividualpathsChangehoweverisacriticalcomponentofkeepingupwithcustomersinventoryandsalesTohelpyoutoidentifyyourcomfortforchangeanswerthefollowing
questionswitheitheryesorno
1Haveyouintroducedanewvendorintoyourstoreassortmentinthelastthreemonths2Haveyoueliminatedavendorfromyourstoreassortmentwithinthelastsixmonths3Doyouactivelyseekoutsideexternalresourcestohelpyoulearnmoreaboutmanagingyourbusinesspossiblyincludingaconsultationeducationcourseorotherlearningscenario4Haveyouidentifiedyourtargetcustomer5Doyoubelievethatyourtargetcustomerisyouractualcustomer6DoyouwanttogainanewgenerationofcustomersinyourstoresuchasGenerationY7Doyouactivelysolicitpublicityforyourstoreeitherfromanoutsidepublicrelationssupportorfromyourowninternalefforts8DoyouhaveasolidonlinepresenceallowingyoutogainrecognitioninonlinesearchesonwebsitessuchasGoogleorYahoo9Areyouamemberofnolessthanoneretail-specificgroup
10Doyouhaveemployeeswhoareeitherpartorfulltimebutnotseasonal
Foreveryyesyouansweredgiveyourself10pointsBasedonatraditionalgradingscaleof0to100totalyourpointstoidentifyyourgradeasacurrentretailerAreyouat50pointsIfsothatgivesyouanFinyourretailperformanceplayingyouat50percentinscoreAreyouat70percentThatrsquosaCwhichrepresentsanaverageperformanceyetitisjustonepointawayfrombelowaverageIfyouscoredat80percentorabovewelldoneYouaredoingagreatjobatretailhoweverlikeallthingsinlifetherersquosalwaysroomtoimproveWhetheryoufailedorthrivedinthisbasicretailevaluationwelookforwardtohelpingyouachievestrongerretailsuccessbyofferingyouexpertinsightadditionalactionguidesandmuchmoreinthechaptersahead
2
SteppingOutsideYourComfortZone
IamalwaysdoingthatwhichIcannotdoinorderthatImaylearnhowtodoit
mdashPabloPicasso(1881ndash1973)painterandartistACCORDINGTOJoeAbrahamauthorofEntrepreneurialDNAtherearefourkindsofentrepreneursBuilderopportunistspecialistandinnovatorrepresentthevariouspersonalitiesofownersofsmallmedium-sizedandlargebusinesseswhenitcomestobeing
theirownbossAlthoughindependentretailerswillembodyoneormoreofthesefourentrepreneurialDNApersonalitiesallentrepreneurialpersonalitiesare
likelytocreatethehabitofworkingwithintheirowncomfortzoneHavingfoundedourownbusinesseswecanrelatefirsthandtothechallenges
ofbeinganentrepreneurWecanalsospeaktothehabitsthatshapeourdailyactionsmanyofwhichkeepusacutelyfocusedandworkingcomfortablywithinfamiliarterritorybothliterallyandfigurativelyMoreimportanthoweverwersquovealsoexperiencedfirsthandthebenefitsofsteppingoutsideourcomfortzoneAsaresultwepushourselvestodothismoreoftenthannotOurexperiencesasidewhatreallymattershereisconsumersrsquoreactionstoyourhabitsWhetheryouconsideryourselfanold-fashionedretaileramodernmerchant
oranup-and-comingstoreowneracriticalcomponenttoyourretailsuccessisidentifyingyourstrengthsweaknessesandpotentialtodobetterWithoverhalfofsmall-businessownersclosingtheirdoorswithintwoyearsofopeningthemitrsquosimperativetoconsiderallavailableopportunitiestosucceedThisisparticularlycrucialconsideringthenatureoftodayrsquoscompetitivemarketplaceConsumershaveatremendousnumberofchoiceswhenitcomestomakingtheirbuyingdecisionsandindependentretailersshouldattempttostandoutversusblendinwhenitcomestostayingcompetitiveNewYorkndashbasedmerchantMacquenziFarquerwhoownsgiftandspecialty
storeLockportintheAstorianeighborhoodofNewYorkCitysuggeststhatindependentretailersneedtoidentifydirectcompetitionattheverybeginning
independentretailersneedtoidentifydirectcompetitionattheverybeginningandunderstandhowtheycancompetewithitfromarealisticperspective
Big-boxstorescandeliverrealheadachesforindependentmerchantsThereisnothingworseforasmall-businessownertohearthatthesameproducttheycarryisbeingsoldforlessatabig-boxstoreIrecognizethatthispricecomparisonwillhappenhoweverIalsorecognizethatmostconsumerswillnotunderstandtherhymeorreasonwhyThissaidItrytochallengemyselftoprovidethebestinventoryassortmentIcantobettercompetewithbig-boxstoresInevitablymyinventorywillbecomparedtothatofotherretailersandItrytobuymoreuniqueinventorytodealwiththis1
ChallengingyourselftoofferavarietyofmerchandisecancertainlyhelptoattractconsumersandincreasepurchasesHoweveridentifyingtherightassortmentofinventoryisoftenthechallengethatretailersfaceForFarquerthismeantidentifyingwhatherlocalcustomerswantedandthenidentifyingtheappropriateblendofpriceandproducttoofferherconsumersIndoingthisshesteppedoutsidehercomfortzonetocreateanedgeagainstherlocalretailcompetition
FormycustomersfindingstockfurniturefortheirtypicallysmallerurbanlivingspacesisachallengeFormeitrsquosalsoachallengetostockfurnitureinmylimitedsquarefootstoreWhilemycustomerisconstantlyaskingforthisIhavelearnedthatnomatterwhatIcanofferIcanrsquotcompeteagainstmytwoclosestbig-boxcompetitorsIKEAorCB2InsteadIcallmyfurnitureselectionldquofinishingpiecesrdquoandmarketthemasthespecialdetailyoulayerwithmoreaffordablepiecesfromnationalchains2
TacklingthejobofunderstandingthelocalconsumersrsquobehaviorshelpedFarquertoidentifyasmartstrategicplantostayrelevantinherAstoriaNewYorkneighborhoodHersolutionofprovidingldquofinishingdetailsrdquoversustraditionalstockfurniturehasdifferentiatedherfrombig-boxretailerswhilealsoopeningupanichesalesstrategyThisapproachalsoplacesheroutsideatraditionalretailcomfortzonebyacknowledgingandactuallydiscussingtheuseofbig-boxinventoryincombinationwithherown
RETAILTIPDonotignorethatmanymdashifnotallmdashofyourcustomersincludebig-box
storesnationalchainsordiscountcentersasregulardestinationstoshopInsteadidentifythebestwaystosupportthesecustomersknowingthattheyarealsoshoppingatyourcompetitorsAmongthewaysinwhichyoucandothisincludeintroducingdiverseinventoryprovidingstrongercustomercarehostingin-storeeventssupportingcommunityeventsandbeingafamiliarfriendlyfacewithinyourownstoreBrickandmortarretailerCynthiaSuttonisaretailveteranhaving
previouslyworkedinthebuyingofficesformajorretailerClairersquosBoutiquepriortoopeningherownstoreTheSilverBarninColumbusTexasin2008SellingeverythingfromhomedeacutecortobabygiftsSuttonrecognizesthatbig-boxstoresarehercompetitionandbelievesthereisroomforalltypesofretailersldquoBig-boxstoresandindependentretailerscancomplimenteachother
Thekeyisforindependentretailerstoofferuniqueitemsthatarenoteasilyfoundindepartmentstoresorotherbig-boxmerchantsItrsquosourjobtosearchforspecialtyitemsandvendorsnotfoundinthesestoresofferingsomethinguniquetoourcustomersrdquoWhetheryourstorestockseverydaybasicsorspecialtyitemsitrsquos
importanttorecognizehowyoustackupagainstbig-boxcompetitionMakeitaprioritytoknowwhattheyrsquoresellingsoyoucandecidewhatbestsuitsyourstoreshelvesandcustomersaswellTakethetimetovisityourcompetitorrsquosstoresonnolessthanaquarterlybasisrecognizinganythingnewtheyhavedonetotheirstoresThismayincludetheintroductionofnewvendorsbolddisplaychangescustomerserviceenhancementsoranythingelsethatstandsoutWhilevisitingyourcompetitionmaynotseemlikeavaluableadditionto
ourto-do-listitrsquospossiblethatitrsquosamongthemostvaluablethingsyoucandoasabusinessownerAlwaysknowwhatyourcompetitionisuptoinanefforttostaycompetitiveagainstthem
InventoryisacriticalcomponentofanystorersquossuccessyetwellbeyondwhatfillsyourstoreshelvesishowyoumarketmanageandsellitTheseactionscanmakeorbreakaretailerrsquoslivelihoodyetmanyretailersfallintohabitsthatworkagainsttheirsalesgoalsGevenaIllinoisndashbasedretailerShariRalishwhosestorePeacefulParlour
providesherbalteasearth-friendlyproductsartisanworkandmoreisan
providesherbalteasearth-friendlyproductsartisanworkandmoreisanexampleofanindependentmerchantwhofellvictimtobeingsetinheroldways
WhenIopenedmystoreinFebruary2010ImerchandiseditandstockeditwithproductsIthoughtcustomerswantedbecauseIwantedthemaswellIttookmeafewyearstotrulyunderstandmylocalconsumersandeventhenmyfloorplandidnrsquotaccommodatetheirshoppingpatternsormytotalstoreassortmentItwasnrsquotuntil2012thatIfinallyletanoutsideretailspecialistcomeinandhelpmeseemystorethroughanotherpersonrsquoseyesThechangesininventorystorelayoutandmyoverallmarketinginitiativeshavehelpedtoincreasemysalesbyover37percentinthepastyearalonerdquo3
ForcingyourselftoletothersaffecthowyouoperateyourstorecanbeadifficultchallengeforsomeparticularlyifyouhaveanentrepreneurialpersonalitythatprefersindependenceandcontrolYetidentifyingthisasaweaknessinyourentrepreneurialDNAcanactuallyhelpyouinyoursuccessasamerchantJoeAbrahamauthorofEntrepreneurialDNAbelievesthatmostretailers
ldquowillrunintosomecommonchallengeswhenoperatingtheirstoresKnowingupfrontwhattheiroperationalweaknessesandstrengthsarecanactuallyempowerthemtoalignwithadvisorspartnersandserviceproviderswhocomplementtheirweaknessesWithoutaddressingtheirownentrepreneurialcharacteristicsretailersriskafrustratingjourneyorworsethedemiseoftheirbusinessesrdquo4
HabitsofSuccessfulRetailers
WhileclosingyourdoorsiscertainlynotthegoalidentifyingthetophabitsofeffectiveretailersshouldbeHereinnoparticularorderare10habitsofhighlyeffectiveretailersInthechaptersthatfollowwewillexploreeachoftheseindetail
Habit1KnowWhoYourCustomersAre
OftenretailersopentheirstoreswithavisualimageoftheirtypicalconsumerthatmaynotbeaccurateUsingmoderndataincludingpoint-of-sale(POS)andothertrackingsystemstohelpidentifywhoyouractualcustomersareyoucanhelptoidentifywhoistrulyspendingmoneyatyourstoreInthisregardtherersquosnosuchthingastoomuchinformation
Habit2UnderstandHowYourCustomersShop
KnowingwhoyourcustomersareisonethingbutunderstandinghowtheyshopisanentirelydifferentthingSeekconsumerinsightbyaskingquestionsviasocialmediathroughin-storeconversationsbyofferingquicksurveysviae-mailoryourwebsiteandusingotherdata-collectingmethodsthataddresstheneedswantsandactionsofyourcustomersGoodold-fashionedobservationgoesalongwayhereaswellBeorganizedbyaggregatingandcategorizingyourresearch
Habit3ReacttotheInformationYouGainfromCustomers
TheworstthingyoucoulddoisgainqualityinsightintoyourcustomersandthenfailtoactonitMakeitaprioritytoconstantlyevaluateyourcustomersListentowhattheyareaskingforidentifywhattheyarenotinterestedinwithyourproductassortmentorshoppingexperienceandtrytocapturetheirwishesasaconsumerAcknowledgingboththeirwantsandlackofinterestisagreatwaytodiscoverwhatandhowyoushouldbeselling
Habit4BeWhereYourCompetitionIs
Whileyoumayneverhaveathousandstoreslikeyournearestbig-boxneighboryoucanbewheretheyarewhenitcomestoyourmarketingeffortsDonotneglectsocialmediaoryourlocalmarketmediaSeekcoverageinyourareapublicationsparticipateinlocaleventsandbevisiblebeyondyourstorewallsincludingonline
Habit5CompareYourselfwithOthers
RememberwhenyourmotherusedtotellyounottocompareyourselfwithyourpeersWellwersquorethrowingthatadviceoutthewindowInthecaseofretailyouwanttoalwayscompareyourselfwithyournearbymerchantsThiswillidentifynotonlythewaysyouaredifferentbutalsothewaysyouarealikeLearningfromothersrsquomistakesismuchlesspainfulmdashandoftenlesscostlymdashthanlearningfromyourown
Habit6TrainYourEmployeesandYourself
NomatterwhatyoumaythinkyousimplydonrsquotknowitallNoonedoesChallengeyourselftoconstantlylearnsomethingnewaboutyourbusinessWhetheritisstoreoperationsoranewvendortherersquosalwayssomethingtoresearchAdditionallymakesurethatyourteamlearnsnewupdatesonstoreproceduresproductsindustrytrendssocialmediafeaturesandmoreAllemployeesevenpart-timeorseasonalemployeescangainfromscheduledtrainingsessionsthathelptopositionthemnotonlytolearnmorebutalsotofeelasiftheyarekeyplayersinthesuccessofyourbusiness
Habit7SupportOtherLocalBusinesses
NobodylikesthepersonwhodoesnrsquotpracticewhattheypreachForindependentretailersthisholdsespeciallytrueSupportyourfellowlocalmerchantsasmuchaspossibleTheoldsayingldquoWhatgoesaroundcomesaroundrdquoholdsverytruehereandshouldnotbetakenlightlyInsteadembraceotherlocalbusinessesnotonlybyshoppingatthembutalsobyreferringthem
Habit8AttendTradeShowsRegularly
MosttradeshowsnowadaysoffermorethanjusttheopportunitytobuyinventoryManysuchastheASDTradeShowheldbiannuallyinLasVegasprovideeducationalexperiencesnetworkingeventssocialopportunitiesandmoreTakeadvantageofallthattradeshowshavetoofferincludingthechancetoconnectfacetofacewithyourexistingvendorsanddiscovernewvendorsas
toconnectfacetofacewithyourexistingvendorsanddiscovernewvendorsaswell
Habit9SeekNewWaystoManageYourBusiness
OurmodernworldisconstantlyintroducingnewtechnologiesandotherwaystohelpbusinessesofallkindsthriveForretailersitrsquosespeciallyimportanttoevaluateserviceprovidersandavailabletechnologythatcanhelpyouoperateyourstoremoreefficientlyNeglectingcommercialevolutioncancauseyoutodriftapartfromyourretailpeersandultimatelyfromyourconsumers
Habit10BeOpentoPart-TimeorFull-TimeEmployees
ItrsquoseasytofallintothehabitofworkingeverydayinyourstorewithoutevertakingabreakHoweverworkinginyourstorefulltimedoesnotallowyoutoaccomplishmanyoftheothersuggestedhabitsonthislistandalsolimitsyoufromsimplygettingabreakSuccessfulretailerseventhosewithonlyonestoreareoftenmoresuccessfulbecausetheybudgetforpart-timeorfull-timeemployeesAsaresulttheirperformanceasastoreownerisnotcompromisedandinsteadtheyreaptherewardsofamorebalancedworkscheduleandstrongersalesHumansarecreaturesofcomfortandretailersarenoexceptionItcanget
reallycozysettlingintoyourwaysbutpushyourselftostepoutsideyourcomfortzonetoreallyallowyourselfandyourstoretoevolveandthrive
Inthechaptersthatfollowwersquollidentifyhowtoincorporateretailbestpracticesintoyourbusinesssharepreferredresourcesforindependentretailersintroducecontactdetailsforvariousretailassociationsexplainhowtosolicitandmanageyourownpressofferwaystomarketyourstorebothonlineandofflineandexplainwhyincorporatingabuy-localcampaignwouldbegoodforsalesInadditionwersquollofferyouexpertinsightintomanagingyourinventorysocialmediaemployeesandofcoursecustomers
ActionGuide
WhentryingtounderstandyourownstrengthsandweaknessesasaretaileritrsquosimportanttorecognizeyouroperationalhabitsasamerchantAnswerthefollowingquestionsandrecordyourresponsesallowingyoutoreferenceyourhabitsinthechaptersaheadandultimatelyreflectonthenecessarychangesyoumayneedtomaketoenhanceyourbusiness
1Whatoperationalproceduresdoesyourstoreroutinelyperformtodaythatitdidnotoneyearago2Ifyouhavebeenopenlongerthanthreeyearswhatthreeadditionalstoreoperationsareconductedthatyouwerenotdoing36monthsago3HaveyourcoreinventorycategorieschangedsinceyoufirstopenedyourstoreWhyorwhynot4Doyourmostpopularitemssellbasedoncircumstancesuchasacustomerfindingauniquegiftheorshelovesorisitmorestrategicsuchasreplenishingahouseholditemthatcustomersknowyouhaveinstock5DoyouprovideemployeetrainingforstoreoperationsnewproductsoranyotherreasonIfsohowoftendoyoudothis6Whatcustomer-serviceexpectationsdoesyourstorehaveinplaceHowisthismeasuredamongyouremployeesandyourself7Whatmarketingstrategiesdoyouconsistentlyleanontopromoteyourstoretobothexistingandnewcustomers8Howoftendoyouseekattentionfromthemediawithaformalpressreleaseororganizedmediapitch9Whatday-to-dayhabitsdoyouidentifyasmandatoryinyourstoresuchasstockreplenishmentmerchandisingorcoldcallingcustomers
10Whatisonyourwishlistfortheyearsaheadasyourstorecontinuestogrow
TakethetimetohonestlyanswerthesequestionspushingyourselftobetruthfulwithyourresponsesOftensimplyacknowledgingyourroutinehabitsincomparisonwithsuggestedotheronescanhelpyouinsteppingoutsideyourcomfortzoneInthechaptersthatfollowwersquolldiveintothedetailsofhowthis
comfortzoneInthechaptersthatfollowwersquolldiveintothedetailsofhowthiscanbeaccomplished
3
LeaningonOutsideOrganizations
Ifyoudowhatyoursquovealwaysdoneyoursquollgetwhatyoursquovealwaysgotten
mdashTonyRobbins(1960ndashpresent)lifecoachauthormotivational
speakerldquoTHENUMBERonejobofabusinessowneristorunagreatbusinesssoitwouldbeshort-sightednottotakefulladvantageofopportunitiesprovidedtohelpbusinessesachievegreatersuccessrdquoOfficeofMainStreetNewJerseyandImprovementDistrictProgramsofNewJerseyrsquosJefBuehlerstatesWhilewe
couldnotagreemoreitrsquosofteneasiersaidthandonewhenitcomestosupportingyourbusinesswiththemanyresourcesavailabletoyouOften
businessownersgetlostintheireverydayhustleandbustlewithouteverseekingoutsidesupporttomaketheirjobseasierLuckilythereisavastanddiverse
groupofbothprivate-andpublic-sectororganizationsthatcanhelpyouachievestrongerretailsuccess
Retailersshouldlookattheirlocalcommunitiesstate-levelorganizationsandnationalgroupsinanefforttoidentifysupportthatmakessenseforthemandtheiruniquebusinessesBeginningatalocallevelmostretailershaveaccesstomunicipalsupportincludingcitymeetingseducationresourcesandlocalChamberofCommercesupportAlthougheachcommunityhasitsownvariedoperationalresourcesthatbenefitretailersspecificallyallretailershavesupportbeyondtheirlocaltownsState-levelorganizationssuchastheRetailAssociationofMaineandtheKentuckyRetailFederationprovidetremendoussupportforretailersofallsizes
GettingInvolvedwithOutsideOrganizations
Gettingengagedatyourlocallevelisabsolutelyvitalinbuildingtowardyour
GettingengagedatyourlocallevelisabsolutelyvitalinbuildingtowardyourbusinesssuccessparticularlyifsellingonlineorbeyondyourlocalareaisnotpartofyourbusinessplanThislocal-levelparticipationwillgiveyousupportandinsightintoyourcustomerscompetitionandcommunitythatstate-levelandnationalorganizationsoftencannotEllenDivitaeconomicdevelopmentdirectorfortheCityofGenevaIllinois
explainsjusthowvaluablelocalcitiesandChambersofCommercecanbetoasmall-businessowner
YourlocalcityandchamberofferavarietyofresourcestoretailersincludingvisibilityandcredentialtoyourbusinessBecausetrustissuchanimportantcomponentinthemarketplacethesedaysthisisespeciallyimportanttoconsiderasabusinessownerofanykindLocalcityandchamberofficesoffermanyresourcesincludingassistancewiththedevelopmentandopeningprocesspermitsandlicensesThenontangibleassistancecanproveevenmorevaluablewhichincludesbuildingrelationshipslocallythatcandeliverthevisibilityandcredentialthatyourbusinessneeds1
FurthermoreDivitastressestheimportanceofrespectingconsumeroptions
PeoplehavechoiceswhenitcomestowheretheyshopandconsumerswillbuyfromretailerstheytrustBeingreferredandtrustedbythechamberandyourlocalcitygovernmentislikebeingprescreenedwhichiscriticalforretailersconsideringtheimmenseamountofcompetitiontheyhaveUnlikenationalretailerswhosereturnpoliciesandothercustomerexpectationsaremoreknownindependentretailersneedtogainthetrustoftheirconsumersYourlocalchamberandcitycanhelpyouachieveastrongreputationthatgivescustomersthetrusttheyarelookingfor2
Beingknowninyourcommunityforwhatyouoffercanbepricelesswhencross-referralshappenorganicallyastheresultofsatisfiedcustomerscommunityparticipationandyourcommitmenttodeliveringastrongin-storeandcityexperienceFurthermoremanylocalChambersofCommerceandcityorganizationsprovideeducationalresourceslocalmediasupportandothercommunity-basedincentivesthatcanhelpmerchantsgainstrongercustomer
awarenessBeyondyourlocalorganizationshoweveritrsquosimportanttolookatstate-levelretailassociationsthatcanhelpyourbusinessfromabroaderperspectiveaswell
EXPERTSPOTLIGHTHarrietParkermanageroftheIllinoisSmallBusinessDevelopment
CenteratWaubonseeCommunityCollegeinAuroraIllinoissuggeststhatworkingwithoutsideorganizationscanhelpretailersandothersmallbusinessownersgainaccesstoexpertsupportthatisoftenfreeoratareducedrateAlsoParkersharesherinsightonhowongoingsupportversusonlywhenneededcanhelpretailersldquoByworkingwithorganizationssuchasSmallBusinessDevelopment
Centers(SBDCs)retailersareabletoaccessexpertisetheymaybelackingaswellasresourcestheymaynotknowaboutOurorganizationslikemanyothersoftenhavebusinessexpertsreadytohelpretailersgobeyondtheirowncapabilitiestobuildstrongerbusinessesInadditionweencourageretailersnottowaituntiltheyareexperiencingaproblemtoseekassistancebutinsteadtreattheseresourcesasanongoingpartnerfortheirbusinessteamWhetheritisforaproblemabrainstormingsessionornearlyanythingelseSBDCrsquosandothersupportorganizationsshouldbeviewedastrustedadvisorstohelpretailersrdquoTogetstartedinseekingoutsidesupportfromyourlocalSBDCParker
suggestsvisitingwwwsbagovandclickingontheGetLocalAssistancelinkFromtheremakingaphonecalltotheirofficesistypicallyallittakestogetstarted3
AndyEllenpresidentandgeneralcounseloftheNorthCarolinaRetailMerchantsAssociationexplainsthatassociationslikehisareintendedtoactaspartofaretailerrsquosownteam
WeseeourselvesasanextensionofaretailerrsquosstaffOurreasonforbeingistopromoteandadvocatefortheretailindustrysowemakeitaprioritytobeexpertsonallissuesthatwillimpactaretailerrsquosstoreoperationsaswell
asdevelopstrongrelationshipswithpolicymakersinourstateIfyouhaveaproblemoranissueitisquitelikelythatyourstateretailassociationhasalreadyencounteredthisissueforanotherretailerandhastheanswertoyourquestionattheirfingertips4
InadditionEllenbelievesthatretailorganizationssuchastheNorthCarolinaRetailMerchantsAssociationhelpdeliversolutionstocommonanduncommonretailchallenges
StateretailassociationsareproblemsolversWeunderstandstategovernmentsandknowhowtocutthroughtheredtapeandvoicemailjungleofstateandlocalgovernmentstoassistretailersCollectivelystate-levelassociationspromotetheretailindustrythroughthepressoftenhighlightingalocalretailerrsquosgreatpracticesorsuccessThistranslatestofreePRandadvertisingforretailersprovidedbyatrustedsourcemdashus5
Inadditiontobringingmediaattentionandhelpingtosolveretailchallengesstate-levelretailassociationssupportmerchantsintheireverydayoperationsAdditionalsupportthatassociationsoftenofferincludesdiscountsonstoreservicesthatretailersneedsuchascreditcardprocessingandexpertinsightintostate-specificlawsandotherregulatoryagenciessuchasthedepartmentsofrevenuetransportationorlaborCurtisPicardexecutivedirectoroftheRetailAssociationofMainedescribes
thebenefitsofworkingwithstate-levelassociationsasldquoinsuranceforretailersrdquo
Whenretailersbecomemembersoftheirstate-levelassociationstheygainfull-timerepresentationforlegislativeissuesnetworkingwithotherlike-mindedretailersandaccesstoanumberofmoney-savingprogramsthatcanhelptheirbusinesssavemoneydirectlyandoperatemoreefficientlyWeliketothinkofourselvesasinsuranceforretailersWehelpprotectyouforaverylowcost6
AlthoughlegislativesupportmaynotbeonthetopofyourlistofwaystobesupporteditcertainlyshouldbeexploredStateandnationallegislativedecisionsaffectmerchantsinavarietyofwaysandtoooftenretailersdonrsquot
decisionsaffectmerchantsinavarietyofwaysandtoooftenretailersdonrsquotknowhowtheywillaffectthemuntilitrsquostoolatePicardexplains
Whenyoudonrsquotcommunicatewithyourstate-levelretailassociationitmeansthatyourvoicedoesnotgetheardIcanrsquottellyouhowoftenIhearfromnonmemberretailerswhentheycallaftersomethingbadwaspassedbythelegislatureFirsttheyhadnoideathatcertainlegislationwasbeingconsideredandsecondtheyhadnoopportunitytosharehowitwouldimpactthem7
Inadditiontogettingactiveinyourstate-levelassociationsPicardbelievesthatlocalandtrade-specificgroupsarealsoimperativetoyourretailsuccess
IhavealwaystoldpotentialmembersthattheyneedtobelongtothreeassociationsFirstyouneedtobelongtoyourlocalChamberofCommerceordowntownbusinessassociationThatiswhereyourbusinessisandwhereyouremployeesliveandworkMoreoveryoushouldbelongtoyourspecificindustrytradeassociationsuchastheCraftandHobbyAssociationforcraft-basedretailersAndlastyoushouldbelongtoastatewideassociationbecausemostlegislationhappensatthestatelevelandyouneedeyesandearslookingoutforyourbusinessInmostcasesastateretailassociationwillfillthatrole8
Trade-specificorganizationsaretypicallynationallybasedalthoughmanyofferregionalgroupsaswellNearlyeverysectorofretailfromflowerstofootweartohandbagstohomedecorhasretail-specifictradegroupsthathelptosupportmerchantssellingtheirspecificproductcategoryAmongtheirtoprolesinsupportingretailersisdeliveringeducationthroughannualeventspublicationswebinarsandotheravenuesJamaRiceexecutivedirectorandCEOoftheMuseumStoreAssociation
explainsthatnichegroupssuchashersofferldquoopportunitiesandresourcesforlike-mindedmembersandotherstakeholderstosharebestpracticeslooktotheassociationrsquosindustrystandardstoachieveprofessionalexcellencerelyonbenchmarkingstatisticsforperformanceanalysisaccesspublicationsandonlinecommunitiesandattendface-to-facemeetingsandconferencesfortechnicalandeducationalcontentspecifictononprofitretailingandconnectwithaffiliated
vendorsforsourcinguniqueproductsrdquo9Withsuchanextensiverangeofbenefitstogainfromitseemsfoolishnotto
getinvolvedinorganizationssuchasyourlocalChamberofCommercecityorstateretailassociationornicheretailgroupsMissyBrozekvicepresidentandcreativedirectorofcraftandhobbyretailgroupCraftersrsquoHomeagreesthatthisisextremelyimportantformerchantsparticularlyasretailbecomesevenmorecompetitive
AsretailgetsmoreandmorecompetitiveIrsquomconvincedthatindependentstoreswillneedtokeepbandingtogethertothriveThebenefitsarejusttoogoodtoignoreBuildingagroupgivesretailersopportunitiestocollaborateandlearnfromoneanotherwithoutfeelingliketheyrsquoresupportingtheirdirectcompetitorsInthecaseofnicheretailgroupsitalsoopensuptheopportunitytoleanononeanotherformorespecificsupportreducingtheneedtoreinventthewheelforpromotionsmarketingandeventsAtCraftersrsquoHomeweputtogetherfullyworked-outprogramstosharewithourgroupbasedonourexperienceandtheexperienceofourmembersMaybemostimportanthowevertherersquosstrengthinnumbersItrsquossoimportantthatwemakesurethatmanufacturershearrespondtoandrespectthecollectivevoiceofindependentretailers10
BenefitsThatOrganizationsMayOffer
AsamerchantitrsquospossiblethatyoufallintomorethanonespecificretailsectorThereforeyoumaybeapotentialcandidatetobelongtomorethanoneretail-specificgroupYouwillwanttoconsiderhowparticipatinginmultiplegroupswillhelpyourbusinessparticularlybecausetheytypicallyhaveamembershipfeeappliedtothemWhetheryouareinonegroupormorehoweveryoushouldevaluatewhatbenefitsyougainbyparticipatingineachAmongthevarietyofbenefitsthatretailgroupsaswellasstate-levelretailassociationsmayofferarethefollowing
ConferencesandtradeshowsRetail-specificgroupstypicallyhostannualbiannualandorregionaleventstosupporttheirparticipatingretailersSometimestheseeventsareopentoanyonebutmembersgaina
discountwhenattendingorcanattendaspartoftheirannualduesEitherwaytheseeventsaredesignedtodeliverkeysupportinanicheretailmarketprovidingyouwithexperteducationaccesstovendorsface-to-facenetworkingopportunitiesandmoreBuyersrsquoguidesAbuyerrsquosguideuniquelycreatedforyourretailsectorisavaluableresourceparticularlyconsideringhowbusyretailersareRetailtradeorganizationsoftencreateannualbuyersrsquoguidesthatgiveyouquickconvenientandtrustedaccesstoindustry-specificproductsandservicesRetailMindedalsoprovidesanannualldquoResourceGuiderdquothatfocusesonstoreoperationsandpreferredresourcesforrunningyourbusinesssuchasonlinemarketingande-mailmanagementwhichisavailableatRetailMindedcomPrivateonlinegroupsBeingactiveinamembership-basedgroupwillintroduceyoutootherretailerssimilartoyouThisopensupafantasticopportunitytolearnfromothersleanonothersandleveragewhatotherretailershavedoneintheirownretaileffortsOnlinechatgroupsprivatediscussionboardsandmembership-controlledgroupscanprovideyouwiththechancetogaininsightandexpertisefromotherlike-mindedretailersSomestate-levelretailassociationsofferthisandmostretailnichegroupsprovidethisasamembershipperkaswellHealthandbusinessinsuranceprogramsThebuyingpowerofanassociationversusyourindividualbuyingpowercansaveyoumoneywhenitcomestobuyinginsuranceLeveragingthediscountsorpreferredratesavailabletostateretailassociationsorretail-specificgroupsnotonlycanhelpyousavemoneybutalsocanprovideyouwithstrongerinsurancecoverageBesuretocross-referenceupdatedinsuranceoptionsnolessthanannuallybecauseoftenthesewillchangeandyouroptionsmaybeaffectedaswellMarketresearchandtrendinformationInthesamemannerthatstate-levelorganizationsmayprovideup-to-datenewsontaxesandotherlegislativeissuesnationalretail-specificgroupswillsharethelatestonindustrytrendsmarketresearchandnicheinformationforyourretailsectorApplyingup-to-dateindustrynewsandinformationtoyourbusinesscanonlyaidyouinyouroverallretailsuccessandthusshouldalwaysbeonyourto-dolistMerchantsolutionbenefitsWhetheryourstoreissolelyonlineabrick-and-mortarestablishmentorbothprocessingpaymentsisacriticalpartof
youroperationalplanRetailgroupscanhelpyouachievebetterratesinyourpayment-processingsolutionswhilealsosupportingyouinyourpaymentsoftwaresolutionsManyofthesebenefitsalsoincludetop-notchcustomerservicethatisprovidedasamembershipadvantageofferinganinvaluableresourcewhenyoufacepayment-processingchallengesIndustrypublicationsGainingretail-richcontentisnoeasytaskbutmostretail-specificgroupsworkhardtodeliverqualityinformationtotheirmembersMostofthesegroupsseekexpertinsightonavarietyofretailsubjectstosharewiththeirmembersandmanyarepartofRetailMindedrsquosldquoPartnerProgramrdquomdashsharingadditionalnewseducationandsupportfromRetailMindedthroughaquarterlymagazineandotherretailnewspublicationsUsingthemagazinesnewsletterse-blastsandblogsthattheseorganizationsprovidecanhelpyouachievemoreknowledgeforyourbusinessThekeyofcourseistocombinethisknowledgewithinformationaboutannualeventstradeshowsvendorsandallotherinformationyoucangaintoachievethegreatestsuccessinyourstoreoperationsandsalesTraveldiscountsTravelislikelypartofyourannualscheduleparticularlyifyouareactiveintradeshowsandeducationaleventsManyretailgroupsrecognizethisandprovidediscountedratesforairfarecarrentalsandhotelsTakingadvantageofthesediscountscanhelpsaveyousomehard-earneddollars
AlthoughmanyretailgroupbenefitsexceedthosejustlistedtheonlywaytheyworkisifyougetinvolvedBelowaresomeexamplesofsuchretailgroupsalthoughweencourageyoutolookbeyondtheseassociationsforonesthatmakesenseforyourretailbusiness
AmericanApparelampFootwearAssociationWeWearorgARTHomeFurnishingsNetworkAccessoriesResourceTeamorgCraftandHobbyRetailersCraftampHobbyAssociationwwwcraftandhobbyorgFloralRetailersSocietyofAmericanFloristswwwsafnoworgHomeFurnishingsIndustry
AccessoriesResourceTeam(ART)wwwaccessoriesresourceteamorgIndependentJewelryRetailersandVendorsRetail Jewelers Organization wwwrjomemeberscom Independent Pet
RetailersNexPetwwwnexpetcomMuseumandNot-for-ProfitStoresMuseumStoreAssociationwwwmuseumstoreassociationorgSpecialtyToyIndustryAmericanSpecialtyToyRetailingAssociation(ASTRA)wwwastratoyorg
InadditiontothevariousretailgroupsthatexistitrsquosimportanttoseekadditionalsupportforyourstoreifyoufeelthatthereisavoidnotbeingfilledThismaymeanreachingouttoretailconsultantsparticipatinginretaileducationeventssuchasRetailMindedrsquosannualindependentretailerconferencecallingyourlocalSCOREorsmall-businessdevelopmentcenterandleaningonmentorsyouhaveidentifiedwhocanuniquelyhelpyouRememberitoftentakessteppingoutsideyourcomfortzonetoreachyourretailpotentialThesegroupsandbusinessesexistwiththisinmindandwanttohelpyouinachievingyourbestretailsuccessyet
InChapter4wersquolldiscussthevalueofshapingyourstoretobeuniquelyyoursAlsowersquolldiscusshowinventoryplaysacriticalroleinshapingyourstorersquosreputationandpersonalityaswellasidentifyvariouscharacteristicsofastorethathelptomakeituniqueFinallywersquollofferyousuggestedinterviewquestionsforhiringpotentialemployeesandshareadditionaldetailstohelpmakeyourstoreoneofakind
ActionGuide
YourlocalChambersofCommercemainstreetprogramscitycontactsandbusinessgroupscanhelpyouachievestrongerbusinessengagementwithyourcommunityUsingtheWebaswellaslocalresourcessuchasyourarealibraryidentifywhotocontactandmakeitaprioritytogetinvolvedrightaway
identifywhotocontactandmakeitaprioritytogetinvolvedrightawayBeyondlocalsupportusethefollowinglisttoobtaincontactdetailsforyour
stateretailassociationAnumberofstatesincludingOklahomaWisconsinandAlaskaarenotpartoftheCouncilofStateRetailAssociationsSomestateshoweverhavestatewideChamberofCommerceassociationsinsteadAnexampleofthisistheStateChamberofOklahomawhichyoucanlearnmoreaboutatwwwokstatechambercomForacompletelistandmoreinformationaboutstate-levelretailassociations
visittheCouncilofStateRetailAssociationrsquoswebsiteatwwwcouncilsracomIdentifyyourstatersquoscontactinformationinthefollowinglistandvisitits
websiteFollowupdirectlyviathecontactinformationprovidedonthewebsiteorbyusingthephonenumberinthelisttoidentifyhowbecomingamembercanhelpyouinyourretailgoals
4
IdentifyingYourUniqueStoreStory
TheonlywaytodogreatworkistolovewhatyoudomdashSteveJobs(1955ndash2011)entrepreneurcofounderofAppleInc
THEBEAUTIFULthingaboutworkingwithretailgroupsisthatyougainstrengthinnumbersavoidingthesenseofisolationthatcanweighonanindependentretailerAlthoughasupportsystemandthepowerofacommunityareintegralyoushouldalsooptimizethepowerofyouruniquemerchantstoryEveryretailerhashisorherownstorytotellFromhowitcametolifetowhy
itretainscustomersyourstorehasauniquenarrativewhetheryourecognizeitornotUnderstandingthisnarrativecanhelpyoutostandoutinthemarketplaceallowyoutobettersupportyourcustomersandidentifywaystokeepyoursalesflowingTohelpyouclearlyidentifyyourmerchantstoryconsiderwhyyoubecamea
retailerinthefirstplaceDidyouopenastorebecauseyouloveacertaincategoryofproductAreyoukeepingyourfamilybusinessaliveDoyouprefertoworkforyourselfversusothersPossiblyyoubecamearetailerbyaccidentasaresultofdoingsomethingelseWhateveryourreasonforbecomingaretailerconsiderhowitledyoutowhereyouaretodayThenmdashevenmoreimportantmdashconsiderwhetheryourstoryisworthsharingAfterallifevenyoudonrsquotthinkitisthenwhywouldacustomerwanttoexperienceit
IndependentretailersareoftenconsideredlocalcelebritiessimplybecauseofthefactthattheyhavetheirownstoresWalkingintoyourlocalgrocermaymeanseeing10familiarfacesbecausetheyarecustomersofyourbusiness
meanseeing10familiarfacesbecausetheyarecustomersofyourbusinessGoingtoalocalsportingeventcouldtranslatetomeetingpotentialnewclientsorseeingpastcustomersyouhavenrsquotseeninalongtimeEssentiallyasaretaileryouarenevertrulyldquooffrdquoandalwaysworkingtoimproveandexpandyouridentityThistypeofcommitmenttoyourjobishonorableandyetexhaustingFortunatelyevenyourownuniqueretailstorycomeswithsupportingcharactersAndaswithanyengagingnarrativeeverycharacterhasamessagetoshare
CreatinganInventoryAssortmentThatStandsOut
AmongyourmostpopularsupportingcharactersarethevariousbrandsthatmakeupyourstoreinventoryandmerchandisingassortmentAndjustlikeanygoodstorycharacterswillcomeandgoForaretailerthismaymeanfadingoutofaparticularcategoryofinventoryaltogetherorlettinggoofavendorthatisnotperformingwellThemostboringstorylinesarethosethatnevershuffletheircharactersandforretailersthismeansallowinginventorytobecomestaleanduninvitingldquoMybiggestfearasasmallbrick-and-mortarstoreisthatcustomerswillnot
findmyinventoryexcitingenoughtowanttobuyrdquoChicago-basedretailerAngelaGianfrancescostatesldquoFormethismeansconstantlyseekingcustomerfeedbackattendingtradeshowsevaluatingwhatissellingandwhatrsquosnotandintroducingnewproductsintomyrotationtokeepthingsfreshrdquo1GianfrancescocontinuesIdentifyingastronginventoryassortmentiscriticalwhenitcomestomakinga
lastingimpressiononconsumersnottomentionstandingoutamongyourlocalcompetitionEventhemostbeautifulretailstoresaredoomedtofailiftheirinventoryassortmentdoesnotallurecustomerstobuyFindingtherightcombinationofvendorsandoverallinventorycanbeatoughchallengehoweverldquoIdonrsquotthinkmystorewouldstillbeopenifIhadnotmadeattendingshows
apriorityEveryshowintroducesmetonewvendorswhilealsogivingmethechancetogetfacetimewithmyexistingvendorsrdquo2GianfrancescoexplainsAttendingtradeshowsisafantasticopportunityformerchantsofallkinds
Whetheryousellhigh-endmiddle-tierordollar-priceditemstherearetradeshowsthatcatertoyou
ldquoMakingitaprioritytoattendtradeshowshasneverbeenmychallengethoughIhearitcanbeastruggleforotherretailersMychallengeisdecidingwhichshowstoattendandwhatvendorstobuyfromrdquo3statesGianfrancescoIdentifyingthebestshowsandthebestvendorsforyourstoreisnoeasytask
YoushouldconsidershowsthatintroduceyoutorelevantvendorsfromyournicheretailsectoraswellaslargershowsthatcanintroduceyoutomorediversevendorsandproductsTypicallyitrsquosagoodideatoattendnolessthanoneretail-specifictradeshowandonegeneral-merchandisetradeshowperyearForexampletheFashionFootwearAssociationofNewYork(FFANY)hostsaquarterlyfootwearshowforfootwearretailersMerchantswhoprimarilysellfootwearwouldbenefitfromattendingthisshowbutwouldalsobenefitfromattendingashowsuchastheASDShowinLasVegasabiannualshowthatoffersadiverseassortmentofgeneralconsumermerchandiseByparticipatingintwodistinctlydifferentshowsyouopenuptheopportunityformorerangeinyourinventoryassortmentstrongervarietythanyourcompetitionandgreateropportunitiestoidentifyimpulseseasonalandmust-havepurchasesforyourstoreThefollowingguidesharesinformationonavarietyoftoptradeshowsheldin
theUnitedStatesannuallyaswellasdetailsontheirtargetindustriesshowlocationsdatesandwebsitesAlthoughthislistdoesnotidentifyallavailabletradeshowstoretailersitintroducesyoutosomeofthetopshowsinselectretailmarkets
TRADESHOWGUIDE
PleasenotethislistidentifiesonlysomeoftheUnitedStatesrsquosleadingtradeshowshowevertherearemanymoretradeshowsavailabletoretailersForamorecompletelistingofshowsvisitthebelowwebsites
Advanstar|wwwadvanstarcomEmeraldExpositions|wwwemeraldexpositionscomReedExpositions|wwwreedexpositionscomTarsusgroup|wwwtarsuscom
InChapter5wersquolllookathowyoucanmaximizeyourtradeshowparticipationwhilealsounderstandinghowtopreparefortradeshowsandwaystofollowupwithvendorsoncethetradeshowhasconcludedYouwillalsogainastrongerunderstandingofhowvendorsaffectyourstorestorymdashforbetterorforworse
UniqueTraitsofYourStore
RecognizingtheimportanceofstronginventoryassortmentandhowthisshapesyourmerchantstoryisbeneficialwhenpreparingyourcommunicationplanwithcustomersBecauseconsumersultimatelydecideyoursuccessorfailureasamerchantmdashafteralltheyeitherchoosetoshopatyourstoreornotmdashitrsquosimportanttofactorthemintoyourstorersquosidentityNordstromanAmericanupscalefashionretailerwithover250locations
providesemployeeswithoneruleforallnewhiresTheysimplystateldquoUsegoodjudgmentrdquofollowedbygenerallegalandcompanyexpectationsThissimpleyetpowerfulplanforcustomercarehasshapedNordstromtoberecognizedfortop-notchcustomerservicestellarstorereputationandfantasticoverallin-storeexperienceItrsquosalsoagreatexampleofastorefromwhichindependentretailerscanlearn
RETAILTIPWhencreatingyourstorestoryconsiderhowyouwanttobeperceived
byothersNowconsiderhowyouareactuallyperceivedbyothersWantingtobeseenonewayandactuallybeingseenanotherwayisa
commonscenarioEngagecustomersandpotentialcustomersalikeviasocialmediafocusgroupsandsurveystounderstandtheirperceptionofyourstoreAskquestionsencouragefeedbackandcommentsprovokeconversationandreviewwhatcustomerssharewithyouThiswillhelpyoubetterunderstandtherealityofhowyouareperceivedversustheideaofhowyouthinkyouareperceived
Oftenindependentretailersfeelthatbecausetheycanrsquotoffercomparablepoliciestothoseofbig-boxstorestheydonrsquotofferanyatallThiscancertainlycreatechallengesbutratherthanperceivethisasanobstacleentirelyconsideritaperktobeinganindependentmerchantAsanindependentretaileryouhavetheluxurytocreateyourownruleswhichalsomeanssettingyourcustomer-carestandardsAmongtheseexpectationsshouldbeidentifyingyourstorereturnpoliciesimplementingcheckoutproceduresprovidingVIPcustomerstandardsintroducingstoregiftcardsandmoreBelowinnoparticularorderarevariouspoliciesandproceduresthatall
retailersshouldidentifyandusetoshapetheircustomerexperienceandoverallstorestory
ReturnPolicies
FirstandforemostitrsquosvitaltocreateareturnpolicythatmakessensefortheproductsyousellaswellasthecustomersyoutargetItisimportanttoberealisticwithyourreturn-policyexpectationswhilealsobeingfairtoyourcustomersForexampleyoucouldofferastorerefundexplicitlyforreturnsmadewithin10daysofpurchaseOryoucouldofferfullrefundsonitemspurchasedandunusedwithin14daysofreceiptdatebutonlywiththereceiptanddeliveredinthesamepaymentformasthepurchasewasmadeOnceyouhaveidentifiedapolicythatcaterstoyourstorersquosneedsandclientelepostyourpolicywithinclearviewofyourcheckoutareaaswellasincludingitonallreceiptsMakeitahabittoexplainyourreturnpolicyaspartofyourcheckoutprocedureOnewaytobesurethatyouneverforgettodothisistohaveyour
procedureOnewaytobesurethatyouneverforgettodothisistohaveyourcustomersinitialthereturn-policyexplanationontheirreceiptafteryouhaveexplainedittothemThiscanhelptoalleviatedifficultconversationswithunhappycustomersinthefutureFinallybesuretoidentifyanylimitationstoyourpolicysuchascertainvendorsdefectiveitemsorlawsthatmayapplytoproductsregardingldquono-returnpoliciesrdquo
CheckoutProcedures
EveryoneinvolvedintheoperationofyourbusinessshouldclearlyunderstandallstorepoliciesincludingthoseregardingthecheckoutprocedureThisisastrongifnottheonlyopportunitytocreateapersonalandmemorablemomentwithyourcustomeranditssignificancecannotbeoverstatedItrsquosvitallyimportanttoforgerepeat-customerrelationshipsateveryturnandtherersquosnobetterwaythanthroughpersonalinteractionOntheflipsideifnotmanagedcorrectlyanegativecheckoutexperiencecancrippleyourchancesofrepeatcustomersregardlessoftheotherfactorsMakeitahabittosharenewsofupcomingstoreeventsspecialspromotions
orotherstoreactivitiesduringthecheckoutprocessKindlyaskifthecustomerwouldbeinterestedinsharinghisorhere-mailaddressforstoreupdates(exclusively)orperhapssuggestthatyourcustomermightldquolikerdquoyourstorersquosFacebookpage(youdohaveoneright)FinallybesureyouhaveastandardldquoThankyouforyourpurchaserdquoinplaceaswellItcancertainlybecustomizedtoyourstorersquospersonalitybuteveryoneinvolvedshouldbeonthesamepageregardingthemessageyoudeliverItisstunninghowfewtimesIactuallyseethisdonewellintheindependentcommunity
VIPCustomerCare
NomatterwhatkindofmerchantyouareidentifyingyourtopcustomersshouldbeapriorityWhetheryousell$1candybarsor$10000dressesmakeitapointtotrackyourstrongestcustomersManypoint-of-sale(POS)systemscanhelpyouidentifycustomersandtheirspendingbutsomeindependentretailersfindsuccessinmanagingVIPcustomerstheold-fashionedwaymdashtakingnoteofpurchasesmadetheirbirthdaysspecialoccasionsandotherreasonsuniquetothebusinessWhenidentifyinghowyoucanbettersupportthiscrowdconsider
offeringspecialeventsuniquelyforthemprovidingdistinctiveservicesaboveandbeyondyournormalcustomercaremdashsuchasfreehomedeliveryorcomplimentarygiftsendingmdashaswellaswritinghandwrittenthank-younotesaftereachpurchasetheymakeThistypeofcustomercareletsyourVIPsknowthatyoutrulyvaluetheircommitmenttoyourstore
StoreGiftCertificates
TheNationalRetailFederationreportsthat81percentofshoppersinthe2012holidayseasonboughtatleastonegiftcardAlthoughtheholidaysarenot365daysayearbirthdaysandotherspecialoccasionsareWiththisinmindmakesurethatyouoffergiftcertificatestosellnomatterwhattimeofyearitisNotonlywillthisincreaseyoursalesbutitalsowilllikelyintroducenewcustomerstoyourstorethatyounormallywouldnrsquothaveTheopportunitytosellmorethanthevalueofthegiftcardreferredtoasanupliftisalsotheremdashincreasingyourchancesofahighersalePapergiftcertificatesversusplasticgiftcardsareeasytocustomizeallowingyoutoquicklyintroducethistoyourstorePlasticgiftcardscanbeeasilycustomizedaswellwithsuchplacesasCardPrintingusandPlasticResourcecombothabletomakegiftcardsspecificallyforyourstoreThekeytomanagingagift-cardprogramistocreateaneasy-to-tracksystemofwhengiftcertificatesaresoldandredeemedYoucandothistheold-fashionedwaythroughpenandpaperbutwithtodayrsquosPOSsystemsthiscanbemanagedmuchmoreeffectively
StoreHours
CustomersdonotshopatastoresolelybecausetheylikeitOftentheyshopatastorestrictlybecausethestoreaccommodatestheirscheduleThismeansthatifyoucloseat5pmtorushhomepotentialconsumerswhoonlyshopaftertheirworkdayendsat5pmwillneverbeyourcustomersWhenidentifyingyourstorehoursconsiderwhatmostoftheretailersinyourcommunityrsquoshoursarewhatyourimmediateretailneighborsrsquohoursareanymandatedhoursappliedbyyourcityandwhenyourlocalcustomersgenerallyshopTouristtownswillvaryfromdowntowncorporatesettingstoMainStreetsinsmalltownsacrosstheUnitedStatesAlthoughtherersquosnoblack-and-whiteschedulethatisidealfor
everyoneitrsquosimportanttoidentifyhoursthataccommodateyourlocalcustomersandcomplementothermerchantsAlsorememberthatclosingyourstoreoneortwodaysaweekisnrsquotalwaysanoptionKeepyourcustomersinmindmdashnotyourownpersonalschedulemdashwhenestablishingyourstorehoursandyouwillbemorelikelytofindaschedulethatattractsmorebusiness
Customer-DisputeScenarios
WhenacustomerisupsetaboutyourstorersquosreturnpolicycustomerservicelackofinventorystorehoursoranythingelsewhatmattersmostishowyouhandleitDespitetheiroftenrudeorinappropriatebehaviorremaincalmandallowthecustomertosharehisorherthoughtsonthesituationOncethecustomerhassaidwhatheorshewantstogentlyrespondwithyourresolutionAvoidallowingthecustomertoseeyougetangryorheatedevenifyouarescreaminginsideIfyourresolutiondoesnotmakethecustomerhappyconsiderofferinghimorherastoregiftcertificatefor$5$10or$25andapologizethatyoucannotdoanythingmoreThecostofgivingthecustomermoneytospendinyourstoreisoftenalotlessthanhavingthecustomerbadmouthingyouforyearstocome
StoreTraditions
AnnualsalessignaturemintsfestiveoccasionsmdashbigorsmallretailersshouldstrivetobeknownforahandfulofthingsthatmakethemuniqueTaking10percentoffeverythinginyourstoreonarandomSaturdaywonrsquotdothetrickInsteadseekoutbothsmallandlargeopportunitiestomakeyourstorememorableItmaybethediscosoundtrackthatrsquosalwaysonrepeatthesignaturescentthatcustomersinstinctivelyrememberyourstorebyanannualChristmas-in-Julysalethathasyouremployeesdressinglikeelvesoraprivatered-carpetVIPeventthatgetsyourbestcustomersexcitedeveryyearWhateveryouruniquesomethingsaremakethemconsistentmakethemmemorableandmakethemworthtalkingaboutAllstorecharacteristicswillaffectyouroverallsuccessorfailurebutitrsquosoftentheselittlethingsthataddupthemost
StoreStaff
ShapingyourstorywouldnotbecompletewithoutidentifyingthefacesthatmakeupyourretailbusinessYouremployeesareareflectionofyourstorebrandandthereforeneedtobecarefullyselectedbeforewelcomingthemtoyoursalesfloorNowadaysanaffordablepart-timesalesclerkiseasytofindWhatrsquosnoteasyisfindingasalesclerkworthhavingonyoursalesfloorTakethetimetointerviewpotentialcandidateswithaseriesofinterviewsandbesuretoseekreferencesfrompreviousemployersRetailMindedcomofferstemplatestohelpyoutrackyourinterviewprocessandprovidesemployeereviewformsforwhenyouhaveyourstaffinplaceBelowyoucanfindsomeusefulquestionstohelpyounavigateyournextroundofinterviews
GeneralInterviewQuestionsforPotentialEmployees
1Whatwereyourmajorresponsibilitiesatyourlasttwojobs2WhichofyourpreviousjobsdidyoulikethemostandwhyWhichjobhaveyouhadthatyoulikedtheleast3Whathasbeenyourmostrewardingexperienceatwork4Whatdoyoufindmostsatisfyingaboutworkingwithothers5Whatwasyoursinglemostimportantaccomplishmentforthecompanyinyourlastjob6WhydidyouleaveCompanyX7Ifyoucouldtakewithyouonethingfromyourlastcompanyandbringittothisjobwhatwoulditbeandwhy8Whatwasthetoughestproblemyouhadtosolveatapreviousjobandhowdidyousolveit9Whydoyouwanttoworkforthiscompany
10Afterhearingadescriptionofthispositionwhydoyouthinkyouwouldbeagoodfit11Doyouhaveanyreservationsaboutanyoftheresponsibilitiesidentifiedinthisrole12Whatskillsdidyoulearninpreviousrolesthatyoucanusehere
13Whatskillsorexperiencedoyouthinkmakeyoustandoutfromothercandidates14Wheredoyouprofessionallywanttobefive(orten)yearsfromnow15Arethereanyotherpointsyoursquodliketosharewithusaboutwhyyouwouldmakeagood[insertjobtitlehere]
ManagerKey-HolderQuestions
1Howwouldyoudescribeyourmanagementstyle2Whatdoyoubelievetobethemostdifficultroleofamanager3ManyofouremployeeshavebeenhereforawhileHowdoyoufeelyoucanearntheirrespectasamanager4Whathaveyoulearnedfromothermanagersyouhaveworkedunderinthepast5WhowasyourfavoritemanagerandwhyWhowasyourleastfavoritemanagerandwhy6Whatdoyouthinkisthemostimportanttraitofsuccessfulmanagers7IfIweretoasksomeonewhoyoupreviouslymanagedyourtopthreequalitiesasamanagerwhatdoyouthinkheorshewouldsay8IfIweretoaskthatsamepersonyourthreeworstqualitieswhatdoyouthinkheorshewouldsay9Whydoyoulikebeingamanager
10Howwouldyouplantoengageemployeestoworkeffectivelyunderyourleadership11DoyouconsideremployeemoralepartofyourresponsibilitiesWhyorwhynot12Explainyourmostdifficultmanagementexperiencetodate13Asamanagerdoyouconsiderteachingpartofyourjob14Howgoodareyouatdelegatingresponsibilities15Whatotherpointscanyousharewithusaboutwhyyouwouldmakeagoodmanager
Anotherpointtoconsideristhatwhileitmaybeeasytohirefamilyorfriends
AnotherpointtoconsideristhatwhileitmaybeeasytohirefamilyorfriendsitrsquospossibleamoreskilledcandidateisavailableandwillaidyourstoremoreefficientlyAsageneralruleofthumbconsiderallcandidatesmdashincludingfamilyandfriendsmdashequallyandputeachcandidatethroughthesameinterviewprocessThiswillhelpyouidentifythebestpersontofillyourstorersquosneedsCollectivelytheprecedinguniquetraitsofyourstorecansetyouapartfrom
yourcompetitionandhelpmakeyourstorememorableamongcustomersItrsquosimportantthatyoualsofactorinthevalueofcustomerserviceduringyourentirein-storeexperiencerecognizingthatthiswillalsosetyouapartfromotherretailersineitherapositiveornegativefashionKirtManeckecustomer-serviceexpertandauthorofthebookSmileSell
MorewithAmazingCustomerServicebelievesthatinordertotrulymakeyourstorememorableamongconsumersyoushouldaimtodeliverconsistentstrongcustomerserviceeveryday
DeliveringamazingcustomerserviceonaconsistentbasistoeachandeverycustomermeansthatyouarepreparedYourstaffhasbeentrainedtodeliverserviceandsalesinawaythatisefficientforyourcustomersWhiletherewillalwaysbecustomerswhohavedecreasedattentionareinahurryorappeartobefrazzledyouwanttostillaimtodeliverstrongcustomercaredespiteanycustomerscenarioOnewaytodothisisbytreatingpeoplelikeguestsinyourhomeJustasyouwouldgreetsomeoneatyourdooryoushouldsmileandgreeteverycustomerwithawarmldquoHellordquowithintwosecondsoftheirenteringyourbusinessThissetsthestageforahappyshoppingexperienceforyourcustomersbecausetheyfeelwelcomeandtheyknowthatyouareontopofyourbusinessSurprisinglyhowevermanyretailersfailtodothis
EngageyourcustomeraskquestionsandlistenKnowyourproductsandyourcompetitionso thatyoucanquicklyandefficientlyansweryourcustomersrsquoquestionsandobjectionsandsellyourproductsbetterthananywebsite or other store can do Aim to guide your customers to the bestproduct that fits their needs andwants and then respectfully ask for thesaleIfyoudothesethingsandmoreconsumerswillpayattentionandnotonlyreturntoyourstorebutalsotelltheirfriendsaswell4
Finallyremembertolookoutsideyourcomfortzoneinallyourbusinessresponsibilitiesincludinghowyoudelivercustomerservicewhoyouhirewhichtradeshowsyouattendandwhatyourstorepoliciesare
WhenyouidentifywhattraitsmattermostinyourstorehowyoumanageitsperceptionandwaysinwhichyoucanstandoutinthemarketplaceyouaremorelikelytosucceedinretailFurthermoreconsumerswillbemorereceptivetoshoppingatastorethattakesthetimetoearnaconsumerrsquostrustanddollarsbyapplyinghighstandardsAnadditionalperkisthatduringthisprocessyouwillalsofindconsistencyinyourownactionsandbeabletobettersupportyourcustomersyourstoreteamandyourselfindeliveringastrongin-storeexperienceInthechaptersthatfollowwersquolltakeanevencloserlookathoweach
decisionyoumakewillaffectyourstorersquospersonalityandhowcustomersperceiveyourbusiness
ActionGuide
EverystoretellsastoryandyourstoryneedstobeeasilyunderstoodfrombothaninternalandanexternalperspectiveInternallyhavinganorganizedemployeemanualwillofferyoutremendousguidanceinemployeehiringandmanagementTogetstartedconsiderthefollowingobjectivestoincludeinyourmanualYoumayfindthatsomearenotnecessaryforyourstorewhereasotherobjectivesthatarenotnotedareThegoalhoweveristocreateamanualthatmakessenseforyouruniquebusinessOrganizeabinderthatcollectivelyrepresentsyourstoreemployeemanual
basedonthefollowingsuggestionsEvenforasolostoreownerwithnoadditionalstaffthisexercisewillprovideyouwithafoundationtokeepyourstoreoperationsandexpectationsinorderInadditionifalast-minutehireiseverneededyouwillhaveaclearconcisemanualtohelpyoutrainthatpersoninstoresupportAlthoughthisexercisewilltakesomecommitmentandtimeitisaretail
necessityworthinvestingyourtimein
1StorecontactdetailsaPhysicaladdressbE-mail
cTelephonedFaxeWebfSocialmediaaccounts
2Storehours3Companyphilosophy4Employmentpractices
aEqualemploymentopportunitystatementbDrug-freestatementcHarassmentpolicydAt-willstatement
iFull-timeemployeesiiPart-timeemployeesiiiTemporaryseasonalemployeesivInterns
5TerminationstatementaVoluntarybInvoluntary
6OperationproceduresaPayschedule
iCommissioniiDirectdeposit
bStaffscheduleiOvertimeiiTardinessiiiAbsenteeismivSchedulechanges
cStoreopeningandclosingproceduresiCashdrawerdetails
iiPOSandcomputerdetailsdMerchandising
iDisplayunitsiiPOSareaiiiFloorsivShelvesvOtherareas
7Customer-serviceexpectationsaCustomergreetingsbGeneralcustomersupportcSuggestivesellingdCustomermanagementeTelephoneproceduresfCustomercomplaints
8ExternalrelationshipsaVendorsbShippingcTrademiscellaneous
9Emergencyprocedures10Security
aPersonalbelongingsbLawenforcementcontactdetailscFirstaidbox
11DresscodeaWardrobebPersonalappearance
12MiscellaneousaFoodanddrinkbPersonalphoneuse
cCigarettesmokingdComputeruseeNonemployeeaccessfConfidentiality
MakesuretosaveyouremployeemanualtoaWordfileforeasyeditingFurthermoreitrsquosalwaysagoodideatohaveallnewemployeesreviewthemanualandsignastatementacknowledgingthattheyhavedonesoFinallyalthoughamanualisnotalegallybindingcontractitneverhurtstohaveanattorneyreviewwhatyouhavecreatedtoensurethatyouareaccuratelyandlegallysupportingyourstoreteam
PARTII
PracticalStepstoIncreaseYourStoreVisibilityandSales
5
SourcingProductsThroughTradeShowsandtheInternet
WhetheritrsquosGoogleorAppleorfreesoftwarewersquovegotsomefantasticcompetitorsanditkeepsusonourtoes
mdashBillGates(1955ndashpresent)investorentrepreneurphilanthropist
ASAretailertherearecountlessexternalbusinessresourcesthatyouwillneedtoworkwithtorunyourbusinesseffectivelyAmongthemareservice
providerswholesalersmanufacturersanddistributorsThiscollectivecrowdofbusinessresourcesoffersretailersvariouswaystopurchaseandultimatelysell
productsthroughtheirstoresThequestionisWhatmakessenseforyourbusinessTobeginhoweveryoumustfirstunderstandthedifferencesamongcertainsuppliersourcingstrategiesmdashandhowultimatelyeachoftheseaffects
retailersSourcingasdefinedbyWikipediaorgreferstoldquoanumberofprocurement
practicesaimedatfindingevaluatingandengagingsuppliersofgoodsandservicesrdquoEssentiallysourcingrepresentstheactoffindingproductsfromwholesalersormanufacturerstoresellthroughabusinessInyourcasethiswouldmeanresellingthroughyourretailstoreInpreviousyearssourcingwasnotasaccessibletoretailersandasaresult
notusedfortheirbusinessesonaroutinescaleNowadayshoweversourcingisreadilyavailablethankstowebsitessuchasTopTenWholesalecomandManufacturercomaswellaseventsthatincludeSourcingatMAGICandSourceDirectatASDmdasheachheldbiannuallyinLasVegasTheseeventsaresimultaneouslyheldduringMAGICMarketWeekandtheASDShowrespectivelyofferingretailersachancetoengagewithtraditionalvendorsandwholesalerswhilealsohavingthechancetomeetimportersdistributersproduct-developmentteamsandotherproductprofessionalswithinthesourcing
arenaateachindividualshow
BenefitsofSourcingasaRetailer
ForretailerstherearemanybenefitstosourcingyourownproductsforyourstoreAmongthemaresavingvaluableinventoryandoperatingdollarsbycuttingcostsofproductpurchasesgainingtheabilitytoexpandyourstoreproductbaseofferingdiversificationamongyourcurrentsupplychainmeetingnewprovidersotherwisenotavailabletoyoulocallyorevendomesticallyandlearninghowbusinessisconductedinotherculturesMegyKarydesaformerretailerandcurrentwriterandmarketingconsultant
whoworkswithsmall-businessownersandorganizationsthroughherbusinessKarydesConsultingencouragesretailerstodifferentiatetheirstoresthroughsourcingShesharesbelowsometipsbasedonherownfirsthandexperiencetohelpretailersnavigatetheirsourcingjourney
One way to differentiate your retail business from others is to offerproducts straight from the sourceSincemany retailersare intimidatedbysourcingmdashthinking itrsquos too hard or unavailable to themmdashthose who dorealize greater margins richer merchandising selections and strongerrelationshipswiththeircustomersasaresultoftheirsourcingfindshavealottogainthatothermerchantsmissouton
Forthoseinterestedintestingthewatersmyadvicetoyouistovisitlocal art centers or smaller art fairs to identify items thatmightwork foryourstoreIalsoencourageyoutoengageindialoguewiththeartiststoseeiftheyrsquodbewillingtocreatesomepiecesforyourstoreIfyourcommunitydoesnrsquothaveartfairsoranythingofthesortgoonlineandcheckoutsitessuchasEtsywhereyoucanreachoutdirectlytotheartistsandaskthemiftheyrsquodconsiderworkingwithyou
Onceyouhaveidentifiedsomeonetoworkwiththekeyistocreateamutually beneficial relationship If the person feels that yoursquore trying totake advantage of him or her that person may work with you once butneveragainIdeallyhoweveryoushouldsetagoalofdevelopingalong-term relationship to help aid both you and your contact To do this Isuggest that you invest some time at the onset working out the details
especially if the person isnrsquot experienced working with wholesalecustomersSpendsome time tocreateadocument forbothofyou tosignthatoutlinesthefollowingdetailsEssentiallythiswillactasacontracttoensure thatyoubothmeet theexpectations identifiedonbothsidesof thebusiness You will not want to neglect the following points whendevelopingthisdocument
PricingExclusivityPackagingMerchandisingDeliverydetailsPaymentscheduleUnsolditemsDamageditemsLengthofcontract
AsareminderthisdocumentisintendedtosupportyourrelationshipandkeepyouontrackinworkingtermsWhilefriendlyverbalagreementsalwaysseemsolidtostartbutitrsquossimplyimpossibletopredictthefutureand therefore binding documents are a smarter way to manage yourbusiness1
KarydesmakessomefantasticpointsforyoutoconsiderparticularlyasyouattempttotrysourcingwithbabystepsbeforemakingalargercommitmentSheextendshersupportwiththefollowingdetailsforretailersconsideringhowinternationalsourcingcanhelptheirbusinesses
SavvyretailersalsoknowthattalentextendsbeyondthepondWhilesourcinginternationallycomeswithitsownsetsofchallengesitrsquosactuallymucheasierthanmostpeoplethinkTheInternetisagreatresourcewhenitcomestofindingproductsallovertheworldbutifyoursquorereallylookingtocarryproductsfromaspecificcountrystartyourresearchbyfindingthenearestembassyorconsulateofficeandletthemknowthatyoursquoreinterestedinfindingproductsfromtheircountryWhilethisisnrsquotalwaysthe
interestedinfindingproductsfromtheircountryWhilethisisnrsquotalwaysthecasemanyofthoseofficeshavedivisionsthatcoverinternationaltradeandcanbetremendouslyhelpfulwithrulesregulationscontactsandsourcesManyevenhavefundsintheirbudgetstoflybuyerstothecountrytoaidinbuyingtripsanditrsquosworthaskingifthisissomethingtheyoffer
OneofthequestionsIrsquomoftenaskedaboutworkingwithinternationalsuppliersandimportingishowtodealwithUSCustomsItrsquostruethatanytimeyouimportyoursquollhavetodeclarewhatyoursquorebringinginanddependingonwhatitisalsothecountryfromwhichitrsquoscomingandthevalueofitaswellFurthermoreyoumayhavetopaydutiesbutifyouuseareputablecustomsbrokerorfreightforwarderoftentheywillhandlethepaperworktohelpyoupassyouritemsthroughcustomsIfyouuseservicessuchasDHLorFederalExpressthosecompanieswillhandleclearanceforyouShippingpriceswillvaryconsiderablydependingonwhatyoursquorebringinginandwhichserviceyouuseThemoreyouimportthebetteryoursquollgetatdeterminingyourbestandleastexpensiveshippingoptions2
WhileventuringintotheworldofsourcingmayseemlikeanintimidatingtaskforretailerswhohavenotexploredthisavenueyetthisdoesnrsquothavetobethecaseHereare10tipstohelpfurthersupportyouasyouexplorehowsourcingmayberightforyourretailbusiness
1AttendawholesalemarketortradeshowthathasasourcingsectionallowingyoutomeetsuppliersfirsthandThisface-to-faceopportunitywillofferaneducationalexperienceforyoulettingyouengageandseeksupporttohelpyouachieveyoursourcinggoalsDonrsquotbeafraidtospeakupeitherduringtheseopportunitiesAskquestionsseekanswerslistencarefullyandlearnasmuchasyoucanfromthesesourcingprofessionals2VisitaninternationalsourcingproviderorsectionofatradeshowsuchasSourcingatASDtohelpexpandyourunderstandingofthevastrangeofsourcingopportunitiesforretailersForsomemerchantsinternationalprovidersmaynotbeidealfortheirbrandmessagingorstoreproductassortmentbutforothersthismaybetheperfectmatchforyourbusinessEitherwayunderstandinghowinternationalsourcingcanaidyourretailneedsissomethingyoushouldaddtoyoursourcingto-dolist3NavigatetheInternettolearnmoreaboutsourcingaswellastoget
introducedtosourcingprovidersThissaiditrsquosbestnottosolelygothisrouteandeliminateactualtradeshowandsourcingeventparticipationAlthoughtheInternetcanconnectyoutoprovidersitrsquosimportanttoconsiderallavenuesofsourcingbeforemakingyourfinaldecision4WhenseekingsuppliersgetatleastfivequotesfromdifferentsellerstoensurethatyouarereceivingthebestserviceproductanddealpossibleSeekingbothdomesticandglobalquotescanofferyouabroaderperspectiveonwhatmaybebestforyoursourcingneeds5AsyouseekquotesfromsuppliersbesuretoidentifythevariationsinminimumorderquantitiesThesenumberscanmakeahugedifferenceintheoverallcostforyouthereforeyoushouldseekavarietyofquantitycoststohelpyoutoidentifythebeststrategyforspendingyourallocatedsourcingdollars6Networkwithsourcingprofessionalsaswellasworktobuildsolidgood-standingrelationshipswithyoursourcingcontactsAsinmostindustriesprofessionalsinnichemarketsarelikelytobestsupporttheirclientswhentheyareinvestedincaringfortheiractualsuccessForsourcingspecificallyyoucanbenefitfromprofessionalsldquointheknowrdquowhomayhearofsomethingonafuturedateorknowsomeonewhoknowssomeonewhocanhelpyouinyoursourcingneeds7Subscribetosourcing-specificnewslettersandtrademagazinestocontinuallylearnandgainsourcingnewsAmongthebestresourcestodothisisbysubscribingforafreee-newsletterfromTopTenWholesalecomaswellcheckingoutSourcingJournalOnlinecomInadditionwehaveidentifiedsomeotherkeyresourcesinthefirstsidebarinthischapter8ContinuallyresearchinnovativetrendsandtacticsspecifictoyourproductneedsAttendingtradeshowsvisitingonlinesourcingsitessuchasTopTenWholesalecomandreferencingindustrypublicationscanallhelpyoudothisyetitrsquosuptoyoutoidentifytheneedtoconstantlywanttofollowthroughInotherwordsdonrsquoteversettleforwhatyoucurrentlydoorwhatiscurrentlyofferedAstimeprogressesnewwaystosourceanddevelopproductwillariseBesuretoembracethesechangestohelpyourbusinessstaycurrentandpossiblyevensavemoney9Knowwhatyourbudgetisbeforecommittingtoasourcingquoteor
quantityTherearealotofcostsincurredinretailandwholesalealikeandknowingwhatyourbudgetisupfrontwillhelpyoutomakebetterdecisionsAlsodonotletalimitedbudgetholdyoubackfromseekingsourcingopportunitiesThissimplymeansthatyouneedtobethatmuchmoreeducatedonwhereeverydollaryouspendgoes
10PlanaheadforunexpectedcostsandchallengingmomentsmdashifnotdaysormonthsThisisnotintendedtoscareorshyyouawayfromsourcingbutrathertoprepareyoufortherealitiesofanynewentrepreneurialadventureAsyouseektodosomethingyouhaveneverdonebeforeyoushouldalwaysexpectthattheexcitementandgoodthatcomefromthiswillalsobringyouhardshipsanduncertaintiesThisissimplypartoftherideRemembertoleanonthevastrangeofresourcesavailabletoyoutohelpyouinyoursourcingjourneyandtostayontrackwithyourbudgetandultimatesourcinggoals
AsyoucanseethereisanabundancetobelearnedaboutsourcingandweencourageyoutofurtherexpandyourknowledgeonthissubjectbyreadingJasonAPrescottrsquosbookWholesale101AGuidetoProductSourcingforEntrepreneursandSmallBusinessOwners(McGraw-Hill2013)
SOURCINGNEWSRESOURCESBlogtradegovTradeologyistheofficialblogoftheInternationalTrade
Administrationwhichdiscussesinternationaltradelawsandotherrelevantindustrynews
ManufacturingnetSharesmanufacturingindustry-relatednewstrendsresourcesandmorerelatedtotheglobalmanufacturingcommunity
NamorgAnewsroomhostedbytheUSNationalAssociationofManufacturerssharingmanufacturingrelatednews
RetailMindedcomAretail-specificwebsitethatcoversallaspectsofrunningaretailbusinessincludingworkingwithwholesalersandsuppliers
aswellmanyotherkeyareasofretailOffersfreenewsletterandsubscription-baseddigitalorprintquarterlymagazine
SourcingJournalOnlinecomAglobalnewsresourcewithinformationforbusinessexecutivesandretailerswhowanttoknowmoreaboutsupply-chain-relatedtopicswithinthesoftgoodsandtextileindustry
TopTenWholesalecomCoverswholesaleindustrynewsrelatedtotopicsincludingvendorsupplierandwholesalerprofilesproductnewstradeshowdetailsandmore
WorkingwithWholesalers
SimilartosourcingandtypicallymoreunderstoodbyretailersiswholesalewhichmdashverysimplymdashrepresentsthesaleofmerchandisetoretailersOnamoredetailedlevelwholesalerepresentsthesaleofproductsandgoodstobusinessownerscreatingabusiness-to-businesstransactionversusabusiness-to-consumertransactionAswithsourcingretailershaveaccesstowholesalersthroughavarietyofavenuesincludingtradeshowsonlineplatformsandretailtradepublicationsEvenmoresothansourcinghoweverretailershavetheopportunitytoworkwithinsomeveryspecializedmarketsofwholesaleAnexampleofthiswouldbetheOutdoorRetailerShow(wwwoutdoorretailercom)whichcatersspecificallytoretailersseekingmerchandiseforoutdoorsportsforbothsummerandwintermarketsShowsthatcatertonichemarketssuchasoutdoorsportingretailersofferatremendousvaluetomerchantsspecificallyby
1Introducingindustry-specificbrandsandproductsdirectlytoretailers2Sharinglatestindustrynewsandbuzzthrougheducationnetworkingandotherface-to-faceevents3Demonstratingproductsforretailerstotryhandsonallowingmerchantstoknowfirsthandwhatmaybebestfortheirbusinesses
InadditionretailershaveaccesstocountlesstradeshowsthatoffermoreexpansiveproductassortmentsAnexampleofthiswouldbetheASDShowheldbiannuallyinLasVegaswhichattractsover2800vendorspershowandover40000attendeespereacheventThegeneralmerchandiseassortmentofwholesalersincludesjewelrysouvenirstoyshobbybeautycosmeticsfloralgifthomedecorgroceryapparelaccessoriesstationeryandmuchmuchmoreAsaresultretailershaveaone-stop-shopdestinationtoseekavarietyofproductsfortheirstoresAnotherfantastictradeshowthatcaterstoanexpansivemarketplaceistheNationalHardwareShowwhichattractsover27000attendeesseekingtolearnsourceandconnectspecificallyfortheUShome-improvementanddo-it-yourself(DIY)marketsFormerchantsitisimportanttoidentifyhowbothniche-markettradeshows
andmorediverseat-largeshowscanbenefittheirbusinessesTypicallyitrsquosidealtomakeattendingbothtypesofshowsapriorityThereasonforthisisverysimplewithoutdoingthisyoulimityourexposuretopotentialbrandsproductsandresourcesthatcanaddvaluetoyourstoreFurthermorebydiversifyingyourbuyingexperiencesyoualsosetyourselfapartfromyourcompetitionAttendingniche-marketshowsonlycanlimityoutoproductsandwholesalersthatyourcompetitionislikelybuyingfromaswellHoweverifyouintroduceashowsuchastheASDShowtoyourbuyingrotationyouwillundoubtedlybeabletoincorporateinventorythatyourcompetitordoesnrsquotalsohaveSpecificallyyoucannarrowdownyourbuyingneedsatshowssuchastheASDShowforadd-onsaleslower-pricedproductsandotheruniqueitemstocomplementyourcategory-specificpurchasesfromyourniche-markettradeshowTheseshowshoweversuchastheConsumerElectronicsShow(CES)mdashheldannuallyinLasVegasmdashwillalwaysremaindestinationsthatretailerscanrsquotmiss
UnderstandingtheValueofTradeShows
SchedulingtradeshowsintoyouroperationalcalendarisanimportantresponsibilitytoconstantlykeepupwithparticularlywhenyoushouldplanforanassortmentoftradeshowstoattendeachyearAsaretaileritrsquosnearlyimpossibletoeffectivelyrunyourstorewithoutattendingtradeshowsthereforeknowinghowtomaximizeyourtimespentpershowisextremelyimportantFurthermorebecauseitcostsmoneytotraveltotradeshowsyouwanttoensurethatyouaremaximizingyourinvestmentineacheventyouattend
thatyouaremaximizingyourinvestmentineacheventyouattendInnoparticularorderhereareeightreasonsyoushouldmaketradeshowsa
priorityonyouroperationalcalendarNotonlywillyoubeabletogaintipsonstrengtheningyourtradeshowexperiencesthroughtheidentifiedpointsbutyoushouldalsobeabletojustifythevalueinwhytradeshowsareanimportantexperienceforanyretailbusiness
1TradeshowsallowyoutogainknowledgeaboutandexposuretonewtrendsproductsandresourcesThecombinationofwholesalerssuppliersdistributorsandvendorsisagreatwaytolearnaboutwhatrsquoshotwhatrsquosfadingandwhatyourcompanyneedstointroduceintoitsstoreintheseasonsahead2TradeshowsstimulatenewideasandcreativewaystosupportyourbusinessthroughaspectsthatexpandbeyondinventoryaloneThisincludesofferingretailersexposuretocompaniesthatsupportin-storeoperationsprovidingtradeshowattendeeswitheducationalopportunitiesandofferingshowparticipantsnetworkingandsocialexperiencesCollectivelythesealladdvaluetoyourbusiness3TradeshowsprovideameetingspotforretailersandvendorstoconnectfacetofaceBecauseitrsquosnearlyimpossibleformostwholesalerepresentativestotraveltoeachindividualretailaccounttheyhaveatradeshowbecomesanidealspotforthemtoconnectwithretailersTheseeventsallowretailerstoseeawholesalerrsquosentireinventoryassortmentwhilealsoprovidingavenueforthemtoengageinperson4TradeshowsgiveyouthechancetogenerateleadsforfuturevendorandproductopportunitiesAsamerchantyoucanneverbetoosurewhatthefuturewillbringandthereforeitrsquosessentialtohaveanideaofotherbrandsproductsandbusinessesthatmaybeabletoaidyouinfuturebuysorstorechangesTohelpprepareyouforscenarioslikethiscollectbusinesscardskeeptradeshowdirectoriesandorganizecollectedlinesheetsandotherproductdetailstorefertoshouldyouneedtogetintouchwiththesecompaniesoncethetradeshowhasendedandbeforethenextonebegins5TradeshowsoffereducationalexperiencesthatcanonlybefoundattheseeventseliminatingyourchancetogaintheseexperiencesotherwiseOneexampleofthisistheIndependentRetailerConferenceheldattheASDShowinLasVegaswhichintroducesaselectgroup
ofindustryexpertsandbusinessresourcesforshowattendeestoengagewithandlearnfromThroughvariousseminarsaswellasfourdaysofface-to-faceopportunitiesformerchantsandtheseselectretailleaderstoconnectshowattendeescangainanabundanceofknowledgetotakebacktotheirstoresFurthermoretheirparticipationintheseeducation-richexperiencesisoftenfreetoshowattendeesmdashsomethinganybudget-strappedretailercanappreciate6TradeshowsallowyoutogetanswersrightawayofferinganimmediatecommunicationplatformthroughwhichretailersandshowexhibitorscanconnectTohelpaidyouingainingtheinformationyouwanttoknowitrsquosalwaysagoodideatocomepreparedtoatradeshowwithwrittenquestionsandidealgoalsyouwanttoaccomplishduringyourtradeshowvisit7Tradeshowsofferyouthechancetoconnectwithlike-mindedretailerswhomaynotbeyourdirectcompetitorsAnexampleofthiswouldbeifyouconnectedwitharetailerfromastateontheothersideofthecountrywhohasastoresimilarininventoryassortmenttoyoursThevalueinthisisthatyoucanleanoneachotherasretailprofessionalsyetnotfeelthreatenedbysharingalocalmarketplaceMoreoverwhenyouhavelike-mindedretailfriendsyoucantradeorsellyourinventorywithoneanotherifoneofyouishavingmoresuccesswithacertainproductthananotherAllowingyourselftomeetretailersandengagewiththemisalsoagreatwaytorealizethatyouarenrsquotaloneinyourretailjourneyandevenasanindependentmerchantyoudonrsquothavetomakeeverydecisionbyyourselfLeaningonlike-mindedretailershelpstoeliminatethisisolatedmind-set8TradeshowsgiveyouachancetohavefunYesyoureadthatrightmdashhavefunNothinggivesabusinessownermoreenergyandthedesiretoworkmorethanhavingagoodtimewhileworkingTradeshowscertainlyintroducelongdaysandinformationoverloadbuttheyalsostrengthenandrefresharetailerrsquosmotivationtoworkhardworksmarterandcreatemoresuccessfortheirstores
WHOLESALEMARTSampBUYINGDISTRICTSAcrosstheUnitedStatesareavarietyofwholesalemartsandbuying
districtsthatcatertoretailersallyearlongWhiletheyarenotofficially
districtsthatcatertoretailersallyearlongWhiletheyarenotofficiallyconsideredtradeshowstheyareverysimilarintheirservicesbyofferingadestinationforretailerstoconnectwithsuppliersBelowaresomeofthewholesalemartsandbuyingdistrictswerecommendvisitingintheUnitedStates
AmericarsquosMart|AtlantaGA|wwwamericasmartcom
MidwestMarketDays|ChicagoIL|wwwmidwestmarketdayscom
TheDallasMarketCenter|DallasTX|wwwdallasmarketcentercom
TheMiamiMerchandiseMart|MiamiFL|wwwmiamimerchandisemartcom
TheWholesaleDistrictinLosAngeles|LosAngelesCA|wwwfashiondistrictorg
TheWorldMarketCenter|LasVegasNV|wwwwmclvcom
InadditiontherearemanyothermartsincitiesnationwidethatmaybemoreidealbasedonyourgeographiclocationFinallyNewYorkCityoffersmanymerchandiseandgarmentdistrictsthatcanbeidentifiedatthewebsitebelow
wwwnyccomvisitor_guidegarment_district75853editorial_reviewaspx
WhilerealizingthebenefitsoftradeshowsretailersshouldalsoneverunderestimatethevalueofplanningaheadbeforeattendingoneCamilleCandellagroupmarketingmanagerofEmeraldExpositionsbelievesthatldquowhetheryouareaseasonedproornewtotradeshowsyoushouldalwaysdoyourhomeworkpriortoarrivingatashowYouwanttomaximizeyourtimeat
theshowandthatmeanspreparinginadvancerdquo3Tohelpyoudothisweencourageyoutolearnasmuchasyoucanabouta
tradeshowpriortoattendingitUsingonlineresourcesandanyregistrationmaterialsreceivedbecomefamiliarwithshowexhibitorsspecialeventseducationexperiencesandtheentireshowagendapriortoarrivingattheshowThisallowsyoutoplaninadvancewhatisapriorityforyoutoaccomplishaswellasidentifygeneraltimeallowancesyouwillneedItrsquosalsoveryimportanttotakethetimetopackwellforyourtradeshowtripThismeanspackingcomfortableshoesbecausemosttradeshowsentailalotofwalkingYoushouldalsoplanforacomfortablebagtocarrywithyouthroughoutyourtradeshowvisitallowingroomtoholdcollectedlinesheetsbuyerpacketspromotionalgiveawaysbusinesscardsandmoreDonrsquotforgettopackyourownbusinesscardsaswellAnothertipincludescheckingwhetherthetradeshowyouareattendingallowsforbagswithwheelsManyretailersfindthataminisuitcaseorbriefcaseonwheelsisidealfortradeshowsbutsomeshowsdonotallowtheseontheirfloorsbecauseoflimitedspaceFinallybringingalongaministaplerpensfilingfoldersandotherorganizationalproductsoftencanhelpyoutobettermanagethepaperworkyoucollectatthetradeshow
ManagingOrdersPlacedatShows
WhetheryouhaveattendedcountlesstradeshowsorhaveyettovisityourfirstamongthemostimportantresponsibilitiesyouhaveinmanagingyourtradeshowexperienceisdealingwithordersplacedwhileattheshowForretailerswhohavepreviouslyplacedorderswhileattendingatradeshowDidyoudoagoodjobineffectivelyspendingyouropen-to-buy(OTB)dollarsandstayingwithinbudgetWeretheordersyouplacedreceivedontimeandaccordingtothetermsidentifiedwhenyouplacedthemDidyoufeelsupportedbythecompaniesfromwhichyouorderedfollowingtheshowTherearemanyquestionsretailersshouldaskthemselveswithregardto
productmanagementtradeshoweffectivenessandtheiroverallretailbusinessUltimatelythequestionsyouwanttochallengeyourselfwithshoulddirectyoutomanagingyourstoremoreeffectivelyforyoumdashnotthewholesalersupplierdistributororotherproductprofessionalwithwhomyouareworkingAlthoughitrsquosimportanttoconsiderbothsidesofthesebusinessrelationshipsitrsquoscriticaltocontinuallyevaluatewhetherthedecisionsyouaremakingforyourstoreare
tocontinuallyevaluatewhetherthedecisionsyouaremakingforyourstorearethebestonesyoucanmakeTohelpaccomplishthisgoalbesureyoustaywithinyouridentifiedbudget
whenplacingordersattradeshowsOftenalltypesofdomesticandinternationalsupplierswillofferyoushowspecialstoincreaseyourenthusiasmtobuymorefromthemCertainlythesespecialscanofferyoumanyperksandsavingsbutdonrsquotlosesightofthebudgetyouhavetoworkwithMoreoverdonrsquotneglectyourtargetshippingdatesproductdeliveriesminimumorderidealspaymenttermsandotherbuyingfactorsthatmattertoyouInmanycasessimplycommunicatingwithyourvendorcontactisallittakestoshiftwhatheorsheisofferingtowhatyouactuallyneed
EXPERTSPOTLIGHTBobBergdirectorofsalesofInternationalBusinessattheSourcingat
MAGICtradeshowbelievestherearethreemust-knowtipsforretailattendeestofollowwhentheyparticipateatanytradeshow
1HaveaclearunderstandingofwhatyourgoalisattheshowRemindyourselfofthisgoalaseachdaypassestoensureyoustayontrack2OrganizeyourselfpriortotheshowIdentifyexhibitorsyouhopetoseeschedulevendorappointmentsplanforeventsorotherextraactivitiesandidentifyanymarketingmaterialsyoumaywanttohaveavailablewithyouatthetradeshowThesemayincludebusinesscardsorotherpromotionalitems3GiveyourselftimetonavigatethetradeshowwithoutfeelingrushedBytakingshortcutssqueezinginappointmentsandskippingvendorsyoumissopportunitiesforyourbusiness
RetailersoftenfeelrushedandstretchedfortimewhileattradeshowslettingthemselvesmakequickdecisionsasaresultTothebestofyourabilityyoushouldavoiddoingthisinallsituationsmdashmostimportantthoughwhenyouareabouttowriteanorderHavingaprewrittenchecklistofyouridealordertermsmdashnotjustyouridealproductsmdashcanhelpyoutostayontrackwithyourshippingdeliverypaymentandotherordergoalsFurthermorerememberthatvendorscreateordertermstotheirbenefitmdashnotyoursWiththisinminddonothesitatetospeakupregardingtheiridentifiedtermsandletthemknowyourpreferredtermsiftheyvaryAlthoughthevendorultimatelyhasthefinalcallhere
termsiftheyvaryAlthoughthevendorultimatelyhasthefinalcallherecommunicatingyourpreferreddeliverydatesproductneedsandotherorderdetailsistoyourbenefitWhatisalsotoyourbenefitistoactuallyplaceordersattheshowsyouattendinanefforttogainshowspecialsofferedbyvendorsthatmaysaveyoumoneyFinallymakesurethatyouhaveyourstorersquostaxIDnumbershipping
addressandcompanycontactdetailsreadilyavailableforyoutoprovidetovendorsasyouwriteordersatshowsIfyouhaveapremadestickerstamporbusinesscardwithallthesedetailsonitthiscansaveyoutimeduringtheorder-writingprocessManyvendorsstillinputorderdetailsbypenandpaperdespitetheadvancedtechnologyavailablesodonrsquotbesurprisedifthisoccurs
IncorporatingtradeshowsintoyourretailcalendarisoneofthemostimportantstepsyoucantakeasanindependentretailerTheexperiencestradeshowsofferyouaswellastheopportunitytomeetsuppliersdistributorsvendorswholesalersandotherindustryprofessionalscanrsquotbematchedbyanyotherindustryexperienceJustrememberthatvendorsattradeshowsaretheretosellwhereasretailersaretheretobothresearchandbuymdashtwoverydifferentthingsAlthoughvendorsandretailerscomplementeachotherbesurethatyoustayfocusedonthegoalsyouhavesetforyourbusinessversusalteringthemfortheirsUltimatelythiswillkeepyouonthepathtohavingsuccessineachofyourtradeshowjourneys
UsingOnlineSourcingPlatforms
WhiletradeshowswillalwaysremainanimportantdestinationforyoutoacquireinventoryforyourstoretheInternethasmadeitpossibleforyoutoconnectwithvendorsmanufacturerssuppliersandotherproductprofessionalsaswellOftenthisisagreatdestinationtokick-startyourproductresearchwithonlinesitesbeingreadilyavailabletoyouatallhoursofthedayandnightSearchingforyourspecificproductonGoogleYahooorBingcanbechallenginghoweverandyoushouldkeepinmindthatasearchengineisonlyasgoodaswhatitindexesbasedonaspecialalgorithmManysuppliersandoverseasfactoriesdonothavegreatwebsitesthusmakingithardtofindthem
overseasfactoriesdonothavegreatwebsitesthusmakingithardtofindthemthroughthesesearchenginesFortunatelyhoweveryoucangainquickaccesstosupplierinformationwhenusingkeywordsearchesononlinebusiness-to-business(B2B)platformsthataretrustedandsecureThebestwaytoensurethatyouareworkingwithasecurecredibleB2B
platformwhensourcingonlineistoidentifythatitiswellknownrespectedandhasreliablesupplierswithinitsnetworkIntheUnitedStatestheseinclude
TopTenWholesalecomManufacturercomMFGcomModalystcoThomasnetcomWholesaleCraftscom
RetailersopentoworkingwithbusinesstradeplatformsbasedinChinaandAsiainclude
Made-in-chinacomGlobalSourcescomIndiaMARTcom
AsyouexploreadditionalonlineB2BplatformsitrsquoslikelythatyouwillrunintowebsitesthatadvertisehiddensupplierlistsorwanttochargeyouafeeGenerallyspeakingyoushouldbewaryofthesesitesbecausemostofthemarescamsAsaretaileryoucangainsupplierwholesalerandvendorinformationforfreemdashneverhavingtopayforthesedetailsThewaythatcredibleonlinemarketplacesmakemoneyisfromtheiradvertisersandactualsuppliersprofilednotfromtheretailerswhousetheplatformstobuyandsourcefortheirstoresThisisanimportantdetailtorememberbecauseunfortunatelythereseemstobeanincreasingnumberofscammersouttherelookingtogainmoneyfromretailersviathisavenue
RETAILTIPWhenattendingtradeshowsdonrsquotunderestimatethevalueofthe
educationalopportunitiesavailabletoyouMostnationallybasedtradeshowsandevenselectregionalmarketcentersoffereducationresources
showsandevenselectregionalmarketcentersoffereducationresourcesthatareintendedtohelptheirattendeesadvanceintheirretailgoalsTakingthetimetolearnfromtheretailleadersselectedtodeliverpresentationsworkshopsseminarsandotherlearningopportunitiesattheseeventsarekeyexperiencesthatcanhelpyourbusinessthriveAlsotheseoftenprovideyouthechancetoconnectoneononewithindustryexpertspriortooraftertheirpresentationsThesetypesofopportunitiesarenearlyimpossibletocreatesolelyforyourselfthereforetakingadvantageoftheseeventsisyetanotherreasonnottomisstradeshows
TohelpfurtherensurethatyoucantrustonlinemarketplacesandsourcingplatformsmakesurethatthereisaphonenumberassociatedwiththecompanyTypicallythisshoulddirectyoutoasupportcenterforthecompanyrsquosplatformbutattheveryleastitshoulddirectyoutoalivepersonwhocanansweranyquestionsyoumayhaveNextyouwanttotrustthatthesuppliersidentifiedonthesewebsitesaresafeReputablecompaniesthatofferyouonlinesupplierinformationwillalwaysofferyouthechancetoreviewtheirverificationprocessandyoushouldneverhesitatetoaskaboutthisifyouhaveanyquestionsAnothertiptoconsideriswhetherornottherepresentativesoftheB2BplatformyouarereviewingattendtradeshowsByactuallyparticipatingintradeshowsyoucantrustthattheyaretrulyengagedwithintheirniche-marketnetworksandworkwithsuppliersidentifiedontheirsitesfirsthandFinallywhileyoushouldneverhavetopayanyfeesyouwanttomakesurethattheprofiledsuppliersdopayThismeansthattheyarebenefitingfromtheplatformandfindvalueinit
RETAILTIPOnlineB2Bplatformsareextremelyvaluabletoretailerssincetheyare
availabletobereviewed247AnotheronlinedestinationthatcanhelpyoumanageyourbusinessistheResourceGuidefromRetailMindedThisonlinedirectoryisafreeresourcepublishedannuallyformerchantstogaintrustedreliableinformationonbusinessesthatsupportretailersintheirstoreoperationsUnlikeB2BplatformsthisdirectoryissolelyfocusedonbusinessesthatcatertotheoperationsofrunningaretailstoreCategoriesincludedinRetailMindedrsquosResourceGuideincludee-mailmarketingin-storemediainventorymanagementemployeepayrollretailpackagingin-
storesignageandmoreTodownloadafreecopyofthisdirectorysimplyvisithttpretailmindedcomresource-guide
FinallytoassistyouinfurtherexploringonlinesourcingforyourretailstorewersquovetakenacloserlookattheleadingB2BplatformTopTenWholesalecomandidentifiedwhatitcanofferyouOperatingwiththetaglineldquoFinditSourceitProfitrdquothecompanyrsquossearchenginesanddirectorynetworkofferyoutheabilitytointeractwiththousandsofwholesalersandmanufacturersThecompanyrsquoscoreconcentrationofproductfocusesongeneralmerchandisewelcomingretailbuyersfromavastrangeofretailcategoriesTheseincludeover100productcategoriesandover1millionproductsmdashtotalinganimpressivenumberofover35000suppliersforyoutosourcefrom
RETAILTIPBelowisanexampleofawebsitepagefromTopTenWholesalecom
whereyoucansourcethousandsofvendorsforyourretailstoreTheirextensiverangeofproductsourcesaswellastradeshowpartnershipshelpyoueffectivelyidentifywhattherightmixofinventorymaybeforyourstoreshelves
AswithmostB2BplatformsyouwillneedtoregisteronTopTenWholesalecomtogainaccesstoallitsresourcesalthoughmanyareavailableforfreewithouteverregisteringatallThebenefitofthishoweveris
thatyoucancreateaprofileandmanageyouraccountaswellasadjustyourprivacysettingstoyourpreferencesSeniorbusinessmanagerJonathanPrescottatJPCommunicationsInchadthistosayaboutTopTenWholesalecom
BuyersareabletosavetheirfavoritesuppliersandproductsonTopTenWholesalecomaswellasconnectdirectlywithsomeofthelargestmanufacturersimportersanddistributorsintheworldThisoffersatremendousbenefittobusyretailersbecausetheycanlogonandoffattheirconvenienceFurthermoreitrsquosimportanttorememberthatsiteslikeTopTenWholesalecomsimplyconnectbuyersandsellersandpurchasesbeingmadearenotbeingmadethroughusdirectlyTheperksofworkingwithushoweverincludeanonlinechatfeatureknownasTradeChatmdashwhichisbasicallyaninstantmessagingplatformforbuyersandsellerstoquicklyconnectmdashaswellascountlessotherfeaturesthatallowyoutomanageyoursourcingneedsanduniqueretailgoals4
IdentifyingproductsthatmakesenseforyourstoreisoftenconsideredthemostpreferredresponsibilityofaretailerWithcountlesstradeshowsandonlineplatformsavailabletohelpyoudothiswehopethatyouwillembracetheresourcesavailabletoyouinanefforttomaximizeyourproduct-buyingpotentialInChapter6wersquolldiscusshowyoucanmanagethisinventoryonceitrsquosreceivedatyourstoreaswellaswaysinwhichyoucanhelppromoteitandencouragesalesinthelaterchapters
ActionGuide
Lookingaheadoverthenext12monthsidentifynolessthantwotradeshowsthatyouwanttoattendFocusonthefollowingquestionstohelpyouplanfortheseeventswithacoreconcentrationonplanningforhowmuchitwillcostyoutoattend
Whereistheshow
WhenistheshowHowmanydaysistheshowofferedHowmanydaysdoyoubelieveyouneedtobeonsiteattheshowWillyouneedtoscheduleadditionaldaysfortravelHowmuchwillairfarecostDotheshowdatesoverlapondaysthatyounormallywouldbeinyourstoreHowmanyworkinghourswillyouneedtobudgetforanotheremployeetobeatyourstoreinyourabsenceDoyouwanttobudgetforanadditionalpersontoattendtheshowwithyouIfsofactorinthecostofthatpersonrsquostravelandifnecessaryworkinghoursforwhichyouwillpaythatpersonWillthispersonneedhisorherownhotelroomorcanyoushareOnceattheshowwilltherebetransportationcoststoandfromthehoteltotheactualsiteDoestheshowofferanyspecialratesforhotelairfaretaxisorotheraccommodationdetailsWhatothercostsmightyouincurbyparticipatinginatradeshowsuchaschildcareorotherpersonalexpenses
TakingthetimetoanswerthesequestionswillallowyoutolookaheadathowmuchitwillcostyoutoattendnolessthantwotradeshowsperyearOnceyouhaveidentifiedageneralamounttoallocateforthisbudgetthisintoyourstoreoperationsBymakingthisapriorityandnotanexceptionyouwillbebetterpositionedasaretailer
6
BuyingforCustomersVersusYourself
Yourmostunhappycustomersareyourgreatestsourceoflearning
mdashBillGates(1955ndashpresent)inventorinvestorphilanthropistTIME
ANDtimeagainwehavefoundourselvesspeakingwithretailersandsharingstoriesabouthowtheirstorescametolifeManyoftheseconversationsbeginwithldquoIopenedmystorebecauseIlove[insertwhateveritisyoulovehere]rdquo
Whetheritbeshoesfashionhomedecorsurfinganimalsbikesmodelairplanesoranythingelseyourheartmaydesirewersquovehearditallwhenitcomestowhyfolksofallagesandwalksoflifehaveventuredintotheretail
businessIronicallyhoweverwerarelyhearstoreownerstellingustheyopenedtheir
businessesbecausetheyloveworkingwithpeopleTheironyinthishasalwaysfascinatedusandweimaginewillcontinuetodosoItrsquosquitepossiblethatthisexactreasonhoweverkeepsussoinspiredtohelpmerchantsbetterunderstandthebusinessofretailaswellasitsgreatestobstaclemdashconsumers
UnderstandingtheBasicsofRetailMath
ldquoEachcustomerthatwalksthroughyourdoorisvotingwiththeirdollarsandtellingyouwhattheywantyoutohavemoreofhellipandwhattheywantyoutohavelessofYouneedtolookatthedecisionstheyaremakingthroughtheirpurchasesandevaluateitmonthlyrdquoCEOandnationallyrecognizedretailexpertCathyWagnerofRetailMAVENSexplains
EXPERTSPOTLIGHTTakinganin-depthlookatyourinventoryshouldalwaysbeonthetopof
yourto-do-listRetailexpertCathyWagnerofRetailMAVENSsharesfivetipstohelpyoumanageyourinventorywithagoalofincreasingsell-thru
1Lookattheofbusinessdoneinthedifferentclassesofinventoryofyourstorebydividingtheamountofsalesineachclassbythetotalofsales(withoutsalestax)
(SalesbyClassTotalStoreSales)X100=ofSalesbyClass
2NextlookattheamountofinventorythatyouhaveineachclassatretailDividethedollaramountofinventoryofeachclassbythetotalinventorytodeterminewhatofinventoryeachclassrepresents
(InventoryatRetailbyClassTotalStoreInventoryatRetail)X100=ofInventorybyClassatRetail
3ComparetheofinventorytotheofsalesforeachclassTheofsalesofaclassshouldmatchtheofinventorythattheclassrepresentsofthetotalinventory4MakeadjustmentssothattheoftheinventoryofaclassmatchestheofthesalesthattheclassrepresentsForexampleiftheinventoryofaclassis$5000outof$20000thenitrepresents25oftheentireinventoryIfthesalesofthatclassare50ofthetotalsalesthenyouhavetoincreasetheinventoryto50ofthetotalinventorySincetheinventoryis$20000weknowthattheretailinventoryoftheclassmustbebroughtto$10000Thismeansyoushouldthenordermoreinventory5WhilemakingadjustmentslikethisyouwillfindthatthereisanotherclassthatrepresentsalargerofinventorythansalesTakeactionimmediatelytomarkdownwhateveritemsareslowingthatclassdownsothatyoucandecreasetheinventoryaccordingly
UnderstandingyourinventoryanditsperformanceiscriticalingainingconsumerattentionandstoresalesTohelpyoudothisWagnersuggestsreviewingeachvendororbrandyoucarryinyourstorebydollarsnotunitsForexampleifyoureceived$1000ininventory(pricedatretailnotwholesale)andafterfourmonthssold$200stillowning$800thenyouwouldhavea20
afterfourmonthssold$200stillowning$800thenyouwouldhavea20percentsell-through(2001000)FormostretailersthisisabadscenariosuggestingthatyourinventoryofchoicewasnotwellreceivedbycustomersandthereforeisnrsquotsellingtoplanThequestionthenbecomesWhatdoyoudoWagneranationallyrecognizedretailexpertknownforherexpertisein
inventorymanagementspecificallyoffersthefollowingadvice
LookatthepercentageofbusinessdoneinthedifferentclassesofinventoryofyourstoreversusstrictlybyvendororbrandNextlookattheamountofinventorythatyouhaveineachclassatretailDividethedollaramountofinventoryofeachclassbythetotaltodeterminewhatpercentofinventoryeachclassrepresentsFinallycomparethepercentofinventorytothepercentofsalesforeachclassThepercentofsalesofaclassshouldmatchthepercentofinventorythattheclassrepresentsofthetotalinventoryTohelpensurethatyoufullyunderstandthisonaconsistentbasisIsuggestthatyoudothisexercisemonthlyAlsoknowthattherearefewexceptionstothisscenarioThisisanexcellentwayoflisteningtoyourcustomersandmakingsurethatyouarebuyingwhatyourcustomerswantyoutocarrymdashnotjustwhatyouwanttosell1
Evaluatingyourexistinginventoryandvendorassortmentisaresponsibilitythatshouldneverleaveyourto-dolistOftenretailersgetcaughtupinthehabitofbuyingproductstheylovebuttheircustomersultimatelydonotthereforeitcanbeachallengetoshiftgearsandmakepurchasedecisionsbasedonyouractualsalesorcustomerdemandsRecognizingthatyourtasteandthetasteofyouractualcustomersmayvarycanbechallengingmdashyetacceptingthisiskey
RETAILTIPRunningaretailstoremeansmorethanjustidentifyingagreat
assortmentofinventoryItmeansdoingalotofmathNevergointoaseasonwithoutacompletedopen-to-buy(OTB)planBetteryetnevergointoafiscalyearwithoutafullOTBplansetinplaceNextmakesureyouaccuratelyidentifyyourstorersquosgrossmarginreturnoninvestmentinventoryturnovernetsalessell-thruandstock-to-salesratiousingtheretailformulasbelow
TotalSalesndashCostofGoods=GrossMargin
GrossMargin$AverageInventoryCost=GrossMarginReturnonInvestment
NetSalesAverageRetailInventory(SkuCount)=InventoryTurnover
GrossSalesndashReturnsampAllowances=NetSales
UnitsSoldUnitsReceived=SellThrough
BeginningofMonthStockTotalMonthSales=Stock-to-SalesRatio
Onceyourealizethatyourpersonaltastepreferredpurchasesorproductpicksarenrsquotalwaysthesameasthoseofyourcustomersyouwillopenyourselfuptomakingpurchasesthatarestrongersuitedforoptimalsell-throughTohelpyouaccomplishthisanalyzehowmuchmoneyyoumakepereachvendorinyourstoreperseasonTodothissimplytaketheamountsoldlessthecostoftheinventoryandthendividethatnumberbytheamountsoldandmultiplythatby100Thiswillcalculatethemaintainedmarkup(MMU)forthatvendor
Maintainedmarkup(MMU)=(amountsoldndashcost)amountsoldtimes100
AlthoughyouridealMMUwillvarybasedonyourretailsectorandaveragepricepointsofinventorytypicallyyouwanttoseeyourMMUatover50percentpervendorYoushouldconsidereliminatingvendorsorspecificproductsperformingatlessthan50percentfromyourstoreassortmentaltogetherafterimplementingamarkdownstrategytohelprecoversomeofyourinvestmentintothemYoualsoshouldconsiderincreasingthetotalquantityofitemsthatexceed80percentwhichmayincludeintroducingmorecolorassortmentsavarietyofstylesordeeperbuysintowhateverthatitemmaybeAsalwaysthoughyouwillwanttorepeatyourreviewofeachvendororspecificitemsell-throughduringandnolaterthanattheendofeachseasontocontrolyourpurchasequantitiesaswellasyouroverallopen-to-buy(OTB)dollars
OTBdollars=projectedsales+projectedmarkdowns+plannedend-of-monthinventoryndashplannedbeginning-of-monthinventory
Inadditiontousingstrategicretailformulastomanageyourinventorysell-throughconsiderintroducingacustomerfocusgroupintoyourstorebuyingagendaTraditionallyspeakingafocusgrouphelpstodeliverresearchbyaskingpeoplequestionsregardingtheiropinionsperceptionsattitudesandoverallinterestsregardingaproductserviceideaor(inyourcase)storefromacollectiveperspectiveThevalueinincorporatingacustomerfocusgroupintoyourstorestrategyisthatyoucangainfirsthandrealisticandinformativeinsighttohelpyoureactmoreappropriatelytoyourtargetconsumerinterests
IntroducingCustomerFeedbackforInventoryManagement
KarenHollisanIllinois-basedjewelryretailerwhohashadherownjewelrystoresince2005introducedacustomeradvisoryboardinearly2013Ultimatelyhergoalwastohavemorein-depthconversationsaboutherstoreexperienceandherstoreinventoryduringhercustomeradvisorymeetingsChoosingamidweekeveningtobringagroupof20customerstogetherHolliscreatedarelaxingenvironmentthatallowedcustomerstobothhavefunandsharetheirthoughtsonherstoreKHollisJewelersldquoIidentifiedcustomersIfeltknewmystorewellenoughtocommentonitrdquo
HollisexplainedChoosingcustomerswhorangedfrombigspenderstomoderatespendersallowedHollistogainamorediverseunderstandingofherstoreaswellDuringthistwo-houreventHollisofferedlightappetizersanddrinks
encouragingcustomerstowalkaroundthestoreattheirleisureHollisalsoincorporatedfishbowl-stylevasesthroughoutthestoreandpiecesofpaperandpensforcustomerstosharetheirthoughtsonanythingmdashwhetheritwastosaytheydidnrsquotlikesomethingorthoughtacertaincategoryofproductshouldbeintroducedHolliswelcomedcustomerstoshareanyinsightthatcouldhelphertofurtherhelpthemBywelcomingcustomerstospeakupgetinvolvedandsharetheirthoughts
onyourstoreinventoryandotherdetailsaboutyourstoreyoucanlearnmoreaboutwhatyourcustomersreallywantIfhostingquarterlybiannualorevenonce-a-yearadvisoryboardeventsisnotinyourforecastmakesurethatyoustillwelcometruthfulfeedbackfromconsumersviacommentcardsandsocial
mediaAskyourcustomersdirectlyfortheirthoughtsaboutyourstoreidentifyingspecificquestionstohelpthemrespondtowhatyouaremostcuriousaboutIndicatingthatyouwanttohearbothprosandconsaboutyourstorecanhelpcustomerstoopenupwiththeirresponsesaswellSomesuggestedquestionstodirecttocustomersviaacustomeradvisory
meetingsocialmediaorcommentcardsinyourstoreincludethefollowing
1Whatisyourfavoritevendorandoritemcurrentlysoldinourstore2Whatisyourleastfavoritevendorandoritemcurrentlysoldinourstore3ArethereanyvendorsproductsorbrandsthatwedonrsquotsellthatyouthinkweshouldPleaseidentifythem4Whatisyouraveragebudgetwhenshoppingforitemsthatarepartofourstoreassortment5DidyoubuysomethingthelasttimeyouvisitedourstoreWhyorwhynot6IftodayisyourfirsttimevisitingourstorewouldyouplantovisitagainWhyorwhynot7Ifyouarearepeatcustomerwhatreasonskeepyoureturningtoourstore8Doyouhavesuggestionsonhowwecanbettersupportyouinyourpurchasingdecisions9WhatotherstoreswouldyouconsidervisitinginsteadofoursWhy
10DoesourproductassortmentmakeyouexcitedtomakeapurchasePleaseexplain
SupportingtheideatosolicitcustomerinsightDrGaryEdwardschiefcustomerofficeratMindshareTechnologiesbelievesthatspeakingupispartofthejobofamerchantldquoIfretailersdonrsquotasktheircustomerswonrsquottellmdashandwhattheydonrsquotknowcanhurttheirbusinessinnumerouswaysrdquo2
UsingtheinformationyoureceivecreateanactionplantobettersupportyourstorebuysaswellasyourstoreexperienceMoreoverDrEdwardsrecommendscheckingoutwhatyourcustomersaresayingonreviewsitessuchasYelpcomandCitySearchcombothofwhichhighlightretailstoreswithcustomerreviews
RETAILTIPIllinois-basedretailerTomKonopackiexperiencedaldquoseven-yearitchrdquo
thatpushedhimtowantmorethanjusthissinglestoreAnastaziainGenevaIllinoisHissolutionOpeningstorenumber2WhileexpandinghisexistingstorewasoneideaultimatelyhedecidedasecondlocationwouldallowhimtoreachmorecustomersandgainmoresalesldquoAbiggerstoredoesnrsquotnecessarilytranslatetotwiceasmanysales
InsteadanotherlocationmakesmoresenserdquoKonopackidecidedonopeningasecondstore26milesfromhisoriginal
storeinGlenEllynIllinoisNinetypercentofhismerchandiseisduplicatedwhiletheother10percentisdistinctivetoeachrespectivestorersquoscustomersandsalespatternsldquoAddingasecondlocationhasresultedinnearlydoubleannualrevenue
butthatcomeswithdoublerentpayrollandinventoryaswellItrsquosimportantthatwhilewehavesimilarinventoryinourstoreswedonrsquotforgetthateachstorehasitrsquosowncorecustomerItrytoalwayscatertotheactualcustomerateachstoreandforusthatmeansbuyingmoreimpulsegift-stylebuysatourGenevastoreandlargerfurniturepiecesforourGlenEllynlocationOnly10percentofthestoreinventorymayvarybutthat10percentaddsupEverypercentdoesactuallywhichiswhyIrsquomalwaysevaluatingourcustomersourinventoryandwhatwecandobettertoincreasebusinessrdquo3
UsingPoint-of-SaleSoftwaretoHelpManageInventory
ldquoGrowingabusinesscomesdowntodataIfyoudonrsquotthoroughlyunderstandhowyourbusinessisperformingwhatyourcashflowislikeandwhoyourcustomersaregrowingmdashandevenjustrunningmdashabusinesscanbearealgamblerdquo4VaughanRowsellVendCEObelievesAsRowsellsuggestsmanaginginventorydemandsprecisecareHaving
strongpoint-of-sale(POS)softwareisakeyfactorinthisequationallowingretailerstoconfidentlymanageandtracktheirinventoryaswellastheircustomerloyaltyRowsellsharesfivereasonsthatretailerscanbenefitfrom
customerloyaltyRowsellsharesfivereasonsthatretailerscanbenefitfromincorporatingaPOSsystemintotheirstoremanagementSpecificallythebenefitsidentifiedcanallbegainedfromVendPOSwhereasmanyalsocanbeachievedviaPOSsoftwarefromotherproviders
Reason 1 POS systems easily keep track of inventory and always knowexactlyhowmuchinventoryyouhaveinstockReason 2 POS systems allow you to run reports on which products aresellingwhen theyare sellingandhowoftenallowingyou togaina realunderstandingofyourproductturnoverandbusyperiodReason3POSsystemsofferretailersawaytounderstandtheircustomersrsquopreferences and spending habits by sharing actual data As a resultmerchants can create targeted marketing campaigns in response to thesedatastrengtheningtheiroverallstoremanagementandmarketingeffortsReason 4 Some POS systems (such asVend) even have built-in loyaltyprogramsgivingretailers tools to rewardcustomersandencouragerepeatbusinessReason5GoodPOSsystemsshouldkeepyourdatasafeExcelfilespapernotebooks and spreadsheets are allwell andgood but they arenrsquot highlyrated when it comes to longevity or security Itrsquos easy to spill a cup ofcoffeeonanotebookor a laptopandcompletelydestroyhours (oryears)worth of painstaking labor Having a state-of-the-art POS system meanssafely and painlessly storing your information (including sales and dailyreports)inthecloudsothatyouneverloseit5
InadditiontotheprecedingreasonsthatPOSsystemsaregoodforretailersitrsquosimportanttoalsoconsiderwhichPOSsystemisgoodspecificallyforyourbusinessRowsellrecommendstakingthetimetoresearchwhichPOSsystemprovider
makesthemostsenseforyouruniqueretailstoreallowingyoutoaccuratelyunderstandallyouroptionsbeforemakinganinvestmentinaPOSsystem
WritealistofallthefeaturesyouneedtohavethenstartsearchingandsticktothatlistThiswillhelptopreventyoufromgettingsweptoffyourfeetbythemarketingglamourofallthesolutionsoutthereFurthermoreonceyoursquoveselectedtherightPOSsystemtakethetimeandspendthemoneynecessarytosetupyourPOSproperlyfromthebeginningThiswill
saveyoulotsoftimeandheartachedowntheroadrdquo6
RETAILTIPPoint-of-sale(POS)providerscanstreamlineinventorymanagement
whilealsohelpingtosupportreasonsformarketingin-storeeventscustomerloyaltyandmoreThedifferenceisallinthedetailshoweverToensureyouselecttherightPOSproviderforyourbusinessmakesureyoucompletedemonstrationsofeachPOSprovideryouareconsideringaswellasidentifyifthePOSsoftwareyouareconsideringmeetstheneedsofyourbusinessBelowisanexampleofVendrsquosinventorymanagementandproduct
historyspecifictooneuniqueitemOneofthebenefitsofusingaPOSsoftwarelikeVendisthatyoucanextensivelyidentifysellingpatternsinventorychallengesandmorethroughtheirexpansivedatadetails
FinallyrememberthatcombiningyoureffortstoidentifythebestinventoryassortmentforyourstoreistheidealwaytomanageyourinventoryldquoByutilizingalltypesoffeedbackretailersincreasetheirabilitytolistentotheircustomersandtoimprovetheirretail-consumerrelationshipsrdquo7DrEdwardsfurtherexplainsUltimatelyyouhavecontroloverhowyouspendyourOTBdollarsbutitis
customerswhoreallymakethebuyingdecisionsDonrsquotneglecttheirvoiceinyourinventorymanagementandinreturntheywillbelesslikelytoneglectyourstore
Inthechaptersthatfollowwersquolldiscusshowyoucanbettermanageand
InthechaptersthatfollowwersquolldiscusshowyoucanbettermanageandmarketyourinventorybyintroducingyoutovariousbusinessesthatcanhelpaswellasbyprovidingtipsyoucanapplytoyourstorerightawayAmongthesearein-storeeventsanddisplaypointersWersquolldiscusshowtechnologyaffectsretailerstodayandwhetherornotmobilecommercehasaneffectonyourbusiness
ActionGuide
RetailexpertandCEOofRetailMAVENSCathyWagnerworkswiththousandsofretailershelpingthemtoobtainretailprofitsHerthoughtonmanagingyourinventoryandincreasingyourpaycheckisthatitrequiresthesamestrategyaseatinganelephantYesIsaiditeatinganelephantldquoGrowingyourbusinessrequiresthesamestrategyaseatinganelephantAn
elephantisHUGEandifIweregoingtoeatitmdashwhatwouldIdoHowwouldIstartWherewouldIstartThereisasecretandsupereasywaytodoithelliponebiteatatimerdquo8explainsWagnerIfyourgoalistohavealargerpaycheckthemostimportantstepyoucantake
istomanageyoursinglelargestexpensewellThismeansthatyouhavetolearnhowtocontrolyourinventorybetterldquoTheeffortthatyouspenddoingthatyieldssuchalargeimpactbecausecost
ofgoodsrepresentsabout50percentofyoursalesrdquo9WagnerfurtherexplainsFurthermorethistypeofgoaltakestimetoaccomplishwhichisnodifferentthaneatingahugeelephantonebiteatatimeHerersquosanexampleIfyoudo$400000inbusinessyouarespendingabout
$200000onyourinventoryinayearIfyouwerebuyoneitemthatcostthatmuchthinkabouthowmuchresearchandeffortyouwouldputintomakingagooddecisionHowevertoooftenbuyersareguiltyofspending$500hereand$1200therewithoutknowingforsureifitisbeingspentwhereitshouldbeThatshouldnothappenmdasheverWagnerrsquosadviceldquoTakecontrolofyourinventoryandstartputtingmoredollarsinyourpocketrdquo10
InfollowingWagnerrsquosadvicetakethetimetoorganizeyourinventoryintoclassificationsofinventoryversusinventorybyvendorThefollowingstepswillshowyouhowtodothisandwhythisisvaluableforyourbusiness1Groupyourstoreitemsbystock-keepingunit(SKU)intoclassificationsofinventorymdashorclassesmdashversusbyvendorAclassisagroupofsimilarinventorymdashsimilarin
typeofitemandinventoryturnBybreakingyourinventorydownintomanageablebite-sizedpiecesitiseasytocontrolWhenyoulookatyourstorebyclassesyoucananalyzesalesandinventorylevelsbetterAndwhenthathappensitbecomeseasiertocontrolTheresultisincreasedgrowthinsalesandprofits2GiveyourcustomerswhattheywantCustomerstelluswhattheywanteverytimetheybuysomethingfromusTheyarevotingwitheachdollartheyspendWhentheymakeapurchasetheyarevotingthattheywantmoreofthatclassofitemsKeypointheretheirpurchaseshouldrepresentawholeclassofitemsnotjustasingleitemTheyaretellingyouthatyoudoagoodjobbuyingdressesorcandlesorchairsYouhavetolookbeyondtheactualitemitselfthoughWhenyouhaveclassesyoucantrackwhatcustomerswantfromyouandmakesurethatyouhavejustenoughforthemaswellasanassortmenttoofferthemThisknowledgegivesyoupowerinyourretailbuying
3ReacttotheclassesbeingidentifiedastopperformersaswellaslowperformersLetrsquossaythatyouwanttoincreaseyourpurchasesfortheholidaysby10percentbecauseyoubelievethatyourbusinesswillgrowbythatmuchJustadding10percentacrosstheboardwouldbeabigmistakeRetailspendingisneverevenlydistributedamongeveryclassthereforeyourretailbuysshouldnotbeeveneitherSomeclasseswillbeup20percentmaybeeven25percentandsomeotherclassesshouldbedown15percentIfyoujustadded10percenttoallyourordersyouwouldendupoverinventoriedinsomeclassesandunderinventoriedinothersEssentiallythiswouldcausesomeofyourcustomerstoleaveyourstoreandshopelsewherebecauseyoucouldnrsquotgivethemwhattheywantedHoweverwhenyouknowthedemandofeachclassyoucanlookathoweachistrendingandthenbuyaccordingly
RememberthatinventorymanagementisnotsomethingtooccasionallydomdashbutrathertoalwaysdoMakeinventorymanagementatoppriorityofyourstoretoensurestrongsell-throughandsmarterbuyingdecisions
7
SellingYourProducts
ObstaclesdonrsquothavetostopyouIfyourunintoawalldonrsquotturnaroundandgiveupFigureouthowtoclimbit
gothroughitorworkaroundit
mdashMichaelJordan(1963ndashpresent)formerNBAplayerentrepreneur
ALTHOUGHBUYINGinventoryisanextremelyimportantpartofaretailerrsquosjobthehardestpartofallisstillleftaheadmdashsellingwhathasbeenpurchasedThedynamicsthatsurroundsellinginbrick-and-mortarretailstorefrontsaremuchgreaterandmorediverseandextremethanatanyothertimeinretailhistory
Oftenmerchantsfeelbombardedwiththevariousldquonewrdquotechnologiesandotherretail-focusedproductsthataremarketedtohelpthemintheirbusiness
operationsFurthermorethecoreresponsibilitiesofrunningastorefrontsuchasmerchandisingandtrackinginventorymustremaintopofmindforbusyretailersdespitethevastrangeofotherresponsibilitiesontheirto-dolists
Combinedtheseresponsibilitiescreateachallengingagendaforretailerstomanageoftenresultinginoverlookedorundermanagedsituations
MichaelAmatoformerpresidentofWashingtonMutualandcurrentCEOandpresidentofCimarronanadvisoryfirmthathelpsleadersmaketheirmarkontheirbusinessesencouragesretailersandallentrepreneurstobestrategicintheirbusinessoperationsAmatoexplains
Itrsquosimperativeforsmall-businessownerstofocusonstrategicalignmentAnentrepreneurshouldnotonlydevelopavisionandmissionstatementorstatementofpurposebutalsoidentifyanddevelopabusinessstrategyAsasmall-businessowneryouareoftennotforcedtodothesestepsandconsequentlyskipoverthemButthiseliminatesyoufromhavingastrategywhichcancreatedysfunction1
AmatorsquospointtoidentifyaplanofactioninyourbusinessstrategyisnotonetoignoreAsaretaileryourgoalistoprovideanendsaletoaconsumerThequestionisAsidefrombuyinginventoryhowdoyoudothis
IntroducingandManagingStoreEvents
UponarrivalofinventorytoyourstoreyoushouldalreadyhaveidentifiedyourplanofattackforhowthisproductwillaffectyourcurrentinventoryassortmentaswellashowyouplantomerchandiseitmarketitandultimatelysellitIdeallyyouarebuyingyourproductwellinadvanceallowingyoutoadequatelyplanforitsarrivalandallthelayersofsupportthatcomewithitTogetstartedthisincludescreatingamarketingcalendartohelpyoupromoteyourinventoryandcollectivestoreatlargeLookingaheadnolessthansixmonthsandevenasfarasoneyearretailers
canbenefitfromidentifyingtheirmarketingplansviaadedicatedstorecalendarUsedtoenrichalltheanglesthataffectyourstorersquosvisibilitymdashincludingsocialmediacommunityeventscustomer-loyaltyprogramsandmoremdashthiscalendarcanhelpyoutotrackmanageandidentifyyourin-storemarketinggoalsChicago-basedretailerAngelaGianfrancescosharesherexperienceon
planningaheadforherretailstore
IworkoffastorecalendarthatIplanaheadbyaboutninemonthsandoftenitrsquosevenfurtherplannedoutThoughold-fashionedIhavethiscalendarhangingonmybackroomwallsothatIamconstantlyremindedofitandasaresultuseitThereisnrsquotadaythatpassesthatIdonrsquotleanonthiscalendarasareminderofwhatIneedtodoinordertostayontrackwithmysell-throughgoalsEssentiallythiscalendaridentifiesweekbyweekwhatIhavegoingoninmystoreallowingmetovisuallyseewhetherornotIhaveeventsplannedorifIrsquomdueforamerchandisingwindowchangeItalsoidentifiesanylocaleventstakingplacekeepingmyinvolvementwithourcommunityalwaystopofmymindPlusIusedifferentcolorstoreflectdifferentthingssuchasredtoidentifythatitrsquostimeforanewwindowdisplayandbluetoidentifythatwehaveanin-storeevent2
ForGianfrancescomakinghercalendarboldandbigwascriticaltoherattempttoactuallyuseitPriortocommittingtoacalendarGianfrancescohadleanedonmemoryalonetokeepupwithherstoreplanningSheexplains
HonestlyIwassobusythatIneverfeltlikeIcouldstoptocreateamoreorganizedwaytokeepupwithinventoryandstoregoalsItwasnrsquotuntilIfinallymadethetimethatIrealizeditactuallyhelpsmeandultimatelysavesmetimenowaswell3
ForsomeretailersposterboardndashsizedcalendarswonrsquotdothetrickFortunatelytechnologyoffersyoumanyoptionsthatcanseamlesslyblendintoyourstoreoperationsOnetechnologytoconsiderisSnapRetailrsquosdraganddropcalendarwhichallowsyoutoorganizeyourmonth-by-monthmarketingplansinjustminutesYoucanaddyourowneventsandincorporateprewrittene-mailtemplatesandsocialmediapostsfromSnapRetailrsquoslibraryofoptionstomakeyourmarketingeffortsquickyeteffectiveAndforretailerswhopreferpapercopiesyoucansimplyprintthiscalendartoreferenceasneededCreatingacalendaristheeasystepinthisprocesscomparedwithactually
determiningwhatneedstogoonitFormerchantsidentifyingthebestwaystoattractcustomerattentionandgetthemintoyourstorealwaysshouldbetopofmindThismeansthatyoushouldstageeventsandotherpromotionstohelpyouachieveyourgoal
RETAILTIPUsingtheSnapRetailcalendarisoneoftheeasiestwaystomanageboth
yourimportantin-storeactivitiesaswellasyouronlinemarketingeffortsNotonlycanyouplanaheadbyschedulingyoursocialpostsande-mailsinadvanceyoucansavetimebyusingprewrittenideasfromtheirsocialmedialibraryBelowisanexampleofwhatSnapRetailrsquoscalendarlookslikeKeepin
mindthatwhenvisibleonlineandincolorthiscalendarbecomesclearerandeasiertonavigate
RichKizerandGeorganneBenderinternationallyrecognizedretailkeynotespeakersandconsultantsbelievethatconsistenteventsarekey
Everyretailerneedstohosttwokindsofin-storeeventsallyearlongmajorandminorInfactyoushouldhostonemajorin-storeeventandtwotothreeminoreventseachandeverymonthAmajoreventisonethatbuildstrafficandpacksyourstorewithcustomersDonotconfuseamajoreventwithsomethingthattakesalongtimetoplanhoweverAfashionshowcanbeamajorundertakingbutitrsquosnotamajoreventunlessitattractslotsofpotentialcustomerswhocometowatchmdashandbuysomethingwhiletheyrsquorethereAminoreventmightbeaSaturdayfullofldquomakitsandtakitsrdquodemonstrationsorminiclassesMinoreventsdrawcustomerstoyourstorebutshouldnottakealotoftimetoplanorimplementIftheconceptofeventsandpromotionsisnewtoyouthenbeginbyrunningonemajor
eventandoneminoreventforeachmonthoftheyear4
KizerandBenderrsquosadvicetoplanbothmajorandminoreventsintoyourstorecalendarshouldnotbeoverlookedWhetheryousellpetsuppliescraftitemswomenrsquosfashionsorpaintandhardwarethereisanever-endinglistofeventpossibilitiesforyournichestoreOnewaytoidentifywhattypesofeventsmaybebestsuitedforyourcustomersistoaskthemdirectlyLeaningonyoursocialmedianetworksaswellasin-storestaffcommunicationaskyourcustomerspointblankwhattypesofeventstheyrsquodlovetoseefromyouAlsohostafeweventswithatrial-and-erroragendathatallowsyoutoidentifywhicharemoresuccessfulthanothers
RETAILTIPGenevaIllinois-basedretailerShariRalishopenedhergeneral
merchandisestoreinFebruary2010DuringthefirstyearofbusinessRalishrarelyhostedin-storeeventsanddidnotfactorinthevaluethatthesecouldhaveonherbusinessuntil2012AtthistimeshemademonthlyeventsapriorityandroutinelyscheduledbothminiandmajoreventsinherstorehostingonaveragesixeventsamonthFrom2011to2012salesasadirectresultofin-storeeventsincreasedby86percentandfrom2012to2013salesincreasedby27percentduetostoreeventsTocontinuethistrendRalishlooksaheadbynolessthansixmonthstoensurehereventcalendarissecurelyidentifiedrangingfromvendortrunkshowstoproductsamplingeventstolivemusicbeingplayedinherstoreThisalsoallowsRalishtocommunicatewithhercustomersinatimelyfashionsharingeverythingthatistakingplaceinherstore
WhenplanningeventsyoushouldconsidernotonlywhattheeventisbutalsowhenitisForexampleyoumayfindhostingthesameeventonaWednesdaynightandaSundayafternoonattractsmorepeopleonetimeversustheotherDonrsquotletthisbringyoudownbutinsteadattempttounderstandwhythismaybeInresponsebegintoplanyourfutureeventsaccordinglyOnlytrialanderrorcanhelpyoutoidentifywhatrsquosrightforyourcustomersandyourstoreThekeyhereistotrackeacheventsothatyoucanleanonyoureventhistorytohelpincreaseyourfutureeventsuccessSomethingstoidentifyandtrackfromeach
increaseyourfutureeventsuccessSomethingstoidentifyandtrackfromeacheventinclude
1HowfarinadvancedidyouplantheeventIfyouaddalast-minuteeventtoyourcalendarandfailtogiveitalotofmarketinginadvancethiscouldaffecttheeventrsquossuccessrateMeanwhileifyouhaveaneventidentifiedsixmonthsoutandstrategicallyidentifywhenyouwillannounceittoyourcustomerspreparepressreleasesforthelocalmediaandincorporatedetailsoftheeventintoyoure-mailmarketingplansandsocialmediathiswilllikelyincreaseyourchanceforastrongerreturnonyoureventinvestment2HowdidyoumarketeacheventForminoreventsyourmarketingplanmaybeacombinationofsocialmediain-storecommunicationandcustomerphonecallsHoweverforamajoreventyoumayincreaseyourmarketingreachbydoingpostcardmailerstoyourstoremailinglistreachingouttoyourlocalmediaforpressattentionandworkingwithoutsidevendorsandlike-mindedbusinessestoreachalargeraudienceofpotentialcustomersandattendeesAlwaysmakesuretotrackandidentifyyourmarketingeffortsmdashnomatterhowsmallorlargemdashsothatoncetheeventisoveryoucanreflectbackandseehowthesedetailsaffectedyoureventAneasywaytodothisisbycreatinganExcelspreadsheetthatactsasachecklistofwhatyouneedtodoandwhatyouhavealreadydoneSnapRetailrsquosonlinecalendaralsocansupportyouinthistracking3WhowasinvitedtoeacheventManyretailershaveopeninvitationsandwelcomeanyoneandeveryonetotheirstoreeventsThismakessenseandisagreatwaytoincreaseyourchanceofstrongersalesHowevertheremaybesomeexceptionstothisruleandonoccasionadedicatedinvitelistisidealOneexampleofthiswouldbeifyouarecelebratingastoreanniversaryandwanttorewardyourtopcustomerswithaspecialpartymakingitaninvite-onlyeventthatyouplanduringtraditionallyclosedhoursYoucouldkeepyourstoreopenuntilyournormalclosingtimewelcomingallcustomerstoenjoyyouranniversarycelebrationswithproductincentivesstorespecialsandotherpromotionalexperiencesandthencloseandlockyourstoreforaprivateinvite-onlycelebrationthatbeginsafteryourstoreisofficiallyclosedtothepublic4Whatin-storeexperiencesdidyouofferateacheventOtherthan
sellinginventoryandprovidingaplaceforyourcustomerstoshopwhatdidyoudoinyourstorethatmadeyoureventmoreuniqueSomeideastoconsiderwouldbehavinglivemusicofferinganassortmentoffoodanddrinksinvitingavendortobeonsiteandengagewithcustomershostingabooksigningsharingproductdemonstrationsofferinghands-onexperiencesthatmayincludeclassesormakingcraftsandofferingcustomersminifacialsmanicuresorotherspaexperiencesDependingonyournicheaudiencetheideaswillvarybutthegeneralideatogainhereisthatbyintroducingexperiencesinyourstorethatdonothappenonanormaldayyouareofferingastrongerreasonforconsumerstowanttoattendyoureventRemembertorecordthedetailsofwhatitisyouofferallowingyoutoreflectbackonhowthismayhaveincreasedstoresalesandstoretraffic5WhatwerebothyourexpensesandsalesasadirectresultofeacheventTheentirereasonthateventsareundertakenistomakemoneyplainandsimpleNaturallytherewillbeexceptionstothissuchasifyouhostaneventtoraiseawarenessforalocalcharitybutformostofyoureventsmakingmoneywillmdashandshouldbemdashyourgoalMakesurethatyousetasalesgoalforeacheventandplanyourmarketingeffortsaccordinglymdashhelpingyoutoreachyourgoalswhilealsostrengtheningyourchanceofhavingasuccessfuleventBesuretoalsoidentifyandtrackanyadditionalexpensesthatyoumayincurwhenintroducingeventstoyourstoresuchasbuyingfooddrinksandotherpromotionalitemsthatcouldincludeballoonspaperplatesnapkinsandmore
WhilecreatingmanagingandexecutingeventsmayseemlikeadauntingtasktherewardyouseeinsalesshouldhelpyoutostaymotivatedinkeepingupwiththisagendaSomefinaltime-savingtipswhenpreparingforin-storeeventscomefromNolchaEventscofounderKerryBannigan
YoucanneverbetoopreparedwhenitcomestoplanninganeventmdashnomatterhowlargeorsmallMakeanactionplanandconsiderthetimingforyourneedsPrintingpromotionalmaterialsschedulingproductdeliveriesandbuyingrefreshmentsforyoureventshouldallbeconsideredwellinadvancetoensurethatyoudonrsquotmissabeatItrsquosalsoagoodideatoconsiderpreparingyourstoretheeveningpriortoaneventafteritclosesfor
thedayallowingyoutogetorganizedandreadytogowithoutthechaosofcustomersorotherstoreoperationalresponsibilitiesFinallyworkingwithlocalbusinessesinyourcommunitytohelppromoteyoureventcanneverhurtDonrsquotwaituntilthelastminutetoseektheirsupporthoweverIdentifywellinadvancewhatlocalbusinessesyouwanttogetinvolvedinyoureventmarketingandthengetintouchwiththemrightawaytoidentifyhowyoucanmutuallysupporteachotherthroughthisprocess5
HighlightingInventoryThroughDisplays
Eventscertainlycanhelpretailerstopushsalesandgainvisibilitybutyourday-to-dayexistencewillalwaysplayakeyroleinyourretailsuccessCathyWagnerCEOandfounderofRetailMAVENSbelievesthatthekeytothisiskeepingthingsconstantlymovingaroundyourstoretoincreasethechanceofsell-through
TherearetwothingstoconsiderwhenpushinginventoryYouhavetoremainawareofthenewergoodsbutdonrsquotforgetabouttheoldstuffJustbecauseitrsquosolderdoesnotmeanthatitneedstobemarkeddownalthoughincaseswhereitemsarenrsquotsellingthiswillbeyoursolutionThekeyistoidentifywhatissellingandwhatisnotsellingnomatterhowneworoldtheyaretoyourstoreassortmentOnewaytodothisistosimplymovethingsaroundyourstoretoincreasesell-through6
WagnerrsquosadvicetomoveinventoryaroundyourstoreisaclassicexampleofhowmerchandisingcanaffectproductsalesAgreeingwithWagnerareretailexpertsKizerandBenderwhobelievethatldquoyoursalesflooranddisplaysrequireconstantreinventionsothatshoppersdonrsquotgetboredandgosomewhereelserdquo7
RETAILTIPLightingiscommonlyoverlookedinretailspaceshoweverithasthe
LightingiscommonlyoverlookedinretailspaceshoweverithasthepotentialtotransformastoreaswellasacustomerrsquosexperiencewithinaretailenvironmentProperlightingcanenticecustomerstoengagewithproductsaswellasleadthemtocertainareasofyourstoreOnthecontrarydarkspaceswithinretailenvironmentsmaycausecustomerstostraintheireyesornotviewinventoryondisplayatallEnsureyourstorehasadequatelightingfromallanglesbyincorporating
accentlightinghighactivitylighting(suchasnearyourcashwraporbyadressingroom)ambientlightingthatmayincludeasingularstorechandelierandcaseandshelvelightingtohelphighlightspecificmerchandiseWhilethereisnosinglestoreformulaforlightingonegeneralruleofthumbtofollowistochangeyourlightingasyouchangeyourdisplays
KeepingcustomersvisuallyengagedintheirshoppingexperienceisaconstantresponsibilityforretailerstokeepupwithAgreatdisplaymaybejustthatmdashgreatmdashbutafterawhileitisnolongerexcitinginterestingorengagingforyourcustomersbecauseitwillinevitablybecomestaleYourjobasaretaileristoneverletthishappenbutinsteadconsistentlyoffercustomersvisuallyengagingexperiencesthroughconstantlyrotatingstoremerchandiseanddisplaysAlthougheveryinchofyourstoremustbekeptupwithregardto
merchandisingsomekeyareastopayspecialattentiontoinclude
1StorewindowsAretailerrsquoswindowsoffercustomersafirstchancetoformanimpressionofthestoreAndastheoldsayinggoesldquoFirstimpressionshaveaboutthreesecondstomakealastingimpactrdquoWiththisinmindaskyourselfifyourstorewindowsdeliverastronglastingimpressionIfyoursquoveanswerednothenitrsquoscriticalthatyouaddldquochangestorewindowdisplaysrdquotoyourimmediateto-dolistYourgoalshouldbetocreateadisplaythatnotonlycapturestheattentionofapreviouscustomerbutalsoenticesapotentialcustomerwhohasneverbeeninyourstoreWindowsofferthechancetohighlightstoreinventorythroughdisplaysbutalsoareagreatplacetotellastorythatrepresentsyourstoreversusactuallyhighlightingwhatyousellForexampleyoucouldcreateawindowthathasanoversizedteddybearsittingonaminiaturechairwithaboldhighlightedcalloutsayingldquoLetustaketheweightoffyouthisValentinersquosDayrdquotodemonstrateyourstoreasthego-tospotforgift
givingWindowsofferachancetohavefunandgetcreativebutultimatelytheymustattractattentionforyoutoattractsalesAgoodgoalforkeepingupwithyourwindowdisplaysistochangethematleasteverytwotothreeweeks2Immediate-rightzoneStudiestellusthattimeaftertimecustomersturntotheirrightoncetheyenterastoreLikelythisisduetomostfolksbeingright-handedbutdespitethereasontherealtakeawayhereistofocusonwhatyouofferthroughdisplayandmerchandisingtotheimmediaterightinyourstoreDoesthisareacapturecustomerattentionAreyouhighlightingmust-haveitemshereoristhisspacewastedbynothavingadisplayatallConsiderwhatyourstorecurrentlyhasinthisareaandthenplantoincreaseitsmerchandisingvaluebystrengtheningyourdisplaysandproductassortmentthereKeepinmindthatwhileyouwantyourcustomerstostopshopandgetengagedthisisalsoahigh-trafficareaforbusyretailerssoyouwanttoallowenoughspaceforcustomermovementsothatcustomerscaneasilypasseachotheraswell3StorestoppersSometimesrecognizedasstorespeedbumpsstorestoppersaredisplaysthatstopcustomersintheirtracksandgetthemfocusedonadisplayorproductIncorporatingafewstorestoppersthroughoutyourretailspaceiskeyinkeepingyourcustomersengagedandshoppingthroughouttheirentirein-storeexperienceRatherthanbundlingyourstore-stopperdisplaysclosetoeachotherspreadthemoutthroughoutyourentirestoretokeepyourcustomersmovingandinterestedastheynavigateyourstorespaceIdeallyyoushouldhaveaboutfivestorestoppersforevery500squarefeetofstoreTheycanbeontabletopdisplaysorshelvesbutshouldallowcustomerstotouchandinteractwiththeproductversusmakingthemhavetoaskforsupportinhandlingthefeatureditemsondisplaySomestoresmayrunintochallengesheresuchashigh-endjewelrystoresbuttheideastillshouldbeapplied4Point-of-sale(POS)areaThereisnogreateropportunitytoincreaseyoursalesthanbyincreasingeachindividualpurchasebeingmadeRetailerscanapplythisstrategytotheirstoressimplybystrengtheningtheirPOSareaswithproductsthatmakegreatadd-onsalesorimpulsebuysforcustomerswhohavealreadydecidedtobuysomethingEssentiallythisisyourstorersquoscheckoutspotandwhenacustomerlandshereitmeansthatheorshehasdecidedtomakea
purchaseThisisyourchancetoincreasethetotalpurchasevaluebykeepingthecustomerengagedwithbothinterestingandnecessity-baseditemsthatheorshecaneasilyincludeinthepurchaseIdeallyyouwanttokeeptheitemsmerchandisedinyourPOSarealowerinpricerelievingthecustomerofhavingtothinktoomuchaboutwhetherornotheorsheshouldbuyanitemProductspricedat$1$5$10andunder$20aregreatcandidatesforthisareakeepinginmindthatthesepricesshouldreflectyourtargetaudienceandtotalstoreinventoryassortment5SalesectionNotallretailershaveadedicatedsalesectionpermanentlyintheirstoresbutwhetheryouofferthisseasonallyorfulltimethisareaoffersagreatchancetoengageyourcustomersthroughdisplaysUnlikeyourstore-stoppersectionsandPOSareayoursalesectionshouldleanmoreheavilyonpromotingthevalueofthesalediscountversustheproductitselfIfyouareofferingsomethingat50percentoffforexamplethismessagealonetocustomerswillgetthemmoreexcitedthanbyhighlightingwhatisactuallyforsaleLeaningonstoresignagecompaniessuchasBoutiqueVisioncomforstrongsignagecanhelpyouachievethis
InadditiontothesefivekeyareasofstoredisplaysyoualsoshouldincorporatesomemerchandisingtechniquesthroughoutyourentirestoretohelpincreasesalesAmongthebestwaystodothisistocross-merchandiseinventoryallowingmultiplechancesforyourcustomerstoseesomethingondisplayThemainreasonthatthisissovaluableforyourbusinessisthatcustomersdonrsquotseeeverythinginyourstoresoofferingthemthechancetoseesomethinginmorethanonespotincreasesthechancethattheywillactuallyexperienceitFurthermorerepetitionofproductsincreasestheconsumerrsquosimpressionofitwhichalsoincreasesthechancethatheorshewillwanttoknowmoreaboutaproductandthatultimatelyincreasesyourchanceofsellingthatproductAnothertactictoapplytoyourstoremerchandisingisthatofstaplesand
statementsIfyourstorehasitemsthatarealwaysinstocksuchasplainwhiteT-shirtsor8-by10-inchframesthencreateanareaofyourstorethathighlightsyourstorestaplesTrainyourcustomersthroughstoresignageandstaffcommunicationthatyoualwayshavethesestapleitemsinstockthereforehelpingtoincreasethechancethatyourstorewillbecomethego-toplacefortheseidentifieditemsOnthecontraryifyouhaveitemsthatareseasonalquick
sellersortrenditemsthesewouldfallintothestatementcategoryTheseitemsdeservesomehighlightedattentionaswellandwouldmerchandisewellinyourstore-stopperspotsandinwindowdisplaysItrsquosnosecretthatmerchandisingastoreisagiantresponsibilitythatrequires
notonlyskillbutalsotimeTohelpmakesurethatyoudonotneglectthisimportantstoreresponsibilityaddmerchandisingtoyourstorecalendarSpecificallyaddwhatneedstobedonesuchaschangingafront-windowdisplayorrearrangingyourPOSdisplayareaGenerallyspeakingyoushouldrotateyourin-storedisplaysonaweeklybasistokeepthingsfreshandexcitingforyourcustomersandyoushouldchangeyourfront-windowdisplaysnolessthaneverytwoweeks
UsingModernTechnologyinYourStore
InadditiontoclassicmerchandisingtechniquesretailersshouldconsiderhowmoderntechnologycanbeincorporatedintotheirstorestrategyiPadsforexamplearebeingusedincreasinglyforcustomerengagementSomelocalretailersareintroducingiPadsintotheirstoresasawayforcustomerstocheckinontheirsocialmediasitessuchasonFacebookorFourSquareinanefforttoincreasetheirstoreexposurethroughtheircustomersrsquosocialnetworksOthersuseiPadsasawaytofurthercommunicatewiththeircustomerswhiletheyareonthesalesfloorldquoWithaniPadinhanditrsquoseasytopullupyouronlinestoreoranInstagram
feedtoshowitemsastheymightlookinacustomerrsquoshomeorshowcustomersothercoloroptionsthatmightbemomentarilyoutofstockrdquo8CEOVaughanRowsellofVendaloyaltyandPOSsystemcompanyshareswithus
RETAILTIPModerntechnologywillcontinuetoimpactretailershoweversome
thingswillneverchangewhenitcomestocreatingadynamicretailenvironmentFormerchantsthesoundscustomershearintheirstoreswillalwaysplayaroleintheirsellingsuccessretailexperiencesandoverallstoreenvironmentFortunatelymerchantscaneasilycontroltheirstore
storeenvironmentFortunatelymerchantscaneasilycontroltheirstorespacethroughsoundbyintroducingcustomizedradiostationstotheirstoresCalifornia-basedcompanyRetailRadioprovideslicensedmusicand
customizedradiostationsforindependentretailersandotherbusinessownersTheirgoalistocreateaprogrammedmusicstationthathastheretailerrsquoscustomerinmindinadditiontocreatingcommercialsthatpromoteeachrespectivestoreEssentiallyRetailRadiocreatesin-storecustomercommunicationplatformsthroughmusicandmessagingAnaddedbonusisthatthemusictheyofferisalllegallylicensedmeetingalllegalrequirementsforcommercialbusinessestouseInadditiontosupportingretailersthroughcustomizedmusicand
messagingRetailRadioprovidesothersensory-basedsupportformerchantsaddressingtheneedsofsightsoundscentandsalesYoucanlearnmoreaboutRetailRadioatRetailRadiobiz
AsVaughanexplainedusinganiPadaspartofyourstoreexperiencenotonlycanhelpyouasamerchantbutalsocankeepcustomersengagedAnotheraddedbenefitthatiPadsofferretailersisthechancetoeliminateadestinationspotforcheckoutproceduresandinsteadwelcomeanyspotasachancetoringupasaleRowsellcontinues
TheiPadasaPOSistotallyrevolutionaryforanumberofreasonsThefirstandpossiblythemostvaluableisthatofitsmobilityYoucanuseaniPadanywhereexpandingyourreachforpotentialcustomersandultimatelysalesWhetherinfoodtrucksretailtrucksfarmersrsquomarketsattradeshowsorinyourownstoreyouriPadcanprocesstransactionsforyourbusinessBecauseofthiswhatrsquossoamazingfortraditionalbrick-and-mortarretailersisthattheycancompletelydoawaywiththecheckoutcounterandcreateacompletelyuniquecustomizedretailexperienceImagineaniPadPOSsystemgivesyoutheluxurytoprocesssalesanywherewhilealsoeliminatingtheneedforacheckoutcountertodisruptyourretailstoredesignMoreoveryoudonothavetointerrupttheshoppingexperienceasyoudragyourcustomersacrossthestoretocheckstocklevelsorringuptheirpurchasesInsteadallofthiscanbetakencareofrightonyourshopfloorbecauseofaniPadPOSsystem9
CertainlyaportablePOSsystemcourtesyofaniPadhasitsbenefitsas
CertainlyaportablePOSsystemcourtesyofaniPadhasitsbenefitsasRowsellpointsoutButonethingretailersshouldconsiderwhenintroducinganiPadintotheirstorersquosenvironmentisitsvulnerabilitytobedamagedorpossiblyevenstolenIfyoudohaveacheckoutareainyourstorekeepingyouriPadinadesignatedspotwithinthislocationisonewaytohelpmanageitsvulnerabilityAlsoyoumayevenconsiderlockingitinadrawerHoweverthemosteffectivewaytokeepyouriPadaccessibleandusefulistohaveitsecurelyfastenedtoaniPadstandthatislockedinplacewithinyourstoreThereareanumberofmodelsavailableforretailerstoconsiderbut
essentiallyretailersshouldlookforaniPadstandthatsecurelylockstheiriPadinplaceonlyreleasingitonkeyretrievalorbyenteringacodeRetailerswhowantaportableiPadthatcanmovearoundthestorewiththemshouldconsideriPadcartsandothermovingdevicesthatallowretailerstoeasilybringalongiPadsanywhereinthestorewhilekeepingtheirhandsfreetosupporttheircustomersandattendtootherstoreresponsibilitiesThesetypesofiPadcasescartsandothersecurity-focusedproductsmaybeavailablefromyourPOSproviderbutarealsoavailableatiPadEnclosurescom
IdentifyingWhetherMobileCommerceMatters
iPadsarecertainlyatechnologyofthepresentandfuturethatwedonrsquotforeseeleavingtheretailsceneforalonglongtimeThatsaidmobiletechnologycontinuestobeapopularconversationinretailbutitshouldberecognizedthatm-commerceisnotgrowingasoriginallyanticipatedamongsmall-businessownersM-commerceotherwiseknownassellingviamobiledevicesrepresentsaminorityamongInternet-basedpurchasesandmostconsumersstillleanontheircomputersortabletswhenbuyingonlineJasonRichelsonfounderandCEOofShopKeepPOShasspenthisentire
careerinretailandbelievesthatsimilartocredit-cardadoptionnotallsmallbusinesseswillembracemobiletechnology
Thebigtalkingpointwithinthepaymentsworldin2013hasreallybeenmobileButIhavetosayIrsquoveseenlittletononeofthattalktranslateforsmallbusinessesTherearemanypredictionsabout2014astheyearofmobilebutIdonrsquotthinksmallretailersbyandlargewillmovethatquickly
Takecredit-cardadoptionforexampleDespitemorethan40yearsofusealargepercentageofsmallbusinessesstilldonrsquotacceptthemSimilarlytheadoptioncurveformobilepaymentswillnotshiftsignificantlyovernightThereneedstobeincentiveitneedstobeeasyandthereneedstobedemandfromconsumers10
WithconsumersinmindaretailerrsquosgreaterinterestinmobiletechnologyshouldbeinembracingtheideathatcustomerslikelywillengagewiththeirphoneswhileinhisorherstorealthoughthisdoesnrsquotalwaysmeanthatcustomersarecompetitiveshoppingonlineOftencustomersrefertotheirphonessimplytocallfamilyandfriendsforproductadvicesendpicturestofriendsforfeedbackseekcouponsfortheimmediatestoretheyareinorsearchforproductreviewsofaparticularitemCompetitiveshoppingdoesexistviamobilephonesbutthisrealityisnrsquotonetosweatoverifyourin-storeexperienceisdeliveringstrongengagementdisplaysandmarketingmdashtherebygivingyourcustomersanexperiencetheysimplycannotgetonlineFinallyneverlosesightofthefactthatshoppingtrulyisasportformany
consumersJustasinacompetitivegameofbasketballfootballoranyothersportshoppingoffersthechanceforyoutowinorlosewhenitcomestoattractingandkeepingcustomerattentionEverydetailthataffectsyourbusinessmustconstantlybenurturedandattendedtojustlikeeverydetailofanyprofessionalsportmattersIntheenditrsquosonlythosewhoarewillingtoworktheirhardestdespiteobstaclesandsetbackswhowillremainstandingandultimatelybecomewinnersinthecompetitivegameofretail
HopefullybynowyouhaverealizedjusthowmuchrangeandtimearenecessarytomanageandmarketaretailstoreInthechaptersthatfollowwersquollunveilwaystoapplypressandmarketingtoyourretailbusinessaswaystogeneratesomewell-deservedattentiontothehardworkyouhavedonetocreateyouruniquestore
ActionGuide
ResearchshowsthatcustomerspreferstorelayoutsthatallowforeasynavigationandmovementthroughouttheirshoppingexperienceMoreoverresearchtellsusthatcustomersrespondreactandultimatelymakepurchasingdecisionsbasedonalltheirsensesmdashnotjustthatofsightaloneTohelpyoumaximizeyourcustomersrsquoexperienceinyourstoreconsider
eachofthefivesensesandtakeactiontoimprovetheirroleinyourstore
1SightFromtheexteriorofyourstoretotheentireinteriorstorespaceidentifywhetheryourstoreisattractiveandcaptivatingingainingcustomerattentionNextlookforanydebrisdirtordustthroughoutyourentirestorespacethatneedstobecleanedupThenvisuallyidentifywhetherastrollerwheelchaircaneorotherassistivedevicewouldbeabletobeusedcomfortablyinyourstoreThesevisualobservationsareonesthatmanycustomersidentifywhenforminganimpressionofyourstoreandshouldbeimprovediftheydonotcurrentlycatertoconsumersrsquoneedsandideals2TouchInstinctivelycustomerswanttotouchthingsandexperienceproductshands-onWalkthroughyourcurrentstorespaceandidentifywhetheryouofferaspacethatencouragescustomerstotouchandinteractwithyourinventoryKeepingproductsateyelevelforhands-onengagementisagoodwaytomakecustomersfeelwelcometotouchyourproductsIncorporatingsignageasnecessarythatstatesldquoFeelfreetosamplerdquoorldquoPleasedonottouchthisdisplaybutwehopeyouwilltouchourotheronesrdquocanlendahelpinghandinencouragingyourcustomerstotouchandinteractwithyourstoreproductsasappropriateForthoseofyouwhohavecustomerswhobringtheirchildrenwiththemcreateadedicatedareaorsimplyhaveasmallbasketwithtoysorwashablecrayonsandpapertodistractkidsfromtouchingyourinventoryandtofreeuptheattentionofyourcustomer3SoundIdentifywhatyourstorecurrentlysoundslikeIsitthesoundofblaringmusicorcoworkerschattingabouttheirweekendplansPossiblyitsoundssilentwithonlytheoccasionalbuzzofadooropeningandclosingCustomerstendtostayinenvironmentsthatmakethemfeelcomfortableandsoundplaysabigroleinthisMakeitaruleforemployeestoeliminatepersonalphonecallsstoregossiporanyotherunnecessaryconversationsthatcustomersmayoverhearInadditionchoosemusicthatisneutrallyaccommodatingtoyourdiverserangeofcustomersKeepthesoundlevelofyourmusicata
moderatelevelaswellthatdoesnotmakecustomersuncomfortableandstillallowsthemtohearyouspeakandallowsthemtospeaktoeachother4SmellAromacanbegoodorbadWhatdoesyourstoresmelllikeIdentifywhatyourstoresmellslikeandwhetherornotthisaffectsyourcustomersrsquoexperiencesItrsquospossiblethatalocalbakeryrsquosaromatricklesintoyourstoreandthusyougainascentoutofyourcontrolOrmaybeyouchoosetoburnincensethatsomecustomersfindunattractiveinscentWhateveryourcurrentsituationisstrivetoidentifyasinglescentthatyoucanalwaysapplytoyourstoreandthatcustomerswillassociatewithyourstoreastimepassesScentssuchaschocolatevanillacoffeeandpineareoftenperceivedasmass-appealingscentswhereasthescentsofflowersorcertainspicesarenotaspreferredbythemassesPickastorescentforyourstorethatissubtleyetcomplementingtoyourretailspaceandthenmakethisyoursignaturescentforcustomerstoassociatewithyourstore5TasteEvenifyourstoredoesnotsellfoodorofferanopportunitytocatertoyourcustomersrsquotastebudsyoucanstillengageyouraudiencethroughthepoweroftasteChooseasignaturesweetsuchasbite-sizedchocolatesorpeppermintsandalwayshavetheseavailableforyourcustomerstotakeAsmallglassofwatercanevenprovoketastebudsandmayextendyoursupportindeliveringstrongcustomercareIfyourstorehasnotintroducedtastetoitsstrategyofsupportingcustomersitrsquostimetodoso
8
ApplyingPressandMarketingtoYourBusiness
LackofattentionnotlackoftimeistheproblemWeallhavetwenty-four-hourdays
mdashZigZiglar(1926ndash2012)authorandmotivationalspeaker
RETAILERSTODAYarebombardedwithplacestogothingstodoandcustomerstoserveDespitetheirbusyscheduleshowevercustomershavehigh
expectationsfromretailersandexpecttheirconsumerexperiencestobetop-notchAlsocustomershavechoiceswhenitcomestomakingtheirbuyingdecisionswhichmakesanyretailerrsquosattempttostandoutinhisorherlocal
marketplacethatmuchmoreimportantLong-timeindependentretailerCynthiaSuttonownerofTheSilverBarnin
ColumbusTexasbelievesthatdespitebusyschedulesandbig-boxcompetitionlocally-basedmerchantshavesomekeyadvantagesthatlargerretailersdonotSuttonexplains
LocalindependentretailerscanreacttocommunityneedsinstantlyForexamplehereinoursmalltowntherewasahorriblecaraccidentwhereayoungchildwasseriouslyinjuredandagrandmotherkilledThecarthathitthemhadnoinsuranceWesprangintoactionandstartedafundraiserwithotherlocalmerchantsOurlocalWalmarthowevercouldnotparticipatebecausetheyhadtowaittogetcorporateapproval1
ThistypeofquickresponseisjustoneexampleofhowlocalmerchantscansupporttheircommunitiesandlocalcustomersaswellasgenerateawarenessfortheirstoresInadditiontoreactingtoaworthycausethisalsoprovidesagreatreasontogainpublicityforastoreUnlikesomemarketingeffortspublicity
reasontogainpublicityforastoreUnlikesomemarketingeffortspublicitydoesnotcostyoualotofmoneymdashifanymdashyetyoucangainexposuretobothexistingandpotentialcustomersExposurethroughpublicityaddsvaluetoamerchantandoftenmakesastoremorememorableThekeyherehoweverishavingastorytotellthatthepresswouldbeinterestedinhighlightingamongtheirmediaoutletsFortunatelythisgoeshandinhandwithalsocreatingastoreenvironmentthatencouragescustomerstocomebackldquoWecanrsquotcompetewithvolumepricingmassadvertisinganddepthof
inventoryHoweverwecandeliverstrongercustomerserviceandmoreuniqueinventorythanbig-boxstoresThisisextremelyvaluabletoconsumersrdquo2explainsSutton
HOWTOWRITEAPRESSRELEASEPublicitywhenmanagedinternallycostsyounearlynothingexcepttime
andpossiblyafewadditionaldollarsForthemostparthoweverpressisfreeWiththisinmindunderstandinghowtowriteapressreleasecanhelpyoupitchyourstoretolocalandnationalmediaincreasingstorevisibilityandencourageagrowthinsalesUsingthetipsbelowlearnmoreabouthowtowriteapressrelease
1ApressreleaseisastatementintendedtosharenoteworthynewseventdetailsandotherinterestingfactswiththemediaWhenwritingapressreleaseyouwanttokeeptheaudienceinmindandanswerthequestionsldquowhordquoldquowhatrdquoldquowhenrdquoldquowhererdquoandldquowhyrdquo2AllcriticalinformationshouldbeconciselysummarizedwithinthefirstparagraphofyourpressreleaseallowingbusyeditorsandothermembersofthemediatoquicklyidentifywhatitisyouwanttoshareThefollowingparagraphsshouldelaborateonthedetailssharedIncludingquotesfromrelevantpeopleinvolvedinthenewsyouaresharingwhetheryourselforastorevendorforexamplecanaddvaluetothepressrelease3PressreleasesshouldideallybenomorethanonepageandshouldbeconstructedinstandardpressreleaseformatThisincludesidentifyingyourstorenamecontactpersonandcontactdetailsinthetopleftcornerprovidingacaptivatingtitleandsupportingtaglineforyourpressreleaseandprovidingthereleasedateandcityofthepressreleasepriortoyourfirst
sentenceInadditiontheparagraphsthatfollowshouldsharedetailedinformationaboutyourstoreandthepurposeofyourpressreleasewhileofferinggeneralorinterestingfactsAnexamplewouldbe
MarsquosGeneralStoreContactJaneSmithPhone5555555555Emailshopmasgeneralstorecom
MarsquosGeneralStoreIntroducesExtendedShoppingHoursonWeekends
DoorstoOpenat9amtoAccommodateCustomerRequests
May12014(GenevaIL)mdashKickingoffthespringshoppingseasonMarsquosGeneralStoreisexcitedtowelcomecustomersat9ameverySaturdayandSundayintotheirdowntownGenevastoreAfteryearsofcustomersrequestingearliershoppinghoursMarsquosGeneralStorelooksforwardtosupportingcustomersontheirweekendsshoppingforgeneralhouseholdsuppliesandothereverydaynecessitiesAndallcustomerswhoshopMarsquosGeneralStorebefore11amwillbeofferedcomplimentarycoffeeorjuiceldquoItrsquosimportantforustokeepourcustomershappyandtheseadditional
storehourswillallowthemtogettheirweekenderrandsofftoanearlystartwhichwersquorethrilledtosupportrdquostoreownerJaneSmithstatesBasedindowntownGenevainthehistoricshoppingdistrictMarsquos
GeneralStoreisafavoritedestinationamonglocalresidentstostockuponhouseholdsuppliesandeverydaynecessitiesInadditiontotheirwell-stockedshelvesMarsquosGeneralStorewillbeofferingtheirearlybirdcustomerscomplimentarycoffeeandjuiceTolearnmoreaboutMarsquosGeneralStoretospeakwithownerJane
Smithortorequesthigh-resolutionimagespleasecontactus5555555555orshopmasgeneralstorecom
4PressreleasesshouldaimtobeconciseclearcorrectandcourteouskeepingyouraudiencersquosattentionwhilebeingdirectandinformativeinthenewsyoushareAttheendofyourreleaseidentifyitsconclusionwiththreenumbersignsThisindicatesitiscompleteandispartofthegeneral
threenumbersignsThisindicatesitiscompleteandispartofthegeneralformatofwritingapressrelease5SendingapressreleasedoesnotguaranteepresswillbereceivedBesuretofollowupwithyourmediacontactsandrespecttheiroutreachtoyouaswellshouldtheywantmoreinformationLikeyoumediaprofessionalsarebusypeoplesotryandgetbacktothemassoonaspossibleshouldtheywantmoreinformationaboutthenewsyoushared
Customerserviceanduniqueinventoryaretwowell-knownfactorsthatmakeindependentretailersstandoutfrombig-boxstoresYetmerchantsoftenunderestimatetheirvalueinthepressAsSuttonbelievesldquoBasicisgreatatbigboxspecialisgreatat
independentsrdquoWiththisinmindIencourageyoutoconstantlyseekoutwhatmakesyourstorestandoutamongothersIsittheuniquestoryofanemployeeofyourstorewhohappenstoexcelatcustomerserviceIsittheone-of-a-kindproductsbylocalartisansthatyousellmadeIsitthefactthatyourstoreunlikesomanyothersoffersanexperiencethatcanrsquotbeduplicatedanywhereelseOrpossiblyisitarandomcustomerexperienceyouhadthatoffersagreatstorytosharewiththepressAsaretaileryouneednotonlytostrivetomakeyourstorememorableand
uniquebutalsorecognizewhenuniqueandmemorablethingshappenwithinyourstoreenvironmentInresponsetothesescenariosyoushouldbepreparedtosharethedetailswithcustomersviathepresstheInternetthroughe-mailandviaotheravenuesthatcangenerateawarenessofyourstoreSuzyTeeleCOOofSnapRetailcomaready-to-usemarketingsolutionfor
independentretailersbelievesthatwhilecustomerserviceandproductassortmentaddvaluetoashoppingexperiencemerchantstodayshouldnotignorethevalueoftheirstorepersonalityaswellSheexplains
ldquoIthinkthebiggestmisconceptionthatretailersfacetodayisthatsometimestheyrelytoomuchontheirproductstogetcustomersintotheirstoresBrandsgoinandoutoffavorsobrandsalonearenrsquotenoughIndependentretailersshouldrememberthatitrsquosnotonlythemerchandiseitrsquosalsohowtheymerchandisethemerchandiseInotherwordscreatingastrongstorepersonalityandstoriesaroundthemerchandisewilldrivestoretrafficandreducethefocusoncompetitivepricing3
RETAILTIPOnlinemarketingandpresscanhelpgeneratestorevisibilitybutdonrsquot
neglectthepowerofgoodold-fashionedstorepackagingAfamousexampleofthisistheTiffanyblueboxorbagrecognizedbycustomersasapurchaseofluxuryandbeautyWhileyourstoremaynotcatertothesameclientelethatTiffanydoesthisshouldnotkeepyoufromaimingtohavestrongstorepackagingAneasywaytoenhanceyourstorepackagingistoinvestinasignature
bagthatisusedanytimeacustomermakesapurchaseRatherthanuseagenericbrownorothercoloredbagthathasnobrandimpressionsonitconsidercreatingacustomizedbagthatcurrentandfuturecustomerscanbegintorecognizeyoubyOvertimeyourbagwillbecomearecognizedsymbolforyourstoreincreasingcustomerawarenessofyourbusinessAdditionaltipstohelpbrandyourstorethroughpackagingincludeusing
thesametissuepaperribbonandgiftwrappingpapereverytimetheyareneededInotherwordsconsistencyiskeyhereTohelpyouaccomplishthisleanonanoutsidecompanythatspecializesinsupportingbusinessessuchasindependentretailersthroughpackagingOnesuchcompanyisPremierPackagingasmallbusinessthemselveswhosupportretailersthroughsalesofgiftboxesgiftbagstissuepaperribbonsandcustomizedoptionstohelpstrengthenaretailerrsquosbrandandvisibility
TeelersquosperspectiveiscommonamongretailexpertsandsupporterswiththeideathatproductalonecannotmakeyouasuccessfulretailerShecontinues
InmyexperiencethestoresthatIhaveseensucceedhavebeenabletodosobecausetheymaketheircustomersfeelasthoughtheyarepartofsomethingspecialTheymakecustomerswanttoshopthereThisisaccomplishedbycreatingthatstrongstorepersonalitysharingthatpersonalitythroughsocialmediaandinvitingcustomerstobepartofitthroughe-mailmarketingandotherpromotionaleventsUsingthelatestmarketingtoolsindependentretailerscancreatetheirbrandsandstorepersonalitiespositioningthemtoeffectivelycompetewithbig-boxretailers4
CompaniesthatprovidemarketingtoolsforindependentretailersarebecomingmoreandmorecommonSnapRetailisagreatexampleofthistypeofcompanyprovidingready-to-usemarketingforindependentretailersinavarietyofwaysFoundedin2010SnapRetailprovidesprewrittencontentintheformofe-mailssocialmediapostseventmarketingandmoreallspecifictoindependentretailersTheireasy-to-usemarketingsolutionhelpsretailerstobettermanagetheirtimewhilebecomingmoreengagedinallthenecessaryavenuesofretailincludingmarketingsocialmediae-maileventplanningandgeneralpromotionalexposureTeelesays
SnapRetailcustomersoftenseeabouta15to20percentincreaseinsalesandastrongerengagementthroughsocialmediawithcontinualuseofoursolutionOurmostsuccessfulretailersengagewiththeircustomersonsocialmediasiteslikeFacebookatleastonceadayandsendmeaningfule-mailstwotothreetimesperweek5
InChapter9wersquollfurtherdiscusshowSnapRetailrsquosmarketingsolutionsspecificallyapplytoonlineefforts
UsingE-mailtoCommunicateStoreMessages
Increasingyoure-mailopenratewhichidentifieshowmanypeoplewhoreceiveyoure-mailsactuallyreadthemisanimportantgoaltohaveYetretailersoftenstrugglewithwhattosayandhowtocreateastronglayoutfortheire-mailsSnapRetailrsquoslibraryofprewrittenandprofessionallydesignede-mailtemplatesdoestheworkforyouevenofferingacalendarfeaturewiththesoftwaresothatyoucanscheduleandmanageyoure-mailandothermarketingcommunicationsIncorporatingsolutionssuchasthisintoyourmarketingplanisagreatwaytomakeyourto-dolisteasierwithoutcompromisingthesuccessofyourstoreInfactthegoalistoincreaseitMarketingcommunicationsmanagerJessicaMorettiofSnapndashRetailisalways
searchingforthebestmessagesretailerscansharewiththeircustomersprovidingwithusfivetipsthatretailersshouldleanonwhencreatinge-mailsfortheircustomers
1ContentcontentcontentContentiskeytoengaginge-mailmarketingAlwaysensurethatyoure-mailscontaincontentthatistimelyrelevantandvaluabletoyourreaders
2LightscameraactionAgoode-mailcontainsoneclearcall toaction(CTA)YourreadersshouldknowexactlywhatyouwantthemtodoanditshouldberelativelyeasyforthemtocompletetheactionmdashldquoShopoursalerdquoldquoVisitourwebsiterdquoldquoPinyourfavoriteproductrdquo
3Keepitsimplestupid(KISS)BorrowapagefromtheNavyrsquoshandbookandfollowtheKISSrulewhenitcomestoe-maildesignKeepitsimplebyusingacolorpaletteofnomorethanthreecomplementarycolorseasy-to-readfontsandastructuredformat
4First impressions are everything Give your subject line the love andattentionitdeservesItrsquosthefirstthingyourreaderswillseeandcanmakeorbreakwhetheryourreaderswillopenyoure-mail
5Goneinlessthan60secondsResearchshowsthatyouhavelessthan60secondstograbyourreadersrsquoattentionbeforetheyclickawayfromyoure-mail Because of this it is imperative that your headlines and calls toactions are more compelling than that video of a sneezing panda yourreaderjustreceivedfromafriend6
Keepingthesefivetipsinmindremembertoalsoconsiderhowoftenyoureachouttoyourcustomersviae-mailYoudonrsquotwanttobombardyourcustomersrsquoe-mailin-boxeseverydaybutyoudonrsquotwanttogotoolonginbetweene-mailseitherRecentlyRetailMindedsurveyeditsretailaudienceandaskedthemhowoftentheyprefertoreceivee-mailsfromcompaniestheychoosetofollowaswellashowoftentheysendoute-mailstotheirowne-mailmarketinglistsInresponsetobothquestionsretailerssurveyedthroughRetailMindedcomanditssocialmedianetworksidentifiedonceaweekforeachscenarioAlthoughtherewillbeexceptionsifyouhavesomethingworthsharingwithyouraudienceonaweeklybasisane-mailblastscheduledonceaweekisagoodstartingpointtoplanforyourowne-mailmarketingeffortsTofurthersupportyoure-mailoutreachyouwanttoalsoevaluatethesuccess
ofeache-mailblastyousendoutAnalyzingtheresultsofeache-mailcampaignallowsyoutounderstandwhatismosteffectiveinyoure-maileffortsE-mailmarketingproviderssuchasSnapRetailConstantContactandMailChimpalloffere-mailanalysisaspartoftheirservicesandweencourageyoutomakeitaprioritytoevaluatetheseresultsonaconsistentbasisAmongthemanythingsane-mailreportmaytellyouiswhiche-mailswere
Amongthemanythingsane-mailreportmaytellyouiswhiche-mailswereopenedthemost(theiropenrates)whatdaysandtimese-mailssentweremostreadandwhetherornotpromotionsorincentivesofferedviae-mailgainedastrongerreturnthanothere-mailssentAlittlestudyingofthesereportscangoalongwaysobesuretoaddthistoyourretailto-dolist
UsingtheInternetasaMarketingPlatform
E-mailmarketingisnearlyaclassictechniquecomparedwithotheronlinemarketingeffortsyetitshouldnrsquotbeignoredasyouincorporateadditionalInternet-basedmarketingintoyoursalesandmarketingstrategyOnecompanythataimstospecificallysupportindependentmerchantsindoingthisisBoutiqueWindowThisNebraska-basedcompanydevelopedsoftwaretohelpretailersshowofftheirlatestinventorynewarrivalsstorepromotionsandmoreviaamerchantrsquosownwebsiteandsocialmediaWithasetupthattakesonlyminutesretailerscanuploadandeditphotosoftheirstoremerchandiseaddproductdetailstosupporttheirimagesandpublishimmediatelyonFacebookTwitterPinterestandtheirindividualbusinesswebsitesDoingthishelpsretailerstokeeptheirstorestopofmindfortheircustomersrsquoshoppinglistsanimportantfactortoincludeinyourownretailmarketingCofounderofBoutiqueWindowCourtneyRodgersbelievesthatevenifyou
donrsquotsellonlineyouronlinevisibilityissomethingyoucanrsquotignore
ConnectingwithshoppersonlineisessentialtothesuccessofyourbusinessevenifyoudonrsquotactuallyhaveanonlinestoreShopperstodayareengrossedinthedigitalworldmakingyourstorevisibilitypossiblewithonlyafewsimpleclicksWiththerapidgrowthofsocialnetworksandimprovementsinlocalsearchoptionscustomerscanaccessanyinformationtheywantonlinewithjustaclickortwoOfcourseifyouarenrsquotonlinethenyourstorewillmissoutontheseopportunitiesEvenbrick-and-mortarstoreswithnoplanstosellonlineshouldstillhaveanonlinepresenceforthisreasonalone7
BeingtopofmindisidealforanyretailerbutthosewhohaveyettomakeanonlinepresenceareboundtobeleftoutinthecoldBeingvisibleonlineisa
onlinepresenceareboundtobeleftoutinthecoldBeingvisibleonlineisamustthesedaysevenifyouhavenoplanstoeversellviathewebCreatingawebsitethatcomplementsyourin-storeexperienceandbrandidentityiskeyallowingcustomerstounderstandyourstorepersonalitybothonlineandofflinemorecohesivelyIn2012e-commercesalesgenerated$231billionintheUnitedStatesalone
accordingtomarketresearchfirmForresterThiscompanyalsofoundthatthegrowthofe-commercewhichin2012accountedforabout8percentoftotalretailsalesintheUnitedStatesisexpectedtooutperformthegrowthofbrick-and-mortarstoresoverthenextfiveyearsreaching$370billionby2017WiththesetypesofnumbersindependentretailersshouldnotchallengethequestionofiftheywanttosellonlinebutratherwhentheywillstartFortunatelycreatinganonlinepresenceiseasythankstoe-commercetemplatesfromavarietyofprovidersLeadingthismarketisShopifycomanonlinecompanythatsupportsemergingorexistingretailersandwholesalersintheireffortstocreatesavvycustomer-friendlyonlineshopsShopifyrsquos247supportandeasy-to-customizewebsitetemplatesareidealforindependentmerchantslookingtogetonlinequicklyeffectivelyandaffordablyInChapter9wersquolldiscusshowyoucanmaximizeyouronlinesuccessinmoredetailspecificallylookingatsocialmediaande-commerceldquoIndiemerchantshaveavarietyofchallengesbuttheirultimatechallengeis
alwaysgettingenoughtrafficintheirstoresmdasheitherphysicaloronlinemdashtokeeptheirlightsonrdquo8TexanretailerSuttonstatesWhilethiscouldnotbetrueritrsquosoftentheretailersthemselveswholeadthemselvestoturned-offlightsToavoidthisbecomingarealityforyourstorechoosetobeaggressiveinyourstoremarketingeffortstokeepupwithyourcompetitionandyourcustomersalikeFinallytohelpyoufurthernavigateyourmarketingsuccessasanindependent
merchantwersquoveidentifiedalistofmust-knowbusinessestohelpyoureachyourmarketinggoalsWealsoencourageyoutoexploreAppendixAforamorecomprehensivelistofbusinessesandresourcesthatcanhelpyourbusinessreachitsfullpotential
ResourcesEveryIndependentRetailerShouldKnowAbout
1AmericanIndependentBusinessAlliancewwwamibanetThisisa
nonprofitorganizationthathelpscommunitiesandretailerslaunchandoperatebuy-localcampaignstosupportlocalentrepreneursandeconomies2BoutiqueWindowwwwboutiquewindowcomThiscompanyprovidesonlinemarketingtoshowcaseinventoryviayourwebsiteorsocialmediaoutletsallowingretailerstoengagetheircustomerswithnew-productarrivalsandmore3MOOwwwmoocomThiscompanyprovidesbusinesscardspostcardsstorehangtagsandotherprintgoodsthatarestylishindesignandeasytocustomizetoyouruniquestoreneeds4PremierPackagingwwwretailpackagingcomThiscompanyprovidespackagingsolutionsthatcatertoretailerslookingtoincorporatepackagingoptionssuchasbagsgiftboxesandtissuepaperaspartoftheirstoreidentityandmarketing5RetailRadiowwwretailradiobizCustomizeyourin-storeexperiencewithmusicthatiscatereduniquelytoyourstoreandyourcustomerwhilealsoincorporatingcustomizedmessagingtocreatethebestpossibleambianceforyouruniqueretailspace6ShopifywwwshopifycomThiscompanyprovideseasy-to-customizeonlinestoretemplatesthathelpyoutosellonlineefficientlyaffordablyandprofessionally7SmartSignwwwsmartsigncomSignagecansupportyourstorecommunicationtohelpcustomersnavigateyourstorespaceandmaximizetheirstoreexperienceUsefordisplaymerchandisingorpromotionandincorporatesafetysignagesuchasldquoEmergencyExitrdquoorldquoEmployeesOnlyrdquoaswell8SnapRetailwwwsnapretailcomThiscompanyprovidesprewrittencontentandgeneralmarketingsupportthatincludese-mailsocialmediaandeventmanagementspecifictoindependentretailers9TriparInternationalwwwtriparcomThiscompanyprovidesvisualdisplaysandfixturesthathelpyoutobeautifullyshowcaseproductengagecustomersanddrivesaleswithproductsthatincludetabletopdisplaysjewelrystandseaselspoint-of-sale(POS)accessoriesandmore
10VendwwwvendhqcomManageyourcustomerloyaltyinventoryandPOSsystemswithoneeasy-to-usesoftwareprogramthatisaccessibleon
aniPadcomputersmartphoneoranydevicewithawebbrowserWhilenotmarketing-specificthiscompanyrsquosPOSsoftwarecanhelpyoustreamlinetheentireoperationalproceduresofyourstoreincludingcustomermanagementandexposure
UsingthischapterasyourreferenceyoucanseejusthowmanybusinessesareavailabletohelpyoureachyourfullmarketingpotentialaswellastheneedtoincreaseyourstorersquosvisibilityInthechaptersaheadwersquolldiscussadditionalwaystogeneratemoreexposureforyourstoreultimatelytohelpincreasesales
ActionGuide
CreatingastorepersonalityisakeystepinseparatingyourbusinessfromothersMerchantsshouldtakethetimetoidentifyhowtheywanttobeperceivednotonlybycustomersbutalsobytheircompetitionIdentifyingthecharacteristicsofyourstoreisanimportantstepalthoughitrsquosalsocriticaltorecognizewhetheryourstorersquosperceptionmatchesyourintendedrealityOnewaytodothisistoputyourselfintheshoesofacustomerPuttingyouremotionsasidechallengeyourselftotakeontheroleof
customerinyourstoreBequicktojudgeandimpatientasyouevaluateyourstoreallowingyourselftoholdcharacteristicsofcommoncustomersintodayrsquosbusymarketplaceWithyourmind-setcommittedtobeingthatofacustomerinsteadofastoreownerwalkintoyourstoreandcritiqueyourstorersquosenvironmentAnswerthefollowingquestionsasobjectivelyaspossibleMoreoverinviteatleastthreeandideallyupto10otherpeopletocompletethissameexercise
1WhatdoyouimmediatelyviewasmostappealinginthestoreWhy2WhatdoyouimmediatelyidentifyasleastappealinginthestoreWhy3WhatdiditfeellikewhenyoufirstenteredthestoreExplainyour
emotionalreactionsuchasldquowelcomingrdquoldquoclaustrophobicrdquoldquoengagingrdquoldquodistractingrdquooranythingelseyoumayfeel4ArethereanydistractionsintheretailspacethattakeyouawayfromshoppingorwantingtobrowsethestoreThismayincludepeoplenoisedisplaysoranythingelse5WhatitemsifanylookoutofplaceinthestoreWhydoyouthinkthisis6WhatitemsstandoutthemostWhy7DoanyitemsstrikeyouasbeingoutofplacewithinthestoreassortmentPleaseexplain8ArethereanyitemsthatyoudonrsquotseeinthestoreassortmentbutbelievewouldmakesensetohavePleaseexplain9DothedisplaysengageyouasacustomerHowso
10WhatareasofthestoreappearmostaccommodatingforshoppingandenjoyingPleaseexplainwhyyouthinkthis11WhichareasofthestoredonotattractyoutothematallPleaseexplainwhyyouthinkthismaybe12DoesthestoreappearcleantoyouDoyouseeanyvisibledustorotherdirt13Forstoreswithpublicrestroomswhatimpressiondoestherestroomgiveofftoacustomerobservingit14Doesthecash-wrapareaprovidecustomerswithaplacetoresttheirpurseorsignareceiptandenjoytheircheckoutexperience15Dothewallsneedafreshcoatofpaint16AretherevisibleareasofthestorethatlookasiftheyneedsomeTLCorsomekindofrepairPleaseexplain17Doanystorefixturesoverpowertheinventoryorrestrictyouasacustomerfromshoppingandenjoyingthestoreexperience18DoesthestoresignageattractyourattentionWhyorwhynotIsiteasytoidentifywhatisonsalestorepoliciesspecialannouncementsandmore19Doesanyunstockedinventoryappeartobeonthesellingfloor20Whatisyourultimatefinalimpressionofthestore
OncecompletedreviewyourresponseswithanopenmindandidentifycommonresponsesamongallparticipantsWorktostrengthentheareasidentifiedasneedinghelppositioningyourselftobettersupportyourcustomersandyouroverallbusinesssuccess
PARTIII
MakingaMarkintheEconomy
9
MakingYourPresenceOnline
Makeyourproducteasiertobuythanyourcompetitionoryouwillfindyourcustomersbuyingfromthemnotyou
mdashMarkCuban(1958ndashpresent)DallasMavericksowner
businessmaninvestorONEOFthegreatestmisconceptionsaboutbrick-and-mortarindependentretailisthatitrsquosasolitaryendeavorSmall-businessownershavecountlessoptionsbeyondtheirstorewallsallowingthemtoconnectand
engagewithvendorsretailsupportersandcustomersalikeAmongtheseoptionsaree-commerceandsocialmedia
Ecommercehasgainedabadreputationamongindependentretailersbecauseofthesuccessofbig-boxplayerssuchasAmazonWalmartStaplesandothersAlthoughthisisunderstandableitdoesnrsquotmeanthate-commerceshouldbeignoredbyindependentretailersInfactitmeansthatitshouldbeembracedChoosingnottoengageine-commerceonlyeliminatestheadditionalrevenueandexposurethate-commercecanprovideInternetRetailerMagazinersquoseditorinchiefDonDavissharedhisthoughtsonthevalueofsellingonlineemphasizingaretailerrsquostotalreachofpotentialconsumers
Smallbrick-and-mortarretailerscanreachamuchbroaderaudienceonlinethantheycanintheirphysicalstorefrontsaloneWithaphysicalstoreyoucanonlyreachtheconsumerswithindrivingdistancewithanonlinestoreyoucanatleastreachacrossthecountryandwithalittleefforttheworldMostconsumersareshoppingonlineandabigmajorityofaffluentconsumerswiththemostdisposableincomeareincludedinthisaudienceWithoutane-commercesiteanindependentretailercanrsquotreachmillionsofconsumers1
HarleyFinkelsteinanentrepreneurattorneyandchiefplatformofficeratShopifycomagreeswithDavissharinghisbeliefthatmerchantsshouldnotdifferentiatebetweenofflineoronlinesalesbutinsteadlookatthemtogetherldquoInmyopinionthefutureofe-commercebelongstosmallbusinessesThisisthebiggestopportunityforretailerssincefarmerrsquosmarketsbeganhundredsofyearsagordquo2Finkelsteinexplains
EmbracingEcommerce
Expandingyourreachamongpotentialcustomersseemslikeano-brainerbutmanyretailersarestillhesitanttointroduceanonlinebusinessasasupplementtotheirbrick-and-mortarstoresFortunatelythehasslesandfrustrationsthatpreviouslyexistedwithmanagingonlineshopsareathingofthepastthankstocompaniessuchasShopifycomanonlinecompanycommittedtohelpingsmallbusinessescreatebeautifule-commercestoresthroughitseasy-to-implementwebsitetemplatesFoundedin2006ShopifyhasgrowntosupportovertensofthousandsofonlineretailersacrosstheworldThroughitsplatformuserscaneasilyandquicklycreatetheirownonlineshopswithouthavingtodealwithallthetechnicalworkinvolvedindevelopingacustomizedwebsiteEssentiallyShopifyeliminatesthehassleofrunninganonlinestoremdashsomethingbusystoreownerscanappreciatemdashyetdeliversanopportunityforbrick-and-mortarmerchantstoexpandtheirsalesandvisibilityonlineldquoPeoplesometimeshavethisperceptionthatsettingupanonlinestoreis
difficultandexpensivebutthatrsquosnotthecaserdquo3FinkelsteinexplainsInadditiontoFinkelsteinrsquosowntwocentswehaveexperiencedusingaShopify-basede-commercesitefirsthandonmorethanoneoccasionHavingbeenablenotonlytobuildawebsitethroughShopifybutalsotonavigateandshopShopify-managedwebsitesasaconsumerourcollectiveexperienceallowsustoconfidentlysupportShopifycomasournumberonechoicefore-commerce-basedwebsitetemplateoptionsAmongthevarietyofreasonswepreferShopifyisthatthecompanyoffersadiverserangeofoptionsthatcatertoalltypesofretailerswhilemakingtheuserexperiencefromboththeretailersrsquoandtheconsumersrsquoperspectiveseasyandmdashdarewesayitmdashenjoyableForexampleShopifyoffersanumberofe-commercepackagesthatfitany
retailerrsquosbudgetWithoptionsthatincludeattractivewebsitetemplatesproduct
imagesgiftcardsshopping-cartfeaturescarriershippingandmuchmoreretailerscanconfidentlymanageanonlinestorewithoutwonderingiftheyhavecoveredalltheirbasesAnotherperkofusingane-commercetemplatecompanysuchasShopifyisthatasyourbusinessgrowsandyouronlinesalesincreaseyoucancomfortablyexpandyoure-commercesupportviaShopifywithjustafewsimpleclicksOneexampleofaretailerthatdidjustthatisBeardbrandwhosewebsiteisBeardbrandcomBeardbrandamodernretailerthatsellsgroomingkitsbeardcareandother
lifestyleproductsformenfirstcreatedaShopify-basedstoreinearly2013FounderEricBandholzhadbeenbloggingaboutbeardsforawhilesoheknewafewthingsaboutbeingvisibleonlineThissaidhedidnrsquotknoweverythingheneededtostartandmanageane-commercebusinessThisiswhereShopifycomenteredthepictureDespitehavingonlythreeproductsandnoestablishedsalesBeardbrandfoundinstantsuccessandwasevenfeaturedintheNewYorkTimesmdashanimpressiveaccomplishmentforaretailerthatonlyayearpriorhadnoe-commercebusinessSincethenBeardbrandcomhasexpandeditslineandnowgeneratesupto$60000monthlymdashanumberthatcontinuestoincreaseAnotheronlinesuccessstoryfromaverydifferentnicheretailmarketisthat
ofFringeSportaTexas-basedretailerthatcaterstotheat-homegymenthusiastBrothersPeterandAlexKellerfoundedFringeSportin2010andwithinthefirstyearthecompanybroughtin$100000throughitsonlineShopify-basedstoreBy2012theKellerbrothershadintroducedadditionalbrick-and-mortarlocationsaswellasawholesaleprogramcollectivelygenerating$1millioninrevenuein2012aloneIn2013thatnumbergrewto$3millionOfthat$3million60percentcamefromtheonlinestore
RETAILTIPOneofthemanyperksofusingatemplate-basede-commercewebsiteis
thatitmakeswebsitemanagementeasyandaccessibleformerchantstouseAnexampleofthiscanbefoundbelowinascreenshotfromShopifycomwhereyoucaneasilyidentifywhenorderswerereceivedonlineandhowmucheachorderwasforInadditiontoidentifyingdailysummariesofonlinesalesShopifycomidentifiesweeklymonthlyandtotalsalesmadethroughouteachyearCollectivelytheirextensivereportingande-commercemanagementhelpretailersidentifysalestrendsmissed
opportunitiesandmore
HavinganichemarketcertainlyhelpsretailersBeardbrandandFringeSportstandoutinthemarketplacebutanotherkeyfactortorecognizehereisthedesignandaestheticsoftheironlinestoresBothstoresareeasytonavigateallowingcustomersfromanypartoftheworldtoshoptheirweb-basedstoreswitheaseSupportingyourcustomerswithawell-thought-outeasy-to-navigatewebsiteisnodifferentthansupportingyourcustomerswithawell-thought-outeasy-to-navigatephysicalstorefrontBotharecriticalinkeepingyourcustomersrsquoattentionbuttheyvarytremendouslyinthetricksandtipsnecessarytoaccomplishthisgoalUnlikerunningyourownbrick-and-mortarstoremanagingane-commerceshopdoesnrsquottakeasmuchtimetosetupmanageormerchandisemdashallowingyoutonearlyeffortlesslyintroducethistoyoursalesstrategyparticularlyifyoualreadyhaveanexistingbrick-and-mortarstorewithstockreadytosellThekeyhereasalreadymentionedisusingatemplate-basede-commercewebsitesuchasShopifycomversustakingthetimetocreateyourownwebstorefromscratchNotonlywillthissaveyoutimebutyouwill
alsolikelysavemoneywhenpositioningyourselfonlineinthiswayWhetheryoucurrentlyhaveanonlinestoreplantointroduceyourfirstone
soonorarestillupintheairastowhetherornotyouwanttobringyourbusinessonlinethefollowing10tipsshouldbeconsideredwhenbuildingyourwebpresence
1FocusonwhatrsquosuniquetoyouAsInternetRetailerMagazinersquoseditorinchiefDonDavissharesldquoThereisnopointintryingtocompeteinsellingstandardpapertowelsorsockswithAmazoncomorWalmartcomTheyrsquollkillyouinpriceInsteadfocusonsomethingmoreunusualsuchasaselectionofcrochetingwoollocalhandcrafteditemsoradeepselectionofoliveoiltocaptureabuyingmarketforyourgoodsonlinerdquo6
EXPERTSPOTLIGHTAccordingtoBoutiqueWindowcofounderCourtneyRodgershavingan
onlinepresenceasaretailerisnolongeroptionalldquoDoingapoorjobofrepresentingyourstoreonlinereflectsnegativelyon
yourstorersquosbrandKeepingyourwebsiteandsocialmediaprofilesuptodateshouldbeworkedintoyourregularbusinessscheduleMakesureyoursquorepostingnewmerchandisetoyourwebsiteasitarrivesandsticktoaconsistentsocialmediascheduleaswellrdquo4Rodgerrsquosadvicetomakeyouronlinepresenceapriorityisnrsquotsharedby
heropinionaloneldquoForresterResearchestimatesthatin2014505ofin-storeretailsales
willbeinfluencedbyonlineresearchCommunicatingwhatiscurrentlyinyourstoreisthebestwaytoattractnewcustomersandturnexistingcustomersintorepeatloyalshoppersBeingonlinewillhelpyoudothisrdquo5Rodgersexplains
2CreatestrongproductdescriptionsUnlikeaphysicalstorefrontthathasasalespersonavailabletoanswercustomerquestionsorshareproductinformationanonlinestoreneedstospeakforitselfMakesurethatyouronlinewrittencommunicationisdetailedandeasyto
understandallowingyouronlinecustomerstogainasmuchinformationaboutyourproductsaspossibleFurthermoreyoushouldaimtoprovideengaginginformationtocomplementthegreatproductdetailsyouaresharingKeepingyouraudienceintriguedwillaffectyourcustomerengagementsochoosingtherightwordsiscriticalwhensellingontheweb3UsecrispclearimagesoftheproductsyousellonlineWhileyourproductdescriptionsneedtobestrongyoudonotwanttoneglectyourproductpictureseitherWithoutcustomersbeingabletotouchholdsmelltasteorotherwiseengagewiththeproductstheyareinterestedinyourproductimagesmustreallystandoutandcaptureyourcustomersrsquoattentionDependingontheproductyouaresellingmultipleimagesperproductmaybenecessarytoreallyallowyourcustomerstofeelasiftheyhaveasolidunderstandingofwhatthatproducttrulylookslikeIftakingpicturesisnotyourexpertisebesuretorequestproductimagesfromyourvendorsandalsoconsideranoutsidecompanysuchasBuyersPacketcomwhichoffersastudioeffectservicethatcantakeanypictureandmakeitappeartohavebeenprofessionallyphotographedYoualsoshouldaimtohavehigh-resolutionimagesonyourwebsiteaswell4BeconsistentinyourproductlayoutWithbothyourproductdescriptionsandimagestobeconsideredhereyouwanttohaveaconsistentlayoutforyourentireonlineinventoryInotherwordsdonotgiveexpandeddetailsononeitemandwriteabriefoverviewonanotherorshowacrispclearpictureofoneproductandthenablurrylow-resolutionimageofanotherCustomerswanttheirentireonlineshoppingexperiencetobegreatmdashnotjustsomeofitConsistencyiskeyinachievingthis5IdentifyyourshoppingcartoptionatalltimesWhensellingonlineashoppingcartisreferredtoastheplaceinwhichproductslandonceacustomeridentifiesthemassomethingtheywouldliketopurchaseHavingthisshoppingcartvisiblewithaniconallowsyourcustomerstocheckitemsintheircartsandeasilycheckoutwhentheyarereadyComplicatingthesetwocriticalstepsbymakingyourcustomerssearchforthispartofyourwebsitewillonlydecreaseyourchanceofcapturingtheirsales6DisplaycompanycontactinformationanaboutuspageandotherhighlighteddetailsBynowhopefullyyoursquoverealizedthataneasy-
to-seeandeasy-to-navigatewebsiteiskeytosuccessfullysellingonlineThisalsoholdstrueforanyotherdetailsacustomermaywanttogainfromyourwebsiteincludingcompanycontactdetailsdealsandpromotionsanaboutuspageandmoreWhilesharingthesedetailsmaynotseemlikeabigdealwhatyouarereallydoinghereisgainingtrustfromyourcustomerConsumersonlinewanttofeelsecurewhenshoppingandofferingthemeasy-to-accessdetailsaboutyourcompanycanhelpyouachievethis7OffermultiplepaymentoptionsThelastthinganonlinemerchantwantstoseehappenisgettingabunchofshoppingcartsfilledtopurchaseonlytohavethembecomeabandonedAmongthereasonsthismayhappenisbecauseacustomerdoesnotlikethepaymentoptionsavailableonlineWhenidentifyingwhatchoicesyouwantyourcustomerstohaveinmakinganonlinepurchasevarietyiskeyHavingmultiplepaymentoptionsensuresthatyoumeetmultiplecustomerpreferencessavingyouyetanotherhassleoftryingtoidentifywhatisbestIncludingPayPalandmultiplecreditcardoptionsistypicallymostpreferredbycustomers8Leanone-commercespecificresourcestohelpyoumanageyourbusinessTheannualInternetRetailerConferenceandExhibition(IRCE)offers200+speakersoverafour-dayperiodattracting600ormoree-commercetechnologyandservicevendorstogetherinoneplaceAsDavistellsusldquoWhateveryouneedtosellonlineyoucanlearnaboutitandfindtherightprovidersforyourgoalsatIRCErdquo7ThisisagreateventtoconsiderattendingalthoughyoualsocanstayinthecomfortofyourstoreandvisitInternetRetailercomforfreetrustede-commercesupportaswellasrefertoShopifycomrsquosEcommerceUniversityandgloballyrecognizedblogforadditionale-commercenewseducationandsupportaswell9AvoidchargingforshippingwheneverpossibleWecertainlyunderstandthatthisisnotalwaysthecasebutifyoucanfactorinoccasionalfreeshippingopportunitiesoreliminateshippingcostsaltogetheryouwillbemorelikelytoincreaseyouronlinesalesOnewaytoincorporatethisintoyoursalesstrategyistoeliminateofferingproductdiscountssuchas15percentoffandinsteadapplythesesavingstoyourshippingCustomersnowadaysarebecomingincreasinglymoredependentonfreeshippingthankstoourbig-boxcompetitorssoyouwanttoacknowledgethisrealityheadonrather
thanavoiditWhenshippingcostsarenecessarymakesurethatyouofferthemosteconomicaloptionspossible
10KeepyourcustomerstopofmindineverydecisionyoumakeAreyoutryingtoattractGenerationYconsumersornear-retirementfolksWhomeveryouraudienceneverlosesightofthemasyouasdevelopyouronlinestoreIfyourpreferredcustomersaremoreGenerationYthanbabyboomersconsiderintroducingvideosonyourwebsiteBeproactiveinknowingwhoyourcustomersareandcateringtotheiruniqueonlinepreferencesthereforebettersupportingtheirshoppingexperiencesThisreallyisnrsquotthatmuchdifferentfromchoosingtocreateonedisplayinyourphysicalstoreversusanotherdevelopingitwithauniqueaudienceinmindAndtruetoeverydecisionyoumakeregardingyouronlinestorealwaysmakesurethatusernavigationfromaconsumerrsquosperspectiveiseasyandsecure
WithonlinespendingprojectedbyForresterResearchInctoreach$370billiongloballyby20178itrsquoshardtoignorethevalueofsellingonlineWhetheryouarebasedinruralOklahomaorthebustlingstreetsofBrooklynyouronlinestorehasthepotentialtohaveaglobalaudienceHowyoucapturethisaudiencedependsonyouronlinemarketingeffortshoweverAmongthevariouswaysinwhichyoucandothisissocialmediaHavingbeenaroundsince1994socialmedianolongerconstituteanewtrendthatretailersshouldbeawareofInsteadsocialmediashouldberecognizedasestablishedinteractiveexperiencesthatallowmerchantstoexchangeinformationwithinvirtualcommunitiesandnetworksmdashreachingbothcurrentandpotentialcustomers
SocialMediainTodayrsquosRetailMarketplace
OvertheyearstherehasbeenanongoingdebateastohowsocialmediadelivervaluetosmallbusinessesMuchhasbeensaidaboutthelackofmeasureableresultsgeneratedbysocialmediaspecificallyintheindependentarenaAccordingtoldquo2013SocialMedia300RankingE-RetailrsquosLeadersinSocialMediaMarketingandCommercerdquofromInternetRetailerMagazine9howeverrefutingthisclaimreliesheavilyonprovingthatsmallbusinessescaninfactfindsuccessandgeneratesalesusingsocialmediaaspartoftheir
strategiesLeadersonthelistincludePetflowcomFabcomandCoastalcommdashwithretailgiantssuchasWalmartTargetandBestBuynotevenmakingthetop100
EXPERTSPOTLIGHTInadditiontohavingyourownwebsitemanyindependentretailershave
foundsuccessexpandingtheirproductassortmentonwebsitesthatincludeAmazoncomeBayandSearscomThesesiteshaveuniquesellingplatformsthatcollectivelygeneratemillionsofwebvisitorseachdayWiththisinminditmaymakesensetoalsoexpandyouronlinepresencetoincorporatetheseonlineavenuesSkipMcGrathisaprofessionaleBayandAmazonsellerwhoiswidely
recognizedasanindustryexpertinsellingonbothofthesewebsitesBelowheshareshisinsightonhowindependentretailerscanbenefitfromapplyingtheirsalesstrategytoincludesellingonAmazoneBayandSearsldquoItusedtobeastorecouldopenawebsiteandgettrafficbuttheworld
ofGooglehaschangedandtodayitisverydifficultforasmallshoppingsitetogetanytractionwithsearchenginesHoweveronlinesellingsitessuchasAmazoneBayandSearscomalreadyhavetrafficcomprisedofcustomerslookingforthingstobuyAddingoneormoreoftheseavenuescanhaveanimmediateeffectonaretailerrsquossalesAsyoulooktogetstartedinexploringtheseavenuesyoushould
considerthefollowingTostarteBayusedtobekingofthemountainwhenitcametosmallsellerslookingforawaytoexpandonlineButeBayhaschangedandisnolongeraswelcomingtosmallersellerseBayisstilltheplacetosellusedandvintagegoodsbutAmazonhasgrabbedmarketsharewhenitcomestonewmerchandiseAndAmazonwelcomesnewsellersandgivesthemgreatsupportSearshasalsoenteredthegameandisexpandingrapidlyButAmazonisstillthebestplacetostartOnemorethingtothinkaboutisthepotentialfornewcustomersyoucan
gainthroughthesesellingavenuesIfyouhaveastoreinasmalltownorashoppingmallyouareexposedtothousandsofpotentialcustomersbutwhenyouexpandonlineitslikehavingastoreinacitywithapopulationofahundredmillionormorerdquo11McGrathsharesadditionalinsightonsellingoneBayAmazonandSears
onhiswebsitewwwSkipMcGrathcom
ldquoPetFlowcombringsin30percentofitstotalsitetrafficandoverallrevenuefromsocialnetworksmdashmostlyasaresultofalaser-likefocusonbuildingandmaintainingaloyalFacebookfanbaseandregularpoststhatspeaktotheirfollowersrsquoinnerpetloverrdquotheguideidentified10AlsoitstatedthatFabcomreceived25percentofitswebsitetrafficfromsocialnetworksmeaningthataquarterofallitsonlinevisitorsareadirectresultofsocialmediaengagementAthoughtheseonlinestoresarenotyourtraditionalMainStreetmerchants
theirsuccesswasfoundstrictlyusingtheInternetastheirsellingplatformEvenifyouneverstrivetohavemoreonlinesalesthanofflinerecognizingthevalueofblendingbothstrategiestoincreaseyourtotalsalesisagoodgoaltoaimforThatsaiddonrsquotbesurprisedifyourhardworkdeliversstrongersalesonlinethanoffAfterallyourreachofconsumersismuchgreateronthewebthanviaanystorefronteverandthiscanonlystrengthenwiththehelpofsocialmediaUsingsocialmediatoincreaseyouronlinesalescertainlymakessensebut
Massachusetts-basedretailstoreJennyBostonafive-locationboutiquesellingpursesaccessoriesandotherwomenrsquosfashionapparelintheBostonsuburbsalsofindsthatsocialmediahelptobringfoottrafficintotheirstoresJennyBostonco-ownersJenniferDeMariaandKristinMaynardbegan
postingandsellingitemsonFacebookinOctober2012Sincethennotonlyhavetheironlinesalesexceededthoseoftheiractualphysicalstoresbuttheyrsquoveincreasedtheirin-storefoottrafficasaresultofpeoplepickinguptheiritemspurchasedonlineandoftenmakingafewmorepurchasesonceintheboutiquesThistypeofchainreactionthatbeginsonasocialmediasitesuchasFacebookmdashwhichhas15billionplususersandgrowingmdashisproofthatsellingonlineusingsocialmediaandhavingaphysicalstorefronttrulygohandinhand
AlthoughaimingtogainstoreattentionandsalesshouldalwaysbeyourgoalitrsquoseasyforindependentretailerstofeelasiftheycanrsquotdoitallYourto-dolistsarelongandaddingyetanotherresponsibilitytoyourplateoftencanseemoverwhelmingldquoStudyafterstudyhasshownthatsmallbusinessesbelieveinthepowerof
socialmediabutdonrsquotparticipateactivelyfortworeasonsThisincludesnot
havingtimeandnotknowingwhattosayrdquoexplainschiefoperatingofficerSuzyTeeleofSnapRetailcom12SnapRetailanonlinemarketingcompanythatprovidesmarketingsolutions
specificallyforindependentretailersdemonstratesthatautomatedmarketingsolutionscanhelpbusyretailerstoactivelyparticipateinsocialmediawhilesavingtimeanddeliveringprewrittencontentTeelecontinues
SelectingamarketingautomationsolutionthatprovidesprewrittencontentcandelivereasewhilebeingeffectiveforretailersWhenaretailerhasinterestingcleverormeaningfulsocialmediapostsattheirfingertipsandcanbrowseandscheduleamonthrsquosworthormoreatatimetheanxietyaboutsocialmediagoesawayandtheretailersuccessfullyengageswiththeircustomersinstead13
UsingstrongengagingcontentonyoursocialmediapostsisanimportantpieceofthesocialmediapuzzleMoreimportantisgettingengagedinsocialmediatobeginwithWithoutparticipatinginthesekeyconsumervirtualcommunitiesyouaremissingoutonopportunitiestocommunicatewithyourcustomerswhilealsowillinglyallowingyourcompetitiontogainmoreattentionandultimatelysalesthatcouldbeyoursEdClearypublisherofthewebsiteRetailTouchPointsbelievesthat
independentretailersshouldnotneglectsocialmediamdashnomatterhowbusyorstretchedfortimetheythinktheymaybeClearysays
RETAILTIPSnapRetailoffersprewrittensocialmediapostsforretailerstochoose
fromofferingquicktimelyandeffectivesocialmediapostsforthemtoengagetheircustomerswithSnapRetailalsooffersimagestoaccommodateyourpostsincreasingyouruserexperienceandsocialmediasuccessBelowisanexampleofwhatSnapRetailrsquossocialmediagallerylooks
likeKeepinmindthatwhenvisibleonlineandincolorthisuserpagebecomesclearerandeasiertonavigate
IndependentretailershavegreatopportunitiestosharewhatisgoingonintheirstoresbothonlineandviasocialmediaIseewaytoomanysmallretailersthathavefantasticin-storeexperiencesbutyouwouldneverknowthatunlessyouarephysicallyintheirstoresDevelopinganonlinecommunicationplanincludingane-mailmarketinglistandusingsocialmediaallowsretailerstosharetheirstoriespersonalmessagesproductnewsandmoreonaconsistentbasisConsistencyiskeyhereallowingstorestoremaintopofmindfortheircustomers14
EchoingClearyonthispointareRichKizerandGeorganneBenderinternationallyrecognizedretailexpertsandkeynotespeakerswhospendtheirdaysresearchingbestpracticesforretailersMoreoverKizerandBenderemphasizethevalueofreachingyourtargetaudiencewithanauthenticvoice
HerersquosthethingaboutsocialmediaitrsquosfreetousebutitrequiresaninvestmentoftimewhichcanoftentranslatetomoneymdashafteralltimeismoneyWersquovealwaysconsideredsocialmedianodifferentthananonlinepartythatrequiresconstantattentionfromyouthestoreownerorstoreteamwhichtranslatestothestorersquospersonalityitselfYouneedtoengagedailyonsocialmediaandnotneglectyourpartygoersakacustomersWhilethereareallsortsofcompaniesandappsthatofferyoutheabilitytopreplanpostsandcommunicateviasocialmediawithyourcustomersthereisnothinglikedoingityourselfYourfansandfollowerswanttocommunicatewithyou15
AkeytakeawayfromKizerandBenderrsquosthoughtsonsocialmediaistoalwaysreactrespondandreplytoanysocialmediacommentspostsquestionsorotheractivitysharedwithyouoryourstoreviasocialmediaKizerandBendersuggestsettingasidehalfanhouradaytocheckyoursocialmediasitesallowingyoutodothefollowing
1ListenReadwhatrsquosbeingsaid2InteractRespondtocomments3ReactAnswerquestionsandrespondtocomplaints4SellYoucanpushmerchandiseabouteveryfifthpostRememberitssocialmedianotacataloglistingofwhatyousell16
InadditiontoKizerandBenderrsquostipsonbeingengagedonsocialmediaSnapRetailbelievesinaruleithastaglinedasthe70-20-10ruleThisindicatesthat70percentofyoursocialmediaexperienceshouldbeengagingcontent(egfunfactsexpertadvicequestions)20percentshouldbesharedcontent(egothercustomerspartnerstoresvendorinformationetc)and10percentshouldberelatedtotheproductssalesorotherinformationaboutyourstoreAsSnapRetailrsquosSuzyTeeletellsmeldquoThisistherightbalancetobuildastrongresponsivefollowingrdquo17
PartoffindingtherightbalancealsomeansidentifyingwhichsocialmediachannelsmakethemostsenseforyouraudienceFacebookandPinteresttendtogeneratethemostlinkbacksthatleadtoconsumerpurchaseswithTwitterInstagramandGoogle+alsousedtoengageyourtargetconsumeraudienceRememberthatdespitethisdiverserangeofsocialmediaoptionsthereistrustedsupportforthosewhosimplydonrsquothavethetimetomanagethemeffectively
SnapRetailcomandBoutiqueWindowcomarebothcompaniestoconsiderwithcountlessappsalsoavailabletohelpyoumanageyoursocialmediacommunication
EXPERTSPOTLIGHTSocialmediaoffersawayforretailerslargeorsmalltoconnectwith
customersonadailybasisAmongthetopsocialmediasitesforretailerstodothisisFacebookwherefrequentusersarereportedlyloggingontotheiraccountsasmanyas10timesperdayBoutiqueWindowisamarketingplatformdesigneduniquelyfor
independentretailerstoshareproductimagesandmoreviasocialmediaCofounderEllaWirtzencouragesretailerstoincorporateFacebookintomarketingstrategiesasawaytostayengagedwithcustomerswhilealsopushingsellingopportunitiesldquoFacebookistheperfectplatformtosharepicturesofnewproduct
arrivalslast-minutesalesspecialeventsstorepromotionsandmoreFurthermorekeepyourFacebookupdatesfreshbysharinginterestingadviceproducttipsandseasonalrecommendationsalongwiththeproductimagesyoupostYourpicturesarekeyhoweverThisiswhatwillgetyourcustomersmostexcitedrdquo18
Finallyinthespiritofreachingthousandsandaimingtoincreaseyoursalesbythousandswersquoveidentifiedatop10listofresourcestohelpyouinyouronlinesalesandsocialmediainitiativesPleasenotethattherecommendedresourcesarelistedalphabetically
1BoutiqueWindowBoutiqueWindowcomShowcasemerchandiseonFacebookTwitterPinterestandyourwebsitethroughBoutiqueWindowrsquosphotoeditingtoolsandonlinepublishingcapabilitiesThissavvyonlinemarketingcompanywascreatedentirelyforindependentmerchantshelpingyoureachmorecustomersgainmoresalesandincreasestorevisibility2DoItInPersonDoItInPersoncomThisonlineeventplatformallowsretailersandotherbusinessestomanageandpromotetheir
eventsinoneconvenientplace3InternetRetailerMagazineInternetRetailercomThisdigitalandprintpublicationproducesaflagshipmagazineaswellasfourannualresearchguidesspecificallyonthesubjectofsellingonlineLeanontheirfreeonlineblogforadditionalnewspertainingtoe-commercesocialmediamobilemarketingandmore4RetailTouchPointsRetailTouchPointscomGaintimelyarticlesonretainingcustomersinthediverseworldofmultitouchretailingfromthisfreesubscription-basedresourceRetailTouchPointsisdesignedforretailexecutivesbutsharesvaluablereportsandindustrynewssothatretailerssmallandlargecanlearnmore5ShipwireShipwirecomIfstoragebecomesanissueandyouroneormorestorefrontsoutgrowyouronlinesellinginventoryShipwirecansupportyouinstoringyourproductprovidingfastandreliableshippingmanagingyourdistributionsanddeliveriesandmuchmuchmoreTheirultimategoalistohelpyousavetimecostandcomplexitymdashwhichanyindependentretailerknowsisagoodgoaltohave6ShopifyShopifycomThankstoe-commercetemplateoptionsretailerscanintroduceanonlinestoreinseveneasyhassle-freestepsfromShopifyInadditionthecompanyrsquosblogandEcommerceUniversityshareatremendousamountofvaluableinformationandnewsaboutsellingonlineandengaginginsocialmediathatallretailerscanlearnfrom7SnapRetailSnapRetailcomCommunicatewithyourcustomerswithautomatedprewrittensocialmediae-mailmarketingandgeneralstorecommunicationscontentInadditiongainaccesstocountlessimagesandotherpromotionalmaterialsprovidedbySnapRetailspecificallyforindependentretailersSnapRetailalsooffersitsusersamanagementcalendartotrackstoreeventsonlinepromotionse-mailblastssocialmediaupdatesandmore8SoldsieSoldsiecomSoldsieallowsretailerstobringtheirwebstorestoFacebookItrsquoseasytousefunforcustomerstoengageandhelpstoturnsocialmediacommunicationintosalesAlthoughthereareotheroptionstoconsiderincludingBeetailercomSoldsieisaretailerfavorite9VineVinecomThisTwitter-ownedmobileappreached40million
usersinAugust2013andcontinuestogroweverydayUsedtoincorporatevideosintoyouronlinemessagingVineallowscustomersandretailersaliketoengageviavideowiththeopportunitytoshareabehind-the-sceneslookatyourstoreofferproducthow-tosshareindustryupdatesandmoreEssentiallyitbringsyourpersonalityaliveandallowsyourcustomerstobecomeevenmoreconnectedtoyourbrandandyourbusinessItrsquosalsoagreatwaytochallengeyourcustomersviacontestsonlinetosharetheirownvideoswithyou
10WishpondWishpondcomWishpondisanappthatmakesiteasytorunagroupofferorsocialmediacontesttodrivesalesandtraffictoyourwebsiteorstorewithcouponsandotherspecialoffersviaFacebookTwitterPinterestyourwebsiteandmobiledevicesSeventy-thousandplusbusinessesusethiswithtrustandtheirsupportisconstantlyevolvingwithretailersinmind
Engagingonlineaspartofyourbrick-and-mortarstrategyisavitalpartinbothreachingandkeepingtodayrsquosconsumersmdashwhetheronlineorinyourphysicalstorefront
Althoughincorporatinganonlinepresenceintoyourbusinessisvitalintodayrsquosmodernmarketplaceitrsquosalsoimportanttotakepartinbuy-localandshop-independentinitiativesInChapter10wersquolldiscussthisinmoredetailandidentifywaysinwhichyoucanincorporatethispracticeintoyourbusinessandcommunity
ActionGuide
CreatinganonlinestoreandusingsocialmediatohelppromoteitcanaddvalueandvisibilitytoyourbusinessAnotherwaytoincreaseyouroddsofgainingmoreawarenessonlineisthroughcontentmarketingContentmarketingisintendedtoattractandkeepcustomerattentionthough
theuseofwordsmdashcontentmdashappliedtoyourproductdescriptionscompanyprofilemarketingstrategiesandallotherwrittencommunicationsEssentially
profilemarketingstrategiesandallotherwrittencommunicationsEssentiallycontentmarketingsupportsbusinessesintheirsaleandbrandidentitycreatinganavenueofcommunicationinwhichcustomersengageAlsocontentmarketingoverlapsintohowonlinesearchenginessuchasGooglerankyourwebsiteinonlinesearchesCollectivelythesereasonsofferretailersavaluableexcusetomakecontentmarketingapriorityfortheirbusinessesUsingthefollowingproductdescriptionasanexamplecreateyourown
productdescriptionsfornolessthanfiveproductscurrentlybeingsoldinyourstoreWhetheryouhaveanonlinebusinessornotidentifyingasavvypreciseandengagingwaytocommunicatedetailsaboutyourproductscanhelpyoutostandoutamongothermerchantsandintheeyesofconsumers
ExampleProductdescriptionforclassicwhiteladiescrew-neckT-shirtDescription100percentcottonside-seamedandcap-sleevedT-shirtwithacontouredfitthatshapesthenaturalcurvesofawomanrsquosbodypositioningaboutfourinchesbelowthewaistline
PriortoidentifyingyourproductdescriptionsascompletehaveatleastthreeotherpeoplereviewthemShowthemthedescriptionswithoutpicturestocomplementthemthenshowthemtheproductpicturesoractualproductonlyaftertheyhavereadthedescriptionUsingthisasatestforyourcontentmarketinghaveyoursubjectsidentifywhetheryourproductdescriptionsaccuratelydescribetheactualimagesyoushowthem
10
TakingPartinShop-LocalInitiatives
HoweverbeautifulthestrategyyoushouldoccasionallylookattheresultsmdashWinstonChurchill(1874ndash1965)
formerPrimeMinisterofUnitedKingdomREMEMBERTHATAstoriaNewYorkretailerwementionedearlierinthisbookWellMackenziFarqueraretailstoreownerforoversevenyearssuggeststhatbeingavisiblememberofyourlocalcommunityiskeytostayingrelevantandprofitableinacrowdedmarketplace
MynumberoneruleforsurvivalistostayvisiblewithinyourcommunityByembeddingyourselfinthefabricofyourlocalmarketplaceyouhelptomakecustomersfeelresponsibleforyoursuccessorfailureFurthermoreitrsquosimportanttodowhatbig-boxstoreseitherdonotorcannotdosuchasprovidingfreedeliveryonselectpurchasesacceptingeverycreditcardhavingnocreditcardminimumsandgoingtogreatlengthstodelivermemorablestrongcustomerservice1
AsaseasonedstoreownerFarquerrsquosinsightissomethingtobeconsideredOnewaytobecomeengrainedinyourlocalmarketplaceistoparticipateinabuy-localcampaign
UnderstandingBuy-LocalCampaigns
Buy-localcampaignsaredefinedbytheAmericanIndependentBusinessAlliance(AMIBA)asorganizedcampaignsthatengagelocalcitizensandbusinessestoshifttheirspendinghabitstobenefitindependentbusinessowners
businessestoshifttheirspendinghabitstobenefitindependentbusinessownersJeffMilchencodirectorofAMIBAexplainsthatcommunitiesand
independentbusinessownerscangainsalessupportandattentionbyintroducingabuy-localcampaignintheircommunities
Whenproperlystructuredandsustainedovertimebygrassrootsorganizationsbuy-localcampaignsaremakingabigimpactinshiftingcultureandspendinghabitsForexampleinaJanuary2013surveybytheInstituteforLocalSelf-Relianceindependentbusinessesincommunitieswithcampaignsbysuchgroupsreportedanaverageannualrevenueincreaseof86percentcomparedwith34percentamongindependentsinothercommunitiesThiswasthefifthstraightyeartheirannualsurveyshowedsuchadifferentialWhiletheydonrsquotprovecauseandeffectthesesurveysareamongseveralstrongpiecesofevidencethatbuy-localcampaignstrulymakeanimpactforindependentbusinessowners2
MoreoverMilchenpointsoutthatthesesurveysonlycountcampaignsthatdefinelocalaslocalownershipandindependentlyownedHecontinues
Thecountlessldquobuy-localrdquocampaignsstartedbymunicipalitiesorgroupsunwillingtodistinguishbetweenlocalownershipandmerephysicallocationalmostuniversallyfadeawaywithoutmakinganimpact3
Usingthefigureinthefollowingsidebaryoushouldbeabletoidentifyyear-to-yearsalesincreasesamongindependentbusinesseswhoactivelyengagedinbuy-localcampaignsrunbyindependentbusinessalliancessuchasAMIBAWithsalessuccessaclearadvantageofincorporatingabuy-localcampaign
intoyourowncommunitythequestionremainshowyoucandosoeffectivelyMilchensaysthatbeingclearinyourcommunicationsandgoalsiscriticalinyourplanningefforts
Beclearineverycommunicationthatyouplanwhendevelopingabuy-localandindependentshoppingcampaignItonlytakesonepersoninameetingwiththeideaofacampaignthatincludesldquoshopyourlocalWalmartrdquotodogreatharmBesuretoemphasizelocallyowned
independentbusinessesinyourmessagingWhiledirectlycritiquingchainsorabsentee-ownedbusinessesisnotessentialyouraudienceshouldunderstandthatyouintendlocaltomeanlocalownershipandcontrolnotmerelylocation4
RETAILTIPTheAmericanIndependentBusinessAlliancealsorecognizedas
AMIBAhelpsretailersandcommunitiescreateandmanageldquobuylocalrdquoandldquobuyindependentrdquocampaignsBelowyoucanseehowsaleswereimpactedamongindependentbusinesseswhoparticipatedinthesetypesofcampaignsfrom2010through2012
Fortunatelyforbusyretailersandcommunityleaderslookingtointroduceabuy-localcampaignintotheircommunitiesavastrangeofhelpisavailableAmongthefirststepsyoushouldtakeistocontactAMIBAtoseeifanyoneelseinyourcommunityhasalreadyinquiredaboutanorganizedbuy-localcampaignBeinglinkedtothispersonorgroupofpeoplecanhelpyouinorganizingalike-
mindedgroupofindividualstoworktogetherwiththesamegoalofsupportingindependentbusinessesinmindNextobtainafreecopyofAMIBArsquosldquoGuidetoCreatingaBuy-Local
Campaignrdquowhichdelivershow-tostepsongettingstartedorganizingpartnershipsleveraginglocalrelationshipssharingyourmessageandmoreTheguideavailableinbothprintanddigitalformatscanbeobtainedathttpwwwamibanetaboutprimer-formThis12-pageoverviewofkick-startingabuy-localcampaigncontainsdetailsoncreatingyourowncommunitylogoideastogeneratemediasupportandinsightsintoincorporatingyourbuy-localcampaignasanonprofitwiththegoalofbecominga501c6organization(anInternalRevenueServicedesignation)AMIBAalsocansupportyouwithfreeguidancethrougheverystepofthewaytoensurethatyounotonlysavetimebutalsoavoidunnecessaryexpensesMilchenencouragespeopleinterestedinstartingtheirownbuy-local
campaignstotakefulladvantageofwhatisreadilyavailablealreadyldquoDonrsquotwastetimeandmoneyreinventingthewheelrdquo5heexplainsWithatrustedresourcesuchasAMIBAhavingspent12+yearsgatheringandrefiningbestpracticesmaterialsandtoolsavailabletocommunitiesandindependentbusinessownersitmakessensetosavesometimebyleaningonAMIBAforhelpinachievingyourbuy-localgoalsInadditiontoAMIBAotherresourcesareavailabletoyoutohelpyoucreate
abuy-localandbuy-independentcampaignAmongthemistheBusinessAllianceforLocalLivingEconomies(BALLE)whichisfocusedoncreatingprosperitybyconnectingleadersandsolutionsinlocaleconomiesAmongthebenefitsthatBALLEoffersforretailersandtheircommunity
leadersaretheBALLEcalculatorsThroughthesecalculatorsyouareabletoidentifyhowself-reliantyourtownisinfoodwhatmissingopportunitiesmayexistforjobcreationandwhereyoucanfindthenearestbankorcreditunionAlthoughtheanswerstothesequestionsmaycomequicklytoyouthecollectiveanalysisofthesequestionsandcountlessotherscanhelpretailersandcommunitiesidentifyweaknessesstrengthsandopportunitiesAsBALLEexplainsldquoCalculatingmissedopportunitiesforrevenueandjobcreationisinvaluableforlivingeconomicdevelopmentrdquo6ForretailersinparticularthisincludesprovidingabettersenseofopportunitiesforexpansionandunderstandingthemoreprofitablemarketsinyourlocalcommunityCombiningtheeffortsofAMIBAandBALLEasofficialpartnersShiftYour
ShoppingisonemorewaytogetinvolvedinsharingthemessageofshoppinglocalwithyourcommunityMorethan160organizationshaveunitedalreadyto
encourageconsumerstoshifttheirshoppingfrombig-boxtoindependentretailersaconsiderableaccomplishmentfromthisgrassrootscampaignThecollectiveeffortsofBALLEandAMIBAandmorethan160localorganizationsthattogetherequalmorethan38000localbusinessessupporttheShiftYourShoppingcampaignThiscampaignencouragescustomerstobuyfromlocallyownedbusinessesmdashincludingrestaurantsservice-basedretailerssuchasdrycleanerschiropracticofficesandbrick-and-mortarmerchantsItrsquostheirbeliefthatldquoasinglemerchanthastheabilitytoshiftattitudesorconsumerspendingButbybuildingstrengthinnumberswecancreatebroadsupportforindependentbusinessesandadvocatefortheirinterestsrdquo7
FindingSuccessThroughSmall-BusinessSaturday
Inadditiontosupportingconsistentbuy-localandotherindependentbusinesscampaignstheincreasinglypopularSmallBusinessSaturdaycampaignthatwasfoundedin2010byAmericanExpressissomethingallretailersshouldembracemdashwhethertheyacceptAmericanExpressintheirstoresornotThisone-dayeventtakesplacetheSaturdayfollowingThanksgivingalthoughthemessagingandcampaigneffortsarerecognizedasldquoShopSmallrdquoallyearround2013rsquosSmallBusinessSaturdayshowedthatcustomerswhowereawareof
thishighlighteddayspent$57billiona36percentincreasefrom2012ThisstudycompletedbytheNationalFederationofIndependentBusinessesandAmericanExpressResearchalsoconfirmsthatinjustfourshortyearscustomershaveadoptedSmallBusinessSaturdayassomethingtheywanttosupport8ldquoCustomersaremakingSmallBusinessSaturdaypartoftheirholiday
shoppingtraditionsrdquoSusanSobbottpresidentofAmericanExpressOPENstatesldquoOur2013SmallBusinessSaturdaysawacontinuationofthisgrowingtrendascommunitiesaroundthecountrycametogethertocelebratelocalbusinessesandhelpeddriveconsumerstoShopSmallonthedayrdquo9Inadditiontothein-storesalesandlocalcommunityattentionthatthis
campaigngeneratestherewasa65percentincreaseinTwitterengagementrevolvingaroundSmallBusinessSaturdayfrom2012to2013aloneThistypeofgrowthcombinedwithmorethan33millionFacebookusershavinglikedtheofficialSmallBusinessSaturdayFacebookpageonlyreinforcesthatshopping
smallandshoppinglocalisheretostay10WashingtonDCndashbasedprofessionalwriterandconsumerAmyKnebelfirst
heardofSmallBusinessSaturdayin2011ayearafteritsintroductiontothemarketplaceSincethenKnebelhasactivelyparticipatedasacustomersupportingindependentretailersonSmallBusinessSaturdaymakingitatraditionamongherselfandherfriendstofrequentlocalbusinessestokickofftheirholidayshoppingKnebelexplains
IlovetheOldTownAlexandriaBoutiqueDistrictwhichIliveclosetoandcanrsquotimaginenothavingallthefantasticboutiquesrestaurantsandindependentbusinessesthatmakeupthisneighborhoodFormesupportingSmallBusinessSaturdayismywayofsayingthankyoutothemanybusinessesandtheirownersforhelpingtomakemyeverydaylifethatmuchmoreinterestingandfun11
Activelyengaginginmultiplebuy-localandshopsmallcampaignsnotonlyisbecomingmorepopulartodoasaretailerbutalsoisbecomingmorerecognizedandrespectedfromaconsumerperspectiveThisreasonaloneshouldbeenoughofapushtomakeyouwanttogetinvolvedbecausesupportingyourcustomersalwaysshouldbeagoalAlthoughparticipatinginmultiplebuy-localcampaignssuchasyourownlocalcommunitycampaignShiftYourShoppingandSmallBusinessSaturdaymayseemlikeanunlikelyfirststepforabusyretailerwehopethatyouwillmakeitapriorityastimepassesTheresourcesavailabletoyouareplentifulandthesuccessofawell-executedcampaignismeasuredinsalesmdashsomethingwersquorecertainanyretailercanappreciateTorecaptheresourcesidentifiedthroughoutthischapterpleaserefertothe
followinglist
AmericanIndependentBusinessAlliance(AMIBA)wwwamibanetBusinessAllianceforLocalLivingEconomies(BALLE)wwwBeALocalistorgInstituteforLocalSelf-ReliancewwwilsrorgShiftYourShoppingwwwshiftyourshoppingorgShopSmallandSmallBusinessSaturdaywwwshopsmallcom
IntroducingCommerceandCharity
Shop-localbuy-localandshopsmallcampaignsarenottheonlyfamiliarmovementstakingplaceinretailrightnowCommerceandcharityareincreasinglybecomingafamiliarduowiththeholidayseasonbeingaparticularlypopulartimeofyearforretailersbigandsmalltorequestdonationsfortheircharitiesofchoiceVirginia-basedCausetownorgbelievesthatconsumersdonrsquotnecessarilywanttochangetheirshoppingbehaviorstogivetocharitywhichiswhydonatingapercentageofpurchasesmadeisbecomingapreferredwayforcustomerstogivebackAsaconsumeryouhavelikelyexperiencedthecombinationofcommerce
andcharityyourselfwhilecheckingoutatagrocerystoreorotherbig-boxretailerHaveyoueverwonderedhowthiscanbeappliedtoindependentmerchantsthoughUntilrecentlyacollectionjarwithaslotforloosechangeortheoccasionalfolded-upbillwasthemostlikelyavenueforindependentretailerstoparticipateincollectingforacharityoftheirchoiceNowhoweverorganizationssuchasCausetownorgallowlocalbusinessestoraiseawarenessandfundsbypartneringwithanonprofitThegoalistosupportindependentbusinessesbypromotingeventsofferingpromotionalmaterialshandlingsalestrackingmanagingfunddistributionandmoremdashalltohelpsupportcharitiesDanMcCabeoneofthefoundersofCausetownorgexplainsldquoResearch
showsthat83percentofcustomerswanttobuyproductsthatbenefitacauserdquo12Keepingthisinmindcombiningyourbusinesswithacharityofyourchoiceisanothermovementyoushouldconsiderforyourstore
FinallyinChapter11wersquolllookaheadatthefutureofindependentretailandhowyourparticipationasabusinessownercanaffectnotonlyyoursingularsuccessorfailurebutalsotheeconomyatlarge
ActionGuide
Readytomakeyourcommunityandlocallyownedbusinessesstandoutin
ReadytomakeyourcommunityandlocallyownedbusinessesstandoutinconsumermindsTokick-startyoureffortsformasteeringcommitteethatcanhelpyoulaunchabuy-localcampaigninyourtown
1Introducetheideaofabuy-localcampaigntolocalbusinessownersandkeydecisionmakersinyourcommunityBepreparedtoidentifythebenefitsofabuy-localcampaignandtoexplainwhatitwouldtaketogetonestartedUsingtheresourcesidentifiedthroughoutthischapteryoucanconfidentlysuggestresourcestohelpyoulaunchacampaign2AimtogatheramixofbusinessownersandinfluentialcommunityleaderstobeapartofyourcommitteeCombiningthemindsresourcesandcommunityreachofadiversesteeringcommitteecanhelpyouaccomplishyourbuy-localcampaignplanningmoreeffectivelyIdeallyyoushouldhavelong-timebusinessownersmdashcommunityleaderssuchasyoureconomicdirectormayororaldermanmdashandhighlyregardedindividualsonyourcommitteewhoeithervolunteerorworkwithotherorganizationsthatreachalotofconsumersBetween7and12memberswouldbeidealalthoughafewlessorafewmorestillcanworktodeliverastrongcommittee3Identifyadateandalistoffuturedatestomeetasagrouptobeginyoureffortsinplanningforabuy-localcampaignDuringthesescheduledmeetingsbesuretoclearlyidentifywhoisresponsibleforwhatwithdeadlinesclearlystatedtoensurefollowthroughHavingaleaderortwoonyoursteeringcommitteecanhelpeveryonetostayontrackwiththeirindividualresponsibilitiesaswell
Onceacommitteehasbeenidentifiedandeachmemberiscommittedtocreatingabuy-localcampaignwiththesamegoalsinmindbesuretoleanontheresourcesidentifiedinthischaptertohelpyouinmovingforwardThroughyourcombinedeffortsyoucanestablishastrongcampaignwithinyourowncommunitytoincreaseindependentbusinessvisibilityandsaleswhilealsoenhancingyourlocalcustomersrsquocommunityexperience
11
ACrystalBallforIndependentRetailers
Thebestwaytopredictyourfutureistocreateit
mdashPeterFDrucker(1909ndash2005)authorconsultantprofessorIFSOMEONEhadtoldyouwhenyouwerejustembarkingonyourcareerpaththatyouwouldbecomeastoreownerwouldyouhavebelievedhimorherThe
realityisthatretailisnrsquotajobmanyretailerssetouttodoldquoIdidnrsquotgochasingadreamofbeingabusinessownerparticularlyaretailstoreownerThisdream
chasedmerdquo1KimberlyEfseaffofBonBijouxGirlyBoutiqueinDelMarCaliforniatoldus
HavingheardsimilarstoriesfromcountlessotherretailersweknowthatretailisnrsquotalwaysthejobtheyhavedreamedofmdashwhereasothersfeeljusttheoppositeandconsiderowningtheirownstoreadreamcometrueldquoIcanrsquotimaginelivingmylifeanyotherwaythanhowIdonowwhichisbeinginmystoresevendaysaweekItrsquossomethingIrsquovealwayswantedtodoandamthrilledtoactuallybedoingitrdquo2Chicago-basedstoreownerAngelaGianfrancescosaid
TheFutureofIndependentRetail
WhetheryoufallintothecategoryofanaccidentalretaileroraretailerbyintentthefutureofthisdynamicbusinesshasalotinstoreforyouJasonRichelsonfounderandCEOofShopKeepPOSbelievesthatthereisalotforindependentmerchantstolookforwardto
IhavefivepredictionsforthefutureofretailbeginningwiththefactthatthecloudisheretostayandWindowsisdeadOverthenextthreetofiveyearsthecloudwillreallycomeofageinretailandWindows-basedPOS
yearsthecloudwillreallycomeofageinretailandWindows-basedPOS(pointofsale)andotheroperationswilldisappearThiswillkick-startinApril2014whenMicrosoftwillstopsupportingXPwhichwillrenderhundredsofthousandsofWindowsPOSsystemsoutofPCI(paymentcardindustry)complianceRetailerswillhavetostartthinkingaboutupgradingtheirexistingtechnologymdashwiththecloudbeingtheobviousoptionThevastadoptionofiOSandAndroidwillalsodrivethisshiftalongwiththeproliferationofmobiledevices
NextIbelievewersquoregoingtoseehandheldregistersthatallowstafftohelpcustomersontheshopfloorandthenringthemuprightthereinsteadofhavingtolineuptogettothecounterThetypeofhandheldregisterthathasbeenproventoworkforAppleNordstromandBarneyswillultimatelycome to small stores I believe and as a result therewill no longer be areasontohaveacountertoprocesstransactionsThatspacecanbefreedupforotheruseslikedisplaysormorefloorspace
AlsoandagainreferencingthecloudIbelievethatsmallretailerswillbeabletoaccessdatasimilartohowbig-boxretailershavebeenforyearsThecloudhasleveledtheplayingfieldandloweredthepricepointforthistypeofinformationcollectionandanalysiseffectivelydemocratizingdataTheworldofcustomerproductandsalesanalysisthatonlyexistedfortheWalmartsorStarbucksofthisworldnowexistsforanyonewhowantsitIn2014 access to datawill be the equalizer for small businesses The nextdifferentiatorwillbeknowinghowtouseit
With these data and combined with POS technology I also believeretailerswillbeabletobetteridentifywheretheirmarketingdollarsshouldbe spent Small businesses are expected to spendmore than half of theirmarketingbudgetsontheirownassetsin2014includingtheirwebsitese-mailmarketingcampaignsandsocialmediachannelsThiswillbedrivenbytwothingstheavailabilityofcost-effectiveonlinetoolsandtheabilityto act on their own customer data POS technology has fundamentallychangedthecustomerinteractionInsteadofacustomerhandingovercashandwalkingawayyouaregatheringinformationandbuildingaprofileofthatcustomerthatcanbeusedtomarkettothemSmallretailerswillstarttotakeadvantageofthisandwewillseethemarketingdollarsfollow
Finallyover timewearegoing toseeavarietyofbusinessservicesstarttointegratewiththePOSsystemDifferentappsaretailermightusetorun their store including loyalty CRM (customer resourcemanagement)accounting e-mail marketing delivery social media payroll mobile
paymentsandmorewillplugintothebackendofPOSallowingretailersto usemultiple tools in an integrated fashionAs a resultmerchants canthenoperate and report on all these systems froma singleviewwith themostimportantthingatthecentermdashwhichiswhatishappeningatthecashregisterThisisthefutureforretailers3
RichelsonrsquosexpansivepredictionofwhereindependentretailisheadingismdashinouropinionmdashrightonThankstothecloudanddata-collectingtechnologiesthathaveadvancedinrecentyearsontheretailscenesmallretailerscanfinallybecomemorecompetitivewithintheirlocalandglobalmarketplacesTheseopportunitiesforindependentretailerscancreateadominoeffectofgoodorbadresultsbasedonwhatkindofgrowthchangeandcustomercaretheyintroducetotheirstoresVendCEOVaughanRowsellshareshisthoughtsonthefutureofretailas
wellspecificallydiscussinghowpoint-of-sale(POS)systemscanhelpretailerstoleveragemoresalesandbettermanagetheirbusinessesYoursquollfindthatmuchofwhatRowsellsaysisalsosupportedbyRichelsonrsquosthoughtsreinforcingtheideathatthefutureofretailisdevelopingatasteadypaceamongleadingindustryplayers
Web-basedPOSisgroundbreakingineveryrespectforindependentretailersFirstoffaweb-basedPOSlowersthebarriertoentryViasubscription-basedwebsoftwareindependentretailerscannowaffordthesophisticatedtoolsandreal-timeanalyticsthatbigretailershavebeenleveragingforyearsAlsosmallstartupscangetaPOSforlessthanitcoststobuytwopizzasamonthButthereareotherevenmoreexcitingfacetstoweb-basedPOSwhichareadd-onsandcustomsolutions
JustasretailerscannowcustomizetheretailexperienceontheirshopfloorstheycanalsocustomizetheirPOSsoftwaretoexactlyfittheirneedsWeb-basedsoftware (alsocalledsoftwareasaserviceorSAAS) isoftencomplementing other software allowing retailers to truly take control oftheir retail operations An example of this would be for a retailer tointegrate their POS systemwith their accounting software This not onlysaves themhoursofadministrationtimeeveryweekbutalsospares thempossibleexternalbookkeepingexpensesortimelydouble-entryproceduresonmultiplespreadsheetsorinmultiplesoftwareaccounts
ThissaidPOScanbeevenmorecustomizablethanthisIfyouowna
hairsalonforexampleyouneedtobeabletokeeptrackofyourproductsand your appointmentsmdashtwo very different details of your business yetequally importantWithSAASsolutions this iseasyYousimplyfindanaddon that integrates appointment software with your POS system andawayyougo
Finallyothersolutionscanbecherrypickedasyouneedthemtohelpmanage your unique business specificallyWant to spare your customersthe crazy queues during the holiday season Integrate your POS systemwithaself-checkoutappsothatcustomerscanringthemselvesupandpayviatheirsmartphonesWanttotakeordersandacceptpaymentsinadvanceatyourcafeacuteTherersquosanadd-onforthattooInthefuturetherewilllikelybeanappforanythingyoucanthinkofaswell4
Anappforeverythingiscertainlyapredictionwecanexpecttobecomerealitybutwhataboutthefutureofretailbeyondtechnology
TheFutureBeyondTechnology
Portablecashregisterscloud-baseddatacollectioninstantappadditionsandothertechnologysolutionsundoubtedlywillplayabigroleinthefutureofretailThissaidthereissomethingtobesaidforgoodold-fashionedcustomercareSupportingthisideaisCamilleCandellagroupmarketingmanagerforEmeraldExpositions
TodayrsquoscustomersaremoreeducatedthaneverbeforeandtheyhaveaccesstomorestoresthaneverbeforeAsaresultcustomersarebecomingmoreselectiveinwhattheywanttobuyandwheretheywanttobuyitForindependentretailersIbelievethiswillpositionthemtobuildstrongerclientelebygivingthemmorepersonalizedattentionandreallylisteningtotheirneedsOnewaytodothisistokeepproductsfreshbasedonwhatyourcustomersaretellingyouUnlikebig-boxstoressmallermerchantscanreactfastertocustomerdemandsandoftenreceiveinventorysoonerbasedonsmallerquantityneedsThiscertainlyplaystotheadvantageofindependentretailersandcanhelpthemhavemoresuccessintheirtotalstoresalesaswell5
ReactingtocustomersonafastermorefocusedscaleisunarguablyatrendthatretailerswillneedtoembraceandlikewiseonethatconsumerswillbegintodemandPublisherBillMcNultyofSumnerCommunicationsIncsharesthispredictionanticipatingconsumerexpectationsamongallretailerstoincreaseinyearstocome
TheharshrealityisthatoverthenextfewyearsinanytypeofbusinessanythingyoutrythatispoorlyexecutedisgoingtohavesignificantstrugglesTheconsumerexpectationbarhasrisenacrosstheboardatanalarmingrateIfyougiveshoppersareasontowalkthroughyourdoortheywillHoweverifyougohalfspeedandhopeeverythingwillworkitselfoutyoursquoreinforanuphillclimbThemarketspeaksloudandclearanditisneverwrongWhilethismayseemlikeahugechallengemorethaneverbeforesmallretailershavetheabilitytochangebuyingbehaviorsinsteadofsimplyreactingtothem
Retailers are the first and last line of defense for customer serviceTechnology iswhat it is and can be a great tool formarketing but self-checkout and single-click buying will never replace face-to-facerelationship building for an overwhelming percentage of your customersOffering fantastic customer service going the extramile for a customerand adding a personal touch to every transaction are things only you andyour team can do People remember kindness and they remember greatserviceUnderstandthatyourcustomerdeepdownwouldreallyprefertobuylocallymdashfromyoumdashthanfromyournearestbig-boxneighborUsethistoyouradvantageanddosomethingtorewardthatbehavior6
McNultyrsquosopiniononsupportingcustomerswithexceptionalcustomercarenomatterhowmuchnewtechnologyisintroducedissomethingallretailersshouldpayattentiontoWhileiPadsandothermoderntechnologiesshouldhaveaplaceinyourstoreitrsquosimportantnottolosesightofhowstrongcustomerservicecanhaveanimpactonyourbusinessmdashandultimatelyyourretailfutureInfactasothermerchantsembracetechnologyentirelyanddismissthesepresumedold-fashionedsellingtechniquesyoushouldleveragethepowerofcombiningthesetacticstomaximizeyourstorersquosfullpotentialJewelryretailerAngelaGianfrancescohasplanstodotojustthat
Ilovethatmodernconvenienceslikepointofsaleande-mailmarketing
solutionsmakemyjobsomucheasierbutIneverwanttoforgetwhyIbelievecustomersshopatmystoreItrsquosnotjusttheeaseofacustomercheckoutexperiencethattheyenjoybutrathertheentireexperienceofmystoreIknowthatmypersonalityalongwithmyteamrsquoshasalottodowiththisandIdonrsquotwanttoneglectjusthowmeaningfulthisistomybusiness7
GianfrancescooffersagoodreminderforallmerchantspointingoutthatpartofyourstoreisinfactyourpersonalityAsyouembarkorcontinueonyourretailjourneyalwaysrememberthatyourpersonalityaffectsyourbusinessplainandsimpleMoreoverrememberthatyouremployeesareareflectionofyourbusinessandcanaffectyourstorersquossuccessandsalesaswell
Withblack-and-whitedataincreasinglybecomingmoreaccessibletoretailersandtechnologybecominganexpectedadditiontoretailstorefrontsmerchantsshouldembracethechangestakingplacebothonlineandofflinewhenitcomestomanagingandmarketingtheirretailstoresDelayingtheincorporationofthesetechnologiesandmodernamenitiescanpushretailersyearsbehindtheircompetitorsmakingtheirracetofinallycatchupnearlyimpossibleoncetheyrsquorereadyTohelpavoidthislong-windedjourneymakeyourfuturemorepredictablebywelcomingtherealitiesofmodernretailintoyourbusinessmodeltoday
WhenRetailIsnrsquotinYourFuture
DespitewhattheeconomytrendsinretailandevenyourownpersonalgoalsmaybeforthefuturesomeretailersmaygettoapointwheretheywantorneedtoselltheirstoreThisdecisiondoesnrsquotneedtobeperceivedasabadonebutrathersimplyasastepinadifferentdirectionOftenretailerswhoneedtomoveoutofstatewanttoretireorhaveothergoalsinmindchoosetoselltheirbusinessesasawaytomoveforwardGroupgeneralmanagerCurtisKroekerofBizBuySellcomandBizQuestcomshareshisthoughtsonhowsellingyour
businessmaybeyourbestdecisionyet
TherearemanyfactorsthatgointodeterminingifabusinesssaleisrightforyouThefirststepistoobjectivelyassessyourbusinessasasaleprospectProspectivebuyerswilldoextensiveresearchbeforesigningonthedottedlinesomakesurethatyouthoroughlyexamineyourfinancialsinfrastructurestaffingandevenclienteletodetermineifyourbusinesswillbecoveredIfthereareissuesinanyoftheseareasbesuretoatleastcreateanactionplantoguidethenewownerbutyoursquollbetterpositionyourbusinessforasuccessfulsaleifyouaddresstheseissuespriortosellingThiswillhelptodrawinmoreprospectivebuyersandimproveyourchancesforahighersalespricedowntheline
In addition itrsquos important to remember that selling a business is apersonal decision Make sure to analyze your motivations for selling toensure that it is therightstepforyouWhydoyouwant tosellAreyouburntoutLookingtodothenextthingHavinghealthproblemsSimplyready for that well-deserved retirement There are countless reasons youmaybeconsideringasaleDeterminingwhyyouwanttogetoutwillhelpyou to setyourdesired time lineandgoals for the saleThiswill amongother thingshelpyoudecidehowtotradeoffsalespeedandsalepricemdashtwo goals that are often somewhat at odds Also be sure to outline yourpostsaleplanYoumayberetiringusingthemoneyforanotherventureoreven staying with the company in a managerial capacity Defining theseafter-sale interests will help you determine if you are ready to sell anddesignasaleapproachthatfitsyourmotivations
Nextifyoubelievesellingyourbusinessmaybeinyourfuturestartplanning for this now The best retailers are always working to improvebusinessvalueIfyouhaveasaleinmindfromtheverystartitensuresthatyou are always thinking about how to maximize value and will be in abetterpositionwhenthetimecomestosellHoweverifyouhavenrsquotbeenthinking thiswaydonrsquot despairTherersquos still time Just donrsquot putoff thisway of thinking any longer Positioning your business tomaximize yoursaleoutcomewilltaketime
TostartpreparingyourbusinessforsaleputtogetherapresaleactionplanThegoalof thisplan is toget all the improvementsdone forwhichyouhavetheenergyandcapabilityDoingsowillensurethatyourbusinessisinitsbestshapewhenithitsthemarketThenextstepiscollectingand
organizing necessary documentation Sooner or later prospective buyersaregoingtowanttoseeldquojustthefactsrdquoonpaperThisusuallyincludesatleast three years of financial statements that will help to prove yourbusinessrsquosworthNextstartassemblingyoursalesteamSellingabusinessis not an extracurricular activity it is a full-time jobExperienced sellersleveragethehelpofqualifiedbusinessbrokersappraisersaccountantsandattorneystohandlethemanydetailsofasuccessfulsaleThisallowsthemtofocusonmaintainingoracceleratingbusinessperformancewhileitisonthemarketmdashnothing sells a business better than strengthening financialsWithagoodteaminplaceyoursquollbewellpositionedtopriceyourbusinessrightprepareyourfor-salemarketingmaterialsandmuchmore
Finallydonrsquotbe intimidatedby the thoughtof sellingyourbusinessbutdonrsquotunderestimatewhat it takes tosellabusinesseitherTheproperpresalepreparationcanmeanthedifferencebetweenasuccessfulsaleandlongdrawn-outfrustrationThesetipswillhelpyoutogetstartedbuttherearecountlessmoredetailsthatyoushouldconsiderTolearnmoreyoucancheck out our full BizBuySell Guide to Selling Your Small Business athttpwwwbizbuysellcomsellerguideselling-a-business8
YourfutureinretaildoesnrsquothavetoendorstartinanytraditionalwaySellingyourbusinessmaynotbeyourgoaltodaybutknowingupfrontthatitmightbeonedayiswhatyourtakeawayshouldbehereAfterallyouwanttobuildabusinessthatisworthsomethingdonrsquotyouWhetheryouplantopassyourbusinessdownthroughgenerationshopetosellitonedayforagainorsimplyhopetoworkuntilyoudonrsquotwanttoworkanymoreplanningaheadandcreatingastrategyforyourbusinessshouldremaintopofmindYoumaybeyourownbossafterallbutthatdoesnrsquotmeanthatyoucanpredictyouroutcomeThatresponsibilityisleftinthehandsofconsumers
PartingWordsfromJasonPrescott
ItusedtobeexpectedthatrevolutionsinretailoccurredeverycoupleofyearsmdashormaybeevendecadesInaveryshorthistoricaltimeframewemovedfromsmallstreetindependentstodepartmentstoresyieldingmassiveconglomeratestoe-commercebehemothsAnewdynamicparadigmhascreatedamassiveshifttowhatcaneasilybestatedasacustomer-centricrevolutionAstechnology
moldseverymovementandinvestmentretailersmakethemostsignificantinvestmentthatmustbemadeisknowingandunderstandingthegranularityofyourpotentialandexistingcustomerbaseAsaresultaretailstorefrontmustbeseenasmuchmorethanastorefrontorplacewhereservicesandmerchandisearemerelytransactedThestoreneedstobecomethebattlefieldwhereknowledgeacquisitionofyourcustomersmustoccurTohelpretailersmoveforwardwiththisstateofmindmerchantsmustrealize
andembracethefactthatdataarenowbeingtransactedateverypointWhenashopperentersastorethedaywillsoonbeherewheredigitaldisplayssynchwithprofilesandGoogleGlass(awearablecomputerwithanopticalhead-mounteddisplay)allowingmerchantstoaccessaplethoraofinformationthatisconstantlygatheredandprocessedbythesedevicesCreditanddebitcardswillalsobecomeevenmoremeaningfultoretailerswitheveryswipebecominganopportunitytocollectconsumerdetailsandshoppingtrendsfromcompaniessuchasCardlyticsFurthermorethesedetailswillbeabletobesharedwithothermerchantsmakingaretailerrsquoschancetobothcollectandsharecustomercontactdetailsmorerelevantinalltheirstoredecisionsOfcourseFacebookTwitterGooglePlacesYelpTripAdvisorandother
majorinfluencerswillcontinuetohelpbusinessescompeteagainsttheWalmartsoftheworldbuttotrulycompeteitrsquostheunderlyingbusinessintelligence-gatheringprocessthatwillshapethefutureofretailConsumershavebecomethemostpowerfulmediaforceintheworldtodayTheybondtogetherintheirsimilarinterestsandchoosetotrotdownthepathofreviewsreferralsandsocialbuzzandtheyadvocatewhatispopularatthemomentIfyouaregoingtosucceedyoumustbefocusedonnotbecomingafadbutsettingtrendsandconstantlyadaptingtothedynamiclifestylechangesofthoseyouvaluemostmdashyourcustomers
PartingWordsfromNicoleLeinbachReyhle
ItrsquoscompetitiveinretailnomatterhowbigorsmallyourstoreisKeepingupwithcustomerexpectationsmarkettrendsretailchangesandyourlocalcommunityisanonstopjobthatdemandsmuchmorethanatraditional40-hourworkweekThatsaidretailisanexcitingalwaysevolvingandconstantlyentertainingbusinessthatasaresultisoneyoumustconstantlytendto
Unlikemuchofourretailcompetitionindependentmerchantsdonothavehumanresourcemarketingpublicrelationsorotheroperationalin-houseteamsthathelpkeeptheirstoresvisibleandtheirdoorsopenRatherthanrunawayfromthisrealityretailersshouldtacklethisheadontohelpkeeptheirstoresafloatandtheirbusinessessuccessfulOftenthismeansacceptingthatyousimplycanrsquotdothisaloneItrsquoswiththisinmindthatIbelievethefutureofretailwillcontinuetointroduceandembracesupportingplayerstoindependentmerchantsCompaniessuchasSnapRetailBoutiqueVisionPremierPackagingVendSquareShopifyandmanyothershavecometolifeasaresultofneedmdashandhavestayedaliveasaresultofdemandTheseexternalbusinesspartnersarekeycontributorsthatdelivereffectivesupportforstoreoperationsmarketingmanagementandevensalesWithoutthemindependentretailerssimplycannotthriveinourcompetitiveretailmarketplaceTogetherhoweverindependentretailersandtheirexternalbusinesspartnerscanhaveapositiveimpactoneconomicgrowthandcustomerloyaltyforyearsandyearstocome
Conclusion
ThroughoutthisbookyouhavelearnedhowmanagingandmarketingyourretailbusinessrequiresadiverserangeofskillssupportandexpertiseMoreoverwehaveintroducedyoutocountlessresourcesbusinessesorganizationsandassociationsthatwehopeyouwillfindusefulinyourindividualretailbusinessesCollectivelythedetailswesharedareintendedtohelpyouinyouruniqueretailjourneymdashandwehopethattheywilldojustthatWhetheryouarenewtoretailaltogetherhavehadastoreopenforcountlessyearsorsellexclusivelyonlineweapplaudyoufortakingthetimetolearnmoretohelpyourbusinessandwishyousuccessasyourembarkonyourretailjourneyahead
APPENDIXA
ResourcesforIndependentRetailers
THEFOLLOWINGlistwascreatedtoofferyouacollectivedestinationtoidentifythebestresourcesforentrepreneursandretailersspecificallyThesebusinessesallofwhichweprovidewebsitedetailsforcoveravarietyoftopicsthatincludewheretogotogainsmall-businessloanscompaniestohelpwithyourretailmarketingeducationalpublicationsspecifictoretailerstradeassociationstohelpyournichebusinessandmuchmuchmoreListedinalphabeticalordertheseresourcesshouldbeevaluateduniquelyforyournicheretailbusiness
Advanstar advanstarcom Advanstar is an event and marketing servicesbusiness that serves retailers through trade shows publications and otherindustry-specificeventsAmongitstradeshowsareMAGICMarketWeekandENTInternationalAmericanApparelandFootwearAssociationWeWearorgTheAmericanApparelandFootwearAssociation (AAFA) isanational tradeassociationthat representsapparel footwear andother sewn-productscompaniesandsuppliersTheassociationhas retailer-specific supportandoffersvaluableinsightformerchantswhoselltheseproductcategoriesAmerican Independent Business Alliance amibanet This nonprofitorganizationhelpscommunitiesandretailers launchandoperatebuy-localcampaignstosupportlocalentrepreneurseconomiesandretailersARTHomeFurnishingsNetworkAccessoriesResourceTeamorgARTisamember-basedorganization in thehomefurnishings industry that includesretailers importers sales representatives product designers interiordesigners and industry supporters ART offers its members a forum to
learnnetworkandgainadditionalbenefitstohelptheirbusinessesASD Trade Show ASDonlinecom ASD Las Vegas brings the worldrsquoswidest variety of generalmerchandise together in one efficient consumergoods trade showHeld biannually inLasVegas annually inNewYorkandannually inMiamiASDattracts thousandsof retailers and supplierssupporting retail categories that include gift home fashion health andbeautyjewelryvalueandvarietytoysandmoreAssociation of Small Business Development Centers asbdc-usorg SmallBusinessDevelopmentCenters (SBDC)provides retailers andother smallbusiness owners in the United States with assistance education andconsulting to help launch grow and manage their unique businessesSBDC branches often reside on college campuses andmaywork closelywith their local Chambers of Commerce and other community programsGototheSBDCwebsitetolocateacenterclosesttoyouBank of America bankofamericacom Bank of America offers small-business checking with more control and access than many other banksallowingyoutobettermanageyourbusinessdollarsBankofAmericaalsooffers a variety of merchant services that may be suited to your uniqueretailneedsBizBuySell BizBuySellcom The Internetrsquos largestmarketplace for buyingandsellingbusinessesaswellasaresourcedestinationtogaininsightintowhatyouneedtodotoprepareforthispossiblestepinyourretailjourneyWhetheryouwanttobuyorsellaretailstorethisisafantasticresourcetorefertoBosiDNAbosidnacomDiscoveryourentrepreneurialinsightthroughthisonlinequizidentifyingwhattypeofentrepreneuryouareOncecompletedthis quiz reveals ways to strengthen your business weaknesses andmaximizeyourbusinessstrengthsBoutique Vision BoutiqueVisioncom Drive traffic and increase salesthrough customized store signage and other in-store marketing materialsfromBoutiqueVisionTheparentcompanyInnoMarkCommunicationsisoneoftheleadingprovidersofcustomvisualmerchandisingsolutionsandBoutiqueVisionwascreateduniquely to support small retailersmdashkeepingbudgetandqualityalwaystopofmindBoutiqueWindowBoutiqueWindowcomShowcaseyournewinventoryandother highlightedproducts throughFacebookTwitterPinterest andyourwebsitethroughBoutiqueWindowrsquosbuilt-inphotoeditingtoolsandonlinemarketingmanagementresources
Bureau of Labor Statistics httpstatsblsgovaudiencebusinesshtm TheBureau of Labor Statistics provides statistics that help you find newmarkets for your store and can compare your businesswith others in theindustryaswellasassessemploymentcostsBusiness Alliance for Local Living Economies (BALLE) BeALocalistorgThe Business Alliance for Local Living Economies is a fast-growingallianceofentrepreneursbusinessnetworksandlocaleconomyfundersinNorthAmericawho aim to gain prosperity among communities and helpindependentretailersandothersmall-businessownersthriveBusinessUSA httpbusinessusagov This is a one-stop shop destinationforeverythingrelatedtobusinessintheUnitedStatesEssentiallythisisadestinationtogainadditionalresourcesforyourbusinessCardlyticsCardlyticscom ThroughCardlytics you can reach individualsbasedontheiruniquepurchasehistoryandhelptodrivesalestoyourstoreraisepromotionawarenessbuildloyaltyandmoreCausetownCausetownorgCausetownhelpslocalindependentbusinessesto attract customer attention and encourage sales throughpromotions thatgive a portion of purchases to each customerrsquos charity of choice Theplatform manages all the details of these transactions including charitydistributionallowingcommunityfundraisingforindependentretailerstobeeasyandaccessibleCouncilofStateRetailAssociationsCouncilSRAcomTheCouncilofStateRetail Associations (CSRA)was organized to strengthen and support theretailindustryworkingwithindividualstateretailassociationexecutivesaswell as directly with retailers The goal is to help support associationmembersandtheretailcommunityatlargeCraft andHobbyAssociationCraftAndHobbyorgThis international not-for-profit trade association consists of thousands of member companiesengagedinthedesignmanufactureandretailingofcraftandhobbyitemsTheassociationoffersavastrangeofresourcesandbenefitstoitsmembersandproducesanumberofeventseachyearCraftersrsquoHomeCraftersHomecomCraftersrsquoHomeisamembership-basedorganizationthatsupportsindependentscrapbookandpapercraftretailershelping to maximize a retailerrsquos relationship with manufacturers andcustomersCraftersrsquooffersavarietyofbenefitstoitsmembersthatincludediscountsfromvendorsandmoreDo It In Person DoItInPersoncom This online event platform allowsretailers and other businesses tomanage and promote their events in one
convenientplaceEmerald Expositions EmeraldExpositionscom Formerly NielsenExpositions Emerald Expositions is a leading owner and operator of avarietyofbusiness-to-businesstradeshowsmostofwhichcatertoretailersThe market categories include general merchandise apparel sportsjewelryfurnituredesignandmoreGlobalShop GlobalShoporg GlobalShop is the worldrsquos largest annualevent for retail design and shopper marketing creating a one-stopdestinationforretailerstoconnectdirectlywithstorefixturecompaniesandother in-store solutions GlobalShop also offers networking and learningopportunitiesIdeationIdeationGiftscomIdeationisthepremiergiftcatalogcompanyinthe United States that provides catalog and marketing services toindependentgifttoyandfashionretailersnationwideIndependent Retailer Conference RetailMindedcomRetail-ConferenceTheIndependentRetailerConferenceholdsa flagshipone-dayconferenceannually and brings its quality and independent retail-specific educationonsitetotheASDTradeShowbiannuallyKnownforaddressingkeyissuesin the independent retail scene the Independent Retailer Conference iswidelyrecognizedasamust-attendeventforindependentstoreownersIndependent Retailer Magazine IndependentRetailercom This monthlypublicationoffersretailadviceonwholesalebuyingandsellingintroducingretailers to importersmanufacturers trade shows and countless productsfortheirstoresInternetRetailerConferenceandExhibitionircecomTheInternetRetailerConference and Exhibition (IRCE) holds a variety of events that discusskey topics for online merchants introduce industry resources and shareexpert informationwith attendeesThe IRCEcanbe foundat select tradeshows where it holds educational tracks specifically discussing e-commercesolutionsandothere-commerceeducationandexpertiseInternet Retailer Magazine InternetRetailercom Internet RetailerMagazine supports retailers and other businesses with e-commerceintelligencenewsandmarket supportThepublicationdelivers12 issueseach year and provides additional resources that include newslettersresearchguidesandmoreInstitute for Local Self-Reliance ilsrorg The Institute for Local Self-Reliance works to provide innovative strategies and timely support tocommunity development working with entrepreneurs and community
leadersalikeThewebsiteoffersadiverserangeofinformationvaluabletobusinessownersInternal Revenue Service (IRS) httpwwwirsgovbusinesses The IRShostssmall-business taxworkshopsandwebinarsandprovides tax-relatedinformationforstartingoperatingorclosingabusinessiPadEnclosures iPadEnclosurescomAscloud-basedpoint-of-sale (POS)and iPadsystemsbecome increasinglypopular for retailers theftof iPadsfromretailersisalsoaconcerniPadEnclosuresoffersproductsspecificallydesigned for retailers and other businesses allowing you to take controloveryouriPadmanagementandvulnerabilitytotheftKabbage Kabbagecom Kabbage has simplified the process of getting abusinesscashadvanceallowingretailerstoavoidtraditionalbankshiddenfees and unexpected charges while trying to gain working capital Thecompanyrsquosflexiblefundingoptionsallowqualifiedretailerstogainquickconvenient access to capital to help their businesses while also makingmoneytransferseasyandstraightforwardLicensingExpoLicensingExpocomTheLicensingExpoconnectsretailersbrands and manufacturers to entertainment character fashion art andcorporate brand owners to establish relationships spot trends buildstrategicpartnershipsandsecurepromotionaltie-insItisheldonceayearinLasVegasMAGIC Market Week MagicOnlinecomMagic-Market-Week MAGICMarketWeek is the largest global market week for contemporary menrsquosand womenrsquos apparel footwear and sourcing Held biannually in LasVegasMAGICattractsfashionbuyersandbrandsfromaroundtheworldManagement One Management-Onecom Management One servesindependent retailers and other small businesses by helping them get abetterreturnontheirinvestmentsincludinginventoryandpeopleThecoreservices and products surround inventory planning and solutions helpingretailersachievegreatersuccessandsalesManufacturercomManufacturercomisthepremierglobalonlinebusiness-to-business marketplace where buyers and suppliers connect and profitBillionsofdollarsofgeneralmerchandiseapparelandfashionaccessoriesaresourcedthroughManufacturercomasmillionsofbuyersthroughouttheworldconnectdirectly tosuppliers inChina India theUnitedStatesanddozensofothercountriesMinority BusinessDevelopment Agency (MBDA)MBDAgovmainofficesThis agency funds a network of minority business centers located
throughoutthenationthatprovideminorityentrepreneurswithone-on-oneassistance in marketing writing business plans management technicalassistanceandfinancialplanningModalystModalystcomRetailerscanaccess risingaccessoryand jewelrydesigners in this well-crafted cutting-edge online marketplace thatshowcasesproductsthroughvirtualshowroomsThisisagreatdestinationforfashionandaccessory-basedretailersMOO Moocom MOO is an online company that offers business cardspostcardsstorehangtagsandotherprintproductsthatarestylishindesignManyofMOOrsquosdesignsarereadytogowhereasothersareavailabletobecustomizedNational Hardware Show NationalHardwareShowcom The NationalHardwareShowisthepremiertradeshowforthe$343billionUShome-improvement and do-it-yourself (DIY) markets Held annually in LasVegas this show caters to retailers in the building hardware lawn andgardenpethomegoodsandfarmcategoriesaswellasmanyotherretailsectorsPremierPackagingRetailPackagingcomPremierPackagingisaleaderincustomprintingandoffersstockready-to-shipretailpackagingoptionsforretailers that include paper and plastic bags ribbons tissue paper giftboxesandmoreReed Expositions ReedExpocom Reed Expositions offers a portfolio ofmore than 500 events in 41 countries many of which cater to retailersspecificallyThewebsiteidentifiesthemorethan500eventsallowingyoutoidentifywhatmaybebestforyouruniqueretailbusinessRetail Adventures Blog RetailAdventuresBlogcom Internationallyrecognized retail experts Rich Kizer and Georganne Bender of Kizer ampBenderSpeakingwrite thisblog sharing their firsthand retail experienceswhilealsoofferingretailinsighttipsandmoreRetailMAVENS RetailMavenscom RetailMAVENS is managed byhusband and wife team Paul and CathyWagner who are previous storeowners and current retail consultants Their expertise primarily falls intoretailinventorymanagementandtheirservicesareidealformerchantswhowantadditionalhands-onhelpfortheirstoreinventoriesandplanningRetailMindedRetailMindedcomRetailMindedisthenationrsquosonlyretaillifestylepublisherthatsupportsindependentretailerswithnewseducationand support to help them both in and out of their stores The quarterlypublicationRetailMindedMagazine is anavenuebywhich retail-focused
groups associations and other member-based organizations can helpretailersachievestronger successRetailMindedcaters toall independentretailers and does not eliminate any sector of retail and it offers aninformativefreenewsletterforindependentmerchantsRetailRadioRetailRadiobizTherightmusicinastoreenhancesthestoreexperienceandspendingbehaviorRetailRadioallowsmerchantstocreatetheidealatmospherefortheirstoresandcustomerscustomizingtheirownin-store radio station and professionally produced commercials for theirbusinessesRetailTouchPointsRetailTouchPointscomDesignedforretailexecutivesRetailTouchPointsisknownforitsin-depthmarketresearchspecifictotheretailindustryatlargeRetailTouchPointsoffersafreesubscription-basednewsletterthatretailersbigandsmallcanlearnfromShift Your Shopping ShiftYourShoppingorg Shift Your Shopping workswith organizations that include the American Independent BusinessAlliance (AMIBA) the Business Alliance for Local Living Economies(BALLE)CausetownandKevinBaconrsquosSixDegreesorgtopromotelocalandindependentshoppingAlthoughthemessageistargetedatconsumerstheplatformencouragesretailerstogetinvolvedShipwire Shipwirecom For retailers who need more space to storeinventory beyond their storefronts Shipwire is a fantastic resource Thecompanyoffersstorageshippingandmanagementof inventorymdashhelpingretailerssavetimeandcostsandavoidunnecessaryandcomplexshippingissuesShopifyShopifycomShopifyallows retailers to easily create andmanageanonlinestoreMerchantscanchoosefromover100professionaltemplatesthatcanbecustomized to theiruniquestoresalsoofferinganeasy-to-useback-endsystemforretailmanagementShopifyalsoprovideseducationalresourcesonitswebsiteforretailerstolearnfromShop Indie Retail ShopIndieRetailcom This is an online directory ofindependent retail stores across the United States highlighting theiruniquenessandsharingcontactdetailswithcustomersShopKeep POS ShopKeepcom ShopKeep POS is a simple easy-to-usepoint-of-salesystemthatisidealforindependentretailersandservice-basedbusinesses such as coffee shops The cloud-based POS system helpsretailerstracksalesmanageinventoryprintore-mailreceiptsandmoreShopSmallShopSmallcomShopSmallwasfoundedin2010byAmericanExpressandhassinceevolvedtobeanationallyrecognizedmovementthat
supports small-business owners The Saturday following Thanksgiving isofficiallyrecognizedasShopSmallSaturdayandthroughtheShopSmallnetwork retailers can gain a variety of tools and resources to helpstrengthentheirstorepresenceSierra Pacific Crafts SPCus Sierra Pacific Crafts is a member-ownedcooperativethatworkstocreateandsustainavibrantcommunityoffamily-owned retailers in creative industries through cooperative strategies insharingeducationmerchandisingmarketingoperationsandmoreSnapRetailSnapRetailcomSnapRetailistheonlycompanytoexclusivelysupport independent retailers with online marketing that ranges fromprewritten socialmediaposts toprofessionallydesignedandprewrittene-mailsadrag-and-dropcalendaralibraryofimagestouseandmoreSoldsieSoldsiecomSoldsiesoftwarehelpsretailerstoimporttheirexistingweb store on to Facebook The tools can help you promote products viaFacebookandultimatelyallowcustomerstomakepurchasesdirectlyfromFacebookSquare SquareUpcom Square allows merchants to conveniently swipecredit cards viamobile devices and iPadswith their Square Card readerThe company also offers other services and software to help merchantsbettermanagetheirretailstoreswhilealsobeingcompatiblewithavarietyofPOSprovidersSTOPfakes Stopfakesgov STOPfakes is a one-stop shop for USgovernment resources and tools on intellectual property rights (IPRs) Itassists and educates small and medium-sized enterprises (SMEs)consumersgovernmentofficialsandthegeneralpublicaboutIPRsStore Specialty Services SpecialtyStoreServicescom Discover a widevariety of store fixtures store displays and other related products ThisonlinewarehouseallowsyoutoconvenientlyshopforyourstoreTarsus Group tarsuscom Tarsus Group represents a number of tradeshows and publications including theOff-Price Show held inNewYorkandLasVegasannuallyTopTenWholesale TopTenWholesalecom This is a vertical search enginethat connects buyers of general merchandise wholesale products tomanufacturers importers distributors auctioneers independent retailersflea marketers drop shippers and any reseller of new and closeoutsmerchandiseTrademarksTheSpotTMTheSpotcomTrademarksTheSpothelpsretailersand other business owners to take the necessary steps to protect their
businesses The legal team offers federal and state trademark searchesfiling monitoring and moremdashoften more affordable than other attorneyratesTrade Show Exhibitors Association TSEAorg This association providesknowledge tomanagement andmarketingprofessionalswhopromote andsell products through face-to-facemarketing This is a great resource forfindingtradeshowsTripar International Triparcom Beautifully showcase your products andinspire your customers with Triparrsquos boutique selection of fixturesdisplays tabletop stands accessories andmore The companyrsquos productsare known to stand out among boutique retailers and help drive salesthroughdisplaysUnitedStatesPatentandTrademarkOfficehttpwwwusptogovTheUSPatent and Trademark Office (USPTO) registers trademarks and protectsintellectualproperty(IP)forUSentrepreneursandinnovatorsworldwideUSSmallBusinessAdministrationSBAgovTheSBAhas resources andinformationforstartingandmanagingbusinessesgettingloansandgrantsregistering for government contracting and receiving business counselingand training In addition the SBA supports regional Small BusinessDevelopmentCentersoftenadjacent tocollegeoruniversitycampusesformorehands-onsupportVend VendHQcom Vend is a POS inventory and customer-loyaltysoftwarethathelpsretailersmanageandgrowtheirbusinessesTheeasy-to-use software is iPad-based and ideal for retailers in a diverse range ofindustries including apparel fashion sports health and beauty food anddrinktourismhomegoodsandmoreVine Vinecom Vine allows merchants to incorporate videos into theironlinemessagingThisappiseasytouseandcanbeusedviasocialmediae-mail marketing and other online efforts to help communicate detailsaboutyourstoreorbusinessWishpondWishpondcomWishpond isanapp thatmakes iteasy to runagroupofferorsocialmediacontesttodrivesalesandtraffictoawebsiteorstorewithcouponsandotherspecialoffersviaFacebookTwitterPinterestyourwebsiteandmobiledevicesWholesaleCraftscomWholesaleCraftscom WholesaleCraftscom Retailerscandiscoverovera1000AmericanandCanadianwholesaleartistsonthisonline virtual marketplace Buyers must be qualified retailers and onceapprovedmayenrollforfree
Wholesale Minded RetailMindedcomWholesale-minded-magazineWholesale Minded Magazine is a free digital publication from RetailMindedthatsharesexpert insightpracticalsolutionseducationalsupportspecifically to independent wholesalers new-to-market vendors andretailerswhoworkwiththem
APPENDIXB
CommonRetailTermsandDefinitions
INTHISappendixwehaveprovidedalistofcommonretailtermstohelpsupportyouinyouroverallunderstandingoftheretailbusinessatlargeWersquollalsoaddresscommonwholesaletermsinaneffortforyoutobestmanageyoursuppliercommunicationAlthoughretailincludesmanyadditionaltermsthislistisintendedtosupportthemostcommonwordsusedintheretailindustryWersquodliketoalsothankViaTradingforitssupportinsupplyingmanyofthe
termsidentifiedhereinandweencourageyoutovisitViaTradingrsquosexpansiveglossaryforadditionalretailandwholesaleterminologyathttpwwwviatradingcomwholesale456Glossary-of-Termshtml
AcceptanceTheactofadraweeacknowledginginwritingonthefaceofadraftpayableatafixedordeterminablefuturedatethatheorshewillpaythedraftatmaturityAcceptance draft A sight draft documents against acceptance SeeDocumentsagainstacceptanceAirway bill The carrying agreement between shipper and air carrierwhichisobtainedfromtheairlineusedtoshipthegoodsAll-risksclauseAninsuranceprovisionthatprovidesadditionalcoveragetoanopencargopolicyusuallyforanadditionalpremiumContrarytoitsnametheclausedoesnotprotectagainstallrisksThemorecommonperilsit does cover are theft pilferagenondelivery freshwaterdamage contactwithothercargobreakageandleakageInherentvicelossofmarketandlossescausedbydelayarenotcoveredAs-is Refers to thesellingconditionsofcertainmerchandiseThebuyer
typicallyassumesallrisksinpurchasingsuchgoodsandthemerchandiseissoldwithnoguaranteesorreturnsATAcarnet Customsdocumentthatenablesonetocarryorsendgoodstemporarily intocertainforeigncountrieswithoutpayingdutiesorpostingbondsAuthoritytopayAdocumentcomparablewitharevocableletterofcreditbutunderwhosetermstheauthoritytopaythesellerstemsfromthebuyerratherthanfromabankB2B trade platforms B2B trade platforms are business-to-businessvertical search engines that connect buyers and sellers in global anddomestictradeTheseonlinemarketplacesprovidetoolsthatarenecessaryto facilitate communication between retailersresellers andwholesalersmanufacturersBalanceoftradeThebalancebetweenacountryrsquosexportsandimportsBeneficiaryThepersoninwhosefavoraletterofcreditisissuedoradraftisdrawnBig-boxstoresBig-boxstoresarestand-aloneretailersthatcarryassortedmerchandiseAnexamplewouldbeMacyrsquosorTargetBig-boxstoresalsomay be categorized as department stores discount stores or warehousestoresdependingonthestoreitselfBillofexchangeSeeDraftBillofladingAdocumentthatprovidesthetermsofthecontractbetweentheshipperandthetransportationcompanytomovefreightbetweenstatedpointsataspecifiedchargeBondedwarehouseAbuildingauthorizedbycustomsauthoritiesforthestorageofgoodswithoutpaymentofdutiesuntilremovalBoutique Refers to small shops or stores that are independently ownedand often sell a product assortment that is not duplicated exactly in anyotherstoreBuy local (also referred toasShop local) A termused to identify theimportanceofshoppingat localbusinessesoftenused tocommunicate toconsumersinanefforttostrengthenlocaleconomicimportanceandsmall-businessvalueBuyingagent Anagentwhobuys in thiscountry for foreign importersespecially for such large foreign users as mines railroads governmentsandpublicutilitiesSynonymouswithpurchasingagentCapitalThewealthwhetherinmoneyorpropertyownedbyabusiness
orindividualCash and carry A form of wholesale that sells products on the spotusually with cash only to a purchaser who is then able to self-carry theproducts themselves without having to wait for any time betweenpurchasinganddeliveryCashwrap [also referred to as point-of-sale (POS)Area] The placewhere a consumer goes to purchase products or services within a storeoftenthesameareainwhichpurchasesarewrappedinbagsforcustomersCarrierAtransportationlinethathaulscargoCasepacksGenerallyreferstoitemspackedinasmallcasetypicallyinquantities of 6 12 24 or 100 Goods such as cosmetics clothingaccessories and jewelry are often sold in case packs representing apredetermineditemcountCertificate of free sale A certificate required by some foreigngovernments stating that the goods for export (if products are under thejurisdiction of the US Federal Food and Drug Administration) areacceptable for sale in theUnitedStates that is that theproductsare soldfreelywithout restrictionTheFoodandDrugAdministration (FDA)willissueshippersaletterofcommenttosatisfyforeignrequestsorregulationsCertificateofinspectionAdocumentinwhichcertificationismadeastothegoodconditionofthemerchandiseimmediatelypriortoshipmentThebuyerusuallydesignatestheinspectingorganizationwhichis typicallyanindependentinspectionfirmorgovernmentbodyCertificate of manufacture A statement by a producer sometimesnotarizedthatcertifiesthatmanufacturinghasbeencompletedandthatthegoodsareatthedisposalofthebuyerCertificateoforiginAdocumentinwhichcertificationismadeastothecountryoforiginofthemerchandiseCampFCostandfreightSameasCIFexceptthatinsuranceiscoveredbythebuyerCFRCostandfreightindicatesthatthesellerwilldeliverthegoodstothebuyerandapplyactualcostoffreighttothebuyersChamberofCommerceAnassociationofbusinesspeoplewhosepurposeistopromotecommercialandindustrialinterestsinthecommunityCIF Cost insurance and freightApricing termunderwhich the sellerpaysallexpensesinvolvedintheplacingofmerchandiseonboardacarrierand in addition prepays the freight and insures the goods (an automatic
conditionofthecontract)toanagreed-ondestinationCleanbillofladingAbillofladingsignedbythetransportationcompanyindicating that the shipment has been received in good conditionwith noirregularities in the packing or general condition of all or any part of theshipmentCloseoutSellingtheentirelotofremainingmerchandiseusuallythroughasaleatreducedpricesCollection The procedure involved in a bankrsquos collectingmoney for aseller against a draft drawn on a buyer abroad usually through acorrespondentbankCOD Cash on delivery If your goods are delivered according toCODterms you must pay cash for them COD is common for retailers whencreditistightCollection papers The documents submitted usually with a draft oragainstaletterofcreditforpaymentofanexportshipmentCommercialinvoiceAtradeinvoicethatidentifieschargesappliedfromapurchaseorserviceConsigneeThepersonfirmorrepresentativetowhomasellerorshippersendsmerchandiseandwhoonpresentationofthenecessarydocumentsisrecognizedastheownerofthemerchandiseforthepurposeofthepaymentofcustomsdutiesThistermisalsousedasapplyingtoonetowhomgoodsareshippedusuallyattheshipperrsquosriskwhenanoutrightsalehasnotbeenmadeSeeConsignmentConsignment A term pertaining to merchandise that has not beenpurchasedunderanagreementbywhichtheconsigneeisobligatedtosellthegoodsfortheaccountoftheconsignorandtoremitproceedsasgoodsaresoldConsumersThefinalpurchaserorenduserofanyproductorserviceInretailspecificallyconsumersareoftenreferredtoascustomersCorrespondent bank A bank that is a depository for another bankacceptingdepositsandcollectingitemsforitsbankdepositorCountry of origin The country in which a product or commodity ismanufacturedorproducedCreditriskinsuranceAformofinsurancethatprotectstheselleragainstlossduetodefaultonthepartofthebuyerCustomerreturn Item thathasbeenpurchasedbyacustomerand thenreturnedtothestore(oronlinestore)foranynumberofreasons
Customs The agency or procedure for collecting duties imposed by acountryonimportsorexportsDASeeDocumentsagainstacceptanceDead stock Inventory in a store that has never been purchased by aconsumer and reflects products from past seasons Despite multipleattempts to sell it this stockdoesnot sellDeadstock isoftena resultofinexperiencedbuyingincludinglackofknowledgeofthecustomerbaseDefectiveDefectiveconditionreferstoitemsthathavebeenputthroughatestingprocessandhavebeendeemeddefectiveornotworkingItemsmaybevisuallydefectiveorincompleteorbemissingpartsItemsalsomaybebrandnewbutwithamajorquality-controlflawmakingthemdefectiveDemographics Identifies population in groups based on age genderincomeoccupationeducation religion race familysize family lifestyleandmoreGovernmentstudiesoftenprovidedemographicinformationandselectretailgroupsororganizationsspecifictotheirnicheretailcategoryDirectshipmentReferstoitemsthatareshippedtothecustomerdirectlyfromastorersquosfacilityDiscount A reduction in the price of an item Discounts will vary inamountandpurposeDisplays Represents thevisualappearanceofastoreenvironmentoftenreferring to specific areas of a storemdashsuch as a window display tabledisplayorpoint-of-sale(POS)displayDiscrepancyletterofcreditWhendocumentspresenteddonotconformtothetermsoftheletterofcredititisreferredtoasadiscrepancyDistributor A firm that sells directly for amanufacturer usually on anexclusivebasisforaspecifiedterritoryandthatmaintainsaninventoryonhandDocuments against acceptance (DA) A type of payment for goods inwhich the documents transferring title to the goods are not given to thebuyeruntilheorshehasacceptedthedraftissuedagainsthimorherDocuments against payment (DP) A type of payment for goods inwhich the documents transferring title to the goods are not given to thebuyeruntilheorshehaspaidthevalueofadraftissuedagainsthimorherDomestic International Sales Corporation (DISC) An export salescorporationsetupbyaUScompanyunderUSgovernmentauthorizationtopromoteexportsfromtheUnitedStatesbygivingtheexportereconomicadvantagesnotavailableoutsidesuchauthorization
DPSeeDocumentsagainstpaymentDraft(alsoknownasbillofexchange)Awrittenorderforacertainsumofmoneytobetransferredonacertaindatefromthepersonwhoowesthemoneyorwhoagreestomakethepayment(thedrawee)tothecreditor towhomthemoneyisowed(thedrawerofthedraft)DraweeOneonwhomadraftisdrawnandwhoowesthestatedamountSeeDraftDrawerOnewhodrawsadraftandreceivespaymentSeeDraftDropshippingAnorderthatisplacedwithavendorandshippeddirectlyto the end consumer (Brokers dealwith drop shipperswhen they do notwant to touch or warehouse the merchandise They receive orders fromtheircustomersand thenplaceadrop-shiporderwithavendorwho thenshipsthemerchandisedirectlytothebrokerrsquoscustomer)Drop-shipordersaretypicallyshippedblindmeaningwithnotraceofthevendorrsquosnameoraddresstoprotectthebrokerDuty The tax imposedbyagovernmentonmerchandise imported fromanothercountryE-mailblastAne-mailsenttoalargegroupofpeopleatonceEMCAnexportmanagementcompanyEmployeeturnoverTheratiobetweenthenumberofemployeeswhohadtobe replacedand thenumberofaverageemployees inagivenperiodoftimeForexample ifyouhaveanaverageofsixemployeesinayearandthreepeoplehad tobereplacedbecause theyquit thatyearyour turnoverwouldbe50percentTurnoveristheoppositeofretentionETCAnexporttradingcompanyExchange permit A government permit sometimes required of animportertoenablehimorhertoconverthisorherowncountryrsquoscurrencyintoaforeigncurrencywithwhichtopayasellerinanothercountryExchangeregulationsrestrictionsRestrictionsimposedbyanimportingcountrytoprotectitsforeign-exchangereservesSeeExchangepermitExcisetaxAdomestictaxassessedonthemanufacturesaleoruseofacommoditywithinacountryUsuallyrefundableiftheproductisexportedExpirationdate The finaldateonwhich thepresentationofdocumentsanddrawingofdraftsunderaletterofcreditmaybemadeExportTosendgoodstoaforeigncountryoroverseasterritoryExportbroker Onewhobringstogethertheexporterandimporterforafeeandthenwithdrawsfromthetransaction
EXW(exworks) Indicates that thebuyer is responsibleforcargowhenitrsquosavailableatthesellerrsquosfactoryFactoring company (also referred to as a factor) A businessorganizationthatlendsmoneyonaccountsreceivableorbuysandcollectsaccountsreceivableFactorsmakefundsavailabletoretailersFCA(freecarrierat) Indicates that the sellerdelivers thegoods to thenamed place free of any transportation cost having cleared the cargo forexport The seller accepts transportation costs risks and responsibilitiesuntilthecargoishandedoveratthenamedplaceFocusgroupAgroupofpeople(egyourcustomers)broughttogethertogivetheiropinionsonaparticularissueorproductoftenforthepurposeofmarket research or inventory strategies usually no more than 10 to 12peopleGeneral license (export) Government authorization to export withoutspecificdocumentaryapprovalGrossweight Totalweight of goods packing and container ready forshipmentHandlingchargesTheforwarderrsquosfeetotheshippingclientImport To bring merchandise into a country from another country oroverseasterritoryImportlicenseAgovernmentdocumentthatpermitstheimportationofaproductormaterialintoacountrywheresuchlicensesarenecessaryInco terms Indicate whether the buyer or the seller carries the riskresponsibilityliabilityorcostsatspecificpointsduringatransactionInconvertibilityTheinabilitytoexchangethecurrencyofonecountryforthecurrencyofanotherInsurance certificate A document issued by an insurance companyusually to order of shipper under a marine policy and in cover of aparticularshipmentofmerchandiseInternship Any program formal or informal that provides practicalexperience for beginners in an occupation or profession Retailers oftenseek to hire interns to help in specific areas of their businesses such asvisualmerchandisingor socialmedia as away togain store support thattheymaynotnormallyhaveaccesstootherwiseInvoice A document that identifies charges applied from a purchase orserviceSeeCommercialinvoiceIrrevocableAppliedtolettersofcreditAnirrevocableletterofcreditis
onethatcannotbealteredorcanceledonceithasbeennegotiatedbetweenthebuyerandhisorherbankJointventureAcommercialorindustrialenterpriseinwhichprincipalsofone company share control and ownership with principals of anothercompanyKioskAfree-standingstructureusedinapublicplacesuchasamallthatisdesignedtosupportaproductorservicetobesoldtoconsumersItisalsousedforinteractiveopportunitiesandmaybeonashort-termbasissuchaswhenusedduringafestivalLCSeeLetterofcreditLegalweightTheweightofgoodsplusanyimmediatewrappingsthataresold alongwith the goods for example theweight of a tin can togetherwithitscontentsSeeNetweightLetterofcredit(LC)(commercial) Adocument issuedbyabankatabuyerrsquosrequestinfavorofasellerpromisingtopayanagreedamountofmoneyonreceiptbythebankofcertaindocumentswithinaspecifiedtimeLicensingThegrantoftechnicalassistanceandserviceandortheuseofproprietary rights such as a trademark or patent in return for royaltypaymentsLineofcreditSameasacreditlimitthemaximumamountofcreditthatastoreisauthorizedtousebyabankorotherlenderLine sheet A document that collectively represents products from aspecific brand or vendor sharing details on product pricesmdashincludingwholesale and retailmdashas well as product availability shipping termscontentsofproductsandmoreLookbookAbookthatissimilartoaportfoliobutitrepresentsaproductline rather than providing visual samples of onersquos work history Thepurposeofalookbookistoprovidealdquostoryrdquoldquofeelingrdquoorldquoinspirationaloverviewrdquoof theproduct assortment throughphotographsof theproductsbeingsoldMarkdownAdevaluationofaproductbasedonitsinabilitytobesoldattheoriginalplannedsellingpriceMarkup Increase in the price of a product or service to create a profitmarginforthebusinessManufacturedsuggestedretailprice (MSRPalsorecognizedasretailvalue) The value and suggested retail price a vendor supplier orwholesaleridentifiesaproducttobesoldat
ManufacturerReferstohandmadeormachine-constructedproductsthatbeginas rawmaterials andare completed into finishedgoods that are foruseorsaletowholesalersaswellasretailersMastercase100percentbrand-newfactory-sealedmerchandisestillinitsoriginalpackagingMaturitydateThedateonwhichadraftoracceptancebecomesdueforpaymentMOQ(minimumorderquantity) AMOQisthesmallestquantityofaproductthatasupplierrequiresyoutobuyinasinglepurchaseNet weight The weight of the goods alone without any immediatewrappingsforexampletheweightofthecontentsofatincanwithouttheweightofthecanOnline marketplace Refers to a type of e-commerce website whereproductisavailabletobesourcedforaretailstoreTypicallytransactionsareprocessedbythisonlinemarketplaceandthendeliveredandfulfilledbytheparticipatingsuppliers(wholesalers)Opentobuy(OTB) ReferstotheportionofaretailbudgetavailabletospendoninventoryatanygiventimeUsedtoidentifyhowmuchmoneyisavailabletoplaceordersforstoreproductOperatingexpensesTheexpensesinvolvedinrunningabusinessPacking list A list that shows thenumber andkindsof packagesbeingshippedtotalsofgrosslegalandnetweightsofthepackagesandmarksand numbers on the packages The listmay be requested by a retailer orsuppliedvoluntarilybyavendororsupplierPoint of sale (POS) Traditionally speaking POS represents the placewhereanactualtransactioniscompletedInmodernretailPOSoftenrefersto software thatprocessesa transaction inexchange forgoodsor servicessoldPop-upshopTheactofopeningashort-termstorefrontoftenapplyingtoonlyonedayalthoughitmayapplytoaweekendoraslongasamonthProduct sourcing The act of finding products from wholesalers ormanufacturerstoresellthroughabusinessProformainvoice Aninvoiceforwardedbythesellerofgoodsprior toshipmenttoadvisethebuyeroftheweightandvalueofthegoodsPsychographics Identifies lifestyles and stages that appear to influenceconsumershoppingdecisions Includesactivitiesbeliefshabitsopinionsandmoreofcustomers
QuotaThetotalquantityofaproductorcommoditythatmaybeimportedinto a country without restriction or the penalty of additional duties ortaxesQuotationAnoffertosellgoodsatastatedpriceandunderstatedtermsRate of exchange The basis on which money of one country will beexchangedforthatofanotherRatesofexchangeareestablishedandquotedfor foreigncurrencieson thebasisof thedemandsupplyandstabilityoftheindividualcurrenciesSeeExchangeRetailThebusinessofsellingservicesorproductsthatultimatelywillbesoldtoconsumerstheendusersoftheproductsorservicespurchasedRetailsupplychain Aproduct iscreatedatamanufacturer issold toawholesaler and then is sold again to a retailer who ultimately sells theproducttothefinalpurchasertheconsumerRetail value [also recognized as manufactured suggested retail price(MSRP)] Thevalueofan itemassuggestedbyasupplierorvendorforretailerstoselltheproductatretailRetailer Afixedlocationincludingstorefronts theInternetkiosksandpop-upshops thatsellproductsorservices toconsumers Inaddition thetermretailercanbeappliedtothepersonwhoownsaretailstoreRevocableAppliedtolettersofcreditArevocableletterofcreditisonethatcanbealteredorcanceledby thebuyerafterheor shehasopened itthroughhisorherbankRFQ (also referred to as RFP) Request for quotation or request forproposal A business process that invites suppliers to bid on specificproducts or services It allows suppliers to provide quotations for theirgoodsandservicestoretailersandordistributorsRoyaltypaymentTheshareoftheproductorprofitpaidbyalicenseetohisorherlicenserSeeLicensingSalesrepresentativeArepresentativeofacompanyeithercontract-basedor as an employee of a particularly company who represents a productbeing sold Typically sales representatives will work for vendorsattemptingtosecuretheirproductswithinretailstoresSeasonal goods Goods that are heavy in merchandise for a particularseasonsuchasHalloweenEasterChristmasandsoonSell-through The ratiobetween thequantityofgoods soldbya retailerand the quantity originally delivered to thewholesaler number of piecessolddividedbynumberoforiginalpiecesdeliveredIfyousellfiveofeight
pairsofpantsyoursell-throughis625percentShipperrsquos export declaration A form required by the US TreasuryDepartment and completed by a shipper showing the value weightconsigneedestinationandsoonofexportshipmentsaswellasaScheduleBidentificationnumberShipping documents Commercial invoices bills of lading insurancecertificatesconsularinvoicesandrelateddocumentsStockingdistributor AdistributorwhomaintainsaninventoryofgoodsofamanufacturerSupplier May refer tomanufacturer distributorwholesaler or vendorCollectivelyrepresentsalltheseproductprofessionalsSustainableIfsomethingissustainableitdoesnotharmtheenvironmentor deplete natural resources In retailing it often refers to sustainabledesignwhetherthatbeinbuildingdesignorproductdesignTareweight TheweightofpackingandcontainerswithoutthegoodstobeshippedTariffAscheduleorsystemofdutiesimposedbyagovernmentongoodsimportedorexportedtherateofdutyimposedinatariffTenorThetimefixedorallowedforpaymentasinldquothetenorofadraftrdquoTime draft A draft drawn to mature at a certain fixed time afterpresentationoracceptanceTrade shows Trade shows are organized events that cater to a specificindustry and introduce buyers and sellers Traditionally trade shows areclosed to the public and are only accessible to registered buyers andmembersoftheretailtradeValidated license A government document authorizing the export ofcommoditieswithinthelimitationssetforthinthedocumentVisa A signature of formal approval on a document Obtained fromconsulatesVisual merchandising The art of using effective design andmerchandisingideasthatwillenhancetheshoppingexperienceofastoreaswellasincreasesalesandfoottrafficWholesaleThesellingofgoodsthroughabusiness-to-businesstransactionoflargequantitiestoretailersWholesalerAnindividualorcompanythatsellsaproductorservicetoaretaileranddoesnotsellthisproductorservicedirectlytoconsumers
Notes
1StandingOutamongOtherRetailers
1KimberlyEfseaffowneranddesignerBonBijouxGirlyBoutiqueInterviewbyNicoleReyhleDecember142013
2SteppingOutsideYourComfortZone
1MacquenziFarquerownerLockportAstoriaNewYorkInterviewbyNicoleReyhleOctober1520132Ibid3ShariRalishownerPeacefulParlourInterviewbyNicoleReyhle
November1120134JoeAbrahamauthorofEntrepreneurialDNAInterviewbyNicoleReyhle
December122013GenevaIllinois
3LeaningonOutsideOrganizations
1EllenDivitaeconomicdevelopmentdirectorCityofGenevaInterviewbyNicoleReyhleNovember32013GenevaIllinois2Ibid3HarrietParkermanagerAuroraIllinoisndashbasedSmallBusiness
DevelopmentCenterInterviewbyNicoleReyhleOctober212013GenevaIllinois4AndyEllenpresidentandgeneralcounselNorthCarolinaRetail
MerchantsAssociationInterviewbyNicoleReyhleviae-mailOctober2820135Ibid6CurtisPicardexecutivedirectorRetailAssociationofMaineInterviewby
NicoleReyhleOctober2920137Ibid8Ibid9JamaRiceexecutivedirectorandCEOofMuseumStoreAssociation
interviewbyNicoleReyhleviae-mailNovember6201310MissyBrozekvicepresidentandcreativedirectorCrafterrsquosHome
InterviewbyNicoleReyhleJanuary12014
4IdentifyingYourUniqueStoreStory
1AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicoleReyhleOctober182013ChicagoIllinois2Ibid3Ibid4KirtManeckeauthorandcustomer-serviceexpertInterviewbyNicole
ReyhleNovember2013
5SourcingProductsThroughTradeShowsandtheInternet1MegyKarydesownerKarydesConsultingInterviewbyNicoleReyhle
January22014ChicagoIllinois2Ibid3CamilleCandellagroupmarketingmanagerEmeraldExpositions
InterviewbyNicoleReyhleDecember520134JonathanPrescottseniorbusinessmanagerJPCommunicationsInc
InterviewbyNicoleReyhleDecember142013
6BuyingforCustomerversusYourself
1CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhleNovember112013GenevaIllinois2DrGaryEdwardschiefcustomerofficerMindshareTechnologies
OriginallysharedviaRetailMindedcominanarticlepublishedbyRetailMindedJanuary20143TomKonopackiownerAnastaziaInterviewbyNicoleReyhleDecember
2013GenevaIllinois4VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember29
20135Ibid6Ibid7DrGaryEdwardschiefcustomerofficerMindshareTechnologies
OriginallysharedviaRetailMindedcominanarticlepublishedbyRetailMindedJanuary20148CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhle
December92013GenevaIllinois9Ibid10Ibid
7SellingYourProducts
1MichaelAmatopresidentandCEOCimarronInc2AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois3Ibid4RichKizerandGeorganneBenderKizerampBenderSpeakingInterviewby
NicoleReyhleNovember52013StCharlesIllinois5KerryBannigancofounderNolchaFashionWeekNewYorkInterview
byNicoleReyhleNovember252013NewYorkCity6CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhle
November12013GenevaIllinois7RichKizerandGeorganneBenderKizerampBenderSpeakingInterviewby
NicoleReyhleNovember52013StCharlesIllinois8VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember30
20139Ibid10JasonRichelsonfounderandCEOShopKeepPOSInterviewbyNicole
ReyhleNovember252013NewYorkNewYork
8ApplyingPressandMarketingtoYourBusiness
1CynthiaSuttonownerSilverBarnretailstoreInterviewbyNicoleReyhleOctober162013ColumbusTexas2Ibid3SuzyTeeleCOOSnapRetailcomInterviewbyNicoleReyhleNovember
220134Ibid5Ibid6JessicaMorettimarketingcommunicationsmanagerSnapRetailcom
InterviewbyNicoleReyhleDecember1020137CourtneyRodgerscofounderBoutiqueWindowInterviewbyNicole
ReyhleNovember2720138CynthiaSuttonownerSilverBarnretailstoreInterviewbyNicoleReyhle
October162013ColumbusTexas
9MakingYourPresenceOnline
1DonDaviseditor-in-chiefInternetRetailerMagazineInterviewbyNicoleReyhleNovember2013ChicagoIllinois2HarleyFinkelsteinchiefplatformofficerShopifycomInterviewby
NicoleReyhleinOctober20133Ibid4CourtneyRodgerscofounderBoutiqueWindowInterviewbyNicole
ReyhleNovember2720145Ibid6DonDaviseditorinchiefofInternetRetailerMagazineInterviewedby
NicoleReyhleNovember2013ChicagoIllinois7Ibid8ForresterResearchreleasedareporttitledldquoUSCrossChannelRetail
ForecastrdquoonOctober292013thatidentifiedthisfindingwhichcanbefoundatforrestercom9DonDaviseditor-in-chiefInternetRetailerMagazineInterviewbyNicole
ReyhleNovember2013ChicagoIllinois10Ibid11SkipMcGrathpublisherSkipMcGrathcomInterviewbyNicoleReyhle
December6201312SuzyTeeleCOOSnapRetailInterviewbyNicoleReyhleNovember25
201313Ibid14EdClearypublisherRetailTouchPointsInterviewbyNicoleReyhle
November25201315RichKizerandGeorganneBenderKizerampBenderSpeakingInterview
byNicoleReyhleNovember2013StCharlesIllinois16Ibid17SuzyTeeleCOOSnapRetailInterviewbyNicoleReyhleNovember25
201318EllaWirtzcofounderBoutiqueWindowInterviewbyNicoleReyhle
November272013
10TakingPartinShop-LocalInitiatives
1MackenziFarquerownerLockportAstoriaNewYorkInterviewbyNicoleReyhleNewYorkCityOctober1620132JeffMilchencodirectorAMIBAInterviewbyNicoleReyhleNovember
2320133Ibid4Ibid5Ibid6MitchenIdentifiedincompanyoverviewonAMBIAnetNovember20137Ibid8IdentifiedinareportreleasedbytheNationalFederationofIndependent
BusinessesandAmericanExpressResearchDecember20139SusanSobbottpresidentAmericanExpressOPENsharedinapress
releasestatementreleasedJuly201310Ibid11AmyKnebelWashingtonDC-basedcustomerInterviewbyNicole
ReyhleDecember6201312DanMcCabeCEOCausetownorgInterviewbyNicoleReyhle
December92013
11ACrystalBallforIndependentRetailers
1KimberlyEfseaffBonBijouxGirlyBoutiqueDelMarCaliforniaInterviewbyNicoleReyhleDecember2820132AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois3JasonRichelsonfounderandCEOShopKeepPOSInterviewbyNicole
ReyhleNovember2520134VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember28
20135CamilleCandellagroupmarketingmanagerEmeraldExpositions
InterviewbyNicoleReyhleDecember520136BillMcNultypublisherSumnerCommunicationsIncInterviewby
NicoleReyhleDecember2820137AngelaGianfrancescoownerofStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois8CurtisKroekerBizBuySellcomandBizQuestcomInterviewbyNicole
ReyhleNovember182013
Index
PleasenotethatindexlinkspointtopagebeginningsfromtheprinteditionLocationsareapproximateine-readersandyoumayneedtopagedownoneormoretimesafterclickingalinktogettotheindexedmaterial
70-20-10ruleinsocialmedia170
AbrahamJoe914AccessoriesResourceTeam(ART)32206ActionGuides5AdidasxvndashxviAdvanstar44205Advisoryboardscustomer-based95ndash97AlabamaRetailAssociation34AmatoMichael108Amazon153164165AmericarsquosMart73AmericanApparelampFootwearAssociation32206AmericanExpress183215ndash216American Independent Business Alliance (AMIBA) 146 178ndash182 185 206214
AmericanSpecialtyToyRetailingAssociation(ASTRA)32Anastazia98Android190AppleInc39191Apps194SeealsoiPodsArizonaRetailersAssociation34ArkansasGrocersandRetailMerchantsAssoc34
Aroma130ARTHomeFurnishingsNetwork32206ASDTradeShowxviii1742436266707174206210AssociatedOregonIndustriesRetailCouncil34AssociationofSmallBusinessDevelopmentCenters206
BaconKevin215BALLEcalculators182BandholzEric156BankofAmerica207BanniganKerryxviii116Barneys191BeALocalistorg207Beardbrand156158BeckhamDavidxviBeetailer172207BenderGeorganne112118169170213Benefitsoforganizations29BergBob78BestBuy165Big-boxcompetition10ndash12Bing80BizBuySell197200207BizQuest197Blogtradegove69BloggingxvindashxviiBonBijouxGirlyBoutique189BosiDNA207BoutiqueVision208BoutiqueWindow144146159171172202207Branding139BrozekMissy28BuehlerJef21Builderentrepreneurs9BureauofLaborStatistics208
BusinessAlliance for Local Living Economies (BALLE) 181ndash182 185 207214ndash215
Businesscards76Businessinsurance30Business-to-Business(B2B)sourcingplatforms80ndash85BusinessUSA208Buy-localcampaigns5178ndash182BuyersxivBuyersrsquoguides29Buying89ndash105Buyingdistrictswholesale73
CalculatorsBALLE182Calendarforstore109ndash111CaliforniaRetailersAssociation34Calltoaction(CTA)inmarketingmessage142CandellaCamille76194Cardlytics201208CardPrintingus48Causetownorg185ndash186208215CEStradeshow4371ChambersofCommerce422ndash2333ChanelCoco3Charityevents134185ndash186ChasallaxiiiCheckoutprocedures46ndash47ChildrenrsquosClubtradeshow43Choosingselectingyourinventory41ndash42ChurchillWinston177Cimarron108CityofGenevaIllinois22CitySearchcom97ClairersquosBoutique12ClearyEd167169
Cloudcomputing191192Cloud-basedpoint-of-sale(POS)210Coastalcom165ColoradoRetailCouncil34Comfortzoneexpansion9ndash20Community-basedsupports4ndash522ndash37Companycontactinfoonlinestore161Companyphilosophy56Competition16
big-boxstoresas10ndash12identifying10ndash12learningfrom16
Conferences2933ConnecticutRetailMerchantsAssociation34ConstantContact143ConsumerElectronicsShow71Contactinformationforstore56161Contentmarketing175ndash176Contentofmarketingmessage142CouncilofStateRetailAssociations(CSRA)209Couturetradeshow43CraftampHobbyAssociation32209CraftandHobbyRetailers32CraftersrsquoHomexviii28209CrainrsquosChicagoBusinessxviiCreatinganonlinestore155ndash163Creditcardsales201216Cross-merchandisingtechniques122CubanMark153Customercarecustomerservice20444547ndash485457138194ndash197
customerfeedbackand95ndash97104customerresourcemanagement(CRS)in192disputesin49ndash50importanceof194ndash197invitingcustomerstoeventsin114ndash115
onlinestore163reviewsitesand97
Customerdisputes49ndash50Customerfeedback95ndash97104Customerresourcemanagement(CRS)192Customers
identifying47targeting715163understandinghabitsof1519ndash20
Customsregulations65
Dailystoreroutines20DallasMarketCenterThe73DallasMavericks153DanceRetailerNewsxviiDatasources15DavisDon154158162DelawareRetailCouncilInc35DeMariaJennifer166DHL65DickrsquosSportingGoodsxviDillardsxivDiscountedmerchandise121ndash122Displaysdisplayhardware117ndash123150
cross-merchandisingtechniquesin122immediate-rightzonein120lightingand118pointofsale(POS)areasand121salesectionin121ndash122staplesvsstatementsin122ndash123storestoppersas120ndash121storewindowsas119
Diversifyingyourinventory11ndash13DivitaEllen22
DoItInPerson172209Dresscode58DruckerPeter189
Ecommerce153statisticson145
E-mailmarketing140141ndash144eBay164165Educationalopportunitiesattradeshows82EdwardsGary97102EfseaffKimberly3ndash4189EllenAndy25EmeraldExpositions4476194209Emergencyprocedures58Employeemanuals58Employeesandstaff750ndash53Seealso
Operationprocedures57employeemanualfor58employmentpractices56fullvspartndashtime18hiring51ndash53interviewing51ndash53managersashiring52ndash53terminationof57
Employmentpractices56Engagingthesensesinselling128ndash131ENTInternational205EntrepreneurialDNA(Abraham)914Entrepreneurs9EtienneAignerxvEvents
advanceplanningfor114116ndash117expensesvssalesgeneratedby116in-storeexperienceascenterpieceof115ndash116
introducingandmanaging108ndash117invitingcustomersto114ndash115marketing114planningdatesfor113regularschedulingof112storecalendarfor109ndash111trackingresponseto113ndash116
ldquoExperiencerdquoofastore3SeealsoEngagingthesenses
Fabcom165Facebook47123144166171183201207218FarquerMacquenzi10177FashionFootwearAssociationofNewYork(FFANY)42FederalExpress65Feedbackfromcustomers95ndash97104Financing211FinkelsteinHarley154Firstimpressionsinmarketing142FloralRetailers32FloridaRetailFederationxviii35Focusgroups45FootwearNewsmagazinexvForbesxviiForresterResearchonlineshopping159163FourSquare123FrancoSartoxivFreeshippingonlinestore162ndash163Freight65FringeSport156158Futuretrends189ndash203
GanderMountainxviGarmentdistrictNewYork73
GatesBill6189Generationaltargeting7GeorgiaRetailAssociation35GianfrancescoAngela4ndash541109196ndash197Giftboxeswrapping139Giftcertificates48GiftFairNY43GlamourmagazinexvGlobalShop210GlobalSourcescom81Glossaryofcommonretailterms219ndash235Google80164GoogleGlass201GooglePlaces201Google+in171Grossmargin93Grosssales93Groupmemberships7Growingyourbusiness102ndash103
Habitsofsuccessfulretailers14ndash19Handheldportablecashregisters190ndash191194Healthinsurance30Hiringemployees51ndash53HollisKaren95HomeFurnishingsIndustry32
IdahoRetailersAssociation35Ideation211IllinoisRetailMerchantsAssociation35IllinoisSmallbusinessDevelopmentCenter24Immediate-rightzone120Importingmerchandise65ImprovementDistrictProgramsofNewJersey21
IndependentJewelryRetailersandVendors32IndependentPetRetailers32IndependentRetailerConferencexviii210IndependentRetailerMagazine210IndiaMARTcom81IndianaRetailCouncil35Industrypublications31Informationsources15InnoMarkCommunications208Innovatorentrepreneurs9Instagramin171InstituteforLocalSelf-Reliance178185211Insurance30Intellectualproperty(IP)217Intellectualpropertyrights(IPRs)216InternalRevenueService(IRS)211InternationalBusinessattheSourcing78Internationalsourcing6466InternationalTradeOrganization69Internet61sourcingthrough66InternetRetailerConferenceandExhibition(IRCE)162211InternetRetailerMagazine154158164172210Internet-basedmarketing139144ndash146InternetRetailercom162Interviewingpotentialhires51ndash53Introducingnewitemsforsale108ndash117Inventorymanagementxv1941ndash42138
choosingselecting41ndash42classificationofitemsin90ndash91103ndash104customerfeedbacktoinfluence95ndash97104displaysdisplayhardwarefor117ndash123diversifyingin11ndash13dollarvalueofvsunits92introducingnewitemsin108ndash117
maintainedmarkup(MMU)94opentobuy(OTB)planningin9394pointofsalesoftwarefor99ndash102rankingperformanceofclassesin104ndash105retailmathbasicsin90ndash95stock-keepingunit(SKU)numbersin104tradeshowsand41ndash44turnover93vendorsand93
Inventoryturnover93iOS190IowaRetailFederation35iPads123ndash126216iPadEnclosures126210iPadpointndashofndashsale(POS)123ndash126210ISStradeshow43
JCKtradeshow43JennyBoston166JobsSteve39JPCommunicationsIncxvii85
KHollisJewelers95Kabbage211KansasChamberofCommerce35KarydesConsulting63KarydesMegy63Keepingitsimpleinmarketingmessage142KellerAlex156KellerPeter156KentuckyRetailFederation35KizerampBenderSpeaking112118169170213KizerRich112118169170213KnebelAmy184
KonopackiTom98KroekerCurtis197ndash200
Layoutconsistencyonlinestore160Learning16ndash17LicensingExpo211ndash212Licensing211ndash212Lighting118Localevents40SeealsoBuy-localeventsLocalmedia16Lockport10LordampTaylorxivLouisianaRetailersAssociation35Luckymagazinexv
MacyrsquosxivMade-in-chinacom81MAGICMarketWeek212MAGICtradeshow436278205MailChimp143MainStreetNewJersey21Maintainedmarkup(MMU)94ManagementOne212Managershiring52ndash53Managingyourbusiness18ManeckeKirt54Manufacturerscomxvii6281212Manufacturingnet69Marketresearch30454795ndash97Marketing162040133
brandingand139charityeventsas134e-mailin140141ndash144events114giftboxesbagsetc139
importanceof138Internet-based144ndash146online139resourcesandinformationon146ndash148socialmediain140ndash141
MarylandRetailersAssociation35Mathretailmathbasics90ndash95MaxStudioxiiiMaynardKristin166McCabeDane186McGrathSkip164165McNultyBill195ndash196Medialocal1620Merchandising57Merchantsolutionbenefits30ndash31MFGcom81MiamiMerchandiseMartThe73MichiganRetailersAssociation35MidwestMarketDays73MilchenJeff178ndash182MindshareTechnologies97MinnesotaMainStreetxviiiMinnesotaRetailersAssociation35MinorityBusinessDevelopmentAgency(MBDA)212MississippiRetailandGrocersAssociation35MissouriRetailersAssociation35Mobilecommerce126ndash128Modalyst81212MontanaRetailAssociation35Moocom147213MorettiJessica142MuseumandNotndashforndashProfitStores32MuseumStoreAssociationxviii2732MuseumsampMorexviiMusic124129ndash130147
Namorg69NationalFederationofIndependentBusinesses183NationalHardwareShow4371213NationalRetailFederation48NebraskaRetailFederation35Netsales93NewJerseyRetailMerchantsAssociation36NewMexicoRetailAssociation36NewYorkInternationalGiftFair43NewYorkwholesalegarmentdistrict73NexPet32NielsenExpositions209NineWestxivNolchaEvents116NolchaFashionWeekNewYorkxviiiNordstromxiiixiv44191NorthCarolinaRetailMerchantsAssociation2536NorthDakotaRetailAssociation36
OffndashPriceShow217OhioCouncilofRetailMerchants36Onlinegroups30OnlinemarketingSeeInternet-basedmarketingOnlinepresenceonlinestore731153ndash176201AmazoneBayplatformsfor164165companycontactinfoin161contentmarketingand175ndash176creatinganonlinestorefor155ndash163customercarecustomerserviceand163e-commerceand154ndash163Facebookassalesplatformin166focusonyouruniqueimagein158ndash159freeshippingand162ndash163layoutconsistencyin160
paymentoptionsfor161ndash162photosimagesin160productdescriptionsfor159ndash160175ndash176reachof154resourcesandinformationon162salesamountsgeneratedby163salestrackingsoftwarein157157Shopifyincreatingonlinestores155shoppingcartsystemfor161socialmediaand163164ndash174targetcustomersfor163tipsforbuilding158ndash163
Onlinesourcingplatforms80ndash85Opentobuy(OTB)planning779394Operationalprocedures1957Opportunistentrepreneurs9Ordersplacedattradeshows77ndash79OutdoorRetailerShow70Outsidesourcesofinformationsupport6ndash721ndash37
ParkerHarriet24Payingemployees57Paymentcardindustry(PCI)compliance190Paymentoptionsonlinestore161ndash162PeacefulParlour13PennsylvaniaRetailersrsquoAssociation36Petflowcom165PGAShow43Philosophycompany56Photosimagesonlinestore160PicardCurtis26ndash27PicassoPablo9Pinterest144171208218PlasticResourcecom48
Point-of-sale(POS)areas121Point-of-sale(POS)date15Point-of-sales(POS)systemstechnology4714899ndash102123ndash126190191ndash194210SeealsoInventorymanagementPremierPackaging139147202213
PrescottJasonxviixix6885200ndash202Pressreleases133135ndash137Pricing90ndash95Productdescriptionsonlinestore159ndash160175ndash176Profitretailmathbasics90ndash95Publicationsxvxvii3167Publicity 7 134 See alsoMarketingQuotes and price comparison sourcing66ndash67
Radio124RalishShari13113RalphLaurenxiiiReedExpositions44213Resourcelisting205ndash218RetailAdventuresBlog213RetailAssociationofMaine2636RetailAssociationofNevada36RetailCouncilofNewYorkState36RetailJewelersOrganization32RetailMerchantsAssociationofNewHampshire36RetailMerchantsofHawaii36RetailMindedxvi2969143210214218
conferencesby33PartnerPrograminxviii31
RetailMindedMagazinexviindashxviiiRetailRadio124147214RetailTouchPoints167172ndash173214RetailersAssociationofMassachusetts36RetailMAVENS90102117214Returnoninvestment93Returnpolicies46
Reviewsites97ReyhleNicoleLeinbach202RhodeIslandRetailFederation36RiceJama27RichelsonJason126190RobbinsTony21RodgersCourtney144159RowsellVaughn99ndash102123124192
Salesection121ndash122Salestrackingsoftwareonlinestores157157Scheduling57SCORE33Searchengines80Searchingforproductsonline80Searsxiii164Seasonalemployees7Security58Sellthrough93117Selling107ndash131
cross-merchandisingtechniquesin122displaysforinventory117ndash123e-commercestatisticsand145engagingthesensesin128ndash131immediate-rightzonein120mobilecommerceand126ndash128pointofsale(POS)areasand121salesectionin121ndash122soundtoenhancebuyingexperienceand124staplesvsstatementsin122ndash123storecalendarand109ndash111storestoppersin120ndash121technologyfor123ndash126
Sellingyourstore197ndash200
ShiftYourShoppingprogram182184185214Shipping65onlinestore162ndash163Shipwire173215ShopIndieRetail215ShopSmallcampaign183ndash185215ndash216Shop-localinitiatives177ndash188
AmericanIndependentBusinessAlliance(AMIBA)and178ndash182185BALLEcalculatorsand182Business Alliance for Local Living Economies (BALLE) and 181ndash182185buy-localcampaignsand178ndash182charityeventsand185ndash186InstituteforLocalSelf-Relianceand185ShiftYourShoppingprogramand182184185ShopSmallcampaignand183ndash185SmallBusinessSaturdaycampaignand183ndash185startingyourowncampaignfor186ndash188
Shopify145147154155162173202215ShopKeep126190215Shoppingcartsystemsonlinestore161SierraPacificCrafts216Sightengagingthesensesinselling128ndash129Signage3147SilverBarnThe12133ndash134SixDegreesorg215SkipMcGrathcom165Smallandmedium-sizedenterprises(SMEs)216SmallBusinessAdministration(SBA)217SmallBusinessDevelopmentCenters(SBDC)24206217SmallBusinessSaturdaycampaign183ndash185SmartRetailerxviiSmartSign147Smellengagingthesensesinselling130SmileSellMorewithAmazingCustomerService(Manecke)54
SnapRetail110ndash111138140141142143147167168170173202216SobbottSusan183Socialmedia1645123140153163164ndash174201
70-20-10rulein170BoutiqueWindowand171Facebookin166171findingrightchannelin170ndash171Google+in171Instagramin171Pinterestin171resourcesandinformationfor172salesgeneratedthrough164SnapRetailofferingin168timerequirementstoparticipatein170Twitterin171useofbymerchants167ldquovoicerdquoin169
SocietyofAmericanFlorists32Softwareasaservice(SAAS)193Soundtoenhancebuyingexperience124Soundengagingthesensesinselling129ndash130SourceDirect62Sourcing61ndash87
budgetingfor68Business-to-Business(B2B)sourcingplatformsfor80ndash85importantpointstorememberin64international64ndash6566Internetfor66networkingfor67onlineplatformsfor80ndash85publicationsabout67quotesandpricecomparisonin66ndash67resourcesandinformationon69retailerbenefitsof62ndash69searchenginestolocateproductsin80
trendsin67ndash68USCustomsregulationsand65unexpectedissuesin68
SourcingJournalOnlinecom6769SouthCarolinaRetailAssociation36SouthDakotaRetailersAssociation36Specialistentrepreneurs9SpecialtyToyIndustry32SquareSquareUpcom202216StaffSeeemployeesandstaffStandingoutamongotherretailers3ndash7Staples153Staplesvsstatementsdisplays122ndash123Starbucks191StateChamberofOklahomaxviiiState-levelretailassociations25ndash37StellaBlueDesign4Stocktosalesratio93Stock-keepingunit(SKU)numbers104STOPfakes216Stoppersstorestoppers120ndash121Storecalendar109ndash111Storecontactinformation56161Storehours4956StoreSpecialtyServices216Storestoppersas120ndash121Storetraditions50Storewindow119Storyofyourstore39ndash58Strategicalignment108SumnerCommunicationsInc195Suppliers66ndash67SeealsoSourcingSupportingotherlocalbusinesses17Surveys45SuttonCynthia12133ndash134138146
Target165Targetingcustomers715163TarsusGroup44217Tasteengagingthesensesinselling130ndash131Taxes211Technology123ndash126190ndash191SeealsoPointofsales(POS)
futurebeyond194TeeleSuzy138140141167170TennesseeRetailAssociation37Terminationofemployees57TexasRetailersAssociation37TheLimitedxiiiThingsRememberedxiiiThomasnetcom81Tiffany139TopTenWholesalecomxvii6267698183ndash85218Touchengagingthesensesinselling129TradeShowExhibitorsAssociation(TSEA)217Tradeshows172941ndash446166677071ndash77
educationalopportunitiesof82guideto43open-to-buy(OTB)budgetin77ordersplacedat77ndash79preparingtoattend86ndash87tipsforattending78
Trade-specificorganizations27TrademarkTheSpot217Tradeology69Traditionsstore50Trainingemployeesandyourself16ndash172074ndash75Traveldiscounts31Trends3067TripAdvisor201TriparInternational147ndash148217Twitterxvi144171183201208218
USCustomsregulations65USNationalAssociationofManufacturers69USPatentandTrademarkOffice(USPTO)217USSmallBusinessAdministration(SBA)217Uniqueimageinonlineretail158ndash159Uniquetraitsofyourstore44ndash58UtahRetailMerchantsAssociation37
Vend99ndash102123148192202218Vendors61741587493
maintainedmarkup(MMU)and94VermontRetailAssociation37ViaTrading219Vine174218VIPcustomercare47ndash48VirginiaRetailMerchantsAssociation37ldquoVoicerdquoinsocialmedia169
WagnerCathy9092102117118214WagnerPaul214Walmart153165191201WashingtonMutual108WashingtonRetailAssociation37WaubonseeCommunityCollege24Websites 7 See also Online presenceOnline stores West Virginia RetailersAssociation37
WesternRetailerxviiWeWearorg206Wholesale101AGuidetohellip(Prescott)68WholesaleDistrictinLosAngelesThe73Wholesalemarkets66WholesaleMindedMagazine218WholesaleCraftscom81218Wholesalersxvii626769ndash718183218
martsandbuyingdistrictsfor73Windowdisplays3119WindowsPOSsystems190WirtzElla171Wishpond173ndash174218WomenrsquosWearDailyxvWorldMarketCenter73WyomingRetailAssociation37
Yahoo80Yelpcom97201
ZiglerZig133
AbouttheAuthors
NicoleLeinbachReyhleisanexperiencedretailandwholesaleprofessionalwithapassionforsmallbusinessesAfteryearsofholdingbothregionalandnationalmanagementrolesforcompaniesincludingNordstromAdidasAmericaSearsandFrancoSartoFootwearReyhlefoundedRetailMindedin2007tosupportindependentretailersthroughouttheworldIntendedtohelpindividualbusinessownersthriveRetailMindeddelivers
valuablenewseducationandsupportspecifictoindependentmerchantsSince2011ReyhlehasalsosupportedtheretailandsmallbusinesscommunitythroughherquarterlypublicationRetailMindedmagazineaswellasthroughtheRetailMindedPartnerProgramwhichaffiliateswithmanyassociationsandorganizationsinanefforttodeliverretaileducationandsupporttomerchantsfromallsectorsReyhlersquosonlinewebsiteRetailMindedcomhasover1500articlesspecificto
retaileducationforsmallbusinessesandReyhlehaswrittenandpublishedover500articlesinavarietyofotherpublicationsaswellAfrequentspeakeratbothnationalandinternationaleventsReyhleisthecofounderoftheIndependentRetailerConferencewhichiscommittedtodeliveringqualityeducationtomerchantswithonetotenstoresReyhleisactiveinavarietyofretail-andsmallbusiness-focusedadvisoryboardsthroughouttheUnitedStatesandcontinuouslyworkstostayengagedinretailtrendsresearchandnewsReyhleservesasaspokespersonandadvisorforSmallBusinessSaturdaya
nationallyrecognizeddayoccuringtheSaturdayafterThanksgivingthat
nationallyrecognizeddayoccuringtheSaturdayafterThanksgivingthatsupportssmallbusinessesAmericanExpressisafoundingpartnerofSmallBusinessSaturdayReyhlehasbeenanadjunctinstructoratColumbiaCollegeChicagosince2004teachingvariousretailandbusinesscoursesReyhleresidesintheChicagoareawithherhusbandtheirtwoyoung
childrenandtheirWeimaranerFollowReyhleonTwitteratRetailMindedandonFacebookatFacebookcomRetailMinded
JasonAPrescottCEOofJPCommunicationsIncdirectsanetworkofglobaltradeplatformsusedforsourcingproductsbymillionsofbusinessesandentrepreneursAnchoredbyTopTenWholesalecomandManufacturercomover2000000manufacturerswholesalersimportersretailersandproductresellersbelongtotheJPCInctradeplatformsJasonrecentlypublishedhisfirstbookWholesale101AGuidetoProductSourcingforEntrepreneursandSmallBusinessOwners(McGraw-Hill2013)PrescottspearheadedtheacquisitionofManufacturercomfromagroupofChinesenationalsandforeigninvestorsin2009JPCommunicationsIncoperatesinChinaunderHangzhouFlatWorldSourcingLTDPrescottisapioneerinbusiness-to-businessonlinetradeplatformsJP
CommunicationsrsquotradeplatformsarepartneredwithindustrytradeshowgiantsSourcingatMagicASDtheOffPriceShowInternetRetailerandtheNationalHardwareShowandhehasgivenpresentationsatSearchEngineStrategiesSIPPASANDIOSASDTradeShowsSourcingatMagicandtheSanDiegoSoftwareCouncilPrescottauthoredoneofthefirstsearchmarketingcoursesfortheSearchEngineMarketingProfessionalsOrganizationandwasonSEMPOrsquosEducationCommitteeBesidespresentationsandconsultingPrescotthaswrittenarticlesonbusinessandtechnologyappearinginB2BOnlineOMMAIMediaConnectionCEOmagazineandEntrepreneurOnlineHehasalsobeencitedinIncmagazineBusinessWeekandForbesOnlineTopTenWholesalewasnamed1inFastGrowthAwards(2008)by
bizSanDiegoandrankedintheTop20forTechnologyawardssponsoredbytheSanDiegoBusinessJournalPrescottwasnamedintheTop40EntrepreneursUnder40listin2007bySanDiegorsquosMetropolitanmagazineandwasrecognizedforOutstandingEmergingBusinessoftheYearbytheSanDiegoChamberofCommercePrescottisagraduateofWesternConnecticutStateUniversityandcurrently
livesinLosAngelesCalifornia
- Acknowledgments
- Introduction
-
- Action Guide
- Habits of Successful Retailers
- Action Guide
- Getting Involved with Outside Organizations
- Benefits That Organizations May Offer
- Action Guide
- Creating an Inventory Assortment That Stands Out
- Unique Traits of Your Store
- General Interview Questions for Potential Employees
- Action Guide
- Benefits of Sourcing as a Retailer
- Working with Wholesalers
- Understanding the Value of Trade Shows
- Managing Orders Placed at Shows
- Using Online Sourcing Platforms
- Action Guide
- Understanding the Basics of Retail Math
- Introducing Customer Feedback for Inventory Management
- Using Point-of-Sale Software to Help Manage Inventory
- Action Guide
- Introducing and Managing Store Events
- Highlighting Inventory Through Displays
- Using Modern Technology in Your Store
- Identifying Whether Mobile Commerce Matters
- Action Guide
- Using E-mail to Communicate Store Messages
- Using the Internet as a Marketing Platform
- Resources Every Independent Retailer Should Know About
- Action Guide
- Embracing E-commerce
- Social Media in Todayrsquos Retail Marketplace
- Action Guide
- Understanding Buy-Local Campaigns
- Finding Success Through Small-Business Saturday
- Introducing Commerce and Charity
- Action Guide
- The Future of Independent Retail
- The Future Beyond Technology
- When Retail Isnrsquot in Your Future
- Parting Words from Jason Prescott
- Parting Words from Nicole Leinbach Reyhle
- Conclusion
-
- Part I Being Indie in a Big-Box World
-
- 1
- Standing Out among the Crowd
- 2
- Stepping Outside Your Comfort Zone
- 3
- Leaning on Outside Organizations
- 4
- Identifying Your Unique Store Story
-
- Part II Practical Steps to Increase Your Store Visibility and Sales
-
- 5
- Sourcing Products Through Trade Shows and the Internet
- 6
- Buying for Customers Versus Yourself
- 7
- Selling Your Products
- 8
- Applying Press and Marketing to Your Business
-
- Part III Making a Mark in the Economy
-
- 9
- Making Your Presence Online
- 10
- Taking Part in Shop-Local Initiatives
- 11
- A Crystal Ball for Independent Retailers
-
- Appendix A Resources for Independent Retailers
- Appendix B Common Retail Terms and Definitions
- Notes
- Index
-
PartIIPracticalStepstoIncreaseYourStoreVisibilityandSales
5 SourcingProductsThroughTradeShowsandtheInternetBenefitsofSourcingasaRetailerWorkingwithWholesalersUnderstandingtheValueofTradeShowsManagingOrdersPlacedatShowsUsingOnlineSourcingPlatformsActionGuide
6 BuyingforCustomersVersusYourselfUnderstandingtheBasicsofRetailMathIntroducingCustomerFeedbackforInventoryManagementUsingPoint-of-SaleSoftwaretoHelpManageInventoryActionGuide
7 SellingYourProductsIntroducingandManagingStoreEventsHighlightingInventoryThroughDisplaysUsingModernTechnologyinYourStoreIdentifyingWhetherMobileCommerceMattersActionGuide
8 ApplyingPressandMarketingtoYourBusinessUsingE-mailtoCommunicateStoreMessagesUsingtheInternetasaMarketingPlatformResourcesEveryIndependentRetailerShouldKnowAboutActionGuide
PartIIIMakingaMarkintheEconomy
9 MakingYourPresenceOnlineEmbracingEcommerceSocialMediainTodayrsquosRetailMarketplaceActionGuide
10 TakingPartinShop-LocalInitiativesUnderstandingBuy-LocalCampaignsFindingSuccessThroughSmall-BusinessSaturdayIntroducingCommerceandCharityActionGuide
11 ACrystalBallforIndependentRetailersTheFutureofIndependentRetailTheFutureBeyondTechnologyWhenRetailIsnrsquotinYourFuturePartingWordsfromJasonPrescottPartingWordsfromNicoleLeinbachReyhleConclusion
AppendixAResourcesforIndependentRetailers
AppendixBCommonRetailTermsandDefinitions
Notes
Index
Acknowledgments
NicoleLeinbachReyhleFIRSTANDforemostthankyoutoJasonPrescottforbeingsuchagreatbelieverandsupporterofRetailMindedandmyselfsincedayoneYouwereamongthefirstindustryleaderstoreachoutandworkwithmeasaretailresourceandIrsquomgratefulforourcontinuedsupportofeachotherovertheyearsFurthermoreIcanrsquotthankyouenoughfortheopportunitytocoauthorthisbooktogetherYourwisdomenergyandexperienceareinvaluableNextIwanttoextendahugegeneralthankyoutoallthebusinesses
organizationsandpeoplewhocontributedcontentandresearchmaterialtothisbookJasonandIbothareverygratefulfortheinsighttimeenergyandexperiencethatyouallprovidedWithoutyoursupportthisbooksimplywouldnotbepossibleThankyouagainandwewisheachofyoucontinuedsuccessinthefutureNextIwanttothankthepeoplewhowereinvolvedintheliteralcreationof
thisbookTostartBillGladstonethankyouIappreciateyourtakingachanceonafirst-timeauthorandlookforwardtoworkingwithyoumuchmoreinthefutureAlsoTaraGladstonethankyouforyourwisdomandsupportincreatingthebookproposalWhileIhadhopedtoworkwithyoumoreourlimitedworktogethertaughtmesomuchandIlookforwardtothechancetoworkwithyouagainLastbutcertainlynotleastthankyouThomasMilleroureditoratMcGraw-HillYourguidanceandenthusiasmthroughoutthisprojecthavebeenfantasticandJasonandIbotharegratefulforyouroverallsupportDannalieDiazfromMcGraw-HillIalsoappreciateyourtakingthetimetogivemesomeextrafirst-timeauthorcoachingaswellFinallyIwanttoextendspecialthankstosomekeycontributorsand
supportersofthisbookWhiletherearetoomanytohighlightthefollowingpeoplewentaboveandbeyondtoreallyhelpmakethisbookthebestitcouldbeSuzyTeeleCOOofSnapRetailthankyouYourconstantsupportistruly
appreciatedCourtneySymonsmarketingmanagerwithShopifythankyoufordiggingandsearchingforalltheexactdetailsweneededtomakethisbookcometolifeCamilleCandellagroupmarketingdirectorforEmeraldExpositions
thankyouforsharingyourwisdomandhelpingretailerstobettersucceedJeffMilchencodirectoroftheAmericanIndependentBusinessAlliancethankforyourinvaluableinsightandexpertiseDonDaviseditorinchiefatInternetRetailerMagazineIappreciateyourtakingthetimetoshareyouruniqueperspectivesandamgratefultoofferthemtoourreadersJoeAbrahamauthorofEntrepreneurialDNAandCEOofBosiDNAIhavebeenfortunatetoworkwithyoufirsthandinmyownbusinessgrowthandamthrilledthatyousharedyourwisdomwiththereadersofthisbookaswellAnadditionalthankyougoestoallmyRetailMindedpartnerswhohelpedto
providetheirexpertiseandinsighttoourreadersincludingJeffBuehlerofMainStreetNewJerseyAndyEllenandChristieBurrisofNorthCarolinaRetailMerchantsAssociationEllenDivitaoftheCityofGenevaIllinoisLynneSchwartzofDowntownStCharlesPartnershipandJamaRiceoftheMuseumStoreAssociationIrsquodlikealsotothankthreefolksIrsquomluckytocallmyfriendswhoalsowork
withindependentretailersasconsultantsexpertsandleadersGeorganneBenderandRichKizerIrsquoveadmiredyourworksincewefirstmetattheDanceRetailerExpoinLasVegasmanysummersagoIwasluckytolearnthatourofficeswereonlyatownapartandsincethenIrsquomgratefulforourmanylunchesbrainstormingsessionschitchatsandconstantsupportthatyouhaveprovidedLookingforwardtoourcontinuedsupportandworkwitheachotherInadditionabigthankyoutoCathyWagnerYoursquoreretailinsightandfriendshipisverymuchappreciatedFinallythankyoutomyfamilyandfriendsBeingsurroundedbygoodcompanyatworkathomeandatplayisagreatwaytolivelifeandIrsquomfortunatetodojustthatThankyou
JasonAPrescott
IhavealwaysbeenabelieverthatoneoftheleadingcausesofsuccessispassionNicoleReyhleyouareoneofthemostpassionateprofessionalswithwhomIrsquoveeverhadthehonorofworkingThankyouforthecountlesshoursofresearchinterviewsanddetailyoubroughttothisbookYouhaveaveryspecialgiftthatisgoingtoberesponsibleforthesuccessofsomanyentrepreneursandsmall-businessownersYourhonestyintegrityandprofessionalismwillmakeyouHIPformanyyearstocomeItwasmyhonortohelpopenthedoorandIawaitwithexcitementournextprojecttogetherBillGladstonethankyouforcontinuingtoopenyourdoorIneverwould
havethoughtthatwewouldbepublishingnotjustonebuttwomajorbusiness
havethoughtthatwewouldbepublishingnotjustonebuttwomajorbusinesstitlesinunderoneyearYouareamanofmiraclesandIsalutethebeliefyoucontinuetohaveinallweaccomplishtogetherToAlainStamboulipresidentofViaTradingtherearenotverymanypeople
capableofemulatingthesuccessyourcompanyhashadovertheyearsYoucontinuetosetthebarinaverydynamicindustryandIhavenodoubtthatthetrendwillcontinueYourbusinesscreatesopportunitiesforthousandsofretailersandpowersaneconomicbackboneforcountlesslivesAstheViaTradingstorycontinuesIrsquollalwaysconsidermyselffortunatetohaveinspiringfriendslikeyouinmylifeAndfinallyIrsquodliketoacknowledgeallmyfriendscolleaguescustomers
andpartnerswhocontinuetobethepropellersandmotivatorsofeveryaccomplishmentIrsquovebeenpartofsince2005MypassioncomesfromyouandthepathwecontinuedowntogetherhasbeenanunforgettableandhumblingexperienceServingyouisaprivilegeandIameternallythankfulforsuchanopportunity
Introduction
IrsquoDLIKEtobelievethatmycareerinretailneverreallybeganbutratheralwaysexistedAsalittlegirlIrememberweavinginandoutofstoreswithmymotherandtwosistersalwaysonthehuntforsomethingforoneofusMymommdashacompetitiveshopperwhoknewofeverysalenewstoreopeningandspecialpromotionthatwouldbetakingplacemdashconsideredshoppingmoreofapastimethanaresponsibilityIontheotherhandenjoyedourshoppingexperiencesformuchdifferentreasonsInsteadofbeingexcitedoveranewtoporsomeshoesIwouldgravitatetothecheckoutareaandtrytochatwithoneofthesalesassociatesaboutworkinginretailNaturallycomingfromapreteenthisconversationdidnrsquotgoveryfarHoweverbythetimeIwasabletogetmyfirstpart-timejobIknewthatIwantedittobeintheretailworldOverthefollowingyearsfromages15to22IworkedatThingsRememberedTheLimitedRalphLaurenNordstromMaxStudioandultimatelyalittleboutiqueindowntownChicagocalledChasallaItwasduringthatexperiencethatIknewIwantedtosomehowsomedaysupportindependentretailersFirsthoweverIknewthatIneededamoreexpansiveunderstandingofthedynamicworldofretailThefollowingyearstookmeonawhirlwindtourofbothretailandwholesale
MyfirstjobuponcollegegraduationwasatSearsrsquoscorporateofficesinHoffmanEstatesIllinoiswhereIworkedasamerchandiseanalystwithinthewomenrsquosapparelbuyingofficesThecommutefromChicagotoHoffmanEstateswouldoftentakeabrutaltwohourssosoonafterIswitchedgearswhenofferedajobwithFrancoSartofootwearMyroleforFrancoSartoincludedvisitingcountlessretailerswithintheMidwesternregionrangingfromindependentretailerstobig-boxstoressuchasDillardsMacyrsquosLordampTaylorandmyretailalmamaterNordstromAdditionallyIworkedcloselywiththemarketingteamtoprepareforFrancoSartopersonalappearancesandotherin-storespecialeventswhilealsoattendingnolessthansixtradeshowsayearAtonly24yearsofageIwascertainthatIhadmydreamjobforthattimeinmylifeItturnsoutthoughthatdreamscangrowandby25IwasofferedthechancetorelocatetoFrancoSartorsquosheadquartersinBostontobecomethecompanyrsquosnationalmarketingdirectorIwasbeyondthrilledMyexcitementtotakeonmoreresponsibilitywasoffthechartsbutapartof
Myexcitementtotakeonmoreresponsibilitywasoffthechartsbutapartofmewasunsureaboutthiscross-countrymovebecauseofmyfatherrsquosrecentdiagnosisofbraincancerBeingbothaproudfatherandamarketingprohimselfmydadencouragedmetogoandnotlookbackWithhisapprovalIpackedmybagsandwasonmywayWorkingwithawholesalersuchasFrancoSartogavemesuchincredible
opportunitiestolearnmorenotonlyaboutthevendorsideofthebusinessbutalsoabouttheretailsideofthebusinessAtthetimeFrancoSartowasoutperformingmostofitscompetitionincludingNineWestatretailerssmallandlargeandasaresultmyresponsibilitieswerealwaysevolvingAmongthemincludedtryingtoseeknationalpressforFrancoSartorsquosgrowingbrandWorkingwithconsumerpublicationsthatincludedLuckyandGlamour
magazinesaswellasthetradepublicationsFootwearNewsWomenrsquosWearDailyandmanyothersexposedmetoawholenewsideofretailInstinctivelyIlovedthecombinationofretailandmediaanditwasatthistimethatIstartedtoidentifyhowImightbeabletoapplythisduoinmyownuniquewaytohelpindependentretailersinthefutureFastforwardtoacoupleofyearslaterandIwasreadytoreturntoChicago
AlthoughIlovedmyjobIlovedmyfathermoreHiscancerhadadvancedandIknewthathewouldpasssoonerthanlaterwhichmademydecisiontospendasmuchtimeasIcouldwithhimapriorityAlthoughitwasatoughchoicetoleaveajobthatIadoredIwasfortunatethatBennettFootwearthethen-ownerofFrancoSartoofferedtorelocatemeandgivemeanewpositionthatcouldbebasedintheMidwestSayinggoodbyetomymarketingdayswasextremelytoughbutIembracedmynewchallengeasanaccountexecutiveforFrancoSartorsquossisterfootwearbrandEtienneAignerThefollowingyearintroducedmetolotsofchangemostnotablyspending
mydayssurroundedbynumbersManagingandsellinginventoryarenoeasytasksparticularlywhenyouareworkingwithretailersthatbudgetclosetoamilliondollarsormorejustforyourbrandaloneLookingbackIrefertothispointofmycareerasmyownpersonalretailmathbootcampItwasfastfuriousandunforgettableIlearnedalotmadesomemistakesandultimatelydecidedthatbeinganaccountmanagerwasnrsquotformeImissedmymarketingdayssoIquietlylookedaroundforanewopportunitythatwouldallowmetodomarketingagainFortunatelyAdidaswasrollingoutanin-storeandmajoraccountsmarketingmanagerpositionbasedinChicagoandIwasluckyenoughtogetthejobWorkingwithAdidasIwasexposedtoawholenewworldofretailersthat
includedDickrsquosSportingGoodsGanderMountainandcountlessspecialtyretailersthatservednichemarketsincludingsoccerswimandtennis
retailersthatservednichemarketsincludingsoccerswimandtennisMoreoverthiswasthefirsttimeIworkedforacompanythatwasnotonlyaretailerbutalsoawholesalerAdidashasitsownstoresandalsosellstootherstoresmdashwhichasyoucanimaginehasbothchallengesandbenefitsOnceagainIconsideredmyselffortunatetogainnewexperienceandlearnfromsomeofthemostwell-respectedretailersinthebusinessMeetingDavidBeckhamandotherAdidasathleteswasnrsquotabadjobperkeitherDespiteagreatjobandthechancetomanageateamofover30peopleI
couldfeelaradicalchangebrewingwithinmeIdesperatelywantedtocontrolmytimemoreafteryearsofconstanttravelandIalsohopedtoshareeverythingIhadlearnedwithsmallermoremom-and-pop-stylemerchantsAfteronlyacoupleofyearswithAdidasIwasfinallyreadytobeginmyownuniqueretailjourneywithoutanemployertoofficiallyreporttoLikecountlessotherentrepreneursandpossiblyevenlikeyourselfIdecidedtobecomemyownbossFriendsandfamilythoughtforsureowningalittleboutiqueofmyownwouldbeinmyfuturebutinsteadIwantedtoworkwithboutiquesretailersandsmall-businessownersmdashsharingwiththemwhatIcouldtohelpthemintheiruniquegoalsIn2007RetailMindedwasofficiallybornTaglinedaboutiqueconsultingfirmRetailMindedaimedtosupportretailers
withinmyimmediateChicagocommunityAtthissametimeIbeganwritingablogmdashanewtrendthatwasemergingalongwithsocialmediasitessuchasTwitterFairlyquicklymyblogbecamerecognizedasadestinationforindependentretailerstogainnewseducationandsupportfortheirbusinessesThissoontookoverasmytaglineandIalsobegantoacceptfreelancewritingassignmentsfortradepublicationsthatincludedSmartRetailerDanceRetailerNewsMuseumsampMoreCrainrsquosChicagoBusinessWesternRetailerandevenForbescomWithoutintentionallytryingmyloveformediaandretailhadgrownintoafunctioningbusinessandsoonaftermyone-on-oneconsultingwaspushedasideIrealizedthatthroughmediaIcouldreachmanymoreretailerswithmygoalofsharingindependentspecificnewseducationandsupportanditisthroughmediathatIdidexactlythatTheyearsthatfollowedintroducedmetomanynewmediaclientsaswellas
selectconsultingprojectsItrsquosalsoduringthistimethatIfirstmetmycoauthorJasonPrescottfounderandCEOofJPCommunicationsIncwhichrepresentscompaniesthatincludeTopTenWholesalecomandManufacturercomDespiteafullscheduleIwantedtoreachmoreretailersinawaythatI
believedtheywerenrsquotbeingreachedyetTherewereandstillarehundredsofpublicationscommittedtoretailaudiencesyetnonefocusesonthetotallifestyleofbeinganindependentretailermdashwhethersellingshoeshardwarehomegoods
oranythingelseTomethismeanssupportingthisuniqueaudienceofretailerswithallthedetailsoftheirbusinessesmdashnotjustthosethatfellwithintheirstorewallsInotherwordsIwanteddiscussionsaboutinsurancehealthfamilytimemanagementandmoretoberegularcontributionstoapublicationthatretailerscouldreallyrelatetoandonethatwassolelycommittedtoindependentretailersnotbig-boxmerchantsItrsquoswiththisinmindthatRetailMindedMagazinecametolifeWithoutaformalpublishingbackgroundorextensivemediaexperienceI
launchedRetailMindedMagazineinJanuary2011MyquietlaunchwaswellreceivedbymyalreadyloyalblogfollowersandwiththehelpofmyuniquedistributionmodeltheRetailMindedPartnerProgramRetailMindedMagazinenowreachesover150000readerswitheachquarterlyissueThisuntraditionalavenueofdistributionallowsnicheretailgroupssuchasCrafterrsquosHomeortheMuseumStoreAssociationaswellaslocalandstate-levelretailorganizationssuchastheStateChamberofOklahomatheFloridaRetailFederationMinnesotaMainStreetandotherstodistributeRetailMindedMagazineasamembershipbenefitandeducationalresourcetotheirmembersThesameyearIrolledoutRetailMindedMagazineIalsointroducedthe
independentretailerconferenceforthefirsttimeinJuly2011alongsidemyconferencecofounderKerryBanniganofNolchaFashionWeekNewYorkSincethenthisannualeventhasgrowninbothsizeandrecognitionwelcomingindependentretailersandretailsupporterstogainhands-onknowledgeabouttrendsspecificintheindependentretailsceneInMarch2014theIndependentRetailerConferencewasproudlyintroducedasourfirstpop-upconferenceatthenationrsquoslargestconsumertradeshowtheASDShowheldbiannuallyinLasVegasTheRetailMindedworldhascertainlygrownsinceitrsquosbabydaysbackin
2007yetlikemuchofmyaudiencewearestillsmallandindependentourselvesIknowfirsthandthestruggletogetafulldayrsquosworkinandstillfeellikeIhavenrsquotworkedenoughaswellastheconstantjugglingacttofindtimeforfamilyfriendsandmdashdareIsayitmdashevenmyselfMyteamremainssmallbutourmissionisalwaysgrowingIconsideritbothaprivilegeandaresponsibilitytosupportindependentretailerswhichiswhyIwassohonoredtojoinJasonPrescottinauthoringthisbooktodojustthatItrsquosmyhopethatyouwilltakeawayfromthisbooktipstricksandpractical
solutionstoapplytoyouruniqueretailbusinessWhetheryouareaseasonedmerchantorretailnewbiethecontentthroughoutthisbookisaimedathelpingyoutomanagemarketandgrowyourretailbusinessTogetherJasonandIhaveuncoveredresourcesidentifiedsolutionsandcompiledacollectivespotforyou
uncoveredresourcesidentifiedsolutionsandcompiledacollectivespotforyoutoconfidentlyrefertoasyoucontinueyourretailjourneyAlsowersquoveinterviewedover50industryleadersandretailersallowingyoutogainmultipleperspectivesonthedynamicworldofretailWersquovealsoprovidedyouwithActionGuidesthatfolloweachchaptergivingyounextstepsandhow-toinstructionstohelpyourbusinesssucceedIrsquodliketobelievethatlikemeyoulookatyourjobasaprivilegeand
thereforethatyouareconstantlyseekingnewwaystoimproveyourbusinessWhetherthisistrueornotIhopethatthisbookcandelivernewwaysforyoutofindsuccessandachieveyouruniqueretailgoalsThankyouforgivingustheopportunitytohelpyouaccomplishthismdashwehopeyouenjoytheride
PARTI
BeingIndieinaBig-BoxWorld
1
StandingOutamongOtherRetailers
Inordertobeirreplaceableonemustalwaysbedifferent
mdashCocoChanel(1883ndash1971)founderofChanelfashiondesignerTO
GAINsuccessinretailmerchantsmustcreateanenvironmentandanexperiencethatcustomerswanttovisitagainandagainCalifornia-basedretailerKimberly
Efseaffagreeswiththissharingherthoughtsaboutwhereacustomerrsquosexperiencebegins
TheexperienceofastoreshouldstartbeforeacustomerevenwalksinthedoorWhensomeoneseesyoursignageorpeeksinthewindowthereshouldbeawowfactorItshouldcaptivatethemandmakethemwanttoinvestigateyourbusinessevenifitrsquosnotsomethingtheymaynormallybedrawntoOncetheydowalkintheyshouldfeelliketheyareexperiencingsomethingthatistotallyuniqueandunlikeanyotherstoretheyhaveeverbeentoThecolorsproductsatmospheredesignaestheticsandallotherstoredetailswillhelpmakethishappenorforthatmatternothappenUltimatelyastoreshouldfeelasuniqueasitlooksIfyoudothiscorrectlyyourcustomerwillbecomecaptivatedandengagedinyourbusiness1
EngagingcustomersiskeyandretailerssuchasEfseaffknowthatthisisessentialtocreatingkeepingandgrowingbusinessThequestionishoweverjusthowdoyoudothisIrsquoveinterviewedover50industryleaderswhoincluderetailerswholesalerstradeshowdirectorsmagazineeditorsretailorganizationleadersandmoretohelpanswerthisquestionAllofthemsharetheiruniqueexpertiseandperspectivesonhowyoucanfindstoresuccessinthecompetitiveworldofretailWithaheavyemphasisonindependentbrick-and-mortarretailersthisbookwilllookatthemanylayersinvolvedinmanagingandmarketingaretailstoretodayFromthereitwillhelpintroduceyoutonew
marketingaretailstoretodayFromthereitwillhelpintroduceyoutonewideasreshapeoldhabitsandidentifythetrendsofretaildesignedtokeepmodernmerchantsvisibleandsuccessfulAmongthemaingoalsofthisbookwillalsobetointroduceretailerstoexternalplayersrangingfrombusinessresourcestotradeshowstoretailassociationsandmoreIllinois-basedretailerAngelaGianfrancescowhosestoreStellaBlueDesign
residesjustamilewestofChicagorsquosWrigleyFieldconsiderslearningfromoutsideinfluencersakeystrategyinhelpingherownbusinessgrowldquoImayonlyhaveonestoreandbethesolestoreownerbutIneverfeelaloneinrunningitThroughRetailMindedcommylocalChamberofCommerceagreatstaffandmerchantfriendsIconstantlyfeellikeIamlearningnewthingsandhavepeopletoturntowhenIhavequestionsrdquoAsanindependentretaileritrsquoseasytoforgetthatyouhavesomanyadvocates
onyoursidetohelpyourbusinessthriveOneofthemaingoalsofthisbookistohelpretailersregaintheirtrustandsupportfromoutsideplayerswelcomingavarietyofbusinessesandpeopleintotheirnicheworldstohelpthemfurthersucceedinretailInthechaptersthatfollowwersquollunveilorganizationsassociationsandretail-specificgroupsthathaveyourbestinterestinmindaswellasidentifywhyyourparticipationwiththemmattersWewillalsodiscussthevalueinworkingwithyourlocalcommunitytoincreaseyourstoreandtownrsquosindependentretailawarenessWewillalsoprovidedetailsonhowyoucanbecomemoreinvolvedintheincreasinglypopularbuy-localmovementsMostimportanthoweverwewillidentifypracticalwaysforyoutokeepyourdoorsopeninacompetitiveretailenvironmentsharingexpertyetrealisticinsightonhowyoucandothisAsretailerGianfrancescostressesldquoIhavebeenopensince2010andsincethenIcancountonmyhandhowmanydaysIhavegonetoworkwithoutlearningsomethingnewaboutcustomercareorstoremanagementZeroEverydayeverycustomerandeverysituationteachesmesomethingthatcanimprovemybusinessrdquoItrsquoswiththisinmindthatthechaptersthatfollowwerecreatedEverychapter
everydetailandeveryresourceidentifiedisintendedtohelpyouwithyourbusinessAsanindependentmerchanthoweveritrsquosuptoyoutodecidejusthowyouwillapplythesedetailstoyourownuniquestoreTofurthersupportyoueachchapterconcludeswithanActionGuideintendedtohelpyoutakeimmediatestepsinhelpingyourbusinessCollectivelywehopethattheseActionGuidespushyoutolookatyourstoreorfuturestoreviaanewperspectivewhilealsoencouragingyoutodothingsyoumayneverhavedonebeforeFinallyremembertostayenthusiasticoptimisticandacceptingofchallenges
astheycomeyourwaymdashbecausetheywillmdashasyouembarkonyourretail
astheycomeyourwaymdashbecausetheywillmdashasyouembarkonyourretailjourneyWhetheryoursquoreaveteranmerchantoranewstoreownerretailasweknowitischangingatapacefasterthaneverbeforeAsaresultyoushouldbereadyforbothupsanddownsalongthewayThisbookwillhelpyoutounderstandthelatesttrendsexpectedgrowthandanticipatedopportunitiesspecifictoindependentretailersandwehopethatyouenjoytheexperienceofthechaptersahead
ActionGuide
EmbracingchangeisnrsquotalwaysaneasytaskparticularlyforentrepreneurswhochoosetofollowtheirownindividualpathsChangehoweverisacriticalcomponentofkeepingupwithcustomersinventoryandsalesTohelpyoutoidentifyyourcomfortforchangeanswerthefollowing
questionswitheitheryesorno
1Haveyouintroducedanewvendorintoyourstoreassortmentinthelastthreemonths2Haveyoueliminatedavendorfromyourstoreassortmentwithinthelastsixmonths3Doyouactivelyseekoutsideexternalresourcestohelpyoulearnmoreaboutmanagingyourbusinesspossiblyincludingaconsultationeducationcourseorotherlearningscenario4Haveyouidentifiedyourtargetcustomer5Doyoubelievethatyourtargetcustomerisyouractualcustomer6DoyouwanttogainanewgenerationofcustomersinyourstoresuchasGenerationY7Doyouactivelysolicitpublicityforyourstoreeitherfromanoutsidepublicrelationssupportorfromyourowninternalefforts8DoyouhaveasolidonlinepresenceallowingyoutogainrecognitioninonlinesearchesonwebsitessuchasGoogleorYahoo9Areyouamemberofnolessthanoneretail-specificgroup
10Doyouhaveemployeeswhoareeitherpartorfulltimebutnotseasonal
Foreveryyesyouansweredgiveyourself10pointsBasedonatraditionalgradingscaleof0to100totalyourpointstoidentifyyourgradeasacurrentretailerAreyouat50pointsIfsothatgivesyouanFinyourretailperformanceplayingyouat50percentinscoreAreyouat70percentThatrsquosaCwhichrepresentsanaverageperformanceyetitisjustonepointawayfrombelowaverageIfyouscoredat80percentorabovewelldoneYouaredoingagreatjobatretailhoweverlikeallthingsinlifetherersquosalwaysroomtoimproveWhetheryoufailedorthrivedinthisbasicretailevaluationwelookforwardtohelpingyouachievestrongerretailsuccessbyofferingyouexpertinsightadditionalactionguidesandmuchmoreinthechaptersahead
2
SteppingOutsideYourComfortZone
IamalwaysdoingthatwhichIcannotdoinorderthatImaylearnhowtodoit
mdashPabloPicasso(1881ndash1973)painterandartistACCORDINGTOJoeAbrahamauthorofEntrepreneurialDNAtherearefourkindsofentrepreneursBuilderopportunistspecialistandinnovatorrepresentthevariouspersonalitiesofownersofsmallmedium-sizedandlargebusinesseswhenitcomestobeing
theirownbossAlthoughindependentretailerswillembodyoneormoreofthesefourentrepreneurialDNApersonalitiesallentrepreneurialpersonalitiesare
likelytocreatethehabitofworkingwithintheirowncomfortzoneHavingfoundedourownbusinesseswecanrelatefirsthandtothechallenges
ofbeinganentrepreneurWecanalsospeaktothehabitsthatshapeourdailyactionsmanyofwhichkeepusacutelyfocusedandworkingcomfortablywithinfamiliarterritorybothliterallyandfigurativelyMoreimportanthoweverwersquovealsoexperiencedfirsthandthebenefitsofsteppingoutsideourcomfortzoneAsaresultwepushourselvestodothismoreoftenthannotOurexperiencesasidewhatreallymattershereisconsumersrsquoreactionstoyourhabitsWhetheryouconsideryourselfanold-fashionedretaileramodernmerchant
oranup-and-comingstoreowneracriticalcomponenttoyourretailsuccessisidentifyingyourstrengthsweaknessesandpotentialtodobetterWithoverhalfofsmall-businessownersclosingtheirdoorswithintwoyearsofopeningthemitrsquosimperativetoconsiderallavailableopportunitiestosucceedThisisparticularlycrucialconsideringthenatureoftodayrsquoscompetitivemarketplaceConsumershaveatremendousnumberofchoiceswhenitcomestomakingtheirbuyingdecisionsandindependentretailersshouldattempttostandoutversusblendinwhenitcomestostayingcompetitiveNewYorkndashbasedmerchantMacquenziFarquerwhoownsgiftandspecialty
storeLockportintheAstorianeighborhoodofNewYorkCitysuggeststhatindependentretailersneedtoidentifydirectcompetitionattheverybeginning
independentretailersneedtoidentifydirectcompetitionattheverybeginningandunderstandhowtheycancompetewithitfromarealisticperspective
Big-boxstorescandeliverrealheadachesforindependentmerchantsThereisnothingworseforasmall-businessownertohearthatthesameproducttheycarryisbeingsoldforlessatabig-boxstoreIrecognizethatthispricecomparisonwillhappenhoweverIalsorecognizethatmostconsumerswillnotunderstandtherhymeorreasonwhyThissaidItrytochallengemyselftoprovidethebestinventoryassortmentIcantobettercompetewithbig-boxstoresInevitablymyinventorywillbecomparedtothatofotherretailersandItrytobuymoreuniqueinventorytodealwiththis1
ChallengingyourselftoofferavarietyofmerchandisecancertainlyhelptoattractconsumersandincreasepurchasesHoweveridentifyingtherightassortmentofinventoryisoftenthechallengethatretailersfaceForFarquerthismeantidentifyingwhatherlocalcustomerswantedandthenidentifyingtheappropriateblendofpriceandproducttoofferherconsumersIndoingthisshesteppedoutsidehercomfortzonetocreateanedgeagainstherlocalretailcompetition
FormycustomersfindingstockfurniturefortheirtypicallysmallerurbanlivingspacesisachallengeFormeitrsquosalsoachallengetostockfurnitureinmylimitedsquarefootstoreWhilemycustomerisconstantlyaskingforthisIhavelearnedthatnomatterwhatIcanofferIcanrsquotcompeteagainstmytwoclosestbig-boxcompetitorsIKEAorCB2InsteadIcallmyfurnitureselectionldquofinishingpiecesrdquoandmarketthemasthespecialdetailyoulayerwithmoreaffordablepiecesfromnationalchains2
TacklingthejobofunderstandingthelocalconsumersrsquobehaviorshelpedFarquertoidentifyasmartstrategicplantostayrelevantinherAstoriaNewYorkneighborhoodHersolutionofprovidingldquofinishingdetailsrdquoversustraditionalstockfurniturehasdifferentiatedherfrombig-boxretailerswhilealsoopeningupanichesalesstrategyThisapproachalsoplacesheroutsideatraditionalretailcomfortzonebyacknowledgingandactuallydiscussingtheuseofbig-boxinventoryincombinationwithherown
RETAILTIPDonotignorethatmanymdashifnotallmdashofyourcustomersincludebig-box
storesnationalchainsordiscountcentersasregulardestinationstoshopInsteadidentifythebestwaystosupportthesecustomersknowingthattheyarealsoshoppingatyourcompetitorsAmongthewaysinwhichyoucandothisincludeintroducingdiverseinventoryprovidingstrongercustomercarehostingin-storeeventssupportingcommunityeventsandbeingafamiliarfriendlyfacewithinyourownstoreBrickandmortarretailerCynthiaSuttonisaretailveteranhaving
previouslyworkedinthebuyingofficesformajorretailerClairersquosBoutiquepriortoopeningherownstoreTheSilverBarninColumbusTexasin2008SellingeverythingfromhomedeacutecortobabygiftsSuttonrecognizesthatbig-boxstoresarehercompetitionandbelievesthereisroomforalltypesofretailersldquoBig-boxstoresandindependentretailerscancomplimenteachother
Thekeyisforindependentretailerstoofferuniqueitemsthatarenoteasilyfoundindepartmentstoresorotherbig-boxmerchantsItrsquosourjobtosearchforspecialtyitemsandvendorsnotfoundinthesestoresofferingsomethinguniquetoourcustomersrdquoWhetheryourstorestockseverydaybasicsorspecialtyitemsitrsquos
importanttorecognizehowyoustackupagainstbig-boxcompetitionMakeitaprioritytoknowwhattheyrsquoresellingsoyoucandecidewhatbestsuitsyourstoreshelvesandcustomersaswellTakethetimetovisityourcompetitorrsquosstoresonnolessthanaquarterlybasisrecognizinganythingnewtheyhavedonetotheirstoresThismayincludetheintroductionofnewvendorsbolddisplaychangescustomerserviceenhancementsoranythingelsethatstandsoutWhilevisitingyourcompetitionmaynotseemlikeavaluableadditionto
ourto-do-listitrsquospossiblethatitrsquosamongthemostvaluablethingsyoucandoasabusinessownerAlwaysknowwhatyourcompetitionisuptoinanefforttostaycompetitiveagainstthem
InventoryisacriticalcomponentofanystorersquossuccessyetwellbeyondwhatfillsyourstoreshelvesishowyoumarketmanageandsellitTheseactionscanmakeorbreakaretailerrsquoslivelihoodyetmanyretailersfallintohabitsthatworkagainsttheirsalesgoalsGevenaIllinoisndashbasedretailerShariRalishwhosestorePeacefulParlour
providesherbalteasearth-friendlyproductsartisanworkandmoreisan
providesherbalteasearth-friendlyproductsartisanworkandmoreisanexampleofanindependentmerchantwhofellvictimtobeingsetinheroldways
WhenIopenedmystoreinFebruary2010ImerchandiseditandstockeditwithproductsIthoughtcustomerswantedbecauseIwantedthemaswellIttookmeafewyearstotrulyunderstandmylocalconsumersandeventhenmyfloorplandidnrsquotaccommodatetheirshoppingpatternsormytotalstoreassortmentItwasnrsquotuntil2012thatIfinallyletanoutsideretailspecialistcomeinandhelpmeseemystorethroughanotherpersonrsquoseyesThechangesininventorystorelayoutandmyoverallmarketinginitiativeshavehelpedtoincreasemysalesbyover37percentinthepastyearalonerdquo3
ForcingyourselftoletothersaffecthowyouoperateyourstorecanbeadifficultchallengeforsomeparticularlyifyouhaveanentrepreneurialpersonalitythatprefersindependenceandcontrolYetidentifyingthisasaweaknessinyourentrepreneurialDNAcanactuallyhelpyouinyoursuccessasamerchantJoeAbrahamauthorofEntrepreneurialDNAbelievesthatmostretailers
ldquowillrunintosomecommonchallengeswhenoperatingtheirstoresKnowingupfrontwhattheiroperationalweaknessesandstrengthsarecanactuallyempowerthemtoalignwithadvisorspartnersandserviceproviderswhocomplementtheirweaknessesWithoutaddressingtheirownentrepreneurialcharacteristicsretailersriskafrustratingjourneyorworsethedemiseoftheirbusinessesrdquo4
HabitsofSuccessfulRetailers
WhileclosingyourdoorsiscertainlynotthegoalidentifyingthetophabitsofeffectiveretailersshouldbeHereinnoparticularorderare10habitsofhighlyeffectiveretailersInthechaptersthatfollowwewillexploreeachoftheseindetail
Habit1KnowWhoYourCustomersAre
OftenretailersopentheirstoreswithavisualimageoftheirtypicalconsumerthatmaynotbeaccurateUsingmoderndataincludingpoint-of-sale(POS)andothertrackingsystemstohelpidentifywhoyouractualcustomersareyoucanhelptoidentifywhoistrulyspendingmoneyatyourstoreInthisregardtherersquosnosuchthingastoomuchinformation
Habit2UnderstandHowYourCustomersShop
KnowingwhoyourcustomersareisonethingbutunderstandinghowtheyshopisanentirelydifferentthingSeekconsumerinsightbyaskingquestionsviasocialmediathroughin-storeconversationsbyofferingquicksurveysviae-mailoryourwebsiteandusingotherdata-collectingmethodsthataddresstheneedswantsandactionsofyourcustomersGoodold-fashionedobservationgoesalongwayhereaswellBeorganizedbyaggregatingandcategorizingyourresearch
Habit3ReacttotheInformationYouGainfromCustomers
TheworstthingyoucoulddoisgainqualityinsightintoyourcustomersandthenfailtoactonitMakeitaprioritytoconstantlyevaluateyourcustomersListentowhattheyareaskingforidentifywhattheyarenotinterestedinwithyourproductassortmentorshoppingexperienceandtrytocapturetheirwishesasaconsumerAcknowledgingboththeirwantsandlackofinterestisagreatwaytodiscoverwhatandhowyoushouldbeselling
Habit4BeWhereYourCompetitionIs
Whileyoumayneverhaveathousandstoreslikeyournearestbig-boxneighboryoucanbewheretheyarewhenitcomestoyourmarketingeffortsDonotneglectsocialmediaoryourlocalmarketmediaSeekcoverageinyourareapublicationsparticipateinlocaleventsandbevisiblebeyondyourstorewallsincludingonline
Habit5CompareYourselfwithOthers
RememberwhenyourmotherusedtotellyounottocompareyourselfwithyourpeersWellwersquorethrowingthatadviceoutthewindowInthecaseofretailyouwanttoalwayscompareyourselfwithyournearbymerchantsThiswillidentifynotonlythewaysyouaredifferentbutalsothewaysyouarealikeLearningfromothersrsquomistakesismuchlesspainfulmdashandoftenlesscostlymdashthanlearningfromyourown
Habit6TrainYourEmployeesandYourself
NomatterwhatyoumaythinkyousimplydonrsquotknowitallNoonedoesChallengeyourselftoconstantlylearnsomethingnewaboutyourbusinessWhetheritisstoreoperationsoranewvendortherersquosalwayssomethingtoresearchAdditionallymakesurethatyourteamlearnsnewupdatesonstoreproceduresproductsindustrytrendssocialmediafeaturesandmoreAllemployeesevenpart-timeorseasonalemployeescangainfromscheduledtrainingsessionsthathelptopositionthemnotonlytolearnmorebutalsotofeelasiftheyarekeyplayersinthesuccessofyourbusiness
Habit7SupportOtherLocalBusinesses
NobodylikesthepersonwhodoesnrsquotpracticewhattheypreachForindependentretailersthisholdsespeciallytrueSupportyourfellowlocalmerchantsasmuchaspossibleTheoldsayingldquoWhatgoesaroundcomesaroundrdquoholdsverytruehereandshouldnotbetakenlightlyInsteadembraceotherlocalbusinessesnotonlybyshoppingatthembutalsobyreferringthem
Habit8AttendTradeShowsRegularly
MosttradeshowsnowadaysoffermorethanjusttheopportunitytobuyinventoryManysuchastheASDTradeShowheldbiannuallyinLasVegasprovideeducationalexperiencesnetworkingeventssocialopportunitiesandmoreTakeadvantageofallthattradeshowshavetoofferincludingthechancetoconnectfacetofacewithyourexistingvendorsanddiscovernewvendorsas
toconnectfacetofacewithyourexistingvendorsanddiscovernewvendorsaswell
Habit9SeekNewWaystoManageYourBusiness
OurmodernworldisconstantlyintroducingnewtechnologiesandotherwaystohelpbusinessesofallkindsthriveForretailersitrsquosespeciallyimportanttoevaluateserviceprovidersandavailabletechnologythatcanhelpyouoperateyourstoremoreefficientlyNeglectingcommercialevolutioncancauseyoutodriftapartfromyourretailpeersandultimatelyfromyourconsumers
Habit10BeOpentoPart-TimeorFull-TimeEmployees
ItrsquoseasytofallintothehabitofworkingeverydayinyourstorewithoutevertakingabreakHoweverworkinginyourstorefulltimedoesnotallowyoutoaccomplishmanyoftheothersuggestedhabitsonthislistandalsolimitsyoufromsimplygettingabreakSuccessfulretailerseventhosewithonlyonestoreareoftenmoresuccessfulbecausetheybudgetforpart-timeorfull-timeemployeesAsaresulttheirperformanceasastoreownerisnotcompromisedandinsteadtheyreaptherewardsofamorebalancedworkscheduleandstrongersalesHumansarecreaturesofcomfortandretailersarenoexceptionItcanget
reallycozysettlingintoyourwaysbutpushyourselftostepoutsideyourcomfortzonetoreallyallowyourselfandyourstoretoevolveandthrive
Inthechaptersthatfollowwersquollidentifyhowtoincorporateretailbestpracticesintoyourbusinesssharepreferredresourcesforindependentretailersintroducecontactdetailsforvariousretailassociationsexplainhowtosolicitandmanageyourownpressofferwaystomarketyourstorebothonlineandofflineandexplainwhyincorporatingabuy-localcampaignwouldbegoodforsalesInadditionwersquollofferyouexpertinsightintomanagingyourinventorysocialmediaemployeesandofcoursecustomers
ActionGuide
WhentryingtounderstandyourownstrengthsandweaknessesasaretaileritrsquosimportanttorecognizeyouroperationalhabitsasamerchantAnswerthefollowingquestionsandrecordyourresponsesallowingyoutoreferenceyourhabitsinthechaptersaheadandultimatelyreflectonthenecessarychangesyoumayneedtomaketoenhanceyourbusiness
1Whatoperationalproceduresdoesyourstoreroutinelyperformtodaythatitdidnotoneyearago2Ifyouhavebeenopenlongerthanthreeyearswhatthreeadditionalstoreoperationsareconductedthatyouwerenotdoing36monthsago3HaveyourcoreinventorycategorieschangedsinceyoufirstopenedyourstoreWhyorwhynot4Doyourmostpopularitemssellbasedoncircumstancesuchasacustomerfindingauniquegiftheorshelovesorisitmorestrategicsuchasreplenishingahouseholditemthatcustomersknowyouhaveinstock5DoyouprovideemployeetrainingforstoreoperationsnewproductsoranyotherreasonIfsohowoftendoyoudothis6Whatcustomer-serviceexpectationsdoesyourstorehaveinplaceHowisthismeasuredamongyouremployeesandyourself7Whatmarketingstrategiesdoyouconsistentlyleanontopromoteyourstoretobothexistingandnewcustomers8Howoftendoyouseekattentionfromthemediawithaformalpressreleaseororganizedmediapitch9Whatday-to-dayhabitsdoyouidentifyasmandatoryinyourstoresuchasstockreplenishmentmerchandisingorcoldcallingcustomers
10Whatisonyourwishlistfortheyearsaheadasyourstorecontinuestogrow
TakethetimetohonestlyanswerthesequestionspushingyourselftobetruthfulwithyourresponsesOftensimplyacknowledgingyourroutinehabitsincomparisonwithsuggestedotheronescanhelpyouinsteppingoutsideyourcomfortzoneInthechaptersthatfollowwersquolldiveintothedetailsofhowthis
comfortzoneInthechaptersthatfollowwersquolldiveintothedetailsofhowthiscanbeaccomplished
3
LeaningonOutsideOrganizations
Ifyoudowhatyoursquovealwaysdoneyoursquollgetwhatyoursquovealwaysgotten
mdashTonyRobbins(1960ndashpresent)lifecoachauthormotivational
speakerldquoTHENUMBERonejobofabusinessowneristorunagreatbusinesssoitwouldbeshort-sightednottotakefulladvantageofopportunitiesprovidedtohelpbusinessesachievegreatersuccessrdquoOfficeofMainStreetNewJerseyandImprovementDistrictProgramsofNewJerseyrsquosJefBuehlerstatesWhilewe
couldnotagreemoreitrsquosofteneasiersaidthandonewhenitcomestosupportingyourbusinesswiththemanyresourcesavailabletoyouOften
businessownersgetlostintheireverydayhustleandbustlewithouteverseekingoutsidesupporttomaketheirjobseasierLuckilythereisavastanddiverse
groupofbothprivate-andpublic-sectororganizationsthatcanhelpyouachievestrongerretailsuccess
Retailersshouldlookattheirlocalcommunitiesstate-levelorganizationsandnationalgroupsinanefforttoidentifysupportthatmakessenseforthemandtheiruniquebusinessesBeginningatalocallevelmostretailershaveaccesstomunicipalsupportincludingcitymeetingseducationresourcesandlocalChamberofCommercesupportAlthougheachcommunityhasitsownvariedoperationalresourcesthatbenefitretailersspecificallyallretailershavesupportbeyondtheirlocaltownsState-levelorganizationssuchastheRetailAssociationofMaineandtheKentuckyRetailFederationprovidetremendoussupportforretailersofallsizes
GettingInvolvedwithOutsideOrganizations
Gettingengagedatyourlocallevelisabsolutelyvitalinbuildingtowardyour
GettingengagedatyourlocallevelisabsolutelyvitalinbuildingtowardyourbusinesssuccessparticularlyifsellingonlineorbeyondyourlocalareaisnotpartofyourbusinessplanThislocal-levelparticipationwillgiveyousupportandinsightintoyourcustomerscompetitionandcommunitythatstate-levelandnationalorganizationsoftencannotEllenDivitaeconomicdevelopmentdirectorfortheCityofGenevaIllinois
explainsjusthowvaluablelocalcitiesandChambersofCommercecanbetoasmall-businessowner
YourlocalcityandchamberofferavarietyofresourcestoretailersincludingvisibilityandcredentialtoyourbusinessBecausetrustissuchanimportantcomponentinthemarketplacethesedaysthisisespeciallyimportanttoconsiderasabusinessownerofanykindLocalcityandchamberofficesoffermanyresourcesincludingassistancewiththedevelopmentandopeningprocesspermitsandlicensesThenontangibleassistancecanproveevenmorevaluablewhichincludesbuildingrelationshipslocallythatcandeliverthevisibilityandcredentialthatyourbusinessneeds1
FurthermoreDivitastressestheimportanceofrespectingconsumeroptions
PeoplehavechoiceswhenitcomestowheretheyshopandconsumerswillbuyfromretailerstheytrustBeingreferredandtrustedbythechamberandyourlocalcitygovernmentislikebeingprescreenedwhichiscriticalforretailersconsideringtheimmenseamountofcompetitiontheyhaveUnlikenationalretailerswhosereturnpoliciesandothercustomerexpectationsaremoreknownindependentretailersneedtogainthetrustoftheirconsumersYourlocalchamberandcitycanhelpyouachieveastrongreputationthatgivescustomersthetrusttheyarelookingfor2
Beingknowninyourcommunityforwhatyouoffercanbepricelesswhencross-referralshappenorganicallyastheresultofsatisfiedcustomerscommunityparticipationandyourcommitmenttodeliveringastrongin-storeandcityexperienceFurthermoremanylocalChambersofCommerceandcityorganizationsprovideeducationalresourceslocalmediasupportandothercommunity-basedincentivesthatcanhelpmerchantsgainstrongercustomer
awarenessBeyondyourlocalorganizationshoweveritrsquosimportanttolookatstate-levelretailassociationsthatcanhelpyourbusinessfromabroaderperspectiveaswell
EXPERTSPOTLIGHTHarrietParkermanageroftheIllinoisSmallBusinessDevelopment
CenteratWaubonseeCommunityCollegeinAuroraIllinoissuggeststhatworkingwithoutsideorganizationscanhelpretailersandothersmallbusinessownersgainaccesstoexpertsupportthatisoftenfreeoratareducedrateAlsoParkersharesherinsightonhowongoingsupportversusonlywhenneededcanhelpretailersldquoByworkingwithorganizationssuchasSmallBusinessDevelopment
Centers(SBDCs)retailersareabletoaccessexpertisetheymaybelackingaswellasresourcestheymaynotknowaboutOurorganizationslikemanyothersoftenhavebusinessexpertsreadytohelpretailersgobeyondtheirowncapabilitiestobuildstrongerbusinessesInadditionweencourageretailersnottowaituntiltheyareexperiencingaproblemtoseekassistancebutinsteadtreattheseresourcesasanongoingpartnerfortheirbusinessteamWhetheritisforaproblemabrainstormingsessionornearlyanythingelseSBDCrsquosandothersupportorganizationsshouldbeviewedastrustedadvisorstohelpretailersrdquoTogetstartedinseekingoutsidesupportfromyourlocalSBDCParker
suggestsvisitingwwwsbagovandclickingontheGetLocalAssistancelinkFromtheremakingaphonecalltotheirofficesistypicallyallittakestogetstarted3
AndyEllenpresidentandgeneralcounseloftheNorthCarolinaRetailMerchantsAssociationexplainsthatassociationslikehisareintendedtoactaspartofaretailerrsquosownteam
WeseeourselvesasanextensionofaretailerrsquosstaffOurreasonforbeingistopromoteandadvocatefortheretailindustrysowemakeitaprioritytobeexpertsonallissuesthatwillimpactaretailerrsquosstoreoperationsaswell
asdevelopstrongrelationshipswithpolicymakersinourstateIfyouhaveaproblemoranissueitisquitelikelythatyourstateretailassociationhasalreadyencounteredthisissueforanotherretailerandhastheanswertoyourquestionattheirfingertips4
InadditionEllenbelievesthatretailorganizationssuchastheNorthCarolinaRetailMerchantsAssociationhelpdeliversolutionstocommonanduncommonretailchallenges
StateretailassociationsareproblemsolversWeunderstandstategovernmentsandknowhowtocutthroughtheredtapeandvoicemailjungleofstateandlocalgovernmentstoassistretailersCollectivelystate-levelassociationspromotetheretailindustrythroughthepressoftenhighlightingalocalretailerrsquosgreatpracticesorsuccessThistranslatestofreePRandadvertisingforretailersprovidedbyatrustedsourcemdashus5
Inadditiontobringingmediaattentionandhelpingtosolveretailchallengesstate-levelretailassociationssupportmerchantsintheireverydayoperationsAdditionalsupportthatassociationsoftenofferincludesdiscountsonstoreservicesthatretailersneedsuchascreditcardprocessingandexpertinsightintostate-specificlawsandotherregulatoryagenciessuchasthedepartmentsofrevenuetransportationorlaborCurtisPicardexecutivedirectoroftheRetailAssociationofMainedescribes
thebenefitsofworkingwithstate-levelassociationsasldquoinsuranceforretailersrdquo
Whenretailersbecomemembersoftheirstate-levelassociationstheygainfull-timerepresentationforlegislativeissuesnetworkingwithotherlike-mindedretailersandaccesstoanumberofmoney-savingprogramsthatcanhelptheirbusinesssavemoneydirectlyandoperatemoreefficientlyWeliketothinkofourselvesasinsuranceforretailersWehelpprotectyouforaverylowcost6
AlthoughlegislativesupportmaynotbeonthetopofyourlistofwaystobesupporteditcertainlyshouldbeexploredStateandnationallegislativedecisionsaffectmerchantsinavarietyofwaysandtoooftenretailersdonrsquot
decisionsaffectmerchantsinavarietyofwaysandtoooftenretailersdonrsquotknowhowtheywillaffectthemuntilitrsquostoolatePicardexplains
Whenyoudonrsquotcommunicatewithyourstate-levelretailassociationitmeansthatyourvoicedoesnotgetheardIcanrsquottellyouhowoftenIhearfromnonmemberretailerswhentheycallaftersomethingbadwaspassedbythelegislatureFirsttheyhadnoideathatcertainlegislationwasbeingconsideredandsecondtheyhadnoopportunitytosharehowitwouldimpactthem7
Inadditiontogettingactiveinyourstate-levelassociationsPicardbelievesthatlocalandtrade-specificgroupsarealsoimperativetoyourretailsuccess
IhavealwaystoldpotentialmembersthattheyneedtobelongtothreeassociationsFirstyouneedtobelongtoyourlocalChamberofCommerceordowntownbusinessassociationThatiswhereyourbusinessisandwhereyouremployeesliveandworkMoreoveryoushouldbelongtoyourspecificindustrytradeassociationsuchastheCraftandHobbyAssociationforcraft-basedretailersAndlastyoushouldbelongtoastatewideassociationbecausemostlegislationhappensatthestatelevelandyouneedeyesandearslookingoutforyourbusinessInmostcasesastateretailassociationwillfillthatrole8
Trade-specificorganizationsaretypicallynationallybasedalthoughmanyofferregionalgroupsaswellNearlyeverysectorofretailfromflowerstofootweartohandbagstohomedecorhasretail-specifictradegroupsthathelptosupportmerchantssellingtheirspecificproductcategoryAmongtheirtoprolesinsupportingretailersisdeliveringeducationthroughannualeventspublicationswebinarsandotheravenuesJamaRiceexecutivedirectorandCEOoftheMuseumStoreAssociation
explainsthatnichegroupssuchashersofferldquoopportunitiesandresourcesforlike-mindedmembersandotherstakeholderstosharebestpracticeslooktotheassociationrsquosindustrystandardstoachieveprofessionalexcellencerelyonbenchmarkingstatisticsforperformanceanalysisaccesspublicationsandonlinecommunitiesandattendface-to-facemeetingsandconferencesfortechnicalandeducationalcontentspecifictononprofitretailingandconnectwithaffiliated
vendorsforsourcinguniqueproductsrdquo9Withsuchanextensiverangeofbenefitstogainfromitseemsfoolishnotto
getinvolvedinorganizationssuchasyourlocalChamberofCommercecityorstateretailassociationornicheretailgroupsMissyBrozekvicepresidentandcreativedirectorofcraftandhobbyretailgroupCraftersrsquoHomeagreesthatthisisextremelyimportantformerchantsparticularlyasretailbecomesevenmorecompetitive
AsretailgetsmoreandmorecompetitiveIrsquomconvincedthatindependentstoreswillneedtokeepbandingtogethertothriveThebenefitsarejusttoogoodtoignoreBuildingagroupgivesretailersopportunitiestocollaborateandlearnfromoneanotherwithoutfeelingliketheyrsquoresupportingtheirdirectcompetitorsInthecaseofnicheretailgroupsitalsoopensuptheopportunitytoleanononeanotherformorespecificsupportreducingtheneedtoreinventthewheelforpromotionsmarketingandeventsAtCraftersrsquoHomeweputtogetherfullyworked-outprogramstosharewithourgroupbasedonourexperienceandtheexperienceofourmembersMaybemostimportanthowevertherersquosstrengthinnumbersItrsquossoimportantthatwemakesurethatmanufacturershearrespondtoandrespectthecollectivevoiceofindependentretailers10
BenefitsThatOrganizationsMayOffer
AsamerchantitrsquospossiblethatyoufallintomorethanonespecificretailsectorThereforeyoumaybeapotentialcandidatetobelongtomorethanoneretail-specificgroupYouwillwanttoconsiderhowparticipatinginmultiplegroupswillhelpyourbusinessparticularlybecausetheytypicallyhaveamembershipfeeappliedtothemWhetheryouareinonegroupormorehoweveryoushouldevaluatewhatbenefitsyougainbyparticipatingineachAmongthevarietyofbenefitsthatretailgroupsaswellasstate-levelretailassociationsmayofferarethefollowing
ConferencesandtradeshowsRetail-specificgroupstypicallyhostannualbiannualandorregionaleventstosupporttheirparticipatingretailersSometimestheseeventsareopentoanyonebutmembersgaina
discountwhenattendingorcanattendaspartoftheirannualduesEitherwaytheseeventsaredesignedtodeliverkeysupportinanicheretailmarketprovidingyouwithexperteducationaccesstovendorsface-to-facenetworkingopportunitiesandmoreBuyersrsquoguidesAbuyerrsquosguideuniquelycreatedforyourretailsectorisavaluableresourceparticularlyconsideringhowbusyretailersareRetailtradeorganizationsoftencreateannualbuyersrsquoguidesthatgiveyouquickconvenientandtrustedaccesstoindustry-specificproductsandservicesRetailMindedalsoprovidesanannualldquoResourceGuiderdquothatfocusesonstoreoperationsandpreferredresourcesforrunningyourbusinesssuchasonlinemarketingande-mailmanagementwhichisavailableatRetailMindedcomPrivateonlinegroupsBeingactiveinamembership-basedgroupwillintroduceyoutootherretailerssimilartoyouThisopensupafantasticopportunitytolearnfromothersleanonothersandleveragewhatotherretailershavedoneintheirownretaileffortsOnlinechatgroupsprivatediscussionboardsandmembership-controlledgroupscanprovideyouwiththechancetogaininsightandexpertisefromotherlike-mindedretailersSomestate-levelretailassociationsofferthisandmostretailnichegroupsprovidethisasamembershipperkaswellHealthandbusinessinsuranceprogramsThebuyingpowerofanassociationversusyourindividualbuyingpowercansaveyoumoneywhenitcomestobuyinginsuranceLeveragingthediscountsorpreferredratesavailabletostateretailassociationsorretail-specificgroupsnotonlycanhelpyousavemoneybutalsocanprovideyouwithstrongerinsurancecoverageBesuretocross-referenceupdatedinsuranceoptionsnolessthanannuallybecauseoftenthesewillchangeandyouroptionsmaybeaffectedaswellMarketresearchandtrendinformationInthesamemannerthatstate-levelorganizationsmayprovideup-to-datenewsontaxesandotherlegislativeissuesnationalretail-specificgroupswillsharethelatestonindustrytrendsmarketresearchandnicheinformationforyourretailsectorApplyingup-to-dateindustrynewsandinformationtoyourbusinesscanonlyaidyouinyouroverallretailsuccessandthusshouldalwaysbeonyourto-dolistMerchantsolutionbenefitsWhetheryourstoreissolelyonlineabrick-and-mortarestablishmentorbothprocessingpaymentsisacriticalpartof
youroperationalplanRetailgroupscanhelpyouachievebetterratesinyourpayment-processingsolutionswhilealsosupportingyouinyourpaymentsoftwaresolutionsManyofthesebenefitsalsoincludetop-notchcustomerservicethatisprovidedasamembershipadvantageofferinganinvaluableresourcewhenyoufacepayment-processingchallengesIndustrypublicationsGainingretail-richcontentisnoeasytaskbutmostretail-specificgroupsworkhardtodeliverqualityinformationtotheirmembersMostofthesegroupsseekexpertinsightonavarietyofretailsubjectstosharewiththeirmembersandmanyarepartofRetailMindedrsquosldquoPartnerProgramrdquomdashsharingadditionalnewseducationandsupportfromRetailMindedthroughaquarterlymagazineandotherretailnewspublicationsUsingthemagazinesnewsletterse-blastsandblogsthattheseorganizationsprovidecanhelpyouachievemoreknowledgeforyourbusinessThekeyofcourseistocombinethisknowledgewithinformationaboutannualeventstradeshowsvendorsandallotherinformationyoucangaintoachievethegreatestsuccessinyourstoreoperationsandsalesTraveldiscountsTravelislikelypartofyourannualscheduleparticularlyifyouareactiveintradeshowsandeducationaleventsManyretailgroupsrecognizethisandprovidediscountedratesforairfarecarrentalsandhotelsTakingadvantageofthesediscountscanhelpsaveyousomehard-earneddollars
AlthoughmanyretailgroupbenefitsexceedthosejustlistedtheonlywaytheyworkisifyougetinvolvedBelowaresomeexamplesofsuchretailgroupsalthoughweencourageyoutolookbeyondtheseassociationsforonesthatmakesenseforyourretailbusiness
AmericanApparelampFootwearAssociationWeWearorgARTHomeFurnishingsNetworkAccessoriesResourceTeamorgCraftandHobbyRetailersCraftampHobbyAssociationwwwcraftandhobbyorgFloralRetailersSocietyofAmericanFloristswwwsafnoworgHomeFurnishingsIndustry
AccessoriesResourceTeam(ART)wwwaccessoriesresourceteamorgIndependentJewelryRetailersandVendorsRetail Jewelers Organization wwwrjomemeberscom Independent Pet
RetailersNexPetwwwnexpetcomMuseumandNot-for-ProfitStoresMuseumStoreAssociationwwwmuseumstoreassociationorgSpecialtyToyIndustryAmericanSpecialtyToyRetailingAssociation(ASTRA)wwwastratoyorg
InadditiontothevariousretailgroupsthatexistitrsquosimportanttoseekadditionalsupportforyourstoreifyoufeelthatthereisavoidnotbeingfilledThismaymeanreachingouttoretailconsultantsparticipatinginretaileducationeventssuchasRetailMindedrsquosannualindependentretailerconferencecallingyourlocalSCOREorsmall-businessdevelopmentcenterandleaningonmentorsyouhaveidentifiedwhocanuniquelyhelpyouRememberitoftentakessteppingoutsideyourcomfortzonetoreachyourretailpotentialThesegroupsandbusinessesexistwiththisinmindandwanttohelpyouinachievingyourbestretailsuccessyet
InChapter4wersquolldiscussthevalueofshapingyourstoretobeuniquelyyoursAlsowersquolldiscusshowinventoryplaysacriticalroleinshapingyourstorersquosreputationandpersonalityaswellasidentifyvariouscharacteristicsofastorethathelptomakeituniqueFinallywersquollofferyousuggestedinterviewquestionsforhiringpotentialemployeesandshareadditionaldetailstohelpmakeyourstoreoneofakind
ActionGuide
YourlocalChambersofCommercemainstreetprogramscitycontactsandbusinessgroupscanhelpyouachievestrongerbusinessengagementwithyourcommunityUsingtheWebaswellaslocalresourcessuchasyourarealibraryidentifywhotocontactandmakeitaprioritytogetinvolvedrightaway
identifywhotocontactandmakeitaprioritytogetinvolvedrightawayBeyondlocalsupportusethefollowinglisttoobtaincontactdetailsforyour
stateretailassociationAnumberofstatesincludingOklahomaWisconsinandAlaskaarenotpartoftheCouncilofStateRetailAssociationsSomestateshoweverhavestatewideChamberofCommerceassociationsinsteadAnexampleofthisistheStateChamberofOklahomawhichyoucanlearnmoreaboutatwwwokstatechambercomForacompletelistandmoreinformationaboutstate-levelretailassociations
visittheCouncilofStateRetailAssociationrsquoswebsiteatwwwcouncilsracomIdentifyyourstatersquoscontactinformationinthefollowinglistandvisitits
websiteFollowupdirectlyviathecontactinformationprovidedonthewebsiteorbyusingthephonenumberinthelisttoidentifyhowbecomingamembercanhelpyouinyourretailgoals
4
IdentifyingYourUniqueStoreStory
TheonlywaytodogreatworkistolovewhatyoudomdashSteveJobs(1955ndash2011)entrepreneurcofounderofAppleInc
THEBEAUTIFULthingaboutworkingwithretailgroupsisthatyougainstrengthinnumbersavoidingthesenseofisolationthatcanweighonanindependentretailerAlthoughasupportsystemandthepowerofacommunityareintegralyoushouldalsooptimizethepowerofyouruniquemerchantstoryEveryretailerhashisorherownstorytotellFromhowitcametolifetowhy
itretainscustomersyourstorehasauniquenarrativewhetheryourecognizeitornotUnderstandingthisnarrativecanhelpyoutostandoutinthemarketplaceallowyoutobettersupportyourcustomersandidentifywaystokeepyoursalesflowingTohelpyouclearlyidentifyyourmerchantstoryconsiderwhyyoubecamea
retailerinthefirstplaceDidyouopenastorebecauseyouloveacertaincategoryofproductAreyoukeepingyourfamilybusinessaliveDoyouprefertoworkforyourselfversusothersPossiblyyoubecamearetailerbyaccidentasaresultofdoingsomethingelseWhateveryourreasonforbecomingaretailerconsiderhowitledyoutowhereyouaretodayThenmdashevenmoreimportantmdashconsiderwhetheryourstoryisworthsharingAfterallifevenyoudonrsquotthinkitisthenwhywouldacustomerwanttoexperienceit
IndependentretailersareoftenconsideredlocalcelebritiessimplybecauseofthefactthattheyhavetheirownstoresWalkingintoyourlocalgrocermaymeanseeing10familiarfacesbecausetheyarecustomersofyourbusiness
meanseeing10familiarfacesbecausetheyarecustomersofyourbusinessGoingtoalocalsportingeventcouldtranslatetomeetingpotentialnewclientsorseeingpastcustomersyouhavenrsquotseeninalongtimeEssentiallyasaretaileryouarenevertrulyldquooffrdquoandalwaysworkingtoimproveandexpandyouridentityThistypeofcommitmenttoyourjobishonorableandyetexhaustingFortunatelyevenyourownuniqueretailstorycomeswithsupportingcharactersAndaswithanyengagingnarrativeeverycharacterhasamessagetoshare
CreatinganInventoryAssortmentThatStandsOut
AmongyourmostpopularsupportingcharactersarethevariousbrandsthatmakeupyourstoreinventoryandmerchandisingassortmentAndjustlikeanygoodstorycharacterswillcomeandgoForaretailerthismaymeanfadingoutofaparticularcategoryofinventoryaltogetherorlettinggoofavendorthatisnotperformingwellThemostboringstorylinesarethosethatnevershuffletheircharactersandforretailersthismeansallowinginventorytobecomestaleanduninvitingldquoMybiggestfearasasmallbrick-and-mortarstoreisthatcustomerswillnot
findmyinventoryexcitingenoughtowanttobuyrdquoChicago-basedretailerAngelaGianfrancescostatesldquoFormethismeansconstantlyseekingcustomerfeedbackattendingtradeshowsevaluatingwhatissellingandwhatrsquosnotandintroducingnewproductsintomyrotationtokeepthingsfreshrdquo1GianfrancescocontinuesIdentifyingastronginventoryassortmentiscriticalwhenitcomestomakinga
lastingimpressiononconsumersnottomentionstandingoutamongyourlocalcompetitionEventhemostbeautifulretailstoresaredoomedtofailiftheirinventoryassortmentdoesnotallurecustomerstobuyFindingtherightcombinationofvendorsandoverallinventorycanbeatoughchallengehoweverldquoIdonrsquotthinkmystorewouldstillbeopenifIhadnotmadeattendingshows
apriorityEveryshowintroducesmetonewvendorswhilealsogivingmethechancetogetfacetimewithmyexistingvendorsrdquo2GianfrancescoexplainsAttendingtradeshowsisafantasticopportunityformerchantsofallkinds
Whetheryousellhigh-endmiddle-tierordollar-priceditemstherearetradeshowsthatcatertoyou
ldquoMakingitaprioritytoattendtradeshowshasneverbeenmychallengethoughIhearitcanbeastruggleforotherretailersMychallengeisdecidingwhichshowstoattendandwhatvendorstobuyfromrdquo3statesGianfrancescoIdentifyingthebestshowsandthebestvendorsforyourstoreisnoeasytask
YoushouldconsidershowsthatintroduceyoutorelevantvendorsfromyournicheretailsectoraswellaslargershowsthatcanintroduceyoutomorediversevendorsandproductsTypicallyitrsquosagoodideatoattendnolessthanoneretail-specifictradeshowandonegeneral-merchandisetradeshowperyearForexampletheFashionFootwearAssociationofNewYork(FFANY)hostsaquarterlyfootwearshowforfootwearretailersMerchantswhoprimarilysellfootwearwouldbenefitfromattendingthisshowbutwouldalsobenefitfromattendingashowsuchastheASDShowinLasVegasabiannualshowthatoffersadiverseassortmentofgeneralconsumermerchandiseByparticipatingintwodistinctlydifferentshowsyouopenuptheopportunityformorerangeinyourinventoryassortmentstrongervarietythanyourcompetitionandgreateropportunitiestoidentifyimpulseseasonalandmust-havepurchasesforyourstoreThefollowingguidesharesinformationonavarietyoftoptradeshowsheldin
theUnitedStatesannuallyaswellasdetailsontheirtargetindustriesshowlocationsdatesandwebsitesAlthoughthislistdoesnotidentifyallavailabletradeshowstoretailersitintroducesyoutosomeofthetopshowsinselectretailmarkets
TRADESHOWGUIDE
PleasenotethislistidentifiesonlysomeoftheUnitedStatesrsquosleadingtradeshowshowevertherearemanymoretradeshowsavailabletoretailersForamorecompletelistingofshowsvisitthebelowwebsites
Advanstar|wwwadvanstarcomEmeraldExpositions|wwwemeraldexpositionscomReedExpositions|wwwreedexpositionscomTarsusgroup|wwwtarsuscom
InChapter5wersquolllookathowyoucanmaximizeyourtradeshowparticipationwhilealsounderstandinghowtopreparefortradeshowsandwaystofollowupwithvendorsoncethetradeshowhasconcludedYouwillalsogainastrongerunderstandingofhowvendorsaffectyourstorestorymdashforbetterorforworse
UniqueTraitsofYourStore
RecognizingtheimportanceofstronginventoryassortmentandhowthisshapesyourmerchantstoryisbeneficialwhenpreparingyourcommunicationplanwithcustomersBecauseconsumersultimatelydecideyoursuccessorfailureasamerchantmdashafteralltheyeitherchoosetoshopatyourstoreornotmdashitrsquosimportanttofactorthemintoyourstorersquosidentityNordstromanAmericanupscalefashionretailerwithover250locations
providesemployeeswithoneruleforallnewhiresTheysimplystateldquoUsegoodjudgmentrdquofollowedbygenerallegalandcompanyexpectationsThissimpleyetpowerfulplanforcustomercarehasshapedNordstromtoberecognizedfortop-notchcustomerservicestellarstorereputationandfantasticoverallin-storeexperienceItrsquosalsoagreatexampleofastorefromwhichindependentretailerscanlearn
RETAILTIPWhencreatingyourstorestoryconsiderhowyouwanttobeperceived
byothersNowconsiderhowyouareactuallyperceivedbyothersWantingtobeseenonewayandactuallybeingseenanotherwayisa
commonscenarioEngagecustomersandpotentialcustomersalikeviasocialmediafocusgroupsandsurveystounderstandtheirperceptionofyourstoreAskquestionsencouragefeedbackandcommentsprovokeconversationandreviewwhatcustomerssharewithyouThiswillhelpyoubetterunderstandtherealityofhowyouareperceivedversustheideaofhowyouthinkyouareperceived
Oftenindependentretailersfeelthatbecausetheycanrsquotoffercomparablepoliciestothoseofbig-boxstorestheydonrsquotofferanyatallThiscancertainlycreatechallengesbutratherthanperceivethisasanobstacleentirelyconsideritaperktobeinganindependentmerchantAsanindependentretaileryouhavetheluxurytocreateyourownruleswhichalsomeanssettingyourcustomer-carestandardsAmongtheseexpectationsshouldbeidentifyingyourstorereturnpoliciesimplementingcheckoutproceduresprovidingVIPcustomerstandardsintroducingstoregiftcardsandmoreBelowinnoparticularorderarevariouspoliciesandproceduresthatall
retailersshouldidentifyandusetoshapetheircustomerexperienceandoverallstorestory
ReturnPolicies
FirstandforemostitrsquosvitaltocreateareturnpolicythatmakessensefortheproductsyousellaswellasthecustomersyoutargetItisimportanttoberealisticwithyourreturn-policyexpectationswhilealsobeingfairtoyourcustomersForexampleyoucouldofferastorerefundexplicitlyforreturnsmadewithin10daysofpurchaseOryoucouldofferfullrefundsonitemspurchasedandunusedwithin14daysofreceiptdatebutonlywiththereceiptanddeliveredinthesamepaymentformasthepurchasewasmadeOnceyouhaveidentifiedapolicythatcaterstoyourstorersquosneedsandclientelepostyourpolicywithinclearviewofyourcheckoutareaaswellasincludingitonallreceiptsMakeitahabittoexplainyourreturnpolicyaspartofyourcheckoutprocedureOnewaytobesurethatyouneverforgettodothisistohaveyour
procedureOnewaytobesurethatyouneverforgettodothisistohaveyourcustomersinitialthereturn-policyexplanationontheirreceiptafteryouhaveexplainedittothemThiscanhelptoalleviatedifficultconversationswithunhappycustomersinthefutureFinallybesuretoidentifyanylimitationstoyourpolicysuchascertainvendorsdefectiveitemsorlawsthatmayapplytoproductsregardingldquono-returnpoliciesrdquo
CheckoutProcedures
EveryoneinvolvedintheoperationofyourbusinessshouldclearlyunderstandallstorepoliciesincludingthoseregardingthecheckoutprocedureThisisastrongifnottheonlyopportunitytocreateapersonalandmemorablemomentwithyourcustomeranditssignificancecannotbeoverstatedItrsquosvitallyimportanttoforgerepeat-customerrelationshipsateveryturnandtherersquosnobetterwaythanthroughpersonalinteractionOntheflipsideifnotmanagedcorrectlyanegativecheckoutexperiencecancrippleyourchancesofrepeatcustomersregardlessoftheotherfactorsMakeitahabittosharenewsofupcomingstoreeventsspecialspromotions
orotherstoreactivitiesduringthecheckoutprocessKindlyaskifthecustomerwouldbeinterestedinsharinghisorhere-mailaddressforstoreupdates(exclusively)orperhapssuggestthatyourcustomermightldquolikerdquoyourstorersquosFacebookpage(youdohaveoneright)FinallybesureyouhaveastandardldquoThankyouforyourpurchaserdquoinplaceaswellItcancertainlybecustomizedtoyourstorersquospersonalitybuteveryoneinvolvedshouldbeonthesamepageregardingthemessageyoudeliverItisstunninghowfewtimesIactuallyseethisdonewellintheindependentcommunity
VIPCustomerCare
NomatterwhatkindofmerchantyouareidentifyingyourtopcustomersshouldbeapriorityWhetheryousell$1candybarsor$10000dressesmakeitapointtotrackyourstrongestcustomersManypoint-of-sale(POS)systemscanhelpyouidentifycustomersandtheirspendingbutsomeindependentretailersfindsuccessinmanagingVIPcustomerstheold-fashionedwaymdashtakingnoteofpurchasesmadetheirbirthdaysspecialoccasionsandotherreasonsuniquetothebusinessWhenidentifyinghowyoucanbettersupportthiscrowdconsider
offeringspecialeventsuniquelyforthemprovidingdistinctiveservicesaboveandbeyondyournormalcustomercaremdashsuchasfreehomedeliveryorcomplimentarygiftsendingmdashaswellaswritinghandwrittenthank-younotesaftereachpurchasetheymakeThistypeofcustomercareletsyourVIPsknowthatyoutrulyvaluetheircommitmenttoyourstore
StoreGiftCertificates
TheNationalRetailFederationreportsthat81percentofshoppersinthe2012holidayseasonboughtatleastonegiftcardAlthoughtheholidaysarenot365daysayearbirthdaysandotherspecialoccasionsareWiththisinmindmakesurethatyouoffergiftcertificatestosellnomatterwhattimeofyearitisNotonlywillthisincreaseyoursalesbutitalsowilllikelyintroducenewcustomerstoyourstorethatyounormallywouldnrsquothaveTheopportunitytosellmorethanthevalueofthegiftcardreferredtoasanupliftisalsotheremdashincreasingyourchancesofahighersalePapergiftcertificatesversusplasticgiftcardsareeasytocustomizeallowingyoutoquicklyintroducethistoyourstorePlasticgiftcardscanbeeasilycustomizedaswellwithsuchplacesasCardPrintingusandPlasticResourcecombothabletomakegiftcardsspecificallyforyourstoreThekeytomanagingagift-cardprogramistocreateaneasy-to-tracksystemofwhengiftcertificatesaresoldandredeemedYoucandothistheold-fashionedwaythroughpenandpaperbutwithtodayrsquosPOSsystemsthiscanbemanagedmuchmoreeffectively
StoreHours
CustomersdonotshopatastoresolelybecausetheylikeitOftentheyshopatastorestrictlybecausethestoreaccommodatestheirscheduleThismeansthatifyoucloseat5pmtorushhomepotentialconsumerswhoonlyshopaftertheirworkdayendsat5pmwillneverbeyourcustomersWhenidentifyingyourstorehoursconsiderwhatmostoftheretailersinyourcommunityrsquoshoursarewhatyourimmediateretailneighborsrsquohoursareanymandatedhoursappliedbyyourcityandwhenyourlocalcustomersgenerallyshopTouristtownswillvaryfromdowntowncorporatesettingstoMainStreetsinsmalltownsacrosstheUnitedStatesAlthoughtherersquosnoblack-and-whiteschedulethatisidealfor
everyoneitrsquosimportanttoidentifyhoursthataccommodateyourlocalcustomersandcomplementothermerchantsAlsorememberthatclosingyourstoreoneortwodaysaweekisnrsquotalwaysanoptionKeepyourcustomersinmindmdashnotyourownpersonalschedulemdashwhenestablishingyourstorehoursandyouwillbemorelikelytofindaschedulethatattractsmorebusiness
Customer-DisputeScenarios
WhenacustomerisupsetaboutyourstorersquosreturnpolicycustomerservicelackofinventorystorehoursoranythingelsewhatmattersmostishowyouhandleitDespitetheiroftenrudeorinappropriatebehaviorremaincalmandallowthecustomertosharehisorherthoughtsonthesituationOncethecustomerhassaidwhatheorshewantstogentlyrespondwithyourresolutionAvoidallowingthecustomertoseeyougetangryorheatedevenifyouarescreaminginsideIfyourresolutiondoesnotmakethecustomerhappyconsiderofferinghimorherastoregiftcertificatefor$5$10or$25andapologizethatyoucannotdoanythingmoreThecostofgivingthecustomermoneytospendinyourstoreisoftenalotlessthanhavingthecustomerbadmouthingyouforyearstocome
StoreTraditions
AnnualsalessignaturemintsfestiveoccasionsmdashbigorsmallretailersshouldstrivetobeknownforahandfulofthingsthatmakethemuniqueTaking10percentoffeverythinginyourstoreonarandomSaturdaywonrsquotdothetrickInsteadseekoutbothsmallandlargeopportunitiestomakeyourstorememorableItmaybethediscosoundtrackthatrsquosalwaysonrepeatthesignaturescentthatcustomersinstinctivelyrememberyourstorebyanannualChristmas-in-Julysalethathasyouremployeesdressinglikeelvesoraprivatered-carpetVIPeventthatgetsyourbestcustomersexcitedeveryyearWhateveryouruniquesomethingsaremakethemconsistentmakethemmemorableandmakethemworthtalkingaboutAllstorecharacteristicswillaffectyouroverallsuccessorfailurebutitrsquosoftentheselittlethingsthataddupthemost
StoreStaff
ShapingyourstorywouldnotbecompletewithoutidentifyingthefacesthatmakeupyourretailbusinessYouremployeesareareflectionofyourstorebrandandthereforeneedtobecarefullyselectedbeforewelcomingthemtoyoursalesfloorNowadaysanaffordablepart-timesalesclerkiseasytofindWhatrsquosnoteasyisfindingasalesclerkworthhavingonyoursalesfloorTakethetimetointerviewpotentialcandidateswithaseriesofinterviewsandbesuretoseekreferencesfrompreviousemployersRetailMindedcomofferstemplatestohelpyoutrackyourinterviewprocessandprovidesemployeereviewformsforwhenyouhaveyourstaffinplaceBelowyoucanfindsomeusefulquestionstohelpyounavigateyournextroundofinterviews
GeneralInterviewQuestionsforPotentialEmployees
1Whatwereyourmajorresponsibilitiesatyourlasttwojobs2WhichofyourpreviousjobsdidyoulikethemostandwhyWhichjobhaveyouhadthatyoulikedtheleast3Whathasbeenyourmostrewardingexperienceatwork4Whatdoyoufindmostsatisfyingaboutworkingwithothers5Whatwasyoursinglemostimportantaccomplishmentforthecompanyinyourlastjob6WhydidyouleaveCompanyX7Ifyoucouldtakewithyouonethingfromyourlastcompanyandbringittothisjobwhatwoulditbeandwhy8Whatwasthetoughestproblemyouhadtosolveatapreviousjobandhowdidyousolveit9Whydoyouwanttoworkforthiscompany
10Afterhearingadescriptionofthispositionwhydoyouthinkyouwouldbeagoodfit11Doyouhaveanyreservationsaboutanyoftheresponsibilitiesidentifiedinthisrole12Whatskillsdidyoulearninpreviousrolesthatyoucanusehere
13Whatskillsorexperiencedoyouthinkmakeyoustandoutfromothercandidates14Wheredoyouprofessionallywanttobefive(orten)yearsfromnow15Arethereanyotherpointsyoursquodliketosharewithusaboutwhyyouwouldmakeagood[insertjobtitlehere]
ManagerKey-HolderQuestions
1Howwouldyoudescribeyourmanagementstyle2Whatdoyoubelievetobethemostdifficultroleofamanager3ManyofouremployeeshavebeenhereforawhileHowdoyoufeelyoucanearntheirrespectasamanager4Whathaveyoulearnedfromothermanagersyouhaveworkedunderinthepast5WhowasyourfavoritemanagerandwhyWhowasyourleastfavoritemanagerandwhy6Whatdoyouthinkisthemostimportanttraitofsuccessfulmanagers7IfIweretoasksomeonewhoyoupreviouslymanagedyourtopthreequalitiesasamanagerwhatdoyouthinkheorshewouldsay8IfIweretoaskthatsamepersonyourthreeworstqualitieswhatdoyouthinkheorshewouldsay9Whydoyoulikebeingamanager
10Howwouldyouplantoengageemployeestoworkeffectivelyunderyourleadership11DoyouconsideremployeemoralepartofyourresponsibilitiesWhyorwhynot12Explainyourmostdifficultmanagementexperiencetodate13Asamanagerdoyouconsiderteachingpartofyourjob14Howgoodareyouatdelegatingresponsibilities15Whatotherpointscanyousharewithusaboutwhyyouwouldmakeagoodmanager
Anotherpointtoconsideristhatwhileitmaybeeasytohirefamilyorfriends
AnotherpointtoconsideristhatwhileitmaybeeasytohirefamilyorfriendsitrsquospossibleamoreskilledcandidateisavailableandwillaidyourstoremoreefficientlyAsageneralruleofthumbconsiderallcandidatesmdashincludingfamilyandfriendsmdashequallyandputeachcandidatethroughthesameinterviewprocessThiswillhelpyouidentifythebestpersontofillyourstorersquosneedsCollectivelytheprecedinguniquetraitsofyourstorecansetyouapartfrom
yourcompetitionandhelpmakeyourstorememorableamongcustomersItrsquosimportantthatyoualsofactorinthevalueofcustomerserviceduringyourentirein-storeexperiencerecognizingthatthiswillalsosetyouapartfromotherretailersineitherapositiveornegativefashionKirtManeckecustomer-serviceexpertandauthorofthebookSmileSell
MorewithAmazingCustomerServicebelievesthatinordertotrulymakeyourstorememorableamongconsumersyoushouldaimtodeliverconsistentstrongcustomerserviceeveryday
DeliveringamazingcustomerserviceonaconsistentbasistoeachandeverycustomermeansthatyouarepreparedYourstaffhasbeentrainedtodeliverserviceandsalesinawaythatisefficientforyourcustomersWhiletherewillalwaysbecustomerswhohavedecreasedattentionareinahurryorappeartobefrazzledyouwanttostillaimtodeliverstrongcustomercaredespiteanycustomerscenarioOnewaytodothisisbytreatingpeoplelikeguestsinyourhomeJustasyouwouldgreetsomeoneatyourdooryoushouldsmileandgreeteverycustomerwithawarmldquoHellordquowithintwosecondsoftheirenteringyourbusinessThissetsthestageforahappyshoppingexperienceforyourcustomersbecausetheyfeelwelcomeandtheyknowthatyouareontopofyourbusinessSurprisinglyhowevermanyretailersfailtodothis
EngageyourcustomeraskquestionsandlistenKnowyourproductsandyourcompetitionso thatyoucanquicklyandefficientlyansweryourcustomersrsquoquestionsandobjectionsandsellyourproductsbetterthananywebsite or other store can do Aim to guide your customers to the bestproduct that fits their needs andwants and then respectfully ask for thesaleIfyoudothesethingsandmoreconsumerswillpayattentionandnotonlyreturntoyourstorebutalsotelltheirfriendsaswell4
Finallyremembertolookoutsideyourcomfortzoneinallyourbusinessresponsibilitiesincludinghowyoudelivercustomerservicewhoyouhirewhichtradeshowsyouattendandwhatyourstorepoliciesare
WhenyouidentifywhattraitsmattermostinyourstorehowyoumanageitsperceptionandwaysinwhichyoucanstandoutinthemarketplaceyouaremorelikelytosucceedinretailFurthermoreconsumerswillbemorereceptivetoshoppingatastorethattakesthetimetoearnaconsumerrsquostrustanddollarsbyapplyinghighstandardsAnadditionalperkisthatduringthisprocessyouwillalsofindconsistencyinyourownactionsandbeabletobettersupportyourcustomersyourstoreteamandyourselfindeliveringastrongin-storeexperienceInthechaptersthatfollowwersquolltakeanevencloserlookathoweach
decisionyoumakewillaffectyourstorersquospersonalityandhowcustomersperceiveyourbusiness
ActionGuide
EverystoretellsastoryandyourstoryneedstobeeasilyunderstoodfrombothaninternalandanexternalperspectiveInternallyhavinganorganizedemployeemanualwillofferyoutremendousguidanceinemployeehiringandmanagementTogetstartedconsiderthefollowingobjectivestoincludeinyourmanualYoumayfindthatsomearenotnecessaryforyourstorewhereasotherobjectivesthatarenotnotedareThegoalhoweveristocreateamanualthatmakessenseforyouruniquebusinessOrganizeabinderthatcollectivelyrepresentsyourstoreemployeemanual
basedonthefollowingsuggestionsEvenforasolostoreownerwithnoadditionalstaffthisexercisewillprovideyouwithafoundationtokeepyourstoreoperationsandexpectationsinorderInadditionifalast-minutehireiseverneededyouwillhaveaclearconcisemanualtohelpyoutrainthatpersoninstoresupportAlthoughthisexercisewilltakesomecommitmentandtimeitisaretail
necessityworthinvestingyourtimein
1StorecontactdetailsaPhysicaladdressbE-mail
cTelephonedFaxeWebfSocialmediaaccounts
2Storehours3Companyphilosophy4Employmentpractices
aEqualemploymentopportunitystatementbDrug-freestatementcHarassmentpolicydAt-willstatement
iFull-timeemployeesiiPart-timeemployeesiiiTemporaryseasonalemployeesivInterns
5TerminationstatementaVoluntarybInvoluntary
6OperationproceduresaPayschedule
iCommissioniiDirectdeposit
bStaffscheduleiOvertimeiiTardinessiiiAbsenteeismivSchedulechanges
cStoreopeningandclosingproceduresiCashdrawerdetails
iiPOSandcomputerdetailsdMerchandising
iDisplayunitsiiPOSareaiiiFloorsivShelvesvOtherareas
7Customer-serviceexpectationsaCustomergreetingsbGeneralcustomersupportcSuggestivesellingdCustomermanagementeTelephoneproceduresfCustomercomplaints
8ExternalrelationshipsaVendorsbShippingcTrademiscellaneous
9Emergencyprocedures10Security
aPersonalbelongingsbLawenforcementcontactdetailscFirstaidbox
11DresscodeaWardrobebPersonalappearance
12MiscellaneousaFoodanddrinkbPersonalphoneuse
cCigarettesmokingdComputeruseeNonemployeeaccessfConfidentiality
MakesuretosaveyouremployeemanualtoaWordfileforeasyeditingFurthermoreitrsquosalwaysagoodideatohaveallnewemployeesreviewthemanualandsignastatementacknowledgingthattheyhavedonesoFinallyalthoughamanualisnotalegallybindingcontractitneverhurtstohaveanattorneyreviewwhatyouhavecreatedtoensurethatyouareaccuratelyandlegallysupportingyourstoreteam
PARTII
PracticalStepstoIncreaseYourStoreVisibilityandSales
5
SourcingProductsThroughTradeShowsandtheInternet
WhetheritrsquosGoogleorAppleorfreesoftwarewersquovegotsomefantasticcompetitorsanditkeepsusonourtoes
mdashBillGates(1955ndashpresent)investorentrepreneurphilanthropist
ASAretailertherearecountlessexternalbusinessresourcesthatyouwillneedtoworkwithtorunyourbusinesseffectivelyAmongthemareservice
providerswholesalersmanufacturersanddistributorsThiscollectivecrowdofbusinessresourcesoffersretailersvariouswaystopurchaseandultimatelysell
productsthroughtheirstoresThequestionisWhatmakessenseforyourbusinessTobeginhoweveryoumustfirstunderstandthedifferencesamongcertainsuppliersourcingstrategiesmdashandhowultimatelyeachoftheseaffects
retailersSourcingasdefinedbyWikipediaorgreferstoldquoanumberofprocurement
practicesaimedatfindingevaluatingandengagingsuppliersofgoodsandservicesrdquoEssentiallysourcingrepresentstheactoffindingproductsfromwholesalersormanufacturerstoresellthroughabusinessInyourcasethiswouldmeanresellingthroughyourretailstoreInpreviousyearssourcingwasnotasaccessibletoretailersandasaresult
notusedfortheirbusinessesonaroutinescaleNowadayshoweversourcingisreadilyavailablethankstowebsitessuchasTopTenWholesalecomandManufacturercomaswellaseventsthatincludeSourcingatMAGICandSourceDirectatASDmdasheachheldbiannuallyinLasVegasTheseeventsaresimultaneouslyheldduringMAGICMarketWeekandtheASDShowrespectivelyofferingretailersachancetoengagewithtraditionalvendorsandwholesalerswhilealsohavingthechancetomeetimportersdistributersproduct-developmentteamsandotherproductprofessionalswithinthesourcing
arenaateachindividualshow
BenefitsofSourcingasaRetailer
ForretailerstherearemanybenefitstosourcingyourownproductsforyourstoreAmongthemaresavingvaluableinventoryandoperatingdollarsbycuttingcostsofproductpurchasesgainingtheabilitytoexpandyourstoreproductbaseofferingdiversificationamongyourcurrentsupplychainmeetingnewprovidersotherwisenotavailabletoyoulocallyorevendomesticallyandlearninghowbusinessisconductedinotherculturesMegyKarydesaformerretailerandcurrentwriterandmarketingconsultant
whoworkswithsmall-businessownersandorganizationsthroughherbusinessKarydesConsultingencouragesretailerstodifferentiatetheirstoresthroughsourcingShesharesbelowsometipsbasedonherownfirsthandexperiencetohelpretailersnavigatetheirsourcingjourney
One way to differentiate your retail business from others is to offerproducts straight from the sourceSincemany retailersare intimidatedbysourcingmdashthinking itrsquos too hard or unavailable to themmdashthose who dorealize greater margins richer merchandising selections and strongerrelationshipswiththeircustomersasaresultoftheirsourcingfindshavealottogainthatothermerchantsmissouton
Forthoseinterestedintestingthewatersmyadvicetoyouistovisitlocal art centers or smaller art fairs to identify items thatmightwork foryourstoreIalsoencourageyoutoengageindialoguewiththeartiststoseeiftheyrsquodbewillingtocreatesomepiecesforyourstoreIfyourcommunitydoesnrsquothaveartfairsoranythingofthesortgoonlineandcheckoutsitessuchasEtsywhereyoucanreachoutdirectlytotheartistsandaskthemiftheyrsquodconsiderworkingwithyou
Onceyouhaveidentifiedsomeonetoworkwiththekeyistocreateamutually beneficial relationship If the person feels that yoursquore trying totake advantage of him or her that person may work with you once butneveragainIdeallyhoweveryoushouldsetagoalofdevelopingalong-term relationship to help aid both you and your contact To do this Isuggest that you invest some time at the onset working out the details
especially if the person isnrsquot experienced working with wholesalecustomersSpendsome time tocreateadocument forbothofyou tosignthatoutlinesthefollowingdetailsEssentiallythiswillactasacontracttoensure thatyoubothmeet theexpectations identifiedonbothsidesof thebusiness You will not want to neglect the following points whendevelopingthisdocument
PricingExclusivityPackagingMerchandisingDeliverydetailsPaymentscheduleUnsolditemsDamageditemsLengthofcontract
AsareminderthisdocumentisintendedtosupportyourrelationshipandkeepyouontrackinworkingtermsWhilefriendlyverbalagreementsalwaysseemsolidtostartbutitrsquossimplyimpossibletopredictthefutureand therefore binding documents are a smarter way to manage yourbusiness1
KarydesmakessomefantasticpointsforyoutoconsiderparticularlyasyouattempttotrysourcingwithbabystepsbeforemakingalargercommitmentSheextendshersupportwiththefollowingdetailsforretailersconsideringhowinternationalsourcingcanhelptheirbusinesses
SavvyretailersalsoknowthattalentextendsbeyondthepondWhilesourcinginternationallycomeswithitsownsetsofchallengesitrsquosactuallymucheasierthanmostpeoplethinkTheInternetisagreatresourcewhenitcomestofindingproductsallovertheworldbutifyoursquorereallylookingtocarryproductsfromaspecificcountrystartyourresearchbyfindingthenearestembassyorconsulateofficeandletthemknowthatyoursquoreinterestedinfindingproductsfromtheircountryWhilethisisnrsquotalwaysthe
interestedinfindingproductsfromtheircountryWhilethisisnrsquotalwaysthecasemanyofthoseofficeshavedivisionsthatcoverinternationaltradeandcanbetremendouslyhelpfulwithrulesregulationscontactsandsourcesManyevenhavefundsintheirbudgetstoflybuyerstothecountrytoaidinbuyingtripsanditrsquosworthaskingifthisissomethingtheyoffer
OneofthequestionsIrsquomoftenaskedaboutworkingwithinternationalsuppliersandimportingishowtodealwithUSCustomsItrsquostruethatanytimeyouimportyoursquollhavetodeclarewhatyoursquorebringinginanddependingonwhatitisalsothecountryfromwhichitrsquoscomingandthevalueofitaswellFurthermoreyoumayhavetopaydutiesbutifyouuseareputablecustomsbrokerorfreightforwarderoftentheywillhandlethepaperworktohelpyoupassyouritemsthroughcustomsIfyouuseservicessuchasDHLorFederalExpressthosecompanieswillhandleclearanceforyouShippingpriceswillvaryconsiderablydependingonwhatyoursquorebringinginandwhichserviceyouuseThemoreyouimportthebetteryoursquollgetatdeterminingyourbestandleastexpensiveshippingoptions2
WhileventuringintotheworldofsourcingmayseemlikeanintimidatingtaskforretailerswhohavenotexploredthisavenueyetthisdoesnrsquothavetobethecaseHereare10tipstohelpfurthersupportyouasyouexplorehowsourcingmayberightforyourretailbusiness
1AttendawholesalemarketortradeshowthathasasourcingsectionallowingyoutomeetsuppliersfirsthandThisface-to-faceopportunitywillofferaneducationalexperienceforyoulettingyouengageandseeksupporttohelpyouachieveyoursourcinggoalsDonrsquotbeafraidtospeakupeitherduringtheseopportunitiesAskquestionsseekanswerslistencarefullyandlearnasmuchasyoucanfromthesesourcingprofessionals2VisitaninternationalsourcingproviderorsectionofatradeshowsuchasSourcingatASDtohelpexpandyourunderstandingofthevastrangeofsourcingopportunitiesforretailersForsomemerchantsinternationalprovidersmaynotbeidealfortheirbrandmessagingorstoreproductassortmentbutforothersthismaybetheperfectmatchforyourbusinessEitherwayunderstandinghowinternationalsourcingcanaidyourretailneedsissomethingyoushouldaddtoyoursourcingto-dolist3NavigatetheInternettolearnmoreaboutsourcingaswellastoget
introducedtosourcingprovidersThissaiditrsquosbestnottosolelygothisrouteandeliminateactualtradeshowandsourcingeventparticipationAlthoughtheInternetcanconnectyoutoprovidersitrsquosimportanttoconsiderallavenuesofsourcingbeforemakingyourfinaldecision4WhenseekingsuppliersgetatleastfivequotesfromdifferentsellerstoensurethatyouarereceivingthebestserviceproductanddealpossibleSeekingbothdomesticandglobalquotescanofferyouabroaderperspectiveonwhatmaybebestforyoursourcingneeds5AsyouseekquotesfromsuppliersbesuretoidentifythevariationsinminimumorderquantitiesThesenumberscanmakeahugedifferenceintheoverallcostforyouthereforeyoushouldseekavarietyofquantitycoststohelpyoutoidentifythebeststrategyforspendingyourallocatedsourcingdollars6Networkwithsourcingprofessionalsaswellasworktobuildsolidgood-standingrelationshipswithyoursourcingcontactsAsinmostindustriesprofessionalsinnichemarketsarelikelytobestsupporttheirclientswhentheyareinvestedincaringfortheiractualsuccessForsourcingspecificallyyoucanbenefitfromprofessionalsldquointheknowrdquowhomayhearofsomethingonafuturedateorknowsomeonewhoknowssomeonewhocanhelpyouinyoursourcingneeds7Subscribetosourcing-specificnewslettersandtrademagazinestocontinuallylearnandgainsourcingnewsAmongthebestresourcestodothisisbysubscribingforafreee-newsletterfromTopTenWholesalecomaswellcheckingoutSourcingJournalOnlinecomInadditionwehaveidentifiedsomeotherkeyresourcesinthefirstsidebarinthischapter8ContinuallyresearchinnovativetrendsandtacticsspecifictoyourproductneedsAttendingtradeshowsvisitingonlinesourcingsitessuchasTopTenWholesalecomandreferencingindustrypublicationscanallhelpyoudothisyetitrsquosuptoyoutoidentifytheneedtoconstantlywanttofollowthroughInotherwordsdonrsquoteversettleforwhatyoucurrentlydoorwhatiscurrentlyofferedAstimeprogressesnewwaystosourceanddevelopproductwillariseBesuretoembracethesechangestohelpyourbusinessstaycurrentandpossiblyevensavemoney9Knowwhatyourbudgetisbeforecommittingtoasourcingquoteor
quantityTherearealotofcostsincurredinretailandwholesalealikeandknowingwhatyourbudgetisupfrontwillhelpyoutomakebetterdecisionsAlsodonotletalimitedbudgetholdyoubackfromseekingsourcingopportunitiesThissimplymeansthatyouneedtobethatmuchmoreeducatedonwhereeverydollaryouspendgoes
10PlanaheadforunexpectedcostsandchallengingmomentsmdashifnotdaysormonthsThisisnotintendedtoscareorshyyouawayfromsourcingbutrathertoprepareyoufortherealitiesofanynewentrepreneurialadventureAsyouseektodosomethingyouhaveneverdonebeforeyoushouldalwaysexpectthattheexcitementandgoodthatcomefromthiswillalsobringyouhardshipsanduncertaintiesThisissimplypartoftherideRemembertoleanonthevastrangeofresourcesavailabletoyoutohelpyouinyoursourcingjourneyandtostayontrackwithyourbudgetandultimatesourcinggoals
AsyoucanseethereisanabundancetobelearnedaboutsourcingandweencourageyoutofurtherexpandyourknowledgeonthissubjectbyreadingJasonAPrescottrsquosbookWholesale101AGuidetoProductSourcingforEntrepreneursandSmallBusinessOwners(McGraw-Hill2013)
SOURCINGNEWSRESOURCESBlogtradegovTradeologyistheofficialblogoftheInternationalTrade
Administrationwhichdiscussesinternationaltradelawsandotherrelevantindustrynews
ManufacturingnetSharesmanufacturingindustry-relatednewstrendsresourcesandmorerelatedtotheglobalmanufacturingcommunity
NamorgAnewsroomhostedbytheUSNationalAssociationofManufacturerssharingmanufacturingrelatednews
RetailMindedcomAretail-specificwebsitethatcoversallaspectsofrunningaretailbusinessincludingworkingwithwholesalersandsuppliers
aswellmanyotherkeyareasofretailOffersfreenewsletterandsubscription-baseddigitalorprintquarterlymagazine
SourcingJournalOnlinecomAglobalnewsresourcewithinformationforbusinessexecutivesandretailerswhowanttoknowmoreaboutsupply-chain-relatedtopicswithinthesoftgoodsandtextileindustry
TopTenWholesalecomCoverswholesaleindustrynewsrelatedtotopicsincludingvendorsupplierandwholesalerprofilesproductnewstradeshowdetailsandmore
WorkingwithWholesalers
SimilartosourcingandtypicallymoreunderstoodbyretailersiswholesalewhichmdashverysimplymdashrepresentsthesaleofmerchandisetoretailersOnamoredetailedlevelwholesalerepresentsthesaleofproductsandgoodstobusinessownerscreatingabusiness-to-businesstransactionversusabusiness-to-consumertransactionAswithsourcingretailershaveaccesstowholesalersthroughavarietyofavenuesincludingtradeshowsonlineplatformsandretailtradepublicationsEvenmoresothansourcinghoweverretailershavetheopportunitytoworkwithinsomeveryspecializedmarketsofwholesaleAnexampleofthiswouldbetheOutdoorRetailerShow(wwwoutdoorretailercom)whichcatersspecificallytoretailersseekingmerchandiseforoutdoorsportsforbothsummerandwintermarketsShowsthatcatertonichemarketssuchasoutdoorsportingretailersofferatremendousvaluetomerchantsspecificallyby
1Introducingindustry-specificbrandsandproductsdirectlytoretailers2Sharinglatestindustrynewsandbuzzthrougheducationnetworkingandotherface-to-faceevents3Demonstratingproductsforretailerstotryhandsonallowingmerchantstoknowfirsthandwhatmaybebestfortheirbusinesses
InadditionretailershaveaccesstocountlesstradeshowsthatoffermoreexpansiveproductassortmentsAnexampleofthiswouldbetheASDShowheldbiannuallyinLasVegaswhichattractsover2800vendorspershowandover40000attendeespereacheventThegeneralmerchandiseassortmentofwholesalersincludesjewelrysouvenirstoyshobbybeautycosmeticsfloralgifthomedecorgroceryapparelaccessoriesstationeryandmuchmuchmoreAsaresultretailershaveaone-stop-shopdestinationtoseekavarietyofproductsfortheirstoresAnotherfantastictradeshowthatcaterstoanexpansivemarketplaceistheNationalHardwareShowwhichattractsover27000attendeesseekingtolearnsourceandconnectspecificallyfortheUShome-improvementanddo-it-yourself(DIY)marketsFormerchantsitisimportanttoidentifyhowbothniche-markettradeshows
andmorediverseat-largeshowscanbenefittheirbusinessesTypicallyitrsquosidealtomakeattendingbothtypesofshowsapriorityThereasonforthisisverysimplewithoutdoingthisyoulimityourexposuretopotentialbrandsproductsandresourcesthatcanaddvaluetoyourstoreFurthermorebydiversifyingyourbuyingexperiencesyoualsosetyourselfapartfromyourcompetitionAttendingniche-marketshowsonlycanlimityoutoproductsandwholesalersthatyourcompetitionislikelybuyingfromaswellHoweverifyouintroduceashowsuchastheASDShowtoyourbuyingrotationyouwillundoubtedlybeabletoincorporateinventorythatyourcompetitordoesnrsquotalsohaveSpecificallyyoucannarrowdownyourbuyingneedsatshowssuchastheASDShowforadd-onsaleslower-pricedproductsandotheruniqueitemstocomplementyourcategory-specificpurchasesfromyourniche-markettradeshowTheseshowshoweversuchastheConsumerElectronicsShow(CES)mdashheldannuallyinLasVegasmdashwillalwaysremaindestinationsthatretailerscanrsquotmiss
UnderstandingtheValueofTradeShows
SchedulingtradeshowsintoyouroperationalcalendarisanimportantresponsibilitytoconstantlykeepupwithparticularlywhenyoushouldplanforanassortmentoftradeshowstoattendeachyearAsaretaileritrsquosnearlyimpossibletoeffectivelyrunyourstorewithoutattendingtradeshowsthereforeknowinghowtomaximizeyourtimespentpershowisextremelyimportantFurthermorebecauseitcostsmoneytotraveltotradeshowsyouwanttoensurethatyouaremaximizingyourinvestmentineacheventyouattend
thatyouaremaximizingyourinvestmentineacheventyouattendInnoparticularorderhereareeightreasonsyoushouldmaketradeshowsa
priorityonyouroperationalcalendarNotonlywillyoubeabletogaintipsonstrengtheningyourtradeshowexperiencesthroughtheidentifiedpointsbutyoushouldalsobeabletojustifythevalueinwhytradeshowsareanimportantexperienceforanyretailbusiness
1TradeshowsallowyoutogainknowledgeaboutandexposuretonewtrendsproductsandresourcesThecombinationofwholesalerssuppliersdistributorsandvendorsisagreatwaytolearnaboutwhatrsquoshotwhatrsquosfadingandwhatyourcompanyneedstointroduceintoitsstoreintheseasonsahead2TradeshowsstimulatenewideasandcreativewaystosupportyourbusinessthroughaspectsthatexpandbeyondinventoryaloneThisincludesofferingretailersexposuretocompaniesthatsupportin-storeoperationsprovidingtradeshowattendeeswitheducationalopportunitiesandofferingshowparticipantsnetworkingandsocialexperiencesCollectivelythesealladdvaluetoyourbusiness3TradeshowsprovideameetingspotforretailersandvendorstoconnectfacetofaceBecauseitrsquosnearlyimpossibleformostwholesalerepresentativestotraveltoeachindividualretailaccounttheyhaveatradeshowbecomesanidealspotforthemtoconnectwithretailersTheseeventsallowretailerstoseeawholesalerrsquosentireinventoryassortmentwhilealsoprovidingavenueforthemtoengageinperson4TradeshowsgiveyouthechancetogenerateleadsforfuturevendorandproductopportunitiesAsamerchantyoucanneverbetoosurewhatthefuturewillbringandthereforeitrsquosessentialtohaveanideaofotherbrandsproductsandbusinessesthatmaybeabletoaidyouinfuturebuysorstorechangesTohelpprepareyouforscenarioslikethiscollectbusinesscardskeeptradeshowdirectoriesandorganizecollectedlinesheetsandotherproductdetailstorefertoshouldyouneedtogetintouchwiththesecompaniesoncethetradeshowhasendedandbeforethenextonebegins5TradeshowsoffereducationalexperiencesthatcanonlybefoundattheseeventseliminatingyourchancetogaintheseexperiencesotherwiseOneexampleofthisistheIndependentRetailerConferenceheldattheASDShowinLasVegaswhichintroducesaselectgroup
ofindustryexpertsandbusinessresourcesforshowattendeestoengagewithandlearnfromThroughvariousseminarsaswellasfourdaysofface-to-faceopportunitiesformerchantsandtheseselectretailleaderstoconnectshowattendeescangainanabundanceofknowledgetotakebacktotheirstoresFurthermoretheirparticipationintheseeducation-richexperiencesisoftenfreetoshowattendeesmdashsomethinganybudget-strappedretailercanappreciate6TradeshowsallowyoutogetanswersrightawayofferinganimmediatecommunicationplatformthroughwhichretailersandshowexhibitorscanconnectTohelpaidyouingainingtheinformationyouwanttoknowitrsquosalwaysagoodideatocomepreparedtoatradeshowwithwrittenquestionsandidealgoalsyouwanttoaccomplishduringyourtradeshowvisit7Tradeshowsofferyouthechancetoconnectwithlike-mindedretailerswhomaynotbeyourdirectcompetitorsAnexampleofthiswouldbeifyouconnectedwitharetailerfromastateontheothersideofthecountrywhohasastoresimilarininventoryassortmenttoyoursThevalueinthisisthatyoucanleanoneachotherasretailprofessionalsyetnotfeelthreatenedbysharingalocalmarketplaceMoreoverwhenyouhavelike-mindedretailfriendsyoucantradeorsellyourinventorywithoneanotherifoneofyouishavingmoresuccesswithacertainproductthananotherAllowingyourselftomeetretailersandengagewiththemisalsoagreatwaytorealizethatyouarenrsquotaloneinyourretailjourneyandevenasanindependentmerchantyoudonrsquothavetomakeeverydecisionbyyourselfLeaningonlike-mindedretailershelpstoeliminatethisisolatedmind-set8TradeshowsgiveyouachancetohavefunYesyoureadthatrightmdashhavefunNothinggivesabusinessownermoreenergyandthedesiretoworkmorethanhavingagoodtimewhileworkingTradeshowscertainlyintroducelongdaysandinformationoverloadbuttheyalsostrengthenandrefresharetailerrsquosmotivationtoworkhardworksmarterandcreatemoresuccessfortheirstores
WHOLESALEMARTSampBUYINGDISTRICTSAcrosstheUnitedStatesareavarietyofwholesalemartsandbuying
districtsthatcatertoretailersallyearlongWhiletheyarenotofficially
districtsthatcatertoretailersallyearlongWhiletheyarenotofficiallyconsideredtradeshowstheyareverysimilarintheirservicesbyofferingadestinationforretailerstoconnectwithsuppliersBelowaresomeofthewholesalemartsandbuyingdistrictswerecommendvisitingintheUnitedStates
AmericarsquosMart|AtlantaGA|wwwamericasmartcom
MidwestMarketDays|ChicagoIL|wwwmidwestmarketdayscom
TheDallasMarketCenter|DallasTX|wwwdallasmarketcentercom
TheMiamiMerchandiseMart|MiamiFL|wwwmiamimerchandisemartcom
TheWholesaleDistrictinLosAngeles|LosAngelesCA|wwwfashiondistrictorg
TheWorldMarketCenter|LasVegasNV|wwwwmclvcom
InadditiontherearemanyothermartsincitiesnationwidethatmaybemoreidealbasedonyourgeographiclocationFinallyNewYorkCityoffersmanymerchandiseandgarmentdistrictsthatcanbeidentifiedatthewebsitebelow
wwwnyccomvisitor_guidegarment_district75853editorial_reviewaspx
WhilerealizingthebenefitsoftradeshowsretailersshouldalsoneverunderestimatethevalueofplanningaheadbeforeattendingoneCamilleCandellagroupmarketingmanagerofEmeraldExpositionsbelievesthatldquowhetheryouareaseasonedproornewtotradeshowsyoushouldalwaysdoyourhomeworkpriortoarrivingatashowYouwanttomaximizeyourtimeat
theshowandthatmeanspreparinginadvancerdquo3Tohelpyoudothisweencourageyoutolearnasmuchasyoucanabouta
tradeshowpriortoattendingitUsingonlineresourcesandanyregistrationmaterialsreceivedbecomefamiliarwithshowexhibitorsspecialeventseducationexperiencesandtheentireshowagendapriortoarrivingattheshowThisallowsyoutoplaninadvancewhatisapriorityforyoutoaccomplishaswellasidentifygeneraltimeallowancesyouwillneedItrsquosalsoveryimportanttotakethetimetopackwellforyourtradeshowtripThismeanspackingcomfortableshoesbecausemosttradeshowsentailalotofwalkingYoushouldalsoplanforacomfortablebagtocarrywithyouthroughoutyourtradeshowvisitallowingroomtoholdcollectedlinesheetsbuyerpacketspromotionalgiveawaysbusinesscardsandmoreDonrsquotforgettopackyourownbusinesscardsaswellAnothertipincludescheckingwhetherthetradeshowyouareattendingallowsforbagswithwheelsManyretailersfindthataminisuitcaseorbriefcaseonwheelsisidealfortradeshowsbutsomeshowsdonotallowtheseontheirfloorsbecauseoflimitedspaceFinallybringingalongaministaplerpensfilingfoldersandotherorganizationalproductsoftencanhelpyoutobettermanagethepaperworkyoucollectatthetradeshow
ManagingOrdersPlacedatShows
WhetheryouhaveattendedcountlesstradeshowsorhaveyettovisityourfirstamongthemostimportantresponsibilitiesyouhaveinmanagingyourtradeshowexperienceisdealingwithordersplacedwhileattheshowForretailerswhohavepreviouslyplacedorderswhileattendingatradeshowDidyoudoagoodjobineffectivelyspendingyouropen-to-buy(OTB)dollarsandstayingwithinbudgetWeretheordersyouplacedreceivedontimeandaccordingtothetermsidentifiedwhenyouplacedthemDidyoufeelsupportedbythecompaniesfromwhichyouorderedfollowingtheshowTherearemanyquestionsretailersshouldaskthemselveswithregardto
productmanagementtradeshoweffectivenessandtheiroverallretailbusinessUltimatelythequestionsyouwanttochallengeyourselfwithshoulddirectyoutomanagingyourstoremoreeffectivelyforyoumdashnotthewholesalersupplierdistributororotherproductprofessionalwithwhomyouareworkingAlthoughitrsquosimportanttoconsiderbothsidesofthesebusinessrelationshipsitrsquoscriticaltocontinuallyevaluatewhetherthedecisionsyouaremakingforyourstoreare
tocontinuallyevaluatewhetherthedecisionsyouaremakingforyourstorearethebestonesyoucanmakeTohelpaccomplishthisgoalbesureyoustaywithinyouridentifiedbudget
whenplacingordersattradeshowsOftenalltypesofdomesticandinternationalsupplierswillofferyoushowspecialstoincreaseyourenthusiasmtobuymorefromthemCertainlythesespecialscanofferyoumanyperksandsavingsbutdonrsquotlosesightofthebudgetyouhavetoworkwithMoreoverdonrsquotneglectyourtargetshippingdatesproductdeliveriesminimumorderidealspaymenttermsandotherbuyingfactorsthatmattertoyouInmanycasessimplycommunicatingwithyourvendorcontactisallittakestoshiftwhatheorsheisofferingtowhatyouactuallyneed
EXPERTSPOTLIGHTBobBergdirectorofsalesofInternationalBusinessattheSourcingat
MAGICtradeshowbelievestherearethreemust-knowtipsforretailattendeestofollowwhentheyparticipateatanytradeshow
1HaveaclearunderstandingofwhatyourgoalisattheshowRemindyourselfofthisgoalaseachdaypassestoensureyoustayontrack2OrganizeyourselfpriortotheshowIdentifyexhibitorsyouhopetoseeschedulevendorappointmentsplanforeventsorotherextraactivitiesandidentifyanymarketingmaterialsyoumaywanttohaveavailablewithyouatthetradeshowThesemayincludebusinesscardsorotherpromotionalitems3GiveyourselftimetonavigatethetradeshowwithoutfeelingrushedBytakingshortcutssqueezinginappointmentsandskippingvendorsyoumissopportunitiesforyourbusiness
RetailersoftenfeelrushedandstretchedfortimewhileattradeshowslettingthemselvesmakequickdecisionsasaresultTothebestofyourabilityyoushouldavoiddoingthisinallsituationsmdashmostimportantthoughwhenyouareabouttowriteanorderHavingaprewrittenchecklistofyouridealordertermsmdashnotjustyouridealproductsmdashcanhelpyoutostayontrackwithyourshippingdeliverypaymentandotherordergoalsFurthermorerememberthatvendorscreateordertermstotheirbenefitmdashnotyoursWiththisinminddonothesitatetospeakupregardingtheiridentifiedtermsandletthemknowyourpreferredtermsiftheyvaryAlthoughthevendorultimatelyhasthefinalcallhere
termsiftheyvaryAlthoughthevendorultimatelyhasthefinalcallherecommunicatingyourpreferreddeliverydatesproductneedsandotherorderdetailsistoyourbenefitWhatisalsotoyourbenefitistoactuallyplaceordersattheshowsyouattendinanefforttogainshowspecialsofferedbyvendorsthatmaysaveyoumoneyFinallymakesurethatyouhaveyourstorersquostaxIDnumbershipping
addressandcompanycontactdetailsreadilyavailableforyoutoprovidetovendorsasyouwriteordersatshowsIfyouhaveapremadestickerstamporbusinesscardwithallthesedetailsonitthiscansaveyoutimeduringtheorder-writingprocessManyvendorsstillinputorderdetailsbypenandpaperdespitetheadvancedtechnologyavailablesodonrsquotbesurprisedifthisoccurs
IncorporatingtradeshowsintoyourretailcalendarisoneofthemostimportantstepsyoucantakeasanindependentretailerTheexperiencestradeshowsofferyouaswellastheopportunitytomeetsuppliersdistributorsvendorswholesalersandotherindustryprofessionalscanrsquotbematchedbyanyotherindustryexperienceJustrememberthatvendorsattradeshowsaretheretosellwhereasretailersaretheretobothresearchandbuymdashtwoverydifferentthingsAlthoughvendorsandretailerscomplementeachotherbesurethatyoustayfocusedonthegoalsyouhavesetforyourbusinessversusalteringthemfortheirsUltimatelythiswillkeepyouonthepathtohavingsuccessineachofyourtradeshowjourneys
UsingOnlineSourcingPlatforms
WhiletradeshowswillalwaysremainanimportantdestinationforyoutoacquireinventoryforyourstoretheInternethasmadeitpossibleforyoutoconnectwithvendorsmanufacturerssuppliersandotherproductprofessionalsaswellOftenthisisagreatdestinationtokick-startyourproductresearchwithonlinesitesbeingreadilyavailabletoyouatallhoursofthedayandnightSearchingforyourspecificproductonGoogleYahooorBingcanbechallenginghoweverandyoushouldkeepinmindthatasearchengineisonlyasgoodaswhatitindexesbasedonaspecialalgorithmManysuppliersandoverseasfactoriesdonothavegreatwebsitesthusmakingithardtofindthem
overseasfactoriesdonothavegreatwebsitesthusmakingithardtofindthemthroughthesesearchenginesFortunatelyhoweveryoucangainquickaccesstosupplierinformationwhenusingkeywordsearchesononlinebusiness-to-business(B2B)platformsthataretrustedandsecureThebestwaytoensurethatyouareworkingwithasecurecredibleB2B
platformwhensourcingonlineistoidentifythatitiswellknownrespectedandhasreliablesupplierswithinitsnetworkIntheUnitedStatestheseinclude
TopTenWholesalecomManufacturercomMFGcomModalystcoThomasnetcomWholesaleCraftscom
RetailersopentoworkingwithbusinesstradeplatformsbasedinChinaandAsiainclude
Made-in-chinacomGlobalSourcescomIndiaMARTcom
AsyouexploreadditionalonlineB2BplatformsitrsquoslikelythatyouwillrunintowebsitesthatadvertisehiddensupplierlistsorwanttochargeyouafeeGenerallyspeakingyoushouldbewaryofthesesitesbecausemostofthemarescamsAsaretaileryoucangainsupplierwholesalerandvendorinformationforfreemdashneverhavingtopayforthesedetailsThewaythatcredibleonlinemarketplacesmakemoneyisfromtheiradvertisersandactualsuppliersprofilednotfromtheretailerswhousetheplatformstobuyandsourcefortheirstoresThisisanimportantdetailtorememberbecauseunfortunatelythereseemstobeanincreasingnumberofscammersouttherelookingtogainmoneyfromretailersviathisavenue
RETAILTIPWhenattendingtradeshowsdonrsquotunderestimatethevalueofthe
educationalopportunitiesavailabletoyouMostnationallybasedtradeshowsandevenselectregionalmarketcentersoffereducationresources
showsandevenselectregionalmarketcentersoffereducationresourcesthatareintendedtohelptheirattendeesadvanceintheirretailgoalsTakingthetimetolearnfromtheretailleadersselectedtodeliverpresentationsworkshopsseminarsandotherlearningopportunitiesattheseeventsarekeyexperiencesthatcanhelpyourbusinessthriveAlsotheseoftenprovideyouthechancetoconnectoneononewithindustryexpertspriortooraftertheirpresentationsThesetypesofopportunitiesarenearlyimpossibletocreatesolelyforyourselfthereforetakingadvantageoftheseeventsisyetanotherreasonnottomisstradeshows
TohelpfurtherensurethatyoucantrustonlinemarketplacesandsourcingplatformsmakesurethatthereisaphonenumberassociatedwiththecompanyTypicallythisshoulddirectyoutoasupportcenterforthecompanyrsquosplatformbutattheveryleastitshoulddirectyoutoalivepersonwhocanansweranyquestionsyoumayhaveNextyouwanttotrustthatthesuppliersidentifiedonthesewebsitesaresafeReputablecompaniesthatofferyouonlinesupplierinformationwillalwaysofferyouthechancetoreviewtheirverificationprocessandyoushouldneverhesitatetoaskaboutthisifyouhaveanyquestionsAnothertiptoconsideriswhetherornottherepresentativesoftheB2BplatformyouarereviewingattendtradeshowsByactuallyparticipatingintradeshowsyoucantrustthattheyaretrulyengagedwithintheirniche-marketnetworksandworkwithsuppliersidentifiedontheirsitesfirsthandFinallywhileyoushouldneverhavetopayanyfeesyouwanttomakesurethattheprofiledsuppliersdopayThismeansthattheyarebenefitingfromtheplatformandfindvalueinit
RETAILTIPOnlineB2Bplatformsareextremelyvaluabletoretailerssincetheyare
availabletobereviewed247AnotheronlinedestinationthatcanhelpyoumanageyourbusinessistheResourceGuidefromRetailMindedThisonlinedirectoryisafreeresourcepublishedannuallyformerchantstogaintrustedreliableinformationonbusinessesthatsupportretailersintheirstoreoperationsUnlikeB2BplatformsthisdirectoryissolelyfocusedonbusinessesthatcatertotheoperationsofrunningaretailstoreCategoriesincludedinRetailMindedrsquosResourceGuideincludee-mailmarketingin-storemediainventorymanagementemployeepayrollretailpackagingin-
storesignageandmoreTodownloadafreecopyofthisdirectorysimplyvisithttpretailmindedcomresource-guide
FinallytoassistyouinfurtherexploringonlinesourcingforyourretailstorewersquovetakenacloserlookattheleadingB2BplatformTopTenWholesalecomandidentifiedwhatitcanofferyouOperatingwiththetaglineldquoFinditSourceitProfitrdquothecompanyrsquossearchenginesanddirectorynetworkofferyoutheabilitytointeractwiththousandsofwholesalersandmanufacturersThecompanyrsquoscoreconcentrationofproductfocusesongeneralmerchandisewelcomingretailbuyersfromavastrangeofretailcategoriesTheseincludeover100productcategoriesandover1millionproductsmdashtotalinganimpressivenumberofover35000suppliersforyoutosourcefrom
RETAILTIPBelowisanexampleofawebsitepagefromTopTenWholesalecom
whereyoucansourcethousandsofvendorsforyourretailstoreTheirextensiverangeofproductsourcesaswellastradeshowpartnershipshelpyoueffectivelyidentifywhattherightmixofinventorymaybeforyourstoreshelves
AswithmostB2BplatformsyouwillneedtoregisteronTopTenWholesalecomtogainaccesstoallitsresourcesalthoughmanyareavailableforfreewithouteverregisteringatallThebenefitofthishoweveris
thatyoucancreateaprofileandmanageyouraccountaswellasadjustyourprivacysettingstoyourpreferencesSeniorbusinessmanagerJonathanPrescottatJPCommunicationsInchadthistosayaboutTopTenWholesalecom
BuyersareabletosavetheirfavoritesuppliersandproductsonTopTenWholesalecomaswellasconnectdirectlywithsomeofthelargestmanufacturersimportersanddistributorsintheworldThisoffersatremendousbenefittobusyretailersbecausetheycanlogonandoffattheirconvenienceFurthermoreitrsquosimportanttorememberthatsiteslikeTopTenWholesalecomsimplyconnectbuyersandsellersandpurchasesbeingmadearenotbeingmadethroughusdirectlyTheperksofworkingwithushoweverincludeanonlinechatfeatureknownasTradeChatmdashwhichisbasicallyaninstantmessagingplatformforbuyersandsellerstoquicklyconnectmdashaswellascountlessotherfeaturesthatallowyoutomanageyoursourcingneedsanduniqueretailgoals4
IdentifyingproductsthatmakesenseforyourstoreisoftenconsideredthemostpreferredresponsibilityofaretailerWithcountlesstradeshowsandonlineplatformsavailabletohelpyoudothiswehopethatyouwillembracetheresourcesavailabletoyouinanefforttomaximizeyourproduct-buyingpotentialInChapter6wersquolldiscusshowyoucanmanagethisinventoryonceitrsquosreceivedatyourstoreaswellaswaysinwhichyoucanhelppromoteitandencouragesalesinthelaterchapters
ActionGuide
Lookingaheadoverthenext12monthsidentifynolessthantwotradeshowsthatyouwanttoattendFocusonthefollowingquestionstohelpyouplanfortheseeventswithacoreconcentrationonplanningforhowmuchitwillcostyoutoattend
Whereistheshow
WhenistheshowHowmanydaysistheshowofferedHowmanydaysdoyoubelieveyouneedtobeonsiteattheshowWillyouneedtoscheduleadditionaldaysfortravelHowmuchwillairfarecostDotheshowdatesoverlapondaysthatyounormallywouldbeinyourstoreHowmanyworkinghourswillyouneedtobudgetforanotheremployeetobeatyourstoreinyourabsenceDoyouwanttobudgetforanadditionalpersontoattendtheshowwithyouIfsofactorinthecostofthatpersonrsquostravelandifnecessaryworkinghoursforwhichyouwillpaythatpersonWillthispersonneedhisorherownhotelroomorcanyoushareOnceattheshowwilltherebetransportationcoststoandfromthehoteltotheactualsiteDoestheshowofferanyspecialratesforhotelairfaretaxisorotheraccommodationdetailsWhatothercostsmightyouincurbyparticipatinginatradeshowsuchaschildcareorotherpersonalexpenses
TakingthetimetoanswerthesequestionswillallowyoutolookaheadathowmuchitwillcostyoutoattendnolessthantwotradeshowsperyearOnceyouhaveidentifiedageneralamounttoallocateforthisbudgetthisintoyourstoreoperationsBymakingthisapriorityandnotanexceptionyouwillbebetterpositionedasaretailer
6
BuyingforCustomersVersusYourself
Yourmostunhappycustomersareyourgreatestsourceoflearning
mdashBillGates(1955ndashpresent)inventorinvestorphilanthropistTIME
ANDtimeagainwehavefoundourselvesspeakingwithretailersandsharingstoriesabouthowtheirstorescametolifeManyoftheseconversationsbeginwithldquoIopenedmystorebecauseIlove[insertwhateveritisyoulovehere]rdquo
Whetheritbeshoesfashionhomedecorsurfinganimalsbikesmodelairplanesoranythingelseyourheartmaydesirewersquovehearditallwhenitcomestowhyfolksofallagesandwalksoflifehaveventuredintotheretail
businessIronicallyhoweverwerarelyhearstoreownerstellingustheyopenedtheir
businessesbecausetheyloveworkingwithpeopleTheironyinthishasalwaysfascinatedusandweimaginewillcontinuetodosoItrsquosquitepossiblethatthisexactreasonhoweverkeepsussoinspiredtohelpmerchantsbetterunderstandthebusinessofretailaswellasitsgreatestobstaclemdashconsumers
UnderstandingtheBasicsofRetailMath
ldquoEachcustomerthatwalksthroughyourdoorisvotingwiththeirdollarsandtellingyouwhattheywantyoutohavemoreofhellipandwhattheywantyoutohavelessofYouneedtolookatthedecisionstheyaremakingthroughtheirpurchasesandevaluateitmonthlyrdquoCEOandnationallyrecognizedretailexpertCathyWagnerofRetailMAVENSexplains
EXPERTSPOTLIGHTTakinganin-depthlookatyourinventoryshouldalwaysbeonthetopof
yourto-do-listRetailexpertCathyWagnerofRetailMAVENSsharesfivetipstohelpyoumanageyourinventorywithagoalofincreasingsell-thru
1Lookattheofbusinessdoneinthedifferentclassesofinventoryofyourstorebydividingtheamountofsalesineachclassbythetotalofsales(withoutsalestax)
(SalesbyClassTotalStoreSales)X100=ofSalesbyClass
2NextlookattheamountofinventorythatyouhaveineachclassatretailDividethedollaramountofinventoryofeachclassbythetotalinventorytodeterminewhatofinventoryeachclassrepresents
(InventoryatRetailbyClassTotalStoreInventoryatRetail)X100=ofInventorybyClassatRetail
3ComparetheofinventorytotheofsalesforeachclassTheofsalesofaclassshouldmatchtheofinventorythattheclassrepresentsofthetotalinventory4MakeadjustmentssothattheoftheinventoryofaclassmatchestheofthesalesthattheclassrepresentsForexampleiftheinventoryofaclassis$5000outof$20000thenitrepresents25oftheentireinventoryIfthesalesofthatclassare50ofthetotalsalesthenyouhavetoincreasetheinventoryto50ofthetotalinventorySincetheinventoryis$20000weknowthattheretailinventoryoftheclassmustbebroughtto$10000Thismeansyoushouldthenordermoreinventory5WhilemakingadjustmentslikethisyouwillfindthatthereisanotherclassthatrepresentsalargerofinventorythansalesTakeactionimmediatelytomarkdownwhateveritemsareslowingthatclassdownsothatyoucandecreasetheinventoryaccordingly
UnderstandingyourinventoryanditsperformanceiscriticalingainingconsumerattentionandstoresalesTohelpyoudothisWagnersuggestsreviewingeachvendororbrandyoucarryinyourstorebydollarsnotunitsForexampleifyoureceived$1000ininventory(pricedatretailnotwholesale)andafterfourmonthssold$200stillowning$800thenyouwouldhavea20
afterfourmonthssold$200stillowning$800thenyouwouldhavea20percentsell-through(2001000)FormostretailersthisisabadscenariosuggestingthatyourinventoryofchoicewasnotwellreceivedbycustomersandthereforeisnrsquotsellingtoplanThequestionthenbecomesWhatdoyoudoWagneranationallyrecognizedretailexpertknownforherexpertisein
inventorymanagementspecificallyoffersthefollowingadvice
LookatthepercentageofbusinessdoneinthedifferentclassesofinventoryofyourstoreversusstrictlybyvendororbrandNextlookattheamountofinventorythatyouhaveineachclassatretailDividethedollaramountofinventoryofeachclassbythetotaltodeterminewhatpercentofinventoryeachclassrepresentsFinallycomparethepercentofinventorytothepercentofsalesforeachclassThepercentofsalesofaclassshouldmatchthepercentofinventorythattheclassrepresentsofthetotalinventoryTohelpensurethatyoufullyunderstandthisonaconsistentbasisIsuggestthatyoudothisexercisemonthlyAlsoknowthattherearefewexceptionstothisscenarioThisisanexcellentwayoflisteningtoyourcustomersandmakingsurethatyouarebuyingwhatyourcustomerswantyoutocarrymdashnotjustwhatyouwanttosell1
Evaluatingyourexistinginventoryandvendorassortmentisaresponsibilitythatshouldneverleaveyourto-dolistOftenretailersgetcaughtupinthehabitofbuyingproductstheylovebuttheircustomersultimatelydonotthereforeitcanbeachallengetoshiftgearsandmakepurchasedecisionsbasedonyouractualsalesorcustomerdemandsRecognizingthatyourtasteandthetasteofyouractualcustomersmayvarycanbechallengingmdashyetacceptingthisiskey
RETAILTIPRunningaretailstoremeansmorethanjustidentifyingagreat
assortmentofinventoryItmeansdoingalotofmathNevergointoaseasonwithoutacompletedopen-to-buy(OTB)planBetteryetnevergointoafiscalyearwithoutafullOTBplansetinplaceNextmakesureyouaccuratelyidentifyyourstorersquosgrossmarginreturnoninvestmentinventoryturnovernetsalessell-thruandstock-to-salesratiousingtheretailformulasbelow
TotalSalesndashCostofGoods=GrossMargin
GrossMargin$AverageInventoryCost=GrossMarginReturnonInvestment
NetSalesAverageRetailInventory(SkuCount)=InventoryTurnover
GrossSalesndashReturnsampAllowances=NetSales
UnitsSoldUnitsReceived=SellThrough
BeginningofMonthStockTotalMonthSales=Stock-to-SalesRatio
Onceyourealizethatyourpersonaltastepreferredpurchasesorproductpicksarenrsquotalwaysthesameasthoseofyourcustomersyouwillopenyourselfuptomakingpurchasesthatarestrongersuitedforoptimalsell-throughTohelpyouaccomplishthisanalyzehowmuchmoneyyoumakepereachvendorinyourstoreperseasonTodothissimplytaketheamountsoldlessthecostoftheinventoryandthendividethatnumberbytheamountsoldandmultiplythatby100Thiswillcalculatethemaintainedmarkup(MMU)forthatvendor
Maintainedmarkup(MMU)=(amountsoldndashcost)amountsoldtimes100
AlthoughyouridealMMUwillvarybasedonyourretailsectorandaveragepricepointsofinventorytypicallyyouwanttoseeyourMMUatover50percentpervendorYoushouldconsidereliminatingvendorsorspecificproductsperformingatlessthan50percentfromyourstoreassortmentaltogetherafterimplementingamarkdownstrategytohelprecoversomeofyourinvestmentintothemYoualsoshouldconsiderincreasingthetotalquantityofitemsthatexceed80percentwhichmayincludeintroducingmorecolorassortmentsavarietyofstylesordeeperbuysintowhateverthatitemmaybeAsalwaysthoughyouwillwanttorepeatyourreviewofeachvendororspecificitemsell-throughduringandnolaterthanattheendofeachseasontocontrolyourpurchasequantitiesaswellasyouroverallopen-to-buy(OTB)dollars
OTBdollars=projectedsales+projectedmarkdowns+plannedend-of-monthinventoryndashplannedbeginning-of-monthinventory
Inadditiontousingstrategicretailformulastomanageyourinventorysell-throughconsiderintroducingacustomerfocusgroupintoyourstorebuyingagendaTraditionallyspeakingafocusgrouphelpstodeliverresearchbyaskingpeoplequestionsregardingtheiropinionsperceptionsattitudesandoverallinterestsregardingaproductserviceideaor(inyourcase)storefromacollectiveperspectiveThevalueinincorporatingacustomerfocusgroupintoyourstorestrategyisthatyoucangainfirsthandrealisticandinformativeinsighttohelpyoureactmoreappropriatelytoyourtargetconsumerinterests
IntroducingCustomerFeedbackforInventoryManagement
KarenHollisanIllinois-basedjewelryretailerwhohashadherownjewelrystoresince2005introducedacustomeradvisoryboardinearly2013Ultimatelyhergoalwastohavemorein-depthconversationsaboutherstoreexperienceandherstoreinventoryduringhercustomeradvisorymeetingsChoosingamidweekeveningtobringagroupof20customerstogetherHolliscreatedarelaxingenvironmentthatallowedcustomerstobothhavefunandsharetheirthoughtsonherstoreKHollisJewelersldquoIidentifiedcustomersIfeltknewmystorewellenoughtocommentonitrdquo
HollisexplainedChoosingcustomerswhorangedfrombigspenderstomoderatespendersallowedHollistogainamorediverseunderstandingofherstoreaswellDuringthistwo-houreventHollisofferedlightappetizersanddrinks
encouragingcustomerstowalkaroundthestoreattheirleisureHollisalsoincorporatedfishbowl-stylevasesthroughoutthestoreandpiecesofpaperandpensforcustomerstosharetheirthoughtsonanythingmdashwhetheritwastosaytheydidnrsquotlikesomethingorthoughtacertaincategoryofproductshouldbeintroducedHolliswelcomedcustomerstoshareanyinsightthatcouldhelphertofurtherhelpthemBywelcomingcustomerstospeakupgetinvolvedandsharetheirthoughts
onyourstoreinventoryandotherdetailsaboutyourstoreyoucanlearnmoreaboutwhatyourcustomersreallywantIfhostingquarterlybiannualorevenonce-a-yearadvisoryboardeventsisnotinyourforecastmakesurethatyoustillwelcometruthfulfeedbackfromconsumersviacommentcardsandsocial
mediaAskyourcustomersdirectlyfortheirthoughtsaboutyourstoreidentifyingspecificquestionstohelpthemrespondtowhatyouaremostcuriousaboutIndicatingthatyouwanttohearbothprosandconsaboutyourstorecanhelpcustomerstoopenupwiththeirresponsesaswellSomesuggestedquestionstodirecttocustomersviaacustomeradvisory
meetingsocialmediaorcommentcardsinyourstoreincludethefollowing
1Whatisyourfavoritevendorandoritemcurrentlysoldinourstore2Whatisyourleastfavoritevendorandoritemcurrentlysoldinourstore3ArethereanyvendorsproductsorbrandsthatwedonrsquotsellthatyouthinkweshouldPleaseidentifythem4Whatisyouraveragebudgetwhenshoppingforitemsthatarepartofourstoreassortment5DidyoubuysomethingthelasttimeyouvisitedourstoreWhyorwhynot6IftodayisyourfirsttimevisitingourstorewouldyouplantovisitagainWhyorwhynot7Ifyouarearepeatcustomerwhatreasonskeepyoureturningtoourstore8Doyouhavesuggestionsonhowwecanbettersupportyouinyourpurchasingdecisions9WhatotherstoreswouldyouconsidervisitinginsteadofoursWhy
10DoesourproductassortmentmakeyouexcitedtomakeapurchasePleaseexplain
SupportingtheideatosolicitcustomerinsightDrGaryEdwardschiefcustomerofficeratMindshareTechnologiesbelievesthatspeakingupispartofthejobofamerchantldquoIfretailersdonrsquotasktheircustomerswonrsquottellmdashandwhattheydonrsquotknowcanhurttheirbusinessinnumerouswaysrdquo2
UsingtheinformationyoureceivecreateanactionplantobettersupportyourstorebuysaswellasyourstoreexperienceMoreoverDrEdwardsrecommendscheckingoutwhatyourcustomersaresayingonreviewsitessuchasYelpcomandCitySearchcombothofwhichhighlightretailstoreswithcustomerreviews
RETAILTIPIllinois-basedretailerTomKonopackiexperiencedaldquoseven-yearitchrdquo
thatpushedhimtowantmorethanjusthissinglestoreAnastaziainGenevaIllinoisHissolutionOpeningstorenumber2WhileexpandinghisexistingstorewasoneideaultimatelyhedecidedasecondlocationwouldallowhimtoreachmorecustomersandgainmoresalesldquoAbiggerstoredoesnrsquotnecessarilytranslatetotwiceasmanysales
InsteadanotherlocationmakesmoresenserdquoKonopackidecidedonopeningasecondstore26milesfromhisoriginal
storeinGlenEllynIllinoisNinetypercentofhismerchandiseisduplicatedwhiletheother10percentisdistinctivetoeachrespectivestorersquoscustomersandsalespatternsldquoAddingasecondlocationhasresultedinnearlydoubleannualrevenue
butthatcomeswithdoublerentpayrollandinventoryaswellItrsquosimportantthatwhilewehavesimilarinventoryinourstoreswedonrsquotforgetthateachstorehasitrsquosowncorecustomerItrytoalwayscatertotheactualcustomerateachstoreandforusthatmeansbuyingmoreimpulsegift-stylebuysatourGenevastoreandlargerfurniturepiecesforourGlenEllynlocationOnly10percentofthestoreinventorymayvarybutthat10percentaddsupEverypercentdoesactuallywhichiswhyIrsquomalwaysevaluatingourcustomersourinventoryandwhatwecandobettertoincreasebusinessrdquo3
UsingPoint-of-SaleSoftwaretoHelpManageInventory
ldquoGrowingabusinesscomesdowntodataIfyoudonrsquotthoroughlyunderstandhowyourbusinessisperformingwhatyourcashflowislikeandwhoyourcustomersaregrowingmdashandevenjustrunningmdashabusinesscanbearealgamblerdquo4VaughanRowsellVendCEObelievesAsRowsellsuggestsmanaginginventorydemandsprecisecareHaving
strongpoint-of-sale(POS)softwareisakeyfactorinthisequationallowingretailerstoconfidentlymanageandtracktheirinventoryaswellastheircustomerloyaltyRowsellsharesfivereasonsthatretailerscanbenefitfrom
customerloyaltyRowsellsharesfivereasonsthatretailerscanbenefitfromincorporatingaPOSsystemintotheirstoremanagementSpecificallythebenefitsidentifiedcanallbegainedfromVendPOSwhereasmanyalsocanbeachievedviaPOSsoftwarefromotherproviders
Reason 1 POS systems easily keep track of inventory and always knowexactlyhowmuchinventoryyouhaveinstockReason 2 POS systems allow you to run reports on which products aresellingwhen theyare sellingandhowoftenallowingyou togaina realunderstandingofyourproductturnoverandbusyperiodReason3POSsystemsofferretailersawaytounderstandtheircustomersrsquopreferences and spending habits by sharing actual data As a resultmerchants can create targeted marketing campaigns in response to thesedatastrengtheningtheiroverallstoremanagementandmarketingeffortsReason 4 Some POS systems (such asVend) even have built-in loyaltyprogramsgivingretailers tools to rewardcustomersandencouragerepeatbusinessReason5GoodPOSsystemsshouldkeepyourdatasafeExcelfilespapernotebooks and spreadsheets are allwell andgood but they arenrsquot highlyrated when it comes to longevity or security Itrsquos easy to spill a cup ofcoffeeonanotebookor a laptopandcompletelydestroyhours (oryears)worth of painstaking labor Having a state-of-the-art POS system meanssafely and painlessly storing your information (including sales and dailyreports)inthecloudsothatyouneverloseit5
InadditiontotheprecedingreasonsthatPOSsystemsaregoodforretailersitrsquosimportanttoalsoconsiderwhichPOSsystemisgoodspecificallyforyourbusinessRowsellrecommendstakingthetimetoresearchwhichPOSsystemprovider
makesthemostsenseforyouruniqueretailstoreallowingyoutoaccuratelyunderstandallyouroptionsbeforemakinganinvestmentinaPOSsystem
WritealistofallthefeaturesyouneedtohavethenstartsearchingandsticktothatlistThiswillhelptopreventyoufromgettingsweptoffyourfeetbythemarketingglamourofallthesolutionsoutthereFurthermoreonceyoursquoveselectedtherightPOSsystemtakethetimeandspendthemoneynecessarytosetupyourPOSproperlyfromthebeginningThiswill
saveyoulotsoftimeandheartachedowntheroadrdquo6
RETAILTIPPoint-of-sale(POS)providerscanstreamlineinventorymanagement
whilealsohelpingtosupportreasonsformarketingin-storeeventscustomerloyaltyandmoreThedifferenceisallinthedetailshoweverToensureyouselecttherightPOSproviderforyourbusinessmakesureyoucompletedemonstrationsofeachPOSprovideryouareconsideringaswellasidentifyifthePOSsoftwareyouareconsideringmeetstheneedsofyourbusinessBelowisanexampleofVendrsquosinventorymanagementandproduct
historyspecifictooneuniqueitemOneofthebenefitsofusingaPOSsoftwarelikeVendisthatyoucanextensivelyidentifysellingpatternsinventorychallengesandmorethroughtheirexpansivedatadetails
FinallyrememberthatcombiningyoureffortstoidentifythebestinventoryassortmentforyourstoreistheidealwaytomanageyourinventoryldquoByutilizingalltypesoffeedbackretailersincreasetheirabilitytolistentotheircustomersandtoimprovetheirretail-consumerrelationshipsrdquo7DrEdwardsfurtherexplainsUltimatelyyouhavecontroloverhowyouspendyourOTBdollarsbutitis
customerswhoreallymakethebuyingdecisionsDonrsquotneglecttheirvoiceinyourinventorymanagementandinreturntheywillbelesslikelytoneglectyourstore
Inthechaptersthatfollowwersquolldiscusshowyoucanbettermanageand
InthechaptersthatfollowwersquolldiscusshowyoucanbettermanageandmarketyourinventorybyintroducingyoutovariousbusinessesthatcanhelpaswellasbyprovidingtipsyoucanapplytoyourstorerightawayAmongthesearein-storeeventsanddisplaypointersWersquolldiscusshowtechnologyaffectsretailerstodayandwhetherornotmobilecommercehasaneffectonyourbusiness
ActionGuide
RetailexpertandCEOofRetailMAVENSCathyWagnerworkswiththousandsofretailershelpingthemtoobtainretailprofitsHerthoughtonmanagingyourinventoryandincreasingyourpaycheckisthatitrequiresthesamestrategyaseatinganelephantYesIsaiditeatinganelephantldquoGrowingyourbusinessrequiresthesamestrategyaseatinganelephantAn
elephantisHUGEandifIweregoingtoeatitmdashwhatwouldIdoHowwouldIstartWherewouldIstartThereisasecretandsupereasywaytodoithelliponebiteatatimerdquo8explainsWagnerIfyourgoalistohavealargerpaycheckthemostimportantstepyoucantake
istomanageyoursinglelargestexpensewellThismeansthatyouhavetolearnhowtocontrolyourinventorybetterldquoTheeffortthatyouspenddoingthatyieldssuchalargeimpactbecausecost
ofgoodsrepresentsabout50percentofyoursalesrdquo9WagnerfurtherexplainsFurthermorethistypeofgoaltakestimetoaccomplishwhichisnodifferentthaneatingahugeelephantonebiteatatimeHerersquosanexampleIfyoudo$400000inbusinessyouarespendingabout
$200000onyourinventoryinayearIfyouwerebuyoneitemthatcostthatmuchthinkabouthowmuchresearchandeffortyouwouldputintomakingagooddecisionHowevertoooftenbuyersareguiltyofspending$500hereand$1200therewithoutknowingforsureifitisbeingspentwhereitshouldbeThatshouldnothappenmdasheverWagnerrsquosadviceldquoTakecontrolofyourinventoryandstartputtingmoredollarsinyourpocketrdquo10
InfollowingWagnerrsquosadvicetakethetimetoorganizeyourinventoryintoclassificationsofinventoryversusinventorybyvendorThefollowingstepswillshowyouhowtodothisandwhythisisvaluableforyourbusiness1Groupyourstoreitemsbystock-keepingunit(SKU)intoclassificationsofinventorymdashorclassesmdashversusbyvendorAclassisagroupofsimilarinventorymdashsimilarin
typeofitemandinventoryturnBybreakingyourinventorydownintomanageablebite-sizedpiecesitiseasytocontrolWhenyoulookatyourstorebyclassesyoucananalyzesalesandinventorylevelsbetterAndwhenthathappensitbecomeseasiertocontrolTheresultisincreasedgrowthinsalesandprofits2GiveyourcustomerswhattheywantCustomerstelluswhattheywanteverytimetheybuysomethingfromusTheyarevotingwitheachdollartheyspendWhentheymakeapurchasetheyarevotingthattheywantmoreofthatclassofitemsKeypointheretheirpurchaseshouldrepresentawholeclassofitemsnotjustasingleitemTheyaretellingyouthatyoudoagoodjobbuyingdressesorcandlesorchairsYouhavetolookbeyondtheactualitemitselfthoughWhenyouhaveclassesyoucantrackwhatcustomerswantfromyouandmakesurethatyouhavejustenoughforthemaswellasanassortmenttoofferthemThisknowledgegivesyoupowerinyourretailbuying
3ReacttotheclassesbeingidentifiedastopperformersaswellaslowperformersLetrsquossaythatyouwanttoincreaseyourpurchasesfortheholidaysby10percentbecauseyoubelievethatyourbusinesswillgrowbythatmuchJustadding10percentacrosstheboardwouldbeabigmistakeRetailspendingisneverevenlydistributedamongeveryclassthereforeyourretailbuysshouldnotbeeveneitherSomeclasseswillbeup20percentmaybeeven25percentandsomeotherclassesshouldbedown15percentIfyoujustadded10percenttoallyourordersyouwouldendupoverinventoriedinsomeclassesandunderinventoriedinothersEssentiallythiswouldcausesomeofyourcustomerstoleaveyourstoreandshopelsewherebecauseyoucouldnrsquotgivethemwhattheywantedHoweverwhenyouknowthedemandofeachclassyoucanlookathoweachistrendingandthenbuyaccordingly
RememberthatinventorymanagementisnotsomethingtooccasionallydomdashbutrathertoalwaysdoMakeinventorymanagementatoppriorityofyourstoretoensurestrongsell-throughandsmarterbuyingdecisions
7
SellingYourProducts
ObstaclesdonrsquothavetostopyouIfyourunintoawalldonrsquotturnaroundandgiveupFigureouthowtoclimbit
gothroughitorworkaroundit
mdashMichaelJordan(1963ndashpresent)formerNBAplayerentrepreneur
ALTHOUGHBUYINGinventoryisanextremelyimportantpartofaretailerrsquosjobthehardestpartofallisstillleftaheadmdashsellingwhathasbeenpurchasedThedynamicsthatsurroundsellinginbrick-and-mortarretailstorefrontsaremuchgreaterandmorediverseandextremethanatanyothertimeinretailhistory
Oftenmerchantsfeelbombardedwiththevariousldquonewrdquotechnologiesandotherretail-focusedproductsthataremarketedtohelpthemintheirbusiness
operationsFurthermorethecoreresponsibilitiesofrunningastorefrontsuchasmerchandisingandtrackinginventorymustremaintopofmindforbusyretailersdespitethevastrangeofotherresponsibilitiesontheirto-dolists
Combinedtheseresponsibilitiescreateachallengingagendaforretailerstomanageoftenresultinginoverlookedorundermanagedsituations
MichaelAmatoformerpresidentofWashingtonMutualandcurrentCEOandpresidentofCimarronanadvisoryfirmthathelpsleadersmaketheirmarkontheirbusinessesencouragesretailersandallentrepreneurstobestrategicintheirbusinessoperationsAmatoexplains
Itrsquosimperativeforsmall-businessownerstofocusonstrategicalignmentAnentrepreneurshouldnotonlydevelopavisionandmissionstatementorstatementofpurposebutalsoidentifyanddevelopabusinessstrategyAsasmall-businessowneryouareoftennotforcedtodothesestepsandconsequentlyskipoverthemButthiseliminatesyoufromhavingastrategywhichcancreatedysfunction1
AmatorsquospointtoidentifyaplanofactioninyourbusinessstrategyisnotonetoignoreAsaretaileryourgoalistoprovideanendsaletoaconsumerThequestionisAsidefrombuyinginventoryhowdoyoudothis
IntroducingandManagingStoreEvents
UponarrivalofinventorytoyourstoreyoushouldalreadyhaveidentifiedyourplanofattackforhowthisproductwillaffectyourcurrentinventoryassortmentaswellashowyouplantomerchandiseitmarketitandultimatelysellitIdeallyyouarebuyingyourproductwellinadvanceallowingyoutoadequatelyplanforitsarrivalandallthelayersofsupportthatcomewithitTogetstartedthisincludescreatingamarketingcalendartohelpyoupromoteyourinventoryandcollectivestoreatlargeLookingaheadnolessthansixmonthsandevenasfarasoneyearretailers
canbenefitfromidentifyingtheirmarketingplansviaadedicatedstorecalendarUsedtoenrichalltheanglesthataffectyourstorersquosvisibilitymdashincludingsocialmediacommunityeventscustomer-loyaltyprogramsandmoremdashthiscalendarcanhelpyoutotrackmanageandidentifyyourin-storemarketinggoalsChicago-basedretailerAngelaGianfrancescosharesherexperienceon
planningaheadforherretailstore
IworkoffastorecalendarthatIplanaheadbyaboutninemonthsandoftenitrsquosevenfurtherplannedoutThoughold-fashionedIhavethiscalendarhangingonmybackroomwallsothatIamconstantlyremindedofitandasaresultuseitThereisnrsquotadaythatpassesthatIdonrsquotleanonthiscalendarasareminderofwhatIneedtodoinordertostayontrackwithmysell-throughgoalsEssentiallythiscalendaridentifiesweekbyweekwhatIhavegoingoninmystoreallowingmetovisuallyseewhetherornotIhaveeventsplannedorifIrsquomdueforamerchandisingwindowchangeItalsoidentifiesanylocaleventstakingplacekeepingmyinvolvementwithourcommunityalwaystopofmymindPlusIusedifferentcolorstoreflectdifferentthingssuchasredtoidentifythatitrsquostimeforanewwindowdisplayandbluetoidentifythatwehaveanin-storeevent2
ForGianfrancescomakinghercalendarboldandbigwascriticaltoherattempttoactuallyuseitPriortocommittingtoacalendarGianfrancescohadleanedonmemoryalonetokeepupwithherstoreplanningSheexplains
HonestlyIwassobusythatIneverfeltlikeIcouldstoptocreateamoreorganizedwaytokeepupwithinventoryandstoregoalsItwasnrsquotuntilIfinallymadethetimethatIrealizeditactuallyhelpsmeandultimatelysavesmetimenowaswell3
ForsomeretailersposterboardndashsizedcalendarswonrsquotdothetrickFortunatelytechnologyoffersyoumanyoptionsthatcanseamlesslyblendintoyourstoreoperationsOnetechnologytoconsiderisSnapRetailrsquosdraganddropcalendarwhichallowsyoutoorganizeyourmonth-by-monthmarketingplansinjustminutesYoucanaddyourowneventsandincorporateprewrittene-mailtemplatesandsocialmediapostsfromSnapRetailrsquoslibraryofoptionstomakeyourmarketingeffortsquickyeteffectiveAndforretailerswhopreferpapercopiesyoucansimplyprintthiscalendartoreferenceasneededCreatingacalendaristheeasystepinthisprocesscomparedwithactually
determiningwhatneedstogoonitFormerchantsidentifyingthebestwaystoattractcustomerattentionandgetthemintoyourstorealwaysshouldbetopofmindThismeansthatyoushouldstageeventsandotherpromotionstohelpyouachieveyourgoal
RETAILTIPUsingtheSnapRetailcalendarisoneoftheeasiestwaystomanageboth
yourimportantin-storeactivitiesaswellasyouronlinemarketingeffortsNotonlycanyouplanaheadbyschedulingyoursocialpostsande-mailsinadvanceyoucansavetimebyusingprewrittenideasfromtheirsocialmedialibraryBelowisanexampleofwhatSnapRetailrsquoscalendarlookslikeKeepin
mindthatwhenvisibleonlineandincolorthiscalendarbecomesclearerandeasiertonavigate
RichKizerandGeorganneBenderinternationallyrecognizedretailkeynotespeakersandconsultantsbelievethatconsistenteventsarekey
Everyretailerneedstohosttwokindsofin-storeeventsallyearlongmajorandminorInfactyoushouldhostonemajorin-storeeventandtwotothreeminoreventseachandeverymonthAmajoreventisonethatbuildstrafficandpacksyourstorewithcustomersDonotconfuseamajoreventwithsomethingthattakesalongtimetoplanhoweverAfashionshowcanbeamajorundertakingbutitrsquosnotamajoreventunlessitattractslotsofpotentialcustomerswhocometowatchmdashandbuysomethingwhiletheyrsquorethereAminoreventmightbeaSaturdayfullofldquomakitsandtakitsrdquodemonstrationsorminiclassesMinoreventsdrawcustomerstoyourstorebutshouldnottakealotoftimetoplanorimplementIftheconceptofeventsandpromotionsisnewtoyouthenbeginbyrunningonemajor
eventandoneminoreventforeachmonthoftheyear4
KizerandBenderrsquosadvicetoplanbothmajorandminoreventsintoyourstorecalendarshouldnotbeoverlookedWhetheryousellpetsuppliescraftitemswomenrsquosfashionsorpaintandhardwarethereisanever-endinglistofeventpossibilitiesforyournichestoreOnewaytoidentifywhattypesofeventsmaybebestsuitedforyourcustomersistoaskthemdirectlyLeaningonyoursocialmedianetworksaswellasin-storestaffcommunicationaskyourcustomerspointblankwhattypesofeventstheyrsquodlovetoseefromyouAlsohostafeweventswithatrial-and-erroragendathatallowsyoutoidentifywhicharemoresuccessfulthanothers
RETAILTIPGenevaIllinois-basedretailerShariRalishopenedhergeneral
merchandisestoreinFebruary2010DuringthefirstyearofbusinessRalishrarelyhostedin-storeeventsanddidnotfactorinthevaluethatthesecouldhaveonherbusinessuntil2012AtthistimeshemademonthlyeventsapriorityandroutinelyscheduledbothminiandmajoreventsinherstorehostingonaveragesixeventsamonthFrom2011to2012salesasadirectresultofin-storeeventsincreasedby86percentandfrom2012to2013salesincreasedby27percentduetostoreeventsTocontinuethistrendRalishlooksaheadbynolessthansixmonthstoensurehereventcalendarissecurelyidentifiedrangingfromvendortrunkshowstoproductsamplingeventstolivemusicbeingplayedinherstoreThisalsoallowsRalishtocommunicatewithhercustomersinatimelyfashionsharingeverythingthatistakingplaceinherstore
WhenplanningeventsyoushouldconsidernotonlywhattheeventisbutalsowhenitisForexampleyoumayfindhostingthesameeventonaWednesdaynightandaSundayafternoonattractsmorepeopleonetimeversustheotherDonrsquotletthisbringyoudownbutinsteadattempttounderstandwhythismaybeInresponsebegintoplanyourfutureeventsaccordinglyOnlytrialanderrorcanhelpyoutoidentifywhatrsquosrightforyourcustomersandyourstoreThekeyhereistotrackeacheventsothatyoucanleanonyoureventhistorytohelpincreaseyourfutureeventsuccessSomethingstoidentifyandtrackfromeach
increaseyourfutureeventsuccessSomethingstoidentifyandtrackfromeacheventinclude
1HowfarinadvancedidyouplantheeventIfyouaddalast-minuteeventtoyourcalendarandfailtogiveitalotofmarketinginadvancethiscouldaffecttheeventrsquossuccessrateMeanwhileifyouhaveaneventidentifiedsixmonthsoutandstrategicallyidentifywhenyouwillannounceittoyourcustomerspreparepressreleasesforthelocalmediaandincorporatedetailsoftheeventintoyoure-mailmarketingplansandsocialmediathiswilllikelyincreaseyourchanceforastrongerreturnonyoureventinvestment2HowdidyoumarketeacheventForminoreventsyourmarketingplanmaybeacombinationofsocialmediain-storecommunicationandcustomerphonecallsHoweverforamajoreventyoumayincreaseyourmarketingreachbydoingpostcardmailerstoyourstoremailinglistreachingouttoyourlocalmediaforpressattentionandworkingwithoutsidevendorsandlike-mindedbusinessestoreachalargeraudienceofpotentialcustomersandattendeesAlwaysmakesuretotrackandidentifyyourmarketingeffortsmdashnomatterhowsmallorlargemdashsothatoncetheeventisoveryoucanreflectbackandseehowthesedetailsaffectedyoureventAneasywaytodothisisbycreatinganExcelspreadsheetthatactsasachecklistofwhatyouneedtodoandwhatyouhavealreadydoneSnapRetailrsquosonlinecalendaralsocansupportyouinthistracking3WhowasinvitedtoeacheventManyretailershaveopeninvitationsandwelcomeanyoneandeveryonetotheirstoreeventsThismakessenseandisagreatwaytoincreaseyourchanceofstrongersalesHowevertheremaybesomeexceptionstothisruleandonoccasionadedicatedinvitelistisidealOneexampleofthiswouldbeifyouarecelebratingastoreanniversaryandwanttorewardyourtopcustomerswithaspecialpartymakingitaninvite-onlyeventthatyouplanduringtraditionallyclosedhoursYoucouldkeepyourstoreopenuntilyournormalclosingtimewelcomingallcustomerstoenjoyyouranniversarycelebrationswithproductincentivesstorespecialsandotherpromotionalexperiencesandthencloseandlockyourstoreforaprivateinvite-onlycelebrationthatbeginsafteryourstoreisofficiallyclosedtothepublic4Whatin-storeexperiencesdidyouofferateacheventOtherthan
sellinginventoryandprovidingaplaceforyourcustomerstoshopwhatdidyoudoinyourstorethatmadeyoureventmoreuniqueSomeideastoconsiderwouldbehavinglivemusicofferinganassortmentoffoodanddrinksinvitingavendortobeonsiteandengagewithcustomershostingabooksigningsharingproductdemonstrationsofferinghands-onexperiencesthatmayincludeclassesormakingcraftsandofferingcustomersminifacialsmanicuresorotherspaexperiencesDependingonyournicheaudiencetheideaswillvarybutthegeneralideatogainhereisthatbyintroducingexperiencesinyourstorethatdonothappenonanormaldayyouareofferingastrongerreasonforconsumerstowanttoattendyoureventRemembertorecordthedetailsofwhatitisyouofferallowingyoutoreflectbackonhowthismayhaveincreasedstoresalesandstoretraffic5WhatwerebothyourexpensesandsalesasadirectresultofeacheventTheentirereasonthateventsareundertakenistomakemoneyplainandsimpleNaturallytherewillbeexceptionstothissuchasifyouhostaneventtoraiseawarenessforalocalcharitybutformostofyoureventsmakingmoneywillmdashandshouldbemdashyourgoalMakesurethatyousetasalesgoalforeacheventandplanyourmarketingeffortsaccordinglymdashhelpingyoutoreachyourgoalswhilealsostrengtheningyourchanceofhavingasuccessfuleventBesuretoalsoidentifyandtrackanyadditionalexpensesthatyoumayincurwhenintroducingeventstoyourstoresuchasbuyingfooddrinksandotherpromotionalitemsthatcouldincludeballoonspaperplatesnapkinsandmore
WhilecreatingmanagingandexecutingeventsmayseemlikeadauntingtasktherewardyouseeinsalesshouldhelpyoutostaymotivatedinkeepingupwiththisagendaSomefinaltime-savingtipswhenpreparingforin-storeeventscomefromNolchaEventscofounderKerryBannigan
YoucanneverbetoopreparedwhenitcomestoplanninganeventmdashnomatterhowlargeorsmallMakeanactionplanandconsiderthetimingforyourneedsPrintingpromotionalmaterialsschedulingproductdeliveriesandbuyingrefreshmentsforyoureventshouldallbeconsideredwellinadvancetoensurethatyoudonrsquotmissabeatItrsquosalsoagoodideatoconsiderpreparingyourstoretheeveningpriortoaneventafteritclosesfor
thedayallowingyoutogetorganizedandreadytogowithoutthechaosofcustomersorotherstoreoperationalresponsibilitiesFinallyworkingwithlocalbusinessesinyourcommunitytohelppromoteyoureventcanneverhurtDonrsquotwaituntilthelastminutetoseektheirsupporthoweverIdentifywellinadvancewhatlocalbusinessesyouwanttogetinvolvedinyoureventmarketingandthengetintouchwiththemrightawaytoidentifyhowyoucanmutuallysupporteachotherthroughthisprocess5
HighlightingInventoryThroughDisplays
Eventscertainlycanhelpretailerstopushsalesandgainvisibilitybutyourday-to-dayexistencewillalwaysplayakeyroleinyourretailsuccessCathyWagnerCEOandfounderofRetailMAVENSbelievesthatthekeytothisiskeepingthingsconstantlymovingaroundyourstoretoincreasethechanceofsell-through
TherearetwothingstoconsiderwhenpushinginventoryYouhavetoremainawareofthenewergoodsbutdonrsquotforgetabouttheoldstuffJustbecauseitrsquosolderdoesnotmeanthatitneedstobemarkeddownalthoughincaseswhereitemsarenrsquotsellingthiswillbeyoursolutionThekeyistoidentifywhatissellingandwhatisnotsellingnomatterhowneworoldtheyaretoyourstoreassortmentOnewaytodothisistosimplymovethingsaroundyourstoretoincreasesell-through6
WagnerrsquosadvicetomoveinventoryaroundyourstoreisaclassicexampleofhowmerchandisingcanaffectproductsalesAgreeingwithWagnerareretailexpertsKizerandBenderwhobelievethatldquoyoursalesflooranddisplaysrequireconstantreinventionsothatshoppersdonrsquotgetboredandgosomewhereelserdquo7
RETAILTIPLightingiscommonlyoverlookedinretailspaceshoweverithasthe
LightingiscommonlyoverlookedinretailspaceshoweverithasthepotentialtotransformastoreaswellasacustomerrsquosexperiencewithinaretailenvironmentProperlightingcanenticecustomerstoengagewithproductsaswellasleadthemtocertainareasofyourstoreOnthecontrarydarkspaceswithinretailenvironmentsmaycausecustomerstostraintheireyesornotviewinventoryondisplayatallEnsureyourstorehasadequatelightingfromallanglesbyincorporating
accentlightinghighactivitylighting(suchasnearyourcashwraporbyadressingroom)ambientlightingthatmayincludeasingularstorechandelierandcaseandshelvelightingtohelphighlightspecificmerchandiseWhilethereisnosinglestoreformulaforlightingonegeneralruleofthumbtofollowistochangeyourlightingasyouchangeyourdisplays
KeepingcustomersvisuallyengagedintheirshoppingexperienceisaconstantresponsibilityforretailerstokeepupwithAgreatdisplaymaybejustthatmdashgreatmdashbutafterawhileitisnolongerexcitinginterestingorengagingforyourcustomersbecauseitwillinevitablybecomestaleYourjobasaretaileristoneverletthishappenbutinsteadconsistentlyoffercustomersvisuallyengagingexperiencesthroughconstantlyrotatingstoremerchandiseanddisplaysAlthougheveryinchofyourstoremustbekeptupwithregardto
merchandisingsomekeyareastopayspecialattentiontoinclude
1StorewindowsAretailerrsquoswindowsoffercustomersafirstchancetoformanimpressionofthestoreAndastheoldsayinggoesldquoFirstimpressionshaveaboutthreesecondstomakealastingimpactrdquoWiththisinmindaskyourselfifyourstorewindowsdeliverastronglastingimpressionIfyoursquoveanswerednothenitrsquoscriticalthatyouaddldquochangestorewindowdisplaysrdquotoyourimmediateto-dolistYourgoalshouldbetocreateadisplaythatnotonlycapturestheattentionofapreviouscustomerbutalsoenticesapotentialcustomerwhohasneverbeeninyourstoreWindowsofferthechancetohighlightstoreinventorythroughdisplaysbutalsoareagreatplacetotellastorythatrepresentsyourstoreversusactuallyhighlightingwhatyousellForexampleyoucouldcreateawindowthathasanoversizedteddybearsittingonaminiaturechairwithaboldhighlightedcalloutsayingldquoLetustaketheweightoffyouthisValentinersquosDayrdquotodemonstrateyourstoreasthego-tospotforgift
givingWindowsofferachancetohavefunandgetcreativebutultimatelytheymustattractattentionforyoutoattractsalesAgoodgoalforkeepingupwithyourwindowdisplaysistochangethematleasteverytwotothreeweeks2Immediate-rightzoneStudiestellusthattimeaftertimecustomersturntotheirrightoncetheyenterastoreLikelythisisduetomostfolksbeingright-handedbutdespitethereasontherealtakeawayhereistofocusonwhatyouofferthroughdisplayandmerchandisingtotheimmediaterightinyourstoreDoesthisareacapturecustomerattentionAreyouhighlightingmust-haveitemshereoristhisspacewastedbynothavingadisplayatallConsiderwhatyourstorecurrentlyhasinthisareaandthenplantoincreaseitsmerchandisingvaluebystrengtheningyourdisplaysandproductassortmentthereKeepinmindthatwhileyouwantyourcustomerstostopshopandgetengagedthisisalsoahigh-trafficareaforbusyretailerssoyouwanttoallowenoughspaceforcustomermovementsothatcustomerscaneasilypasseachotheraswell3StorestoppersSometimesrecognizedasstorespeedbumpsstorestoppersaredisplaysthatstopcustomersintheirtracksandgetthemfocusedonadisplayorproductIncorporatingafewstorestoppersthroughoutyourretailspaceiskeyinkeepingyourcustomersengagedandshoppingthroughouttheirentirein-storeexperienceRatherthanbundlingyourstore-stopperdisplaysclosetoeachotherspreadthemoutthroughoutyourentirestoretokeepyourcustomersmovingandinterestedastheynavigateyourstorespaceIdeallyyoushouldhaveaboutfivestorestoppersforevery500squarefeetofstoreTheycanbeontabletopdisplaysorshelvesbutshouldallowcustomerstotouchandinteractwiththeproductversusmakingthemhavetoaskforsupportinhandlingthefeatureditemsondisplaySomestoresmayrunintochallengesheresuchashigh-endjewelrystoresbuttheideastillshouldbeapplied4Point-of-sale(POS)areaThereisnogreateropportunitytoincreaseyoursalesthanbyincreasingeachindividualpurchasebeingmadeRetailerscanapplythisstrategytotheirstoressimplybystrengtheningtheirPOSareaswithproductsthatmakegreatadd-onsalesorimpulsebuysforcustomerswhohavealreadydecidedtobuysomethingEssentiallythisisyourstorersquoscheckoutspotandwhenacustomerlandshereitmeansthatheorshehasdecidedtomakea
purchaseThisisyourchancetoincreasethetotalpurchasevaluebykeepingthecustomerengagedwithbothinterestingandnecessity-baseditemsthatheorshecaneasilyincludeinthepurchaseIdeallyyouwanttokeeptheitemsmerchandisedinyourPOSarealowerinpricerelievingthecustomerofhavingtothinktoomuchaboutwhetherornotheorsheshouldbuyanitemProductspricedat$1$5$10andunder$20aregreatcandidatesforthisareakeepinginmindthatthesepricesshouldreflectyourtargetaudienceandtotalstoreinventoryassortment5SalesectionNotallretailershaveadedicatedsalesectionpermanentlyintheirstoresbutwhetheryouofferthisseasonallyorfulltimethisareaoffersagreatchancetoengageyourcustomersthroughdisplaysUnlikeyourstore-stoppersectionsandPOSareayoursalesectionshouldleanmoreheavilyonpromotingthevalueofthesalediscountversustheproductitselfIfyouareofferingsomethingat50percentoffforexamplethismessagealonetocustomerswillgetthemmoreexcitedthanbyhighlightingwhatisactuallyforsaleLeaningonstoresignagecompaniessuchasBoutiqueVisioncomforstrongsignagecanhelpyouachievethis
InadditiontothesefivekeyareasofstoredisplaysyoualsoshouldincorporatesomemerchandisingtechniquesthroughoutyourentirestoretohelpincreasesalesAmongthebestwaystodothisistocross-merchandiseinventoryallowingmultiplechancesforyourcustomerstoseesomethingondisplayThemainreasonthatthisissovaluableforyourbusinessisthatcustomersdonrsquotseeeverythinginyourstoresoofferingthemthechancetoseesomethinginmorethanonespotincreasesthechancethattheywillactuallyexperienceitFurthermorerepetitionofproductsincreasestheconsumerrsquosimpressionofitwhichalsoincreasesthechancethatheorshewillwanttoknowmoreaboutaproductandthatultimatelyincreasesyourchanceofsellingthatproductAnothertactictoapplytoyourstoremerchandisingisthatofstaplesand
statementsIfyourstorehasitemsthatarealwaysinstocksuchasplainwhiteT-shirtsor8-by10-inchframesthencreateanareaofyourstorethathighlightsyourstorestaplesTrainyourcustomersthroughstoresignageandstaffcommunicationthatyoualwayshavethesestapleitemsinstockthereforehelpingtoincreasethechancethatyourstorewillbecomethego-toplacefortheseidentifieditemsOnthecontraryifyouhaveitemsthatareseasonalquick
sellersortrenditemsthesewouldfallintothestatementcategoryTheseitemsdeservesomehighlightedattentionaswellandwouldmerchandisewellinyourstore-stopperspotsandinwindowdisplaysItrsquosnosecretthatmerchandisingastoreisagiantresponsibilitythatrequires
notonlyskillbutalsotimeTohelpmakesurethatyoudonotneglectthisimportantstoreresponsibilityaddmerchandisingtoyourstorecalendarSpecificallyaddwhatneedstobedonesuchaschangingafront-windowdisplayorrearrangingyourPOSdisplayareaGenerallyspeakingyoushouldrotateyourin-storedisplaysonaweeklybasistokeepthingsfreshandexcitingforyourcustomersandyoushouldchangeyourfront-windowdisplaysnolessthaneverytwoweeks
UsingModernTechnologyinYourStore
InadditiontoclassicmerchandisingtechniquesretailersshouldconsiderhowmoderntechnologycanbeincorporatedintotheirstorestrategyiPadsforexamplearebeingusedincreasinglyforcustomerengagementSomelocalretailersareintroducingiPadsintotheirstoresasawayforcustomerstocheckinontheirsocialmediasitessuchasonFacebookorFourSquareinanefforttoincreasetheirstoreexposurethroughtheircustomersrsquosocialnetworksOthersuseiPadsasawaytofurthercommunicatewiththeircustomerswhiletheyareonthesalesfloorldquoWithaniPadinhanditrsquoseasytopullupyouronlinestoreoranInstagram
feedtoshowitemsastheymightlookinacustomerrsquoshomeorshowcustomersothercoloroptionsthatmightbemomentarilyoutofstockrdquo8CEOVaughanRowsellofVendaloyaltyandPOSsystemcompanyshareswithus
RETAILTIPModerntechnologywillcontinuetoimpactretailershoweversome
thingswillneverchangewhenitcomestocreatingadynamicretailenvironmentFormerchantsthesoundscustomershearintheirstoreswillalwaysplayaroleintheirsellingsuccessretailexperiencesandoverallstoreenvironmentFortunatelymerchantscaneasilycontroltheirstore
storeenvironmentFortunatelymerchantscaneasilycontroltheirstorespacethroughsoundbyintroducingcustomizedradiostationstotheirstoresCalifornia-basedcompanyRetailRadioprovideslicensedmusicand
customizedradiostationsforindependentretailersandotherbusinessownersTheirgoalistocreateaprogrammedmusicstationthathastheretailerrsquoscustomerinmindinadditiontocreatingcommercialsthatpromoteeachrespectivestoreEssentiallyRetailRadiocreatesin-storecustomercommunicationplatformsthroughmusicandmessagingAnaddedbonusisthatthemusictheyofferisalllegallylicensedmeetingalllegalrequirementsforcommercialbusinessestouseInadditiontosupportingretailersthroughcustomizedmusicand
messagingRetailRadioprovidesothersensory-basedsupportformerchantsaddressingtheneedsofsightsoundscentandsalesYoucanlearnmoreaboutRetailRadioatRetailRadiobiz
AsVaughanexplainedusinganiPadaspartofyourstoreexperiencenotonlycanhelpyouasamerchantbutalsocankeepcustomersengagedAnotheraddedbenefitthatiPadsofferretailersisthechancetoeliminateadestinationspotforcheckoutproceduresandinsteadwelcomeanyspotasachancetoringupasaleRowsellcontinues
TheiPadasaPOSistotallyrevolutionaryforanumberofreasonsThefirstandpossiblythemostvaluableisthatofitsmobilityYoucanuseaniPadanywhereexpandingyourreachforpotentialcustomersandultimatelysalesWhetherinfoodtrucksretailtrucksfarmersrsquomarketsattradeshowsorinyourownstoreyouriPadcanprocesstransactionsforyourbusinessBecauseofthiswhatrsquossoamazingfortraditionalbrick-and-mortarretailersisthattheycancompletelydoawaywiththecheckoutcounterandcreateacompletelyuniquecustomizedretailexperienceImagineaniPadPOSsystemgivesyoutheluxurytoprocesssalesanywherewhilealsoeliminatingtheneedforacheckoutcountertodisruptyourretailstoredesignMoreoveryoudonothavetointerrupttheshoppingexperienceasyoudragyourcustomersacrossthestoretocheckstocklevelsorringuptheirpurchasesInsteadallofthiscanbetakencareofrightonyourshopfloorbecauseofaniPadPOSsystem9
CertainlyaportablePOSsystemcourtesyofaniPadhasitsbenefitsas
CertainlyaportablePOSsystemcourtesyofaniPadhasitsbenefitsasRowsellpointsoutButonethingretailersshouldconsiderwhenintroducinganiPadintotheirstorersquosenvironmentisitsvulnerabilitytobedamagedorpossiblyevenstolenIfyoudohaveacheckoutareainyourstorekeepingyouriPadinadesignatedspotwithinthislocationisonewaytohelpmanageitsvulnerabilityAlsoyoumayevenconsiderlockingitinadrawerHoweverthemosteffectivewaytokeepyouriPadaccessibleandusefulistohaveitsecurelyfastenedtoaniPadstandthatislockedinplacewithinyourstoreThereareanumberofmodelsavailableforretailerstoconsiderbut
essentiallyretailersshouldlookforaniPadstandthatsecurelylockstheiriPadinplaceonlyreleasingitonkeyretrievalorbyenteringacodeRetailerswhowantaportableiPadthatcanmovearoundthestorewiththemshouldconsideriPadcartsandothermovingdevicesthatallowretailerstoeasilybringalongiPadsanywhereinthestorewhilekeepingtheirhandsfreetosupporttheircustomersandattendtootherstoreresponsibilitiesThesetypesofiPadcasescartsandothersecurity-focusedproductsmaybeavailablefromyourPOSproviderbutarealsoavailableatiPadEnclosurescom
IdentifyingWhetherMobileCommerceMatters
iPadsarecertainlyatechnologyofthepresentandfuturethatwedonrsquotforeseeleavingtheretailsceneforalonglongtimeThatsaidmobiletechnologycontinuestobeapopularconversationinretailbutitshouldberecognizedthatm-commerceisnotgrowingasoriginallyanticipatedamongsmall-businessownersM-commerceotherwiseknownassellingviamobiledevicesrepresentsaminorityamongInternet-basedpurchasesandmostconsumersstillleanontheircomputersortabletswhenbuyingonlineJasonRichelsonfounderandCEOofShopKeepPOShasspenthisentire
careerinretailandbelievesthatsimilartocredit-cardadoptionnotallsmallbusinesseswillembracemobiletechnology
Thebigtalkingpointwithinthepaymentsworldin2013hasreallybeenmobileButIhavetosayIrsquoveseenlittletononeofthattalktranslateforsmallbusinessesTherearemanypredictionsabout2014astheyearofmobilebutIdonrsquotthinksmallretailersbyandlargewillmovethatquickly
Takecredit-cardadoptionforexampleDespitemorethan40yearsofusealargepercentageofsmallbusinessesstilldonrsquotacceptthemSimilarlytheadoptioncurveformobilepaymentswillnotshiftsignificantlyovernightThereneedstobeincentiveitneedstobeeasyandthereneedstobedemandfromconsumers10
WithconsumersinmindaretailerrsquosgreaterinterestinmobiletechnologyshouldbeinembracingtheideathatcustomerslikelywillengagewiththeirphoneswhileinhisorherstorealthoughthisdoesnrsquotalwaysmeanthatcustomersarecompetitiveshoppingonlineOftencustomersrefertotheirphonessimplytocallfamilyandfriendsforproductadvicesendpicturestofriendsforfeedbackseekcouponsfortheimmediatestoretheyareinorsearchforproductreviewsofaparticularitemCompetitiveshoppingdoesexistviamobilephonesbutthisrealityisnrsquotonetosweatoverifyourin-storeexperienceisdeliveringstrongengagementdisplaysandmarketingmdashtherebygivingyourcustomersanexperiencetheysimplycannotgetonlineFinallyneverlosesightofthefactthatshoppingtrulyisasportformany
consumersJustasinacompetitivegameofbasketballfootballoranyothersportshoppingoffersthechanceforyoutowinorlosewhenitcomestoattractingandkeepingcustomerattentionEverydetailthataffectsyourbusinessmustconstantlybenurturedandattendedtojustlikeeverydetailofanyprofessionalsportmattersIntheenditrsquosonlythosewhoarewillingtoworktheirhardestdespiteobstaclesandsetbackswhowillremainstandingandultimatelybecomewinnersinthecompetitivegameofretail
HopefullybynowyouhaverealizedjusthowmuchrangeandtimearenecessarytomanageandmarketaretailstoreInthechaptersthatfollowwersquollunveilwaystoapplypressandmarketingtoyourretailbusinessaswaystogeneratesomewell-deservedattentiontothehardworkyouhavedonetocreateyouruniquestore
ActionGuide
ResearchshowsthatcustomerspreferstorelayoutsthatallowforeasynavigationandmovementthroughouttheirshoppingexperienceMoreoverresearchtellsusthatcustomersrespondreactandultimatelymakepurchasingdecisionsbasedonalltheirsensesmdashnotjustthatofsightaloneTohelpyoumaximizeyourcustomersrsquoexperienceinyourstoreconsider
eachofthefivesensesandtakeactiontoimprovetheirroleinyourstore
1SightFromtheexteriorofyourstoretotheentireinteriorstorespaceidentifywhetheryourstoreisattractiveandcaptivatingingainingcustomerattentionNextlookforanydebrisdirtordustthroughoutyourentirestorespacethatneedstobecleanedupThenvisuallyidentifywhetherastrollerwheelchaircaneorotherassistivedevicewouldbeabletobeusedcomfortablyinyourstoreThesevisualobservationsareonesthatmanycustomersidentifywhenforminganimpressionofyourstoreandshouldbeimprovediftheydonotcurrentlycatertoconsumersrsquoneedsandideals2TouchInstinctivelycustomerswanttotouchthingsandexperienceproductshands-onWalkthroughyourcurrentstorespaceandidentifywhetheryouofferaspacethatencouragescustomerstotouchandinteractwithyourinventoryKeepingproductsateyelevelforhands-onengagementisagoodwaytomakecustomersfeelwelcometotouchyourproductsIncorporatingsignageasnecessarythatstatesldquoFeelfreetosamplerdquoorldquoPleasedonottouchthisdisplaybutwehopeyouwilltouchourotheronesrdquocanlendahelpinghandinencouragingyourcustomerstotouchandinteractwithyourstoreproductsasappropriateForthoseofyouwhohavecustomerswhobringtheirchildrenwiththemcreateadedicatedareaorsimplyhaveasmallbasketwithtoysorwashablecrayonsandpapertodistractkidsfromtouchingyourinventoryandtofreeuptheattentionofyourcustomer3SoundIdentifywhatyourstorecurrentlysoundslikeIsitthesoundofblaringmusicorcoworkerschattingabouttheirweekendplansPossiblyitsoundssilentwithonlytheoccasionalbuzzofadooropeningandclosingCustomerstendtostayinenvironmentsthatmakethemfeelcomfortableandsoundplaysabigroleinthisMakeitaruleforemployeestoeliminatepersonalphonecallsstoregossiporanyotherunnecessaryconversationsthatcustomersmayoverhearInadditionchoosemusicthatisneutrallyaccommodatingtoyourdiverserangeofcustomersKeepthesoundlevelofyourmusicata
moderatelevelaswellthatdoesnotmakecustomersuncomfortableandstillallowsthemtohearyouspeakandallowsthemtospeaktoeachother4SmellAromacanbegoodorbadWhatdoesyourstoresmelllikeIdentifywhatyourstoresmellslikeandwhetherornotthisaffectsyourcustomersrsquoexperiencesItrsquospossiblethatalocalbakeryrsquosaromatricklesintoyourstoreandthusyougainascentoutofyourcontrolOrmaybeyouchoosetoburnincensethatsomecustomersfindunattractiveinscentWhateveryourcurrentsituationisstrivetoidentifyasinglescentthatyoucanalwaysapplytoyourstoreandthatcustomerswillassociatewithyourstoreastimepassesScentssuchaschocolatevanillacoffeeandpineareoftenperceivedasmass-appealingscentswhereasthescentsofflowersorcertainspicesarenotaspreferredbythemassesPickastorescentforyourstorethatissubtleyetcomplementingtoyourretailspaceandthenmakethisyoursignaturescentforcustomerstoassociatewithyourstore5TasteEvenifyourstoredoesnotsellfoodorofferanopportunitytocatertoyourcustomersrsquotastebudsyoucanstillengageyouraudiencethroughthepoweroftasteChooseasignaturesweetsuchasbite-sizedchocolatesorpeppermintsandalwayshavetheseavailableforyourcustomerstotakeAsmallglassofwatercanevenprovoketastebudsandmayextendyoursupportindeliveringstrongcustomercareIfyourstorehasnotintroducedtastetoitsstrategyofsupportingcustomersitrsquostimetodoso
8
ApplyingPressandMarketingtoYourBusiness
LackofattentionnotlackoftimeistheproblemWeallhavetwenty-four-hourdays
mdashZigZiglar(1926ndash2012)authorandmotivationalspeaker
RETAILERSTODAYarebombardedwithplacestogothingstodoandcustomerstoserveDespitetheirbusyscheduleshowevercustomershavehigh
expectationsfromretailersandexpecttheirconsumerexperiencestobetop-notchAlsocustomershavechoiceswhenitcomestomakingtheirbuyingdecisionswhichmakesanyretailerrsquosattempttostandoutinhisorherlocal
marketplacethatmuchmoreimportantLong-timeindependentretailerCynthiaSuttonownerofTheSilverBarnin
ColumbusTexasbelievesthatdespitebusyschedulesandbig-boxcompetitionlocally-basedmerchantshavesomekeyadvantagesthatlargerretailersdonotSuttonexplains
LocalindependentretailerscanreacttocommunityneedsinstantlyForexamplehereinoursmalltowntherewasahorriblecaraccidentwhereayoungchildwasseriouslyinjuredandagrandmotherkilledThecarthathitthemhadnoinsuranceWesprangintoactionandstartedafundraiserwithotherlocalmerchantsOurlocalWalmarthowevercouldnotparticipatebecausetheyhadtowaittogetcorporateapproval1
ThistypeofquickresponseisjustoneexampleofhowlocalmerchantscansupporttheircommunitiesandlocalcustomersaswellasgenerateawarenessfortheirstoresInadditiontoreactingtoaworthycausethisalsoprovidesagreatreasontogainpublicityforastoreUnlikesomemarketingeffortspublicity
reasontogainpublicityforastoreUnlikesomemarketingeffortspublicitydoesnotcostyoualotofmoneymdashifanymdashyetyoucangainexposuretobothexistingandpotentialcustomersExposurethroughpublicityaddsvaluetoamerchantandoftenmakesastoremorememorableThekeyherehoweverishavingastorytotellthatthepresswouldbeinterestedinhighlightingamongtheirmediaoutletsFortunatelythisgoeshandinhandwithalsocreatingastoreenvironmentthatencouragescustomerstocomebackldquoWecanrsquotcompetewithvolumepricingmassadvertisinganddepthof
inventoryHoweverwecandeliverstrongercustomerserviceandmoreuniqueinventorythanbig-boxstoresThisisextremelyvaluabletoconsumersrdquo2explainsSutton
HOWTOWRITEAPRESSRELEASEPublicitywhenmanagedinternallycostsyounearlynothingexcepttime
andpossiblyafewadditionaldollarsForthemostparthoweverpressisfreeWiththisinmindunderstandinghowtowriteapressreleasecanhelpyoupitchyourstoretolocalandnationalmediaincreasingstorevisibilityandencourageagrowthinsalesUsingthetipsbelowlearnmoreabouthowtowriteapressrelease
1ApressreleaseisastatementintendedtosharenoteworthynewseventdetailsandotherinterestingfactswiththemediaWhenwritingapressreleaseyouwanttokeeptheaudienceinmindandanswerthequestionsldquowhordquoldquowhatrdquoldquowhenrdquoldquowhererdquoandldquowhyrdquo2AllcriticalinformationshouldbeconciselysummarizedwithinthefirstparagraphofyourpressreleaseallowingbusyeditorsandothermembersofthemediatoquicklyidentifywhatitisyouwanttoshareThefollowingparagraphsshouldelaborateonthedetailssharedIncludingquotesfromrelevantpeopleinvolvedinthenewsyouaresharingwhetheryourselforastorevendorforexamplecanaddvaluetothepressrelease3PressreleasesshouldideallybenomorethanonepageandshouldbeconstructedinstandardpressreleaseformatThisincludesidentifyingyourstorenamecontactpersonandcontactdetailsinthetopleftcornerprovidingacaptivatingtitleandsupportingtaglineforyourpressreleaseandprovidingthereleasedateandcityofthepressreleasepriortoyourfirst
sentenceInadditiontheparagraphsthatfollowshouldsharedetailedinformationaboutyourstoreandthepurposeofyourpressreleasewhileofferinggeneralorinterestingfactsAnexamplewouldbe
MarsquosGeneralStoreContactJaneSmithPhone5555555555Emailshopmasgeneralstorecom
MarsquosGeneralStoreIntroducesExtendedShoppingHoursonWeekends
DoorstoOpenat9amtoAccommodateCustomerRequests
May12014(GenevaIL)mdashKickingoffthespringshoppingseasonMarsquosGeneralStoreisexcitedtowelcomecustomersat9ameverySaturdayandSundayintotheirdowntownGenevastoreAfteryearsofcustomersrequestingearliershoppinghoursMarsquosGeneralStorelooksforwardtosupportingcustomersontheirweekendsshoppingforgeneralhouseholdsuppliesandothereverydaynecessitiesAndallcustomerswhoshopMarsquosGeneralStorebefore11amwillbeofferedcomplimentarycoffeeorjuiceldquoItrsquosimportantforustokeepourcustomershappyandtheseadditional
storehourswillallowthemtogettheirweekenderrandsofftoanearlystartwhichwersquorethrilledtosupportrdquostoreownerJaneSmithstatesBasedindowntownGenevainthehistoricshoppingdistrictMarsquos
GeneralStoreisafavoritedestinationamonglocalresidentstostockuponhouseholdsuppliesandeverydaynecessitiesInadditiontotheirwell-stockedshelvesMarsquosGeneralStorewillbeofferingtheirearlybirdcustomerscomplimentarycoffeeandjuiceTolearnmoreaboutMarsquosGeneralStoretospeakwithownerJane
Smithortorequesthigh-resolutionimagespleasecontactus5555555555orshopmasgeneralstorecom
4PressreleasesshouldaimtobeconciseclearcorrectandcourteouskeepingyouraudiencersquosattentionwhilebeingdirectandinformativeinthenewsyoushareAttheendofyourreleaseidentifyitsconclusionwiththreenumbersignsThisindicatesitiscompleteandispartofthegeneral
threenumbersignsThisindicatesitiscompleteandispartofthegeneralformatofwritingapressrelease5SendingapressreleasedoesnotguaranteepresswillbereceivedBesuretofollowupwithyourmediacontactsandrespecttheiroutreachtoyouaswellshouldtheywantmoreinformationLikeyoumediaprofessionalsarebusypeoplesotryandgetbacktothemassoonaspossibleshouldtheywantmoreinformationaboutthenewsyoushared
Customerserviceanduniqueinventoryaretwowell-knownfactorsthatmakeindependentretailersstandoutfrombig-boxstoresYetmerchantsoftenunderestimatetheirvalueinthepressAsSuttonbelievesldquoBasicisgreatatbigboxspecialisgreatat
independentsrdquoWiththisinmindIencourageyoutoconstantlyseekoutwhatmakesyourstorestandoutamongothersIsittheuniquestoryofanemployeeofyourstorewhohappenstoexcelatcustomerserviceIsittheone-of-a-kindproductsbylocalartisansthatyousellmadeIsitthefactthatyourstoreunlikesomanyothersoffersanexperiencethatcanrsquotbeduplicatedanywhereelseOrpossiblyisitarandomcustomerexperienceyouhadthatoffersagreatstorytosharewiththepressAsaretaileryouneednotonlytostrivetomakeyourstorememorableand
uniquebutalsorecognizewhenuniqueandmemorablethingshappenwithinyourstoreenvironmentInresponsetothesescenariosyoushouldbepreparedtosharethedetailswithcustomersviathepresstheInternetthroughe-mailandviaotheravenuesthatcangenerateawarenessofyourstoreSuzyTeeleCOOofSnapRetailcomaready-to-usemarketingsolutionfor
independentretailersbelievesthatwhilecustomerserviceandproductassortmentaddvaluetoashoppingexperiencemerchantstodayshouldnotignorethevalueoftheirstorepersonalityaswellSheexplains
ldquoIthinkthebiggestmisconceptionthatretailersfacetodayisthatsometimestheyrelytoomuchontheirproductstogetcustomersintotheirstoresBrandsgoinandoutoffavorsobrandsalonearenrsquotenoughIndependentretailersshouldrememberthatitrsquosnotonlythemerchandiseitrsquosalsohowtheymerchandisethemerchandiseInotherwordscreatingastrongstorepersonalityandstoriesaroundthemerchandisewilldrivestoretrafficandreducethefocusoncompetitivepricing3
RETAILTIPOnlinemarketingandpresscanhelpgeneratestorevisibilitybutdonrsquot
neglectthepowerofgoodold-fashionedstorepackagingAfamousexampleofthisistheTiffanyblueboxorbagrecognizedbycustomersasapurchaseofluxuryandbeautyWhileyourstoremaynotcatertothesameclientelethatTiffanydoesthisshouldnotkeepyoufromaimingtohavestrongstorepackagingAneasywaytoenhanceyourstorepackagingistoinvestinasignature
bagthatisusedanytimeacustomermakesapurchaseRatherthanuseagenericbrownorothercoloredbagthathasnobrandimpressionsonitconsidercreatingacustomizedbagthatcurrentandfuturecustomerscanbegintorecognizeyoubyOvertimeyourbagwillbecomearecognizedsymbolforyourstoreincreasingcustomerawarenessofyourbusinessAdditionaltipstohelpbrandyourstorethroughpackagingincludeusing
thesametissuepaperribbonandgiftwrappingpapereverytimetheyareneededInotherwordsconsistencyiskeyhereTohelpyouaccomplishthisleanonanoutsidecompanythatspecializesinsupportingbusinessessuchasindependentretailersthroughpackagingOnesuchcompanyisPremierPackagingasmallbusinessthemselveswhosupportretailersthroughsalesofgiftboxesgiftbagstissuepaperribbonsandcustomizedoptionstohelpstrengthenaretailerrsquosbrandandvisibility
TeelersquosperspectiveiscommonamongretailexpertsandsupporterswiththeideathatproductalonecannotmakeyouasuccessfulretailerShecontinues
InmyexperiencethestoresthatIhaveseensucceedhavebeenabletodosobecausetheymaketheircustomersfeelasthoughtheyarepartofsomethingspecialTheymakecustomerswanttoshopthereThisisaccomplishedbycreatingthatstrongstorepersonalitysharingthatpersonalitythroughsocialmediaandinvitingcustomerstobepartofitthroughe-mailmarketingandotherpromotionaleventsUsingthelatestmarketingtoolsindependentretailerscancreatetheirbrandsandstorepersonalitiespositioningthemtoeffectivelycompetewithbig-boxretailers4
CompaniesthatprovidemarketingtoolsforindependentretailersarebecomingmoreandmorecommonSnapRetailisagreatexampleofthistypeofcompanyprovidingready-to-usemarketingforindependentretailersinavarietyofwaysFoundedin2010SnapRetailprovidesprewrittencontentintheformofe-mailssocialmediapostseventmarketingandmoreallspecifictoindependentretailersTheireasy-to-usemarketingsolutionhelpsretailerstobettermanagetheirtimewhilebecomingmoreengagedinallthenecessaryavenuesofretailincludingmarketingsocialmediae-maileventplanningandgeneralpromotionalexposureTeelesays
SnapRetailcustomersoftenseeabouta15to20percentincreaseinsalesandastrongerengagementthroughsocialmediawithcontinualuseofoursolutionOurmostsuccessfulretailersengagewiththeircustomersonsocialmediasiteslikeFacebookatleastonceadayandsendmeaningfule-mailstwotothreetimesperweek5
InChapter9wersquollfurtherdiscusshowSnapRetailrsquosmarketingsolutionsspecificallyapplytoonlineefforts
UsingE-mailtoCommunicateStoreMessages
Increasingyoure-mailopenratewhichidentifieshowmanypeoplewhoreceiveyoure-mailsactuallyreadthemisanimportantgoaltohaveYetretailersoftenstrugglewithwhattosayandhowtocreateastronglayoutfortheire-mailsSnapRetailrsquoslibraryofprewrittenandprofessionallydesignede-mailtemplatesdoestheworkforyouevenofferingacalendarfeaturewiththesoftwaresothatyoucanscheduleandmanageyoure-mailandothermarketingcommunicationsIncorporatingsolutionssuchasthisintoyourmarketingplanisagreatwaytomakeyourto-dolisteasierwithoutcompromisingthesuccessofyourstoreInfactthegoalistoincreaseitMarketingcommunicationsmanagerJessicaMorettiofSnapndashRetailisalways
searchingforthebestmessagesretailerscansharewiththeircustomersprovidingwithusfivetipsthatretailersshouldleanonwhencreatinge-mailsfortheircustomers
1ContentcontentcontentContentiskeytoengaginge-mailmarketingAlwaysensurethatyoure-mailscontaincontentthatistimelyrelevantandvaluabletoyourreaders
2LightscameraactionAgoode-mailcontainsoneclearcall toaction(CTA)YourreadersshouldknowexactlywhatyouwantthemtodoanditshouldberelativelyeasyforthemtocompletetheactionmdashldquoShopoursalerdquoldquoVisitourwebsiterdquoldquoPinyourfavoriteproductrdquo
3Keepitsimplestupid(KISS)BorrowapagefromtheNavyrsquoshandbookandfollowtheKISSrulewhenitcomestoe-maildesignKeepitsimplebyusingacolorpaletteofnomorethanthreecomplementarycolorseasy-to-readfontsandastructuredformat
4First impressions are everything Give your subject line the love andattentionitdeservesItrsquosthefirstthingyourreaderswillseeandcanmakeorbreakwhetheryourreaderswillopenyoure-mail
5Goneinlessthan60secondsResearchshowsthatyouhavelessthan60secondstograbyourreadersrsquoattentionbeforetheyclickawayfromyoure-mail Because of this it is imperative that your headlines and calls toactions are more compelling than that video of a sneezing panda yourreaderjustreceivedfromafriend6
Keepingthesefivetipsinmindremembertoalsoconsiderhowoftenyoureachouttoyourcustomersviae-mailYoudonrsquotwanttobombardyourcustomersrsquoe-mailin-boxeseverydaybutyoudonrsquotwanttogotoolonginbetweene-mailseitherRecentlyRetailMindedsurveyeditsretailaudienceandaskedthemhowoftentheyprefertoreceivee-mailsfromcompaniestheychoosetofollowaswellashowoftentheysendoute-mailstotheirowne-mailmarketinglistsInresponsetobothquestionsretailerssurveyedthroughRetailMindedcomanditssocialmedianetworksidentifiedonceaweekforeachscenarioAlthoughtherewillbeexceptionsifyouhavesomethingworthsharingwithyouraudienceonaweeklybasisane-mailblastscheduledonceaweekisagoodstartingpointtoplanforyourowne-mailmarketingeffortsTofurthersupportyoure-mailoutreachyouwanttoalsoevaluatethesuccess
ofeache-mailblastyousendoutAnalyzingtheresultsofeache-mailcampaignallowsyoutounderstandwhatismosteffectiveinyoure-maileffortsE-mailmarketingproviderssuchasSnapRetailConstantContactandMailChimpalloffere-mailanalysisaspartoftheirservicesandweencourageyoutomakeitaprioritytoevaluatetheseresultsonaconsistentbasisAmongthemanythingsane-mailreportmaytellyouiswhiche-mailswere
Amongthemanythingsane-mailreportmaytellyouiswhiche-mailswereopenedthemost(theiropenrates)whatdaysandtimese-mailssentweremostreadandwhetherornotpromotionsorincentivesofferedviae-mailgainedastrongerreturnthanothere-mailssentAlittlestudyingofthesereportscangoalongwaysobesuretoaddthistoyourretailto-dolist
UsingtheInternetasaMarketingPlatform
E-mailmarketingisnearlyaclassictechniquecomparedwithotheronlinemarketingeffortsyetitshouldnrsquotbeignoredasyouincorporateadditionalInternet-basedmarketingintoyoursalesandmarketingstrategyOnecompanythataimstospecificallysupportindependentmerchantsindoingthisisBoutiqueWindowThisNebraska-basedcompanydevelopedsoftwaretohelpretailersshowofftheirlatestinventorynewarrivalsstorepromotionsandmoreviaamerchantrsquosownwebsiteandsocialmediaWithasetupthattakesonlyminutesretailerscanuploadandeditphotosoftheirstoremerchandiseaddproductdetailstosupporttheirimagesandpublishimmediatelyonFacebookTwitterPinterestandtheirindividualbusinesswebsitesDoingthishelpsretailerstokeeptheirstorestopofmindfortheircustomersrsquoshoppinglistsanimportantfactortoincludeinyourownretailmarketingCofounderofBoutiqueWindowCourtneyRodgersbelievesthatevenifyou
donrsquotsellonlineyouronlinevisibilityissomethingyoucanrsquotignore
ConnectingwithshoppersonlineisessentialtothesuccessofyourbusinessevenifyoudonrsquotactuallyhaveanonlinestoreShopperstodayareengrossedinthedigitalworldmakingyourstorevisibilitypossiblewithonlyafewsimpleclicksWiththerapidgrowthofsocialnetworksandimprovementsinlocalsearchoptionscustomerscanaccessanyinformationtheywantonlinewithjustaclickortwoOfcourseifyouarenrsquotonlinethenyourstorewillmissoutontheseopportunitiesEvenbrick-and-mortarstoreswithnoplanstosellonlineshouldstillhaveanonlinepresenceforthisreasonalone7
BeingtopofmindisidealforanyretailerbutthosewhohaveyettomakeanonlinepresenceareboundtobeleftoutinthecoldBeingvisibleonlineisa
onlinepresenceareboundtobeleftoutinthecoldBeingvisibleonlineisamustthesedaysevenifyouhavenoplanstoeversellviathewebCreatingawebsitethatcomplementsyourin-storeexperienceandbrandidentityiskeyallowingcustomerstounderstandyourstorepersonalitybothonlineandofflinemorecohesivelyIn2012e-commercesalesgenerated$231billionintheUnitedStatesalone
accordingtomarketresearchfirmForresterThiscompanyalsofoundthatthegrowthofe-commercewhichin2012accountedforabout8percentoftotalretailsalesintheUnitedStatesisexpectedtooutperformthegrowthofbrick-and-mortarstoresoverthenextfiveyearsreaching$370billionby2017WiththesetypesofnumbersindependentretailersshouldnotchallengethequestionofiftheywanttosellonlinebutratherwhentheywillstartFortunatelycreatinganonlinepresenceiseasythankstoe-commercetemplatesfromavarietyofprovidersLeadingthismarketisShopifycomanonlinecompanythatsupportsemergingorexistingretailersandwholesalersintheireffortstocreatesavvycustomer-friendlyonlineshopsShopifyrsquos247supportandeasy-to-customizewebsitetemplatesareidealforindependentmerchantslookingtogetonlinequicklyeffectivelyandaffordablyInChapter9wersquolldiscusshowyoucanmaximizeyouronlinesuccessinmoredetailspecificallylookingatsocialmediaande-commerceldquoIndiemerchantshaveavarietyofchallengesbuttheirultimatechallengeis
alwaysgettingenoughtrafficintheirstoresmdasheitherphysicaloronlinemdashtokeeptheirlightsonrdquo8TexanretailerSuttonstatesWhilethiscouldnotbetrueritrsquosoftentheretailersthemselveswholeadthemselvestoturned-offlightsToavoidthisbecomingarealityforyourstorechoosetobeaggressiveinyourstoremarketingeffortstokeepupwithyourcompetitionandyourcustomersalikeFinallytohelpyoufurthernavigateyourmarketingsuccessasanindependent
merchantwersquoveidentifiedalistofmust-knowbusinessestohelpyoureachyourmarketinggoalsWealsoencourageyoutoexploreAppendixAforamorecomprehensivelistofbusinessesandresourcesthatcanhelpyourbusinessreachitsfullpotential
ResourcesEveryIndependentRetailerShouldKnowAbout
1AmericanIndependentBusinessAlliancewwwamibanetThisisa
nonprofitorganizationthathelpscommunitiesandretailerslaunchandoperatebuy-localcampaignstosupportlocalentrepreneursandeconomies2BoutiqueWindowwwwboutiquewindowcomThiscompanyprovidesonlinemarketingtoshowcaseinventoryviayourwebsiteorsocialmediaoutletsallowingretailerstoengagetheircustomerswithnew-productarrivalsandmore3MOOwwwmoocomThiscompanyprovidesbusinesscardspostcardsstorehangtagsandotherprintgoodsthatarestylishindesignandeasytocustomizetoyouruniquestoreneeds4PremierPackagingwwwretailpackagingcomThiscompanyprovidespackagingsolutionsthatcatertoretailerslookingtoincorporatepackagingoptionssuchasbagsgiftboxesandtissuepaperaspartoftheirstoreidentityandmarketing5RetailRadiowwwretailradiobizCustomizeyourin-storeexperiencewithmusicthatiscatereduniquelytoyourstoreandyourcustomerwhilealsoincorporatingcustomizedmessagingtocreatethebestpossibleambianceforyouruniqueretailspace6ShopifywwwshopifycomThiscompanyprovideseasy-to-customizeonlinestoretemplatesthathelpyoutosellonlineefficientlyaffordablyandprofessionally7SmartSignwwwsmartsigncomSignagecansupportyourstorecommunicationtohelpcustomersnavigateyourstorespaceandmaximizetheirstoreexperienceUsefordisplaymerchandisingorpromotionandincorporatesafetysignagesuchasldquoEmergencyExitrdquoorldquoEmployeesOnlyrdquoaswell8SnapRetailwwwsnapretailcomThiscompanyprovidesprewrittencontentandgeneralmarketingsupportthatincludese-mailsocialmediaandeventmanagementspecifictoindependentretailers9TriparInternationalwwwtriparcomThiscompanyprovidesvisualdisplaysandfixturesthathelpyoutobeautifullyshowcaseproductengagecustomersanddrivesaleswithproductsthatincludetabletopdisplaysjewelrystandseaselspoint-of-sale(POS)accessoriesandmore
10VendwwwvendhqcomManageyourcustomerloyaltyinventoryandPOSsystemswithoneeasy-to-usesoftwareprogramthatisaccessibleon
aniPadcomputersmartphoneoranydevicewithawebbrowserWhilenotmarketing-specificthiscompanyrsquosPOSsoftwarecanhelpyoustreamlinetheentireoperationalproceduresofyourstoreincludingcustomermanagementandexposure
UsingthischapterasyourreferenceyoucanseejusthowmanybusinessesareavailabletohelpyoureachyourfullmarketingpotentialaswellastheneedtoincreaseyourstorersquosvisibilityInthechaptersaheadwersquolldiscussadditionalwaystogeneratemoreexposureforyourstoreultimatelytohelpincreasesales
ActionGuide
CreatingastorepersonalityisakeystepinseparatingyourbusinessfromothersMerchantsshouldtakethetimetoidentifyhowtheywanttobeperceivednotonlybycustomersbutalsobytheircompetitionIdentifyingthecharacteristicsofyourstoreisanimportantstepalthoughitrsquosalsocriticaltorecognizewhetheryourstorersquosperceptionmatchesyourintendedrealityOnewaytodothisistoputyourselfintheshoesofacustomerPuttingyouremotionsasidechallengeyourselftotakeontheroleof
customerinyourstoreBequicktojudgeandimpatientasyouevaluateyourstoreallowingyourselftoholdcharacteristicsofcommoncustomersintodayrsquosbusymarketplaceWithyourmind-setcommittedtobeingthatofacustomerinsteadofastoreownerwalkintoyourstoreandcritiqueyourstorersquosenvironmentAnswerthefollowingquestionsasobjectivelyaspossibleMoreoverinviteatleastthreeandideallyupto10otherpeopletocompletethissameexercise
1WhatdoyouimmediatelyviewasmostappealinginthestoreWhy2WhatdoyouimmediatelyidentifyasleastappealinginthestoreWhy3WhatdiditfeellikewhenyoufirstenteredthestoreExplainyour
emotionalreactionsuchasldquowelcomingrdquoldquoclaustrophobicrdquoldquoengagingrdquoldquodistractingrdquooranythingelseyoumayfeel4ArethereanydistractionsintheretailspacethattakeyouawayfromshoppingorwantingtobrowsethestoreThismayincludepeoplenoisedisplaysoranythingelse5WhatitemsifanylookoutofplaceinthestoreWhydoyouthinkthisis6WhatitemsstandoutthemostWhy7DoanyitemsstrikeyouasbeingoutofplacewithinthestoreassortmentPleaseexplain8ArethereanyitemsthatyoudonrsquotseeinthestoreassortmentbutbelievewouldmakesensetohavePleaseexplain9DothedisplaysengageyouasacustomerHowso
10WhatareasofthestoreappearmostaccommodatingforshoppingandenjoyingPleaseexplainwhyyouthinkthis11WhichareasofthestoredonotattractyoutothematallPleaseexplainwhyyouthinkthismaybe12DoesthestoreappearcleantoyouDoyouseeanyvisibledustorotherdirt13Forstoreswithpublicrestroomswhatimpressiondoestherestroomgiveofftoacustomerobservingit14Doesthecash-wrapareaprovidecustomerswithaplacetoresttheirpurseorsignareceiptandenjoytheircheckoutexperience15Dothewallsneedafreshcoatofpaint16AretherevisibleareasofthestorethatlookasiftheyneedsomeTLCorsomekindofrepairPleaseexplain17Doanystorefixturesoverpowertheinventoryorrestrictyouasacustomerfromshoppingandenjoyingthestoreexperience18DoesthestoresignageattractyourattentionWhyorwhynotIsiteasytoidentifywhatisonsalestorepoliciesspecialannouncementsandmore19Doesanyunstockedinventoryappeartobeonthesellingfloor20Whatisyourultimatefinalimpressionofthestore
OncecompletedreviewyourresponseswithanopenmindandidentifycommonresponsesamongallparticipantsWorktostrengthentheareasidentifiedasneedinghelppositioningyourselftobettersupportyourcustomersandyouroverallbusinesssuccess
PARTIII
MakingaMarkintheEconomy
9
MakingYourPresenceOnline
Makeyourproducteasiertobuythanyourcompetitionoryouwillfindyourcustomersbuyingfromthemnotyou
mdashMarkCuban(1958ndashpresent)DallasMavericksowner
businessmaninvestorONEOFthegreatestmisconceptionsaboutbrick-and-mortarindependentretailisthatitrsquosasolitaryendeavorSmall-businessownershavecountlessoptionsbeyondtheirstorewallsallowingthemtoconnectand
engagewithvendorsretailsupportersandcustomersalikeAmongtheseoptionsaree-commerceandsocialmedia
Ecommercehasgainedabadreputationamongindependentretailersbecauseofthesuccessofbig-boxplayerssuchasAmazonWalmartStaplesandothersAlthoughthisisunderstandableitdoesnrsquotmeanthate-commerceshouldbeignoredbyindependentretailersInfactitmeansthatitshouldbeembracedChoosingnottoengageine-commerceonlyeliminatestheadditionalrevenueandexposurethate-commercecanprovideInternetRetailerMagazinersquoseditorinchiefDonDavissharedhisthoughtsonthevalueofsellingonlineemphasizingaretailerrsquostotalreachofpotentialconsumers
Smallbrick-and-mortarretailerscanreachamuchbroaderaudienceonlinethantheycanintheirphysicalstorefrontsaloneWithaphysicalstoreyoucanonlyreachtheconsumerswithindrivingdistancewithanonlinestoreyoucanatleastreachacrossthecountryandwithalittleefforttheworldMostconsumersareshoppingonlineandabigmajorityofaffluentconsumerswiththemostdisposableincomeareincludedinthisaudienceWithoutane-commercesiteanindependentretailercanrsquotreachmillionsofconsumers1
HarleyFinkelsteinanentrepreneurattorneyandchiefplatformofficeratShopifycomagreeswithDavissharinghisbeliefthatmerchantsshouldnotdifferentiatebetweenofflineoronlinesalesbutinsteadlookatthemtogetherldquoInmyopinionthefutureofe-commercebelongstosmallbusinessesThisisthebiggestopportunityforretailerssincefarmerrsquosmarketsbeganhundredsofyearsagordquo2Finkelsteinexplains
EmbracingEcommerce
Expandingyourreachamongpotentialcustomersseemslikeano-brainerbutmanyretailersarestillhesitanttointroduceanonlinebusinessasasupplementtotheirbrick-and-mortarstoresFortunatelythehasslesandfrustrationsthatpreviouslyexistedwithmanagingonlineshopsareathingofthepastthankstocompaniessuchasShopifycomanonlinecompanycommittedtohelpingsmallbusinessescreatebeautifule-commercestoresthroughitseasy-to-implementwebsitetemplatesFoundedin2006ShopifyhasgrowntosupportovertensofthousandsofonlineretailersacrosstheworldThroughitsplatformuserscaneasilyandquicklycreatetheirownonlineshopswithouthavingtodealwithallthetechnicalworkinvolvedindevelopingacustomizedwebsiteEssentiallyShopifyeliminatesthehassleofrunninganonlinestoremdashsomethingbusystoreownerscanappreciatemdashyetdeliversanopportunityforbrick-and-mortarmerchantstoexpandtheirsalesandvisibilityonlineldquoPeoplesometimeshavethisperceptionthatsettingupanonlinestoreis
difficultandexpensivebutthatrsquosnotthecaserdquo3FinkelsteinexplainsInadditiontoFinkelsteinrsquosowntwocentswehaveexperiencedusingaShopify-basede-commercesitefirsthandonmorethanoneoccasionHavingbeenablenotonlytobuildawebsitethroughShopifybutalsotonavigateandshopShopify-managedwebsitesasaconsumerourcollectiveexperienceallowsustoconfidentlysupportShopifycomasournumberonechoicefore-commerce-basedwebsitetemplateoptionsAmongthevarietyofreasonswepreferShopifyisthatthecompanyoffersadiverserangeofoptionsthatcatertoalltypesofretailerswhilemakingtheuserexperiencefromboththeretailersrsquoandtheconsumersrsquoperspectiveseasyandmdashdarewesayitmdashenjoyableForexampleShopifyoffersanumberofe-commercepackagesthatfitany
retailerrsquosbudgetWithoptionsthatincludeattractivewebsitetemplatesproduct
imagesgiftcardsshopping-cartfeaturescarriershippingandmuchmoreretailerscanconfidentlymanageanonlinestorewithoutwonderingiftheyhavecoveredalltheirbasesAnotherperkofusingane-commercetemplatecompanysuchasShopifyisthatasyourbusinessgrowsandyouronlinesalesincreaseyoucancomfortablyexpandyoure-commercesupportviaShopifywithjustafewsimpleclicksOneexampleofaretailerthatdidjustthatisBeardbrandwhosewebsiteisBeardbrandcomBeardbrandamodernretailerthatsellsgroomingkitsbeardcareandother
lifestyleproductsformenfirstcreatedaShopify-basedstoreinearly2013FounderEricBandholzhadbeenbloggingaboutbeardsforawhilesoheknewafewthingsaboutbeingvisibleonlineThissaidhedidnrsquotknoweverythingheneededtostartandmanageane-commercebusinessThisiswhereShopifycomenteredthepictureDespitehavingonlythreeproductsandnoestablishedsalesBeardbrandfoundinstantsuccessandwasevenfeaturedintheNewYorkTimesmdashanimpressiveaccomplishmentforaretailerthatonlyayearpriorhadnoe-commercebusinessSincethenBeardbrandcomhasexpandeditslineandnowgeneratesupto$60000monthlymdashanumberthatcontinuestoincreaseAnotheronlinesuccessstoryfromaverydifferentnicheretailmarketisthat
ofFringeSportaTexas-basedretailerthatcaterstotheat-homegymenthusiastBrothersPeterandAlexKellerfoundedFringeSportin2010andwithinthefirstyearthecompanybroughtin$100000throughitsonlineShopify-basedstoreBy2012theKellerbrothershadintroducedadditionalbrick-and-mortarlocationsaswellasawholesaleprogramcollectivelygenerating$1millioninrevenuein2012aloneIn2013thatnumbergrewto$3millionOfthat$3million60percentcamefromtheonlinestore
RETAILTIPOneofthemanyperksofusingatemplate-basede-commercewebsiteis
thatitmakeswebsitemanagementeasyandaccessibleformerchantstouseAnexampleofthiscanbefoundbelowinascreenshotfromShopifycomwhereyoucaneasilyidentifywhenorderswerereceivedonlineandhowmucheachorderwasforInadditiontoidentifyingdailysummariesofonlinesalesShopifycomidentifiesweeklymonthlyandtotalsalesmadethroughouteachyearCollectivelytheirextensivereportingande-commercemanagementhelpretailersidentifysalestrendsmissed
opportunitiesandmore
HavinganichemarketcertainlyhelpsretailersBeardbrandandFringeSportstandoutinthemarketplacebutanotherkeyfactortorecognizehereisthedesignandaestheticsoftheironlinestoresBothstoresareeasytonavigateallowingcustomersfromanypartoftheworldtoshoptheirweb-basedstoreswitheaseSupportingyourcustomerswithawell-thought-outeasy-to-navigatewebsiteisnodifferentthansupportingyourcustomerswithawell-thought-outeasy-to-navigatephysicalstorefrontBotharecriticalinkeepingyourcustomersrsquoattentionbuttheyvarytremendouslyinthetricksandtipsnecessarytoaccomplishthisgoalUnlikerunningyourownbrick-and-mortarstoremanagingane-commerceshopdoesnrsquottakeasmuchtimetosetupmanageormerchandisemdashallowingyoutonearlyeffortlesslyintroducethistoyoursalesstrategyparticularlyifyoualreadyhaveanexistingbrick-and-mortarstorewithstockreadytosellThekeyhereasalreadymentionedisusingatemplate-basede-commercewebsitesuchasShopifycomversustakingthetimetocreateyourownwebstorefromscratchNotonlywillthissaveyoutimebutyouwill
alsolikelysavemoneywhenpositioningyourselfonlineinthiswayWhetheryoucurrentlyhaveanonlinestoreplantointroduceyourfirstone
soonorarestillupintheairastowhetherornotyouwanttobringyourbusinessonlinethefollowing10tipsshouldbeconsideredwhenbuildingyourwebpresence
1FocusonwhatrsquosuniquetoyouAsInternetRetailerMagazinersquoseditorinchiefDonDavissharesldquoThereisnopointintryingtocompeteinsellingstandardpapertowelsorsockswithAmazoncomorWalmartcomTheyrsquollkillyouinpriceInsteadfocusonsomethingmoreunusualsuchasaselectionofcrochetingwoollocalhandcrafteditemsoradeepselectionofoliveoiltocaptureabuyingmarketforyourgoodsonlinerdquo6
EXPERTSPOTLIGHTAccordingtoBoutiqueWindowcofounderCourtneyRodgershavingan
onlinepresenceasaretailerisnolongeroptionalldquoDoingapoorjobofrepresentingyourstoreonlinereflectsnegativelyon
yourstorersquosbrandKeepingyourwebsiteandsocialmediaprofilesuptodateshouldbeworkedintoyourregularbusinessscheduleMakesureyoursquorepostingnewmerchandisetoyourwebsiteasitarrivesandsticktoaconsistentsocialmediascheduleaswellrdquo4Rodgerrsquosadvicetomakeyouronlinepresenceapriorityisnrsquotsharedby
heropinionaloneldquoForresterResearchestimatesthatin2014505ofin-storeretailsales
willbeinfluencedbyonlineresearchCommunicatingwhatiscurrentlyinyourstoreisthebestwaytoattractnewcustomersandturnexistingcustomersintorepeatloyalshoppersBeingonlinewillhelpyoudothisrdquo5Rodgersexplains
2CreatestrongproductdescriptionsUnlikeaphysicalstorefrontthathasasalespersonavailabletoanswercustomerquestionsorshareproductinformationanonlinestoreneedstospeakforitselfMakesurethatyouronlinewrittencommunicationisdetailedandeasyto
understandallowingyouronlinecustomerstogainasmuchinformationaboutyourproductsaspossibleFurthermoreyoushouldaimtoprovideengaginginformationtocomplementthegreatproductdetailsyouaresharingKeepingyouraudienceintriguedwillaffectyourcustomerengagementsochoosingtherightwordsiscriticalwhensellingontheweb3UsecrispclearimagesoftheproductsyousellonlineWhileyourproductdescriptionsneedtobestrongyoudonotwanttoneglectyourproductpictureseitherWithoutcustomersbeingabletotouchholdsmelltasteorotherwiseengagewiththeproductstheyareinterestedinyourproductimagesmustreallystandoutandcaptureyourcustomersrsquoattentionDependingontheproductyouaresellingmultipleimagesperproductmaybenecessarytoreallyallowyourcustomerstofeelasiftheyhaveasolidunderstandingofwhatthatproducttrulylookslikeIftakingpicturesisnotyourexpertisebesuretorequestproductimagesfromyourvendorsandalsoconsideranoutsidecompanysuchasBuyersPacketcomwhichoffersastudioeffectservicethatcantakeanypictureandmakeitappeartohavebeenprofessionallyphotographedYoualsoshouldaimtohavehigh-resolutionimagesonyourwebsiteaswell4BeconsistentinyourproductlayoutWithbothyourproductdescriptionsandimagestobeconsideredhereyouwanttohaveaconsistentlayoutforyourentireonlineinventoryInotherwordsdonotgiveexpandeddetailsononeitemandwriteabriefoverviewonanotherorshowacrispclearpictureofoneproductandthenablurrylow-resolutionimageofanotherCustomerswanttheirentireonlineshoppingexperiencetobegreatmdashnotjustsomeofitConsistencyiskeyinachievingthis5IdentifyyourshoppingcartoptionatalltimesWhensellingonlineashoppingcartisreferredtoastheplaceinwhichproductslandonceacustomeridentifiesthemassomethingtheywouldliketopurchaseHavingthisshoppingcartvisiblewithaniconallowsyourcustomerstocheckitemsintheircartsandeasilycheckoutwhentheyarereadyComplicatingthesetwocriticalstepsbymakingyourcustomerssearchforthispartofyourwebsitewillonlydecreaseyourchanceofcapturingtheirsales6DisplaycompanycontactinformationanaboutuspageandotherhighlighteddetailsBynowhopefullyyoursquoverealizedthataneasy-
to-seeandeasy-to-navigatewebsiteiskeytosuccessfullysellingonlineThisalsoholdstrueforanyotherdetailsacustomermaywanttogainfromyourwebsiteincludingcompanycontactdetailsdealsandpromotionsanaboutuspageandmoreWhilesharingthesedetailsmaynotseemlikeabigdealwhatyouarereallydoinghereisgainingtrustfromyourcustomerConsumersonlinewanttofeelsecurewhenshoppingandofferingthemeasy-to-accessdetailsaboutyourcompanycanhelpyouachievethis7OffermultiplepaymentoptionsThelastthinganonlinemerchantwantstoseehappenisgettingabunchofshoppingcartsfilledtopurchaseonlytohavethembecomeabandonedAmongthereasonsthismayhappenisbecauseacustomerdoesnotlikethepaymentoptionsavailableonlineWhenidentifyingwhatchoicesyouwantyourcustomerstohaveinmakinganonlinepurchasevarietyiskeyHavingmultiplepaymentoptionsensuresthatyoumeetmultiplecustomerpreferencessavingyouyetanotherhassleoftryingtoidentifywhatisbestIncludingPayPalandmultiplecreditcardoptionsistypicallymostpreferredbycustomers8Leanone-commercespecificresourcestohelpyoumanageyourbusinessTheannualInternetRetailerConferenceandExhibition(IRCE)offers200+speakersoverafour-dayperiodattracting600ormoree-commercetechnologyandservicevendorstogetherinoneplaceAsDavistellsusldquoWhateveryouneedtosellonlineyoucanlearnaboutitandfindtherightprovidersforyourgoalsatIRCErdquo7ThisisagreateventtoconsiderattendingalthoughyoualsocanstayinthecomfortofyourstoreandvisitInternetRetailercomforfreetrustede-commercesupportaswellasrefertoShopifycomrsquosEcommerceUniversityandgloballyrecognizedblogforadditionale-commercenewseducationandsupportaswell9AvoidchargingforshippingwheneverpossibleWecertainlyunderstandthatthisisnotalwaysthecasebutifyoucanfactorinoccasionalfreeshippingopportunitiesoreliminateshippingcostsaltogetheryouwillbemorelikelytoincreaseyouronlinesalesOnewaytoincorporatethisintoyoursalesstrategyistoeliminateofferingproductdiscountssuchas15percentoffandinsteadapplythesesavingstoyourshippingCustomersnowadaysarebecomingincreasinglymoredependentonfreeshippingthankstoourbig-boxcompetitorssoyouwanttoacknowledgethisrealityheadonrather
thanavoiditWhenshippingcostsarenecessarymakesurethatyouofferthemosteconomicaloptionspossible
10KeepyourcustomerstopofmindineverydecisionyoumakeAreyoutryingtoattractGenerationYconsumersornear-retirementfolksWhomeveryouraudienceneverlosesightofthemasyouasdevelopyouronlinestoreIfyourpreferredcustomersaremoreGenerationYthanbabyboomersconsiderintroducingvideosonyourwebsiteBeproactiveinknowingwhoyourcustomersareandcateringtotheiruniqueonlinepreferencesthereforebettersupportingtheirshoppingexperiencesThisreallyisnrsquotthatmuchdifferentfromchoosingtocreateonedisplayinyourphysicalstoreversusanotherdevelopingitwithauniqueaudienceinmindAndtruetoeverydecisionyoumakeregardingyouronlinestorealwaysmakesurethatusernavigationfromaconsumerrsquosperspectiveiseasyandsecure
WithonlinespendingprojectedbyForresterResearchInctoreach$370billiongloballyby20178itrsquoshardtoignorethevalueofsellingonlineWhetheryouarebasedinruralOklahomaorthebustlingstreetsofBrooklynyouronlinestorehasthepotentialtohaveaglobalaudienceHowyoucapturethisaudiencedependsonyouronlinemarketingeffortshoweverAmongthevariouswaysinwhichyoucandothisissocialmediaHavingbeenaroundsince1994socialmedianolongerconstituteanewtrendthatretailersshouldbeawareofInsteadsocialmediashouldberecognizedasestablishedinteractiveexperiencesthatallowmerchantstoexchangeinformationwithinvirtualcommunitiesandnetworksmdashreachingbothcurrentandpotentialcustomers
SocialMediainTodayrsquosRetailMarketplace
OvertheyearstherehasbeenanongoingdebateastohowsocialmediadelivervaluetosmallbusinessesMuchhasbeensaidaboutthelackofmeasureableresultsgeneratedbysocialmediaspecificallyintheindependentarenaAccordingtoldquo2013SocialMedia300RankingE-RetailrsquosLeadersinSocialMediaMarketingandCommercerdquofromInternetRetailerMagazine9howeverrefutingthisclaimreliesheavilyonprovingthatsmallbusinessescaninfactfindsuccessandgeneratesalesusingsocialmediaaspartoftheir
strategiesLeadersonthelistincludePetflowcomFabcomandCoastalcommdashwithretailgiantssuchasWalmartTargetandBestBuynotevenmakingthetop100
EXPERTSPOTLIGHTInadditiontohavingyourownwebsitemanyindependentretailershave
foundsuccessexpandingtheirproductassortmentonwebsitesthatincludeAmazoncomeBayandSearscomThesesiteshaveuniquesellingplatformsthatcollectivelygeneratemillionsofwebvisitorseachdayWiththisinminditmaymakesensetoalsoexpandyouronlinepresencetoincorporatetheseonlineavenuesSkipMcGrathisaprofessionaleBayandAmazonsellerwhoiswidely
recognizedasanindustryexpertinsellingonbothofthesewebsitesBelowheshareshisinsightonhowindependentretailerscanbenefitfromapplyingtheirsalesstrategytoincludesellingonAmazoneBayandSearsldquoItusedtobeastorecouldopenawebsiteandgettrafficbuttheworld
ofGooglehaschangedandtodayitisverydifficultforasmallshoppingsitetogetanytractionwithsearchenginesHoweveronlinesellingsitessuchasAmazoneBayandSearscomalreadyhavetrafficcomprisedofcustomerslookingforthingstobuyAddingoneormoreoftheseavenuescanhaveanimmediateeffectonaretailerrsquossalesAsyoulooktogetstartedinexploringtheseavenuesyoushould
considerthefollowingTostarteBayusedtobekingofthemountainwhenitcametosmallsellerslookingforawaytoexpandonlineButeBayhaschangedandisnolongeraswelcomingtosmallersellerseBayisstilltheplacetosellusedandvintagegoodsbutAmazonhasgrabbedmarketsharewhenitcomestonewmerchandiseAndAmazonwelcomesnewsellersandgivesthemgreatsupportSearshasalsoenteredthegameandisexpandingrapidlyButAmazonisstillthebestplacetostartOnemorethingtothinkaboutisthepotentialfornewcustomersyoucan
gainthroughthesesellingavenuesIfyouhaveastoreinasmalltownorashoppingmallyouareexposedtothousandsofpotentialcustomersbutwhenyouexpandonlineitslikehavingastoreinacitywithapopulationofahundredmillionormorerdquo11McGrathsharesadditionalinsightonsellingoneBayAmazonandSears
onhiswebsitewwwSkipMcGrathcom
ldquoPetFlowcombringsin30percentofitstotalsitetrafficandoverallrevenuefromsocialnetworksmdashmostlyasaresultofalaser-likefocusonbuildingandmaintainingaloyalFacebookfanbaseandregularpoststhatspeaktotheirfollowersrsquoinnerpetloverrdquotheguideidentified10AlsoitstatedthatFabcomreceived25percentofitswebsitetrafficfromsocialnetworksmeaningthataquarterofallitsonlinevisitorsareadirectresultofsocialmediaengagementAthoughtheseonlinestoresarenotyourtraditionalMainStreetmerchants
theirsuccesswasfoundstrictlyusingtheInternetastheirsellingplatformEvenifyouneverstrivetohavemoreonlinesalesthanofflinerecognizingthevalueofblendingbothstrategiestoincreaseyourtotalsalesisagoodgoaltoaimforThatsaiddonrsquotbesurprisedifyourhardworkdeliversstrongersalesonlinethanoffAfterallyourreachofconsumersismuchgreateronthewebthanviaanystorefronteverandthiscanonlystrengthenwiththehelpofsocialmediaUsingsocialmediatoincreaseyouronlinesalescertainlymakessensebut
Massachusetts-basedretailstoreJennyBostonafive-locationboutiquesellingpursesaccessoriesandotherwomenrsquosfashionapparelintheBostonsuburbsalsofindsthatsocialmediahelptobringfoottrafficintotheirstoresJennyBostonco-ownersJenniferDeMariaandKristinMaynardbegan
postingandsellingitemsonFacebookinOctober2012Sincethennotonlyhavetheironlinesalesexceededthoseoftheiractualphysicalstoresbuttheyrsquoveincreasedtheirin-storefoottrafficasaresultofpeoplepickinguptheiritemspurchasedonlineandoftenmakingafewmorepurchasesonceintheboutiquesThistypeofchainreactionthatbeginsonasocialmediasitesuchasFacebookmdashwhichhas15billionplususersandgrowingmdashisproofthatsellingonlineusingsocialmediaandhavingaphysicalstorefronttrulygohandinhand
AlthoughaimingtogainstoreattentionandsalesshouldalwaysbeyourgoalitrsquoseasyforindependentretailerstofeelasiftheycanrsquotdoitallYourto-dolistsarelongandaddingyetanotherresponsibilitytoyourplateoftencanseemoverwhelmingldquoStudyafterstudyhasshownthatsmallbusinessesbelieveinthepowerof
socialmediabutdonrsquotparticipateactivelyfortworeasonsThisincludesnot
havingtimeandnotknowingwhattosayrdquoexplainschiefoperatingofficerSuzyTeeleofSnapRetailcom12SnapRetailanonlinemarketingcompanythatprovidesmarketingsolutions
specificallyforindependentretailersdemonstratesthatautomatedmarketingsolutionscanhelpbusyretailerstoactivelyparticipateinsocialmediawhilesavingtimeanddeliveringprewrittencontentTeelecontinues
SelectingamarketingautomationsolutionthatprovidesprewrittencontentcandelivereasewhilebeingeffectiveforretailersWhenaretailerhasinterestingcleverormeaningfulsocialmediapostsattheirfingertipsandcanbrowseandscheduleamonthrsquosworthormoreatatimetheanxietyaboutsocialmediagoesawayandtheretailersuccessfullyengageswiththeircustomersinstead13
UsingstrongengagingcontentonyoursocialmediapostsisanimportantpieceofthesocialmediapuzzleMoreimportantisgettingengagedinsocialmediatobeginwithWithoutparticipatinginthesekeyconsumervirtualcommunitiesyouaremissingoutonopportunitiestocommunicatewithyourcustomerswhilealsowillinglyallowingyourcompetitiontogainmoreattentionandultimatelysalesthatcouldbeyoursEdClearypublisherofthewebsiteRetailTouchPointsbelievesthat
independentretailersshouldnotneglectsocialmediamdashnomatterhowbusyorstretchedfortimetheythinktheymaybeClearysays
RETAILTIPSnapRetailoffersprewrittensocialmediapostsforretailerstochoose
fromofferingquicktimelyandeffectivesocialmediapostsforthemtoengagetheircustomerswithSnapRetailalsooffersimagestoaccommodateyourpostsincreasingyouruserexperienceandsocialmediasuccessBelowisanexampleofwhatSnapRetailrsquossocialmediagallerylooks
likeKeepinmindthatwhenvisibleonlineandincolorthisuserpagebecomesclearerandeasiertonavigate
IndependentretailershavegreatopportunitiestosharewhatisgoingonintheirstoresbothonlineandviasocialmediaIseewaytoomanysmallretailersthathavefantasticin-storeexperiencesbutyouwouldneverknowthatunlessyouarephysicallyintheirstoresDevelopinganonlinecommunicationplanincludingane-mailmarketinglistandusingsocialmediaallowsretailerstosharetheirstoriespersonalmessagesproductnewsandmoreonaconsistentbasisConsistencyiskeyhereallowingstorestoremaintopofmindfortheircustomers14
EchoingClearyonthispointareRichKizerandGeorganneBenderinternationallyrecognizedretailexpertsandkeynotespeakerswhospendtheirdaysresearchingbestpracticesforretailersMoreoverKizerandBenderemphasizethevalueofreachingyourtargetaudiencewithanauthenticvoice
HerersquosthethingaboutsocialmediaitrsquosfreetousebutitrequiresaninvestmentoftimewhichcanoftentranslatetomoneymdashafteralltimeismoneyWersquovealwaysconsideredsocialmedianodifferentthananonlinepartythatrequiresconstantattentionfromyouthestoreownerorstoreteamwhichtranslatestothestorersquospersonalityitselfYouneedtoengagedailyonsocialmediaandnotneglectyourpartygoersakacustomersWhilethereareallsortsofcompaniesandappsthatofferyoutheabilitytopreplanpostsandcommunicateviasocialmediawithyourcustomersthereisnothinglikedoingityourselfYourfansandfollowerswanttocommunicatewithyou15
AkeytakeawayfromKizerandBenderrsquosthoughtsonsocialmediaistoalwaysreactrespondandreplytoanysocialmediacommentspostsquestionsorotheractivitysharedwithyouoryourstoreviasocialmediaKizerandBendersuggestsettingasidehalfanhouradaytocheckyoursocialmediasitesallowingyoutodothefollowing
1ListenReadwhatrsquosbeingsaid2InteractRespondtocomments3ReactAnswerquestionsandrespondtocomplaints4SellYoucanpushmerchandiseabouteveryfifthpostRememberitssocialmedianotacataloglistingofwhatyousell16
InadditiontoKizerandBenderrsquostipsonbeingengagedonsocialmediaSnapRetailbelievesinaruleithastaglinedasthe70-20-10ruleThisindicatesthat70percentofyoursocialmediaexperienceshouldbeengagingcontent(egfunfactsexpertadvicequestions)20percentshouldbesharedcontent(egothercustomerspartnerstoresvendorinformationetc)and10percentshouldberelatedtotheproductssalesorotherinformationaboutyourstoreAsSnapRetailrsquosSuzyTeeletellsmeldquoThisistherightbalancetobuildastrongresponsivefollowingrdquo17
PartoffindingtherightbalancealsomeansidentifyingwhichsocialmediachannelsmakethemostsenseforyouraudienceFacebookandPinteresttendtogeneratethemostlinkbacksthatleadtoconsumerpurchaseswithTwitterInstagramandGoogle+alsousedtoengageyourtargetconsumeraudienceRememberthatdespitethisdiverserangeofsocialmediaoptionsthereistrustedsupportforthosewhosimplydonrsquothavethetimetomanagethemeffectively
SnapRetailcomandBoutiqueWindowcomarebothcompaniestoconsiderwithcountlessappsalsoavailabletohelpyoumanageyoursocialmediacommunication
EXPERTSPOTLIGHTSocialmediaoffersawayforretailerslargeorsmalltoconnectwith
customersonadailybasisAmongthetopsocialmediasitesforretailerstodothisisFacebookwherefrequentusersarereportedlyloggingontotheiraccountsasmanyas10timesperdayBoutiqueWindowisamarketingplatformdesigneduniquelyfor
independentretailerstoshareproductimagesandmoreviasocialmediaCofounderEllaWirtzencouragesretailerstoincorporateFacebookintomarketingstrategiesasawaytostayengagedwithcustomerswhilealsopushingsellingopportunitiesldquoFacebookistheperfectplatformtosharepicturesofnewproduct
arrivalslast-minutesalesspecialeventsstorepromotionsandmoreFurthermorekeepyourFacebookupdatesfreshbysharinginterestingadviceproducttipsandseasonalrecommendationsalongwiththeproductimagesyoupostYourpicturesarekeyhoweverThisiswhatwillgetyourcustomersmostexcitedrdquo18
Finallyinthespiritofreachingthousandsandaimingtoincreaseyoursalesbythousandswersquoveidentifiedatop10listofresourcestohelpyouinyouronlinesalesandsocialmediainitiativesPleasenotethattherecommendedresourcesarelistedalphabetically
1BoutiqueWindowBoutiqueWindowcomShowcasemerchandiseonFacebookTwitterPinterestandyourwebsitethroughBoutiqueWindowrsquosphotoeditingtoolsandonlinepublishingcapabilitiesThissavvyonlinemarketingcompanywascreatedentirelyforindependentmerchantshelpingyoureachmorecustomersgainmoresalesandincreasestorevisibility2DoItInPersonDoItInPersoncomThisonlineeventplatformallowsretailersandotherbusinessestomanageandpromotetheir
eventsinoneconvenientplace3InternetRetailerMagazineInternetRetailercomThisdigitalandprintpublicationproducesaflagshipmagazineaswellasfourannualresearchguidesspecificallyonthesubjectofsellingonlineLeanontheirfreeonlineblogforadditionalnewspertainingtoe-commercesocialmediamobilemarketingandmore4RetailTouchPointsRetailTouchPointscomGaintimelyarticlesonretainingcustomersinthediverseworldofmultitouchretailingfromthisfreesubscription-basedresourceRetailTouchPointsisdesignedforretailexecutivesbutsharesvaluablereportsandindustrynewssothatretailerssmallandlargecanlearnmore5ShipwireShipwirecomIfstoragebecomesanissueandyouroneormorestorefrontsoutgrowyouronlinesellinginventoryShipwirecansupportyouinstoringyourproductprovidingfastandreliableshippingmanagingyourdistributionsanddeliveriesandmuchmuchmoreTheirultimategoalistohelpyousavetimecostandcomplexitymdashwhichanyindependentretailerknowsisagoodgoaltohave6ShopifyShopifycomThankstoe-commercetemplateoptionsretailerscanintroduceanonlinestoreinseveneasyhassle-freestepsfromShopifyInadditionthecompanyrsquosblogandEcommerceUniversityshareatremendousamountofvaluableinformationandnewsaboutsellingonlineandengaginginsocialmediathatallretailerscanlearnfrom7SnapRetailSnapRetailcomCommunicatewithyourcustomerswithautomatedprewrittensocialmediae-mailmarketingandgeneralstorecommunicationscontentInadditiongainaccesstocountlessimagesandotherpromotionalmaterialsprovidedbySnapRetailspecificallyforindependentretailersSnapRetailalsooffersitsusersamanagementcalendartotrackstoreeventsonlinepromotionse-mailblastssocialmediaupdatesandmore8SoldsieSoldsiecomSoldsieallowsretailerstobringtheirwebstorestoFacebookItrsquoseasytousefunforcustomerstoengageandhelpstoturnsocialmediacommunicationintosalesAlthoughthereareotheroptionstoconsiderincludingBeetailercomSoldsieisaretailerfavorite9VineVinecomThisTwitter-ownedmobileappreached40million
usersinAugust2013andcontinuestogroweverydayUsedtoincorporatevideosintoyouronlinemessagingVineallowscustomersandretailersaliketoengageviavideowiththeopportunitytoshareabehind-the-sceneslookatyourstoreofferproducthow-tosshareindustryupdatesandmoreEssentiallyitbringsyourpersonalityaliveandallowsyourcustomerstobecomeevenmoreconnectedtoyourbrandandyourbusinessItrsquosalsoagreatwaytochallengeyourcustomersviacontestsonlinetosharetheirownvideoswithyou
10WishpondWishpondcomWishpondisanappthatmakesiteasytorunagroupofferorsocialmediacontesttodrivesalesandtraffictoyourwebsiteorstorewithcouponsandotherspecialoffersviaFacebookTwitterPinterestyourwebsiteandmobiledevicesSeventy-thousandplusbusinessesusethiswithtrustandtheirsupportisconstantlyevolvingwithretailersinmind
Engagingonlineaspartofyourbrick-and-mortarstrategyisavitalpartinbothreachingandkeepingtodayrsquosconsumersmdashwhetheronlineorinyourphysicalstorefront
Althoughincorporatinganonlinepresenceintoyourbusinessisvitalintodayrsquosmodernmarketplaceitrsquosalsoimportanttotakepartinbuy-localandshop-independentinitiativesInChapter10wersquolldiscussthisinmoredetailandidentifywaysinwhichyoucanincorporatethispracticeintoyourbusinessandcommunity
ActionGuide
CreatinganonlinestoreandusingsocialmediatohelppromoteitcanaddvalueandvisibilitytoyourbusinessAnotherwaytoincreaseyouroddsofgainingmoreawarenessonlineisthroughcontentmarketingContentmarketingisintendedtoattractandkeepcustomerattentionthough
theuseofwordsmdashcontentmdashappliedtoyourproductdescriptionscompanyprofilemarketingstrategiesandallotherwrittencommunicationsEssentially
profilemarketingstrategiesandallotherwrittencommunicationsEssentiallycontentmarketingsupportsbusinessesintheirsaleandbrandidentitycreatinganavenueofcommunicationinwhichcustomersengageAlsocontentmarketingoverlapsintohowonlinesearchenginessuchasGooglerankyourwebsiteinonlinesearchesCollectivelythesereasonsofferretailersavaluableexcusetomakecontentmarketingapriorityfortheirbusinessesUsingthefollowingproductdescriptionasanexamplecreateyourown
productdescriptionsfornolessthanfiveproductscurrentlybeingsoldinyourstoreWhetheryouhaveanonlinebusinessornotidentifyingasavvypreciseandengagingwaytocommunicatedetailsaboutyourproductscanhelpyoutostandoutamongothermerchantsandintheeyesofconsumers
ExampleProductdescriptionforclassicwhiteladiescrew-neckT-shirtDescription100percentcottonside-seamedandcap-sleevedT-shirtwithacontouredfitthatshapesthenaturalcurvesofawomanrsquosbodypositioningaboutfourinchesbelowthewaistline
PriortoidentifyingyourproductdescriptionsascompletehaveatleastthreeotherpeoplereviewthemShowthemthedescriptionswithoutpicturestocomplementthemthenshowthemtheproductpicturesoractualproductonlyaftertheyhavereadthedescriptionUsingthisasatestforyourcontentmarketinghaveyoursubjectsidentifywhetheryourproductdescriptionsaccuratelydescribetheactualimagesyoushowthem
10
TakingPartinShop-LocalInitiatives
HoweverbeautifulthestrategyyoushouldoccasionallylookattheresultsmdashWinstonChurchill(1874ndash1965)
formerPrimeMinisterofUnitedKingdomREMEMBERTHATAstoriaNewYorkretailerwementionedearlierinthisbookWellMackenziFarqueraretailstoreownerforoversevenyearssuggeststhatbeingavisiblememberofyourlocalcommunityiskeytostayingrelevantandprofitableinacrowdedmarketplace
MynumberoneruleforsurvivalistostayvisiblewithinyourcommunityByembeddingyourselfinthefabricofyourlocalmarketplaceyouhelptomakecustomersfeelresponsibleforyoursuccessorfailureFurthermoreitrsquosimportanttodowhatbig-boxstoreseitherdonotorcannotdosuchasprovidingfreedeliveryonselectpurchasesacceptingeverycreditcardhavingnocreditcardminimumsandgoingtogreatlengthstodelivermemorablestrongcustomerservice1
AsaseasonedstoreownerFarquerrsquosinsightissomethingtobeconsideredOnewaytobecomeengrainedinyourlocalmarketplaceistoparticipateinabuy-localcampaign
UnderstandingBuy-LocalCampaigns
Buy-localcampaignsaredefinedbytheAmericanIndependentBusinessAlliance(AMIBA)asorganizedcampaignsthatengagelocalcitizensandbusinessestoshifttheirspendinghabitstobenefitindependentbusinessowners
businessestoshifttheirspendinghabitstobenefitindependentbusinessownersJeffMilchencodirectorofAMIBAexplainsthatcommunitiesand
independentbusinessownerscangainsalessupportandattentionbyintroducingabuy-localcampaignintheircommunities
Whenproperlystructuredandsustainedovertimebygrassrootsorganizationsbuy-localcampaignsaremakingabigimpactinshiftingcultureandspendinghabitsForexampleinaJanuary2013surveybytheInstituteforLocalSelf-Relianceindependentbusinessesincommunitieswithcampaignsbysuchgroupsreportedanaverageannualrevenueincreaseof86percentcomparedwith34percentamongindependentsinothercommunitiesThiswasthefifthstraightyeartheirannualsurveyshowedsuchadifferentialWhiletheydonrsquotprovecauseandeffectthesesurveysareamongseveralstrongpiecesofevidencethatbuy-localcampaignstrulymakeanimpactforindependentbusinessowners2
MoreoverMilchenpointsoutthatthesesurveysonlycountcampaignsthatdefinelocalaslocalownershipandindependentlyownedHecontinues
Thecountlessldquobuy-localrdquocampaignsstartedbymunicipalitiesorgroupsunwillingtodistinguishbetweenlocalownershipandmerephysicallocationalmostuniversallyfadeawaywithoutmakinganimpact3
Usingthefigureinthefollowingsidebaryoushouldbeabletoidentifyyear-to-yearsalesincreasesamongindependentbusinesseswhoactivelyengagedinbuy-localcampaignsrunbyindependentbusinessalliancessuchasAMIBAWithsalessuccessaclearadvantageofincorporatingabuy-localcampaign
intoyourowncommunitythequestionremainshowyoucandosoeffectivelyMilchensaysthatbeingclearinyourcommunicationsandgoalsiscriticalinyourplanningefforts
Beclearineverycommunicationthatyouplanwhendevelopingabuy-localandindependentshoppingcampaignItonlytakesonepersoninameetingwiththeideaofacampaignthatincludesldquoshopyourlocalWalmartrdquotodogreatharmBesuretoemphasizelocallyowned
independentbusinessesinyourmessagingWhiledirectlycritiquingchainsorabsentee-ownedbusinessesisnotessentialyouraudienceshouldunderstandthatyouintendlocaltomeanlocalownershipandcontrolnotmerelylocation4
RETAILTIPTheAmericanIndependentBusinessAlliancealsorecognizedas
AMIBAhelpsretailersandcommunitiescreateandmanageldquobuylocalrdquoandldquobuyindependentrdquocampaignsBelowyoucanseehowsaleswereimpactedamongindependentbusinesseswhoparticipatedinthesetypesofcampaignsfrom2010through2012
Fortunatelyforbusyretailersandcommunityleaderslookingtointroduceabuy-localcampaignintotheircommunitiesavastrangeofhelpisavailableAmongthefirststepsyoushouldtakeistocontactAMIBAtoseeifanyoneelseinyourcommunityhasalreadyinquiredaboutanorganizedbuy-localcampaignBeinglinkedtothispersonorgroupofpeoplecanhelpyouinorganizingalike-
mindedgroupofindividualstoworktogetherwiththesamegoalofsupportingindependentbusinessesinmindNextobtainafreecopyofAMIBArsquosldquoGuidetoCreatingaBuy-Local
Campaignrdquowhichdelivershow-tostepsongettingstartedorganizingpartnershipsleveraginglocalrelationshipssharingyourmessageandmoreTheguideavailableinbothprintanddigitalformatscanbeobtainedathttpwwwamibanetaboutprimer-formThis12-pageoverviewofkick-startingabuy-localcampaigncontainsdetailsoncreatingyourowncommunitylogoideastogeneratemediasupportandinsightsintoincorporatingyourbuy-localcampaignasanonprofitwiththegoalofbecominga501c6organization(anInternalRevenueServicedesignation)AMIBAalsocansupportyouwithfreeguidancethrougheverystepofthewaytoensurethatyounotonlysavetimebutalsoavoidunnecessaryexpensesMilchenencouragespeopleinterestedinstartingtheirownbuy-local
campaignstotakefulladvantageofwhatisreadilyavailablealreadyldquoDonrsquotwastetimeandmoneyreinventingthewheelrdquo5heexplainsWithatrustedresourcesuchasAMIBAhavingspent12+yearsgatheringandrefiningbestpracticesmaterialsandtoolsavailabletocommunitiesandindependentbusinessownersitmakessensetosavesometimebyleaningonAMIBAforhelpinachievingyourbuy-localgoalsInadditiontoAMIBAotherresourcesareavailabletoyoutohelpyoucreate
abuy-localandbuy-independentcampaignAmongthemistheBusinessAllianceforLocalLivingEconomies(BALLE)whichisfocusedoncreatingprosperitybyconnectingleadersandsolutionsinlocaleconomiesAmongthebenefitsthatBALLEoffersforretailersandtheircommunity
leadersaretheBALLEcalculatorsThroughthesecalculatorsyouareabletoidentifyhowself-reliantyourtownisinfoodwhatmissingopportunitiesmayexistforjobcreationandwhereyoucanfindthenearestbankorcreditunionAlthoughtheanswerstothesequestionsmaycomequicklytoyouthecollectiveanalysisofthesequestionsandcountlessotherscanhelpretailersandcommunitiesidentifyweaknessesstrengthsandopportunitiesAsBALLEexplainsldquoCalculatingmissedopportunitiesforrevenueandjobcreationisinvaluableforlivingeconomicdevelopmentrdquo6ForretailersinparticularthisincludesprovidingabettersenseofopportunitiesforexpansionandunderstandingthemoreprofitablemarketsinyourlocalcommunityCombiningtheeffortsofAMIBAandBALLEasofficialpartnersShiftYour
ShoppingisonemorewaytogetinvolvedinsharingthemessageofshoppinglocalwithyourcommunityMorethan160organizationshaveunitedalreadyto
encourageconsumerstoshifttheirshoppingfrombig-boxtoindependentretailersaconsiderableaccomplishmentfromthisgrassrootscampaignThecollectiveeffortsofBALLEandAMIBAandmorethan160localorganizationsthattogetherequalmorethan38000localbusinessessupporttheShiftYourShoppingcampaignThiscampaignencouragescustomerstobuyfromlocallyownedbusinessesmdashincludingrestaurantsservice-basedretailerssuchasdrycleanerschiropracticofficesandbrick-and-mortarmerchantsItrsquostheirbeliefthatldquoasinglemerchanthastheabilitytoshiftattitudesorconsumerspendingButbybuildingstrengthinnumberswecancreatebroadsupportforindependentbusinessesandadvocatefortheirinterestsrdquo7
FindingSuccessThroughSmall-BusinessSaturday
Inadditiontosupportingconsistentbuy-localandotherindependentbusinesscampaignstheincreasinglypopularSmallBusinessSaturdaycampaignthatwasfoundedin2010byAmericanExpressissomethingallretailersshouldembracemdashwhethertheyacceptAmericanExpressintheirstoresornotThisone-dayeventtakesplacetheSaturdayfollowingThanksgivingalthoughthemessagingandcampaigneffortsarerecognizedasldquoShopSmallrdquoallyearround2013rsquosSmallBusinessSaturdayshowedthatcustomerswhowereawareof
thishighlighteddayspent$57billiona36percentincreasefrom2012ThisstudycompletedbytheNationalFederationofIndependentBusinessesandAmericanExpressResearchalsoconfirmsthatinjustfourshortyearscustomershaveadoptedSmallBusinessSaturdayassomethingtheywanttosupport8ldquoCustomersaremakingSmallBusinessSaturdaypartoftheirholiday
shoppingtraditionsrdquoSusanSobbottpresidentofAmericanExpressOPENstatesldquoOur2013SmallBusinessSaturdaysawacontinuationofthisgrowingtrendascommunitiesaroundthecountrycametogethertocelebratelocalbusinessesandhelpeddriveconsumerstoShopSmallonthedayrdquo9Inadditiontothein-storesalesandlocalcommunityattentionthatthis
campaigngeneratestherewasa65percentincreaseinTwitterengagementrevolvingaroundSmallBusinessSaturdayfrom2012to2013aloneThistypeofgrowthcombinedwithmorethan33millionFacebookusershavinglikedtheofficialSmallBusinessSaturdayFacebookpageonlyreinforcesthatshopping
smallandshoppinglocalisheretostay10WashingtonDCndashbasedprofessionalwriterandconsumerAmyKnebelfirst
heardofSmallBusinessSaturdayin2011ayearafteritsintroductiontothemarketplaceSincethenKnebelhasactivelyparticipatedasacustomersupportingindependentretailersonSmallBusinessSaturdaymakingitatraditionamongherselfandherfriendstofrequentlocalbusinessestokickofftheirholidayshoppingKnebelexplains
IlovetheOldTownAlexandriaBoutiqueDistrictwhichIliveclosetoandcanrsquotimaginenothavingallthefantasticboutiquesrestaurantsandindependentbusinessesthatmakeupthisneighborhoodFormesupportingSmallBusinessSaturdayismywayofsayingthankyoutothemanybusinessesandtheirownersforhelpingtomakemyeverydaylifethatmuchmoreinterestingandfun11
Activelyengaginginmultiplebuy-localandshopsmallcampaignsnotonlyisbecomingmorepopulartodoasaretailerbutalsoisbecomingmorerecognizedandrespectedfromaconsumerperspectiveThisreasonaloneshouldbeenoughofapushtomakeyouwanttogetinvolvedbecausesupportingyourcustomersalwaysshouldbeagoalAlthoughparticipatinginmultiplebuy-localcampaignssuchasyourownlocalcommunitycampaignShiftYourShoppingandSmallBusinessSaturdaymayseemlikeanunlikelyfirststepforabusyretailerwehopethatyouwillmakeitapriorityastimepassesTheresourcesavailabletoyouareplentifulandthesuccessofawell-executedcampaignismeasuredinsalesmdashsomethingwersquorecertainanyretailercanappreciateTorecaptheresourcesidentifiedthroughoutthischapterpleaserefertothe
followinglist
AmericanIndependentBusinessAlliance(AMIBA)wwwamibanetBusinessAllianceforLocalLivingEconomies(BALLE)wwwBeALocalistorgInstituteforLocalSelf-ReliancewwwilsrorgShiftYourShoppingwwwshiftyourshoppingorgShopSmallandSmallBusinessSaturdaywwwshopsmallcom
IntroducingCommerceandCharity
Shop-localbuy-localandshopsmallcampaignsarenottheonlyfamiliarmovementstakingplaceinretailrightnowCommerceandcharityareincreasinglybecomingafamiliarduowiththeholidayseasonbeingaparticularlypopulartimeofyearforretailersbigandsmalltorequestdonationsfortheircharitiesofchoiceVirginia-basedCausetownorgbelievesthatconsumersdonrsquotnecessarilywanttochangetheirshoppingbehaviorstogivetocharitywhichiswhydonatingapercentageofpurchasesmadeisbecomingapreferredwayforcustomerstogivebackAsaconsumeryouhavelikelyexperiencedthecombinationofcommerce
andcharityyourselfwhilecheckingoutatagrocerystoreorotherbig-boxretailerHaveyoueverwonderedhowthiscanbeappliedtoindependentmerchantsthoughUntilrecentlyacollectionjarwithaslotforloosechangeortheoccasionalfolded-upbillwasthemostlikelyavenueforindependentretailerstoparticipateincollectingforacharityoftheirchoiceNowhoweverorganizationssuchasCausetownorgallowlocalbusinessestoraiseawarenessandfundsbypartneringwithanonprofitThegoalistosupportindependentbusinessesbypromotingeventsofferingpromotionalmaterialshandlingsalestrackingmanagingfunddistributionandmoremdashalltohelpsupportcharitiesDanMcCabeoneofthefoundersofCausetownorgexplainsldquoResearch
showsthat83percentofcustomerswanttobuyproductsthatbenefitacauserdquo12Keepingthisinmindcombiningyourbusinesswithacharityofyourchoiceisanothermovementyoushouldconsiderforyourstore
FinallyinChapter11wersquolllookaheadatthefutureofindependentretailandhowyourparticipationasabusinessownercanaffectnotonlyyoursingularsuccessorfailurebutalsotheeconomyatlarge
ActionGuide
Readytomakeyourcommunityandlocallyownedbusinessesstandoutin
ReadytomakeyourcommunityandlocallyownedbusinessesstandoutinconsumermindsTokick-startyoureffortsformasteeringcommitteethatcanhelpyoulaunchabuy-localcampaigninyourtown
1Introducetheideaofabuy-localcampaigntolocalbusinessownersandkeydecisionmakersinyourcommunityBepreparedtoidentifythebenefitsofabuy-localcampaignandtoexplainwhatitwouldtaketogetonestartedUsingtheresourcesidentifiedthroughoutthischapteryoucanconfidentlysuggestresourcestohelpyoulaunchacampaign2AimtogatheramixofbusinessownersandinfluentialcommunityleaderstobeapartofyourcommitteeCombiningthemindsresourcesandcommunityreachofadiversesteeringcommitteecanhelpyouaccomplishyourbuy-localcampaignplanningmoreeffectivelyIdeallyyoushouldhavelong-timebusinessownersmdashcommunityleaderssuchasyoureconomicdirectormayororaldermanmdashandhighlyregardedindividualsonyourcommitteewhoeithervolunteerorworkwithotherorganizationsthatreachalotofconsumersBetween7and12memberswouldbeidealalthoughafewlessorafewmorestillcanworktodeliverastrongcommittee3Identifyadateandalistoffuturedatestomeetasagrouptobeginyoureffortsinplanningforabuy-localcampaignDuringthesescheduledmeetingsbesuretoclearlyidentifywhoisresponsibleforwhatwithdeadlinesclearlystatedtoensurefollowthroughHavingaleaderortwoonyoursteeringcommitteecanhelpeveryonetostayontrackwiththeirindividualresponsibilitiesaswell
Onceacommitteehasbeenidentifiedandeachmemberiscommittedtocreatingabuy-localcampaignwiththesamegoalsinmindbesuretoleanontheresourcesidentifiedinthischaptertohelpyouinmovingforwardThroughyourcombinedeffortsyoucanestablishastrongcampaignwithinyourowncommunitytoincreaseindependentbusinessvisibilityandsaleswhilealsoenhancingyourlocalcustomersrsquocommunityexperience
11
ACrystalBallforIndependentRetailers
Thebestwaytopredictyourfutureistocreateit
mdashPeterFDrucker(1909ndash2005)authorconsultantprofessorIFSOMEONEhadtoldyouwhenyouwerejustembarkingonyourcareerpaththatyouwouldbecomeastoreownerwouldyouhavebelievedhimorherThe
realityisthatretailisnrsquotajobmanyretailerssetouttodoldquoIdidnrsquotgochasingadreamofbeingabusinessownerparticularlyaretailstoreownerThisdream
chasedmerdquo1KimberlyEfseaffofBonBijouxGirlyBoutiqueinDelMarCaliforniatoldus
HavingheardsimilarstoriesfromcountlessotherretailersweknowthatretailisnrsquotalwaysthejobtheyhavedreamedofmdashwhereasothersfeeljusttheoppositeandconsiderowningtheirownstoreadreamcometrueldquoIcanrsquotimaginelivingmylifeanyotherwaythanhowIdonowwhichisbeinginmystoresevendaysaweekItrsquossomethingIrsquovealwayswantedtodoandamthrilledtoactuallybedoingitrdquo2Chicago-basedstoreownerAngelaGianfrancescosaid
TheFutureofIndependentRetail
WhetheryoufallintothecategoryofanaccidentalretaileroraretailerbyintentthefutureofthisdynamicbusinesshasalotinstoreforyouJasonRichelsonfounderandCEOofShopKeepPOSbelievesthatthereisalotforindependentmerchantstolookforwardto
IhavefivepredictionsforthefutureofretailbeginningwiththefactthatthecloudisheretostayandWindowsisdeadOverthenextthreetofiveyearsthecloudwillreallycomeofageinretailandWindows-basedPOS
yearsthecloudwillreallycomeofageinretailandWindows-basedPOS(pointofsale)andotheroperationswilldisappearThiswillkick-startinApril2014whenMicrosoftwillstopsupportingXPwhichwillrenderhundredsofthousandsofWindowsPOSsystemsoutofPCI(paymentcardindustry)complianceRetailerswillhavetostartthinkingaboutupgradingtheirexistingtechnologymdashwiththecloudbeingtheobviousoptionThevastadoptionofiOSandAndroidwillalsodrivethisshiftalongwiththeproliferationofmobiledevices
NextIbelievewersquoregoingtoseehandheldregistersthatallowstafftohelpcustomersontheshopfloorandthenringthemuprightthereinsteadofhavingtolineuptogettothecounterThetypeofhandheldregisterthathasbeenproventoworkforAppleNordstromandBarneyswillultimatelycome to small stores I believe and as a result therewill no longer be areasontohaveacountertoprocesstransactionsThatspacecanbefreedupforotheruseslikedisplaysormorefloorspace
AlsoandagainreferencingthecloudIbelievethatsmallretailerswillbeabletoaccessdatasimilartohowbig-boxretailershavebeenforyearsThecloudhasleveledtheplayingfieldandloweredthepricepointforthistypeofinformationcollectionandanalysiseffectivelydemocratizingdataTheworldofcustomerproductandsalesanalysisthatonlyexistedfortheWalmartsorStarbucksofthisworldnowexistsforanyonewhowantsitIn2014 access to datawill be the equalizer for small businesses The nextdifferentiatorwillbeknowinghowtouseit
With these data and combined with POS technology I also believeretailerswillbeabletobetteridentifywheretheirmarketingdollarsshouldbe spent Small businesses are expected to spendmore than half of theirmarketingbudgetsontheirownassetsin2014includingtheirwebsitese-mailmarketingcampaignsandsocialmediachannelsThiswillbedrivenbytwothingstheavailabilityofcost-effectiveonlinetoolsandtheabilityto act on their own customer data POS technology has fundamentallychangedthecustomerinteractionInsteadofacustomerhandingovercashandwalkingawayyouaregatheringinformationandbuildingaprofileofthatcustomerthatcanbeusedtomarkettothemSmallretailerswillstarttotakeadvantageofthisandwewillseethemarketingdollarsfollow
Finallyover timewearegoing toseeavarietyofbusinessservicesstarttointegratewiththePOSsystemDifferentappsaretailermightusetorun their store including loyalty CRM (customer resourcemanagement)accounting e-mail marketing delivery social media payroll mobile
paymentsandmorewillplugintothebackendofPOSallowingretailersto usemultiple tools in an integrated fashionAs a resultmerchants canthenoperate and report on all these systems froma singleviewwith themostimportantthingatthecentermdashwhichiswhatishappeningatthecashregisterThisisthefutureforretailers3
RichelsonrsquosexpansivepredictionofwhereindependentretailisheadingismdashinouropinionmdashrightonThankstothecloudanddata-collectingtechnologiesthathaveadvancedinrecentyearsontheretailscenesmallretailerscanfinallybecomemorecompetitivewithintheirlocalandglobalmarketplacesTheseopportunitiesforindependentretailerscancreateadominoeffectofgoodorbadresultsbasedonwhatkindofgrowthchangeandcustomercaretheyintroducetotheirstoresVendCEOVaughanRowsellshareshisthoughtsonthefutureofretailas
wellspecificallydiscussinghowpoint-of-sale(POS)systemscanhelpretailerstoleveragemoresalesandbettermanagetheirbusinessesYoursquollfindthatmuchofwhatRowsellsaysisalsosupportedbyRichelsonrsquosthoughtsreinforcingtheideathatthefutureofretailisdevelopingatasteadypaceamongleadingindustryplayers
Web-basedPOSisgroundbreakingineveryrespectforindependentretailersFirstoffaweb-basedPOSlowersthebarriertoentryViasubscription-basedwebsoftwareindependentretailerscannowaffordthesophisticatedtoolsandreal-timeanalyticsthatbigretailershavebeenleveragingforyearsAlsosmallstartupscangetaPOSforlessthanitcoststobuytwopizzasamonthButthereareotherevenmoreexcitingfacetstoweb-basedPOSwhichareadd-onsandcustomsolutions
JustasretailerscannowcustomizetheretailexperienceontheirshopfloorstheycanalsocustomizetheirPOSsoftwaretoexactlyfittheirneedsWeb-basedsoftware (alsocalledsoftwareasaserviceorSAAS) isoftencomplementing other software allowing retailers to truly take control oftheir retail operations An example of this would be for a retailer tointegrate their POS systemwith their accounting software This not onlysaves themhoursofadministrationtimeeveryweekbutalsospares thempossibleexternalbookkeepingexpensesortimelydouble-entryproceduresonmultiplespreadsheetsorinmultiplesoftwareaccounts
ThissaidPOScanbeevenmorecustomizablethanthisIfyouowna
hairsalonforexampleyouneedtobeabletokeeptrackofyourproductsand your appointmentsmdashtwo very different details of your business yetequally importantWithSAASsolutions this iseasyYousimplyfindanaddon that integrates appointment software with your POS system andawayyougo
Finallyothersolutionscanbecherrypickedasyouneedthemtohelpmanage your unique business specificallyWant to spare your customersthe crazy queues during the holiday season Integrate your POS systemwithaself-checkoutappsothatcustomerscanringthemselvesupandpayviatheirsmartphonesWanttotakeordersandacceptpaymentsinadvanceatyourcafeacuteTherersquosanadd-onforthattooInthefuturetherewilllikelybeanappforanythingyoucanthinkofaswell4
Anappforeverythingiscertainlyapredictionwecanexpecttobecomerealitybutwhataboutthefutureofretailbeyondtechnology
TheFutureBeyondTechnology
Portablecashregisterscloud-baseddatacollectioninstantappadditionsandothertechnologysolutionsundoubtedlywillplayabigroleinthefutureofretailThissaidthereissomethingtobesaidforgoodold-fashionedcustomercareSupportingthisideaisCamilleCandellagroupmarketingmanagerforEmeraldExpositions
TodayrsquoscustomersaremoreeducatedthaneverbeforeandtheyhaveaccesstomorestoresthaneverbeforeAsaresultcustomersarebecomingmoreselectiveinwhattheywanttobuyandwheretheywanttobuyitForindependentretailersIbelievethiswillpositionthemtobuildstrongerclientelebygivingthemmorepersonalizedattentionandreallylisteningtotheirneedsOnewaytodothisistokeepproductsfreshbasedonwhatyourcustomersaretellingyouUnlikebig-boxstoressmallermerchantscanreactfastertocustomerdemandsandoftenreceiveinventorysoonerbasedonsmallerquantityneedsThiscertainlyplaystotheadvantageofindependentretailersandcanhelpthemhavemoresuccessintheirtotalstoresalesaswell5
ReactingtocustomersonafastermorefocusedscaleisunarguablyatrendthatretailerswillneedtoembraceandlikewiseonethatconsumerswillbegintodemandPublisherBillMcNultyofSumnerCommunicationsIncsharesthispredictionanticipatingconsumerexpectationsamongallretailerstoincreaseinyearstocome
TheharshrealityisthatoverthenextfewyearsinanytypeofbusinessanythingyoutrythatispoorlyexecutedisgoingtohavesignificantstrugglesTheconsumerexpectationbarhasrisenacrosstheboardatanalarmingrateIfyougiveshoppersareasontowalkthroughyourdoortheywillHoweverifyougohalfspeedandhopeeverythingwillworkitselfoutyoursquoreinforanuphillclimbThemarketspeaksloudandclearanditisneverwrongWhilethismayseemlikeahugechallengemorethaneverbeforesmallretailershavetheabilitytochangebuyingbehaviorsinsteadofsimplyreactingtothem
Retailers are the first and last line of defense for customer serviceTechnology iswhat it is and can be a great tool formarketing but self-checkout and single-click buying will never replace face-to-facerelationship building for an overwhelming percentage of your customersOffering fantastic customer service going the extramile for a customerand adding a personal touch to every transaction are things only you andyour team can do People remember kindness and they remember greatserviceUnderstandthatyourcustomerdeepdownwouldreallyprefertobuylocallymdashfromyoumdashthanfromyournearestbig-boxneighborUsethistoyouradvantageanddosomethingtorewardthatbehavior6
McNultyrsquosopiniononsupportingcustomerswithexceptionalcustomercarenomatterhowmuchnewtechnologyisintroducedissomethingallretailersshouldpayattentiontoWhileiPadsandothermoderntechnologiesshouldhaveaplaceinyourstoreitrsquosimportantnottolosesightofhowstrongcustomerservicecanhaveanimpactonyourbusinessmdashandultimatelyyourretailfutureInfactasothermerchantsembracetechnologyentirelyanddismissthesepresumedold-fashionedsellingtechniquesyoushouldleveragethepowerofcombiningthesetacticstomaximizeyourstorersquosfullpotentialJewelryretailerAngelaGianfrancescohasplanstodotojustthat
Ilovethatmodernconvenienceslikepointofsaleande-mailmarketing
solutionsmakemyjobsomucheasierbutIneverwanttoforgetwhyIbelievecustomersshopatmystoreItrsquosnotjusttheeaseofacustomercheckoutexperiencethattheyenjoybutrathertheentireexperienceofmystoreIknowthatmypersonalityalongwithmyteamrsquoshasalottodowiththisandIdonrsquotwanttoneglectjusthowmeaningfulthisistomybusiness7
GianfrancescooffersagoodreminderforallmerchantspointingoutthatpartofyourstoreisinfactyourpersonalityAsyouembarkorcontinueonyourretailjourneyalwaysrememberthatyourpersonalityaffectsyourbusinessplainandsimpleMoreoverrememberthatyouremployeesareareflectionofyourbusinessandcanaffectyourstorersquossuccessandsalesaswell
Withblack-and-whitedataincreasinglybecomingmoreaccessibletoretailersandtechnologybecominganexpectedadditiontoretailstorefrontsmerchantsshouldembracethechangestakingplacebothonlineandofflinewhenitcomestomanagingandmarketingtheirretailstoresDelayingtheincorporationofthesetechnologiesandmodernamenitiescanpushretailersyearsbehindtheircompetitorsmakingtheirracetofinallycatchupnearlyimpossibleoncetheyrsquorereadyTohelpavoidthislong-windedjourneymakeyourfuturemorepredictablebywelcomingtherealitiesofmodernretailintoyourbusinessmodeltoday
WhenRetailIsnrsquotinYourFuture
DespitewhattheeconomytrendsinretailandevenyourownpersonalgoalsmaybeforthefuturesomeretailersmaygettoapointwheretheywantorneedtoselltheirstoreThisdecisiondoesnrsquotneedtobeperceivedasabadonebutrathersimplyasastepinadifferentdirectionOftenretailerswhoneedtomoveoutofstatewanttoretireorhaveothergoalsinmindchoosetoselltheirbusinessesasawaytomoveforwardGroupgeneralmanagerCurtisKroekerofBizBuySellcomandBizQuestcomshareshisthoughtsonhowsellingyour
businessmaybeyourbestdecisionyet
TherearemanyfactorsthatgointodeterminingifabusinesssaleisrightforyouThefirststepistoobjectivelyassessyourbusinessasasaleprospectProspectivebuyerswilldoextensiveresearchbeforesigningonthedottedlinesomakesurethatyouthoroughlyexamineyourfinancialsinfrastructurestaffingandevenclienteletodetermineifyourbusinesswillbecoveredIfthereareissuesinanyoftheseareasbesuretoatleastcreateanactionplantoguidethenewownerbutyoursquollbetterpositionyourbusinessforasuccessfulsaleifyouaddresstheseissuespriortosellingThiswillhelptodrawinmoreprospectivebuyersandimproveyourchancesforahighersalespricedowntheline
In addition itrsquos important to remember that selling a business is apersonal decision Make sure to analyze your motivations for selling toensure that it is therightstepforyouWhydoyouwant tosellAreyouburntoutLookingtodothenextthingHavinghealthproblemsSimplyready for that well-deserved retirement There are countless reasons youmaybeconsideringasaleDeterminingwhyyouwanttogetoutwillhelpyou to setyourdesired time lineandgoals for the saleThiswill amongother thingshelpyoudecidehowtotradeoffsalespeedandsalepricemdashtwo goals that are often somewhat at odds Also be sure to outline yourpostsaleplanYoumayberetiringusingthemoneyforanotherventureoreven staying with the company in a managerial capacity Defining theseafter-sale interests will help you determine if you are ready to sell anddesignasaleapproachthatfitsyourmotivations
Nextifyoubelievesellingyourbusinessmaybeinyourfuturestartplanning for this now The best retailers are always working to improvebusinessvalueIfyouhaveasaleinmindfromtheverystartitensuresthatyou are always thinking about how to maximize value and will be in abetterpositionwhenthetimecomestosellHoweverifyouhavenrsquotbeenthinking thiswaydonrsquot despairTherersquos still time Just donrsquot putoff thisway of thinking any longer Positioning your business tomaximize yoursaleoutcomewilltaketime
TostartpreparingyourbusinessforsaleputtogetherapresaleactionplanThegoalof thisplan is toget all the improvementsdone forwhichyouhavetheenergyandcapabilityDoingsowillensurethatyourbusinessisinitsbestshapewhenithitsthemarketThenextstepiscollectingand
organizing necessary documentation Sooner or later prospective buyersaregoingtowanttoseeldquojustthefactsrdquoonpaperThisusuallyincludesatleast three years of financial statements that will help to prove yourbusinessrsquosworthNextstartassemblingyoursalesteamSellingabusinessis not an extracurricular activity it is a full-time jobExperienced sellersleveragethehelpofqualifiedbusinessbrokersappraisersaccountantsandattorneystohandlethemanydetailsofasuccessfulsaleThisallowsthemtofocusonmaintainingoracceleratingbusinessperformancewhileitisonthemarketmdashnothing sells a business better than strengthening financialsWithagoodteaminplaceyoursquollbewellpositionedtopriceyourbusinessrightprepareyourfor-salemarketingmaterialsandmuchmore
Finallydonrsquotbe intimidatedby the thoughtof sellingyourbusinessbutdonrsquotunderestimatewhat it takes tosellabusinesseitherTheproperpresalepreparationcanmeanthedifferencebetweenasuccessfulsaleandlongdrawn-outfrustrationThesetipswillhelpyoutogetstartedbuttherearecountlessmoredetailsthatyoushouldconsiderTolearnmoreyoucancheck out our full BizBuySell Guide to Selling Your Small Business athttpwwwbizbuysellcomsellerguideselling-a-business8
YourfutureinretaildoesnrsquothavetoendorstartinanytraditionalwaySellingyourbusinessmaynotbeyourgoaltodaybutknowingupfrontthatitmightbeonedayiswhatyourtakeawayshouldbehereAfterallyouwanttobuildabusinessthatisworthsomethingdonrsquotyouWhetheryouplantopassyourbusinessdownthroughgenerationshopetosellitonedayforagainorsimplyhopetoworkuntilyoudonrsquotwanttoworkanymoreplanningaheadandcreatingastrategyforyourbusinessshouldremaintopofmindYoumaybeyourownbossafterallbutthatdoesnrsquotmeanthatyoucanpredictyouroutcomeThatresponsibilityisleftinthehandsofconsumers
PartingWordsfromJasonPrescott
ItusedtobeexpectedthatrevolutionsinretailoccurredeverycoupleofyearsmdashormaybeevendecadesInaveryshorthistoricaltimeframewemovedfromsmallstreetindependentstodepartmentstoresyieldingmassiveconglomeratestoe-commercebehemothsAnewdynamicparadigmhascreatedamassiveshifttowhatcaneasilybestatedasacustomer-centricrevolutionAstechnology
moldseverymovementandinvestmentretailersmakethemostsignificantinvestmentthatmustbemadeisknowingandunderstandingthegranularityofyourpotentialandexistingcustomerbaseAsaresultaretailstorefrontmustbeseenasmuchmorethanastorefrontorplacewhereservicesandmerchandisearemerelytransactedThestoreneedstobecomethebattlefieldwhereknowledgeacquisitionofyourcustomersmustoccurTohelpretailersmoveforwardwiththisstateofmindmerchantsmustrealize
andembracethefactthatdataarenowbeingtransactedateverypointWhenashopperentersastorethedaywillsoonbeherewheredigitaldisplayssynchwithprofilesandGoogleGlass(awearablecomputerwithanopticalhead-mounteddisplay)allowingmerchantstoaccessaplethoraofinformationthatisconstantlygatheredandprocessedbythesedevicesCreditanddebitcardswillalsobecomeevenmoremeaningfultoretailerswitheveryswipebecominganopportunitytocollectconsumerdetailsandshoppingtrendsfromcompaniessuchasCardlyticsFurthermorethesedetailswillbeabletobesharedwithothermerchantsmakingaretailerrsquoschancetobothcollectandsharecustomercontactdetailsmorerelevantinalltheirstoredecisionsOfcourseFacebookTwitterGooglePlacesYelpTripAdvisorandother
majorinfluencerswillcontinuetohelpbusinessescompeteagainsttheWalmartsoftheworldbuttotrulycompeteitrsquostheunderlyingbusinessintelligence-gatheringprocessthatwillshapethefutureofretailConsumershavebecomethemostpowerfulmediaforceintheworldtodayTheybondtogetherintheirsimilarinterestsandchoosetotrotdownthepathofreviewsreferralsandsocialbuzzandtheyadvocatewhatispopularatthemomentIfyouaregoingtosucceedyoumustbefocusedonnotbecomingafadbutsettingtrendsandconstantlyadaptingtothedynamiclifestylechangesofthoseyouvaluemostmdashyourcustomers
PartingWordsfromNicoleLeinbachReyhle
ItrsquoscompetitiveinretailnomatterhowbigorsmallyourstoreisKeepingupwithcustomerexpectationsmarkettrendsretailchangesandyourlocalcommunityisanonstopjobthatdemandsmuchmorethanatraditional40-hourworkweekThatsaidretailisanexcitingalwaysevolvingandconstantlyentertainingbusinessthatasaresultisoneyoumustconstantlytendto
Unlikemuchofourretailcompetitionindependentmerchantsdonothavehumanresourcemarketingpublicrelationsorotheroperationalin-houseteamsthathelpkeeptheirstoresvisibleandtheirdoorsopenRatherthanrunawayfromthisrealityretailersshouldtacklethisheadontohelpkeeptheirstoresafloatandtheirbusinessessuccessfulOftenthismeansacceptingthatyousimplycanrsquotdothisaloneItrsquoswiththisinmindthatIbelievethefutureofretailwillcontinuetointroduceandembracesupportingplayerstoindependentmerchantsCompaniessuchasSnapRetailBoutiqueVisionPremierPackagingVendSquareShopifyandmanyothershavecometolifeasaresultofneedmdashandhavestayedaliveasaresultofdemandTheseexternalbusinesspartnersarekeycontributorsthatdelivereffectivesupportforstoreoperationsmarketingmanagementandevensalesWithoutthemindependentretailerssimplycannotthriveinourcompetitiveretailmarketplaceTogetherhoweverindependentretailersandtheirexternalbusinesspartnerscanhaveapositiveimpactoneconomicgrowthandcustomerloyaltyforyearsandyearstocome
Conclusion
ThroughoutthisbookyouhavelearnedhowmanagingandmarketingyourretailbusinessrequiresadiverserangeofskillssupportandexpertiseMoreoverwehaveintroducedyoutocountlessresourcesbusinessesorganizationsandassociationsthatwehopeyouwillfindusefulinyourindividualretailbusinessesCollectivelythedetailswesharedareintendedtohelpyouinyouruniqueretailjourneymdashandwehopethattheywilldojustthatWhetheryouarenewtoretailaltogetherhavehadastoreopenforcountlessyearsorsellexclusivelyonlineweapplaudyoufortakingthetimetolearnmoretohelpyourbusinessandwishyousuccessasyourembarkonyourretailjourneyahead
APPENDIXA
ResourcesforIndependentRetailers
THEFOLLOWINGlistwascreatedtoofferyouacollectivedestinationtoidentifythebestresourcesforentrepreneursandretailersspecificallyThesebusinessesallofwhichweprovidewebsitedetailsforcoveravarietyoftopicsthatincludewheretogotogainsmall-businessloanscompaniestohelpwithyourretailmarketingeducationalpublicationsspecifictoretailerstradeassociationstohelpyournichebusinessandmuchmuchmoreListedinalphabeticalordertheseresourcesshouldbeevaluateduniquelyforyournicheretailbusiness
Advanstar advanstarcom Advanstar is an event and marketing servicesbusiness that serves retailers through trade shows publications and otherindustry-specificeventsAmongitstradeshowsareMAGICMarketWeekandENTInternationalAmericanApparelandFootwearAssociationWeWearorgTheAmericanApparelandFootwearAssociation (AAFA) isanational tradeassociationthat representsapparel footwear andother sewn-productscompaniesandsuppliersTheassociationhas retailer-specific supportandoffersvaluableinsightformerchantswhoselltheseproductcategoriesAmerican Independent Business Alliance amibanet This nonprofitorganizationhelpscommunitiesandretailers launchandoperatebuy-localcampaignstosupportlocalentrepreneurseconomiesandretailersARTHomeFurnishingsNetworkAccessoriesResourceTeamorgARTisamember-basedorganization in thehomefurnishings industry that includesretailers importers sales representatives product designers interiordesigners and industry supporters ART offers its members a forum to
learnnetworkandgainadditionalbenefitstohelptheirbusinessesASD Trade Show ASDonlinecom ASD Las Vegas brings the worldrsquoswidest variety of generalmerchandise together in one efficient consumergoods trade showHeld biannually inLasVegas annually inNewYorkandannually inMiamiASDattracts thousandsof retailers and supplierssupporting retail categories that include gift home fashion health andbeautyjewelryvalueandvarietytoysandmoreAssociation of Small Business Development Centers asbdc-usorg SmallBusinessDevelopmentCenters (SBDC)provides retailers andother smallbusiness owners in the United States with assistance education andconsulting to help launch grow and manage their unique businessesSBDC branches often reside on college campuses andmaywork closelywith their local Chambers of Commerce and other community programsGototheSBDCwebsitetolocateacenterclosesttoyouBank of America bankofamericacom Bank of America offers small-business checking with more control and access than many other banksallowingyoutobettermanageyourbusinessdollarsBankofAmericaalsooffers a variety of merchant services that may be suited to your uniqueretailneedsBizBuySell BizBuySellcom The Internetrsquos largestmarketplace for buyingandsellingbusinessesaswellasaresourcedestinationtogaininsightintowhatyouneedtodotoprepareforthispossiblestepinyourretailjourneyWhetheryouwanttobuyorsellaretailstorethisisafantasticresourcetorefertoBosiDNAbosidnacomDiscoveryourentrepreneurialinsightthroughthisonlinequizidentifyingwhattypeofentrepreneuryouareOncecompletedthis quiz reveals ways to strengthen your business weaknesses andmaximizeyourbusinessstrengthsBoutique Vision BoutiqueVisioncom Drive traffic and increase salesthrough customized store signage and other in-store marketing materialsfromBoutiqueVisionTheparentcompanyInnoMarkCommunicationsisoneoftheleadingprovidersofcustomvisualmerchandisingsolutionsandBoutiqueVisionwascreateduniquely to support small retailersmdashkeepingbudgetandqualityalwaystopofmindBoutiqueWindowBoutiqueWindowcomShowcaseyournewinventoryandother highlightedproducts throughFacebookTwitterPinterest andyourwebsitethroughBoutiqueWindowrsquosbuilt-inphotoeditingtoolsandonlinemarketingmanagementresources
Bureau of Labor Statistics httpstatsblsgovaudiencebusinesshtm TheBureau of Labor Statistics provides statistics that help you find newmarkets for your store and can compare your businesswith others in theindustryaswellasassessemploymentcostsBusiness Alliance for Local Living Economies (BALLE) BeALocalistorgThe Business Alliance for Local Living Economies is a fast-growingallianceofentrepreneursbusinessnetworksandlocaleconomyfundersinNorthAmericawho aim to gain prosperity among communities and helpindependentretailersandothersmall-businessownersthriveBusinessUSA httpbusinessusagov This is a one-stop shop destinationforeverythingrelatedtobusinessintheUnitedStatesEssentiallythisisadestinationtogainadditionalresourcesforyourbusinessCardlyticsCardlyticscom ThroughCardlytics you can reach individualsbasedontheiruniquepurchasehistoryandhelptodrivesalestoyourstoreraisepromotionawarenessbuildloyaltyandmoreCausetownCausetownorgCausetownhelpslocalindependentbusinessesto attract customer attention and encourage sales throughpromotions thatgive a portion of purchases to each customerrsquos charity of choice Theplatform manages all the details of these transactions including charitydistributionallowingcommunityfundraisingforindependentretailerstobeeasyandaccessibleCouncilofStateRetailAssociationsCouncilSRAcomTheCouncilofStateRetail Associations (CSRA)was organized to strengthen and support theretailindustryworkingwithindividualstateretailassociationexecutivesaswell as directly with retailers The goal is to help support associationmembersandtheretailcommunityatlargeCraft andHobbyAssociationCraftAndHobbyorgThis international not-for-profit trade association consists of thousands of member companiesengagedinthedesignmanufactureandretailingofcraftandhobbyitemsTheassociationoffersavastrangeofresourcesandbenefitstoitsmembersandproducesanumberofeventseachyearCraftersrsquoHomeCraftersHomecomCraftersrsquoHomeisamembership-basedorganizationthatsupportsindependentscrapbookandpapercraftretailershelping to maximize a retailerrsquos relationship with manufacturers andcustomersCraftersrsquooffersavarietyofbenefitstoitsmembersthatincludediscountsfromvendorsandmoreDo It In Person DoItInPersoncom This online event platform allowsretailers and other businesses tomanage and promote their events in one
convenientplaceEmerald Expositions EmeraldExpositionscom Formerly NielsenExpositions Emerald Expositions is a leading owner and operator of avarietyofbusiness-to-businesstradeshowsmostofwhichcatertoretailersThe market categories include general merchandise apparel sportsjewelryfurnituredesignandmoreGlobalShop GlobalShoporg GlobalShop is the worldrsquos largest annualevent for retail design and shopper marketing creating a one-stopdestinationforretailerstoconnectdirectlywithstorefixturecompaniesandother in-store solutions GlobalShop also offers networking and learningopportunitiesIdeationIdeationGiftscomIdeationisthepremiergiftcatalogcompanyinthe United States that provides catalog and marketing services toindependentgifttoyandfashionretailersnationwideIndependent Retailer Conference RetailMindedcomRetail-ConferenceTheIndependentRetailerConferenceholdsa flagshipone-dayconferenceannually and brings its quality and independent retail-specific educationonsitetotheASDTradeShowbiannuallyKnownforaddressingkeyissuesin the independent retail scene the Independent Retailer Conference iswidelyrecognizedasamust-attendeventforindependentstoreownersIndependent Retailer Magazine IndependentRetailercom This monthlypublicationoffersretailadviceonwholesalebuyingandsellingintroducingretailers to importersmanufacturers trade shows and countless productsfortheirstoresInternetRetailerConferenceandExhibitionircecomTheInternetRetailerConference and Exhibition (IRCE) holds a variety of events that discusskey topics for online merchants introduce industry resources and shareexpert informationwith attendeesThe IRCEcanbe foundat select tradeshows where it holds educational tracks specifically discussing e-commercesolutionsandothere-commerceeducationandexpertiseInternet Retailer Magazine InternetRetailercom Internet RetailerMagazine supports retailers and other businesses with e-commerceintelligencenewsandmarket supportThepublicationdelivers12 issueseach year and provides additional resources that include newslettersresearchguidesandmoreInstitute for Local Self-Reliance ilsrorg The Institute for Local Self-Reliance works to provide innovative strategies and timely support tocommunity development working with entrepreneurs and community
leadersalikeThewebsiteoffersadiverserangeofinformationvaluabletobusinessownersInternal Revenue Service (IRS) httpwwwirsgovbusinesses The IRShostssmall-business taxworkshopsandwebinarsandprovides tax-relatedinformationforstartingoperatingorclosingabusinessiPadEnclosures iPadEnclosurescomAscloud-basedpoint-of-sale (POS)and iPadsystemsbecome increasinglypopular for retailers theftof iPadsfromretailersisalsoaconcerniPadEnclosuresoffersproductsspecificallydesigned for retailers and other businesses allowing you to take controloveryouriPadmanagementandvulnerabilitytotheftKabbage Kabbagecom Kabbage has simplified the process of getting abusinesscashadvanceallowingretailerstoavoidtraditionalbankshiddenfees and unexpected charges while trying to gain working capital Thecompanyrsquosflexiblefundingoptionsallowqualifiedretailerstogainquickconvenient access to capital to help their businesses while also makingmoneytransferseasyandstraightforwardLicensingExpoLicensingExpocomTheLicensingExpoconnectsretailersbrands and manufacturers to entertainment character fashion art andcorporate brand owners to establish relationships spot trends buildstrategicpartnershipsandsecurepromotionaltie-insItisheldonceayearinLasVegasMAGIC Market Week MagicOnlinecomMagic-Market-Week MAGICMarketWeek is the largest global market week for contemporary menrsquosand womenrsquos apparel footwear and sourcing Held biannually in LasVegasMAGICattractsfashionbuyersandbrandsfromaroundtheworldManagement One Management-Onecom Management One servesindependent retailers and other small businesses by helping them get abetterreturnontheirinvestmentsincludinginventoryandpeopleThecoreservices and products surround inventory planning and solutions helpingretailersachievegreatersuccessandsalesManufacturercomManufacturercomisthepremierglobalonlinebusiness-to-business marketplace where buyers and suppliers connect and profitBillionsofdollarsofgeneralmerchandiseapparelandfashionaccessoriesaresourcedthroughManufacturercomasmillionsofbuyersthroughouttheworldconnectdirectly tosuppliers inChina India theUnitedStatesanddozensofothercountriesMinority BusinessDevelopment Agency (MBDA)MBDAgovmainofficesThis agency funds a network of minority business centers located
throughoutthenationthatprovideminorityentrepreneurswithone-on-oneassistance in marketing writing business plans management technicalassistanceandfinancialplanningModalystModalystcomRetailerscanaccess risingaccessoryand jewelrydesigners in this well-crafted cutting-edge online marketplace thatshowcasesproductsthroughvirtualshowroomsThisisagreatdestinationforfashionandaccessory-basedretailersMOO Moocom MOO is an online company that offers business cardspostcardsstorehangtagsandotherprintproductsthatarestylishindesignManyofMOOrsquosdesignsarereadytogowhereasothersareavailabletobecustomizedNational Hardware Show NationalHardwareShowcom The NationalHardwareShowisthepremiertradeshowforthe$343billionUShome-improvement and do-it-yourself (DIY) markets Held annually in LasVegas this show caters to retailers in the building hardware lawn andgardenpethomegoodsandfarmcategoriesaswellasmanyotherretailsectorsPremierPackagingRetailPackagingcomPremierPackagingisaleaderincustomprintingandoffersstockready-to-shipretailpackagingoptionsforretailers that include paper and plastic bags ribbons tissue paper giftboxesandmoreReed Expositions ReedExpocom Reed Expositions offers a portfolio ofmore than 500 events in 41 countries many of which cater to retailersspecificallyThewebsiteidentifiesthemorethan500eventsallowingyoutoidentifywhatmaybebestforyouruniqueretailbusinessRetail Adventures Blog RetailAdventuresBlogcom Internationallyrecognized retail experts Rich Kizer and Georganne Bender of Kizer ampBenderSpeakingwrite thisblog sharing their firsthand retail experienceswhilealsoofferingretailinsighttipsandmoreRetailMAVENS RetailMavenscom RetailMAVENS is managed byhusband and wife team Paul and CathyWagner who are previous storeowners and current retail consultants Their expertise primarily falls intoretailinventorymanagementandtheirservicesareidealformerchantswhowantadditionalhands-onhelpfortheirstoreinventoriesandplanningRetailMindedRetailMindedcomRetailMindedisthenationrsquosonlyretaillifestylepublisherthatsupportsindependentretailerswithnewseducationand support to help them both in and out of their stores The quarterlypublicationRetailMindedMagazine is anavenuebywhich retail-focused
groups associations and other member-based organizations can helpretailersachievestronger successRetailMindedcaters toall independentretailers and does not eliminate any sector of retail and it offers aninformativefreenewsletterforindependentmerchantsRetailRadioRetailRadiobizTherightmusicinastoreenhancesthestoreexperienceandspendingbehaviorRetailRadioallowsmerchantstocreatetheidealatmospherefortheirstoresandcustomerscustomizingtheirownin-store radio station and professionally produced commercials for theirbusinessesRetailTouchPointsRetailTouchPointscomDesignedforretailexecutivesRetailTouchPointsisknownforitsin-depthmarketresearchspecifictotheretailindustryatlargeRetailTouchPointsoffersafreesubscription-basednewsletterthatretailersbigandsmallcanlearnfromShift Your Shopping ShiftYourShoppingorg Shift Your Shopping workswith organizations that include the American Independent BusinessAlliance (AMIBA) the Business Alliance for Local Living Economies(BALLE)CausetownandKevinBaconrsquosSixDegreesorgtopromotelocalandindependentshoppingAlthoughthemessageistargetedatconsumerstheplatformencouragesretailerstogetinvolvedShipwire Shipwirecom For retailers who need more space to storeinventory beyond their storefronts Shipwire is a fantastic resource Thecompanyoffersstorageshippingandmanagementof inventorymdashhelpingretailerssavetimeandcostsandavoidunnecessaryandcomplexshippingissuesShopifyShopifycomShopifyallows retailers to easily create andmanageanonlinestoreMerchantscanchoosefromover100professionaltemplatesthatcanbecustomized to theiruniquestoresalsoofferinganeasy-to-useback-endsystemforretailmanagementShopifyalsoprovideseducationalresourcesonitswebsiteforretailerstolearnfromShop Indie Retail ShopIndieRetailcom This is an online directory ofindependent retail stores across the United States highlighting theiruniquenessandsharingcontactdetailswithcustomersShopKeep POS ShopKeepcom ShopKeep POS is a simple easy-to-usepoint-of-salesystemthatisidealforindependentretailersandservice-basedbusinesses such as coffee shops The cloud-based POS system helpsretailerstracksalesmanageinventoryprintore-mailreceiptsandmoreShopSmallShopSmallcomShopSmallwasfoundedin2010byAmericanExpressandhassinceevolvedtobeanationallyrecognizedmovementthat
supports small-business owners The Saturday following Thanksgiving isofficiallyrecognizedasShopSmallSaturdayandthroughtheShopSmallnetwork retailers can gain a variety of tools and resources to helpstrengthentheirstorepresenceSierra Pacific Crafts SPCus Sierra Pacific Crafts is a member-ownedcooperativethatworkstocreateandsustainavibrantcommunityoffamily-owned retailers in creative industries through cooperative strategies insharingeducationmerchandisingmarketingoperationsandmoreSnapRetailSnapRetailcomSnapRetailistheonlycompanytoexclusivelysupport independent retailers with online marketing that ranges fromprewritten socialmediaposts toprofessionallydesignedandprewrittene-mailsadrag-and-dropcalendaralibraryofimagestouseandmoreSoldsieSoldsiecomSoldsiesoftwarehelpsretailerstoimporttheirexistingweb store on to Facebook The tools can help you promote products viaFacebookandultimatelyallowcustomerstomakepurchasesdirectlyfromFacebookSquare SquareUpcom Square allows merchants to conveniently swipecredit cards viamobile devices and iPadswith their Square Card readerThe company also offers other services and software to help merchantsbettermanagetheirretailstoreswhilealsobeingcompatiblewithavarietyofPOSprovidersSTOPfakes Stopfakesgov STOPfakes is a one-stop shop for USgovernment resources and tools on intellectual property rights (IPRs) Itassists and educates small and medium-sized enterprises (SMEs)consumersgovernmentofficialsandthegeneralpublicaboutIPRsStore Specialty Services SpecialtyStoreServicescom Discover a widevariety of store fixtures store displays and other related products ThisonlinewarehouseallowsyoutoconvenientlyshopforyourstoreTarsus Group tarsuscom Tarsus Group represents a number of tradeshows and publications including theOff-Price Show held inNewYorkandLasVegasannuallyTopTenWholesale TopTenWholesalecom This is a vertical search enginethat connects buyers of general merchandise wholesale products tomanufacturers importers distributors auctioneers independent retailersflea marketers drop shippers and any reseller of new and closeoutsmerchandiseTrademarksTheSpotTMTheSpotcomTrademarksTheSpothelpsretailersand other business owners to take the necessary steps to protect their
businesses The legal team offers federal and state trademark searchesfiling monitoring and moremdashoften more affordable than other attorneyratesTrade Show Exhibitors Association TSEAorg This association providesknowledge tomanagement andmarketingprofessionalswhopromote andsell products through face-to-facemarketing This is a great resource forfindingtradeshowsTripar International Triparcom Beautifully showcase your products andinspire your customers with Triparrsquos boutique selection of fixturesdisplays tabletop stands accessories andmore The companyrsquos productsare known to stand out among boutique retailers and help drive salesthroughdisplaysUnitedStatesPatentandTrademarkOfficehttpwwwusptogovTheUSPatent and Trademark Office (USPTO) registers trademarks and protectsintellectualproperty(IP)forUSentrepreneursandinnovatorsworldwideUSSmallBusinessAdministrationSBAgovTheSBAhas resources andinformationforstartingandmanagingbusinessesgettingloansandgrantsregistering for government contracting and receiving business counselingand training In addition the SBA supports regional Small BusinessDevelopmentCentersoftenadjacent tocollegeoruniversitycampusesformorehands-onsupportVend VendHQcom Vend is a POS inventory and customer-loyaltysoftwarethathelpsretailersmanageandgrowtheirbusinessesTheeasy-to-use software is iPad-based and ideal for retailers in a diverse range ofindustries including apparel fashion sports health and beauty food anddrinktourismhomegoodsandmoreVine Vinecom Vine allows merchants to incorporate videos into theironlinemessagingThisappiseasytouseandcanbeusedviasocialmediae-mail marketing and other online efforts to help communicate detailsaboutyourstoreorbusinessWishpondWishpondcomWishpond isanapp thatmakes iteasy to runagroupofferorsocialmediacontesttodrivesalesandtraffictoawebsiteorstorewithcouponsandotherspecialoffersviaFacebookTwitterPinterestyourwebsiteandmobiledevicesWholesaleCraftscomWholesaleCraftscom WholesaleCraftscom Retailerscandiscoverovera1000AmericanandCanadianwholesaleartistsonthisonline virtual marketplace Buyers must be qualified retailers and onceapprovedmayenrollforfree
Wholesale Minded RetailMindedcomWholesale-minded-magazineWholesale Minded Magazine is a free digital publication from RetailMindedthatsharesexpert insightpracticalsolutionseducationalsupportspecifically to independent wholesalers new-to-market vendors andretailerswhoworkwiththem
APPENDIXB
CommonRetailTermsandDefinitions
INTHISappendixwehaveprovidedalistofcommonretailtermstohelpsupportyouinyouroverallunderstandingoftheretailbusinessatlargeWersquollalsoaddresscommonwholesaletermsinaneffortforyoutobestmanageyoursuppliercommunicationAlthoughretailincludesmanyadditionaltermsthislistisintendedtosupportthemostcommonwordsusedintheretailindustryWersquodliketoalsothankViaTradingforitssupportinsupplyingmanyofthe
termsidentifiedhereinandweencourageyoutovisitViaTradingrsquosexpansiveglossaryforadditionalretailandwholesaleterminologyathttpwwwviatradingcomwholesale456Glossary-of-Termshtml
AcceptanceTheactofadraweeacknowledginginwritingonthefaceofadraftpayableatafixedordeterminablefuturedatethatheorshewillpaythedraftatmaturityAcceptance draft A sight draft documents against acceptance SeeDocumentsagainstacceptanceAirway bill The carrying agreement between shipper and air carrierwhichisobtainedfromtheairlineusedtoshipthegoodsAll-risksclauseAninsuranceprovisionthatprovidesadditionalcoveragetoanopencargopolicyusuallyforanadditionalpremiumContrarytoitsnametheclausedoesnotprotectagainstallrisksThemorecommonperilsit does cover are theft pilferagenondelivery freshwaterdamage contactwithothercargobreakageandleakageInherentvicelossofmarketandlossescausedbydelayarenotcoveredAs-is Refers to thesellingconditionsofcertainmerchandiseThebuyer
typicallyassumesallrisksinpurchasingsuchgoodsandthemerchandiseissoldwithnoguaranteesorreturnsATAcarnet Customsdocumentthatenablesonetocarryorsendgoodstemporarily intocertainforeigncountrieswithoutpayingdutiesorpostingbondsAuthoritytopayAdocumentcomparablewitharevocableletterofcreditbutunderwhosetermstheauthoritytopaythesellerstemsfromthebuyerratherthanfromabankB2B trade platforms B2B trade platforms are business-to-businessvertical search engines that connect buyers and sellers in global anddomestictradeTheseonlinemarketplacesprovidetoolsthatarenecessaryto facilitate communication between retailersresellers andwholesalersmanufacturersBalanceoftradeThebalancebetweenacountryrsquosexportsandimportsBeneficiaryThepersoninwhosefavoraletterofcreditisissuedoradraftisdrawnBig-boxstoresBig-boxstoresarestand-aloneretailersthatcarryassortedmerchandiseAnexamplewouldbeMacyrsquosorTargetBig-boxstoresalsomay be categorized as department stores discount stores or warehousestoresdependingonthestoreitselfBillofexchangeSeeDraftBillofladingAdocumentthatprovidesthetermsofthecontractbetweentheshipperandthetransportationcompanytomovefreightbetweenstatedpointsataspecifiedchargeBondedwarehouseAbuildingauthorizedbycustomsauthoritiesforthestorageofgoodswithoutpaymentofdutiesuntilremovalBoutique Refers to small shops or stores that are independently ownedand often sell a product assortment that is not duplicated exactly in anyotherstoreBuy local (also referred toasShop local) A termused to identify theimportanceofshoppingat localbusinessesoftenused tocommunicate toconsumersinanefforttostrengthenlocaleconomicimportanceandsmall-businessvalueBuyingagent Anagentwhobuys in thiscountry for foreign importersespecially for such large foreign users as mines railroads governmentsandpublicutilitiesSynonymouswithpurchasingagentCapitalThewealthwhetherinmoneyorpropertyownedbyabusiness
orindividualCash and carry A form of wholesale that sells products on the spotusually with cash only to a purchaser who is then able to self-carry theproducts themselves without having to wait for any time betweenpurchasinganddeliveryCashwrap [also referred to as point-of-sale (POS)Area] The placewhere a consumer goes to purchase products or services within a storeoftenthesameareainwhichpurchasesarewrappedinbagsforcustomersCarrierAtransportationlinethathaulscargoCasepacksGenerallyreferstoitemspackedinasmallcasetypicallyinquantities of 6 12 24 or 100 Goods such as cosmetics clothingaccessories and jewelry are often sold in case packs representing apredetermineditemcountCertificate of free sale A certificate required by some foreigngovernments stating that the goods for export (if products are under thejurisdiction of the US Federal Food and Drug Administration) areacceptable for sale in theUnitedStates that is that theproductsare soldfreelywithout restrictionTheFoodandDrugAdministration (FDA)willissueshippersaletterofcommenttosatisfyforeignrequestsorregulationsCertificateofinspectionAdocumentinwhichcertificationismadeastothegoodconditionofthemerchandiseimmediatelypriortoshipmentThebuyerusuallydesignatestheinspectingorganizationwhichis typicallyanindependentinspectionfirmorgovernmentbodyCertificate of manufacture A statement by a producer sometimesnotarizedthatcertifiesthatmanufacturinghasbeencompletedandthatthegoodsareatthedisposalofthebuyerCertificateoforiginAdocumentinwhichcertificationismadeastothecountryoforiginofthemerchandiseCampFCostandfreightSameasCIFexceptthatinsuranceiscoveredbythebuyerCFRCostandfreightindicatesthatthesellerwilldeliverthegoodstothebuyerandapplyactualcostoffreighttothebuyersChamberofCommerceAnassociationofbusinesspeoplewhosepurposeistopromotecommercialandindustrialinterestsinthecommunityCIF Cost insurance and freightApricing termunderwhich the sellerpaysallexpensesinvolvedintheplacingofmerchandiseonboardacarrierand in addition prepays the freight and insures the goods (an automatic
conditionofthecontract)toanagreed-ondestinationCleanbillofladingAbillofladingsignedbythetransportationcompanyindicating that the shipment has been received in good conditionwith noirregularities in the packing or general condition of all or any part of theshipmentCloseoutSellingtheentirelotofremainingmerchandiseusuallythroughasaleatreducedpricesCollection The procedure involved in a bankrsquos collectingmoney for aseller against a draft drawn on a buyer abroad usually through acorrespondentbankCOD Cash on delivery If your goods are delivered according toCODterms you must pay cash for them COD is common for retailers whencreditistightCollection papers The documents submitted usually with a draft oragainstaletterofcreditforpaymentofanexportshipmentCommercialinvoiceAtradeinvoicethatidentifieschargesappliedfromapurchaseorserviceConsigneeThepersonfirmorrepresentativetowhomasellerorshippersendsmerchandiseandwhoonpresentationofthenecessarydocumentsisrecognizedastheownerofthemerchandiseforthepurposeofthepaymentofcustomsdutiesThistermisalsousedasapplyingtoonetowhomgoodsareshippedusuallyattheshipperrsquosriskwhenanoutrightsalehasnotbeenmadeSeeConsignmentConsignment A term pertaining to merchandise that has not beenpurchasedunderanagreementbywhichtheconsigneeisobligatedtosellthegoodsfortheaccountoftheconsignorandtoremitproceedsasgoodsaresoldConsumersThefinalpurchaserorenduserofanyproductorserviceInretailspecificallyconsumersareoftenreferredtoascustomersCorrespondent bank A bank that is a depository for another bankacceptingdepositsandcollectingitemsforitsbankdepositorCountry of origin The country in which a product or commodity ismanufacturedorproducedCreditriskinsuranceAformofinsurancethatprotectstheselleragainstlossduetodefaultonthepartofthebuyerCustomerreturn Item thathasbeenpurchasedbyacustomerand thenreturnedtothestore(oronlinestore)foranynumberofreasons
Customs The agency or procedure for collecting duties imposed by acountryonimportsorexportsDASeeDocumentsagainstacceptanceDead stock Inventory in a store that has never been purchased by aconsumer and reflects products from past seasons Despite multipleattempts to sell it this stockdoesnot sellDeadstock isoftena resultofinexperiencedbuyingincludinglackofknowledgeofthecustomerbaseDefectiveDefectiveconditionreferstoitemsthathavebeenputthroughatestingprocessandhavebeendeemeddefectiveornotworkingItemsmaybevisuallydefectiveorincompleteorbemissingpartsItemsalsomaybebrandnewbutwithamajorquality-controlflawmakingthemdefectiveDemographics Identifies population in groups based on age genderincomeoccupationeducation religion race familysize family lifestyleandmoreGovernmentstudiesoftenprovidedemographicinformationandselectretailgroupsororganizationsspecifictotheirnicheretailcategoryDirectshipmentReferstoitemsthatareshippedtothecustomerdirectlyfromastorersquosfacilityDiscount A reduction in the price of an item Discounts will vary inamountandpurposeDisplays Represents thevisualappearanceofastoreenvironmentoftenreferring to specific areas of a storemdashsuch as a window display tabledisplayorpoint-of-sale(POS)displayDiscrepancyletterofcreditWhendocumentspresenteddonotconformtothetermsoftheletterofcredititisreferredtoasadiscrepancyDistributor A firm that sells directly for amanufacturer usually on anexclusivebasisforaspecifiedterritoryandthatmaintainsaninventoryonhandDocuments against acceptance (DA) A type of payment for goods inwhich the documents transferring title to the goods are not given to thebuyeruntilheorshehasacceptedthedraftissuedagainsthimorherDocuments against payment (DP) A type of payment for goods inwhich the documents transferring title to the goods are not given to thebuyeruntilheorshehaspaidthevalueofadraftissuedagainsthimorherDomestic International Sales Corporation (DISC) An export salescorporationsetupbyaUScompanyunderUSgovernmentauthorizationtopromoteexportsfromtheUnitedStatesbygivingtheexportereconomicadvantagesnotavailableoutsidesuchauthorization
DPSeeDocumentsagainstpaymentDraft(alsoknownasbillofexchange)Awrittenorderforacertainsumofmoneytobetransferredonacertaindatefromthepersonwhoowesthemoneyorwhoagreestomakethepayment(thedrawee)tothecreditor towhomthemoneyisowed(thedrawerofthedraft)DraweeOneonwhomadraftisdrawnandwhoowesthestatedamountSeeDraftDrawerOnewhodrawsadraftandreceivespaymentSeeDraftDropshippingAnorderthatisplacedwithavendorandshippeddirectlyto the end consumer (Brokers dealwith drop shipperswhen they do notwant to touch or warehouse the merchandise They receive orders fromtheircustomersand thenplaceadrop-shiporderwithavendorwho thenshipsthemerchandisedirectlytothebrokerrsquoscustomer)Drop-shipordersaretypicallyshippedblindmeaningwithnotraceofthevendorrsquosnameoraddresstoprotectthebrokerDuty The tax imposedbyagovernmentonmerchandise imported fromanothercountryE-mailblastAne-mailsenttoalargegroupofpeopleatonceEMCAnexportmanagementcompanyEmployeeturnoverTheratiobetweenthenumberofemployeeswhohadtobe replacedand thenumberofaverageemployees inagivenperiodoftimeForexample ifyouhaveanaverageofsixemployeesinayearandthreepeoplehad tobereplacedbecause theyquit thatyearyour turnoverwouldbe50percentTurnoveristheoppositeofretentionETCAnexporttradingcompanyExchange permit A government permit sometimes required of animportertoenablehimorhertoconverthisorherowncountryrsquoscurrencyintoaforeigncurrencywithwhichtopayasellerinanothercountryExchangeregulationsrestrictionsRestrictionsimposedbyanimportingcountrytoprotectitsforeign-exchangereservesSeeExchangepermitExcisetaxAdomestictaxassessedonthemanufacturesaleoruseofacommoditywithinacountryUsuallyrefundableiftheproductisexportedExpirationdate The finaldateonwhich thepresentationofdocumentsanddrawingofdraftsunderaletterofcreditmaybemadeExportTosendgoodstoaforeigncountryoroverseasterritoryExportbroker Onewhobringstogethertheexporterandimporterforafeeandthenwithdrawsfromthetransaction
EXW(exworks) Indicates that thebuyer is responsibleforcargowhenitrsquosavailableatthesellerrsquosfactoryFactoring company (also referred to as a factor) A businessorganizationthatlendsmoneyonaccountsreceivableorbuysandcollectsaccountsreceivableFactorsmakefundsavailabletoretailersFCA(freecarrierat) Indicates that the sellerdelivers thegoods to thenamed place free of any transportation cost having cleared the cargo forexport The seller accepts transportation costs risks and responsibilitiesuntilthecargoishandedoveratthenamedplaceFocusgroupAgroupofpeople(egyourcustomers)broughttogethertogivetheiropinionsonaparticularissueorproductoftenforthepurposeofmarket research or inventory strategies usually no more than 10 to 12peopleGeneral license (export) Government authorization to export withoutspecificdocumentaryapprovalGrossweight Totalweight of goods packing and container ready forshipmentHandlingchargesTheforwarderrsquosfeetotheshippingclientImport To bring merchandise into a country from another country oroverseasterritoryImportlicenseAgovernmentdocumentthatpermitstheimportationofaproductormaterialintoacountrywheresuchlicensesarenecessaryInco terms Indicate whether the buyer or the seller carries the riskresponsibilityliabilityorcostsatspecificpointsduringatransactionInconvertibilityTheinabilitytoexchangethecurrencyofonecountryforthecurrencyofanotherInsurance certificate A document issued by an insurance companyusually to order of shipper under a marine policy and in cover of aparticularshipmentofmerchandiseInternship Any program formal or informal that provides practicalexperience for beginners in an occupation or profession Retailers oftenseek to hire interns to help in specific areas of their businesses such asvisualmerchandisingor socialmedia as away togain store support thattheymaynotnormallyhaveaccesstootherwiseInvoice A document that identifies charges applied from a purchase orserviceSeeCommercialinvoiceIrrevocableAppliedtolettersofcreditAnirrevocableletterofcreditis
onethatcannotbealteredorcanceledonceithasbeennegotiatedbetweenthebuyerandhisorherbankJointventureAcommercialorindustrialenterpriseinwhichprincipalsofone company share control and ownership with principals of anothercompanyKioskAfree-standingstructureusedinapublicplacesuchasamallthatisdesignedtosupportaproductorservicetobesoldtoconsumersItisalsousedforinteractiveopportunitiesandmaybeonashort-termbasissuchaswhenusedduringafestivalLCSeeLetterofcreditLegalweightTheweightofgoodsplusanyimmediatewrappingsthataresold alongwith the goods for example theweight of a tin can togetherwithitscontentsSeeNetweightLetterofcredit(LC)(commercial) Adocument issuedbyabankatabuyerrsquosrequestinfavorofasellerpromisingtopayanagreedamountofmoneyonreceiptbythebankofcertaindocumentswithinaspecifiedtimeLicensingThegrantoftechnicalassistanceandserviceandortheuseofproprietary rights such as a trademark or patent in return for royaltypaymentsLineofcreditSameasacreditlimitthemaximumamountofcreditthatastoreisauthorizedtousebyabankorotherlenderLine sheet A document that collectively represents products from aspecific brand or vendor sharing details on product pricesmdashincludingwholesale and retailmdashas well as product availability shipping termscontentsofproductsandmoreLookbookAbookthatissimilartoaportfoliobutitrepresentsaproductline rather than providing visual samples of onersquos work history Thepurposeofalookbookistoprovidealdquostoryrdquoldquofeelingrdquoorldquoinspirationaloverviewrdquoof theproduct assortment throughphotographsof theproductsbeingsoldMarkdownAdevaluationofaproductbasedonitsinabilitytobesoldattheoriginalplannedsellingpriceMarkup Increase in the price of a product or service to create a profitmarginforthebusinessManufacturedsuggestedretailprice (MSRPalsorecognizedasretailvalue) The value and suggested retail price a vendor supplier orwholesaleridentifiesaproducttobesoldat
ManufacturerReferstohandmadeormachine-constructedproductsthatbeginas rawmaterials andare completed into finishedgoods that are foruseorsaletowholesalersaswellasretailersMastercase100percentbrand-newfactory-sealedmerchandisestillinitsoriginalpackagingMaturitydateThedateonwhichadraftoracceptancebecomesdueforpaymentMOQ(minimumorderquantity) AMOQisthesmallestquantityofaproductthatasupplierrequiresyoutobuyinasinglepurchaseNet weight The weight of the goods alone without any immediatewrappingsforexampletheweightofthecontentsofatincanwithouttheweightofthecanOnline marketplace Refers to a type of e-commerce website whereproductisavailabletobesourcedforaretailstoreTypicallytransactionsareprocessedbythisonlinemarketplaceandthendeliveredandfulfilledbytheparticipatingsuppliers(wholesalers)Opentobuy(OTB) ReferstotheportionofaretailbudgetavailabletospendoninventoryatanygiventimeUsedtoidentifyhowmuchmoneyisavailabletoplaceordersforstoreproductOperatingexpensesTheexpensesinvolvedinrunningabusinessPacking list A list that shows thenumber andkindsof packagesbeingshippedtotalsofgrosslegalandnetweightsofthepackagesandmarksand numbers on the packages The listmay be requested by a retailer orsuppliedvoluntarilybyavendororsupplierPoint of sale (POS) Traditionally speaking POS represents the placewhereanactualtransactioniscompletedInmodernretailPOSoftenrefersto software thatprocessesa transaction inexchange forgoodsor servicessoldPop-upshopTheactofopeningashort-termstorefrontoftenapplyingtoonlyonedayalthoughitmayapplytoaweekendoraslongasamonthProduct sourcing The act of finding products from wholesalers ormanufacturerstoresellthroughabusinessProformainvoice Aninvoiceforwardedbythesellerofgoodsprior toshipmenttoadvisethebuyeroftheweightandvalueofthegoodsPsychographics Identifies lifestyles and stages that appear to influenceconsumershoppingdecisions Includesactivitiesbeliefshabitsopinionsandmoreofcustomers
QuotaThetotalquantityofaproductorcommoditythatmaybeimportedinto a country without restriction or the penalty of additional duties ortaxesQuotationAnoffertosellgoodsatastatedpriceandunderstatedtermsRate of exchange The basis on which money of one country will beexchangedforthatofanotherRatesofexchangeareestablishedandquotedfor foreigncurrencieson thebasisof thedemandsupplyandstabilityoftheindividualcurrenciesSeeExchangeRetailThebusinessofsellingservicesorproductsthatultimatelywillbesoldtoconsumerstheendusersoftheproductsorservicespurchasedRetailsupplychain Aproduct iscreatedatamanufacturer issold toawholesaler and then is sold again to a retailer who ultimately sells theproducttothefinalpurchasertheconsumerRetail value [also recognized as manufactured suggested retail price(MSRP)] Thevalueofan itemassuggestedbyasupplierorvendorforretailerstoselltheproductatretailRetailer Afixedlocationincludingstorefronts theInternetkiosksandpop-upshops thatsellproductsorservices toconsumers Inaddition thetermretailercanbeappliedtothepersonwhoownsaretailstoreRevocableAppliedtolettersofcreditArevocableletterofcreditisonethatcanbealteredorcanceledby thebuyerafterheor shehasopened itthroughhisorherbankRFQ (also referred to as RFP) Request for quotation or request forproposal A business process that invites suppliers to bid on specificproducts or services It allows suppliers to provide quotations for theirgoodsandservicestoretailersandordistributorsRoyaltypaymentTheshareoftheproductorprofitpaidbyalicenseetohisorherlicenserSeeLicensingSalesrepresentativeArepresentativeofacompanyeithercontract-basedor as an employee of a particularly company who represents a productbeing sold Typically sales representatives will work for vendorsattemptingtosecuretheirproductswithinretailstoresSeasonal goods Goods that are heavy in merchandise for a particularseasonsuchasHalloweenEasterChristmasandsoonSell-through The ratiobetween thequantityofgoods soldbya retailerand the quantity originally delivered to thewholesaler number of piecessolddividedbynumberoforiginalpiecesdeliveredIfyousellfiveofeight
pairsofpantsyoursell-throughis625percentShipperrsquos export declaration A form required by the US TreasuryDepartment and completed by a shipper showing the value weightconsigneedestinationandsoonofexportshipmentsaswellasaScheduleBidentificationnumberShipping documents Commercial invoices bills of lading insurancecertificatesconsularinvoicesandrelateddocumentsStockingdistributor AdistributorwhomaintainsaninventoryofgoodsofamanufacturerSupplier May refer tomanufacturer distributorwholesaler or vendorCollectivelyrepresentsalltheseproductprofessionalsSustainableIfsomethingissustainableitdoesnotharmtheenvironmentor deplete natural resources In retailing it often refers to sustainabledesignwhetherthatbeinbuildingdesignorproductdesignTareweight TheweightofpackingandcontainerswithoutthegoodstobeshippedTariffAscheduleorsystemofdutiesimposedbyagovernmentongoodsimportedorexportedtherateofdutyimposedinatariffTenorThetimefixedorallowedforpaymentasinldquothetenorofadraftrdquoTime draft A draft drawn to mature at a certain fixed time afterpresentationoracceptanceTrade shows Trade shows are organized events that cater to a specificindustry and introduce buyers and sellers Traditionally trade shows areclosed to the public and are only accessible to registered buyers andmembersoftheretailtradeValidated license A government document authorizing the export ofcommoditieswithinthelimitationssetforthinthedocumentVisa A signature of formal approval on a document Obtained fromconsulatesVisual merchandising The art of using effective design andmerchandisingideasthatwillenhancetheshoppingexperienceofastoreaswellasincreasesalesandfoottrafficWholesaleThesellingofgoodsthroughabusiness-to-businesstransactionoflargequantitiestoretailersWholesalerAnindividualorcompanythatsellsaproductorservicetoaretaileranddoesnotsellthisproductorservicedirectlytoconsumers
Notes
1StandingOutamongOtherRetailers
1KimberlyEfseaffowneranddesignerBonBijouxGirlyBoutiqueInterviewbyNicoleReyhleDecember142013
2SteppingOutsideYourComfortZone
1MacquenziFarquerownerLockportAstoriaNewYorkInterviewbyNicoleReyhleOctober1520132Ibid3ShariRalishownerPeacefulParlourInterviewbyNicoleReyhle
November1120134JoeAbrahamauthorofEntrepreneurialDNAInterviewbyNicoleReyhle
December122013GenevaIllinois
3LeaningonOutsideOrganizations
1EllenDivitaeconomicdevelopmentdirectorCityofGenevaInterviewbyNicoleReyhleNovember32013GenevaIllinois2Ibid3HarrietParkermanagerAuroraIllinoisndashbasedSmallBusiness
DevelopmentCenterInterviewbyNicoleReyhleOctober212013GenevaIllinois4AndyEllenpresidentandgeneralcounselNorthCarolinaRetail
MerchantsAssociationInterviewbyNicoleReyhleviae-mailOctober2820135Ibid6CurtisPicardexecutivedirectorRetailAssociationofMaineInterviewby
NicoleReyhleOctober2920137Ibid8Ibid9JamaRiceexecutivedirectorandCEOofMuseumStoreAssociation
interviewbyNicoleReyhleviae-mailNovember6201310MissyBrozekvicepresidentandcreativedirectorCrafterrsquosHome
InterviewbyNicoleReyhleJanuary12014
4IdentifyingYourUniqueStoreStory
1AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicoleReyhleOctober182013ChicagoIllinois2Ibid3Ibid4KirtManeckeauthorandcustomer-serviceexpertInterviewbyNicole
ReyhleNovember2013
5SourcingProductsThroughTradeShowsandtheInternet1MegyKarydesownerKarydesConsultingInterviewbyNicoleReyhle
January22014ChicagoIllinois2Ibid3CamilleCandellagroupmarketingmanagerEmeraldExpositions
InterviewbyNicoleReyhleDecember520134JonathanPrescottseniorbusinessmanagerJPCommunicationsInc
InterviewbyNicoleReyhleDecember142013
6BuyingforCustomerversusYourself
1CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhleNovember112013GenevaIllinois2DrGaryEdwardschiefcustomerofficerMindshareTechnologies
OriginallysharedviaRetailMindedcominanarticlepublishedbyRetailMindedJanuary20143TomKonopackiownerAnastaziaInterviewbyNicoleReyhleDecember
2013GenevaIllinois4VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember29
20135Ibid6Ibid7DrGaryEdwardschiefcustomerofficerMindshareTechnologies
OriginallysharedviaRetailMindedcominanarticlepublishedbyRetailMindedJanuary20148CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhle
December92013GenevaIllinois9Ibid10Ibid
7SellingYourProducts
1MichaelAmatopresidentandCEOCimarronInc2AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois3Ibid4RichKizerandGeorganneBenderKizerampBenderSpeakingInterviewby
NicoleReyhleNovember52013StCharlesIllinois5KerryBannigancofounderNolchaFashionWeekNewYorkInterview
byNicoleReyhleNovember252013NewYorkCity6CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhle
November12013GenevaIllinois7RichKizerandGeorganneBenderKizerampBenderSpeakingInterviewby
NicoleReyhleNovember52013StCharlesIllinois8VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember30
20139Ibid10JasonRichelsonfounderandCEOShopKeepPOSInterviewbyNicole
ReyhleNovember252013NewYorkNewYork
8ApplyingPressandMarketingtoYourBusiness
1CynthiaSuttonownerSilverBarnretailstoreInterviewbyNicoleReyhleOctober162013ColumbusTexas2Ibid3SuzyTeeleCOOSnapRetailcomInterviewbyNicoleReyhleNovember
220134Ibid5Ibid6JessicaMorettimarketingcommunicationsmanagerSnapRetailcom
InterviewbyNicoleReyhleDecember1020137CourtneyRodgerscofounderBoutiqueWindowInterviewbyNicole
ReyhleNovember2720138CynthiaSuttonownerSilverBarnretailstoreInterviewbyNicoleReyhle
October162013ColumbusTexas
9MakingYourPresenceOnline
1DonDaviseditor-in-chiefInternetRetailerMagazineInterviewbyNicoleReyhleNovember2013ChicagoIllinois2HarleyFinkelsteinchiefplatformofficerShopifycomInterviewby
NicoleReyhleinOctober20133Ibid4CourtneyRodgerscofounderBoutiqueWindowInterviewbyNicole
ReyhleNovember2720145Ibid6DonDaviseditorinchiefofInternetRetailerMagazineInterviewedby
NicoleReyhleNovember2013ChicagoIllinois7Ibid8ForresterResearchreleasedareporttitledldquoUSCrossChannelRetail
ForecastrdquoonOctober292013thatidentifiedthisfindingwhichcanbefoundatforrestercom9DonDaviseditor-in-chiefInternetRetailerMagazineInterviewbyNicole
ReyhleNovember2013ChicagoIllinois10Ibid11SkipMcGrathpublisherSkipMcGrathcomInterviewbyNicoleReyhle
December6201312SuzyTeeleCOOSnapRetailInterviewbyNicoleReyhleNovember25
201313Ibid14EdClearypublisherRetailTouchPointsInterviewbyNicoleReyhle
November25201315RichKizerandGeorganneBenderKizerampBenderSpeakingInterview
byNicoleReyhleNovember2013StCharlesIllinois16Ibid17SuzyTeeleCOOSnapRetailInterviewbyNicoleReyhleNovember25
201318EllaWirtzcofounderBoutiqueWindowInterviewbyNicoleReyhle
November272013
10TakingPartinShop-LocalInitiatives
1MackenziFarquerownerLockportAstoriaNewYorkInterviewbyNicoleReyhleNewYorkCityOctober1620132JeffMilchencodirectorAMIBAInterviewbyNicoleReyhleNovember
2320133Ibid4Ibid5Ibid6MitchenIdentifiedincompanyoverviewonAMBIAnetNovember20137Ibid8IdentifiedinareportreleasedbytheNationalFederationofIndependent
BusinessesandAmericanExpressResearchDecember20139SusanSobbottpresidentAmericanExpressOPENsharedinapress
releasestatementreleasedJuly201310Ibid11AmyKnebelWashingtonDC-basedcustomerInterviewbyNicole
ReyhleDecember6201312DanMcCabeCEOCausetownorgInterviewbyNicoleReyhle
December92013
11ACrystalBallforIndependentRetailers
1KimberlyEfseaffBonBijouxGirlyBoutiqueDelMarCaliforniaInterviewbyNicoleReyhleDecember2820132AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois3JasonRichelsonfounderandCEOShopKeepPOSInterviewbyNicole
ReyhleNovember2520134VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember28
20135CamilleCandellagroupmarketingmanagerEmeraldExpositions
InterviewbyNicoleReyhleDecember520136BillMcNultypublisherSumnerCommunicationsIncInterviewby
NicoleReyhleDecember2820137AngelaGianfrancescoownerofStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois8CurtisKroekerBizBuySellcomandBizQuestcomInterviewbyNicole
ReyhleNovember182013
Index
PleasenotethatindexlinkspointtopagebeginningsfromtheprinteditionLocationsareapproximateine-readersandyoumayneedtopagedownoneormoretimesafterclickingalinktogettotheindexedmaterial
70-20-10ruleinsocialmedia170
AbrahamJoe914AccessoriesResourceTeam(ART)32206ActionGuides5AdidasxvndashxviAdvanstar44205Advisoryboardscustomer-based95ndash97AlabamaRetailAssociation34AmatoMichael108Amazon153164165AmericarsquosMart73AmericanApparelampFootwearAssociation32206AmericanExpress183215ndash216American Independent Business Alliance (AMIBA) 146 178ndash182 185 206214
AmericanSpecialtyToyRetailingAssociation(ASTRA)32Anastazia98Android190AppleInc39191Apps194SeealsoiPodsArizonaRetailersAssociation34ArkansasGrocersandRetailMerchantsAssoc34
Aroma130ARTHomeFurnishingsNetwork32206ASDTradeShowxviii1742436266707174206210AssociatedOregonIndustriesRetailCouncil34AssociationofSmallBusinessDevelopmentCenters206
BaconKevin215BALLEcalculators182BandholzEric156BankofAmerica207BanniganKerryxviii116Barneys191BeALocalistorg207Beardbrand156158BeckhamDavidxviBeetailer172207BenderGeorganne112118169170213Benefitsoforganizations29BergBob78BestBuy165Big-boxcompetition10ndash12Bing80BizBuySell197200207BizQuest197Blogtradegove69BloggingxvindashxviiBonBijouxGirlyBoutique189BosiDNA207BoutiqueVision208BoutiqueWindow144146159171172202207Branding139BrozekMissy28BuehlerJef21Builderentrepreneurs9BureauofLaborStatistics208
BusinessAlliance for Local Living Economies (BALLE) 181ndash182 185 207214ndash215
Businesscards76Businessinsurance30Business-to-Business(B2B)sourcingplatforms80ndash85BusinessUSA208Buy-localcampaigns5178ndash182BuyersxivBuyersrsquoguides29Buying89ndash105Buyingdistrictswholesale73
CalculatorsBALLE182Calendarforstore109ndash111CaliforniaRetailersAssociation34Calltoaction(CTA)inmarketingmessage142CandellaCamille76194Cardlytics201208CardPrintingus48Causetownorg185ndash186208215CEStradeshow4371ChambersofCommerce422ndash2333ChanelCoco3Charityevents134185ndash186ChasallaxiiiCheckoutprocedures46ndash47ChildrenrsquosClubtradeshow43Choosingselectingyourinventory41ndash42ChurchillWinston177Cimarron108CityofGenevaIllinois22CitySearchcom97ClairersquosBoutique12ClearyEd167169
Cloudcomputing191192Cloud-basedpoint-of-sale(POS)210Coastalcom165ColoradoRetailCouncil34Comfortzoneexpansion9ndash20Community-basedsupports4ndash522ndash37Companycontactinfoonlinestore161Companyphilosophy56Competition16
big-boxstoresas10ndash12identifying10ndash12learningfrom16
Conferences2933ConnecticutRetailMerchantsAssociation34ConstantContact143ConsumerElectronicsShow71Contactinformationforstore56161Contentmarketing175ndash176Contentofmarketingmessage142CouncilofStateRetailAssociations(CSRA)209Couturetradeshow43CraftampHobbyAssociation32209CraftandHobbyRetailers32CraftersrsquoHomexviii28209CrainrsquosChicagoBusinessxviiCreatinganonlinestore155ndash163Creditcardsales201216Cross-merchandisingtechniques122CubanMark153Customercarecustomerservice20444547ndash485457138194ndash197
customerfeedbackand95ndash97104customerresourcemanagement(CRS)in192disputesin49ndash50importanceof194ndash197invitingcustomerstoeventsin114ndash115
onlinestore163reviewsitesand97
Customerdisputes49ndash50Customerfeedback95ndash97104Customerresourcemanagement(CRS)192Customers
identifying47targeting715163understandinghabitsof1519ndash20
Customsregulations65
Dailystoreroutines20DallasMarketCenterThe73DallasMavericks153DanceRetailerNewsxviiDatasources15DavisDon154158162DelawareRetailCouncilInc35DeMariaJennifer166DHL65DickrsquosSportingGoodsxviDillardsxivDiscountedmerchandise121ndash122Displaysdisplayhardware117ndash123150
cross-merchandisingtechniquesin122immediate-rightzonein120lightingand118pointofsale(POS)areasand121salesectionin121ndash122staplesvsstatementsin122ndash123storestoppersas120ndash121storewindowsas119
Diversifyingyourinventory11ndash13DivitaEllen22
DoItInPerson172209Dresscode58DruckerPeter189
Ecommerce153statisticson145
E-mailmarketing140141ndash144eBay164165Educationalopportunitiesattradeshows82EdwardsGary97102EfseaffKimberly3ndash4189EllenAndy25EmeraldExpositions4476194209Emergencyprocedures58Employeemanuals58Employeesandstaff750ndash53Seealso
Operationprocedures57employeemanualfor58employmentpractices56fullvspartndashtime18hiring51ndash53interviewing51ndash53managersashiring52ndash53terminationof57
Employmentpractices56Engagingthesensesinselling128ndash131ENTInternational205EntrepreneurialDNA(Abraham)914Entrepreneurs9EtienneAignerxvEvents
advanceplanningfor114116ndash117expensesvssalesgeneratedby116in-storeexperienceascenterpieceof115ndash116
introducingandmanaging108ndash117invitingcustomersto114ndash115marketing114planningdatesfor113regularschedulingof112storecalendarfor109ndash111trackingresponseto113ndash116
ldquoExperiencerdquoofastore3SeealsoEngagingthesenses
Fabcom165Facebook47123144166171183201207218FarquerMacquenzi10177FashionFootwearAssociationofNewYork(FFANY)42FederalExpress65Feedbackfromcustomers95ndash97104Financing211FinkelsteinHarley154Firstimpressionsinmarketing142FloralRetailers32FloridaRetailFederationxviii35Focusgroups45FootwearNewsmagazinexvForbesxviiForresterResearchonlineshopping159163FourSquare123FrancoSartoxivFreeshippingonlinestore162ndash163Freight65FringeSport156158Futuretrends189ndash203
GanderMountainxviGarmentdistrictNewYork73
GatesBill6189Generationaltargeting7GeorgiaRetailAssociation35GianfrancescoAngela4ndash541109196ndash197Giftboxeswrapping139Giftcertificates48GiftFairNY43GlamourmagazinexvGlobalShop210GlobalSourcescom81Glossaryofcommonretailterms219ndash235Google80164GoogleGlass201GooglePlaces201Google+in171Grossmargin93Grosssales93Groupmemberships7Growingyourbusiness102ndash103
Habitsofsuccessfulretailers14ndash19Handheldportablecashregisters190ndash191194Healthinsurance30Hiringemployees51ndash53HollisKaren95HomeFurnishingsIndustry32
IdahoRetailersAssociation35Ideation211IllinoisRetailMerchantsAssociation35IllinoisSmallbusinessDevelopmentCenter24Immediate-rightzone120Importingmerchandise65ImprovementDistrictProgramsofNewJersey21
IndependentJewelryRetailersandVendors32IndependentPetRetailers32IndependentRetailerConferencexviii210IndependentRetailerMagazine210IndiaMARTcom81IndianaRetailCouncil35Industrypublications31Informationsources15InnoMarkCommunications208Innovatorentrepreneurs9Instagramin171InstituteforLocalSelf-Reliance178185211Insurance30Intellectualproperty(IP)217Intellectualpropertyrights(IPRs)216InternalRevenueService(IRS)211InternationalBusinessattheSourcing78Internationalsourcing6466InternationalTradeOrganization69Internet61sourcingthrough66InternetRetailerConferenceandExhibition(IRCE)162211InternetRetailerMagazine154158164172210Internet-basedmarketing139144ndash146InternetRetailercom162Interviewingpotentialhires51ndash53Introducingnewitemsforsale108ndash117Inventorymanagementxv1941ndash42138
choosingselecting41ndash42classificationofitemsin90ndash91103ndash104customerfeedbacktoinfluence95ndash97104displaysdisplayhardwarefor117ndash123diversifyingin11ndash13dollarvalueofvsunits92introducingnewitemsin108ndash117
maintainedmarkup(MMU)94opentobuy(OTB)planningin9394pointofsalesoftwarefor99ndash102rankingperformanceofclassesin104ndash105retailmathbasicsin90ndash95stock-keepingunit(SKU)numbersin104tradeshowsand41ndash44turnover93vendorsand93
Inventoryturnover93iOS190IowaRetailFederation35iPads123ndash126216iPadEnclosures126210iPadpointndashofndashsale(POS)123ndash126210ISStradeshow43
JCKtradeshow43JennyBoston166JobsSteve39JPCommunicationsIncxvii85
KHollisJewelers95Kabbage211KansasChamberofCommerce35KarydesConsulting63KarydesMegy63Keepingitsimpleinmarketingmessage142KellerAlex156KellerPeter156KentuckyRetailFederation35KizerampBenderSpeaking112118169170213KizerRich112118169170213KnebelAmy184
KonopackiTom98KroekerCurtis197ndash200
Layoutconsistencyonlinestore160Learning16ndash17LicensingExpo211ndash212Licensing211ndash212Lighting118Localevents40SeealsoBuy-localeventsLocalmedia16Lockport10LordampTaylorxivLouisianaRetailersAssociation35Luckymagazinexv
MacyrsquosxivMade-in-chinacom81MAGICMarketWeek212MAGICtradeshow436278205MailChimp143MainStreetNewJersey21Maintainedmarkup(MMU)94ManagementOne212Managershiring52ndash53Managingyourbusiness18ManeckeKirt54Manufacturerscomxvii6281212Manufacturingnet69Marketresearch30454795ndash97Marketing162040133
brandingand139charityeventsas134e-mailin140141ndash144events114giftboxesbagsetc139
importanceof138Internet-based144ndash146online139resourcesandinformationon146ndash148socialmediain140ndash141
MarylandRetailersAssociation35Mathretailmathbasics90ndash95MaxStudioxiiiMaynardKristin166McCabeDane186McGrathSkip164165McNultyBill195ndash196Medialocal1620Merchandising57Merchantsolutionbenefits30ndash31MFGcom81MiamiMerchandiseMartThe73MichiganRetailersAssociation35MidwestMarketDays73MilchenJeff178ndash182MindshareTechnologies97MinnesotaMainStreetxviiiMinnesotaRetailersAssociation35MinorityBusinessDevelopmentAgency(MBDA)212MississippiRetailandGrocersAssociation35MissouriRetailersAssociation35Mobilecommerce126ndash128Modalyst81212MontanaRetailAssociation35Moocom147213MorettiJessica142MuseumandNotndashforndashProfitStores32MuseumStoreAssociationxviii2732MuseumsampMorexviiMusic124129ndash130147
Namorg69NationalFederationofIndependentBusinesses183NationalHardwareShow4371213NationalRetailFederation48NebraskaRetailFederation35Netsales93NewJerseyRetailMerchantsAssociation36NewMexicoRetailAssociation36NewYorkInternationalGiftFair43NewYorkwholesalegarmentdistrict73NexPet32NielsenExpositions209NineWestxivNolchaEvents116NolchaFashionWeekNewYorkxviiiNordstromxiiixiv44191NorthCarolinaRetailMerchantsAssociation2536NorthDakotaRetailAssociation36
OffndashPriceShow217OhioCouncilofRetailMerchants36Onlinegroups30OnlinemarketingSeeInternet-basedmarketingOnlinepresenceonlinestore731153ndash176201AmazoneBayplatformsfor164165companycontactinfoin161contentmarketingand175ndash176creatinganonlinestorefor155ndash163customercarecustomerserviceand163e-commerceand154ndash163Facebookassalesplatformin166focusonyouruniqueimagein158ndash159freeshippingand162ndash163layoutconsistencyin160
paymentoptionsfor161ndash162photosimagesin160productdescriptionsfor159ndash160175ndash176reachof154resourcesandinformationon162salesamountsgeneratedby163salestrackingsoftwarein157157Shopifyincreatingonlinestores155shoppingcartsystemfor161socialmediaand163164ndash174targetcustomersfor163tipsforbuilding158ndash163
Onlinesourcingplatforms80ndash85Opentobuy(OTB)planning779394Operationalprocedures1957Opportunistentrepreneurs9Ordersplacedattradeshows77ndash79OutdoorRetailerShow70Outsidesourcesofinformationsupport6ndash721ndash37
ParkerHarriet24Payingemployees57Paymentcardindustry(PCI)compliance190Paymentoptionsonlinestore161ndash162PeacefulParlour13PennsylvaniaRetailersrsquoAssociation36Petflowcom165PGAShow43Philosophycompany56Photosimagesonlinestore160PicardCurtis26ndash27PicassoPablo9Pinterest144171208218PlasticResourcecom48
Point-of-sale(POS)areas121Point-of-sale(POS)date15Point-of-sales(POS)systemstechnology4714899ndash102123ndash126190191ndash194210SeealsoInventorymanagementPremierPackaging139147202213
PrescottJasonxviixix6885200ndash202Pressreleases133135ndash137Pricing90ndash95Productdescriptionsonlinestore159ndash160175ndash176Profitretailmathbasics90ndash95Publicationsxvxvii3167Publicity 7 134 See alsoMarketingQuotes and price comparison sourcing66ndash67
Radio124RalishShari13113RalphLaurenxiiiReedExpositions44213Resourcelisting205ndash218RetailAdventuresBlog213RetailAssociationofMaine2636RetailAssociationofNevada36RetailCouncilofNewYorkState36RetailJewelersOrganization32RetailMerchantsAssociationofNewHampshire36RetailMerchantsofHawaii36RetailMindedxvi2969143210214218
conferencesby33PartnerPrograminxviii31
RetailMindedMagazinexviindashxviiiRetailRadio124147214RetailTouchPoints167172ndash173214RetailersAssociationofMassachusetts36RetailMAVENS90102117214Returnoninvestment93Returnpolicies46
Reviewsites97ReyhleNicoleLeinbach202RhodeIslandRetailFederation36RiceJama27RichelsonJason126190RobbinsTony21RodgersCourtney144159RowsellVaughn99ndash102123124192
Salesection121ndash122Salestrackingsoftwareonlinestores157157Scheduling57SCORE33Searchengines80Searchingforproductsonline80Searsxiii164Seasonalemployees7Security58Sellthrough93117Selling107ndash131
cross-merchandisingtechniquesin122displaysforinventory117ndash123e-commercestatisticsand145engagingthesensesin128ndash131immediate-rightzonein120mobilecommerceand126ndash128pointofsale(POS)areasand121salesectionin121ndash122soundtoenhancebuyingexperienceand124staplesvsstatementsin122ndash123storecalendarand109ndash111storestoppersin120ndash121technologyfor123ndash126
Sellingyourstore197ndash200
ShiftYourShoppingprogram182184185214Shipping65onlinestore162ndash163Shipwire173215ShopIndieRetail215ShopSmallcampaign183ndash185215ndash216Shop-localinitiatives177ndash188
AmericanIndependentBusinessAlliance(AMIBA)and178ndash182185BALLEcalculatorsand182Business Alliance for Local Living Economies (BALLE) and 181ndash182185buy-localcampaignsand178ndash182charityeventsand185ndash186InstituteforLocalSelf-Relianceand185ShiftYourShoppingprogramand182184185ShopSmallcampaignand183ndash185SmallBusinessSaturdaycampaignand183ndash185startingyourowncampaignfor186ndash188
Shopify145147154155162173202215ShopKeep126190215Shoppingcartsystemsonlinestore161SierraPacificCrafts216Sightengagingthesensesinselling128ndash129Signage3147SilverBarnThe12133ndash134SixDegreesorg215SkipMcGrathcom165Smallandmedium-sizedenterprises(SMEs)216SmallBusinessAdministration(SBA)217SmallBusinessDevelopmentCenters(SBDC)24206217SmallBusinessSaturdaycampaign183ndash185SmartRetailerxviiSmartSign147Smellengagingthesensesinselling130SmileSellMorewithAmazingCustomerService(Manecke)54
SnapRetail110ndash111138140141142143147167168170173202216SobbottSusan183Socialmedia1645123140153163164ndash174201
70-20-10rulein170BoutiqueWindowand171Facebookin166171findingrightchannelin170ndash171Google+in171Instagramin171Pinterestin171resourcesandinformationfor172salesgeneratedthrough164SnapRetailofferingin168timerequirementstoparticipatein170Twitterin171useofbymerchants167ldquovoicerdquoin169
SocietyofAmericanFlorists32Softwareasaservice(SAAS)193Soundtoenhancebuyingexperience124Soundengagingthesensesinselling129ndash130SourceDirect62Sourcing61ndash87
budgetingfor68Business-to-Business(B2B)sourcingplatformsfor80ndash85importantpointstorememberin64international64ndash6566Internetfor66networkingfor67onlineplatformsfor80ndash85publicationsabout67quotesandpricecomparisonin66ndash67resourcesandinformationon69retailerbenefitsof62ndash69searchenginestolocateproductsin80
trendsin67ndash68USCustomsregulationsand65unexpectedissuesin68
SourcingJournalOnlinecom6769SouthCarolinaRetailAssociation36SouthDakotaRetailersAssociation36Specialistentrepreneurs9SpecialtyToyIndustry32SquareSquareUpcom202216StaffSeeemployeesandstaffStandingoutamongotherretailers3ndash7Staples153Staplesvsstatementsdisplays122ndash123Starbucks191StateChamberofOklahomaxviiiState-levelretailassociations25ndash37StellaBlueDesign4Stocktosalesratio93Stock-keepingunit(SKU)numbers104STOPfakes216Stoppersstorestoppers120ndash121Storecalendar109ndash111Storecontactinformation56161Storehours4956StoreSpecialtyServices216Storestoppersas120ndash121Storetraditions50Storewindow119Storyofyourstore39ndash58Strategicalignment108SumnerCommunicationsInc195Suppliers66ndash67SeealsoSourcingSupportingotherlocalbusinesses17Surveys45SuttonCynthia12133ndash134138146
Target165Targetingcustomers715163TarsusGroup44217Tasteengagingthesensesinselling130ndash131Taxes211Technology123ndash126190ndash191SeealsoPointofsales(POS)
futurebeyond194TeeleSuzy138140141167170TennesseeRetailAssociation37Terminationofemployees57TexasRetailersAssociation37TheLimitedxiiiThingsRememberedxiiiThomasnetcom81Tiffany139TopTenWholesalecomxvii6267698183ndash85218Touchengagingthesensesinselling129TradeShowExhibitorsAssociation(TSEA)217Tradeshows172941ndash446166677071ndash77
educationalopportunitiesof82guideto43open-to-buy(OTB)budgetin77ordersplacedat77ndash79preparingtoattend86ndash87tipsforattending78
Trade-specificorganizations27TrademarkTheSpot217Tradeology69Traditionsstore50Trainingemployeesandyourself16ndash172074ndash75Traveldiscounts31Trends3067TripAdvisor201TriparInternational147ndash148217Twitterxvi144171183201208218
USCustomsregulations65USNationalAssociationofManufacturers69USPatentandTrademarkOffice(USPTO)217USSmallBusinessAdministration(SBA)217Uniqueimageinonlineretail158ndash159Uniquetraitsofyourstore44ndash58UtahRetailMerchantsAssociation37
Vend99ndash102123148192202218Vendors61741587493
maintainedmarkup(MMU)and94VermontRetailAssociation37ViaTrading219Vine174218VIPcustomercare47ndash48VirginiaRetailMerchantsAssociation37ldquoVoicerdquoinsocialmedia169
WagnerCathy9092102117118214WagnerPaul214Walmart153165191201WashingtonMutual108WashingtonRetailAssociation37WaubonseeCommunityCollege24Websites 7 See also Online presenceOnline stores West Virginia RetailersAssociation37
WesternRetailerxviiWeWearorg206Wholesale101AGuidetohellip(Prescott)68WholesaleDistrictinLosAngelesThe73Wholesalemarkets66WholesaleMindedMagazine218WholesaleCraftscom81218Wholesalersxvii626769ndash718183218
martsandbuyingdistrictsfor73Windowdisplays3119WindowsPOSsystems190WirtzElla171Wishpond173ndash174218WomenrsquosWearDailyxvWorldMarketCenter73WyomingRetailAssociation37
Yahoo80Yelpcom97201
ZiglerZig133
AbouttheAuthors
NicoleLeinbachReyhleisanexperiencedretailandwholesaleprofessionalwithapassionforsmallbusinessesAfteryearsofholdingbothregionalandnationalmanagementrolesforcompaniesincludingNordstromAdidasAmericaSearsandFrancoSartoFootwearReyhlefoundedRetailMindedin2007tosupportindependentretailersthroughouttheworldIntendedtohelpindividualbusinessownersthriveRetailMindeddelivers
valuablenewseducationandsupportspecifictoindependentmerchantsSince2011ReyhlehasalsosupportedtheretailandsmallbusinesscommunitythroughherquarterlypublicationRetailMindedmagazineaswellasthroughtheRetailMindedPartnerProgramwhichaffiliateswithmanyassociationsandorganizationsinanefforttodeliverretaileducationandsupporttomerchantsfromallsectorsReyhlersquosonlinewebsiteRetailMindedcomhasover1500articlesspecificto
retaileducationforsmallbusinessesandReyhlehaswrittenandpublishedover500articlesinavarietyofotherpublicationsaswellAfrequentspeakeratbothnationalandinternationaleventsReyhleisthecofounderoftheIndependentRetailerConferencewhichiscommittedtodeliveringqualityeducationtomerchantswithonetotenstoresReyhleisactiveinavarietyofretail-andsmallbusiness-focusedadvisoryboardsthroughouttheUnitedStatesandcontinuouslyworkstostayengagedinretailtrendsresearchandnewsReyhleservesasaspokespersonandadvisorforSmallBusinessSaturdaya
nationallyrecognizeddayoccuringtheSaturdayafterThanksgivingthat
nationallyrecognizeddayoccuringtheSaturdayafterThanksgivingthatsupportssmallbusinessesAmericanExpressisafoundingpartnerofSmallBusinessSaturdayReyhlehasbeenanadjunctinstructoratColumbiaCollegeChicagosince2004teachingvariousretailandbusinesscoursesReyhleresidesintheChicagoareawithherhusbandtheirtwoyoung
childrenandtheirWeimaranerFollowReyhleonTwitteratRetailMindedandonFacebookatFacebookcomRetailMinded
JasonAPrescottCEOofJPCommunicationsIncdirectsanetworkofglobaltradeplatformsusedforsourcingproductsbymillionsofbusinessesandentrepreneursAnchoredbyTopTenWholesalecomandManufacturercomover2000000manufacturerswholesalersimportersretailersandproductresellersbelongtotheJPCInctradeplatformsJasonrecentlypublishedhisfirstbookWholesale101AGuidetoProductSourcingforEntrepreneursandSmallBusinessOwners(McGraw-Hill2013)PrescottspearheadedtheacquisitionofManufacturercomfromagroupofChinesenationalsandforeigninvestorsin2009JPCommunicationsIncoperatesinChinaunderHangzhouFlatWorldSourcingLTDPrescottisapioneerinbusiness-to-businessonlinetradeplatformsJP
CommunicationsrsquotradeplatformsarepartneredwithindustrytradeshowgiantsSourcingatMagicASDtheOffPriceShowInternetRetailerandtheNationalHardwareShowandhehasgivenpresentationsatSearchEngineStrategiesSIPPASANDIOSASDTradeShowsSourcingatMagicandtheSanDiegoSoftwareCouncilPrescottauthoredoneofthefirstsearchmarketingcoursesfortheSearchEngineMarketingProfessionalsOrganizationandwasonSEMPOrsquosEducationCommitteeBesidespresentationsandconsultingPrescotthaswrittenarticlesonbusinessandtechnologyappearinginB2BOnlineOMMAIMediaConnectionCEOmagazineandEntrepreneurOnlineHehasalsobeencitedinIncmagazineBusinessWeekandForbesOnlineTopTenWholesalewasnamed1inFastGrowthAwards(2008)by
bizSanDiegoandrankedintheTop20forTechnologyawardssponsoredbytheSanDiegoBusinessJournalPrescottwasnamedintheTop40EntrepreneursUnder40listin2007bySanDiegorsquosMetropolitanmagazineandwasrecognizedforOutstandingEmergingBusinessoftheYearbytheSanDiegoChamberofCommercePrescottisagraduateofWesternConnecticutStateUniversityandcurrently
livesinLosAngelesCalifornia
- Acknowledgments
- Introduction
-
- Action Guide
- Habits of Successful Retailers
- Action Guide
- Getting Involved with Outside Organizations
- Benefits That Organizations May Offer
- Action Guide
- Creating an Inventory Assortment That Stands Out
- Unique Traits of Your Store
- General Interview Questions for Potential Employees
- Action Guide
- Benefits of Sourcing as a Retailer
- Working with Wholesalers
- Understanding the Value of Trade Shows
- Managing Orders Placed at Shows
- Using Online Sourcing Platforms
- Action Guide
- Understanding the Basics of Retail Math
- Introducing Customer Feedback for Inventory Management
- Using Point-of-Sale Software to Help Manage Inventory
- Action Guide
- Introducing and Managing Store Events
- Highlighting Inventory Through Displays
- Using Modern Technology in Your Store
- Identifying Whether Mobile Commerce Matters
- Action Guide
- Using E-mail to Communicate Store Messages
- Using the Internet as a Marketing Platform
- Resources Every Independent Retailer Should Know About
- Action Guide
- Embracing E-commerce
- Social Media in Todayrsquos Retail Marketplace
- Action Guide
- Understanding Buy-Local Campaigns
- Finding Success Through Small-Business Saturday
- Introducing Commerce and Charity
- Action Guide
- The Future of Independent Retail
- The Future Beyond Technology
- When Retail Isnrsquot in Your Future
- Parting Words from Jason Prescott
- Parting Words from Nicole Leinbach Reyhle
- Conclusion
-
- Part I Being Indie in a Big-Box World
-
- 1
- Standing Out among the Crowd
- 2
- Stepping Outside Your Comfort Zone
- 3
- Leaning on Outside Organizations
- 4
- Identifying Your Unique Store Story
-
- Part II Practical Steps to Increase Your Store Visibility and Sales
-
- 5
- Sourcing Products Through Trade Shows and the Internet
- 6
- Buying for Customers Versus Yourself
- 7
- Selling Your Products
- 8
- Applying Press and Marketing to Your Business
-
- Part III Making a Mark in the Economy
-
- 9
- Making Your Presence Online
- 10
- Taking Part in Shop-Local Initiatives
- 11
- A Crystal Ball for Independent Retailers
-
- Appendix A Resources for Independent Retailers
- Appendix B Common Retail Terms and Definitions
- Notes
- Index
-
9 MakingYourPresenceOnlineEmbracingEcommerceSocialMediainTodayrsquosRetailMarketplaceActionGuide
10 TakingPartinShop-LocalInitiativesUnderstandingBuy-LocalCampaignsFindingSuccessThroughSmall-BusinessSaturdayIntroducingCommerceandCharityActionGuide
11 ACrystalBallforIndependentRetailersTheFutureofIndependentRetailTheFutureBeyondTechnologyWhenRetailIsnrsquotinYourFuturePartingWordsfromJasonPrescottPartingWordsfromNicoleLeinbachReyhleConclusion
AppendixAResourcesforIndependentRetailers
AppendixBCommonRetailTermsandDefinitions
Notes
Index
Acknowledgments
NicoleLeinbachReyhleFIRSTANDforemostthankyoutoJasonPrescottforbeingsuchagreatbelieverandsupporterofRetailMindedandmyselfsincedayoneYouwereamongthefirstindustryleaderstoreachoutandworkwithmeasaretailresourceandIrsquomgratefulforourcontinuedsupportofeachotherovertheyearsFurthermoreIcanrsquotthankyouenoughfortheopportunitytocoauthorthisbooktogetherYourwisdomenergyandexperienceareinvaluableNextIwanttoextendahugegeneralthankyoutoallthebusinesses
organizationsandpeoplewhocontributedcontentandresearchmaterialtothisbookJasonandIbothareverygratefulfortheinsighttimeenergyandexperiencethatyouallprovidedWithoutyoursupportthisbooksimplywouldnotbepossibleThankyouagainandwewisheachofyoucontinuedsuccessinthefutureNextIwanttothankthepeoplewhowereinvolvedintheliteralcreationof
thisbookTostartBillGladstonethankyouIappreciateyourtakingachanceonafirst-timeauthorandlookforwardtoworkingwithyoumuchmoreinthefutureAlsoTaraGladstonethankyouforyourwisdomandsupportincreatingthebookproposalWhileIhadhopedtoworkwithyoumoreourlimitedworktogethertaughtmesomuchandIlookforwardtothechancetoworkwithyouagainLastbutcertainlynotleastthankyouThomasMilleroureditoratMcGraw-HillYourguidanceandenthusiasmthroughoutthisprojecthavebeenfantasticandJasonandIbotharegratefulforyouroverallsupportDannalieDiazfromMcGraw-HillIalsoappreciateyourtakingthetimetogivemesomeextrafirst-timeauthorcoachingaswellFinallyIwanttoextendspecialthankstosomekeycontributorsand
supportersofthisbookWhiletherearetoomanytohighlightthefollowingpeoplewentaboveandbeyondtoreallyhelpmakethisbookthebestitcouldbeSuzyTeeleCOOofSnapRetailthankyouYourconstantsupportistruly
appreciatedCourtneySymonsmarketingmanagerwithShopifythankyoufordiggingandsearchingforalltheexactdetailsweneededtomakethisbookcometolifeCamilleCandellagroupmarketingdirectorforEmeraldExpositions
thankyouforsharingyourwisdomandhelpingretailerstobettersucceedJeffMilchencodirectoroftheAmericanIndependentBusinessAlliancethankforyourinvaluableinsightandexpertiseDonDaviseditorinchiefatInternetRetailerMagazineIappreciateyourtakingthetimetoshareyouruniqueperspectivesandamgratefultoofferthemtoourreadersJoeAbrahamauthorofEntrepreneurialDNAandCEOofBosiDNAIhavebeenfortunatetoworkwithyoufirsthandinmyownbusinessgrowthandamthrilledthatyousharedyourwisdomwiththereadersofthisbookaswellAnadditionalthankyougoestoallmyRetailMindedpartnerswhohelpedto
providetheirexpertiseandinsighttoourreadersincludingJeffBuehlerofMainStreetNewJerseyAndyEllenandChristieBurrisofNorthCarolinaRetailMerchantsAssociationEllenDivitaoftheCityofGenevaIllinoisLynneSchwartzofDowntownStCharlesPartnershipandJamaRiceoftheMuseumStoreAssociationIrsquodlikealsotothankthreefolksIrsquomluckytocallmyfriendswhoalsowork
withindependentretailersasconsultantsexpertsandleadersGeorganneBenderandRichKizerIrsquoveadmiredyourworksincewefirstmetattheDanceRetailerExpoinLasVegasmanysummersagoIwasluckytolearnthatourofficeswereonlyatownapartandsincethenIrsquomgratefulforourmanylunchesbrainstormingsessionschitchatsandconstantsupportthatyouhaveprovidedLookingforwardtoourcontinuedsupportandworkwitheachotherInadditionabigthankyoutoCathyWagnerYoursquoreretailinsightandfriendshipisverymuchappreciatedFinallythankyoutomyfamilyandfriendsBeingsurroundedbygoodcompanyatworkathomeandatplayisagreatwaytolivelifeandIrsquomfortunatetodojustthatThankyou
JasonAPrescott
IhavealwaysbeenabelieverthatoneoftheleadingcausesofsuccessispassionNicoleReyhleyouareoneofthemostpassionateprofessionalswithwhomIrsquoveeverhadthehonorofworkingThankyouforthecountlesshoursofresearchinterviewsanddetailyoubroughttothisbookYouhaveaveryspecialgiftthatisgoingtoberesponsibleforthesuccessofsomanyentrepreneursandsmall-businessownersYourhonestyintegrityandprofessionalismwillmakeyouHIPformanyyearstocomeItwasmyhonortohelpopenthedoorandIawaitwithexcitementournextprojecttogetherBillGladstonethankyouforcontinuingtoopenyourdoorIneverwould
havethoughtthatwewouldbepublishingnotjustonebuttwomajorbusiness
havethoughtthatwewouldbepublishingnotjustonebuttwomajorbusinesstitlesinunderoneyearYouareamanofmiraclesandIsalutethebeliefyoucontinuetohaveinallweaccomplishtogetherToAlainStamboulipresidentofViaTradingtherearenotverymanypeople
capableofemulatingthesuccessyourcompanyhashadovertheyearsYoucontinuetosetthebarinaverydynamicindustryandIhavenodoubtthatthetrendwillcontinueYourbusinesscreatesopportunitiesforthousandsofretailersandpowersaneconomicbackboneforcountlesslivesAstheViaTradingstorycontinuesIrsquollalwaysconsidermyselffortunatetohaveinspiringfriendslikeyouinmylifeAndfinallyIrsquodliketoacknowledgeallmyfriendscolleaguescustomers
andpartnerswhocontinuetobethepropellersandmotivatorsofeveryaccomplishmentIrsquovebeenpartofsince2005MypassioncomesfromyouandthepathwecontinuedowntogetherhasbeenanunforgettableandhumblingexperienceServingyouisaprivilegeandIameternallythankfulforsuchanopportunity
Introduction
IrsquoDLIKEtobelievethatmycareerinretailneverreallybeganbutratheralwaysexistedAsalittlegirlIrememberweavinginandoutofstoreswithmymotherandtwosistersalwaysonthehuntforsomethingforoneofusMymommdashacompetitiveshopperwhoknewofeverysalenewstoreopeningandspecialpromotionthatwouldbetakingplacemdashconsideredshoppingmoreofapastimethanaresponsibilityIontheotherhandenjoyedourshoppingexperiencesformuchdifferentreasonsInsteadofbeingexcitedoveranewtoporsomeshoesIwouldgravitatetothecheckoutareaandtrytochatwithoneofthesalesassociatesaboutworkinginretailNaturallycomingfromapreteenthisconversationdidnrsquotgoveryfarHoweverbythetimeIwasabletogetmyfirstpart-timejobIknewthatIwantedittobeintheretailworldOverthefollowingyearsfromages15to22IworkedatThingsRememberedTheLimitedRalphLaurenNordstromMaxStudioandultimatelyalittleboutiqueindowntownChicagocalledChasallaItwasduringthatexperiencethatIknewIwantedtosomehowsomedaysupportindependentretailersFirsthoweverIknewthatIneededamoreexpansiveunderstandingofthedynamicworldofretailThefollowingyearstookmeonawhirlwindtourofbothretailandwholesale
MyfirstjobuponcollegegraduationwasatSearsrsquoscorporateofficesinHoffmanEstatesIllinoiswhereIworkedasamerchandiseanalystwithinthewomenrsquosapparelbuyingofficesThecommutefromChicagotoHoffmanEstateswouldoftentakeabrutaltwohourssosoonafterIswitchedgearswhenofferedajobwithFrancoSartofootwearMyroleforFrancoSartoincludedvisitingcountlessretailerswithintheMidwesternregionrangingfromindependentretailerstobig-boxstoressuchasDillardsMacyrsquosLordampTaylorandmyretailalmamaterNordstromAdditionallyIworkedcloselywiththemarketingteamtoprepareforFrancoSartopersonalappearancesandotherin-storespecialeventswhilealsoattendingnolessthansixtradeshowsayearAtonly24yearsofageIwascertainthatIhadmydreamjobforthattimeinmylifeItturnsoutthoughthatdreamscangrowandby25IwasofferedthechancetorelocatetoFrancoSartorsquosheadquartersinBostontobecomethecompanyrsquosnationalmarketingdirectorIwasbeyondthrilledMyexcitementtotakeonmoreresponsibilitywasoffthechartsbutapartof
Myexcitementtotakeonmoreresponsibilitywasoffthechartsbutapartofmewasunsureaboutthiscross-countrymovebecauseofmyfatherrsquosrecentdiagnosisofbraincancerBeingbothaproudfatherandamarketingprohimselfmydadencouragedmetogoandnotlookbackWithhisapprovalIpackedmybagsandwasonmywayWorkingwithawholesalersuchasFrancoSartogavemesuchincredible
opportunitiestolearnmorenotonlyaboutthevendorsideofthebusinessbutalsoabouttheretailsideofthebusinessAtthetimeFrancoSartowasoutperformingmostofitscompetitionincludingNineWestatretailerssmallandlargeandasaresultmyresponsibilitieswerealwaysevolvingAmongthemincludedtryingtoseeknationalpressforFrancoSartorsquosgrowingbrandWorkingwithconsumerpublicationsthatincludedLuckyandGlamour
magazinesaswellasthetradepublicationsFootwearNewsWomenrsquosWearDailyandmanyothersexposedmetoawholenewsideofretailInstinctivelyIlovedthecombinationofretailandmediaanditwasatthistimethatIstartedtoidentifyhowImightbeabletoapplythisduoinmyownuniquewaytohelpindependentretailersinthefutureFastforwardtoacoupleofyearslaterandIwasreadytoreturntoChicago
AlthoughIlovedmyjobIlovedmyfathermoreHiscancerhadadvancedandIknewthathewouldpasssoonerthanlaterwhichmademydecisiontospendasmuchtimeasIcouldwithhimapriorityAlthoughitwasatoughchoicetoleaveajobthatIadoredIwasfortunatethatBennettFootwearthethen-ownerofFrancoSartoofferedtorelocatemeandgivemeanewpositionthatcouldbebasedintheMidwestSayinggoodbyetomymarketingdayswasextremelytoughbutIembracedmynewchallengeasanaccountexecutiveforFrancoSartorsquossisterfootwearbrandEtienneAignerThefollowingyearintroducedmetolotsofchangemostnotablyspending
mydayssurroundedbynumbersManagingandsellinginventoryarenoeasytasksparticularlywhenyouareworkingwithretailersthatbudgetclosetoamilliondollarsormorejustforyourbrandaloneLookingbackIrefertothispointofmycareerasmyownpersonalretailmathbootcampItwasfastfuriousandunforgettableIlearnedalotmadesomemistakesandultimatelydecidedthatbeinganaccountmanagerwasnrsquotformeImissedmymarketingdayssoIquietlylookedaroundforanewopportunitythatwouldallowmetodomarketingagainFortunatelyAdidaswasrollingoutanin-storeandmajoraccountsmarketingmanagerpositionbasedinChicagoandIwasluckyenoughtogetthejobWorkingwithAdidasIwasexposedtoawholenewworldofretailersthat
includedDickrsquosSportingGoodsGanderMountainandcountlessspecialtyretailersthatservednichemarketsincludingsoccerswimandtennis
retailersthatservednichemarketsincludingsoccerswimandtennisMoreoverthiswasthefirsttimeIworkedforacompanythatwasnotonlyaretailerbutalsoawholesalerAdidashasitsownstoresandalsosellstootherstoresmdashwhichasyoucanimaginehasbothchallengesandbenefitsOnceagainIconsideredmyselffortunatetogainnewexperienceandlearnfromsomeofthemostwell-respectedretailersinthebusinessMeetingDavidBeckhamandotherAdidasathleteswasnrsquotabadjobperkeitherDespiteagreatjobandthechancetomanageateamofover30peopleI
couldfeelaradicalchangebrewingwithinmeIdesperatelywantedtocontrolmytimemoreafteryearsofconstanttravelandIalsohopedtoshareeverythingIhadlearnedwithsmallermoremom-and-pop-stylemerchantsAfteronlyacoupleofyearswithAdidasIwasfinallyreadytobeginmyownuniqueretailjourneywithoutanemployertoofficiallyreporttoLikecountlessotherentrepreneursandpossiblyevenlikeyourselfIdecidedtobecomemyownbossFriendsandfamilythoughtforsureowningalittleboutiqueofmyownwouldbeinmyfuturebutinsteadIwantedtoworkwithboutiquesretailersandsmall-businessownersmdashsharingwiththemwhatIcouldtohelpthemintheiruniquegoalsIn2007RetailMindedwasofficiallybornTaglinedaboutiqueconsultingfirmRetailMindedaimedtosupportretailers
withinmyimmediateChicagocommunityAtthissametimeIbeganwritingablogmdashanewtrendthatwasemergingalongwithsocialmediasitessuchasTwitterFairlyquicklymyblogbecamerecognizedasadestinationforindependentretailerstogainnewseducationandsupportfortheirbusinessesThissoontookoverasmytaglineandIalsobegantoacceptfreelancewritingassignmentsfortradepublicationsthatincludedSmartRetailerDanceRetailerNewsMuseumsampMoreCrainrsquosChicagoBusinessWesternRetailerandevenForbescomWithoutintentionallytryingmyloveformediaandretailhadgrownintoafunctioningbusinessandsoonaftermyone-on-oneconsultingwaspushedasideIrealizedthatthroughmediaIcouldreachmanymoreretailerswithmygoalofsharingindependentspecificnewseducationandsupportanditisthroughmediathatIdidexactlythatTheyearsthatfollowedintroducedmetomanynewmediaclientsaswellas
selectconsultingprojectsItrsquosalsoduringthistimethatIfirstmetmycoauthorJasonPrescottfounderandCEOofJPCommunicationsIncwhichrepresentscompaniesthatincludeTopTenWholesalecomandManufacturercomDespiteafullscheduleIwantedtoreachmoreretailersinawaythatI
believedtheywerenrsquotbeingreachedyetTherewereandstillarehundredsofpublicationscommittedtoretailaudiencesyetnonefocusesonthetotallifestyleofbeinganindependentretailermdashwhethersellingshoeshardwarehomegoods
oranythingelseTomethismeanssupportingthisuniqueaudienceofretailerswithallthedetailsoftheirbusinessesmdashnotjustthosethatfellwithintheirstorewallsInotherwordsIwanteddiscussionsaboutinsurancehealthfamilytimemanagementandmoretoberegularcontributionstoapublicationthatretailerscouldreallyrelatetoandonethatwassolelycommittedtoindependentretailersnotbig-boxmerchantsItrsquoswiththisinmindthatRetailMindedMagazinecametolifeWithoutaformalpublishingbackgroundorextensivemediaexperienceI
launchedRetailMindedMagazineinJanuary2011MyquietlaunchwaswellreceivedbymyalreadyloyalblogfollowersandwiththehelpofmyuniquedistributionmodeltheRetailMindedPartnerProgramRetailMindedMagazinenowreachesover150000readerswitheachquarterlyissueThisuntraditionalavenueofdistributionallowsnicheretailgroupssuchasCrafterrsquosHomeortheMuseumStoreAssociationaswellaslocalandstate-levelretailorganizationssuchastheStateChamberofOklahomatheFloridaRetailFederationMinnesotaMainStreetandotherstodistributeRetailMindedMagazineasamembershipbenefitandeducationalresourcetotheirmembersThesameyearIrolledoutRetailMindedMagazineIalsointroducedthe
independentretailerconferenceforthefirsttimeinJuly2011alongsidemyconferencecofounderKerryBanniganofNolchaFashionWeekNewYorkSincethenthisannualeventhasgrowninbothsizeandrecognitionwelcomingindependentretailersandretailsupporterstogainhands-onknowledgeabouttrendsspecificintheindependentretailsceneInMarch2014theIndependentRetailerConferencewasproudlyintroducedasourfirstpop-upconferenceatthenationrsquoslargestconsumertradeshowtheASDShowheldbiannuallyinLasVegasTheRetailMindedworldhascertainlygrownsinceitrsquosbabydaysbackin
2007yetlikemuchofmyaudiencewearestillsmallandindependentourselvesIknowfirsthandthestruggletogetafulldayrsquosworkinandstillfeellikeIhavenrsquotworkedenoughaswellastheconstantjugglingacttofindtimeforfamilyfriendsandmdashdareIsayitmdashevenmyselfMyteamremainssmallbutourmissionisalwaysgrowingIconsideritbothaprivilegeandaresponsibilitytosupportindependentretailerswhichiswhyIwassohonoredtojoinJasonPrescottinauthoringthisbooktodojustthatItrsquosmyhopethatyouwilltakeawayfromthisbooktipstricksandpractical
solutionstoapplytoyouruniqueretailbusinessWhetheryouareaseasonedmerchantorretailnewbiethecontentthroughoutthisbookisaimedathelpingyoutomanagemarketandgrowyourretailbusinessTogetherJasonandIhaveuncoveredresourcesidentifiedsolutionsandcompiledacollectivespotforyou
uncoveredresourcesidentifiedsolutionsandcompiledacollectivespotforyoutoconfidentlyrefertoasyoucontinueyourretailjourneyAlsowersquoveinterviewedover50industryleadersandretailersallowingyoutogainmultipleperspectivesonthedynamicworldofretailWersquovealsoprovidedyouwithActionGuidesthatfolloweachchaptergivingyounextstepsandhow-toinstructionstohelpyourbusinesssucceedIrsquodliketobelievethatlikemeyoulookatyourjobasaprivilegeand
thereforethatyouareconstantlyseekingnewwaystoimproveyourbusinessWhetherthisistrueornotIhopethatthisbookcandelivernewwaysforyoutofindsuccessandachieveyouruniqueretailgoalsThankyouforgivingustheopportunitytohelpyouaccomplishthismdashwehopeyouenjoytheride
PARTI
BeingIndieinaBig-BoxWorld
1
StandingOutamongOtherRetailers
Inordertobeirreplaceableonemustalwaysbedifferent
mdashCocoChanel(1883ndash1971)founderofChanelfashiondesignerTO
GAINsuccessinretailmerchantsmustcreateanenvironmentandanexperiencethatcustomerswanttovisitagainandagainCalifornia-basedretailerKimberly
Efseaffagreeswiththissharingherthoughtsaboutwhereacustomerrsquosexperiencebegins
TheexperienceofastoreshouldstartbeforeacustomerevenwalksinthedoorWhensomeoneseesyoursignageorpeeksinthewindowthereshouldbeawowfactorItshouldcaptivatethemandmakethemwanttoinvestigateyourbusinessevenifitrsquosnotsomethingtheymaynormallybedrawntoOncetheydowalkintheyshouldfeelliketheyareexperiencingsomethingthatistotallyuniqueandunlikeanyotherstoretheyhaveeverbeentoThecolorsproductsatmospheredesignaestheticsandallotherstoredetailswillhelpmakethishappenorforthatmatternothappenUltimatelyastoreshouldfeelasuniqueasitlooksIfyoudothiscorrectlyyourcustomerwillbecomecaptivatedandengagedinyourbusiness1
EngagingcustomersiskeyandretailerssuchasEfseaffknowthatthisisessentialtocreatingkeepingandgrowingbusinessThequestionishoweverjusthowdoyoudothisIrsquoveinterviewedover50industryleaderswhoincluderetailerswholesalerstradeshowdirectorsmagazineeditorsretailorganizationleadersandmoretohelpanswerthisquestionAllofthemsharetheiruniqueexpertiseandperspectivesonhowyoucanfindstoresuccessinthecompetitiveworldofretailWithaheavyemphasisonindependentbrick-and-mortarretailersthisbookwilllookatthemanylayersinvolvedinmanagingandmarketingaretailstoretodayFromthereitwillhelpintroduceyoutonew
marketingaretailstoretodayFromthereitwillhelpintroduceyoutonewideasreshapeoldhabitsandidentifythetrendsofretaildesignedtokeepmodernmerchantsvisibleandsuccessfulAmongthemaingoalsofthisbookwillalsobetointroduceretailerstoexternalplayersrangingfrombusinessresourcestotradeshowstoretailassociationsandmoreIllinois-basedretailerAngelaGianfrancescowhosestoreStellaBlueDesign
residesjustamilewestofChicagorsquosWrigleyFieldconsiderslearningfromoutsideinfluencersakeystrategyinhelpingherownbusinessgrowldquoImayonlyhaveonestoreandbethesolestoreownerbutIneverfeelaloneinrunningitThroughRetailMindedcommylocalChamberofCommerceagreatstaffandmerchantfriendsIconstantlyfeellikeIamlearningnewthingsandhavepeopletoturntowhenIhavequestionsrdquoAsanindependentretaileritrsquoseasytoforgetthatyouhavesomanyadvocates
onyoursidetohelpyourbusinessthriveOneofthemaingoalsofthisbookistohelpretailersregaintheirtrustandsupportfromoutsideplayerswelcomingavarietyofbusinessesandpeopleintotheirnicheworldstohelpthemfurthersucceedinretailInthechaptersthatfollowwersquollunveilorganizationsassociationsandretail-specificgroupsthathaveyourbestinterestinmindaswellasidentifywhyyourparticipationwiththemmattersWewillalsodiscussthevalueinworkingwithyourlocalcommunitytoincreaseyourstoreandtownrsquosindependentretailawarenessWewillalsoprovidedetailsonhowyoucanbecomemoreinvolvedintheincreasinglypopularbuy-localmovementsMostimportanthoweverwewillidentifypracticalwaysforyoutokeepyourdoorsopeninacompetitiveretailenvironmentsharingexpertyetrealisticinsightonhowyoucandothisAsretailerGianfrancescostressesldquoIhavebeenopensince2010andsincethenIcancountonmyhandhowmanydaysIhavegonetoworkwithoutlearningsomethingnewaboutcustomercareorstoremanagementZeroEverydayeverycustomerandeverysituationteachesmesomethingthatcanimprovemybusinessrdquoItrsquoswiththisinmindthatthechaptersthatfollowwerecreatedEverychapter
everydetailandeveryresourceidentifiedisintendedtohelpyouwithyourbusinessAsanindependentmerchanthoweveritrsquosuptoyoutodecidejusthowyouwillapplythesedetailstoyourownuniquestoreTofurthersupportyoueachchapterconcludeswithanActionGuideintendedtohelpyoutakeimmediatestepsinhelpingyourbusinessCollectivelywehopethattheseActionGuidespushyoutolookatyourstoreorfuturestoreviaanewperspectivewhilealsoencouragingyoutodothingsyoumayneverhavedonebeforeFinallyremembertostayenthusiasticoptimisticandacceptingofchallenges
astheycomeyourwaymdashbecausetheywillmdashasyouembarkonyourretail
astheycomeyourwaymdashbecausetheywillmdashasyouembarkonyourretailjourneyWhetheryoursquoreaveteranmerchantoranewstoreownerretailasweknowitischangingatapacefasterthaneverbeforeAsaresultyoushouldbereadyforbothupsanddownsalongthewayThisbookwillhelpyoutounderstandthelatesttrendsexpectedgrowthandanticipatedopportunitiesspecifictoindependentretailersandwehopethatyouenjoytheexperienceofthechaptersahead
ActionGuide
EmbracingchangeisnrsquotalwaysaneasytaskparticularlyforentrepreneurswhochoosetofollowtheirownindividualpathsChangehoweverisacriticalcomponentofkeepingupwithcustomersinventoryandsalesTohelpyoutoidentifyyourcomfortforchangeanswerthefollowing
questionswitheitheryesorno
1Haveyouintroducedanewvendorintoyourstoreassortmentinthelastthreemonths2Haveyoueliminatedavendorfromyourstoreassortmentwithinthelastsixmonths3Doyouactivelyseekoutsideexternalresourcestohelpyoulearnmoreaboutmanagingyourbusinesspossiblyincludingaconsultationeducationcourseorotherlearningscenario4Haveyouidentifiedyourtargetcustomer5Doyoubelievethatyourtargetcustomerisyouractualcustomer6DoyouwanttogainanewgenerationofcustomersinyourstoresuchasGenerationY7Doyouactivelysolicitpublicityforyourstoreeitherfromanoutsidepublicrelationssupportorfromyourowninternalefforts8DoyouhaveasolidonlinepresenceallowingyoutogainrecognitioninonlinesearchesonwebsitessuchasGoogleorYahoo9Areyouamemberofnolessthanoneretail-specificgroup
10Doyouhaveemployeeswhoareeitherpartorfulltimebutnotseasonal
Foreveryyesyouansweredgiveyourself10pointsBasedonatraditionalgradingscaleof0to100totalyourpointstoidentifyyourgradeasacurrentretailerAreyouat50pointsIfsothatgivesyouanFinyourretailperformanceplayingyouat50percentinscoreAreyouat70percentThatrsquosaCwhichrepresentsanaverageperformanceyetitisjustonepointawayfrombelowaverageIfyouscoredat80percentorabovewelldoneYouaredoingagreatjobatretailhoweverlikeallthingsinlifetherersquosalwaysroomtoimproveWhetheryoufailedorthrivedinthisbasicretailevaluationwelookforwardtohelpingyouachievestrongerretailsuccessbyofferingyouexpertinsightadditionalactionguidesandmuchmoreinthechaptersahead
2
SteppingOutsideYourComfortZone
IamalwaysdoingthatwhichIcannotdoinorderthatImaylearnhowtodoit
mdashPabloPicasso(1881ndash1973)painterandartistACCORDINGTOJoeAbrahamauthorofEntrepreneurialDNAtherearefourkindsofentrepreneursBuilderopportunistspecialistandinnovatorrepresentthevariouspersonalitiesofownersofsmallmedium-sizedandlargebusinesseswhenitcomestobeing
theirownbossAlthoughindependentretailerswillembodyoneormoreofthesefourentrepreneurialDNApersonalitiesallentrepreneurialpersonalitiesare
likelytocreatethehabitofworkingwithintheirowncomfortzoneHavingfoundedourownbusinesseswecanrelatefirsthandtothechallenges
ofbeinganentrepreneurWecanalsospeaktothehabitsthatshapeourdailyactionsmanyofwhichkeepusacutelyfocusedandworkingcomfortablywithinfamiliarterritorybothliterallyandfigurativelyMoreimportanthoweverwersquovealsoexperiencedfirsthandthebenefitsofsteppingoutsideourcomfortzoneAsaresultwepushourselvestodothismoreoftenthannotOurexperiencesasidewhatreallymattershereisconsumersrsquoreactionstoyourhabitsWhetheryouconsideryourselfanold-fashionedretaileramodernmerchant
oranup-and-comingstoreowneracriticalcomponenttoyourretailsuccessisidentifyingyourstrengthsweaknessesandpotentialtodobetterWithoverhalfofsmall-businessownersclosingtheirdoorswithintwoyearsofopeningthemitrsquosimperativetoconsiderallavailableopportunitiestosucceedThisisparticularlycrucialconsideringthenatureoftodayrsquoscompetitivemarketplaceConsumershaveatremendousnumberofchoiceswhenitcomestomakingtheirbuyingdecisionsandindependentretailersshouldattempttostandoutversusblendinwhenitcomestostayingcompetitiveNewYorkndashbasedmerchantMacquenziFarquerwhoownsgiftandspecialty
storeLockportintheAstorianeighborhoodofNewYorkCitysuggeststhatindependentretailersneedtoidentifydirectcompetitionattheverybeginning
independentretailersneedtoidentifydirectcompetitionattheverybeginningandunderstandhowtheycancompetewithitfromarealisticperspective
Big-boxstorescandeliverrealheadachesforindependentmerchantsThereisnothingworseforasmall-businessownertohearthatthesameproducttheycarryisbeingsoldforlessatabig-boxstoreIrecognizethatthispricecomparisonwillhappenhoweverIalsorecognizethatmostconsumerswillnotunderstandtherhymeorreasonwhyThissaidItrytochallengemyselftoprovidethebestinventoryassortmentIcantobettercompetewithbig-boxstoresInevitablymyinventorywillbecomparedtothatofotherretailersandItrytobuymoreuniqueinventorytodealwiththis1
ChallengingyourselftoofferavarietyofmerchandisecancertainlyhelptoattractconsumersandincreasepurchasesHoweveridentifyingtherightassortmentofinventoryisoftenthechallengethatretailersfaceForFarquerthismeantidentifyingwhatherlocalcustomerswantedandthenidentifyingtheappropriateblendofpriceandproducttoofferherconsumersIndoingthisshesteppedoutsidehercomfortzonetocreateanedgeagainstherlocalretailcompetition
FormycustomersfindingstockfurniturefortheirtypicallysmallerurbanlivingspacesisachallengeFormeitrsquosalsoachallengetostockfurnitureinmylimitedsquarefootstoreWhilemycustomerisconstantlyaskingforthisIhavelearnedthatnomatterwhatIcanofferIcanrsquotcompeteagainstmytwoclosestbig-boxcompetitorsIKEAorCB2InsteadIcallmyfurnitureselectionldquofinishingpiecesrdquoandmarketthemasthespecialdetailyoulayerwithmoreaffordablepiecesfromnationalchains2
TacklingthejobofunderstandingthelocalconsumersrsquobehaviorshelpedFarquertoidentifyasmartstrategicplantostayrelevantinherAstoriaNewYorkneighborhoodHersolutionofprovidingldquofinishingdetailsrdquoversustraditionalstockfurniturehasdifferentiatedherfrombig-boxretailerswhilealsoopeningupanichesalesstrategyThisapproachalsoplacesheroutsideatraditionalretailcomfortzonebyacknowledgingandactuallydiscussingtheuseofbig-boxinventoryincombinationwithherown
RETAILTIPDonotignorethatmanymdashifnotallmdashofyourcustomersincludebig-box
storesnationalchainsordiscountcentersasregulardestinationstoshopInsteadidentifythebestwaystosupportthesecustomersknowingthattheyarealsoshoppingatyourcompetitorsAmongthewaysinwhichyoucandothisincludeintroducingdiverseinventoryprovidingstrongercustomercarehostingin-storeeventssupportingcommunityeventsandbeingafamiliarfriendlyfacewithinyourownstoreBrickandmortarretailerCynthiaSuttonisaretailveteranhaving
previouslyworkedinthebuyingofficesformajorretailerClairersquosBoutiquepriortoopeningherownstoreTheSilverBarninColumbusTexasin2008SellingeverythingfromhomedeacutecortobabygiftsSuttonrecognizesthatbig-boxstoresarehercompetitionandbelievesthereisroomforalltypesofretailersldquoBig-boxstoresandindependentretailerscancomplimenteachother
Thekeyisforindependentretailerstoofferuniqueitemsthatarenoteasilyfoundindepartmentstoresorotherbig-boxmerchantsItrsquosourjobtosearchforspecialtyitemsandvendorsnotfoundinthesestoresofferingsomethinguniquetoourcustomersrdquoWhetheryourstorestockseverydaybasicsorspecialtyitemsitrsquos
importanttorecognizehowyoustackupagainstbig-boxcompetitionMakeitaprioritytoknowwhattheyrsquoresellingsoyoucandecidewhatbestsuitsyourstoreshelvesandcustomersaswellTakethetimetovisityourcompetitorrsquosstoresonnolessthanaquarterlybasisrecognizinganythingnewtheyhavedonetotheirstoresThismayincludetheintroductionofnewvendorsbolddisplaychangescustomerserviceenhancementsoranythingelsethatstandsoutWhilevisitingyourcompetitionmaynotseemlikeavaluableadditionto
ourto-do-listitrsquospossiblethatitrsquosamongthemostvaluablethingsyoucandoasabusinessownerAlwaysknowwhatyourcompetitionisuptoinanefforttostaycompetitiveagainstthem
InventoryisacriticalcomponentofanystorersquossuccessyetwellbeyondwhatfillsyourstoreshelvesishowyoumarketmanageandsellitTheseactionscanmakeorbreakaretailerrsquoslivelihoodyetmanyretailersfallintohabitsthatworkagainsttheirsalesgoalsGevenaIllinoisndashbasedretailerShariRalishwhosestorePeacefulParlour
providesherbalteasearth-friendlyproductsartisanworkandmoreisan
providesherbalteasearth-friendlyproductsartisanworkandmoreisanexampleofanindependentmerchantwhofellvictimtobeingsetinheroldways
WhenIopenedmystoreinFebruary2010ImerchandiseditandstockeditwithproductsIthoughtcustomerswantedbecauseIwantedthemaswellIttookmeafewyearstotrulyunderstandmylocalconsumersandeventhenmyfloorplandidnrsquotaccommodatetheirshoppingpatternsormytotalstoreassortmentItwasnrsquotuntil2012thatIfinallyletanoutsideretailspecialistcomeinandhelpmeseemystorethroughanotherpersonrsquoseyesThechangesininventorystorelayoutandmyoverallmarketinginitiativeshavehelpedtoincreasemysalesbyover37percentinthepastyearalonerdquo3
ForcingyourselftoletothersaffecthowyouoperateyourstorecanbeadifficultchallengeforsomeparticularlyifyouhaveanentrepreneurialpersonalitythatprefersindependenceandcontrolYetidentifyingthisasaweaknessinyourentrepreneurialDNAcanactuallyhelpyouinyoursuccessasamerchantJoeAbrahamauthorofEntrepreneurialDNAbelievesthatmostretailers
ldquowillrunintosomecommonchallengeswhenoperatingtheirstoresKnowingupfrontwhattheiroperationalweaknessesandstrengthsarecanactuallyempowerthemtoalignwithadvisorspartnersandserviceproviderswhocomplementtheirweaknessesWithoutaddressingtheirownentrepreneurialcharacteristicsretailersriskafrustratingjourneyorworsethedemiseoftheirbusinessesrdquo4
HabitsofSuccessfulRetailers
WhileclosingyourdoorsiscertainlynotthegoalidentifyingthetophabitsofeffectiveretailersshouldbeHereinnoparticularorderare10habitsofhighlyeffectiveretailersInthechaptersthatfollowwewillexploreeachoftheseindetail
Habit1KnowWhoYourCustomersAre
OftenretailersopentheirstoreswithavisualimageoftheirtypicalconsumerthatmaynotbeaccurateUsingmoderndataincludingpoint-of-sale(POS)andothertrackingsystemstohelpidentifywhoyouractualcustomersareyoucanhelptoidentifywhoistrulyspendingmoneyatyourstoreInthisregardtherersquosnosuchthingastoomuchinformation
Habit2UnderstandHowYourCustomersShop
KnowingwhoyourcustomersareisonethingbutunderstandinghowtheyshopisanentirelydifferentthingSeekconsumerinsightbyaskingquestionsviasocialmediathroughin-storeconversationsbyofferingquicksurveysviae-mailoryourwebsiteandusingotherdata-collectingmethodsthataddresstheneedswantsandactionsofyourcustomersGoodold-fashionedobservationgoesalongwayhereaswellBeorganizedbyaggregatingandcategorizingyourresearch
Habit3ReacttotheInformationYouGainfromCustomers
TheworstthingyoucoulddoisgainqualityinsightintoyourcustomersandthenfailtoactonitMakeitaprioritytoconstantlyevaluateyourcustomersListentowhattheyareaskingforidentifywhattheyarenotinterestedinwithyourproductassortmentorshoppingexperienceandtrytocapturetheirwishesasaconsumerAcknowledgingboththeirwantsandlackofinterestisagreatwaytodiscoverwhatandhowyoushouldbeselling
Habit4BeWhereYourCompetitionIs
Whileyoumayneverhaveathousandstoreslikeyournearestbig-boxneighboryoucanbewheretheyarewhenitcomestoyourmarketingeffortsDonotneglectsocialmediaoryourlocalmarketmediaSeekcoverageinyourareapublicationsparticipateinlocaleventsandbevisiblebeyondyourstorewallsincludingonline
Habit5CompareYourselfwithOthers
RememberwhenyourmotherusedtotellyounottocompareyourselfwithyourpeersWellwersquorethrowingthatadviceoutthewindowInthecaseofretailyouwanttoalwayscompareyourselfwithyournearbymerchantsThiswillidentifynotonlythewaysyouaredifferentbutalsothewaysyouarealikeLearningfromothersrsquomistakesismuchlesspainfulmdashandoftenlesscostlymdashthanlearningfromyourown
Habit6TrainYourEmployeesandYourself
NomatterwhatyoumaythinkyousimplydonrsquotknowitallNoonedoesChallengeyourselftoconstantlylearnsomethingnewaboutyourbusinessWhetheritisstoreoperationsoranewvendortherersquosalwayssomethingtoresearchAdditionallymakesurethatyourteamlearnsnewupdatesonstoreproceduresproductsindustrytrendssocialmediafeaturesandmoreAllemployeesevenpart-timeorseasonalemployeescangainfromscheduledtrainingsessionsthathelptopositionthemnotonlytolearnmorebutalsotofeelasiftheyarekeyplayersinthesuccessofyourbusiness
Habit7SupportOtherLocalBusinesses
NobodylikesthepersonwhodoesnrsquotpracticewhattheypreachForindependentretailersthisholdsespeciallytrueSupportyourfellowlocalmerchantsasmuchaspossibleTheoldsayingldquoWhatgoesaroundcomesaroundrdquoholdsverytruehereandshouldnotbetakenlightlyInsteadembraceotherlocalbusinessesnotonlybyshoppingatthembutalsobyreferringthem
Habit8AttendTradeShowsRegularly
MosttradeshowsnowadaysoffermorethanjusttheopportunitytobuyinventoryManysuchastheASDTradeShowheldbiannuallyinLasVegasprovideeducationalexperiencesnetworkingeventssocialopportunitiesandmoreTakeadvantageofallthattradeshowshavetoofferincludingthechancetoconnectfacetofacewithyourexistingvendorsanddiscovernewvendorsas
toconnectfacetofacewithyourexistingvendorsanddiscovernewvendorsaswell
Habit9SeekNewWaystoManageYourBusiness
OurmodernworldisconstantlyintroducingnewtechnologiesandotherwaystohelpbusinessesofallkindsthriveForretailersitrsquosespeciallyimportanttoevaluateserviceprovidersandavailabletechnologythatcanhelpyouoperateyourstoremoreefficientlyNeglectingcommercialevolutioncancauseyoutodriftapartfromyourretailpeersandultimatelyfromyourconsumers
Habit10BeOpentoPart-TimeorFull-TimeEmployees
ItrsquoseasytofallintothehabitofworkingeverydayinyourstorewithoutevertakingabreakHoweverworkinginyourstorefulltimedoesnotallowyoutoaccomplishmanyoftheothersuggestedhabitsonthislistandalsolimitsyoufromsimplygettingabreakSuccessfulretailerseventhosewithonlyonestoreareoftenmoresuccessfulbecausetheybudgetforpart-timeorfull-timeemployeesAsaresulttheirperformanceasastoreownerisnotcompromisedandinsteadtheyreaptherewardsofamorebalancedworkscheduleandstrongersalesHumansarecreaturesofcomfortandretailersarenoexceptionItcanget
reallycozysettlingintoyourwaysbutpushyourselftostepoutsideyourcomfortzonetoreallyallowyourselfandyourstoretoevolveandthrive
Inthechaptersthatfollowwersquollidentifyhowtoincorporateretailbestpracticesintoyourbusinesssharepreferredresourcesforindependentretailersintroducecontactdetailsforvariousretailassociationsexplainhowtosolicitandmanageyourownpressofferwaystomarketyourstorebothonlineandofflineandexplainwhyincorporatingabuy-localcampaignwouldbegoodforsalesInadditionwersquollofferyouexpertinsightintomanagingyourinventorysocialmediaemployeesandofcoursecustomers
ActionGuide
WhentryingtounderstandyourownstrengthsandweaknessesasaretaileritrsquosimportanttorecognizeyouroperationalhabitsasamerchantAnswerthefollowingquestionsandrecordyourresponsesallowingyoutoreferenceyourhabitsinthechaptersaheadandultimatelyreflectonthenecessarychangesyoumayneedtomaketoenhanceyourbusiness
1Whatoperationalproceduresdoesyourstoreroutinelyperformtodaythatitdidnotoneyearago2Ifyouhavebeenopenlongerthanthreeyearswhatthreeadditionalstoreoperationsareconductedthatyouwerenotdoing36monthsago3HaveyourcoreinventorycategorieschangedsinceyoufirstopenedyourstoreWhyorwhynot4Doyourmostpopularitemssellbasedoncircumstancesuchasacustomerfindingauniquegiftheorshelovesorisitmorestrategicsuchasreplenishingahouseholditemthatcustomersknowyouhaveinstock5DoyouprovideemployeetrainingforstoreoperationsnewproductsoranyotherreasonIfsohowoftendoyoudothis6Whatcustomer-serviceexpectationsdoesyourstorehaveinplaceHowisthismeasuredamongyouremployeesandyourself7Whatmarketingstrategiesdoyouconsistentlyleanontopromoteyourstoretobothexistingandnewcustomers8Howoftendoyouseekattentionfromthemediawithaformalpressreleaseororganizedmediapitch9Whatday-to-dayhabitsdoyouidentifyasmandatoryinyourstoresuchasstockreplenishmentmerchandisingorcoldcallingcustomers
10Whatisonyourwishlistfortheyearsaheadasyourstorecontinuestogrow
TakethetimetohonestlyanswerthesequestionspushingyourselftobetruthfulwithyourresponsesOftensimplyacknowledgingyourroutinehabitsincomparisonwithsuggestedotheronescanhelpyouinsteppingoutsideyourcomfortzoneInthechaptersthatfollowwersquolldiveintothedetailsofhowthis
comfortzoneInthechaptersthatfollowwersquolldiveintothedetailsofhowthiscanbeaccomplished
3
LeaningonOutsideOrganizations
Ifyoudowhatyoursquovealwaysdoneyoursquollgetwhatyoursquovealwaysgotten
mdashTonyRobbins(1960ndashpresent)lifecoachauthormotivational
speakerldquoTHENUMBERonejobofabusinessowneristorunagreatbusinesssoitwouldbeshort-sightednottotakefulladvantageofopportunitiesprovidedtohelpbusinessesachievegreatersuccessrdquoOfficeofMainStreetNewJerseyandImprovementDistrictProgramsofNewJerseyrsquosJefBuehlerstatesWhilewe
couldnotagreemoreitrsquosofteneasiersaidthandonewhenitcomestosupportingyourbusinesswiththemanyresourcesavailabletoyouOften
businessownersgetlostintheireverydayhustleandbustlewithouteverseekingoutsidesupporttomaketheirjobseasierLuckilythereisavastanddiverse
groupofbothprivate-andpublic-sectororganizationsthatcanhelpyouachievestrongerretailsuccess
Retailersshouldlookattheirlocalcommunitiesstate-levelorganizationsandnationalgroupsinanefforttoidentifysupportthatmakessenseforthemandtheiruniquebusinessesBeginningatalocallevelmostretailershaveaccesstomunicipalsupportincludingcitymeetingseducationresourcesandlocalChamberofCommercesupportAlthougheachcommunityhasitsownvariedoperationalresourcesthatbenefitretailersspecificallyallretailershavesupportbeyondtheirlocaltownsState-levelorganizationssuchastheRetailAssociationofMaineandtheKentuckyRetailFederationprovidetremendoussupportforretailersofallsizes
GettingInvolvedwithOutsideOrganizations
Gettingengagedatyourlocallevelisabsolutelyvitalinbuildingtowardyour
GettingengagedatyourlocallevelisabsolutelyvitalinbuildingtowardyourbusinesssuccessparticularlyifsellingonlineorbeyondyourlocalareaisnotpartofyourbusinessplanThislocal-levelparticipationwillgiveyousupportandinsightintoyourcustomerscompetitionandcommunitythatstate-levelandnationalorganizationsoftencannotEllenDivitaeconomicdevelopmentdirectorfortheCityofGenevaIllinois
explainsjusthowvaluablelocalcitiesandChambersofCommercecanbetoasmall-businessowner
YourlocalcityandchamberofferavarietyofresourcestoretailersincludingvisibilityandcredentialtoyourbusinessBecausetrustissuchanimportantcomponentinthemarketplacethesedaysthisisespeciallyimportanttoconsiderasabusinessownerofanykindLocalcityandchamberofficesoffermanyresourcesincludingassistancewiththedevelopmentandopeningprocesspermitsandlicensesThenontangibleassistancecanproveevenmorevaluablewhichincludesbuildingrelationshipslocallythatcandeliverthevisibilityandcredentialthatyourbusinessneeds1
FurthermoreDivitastressestheimportanceofrespectingconsumeroptions
PeoplehavechoiceswhenitcomestowheretheyshopandconsumerswillbuyfromretailerstheytrustBeingreferredandtrustedbythechamberandyourlocalcitygovernmentislikebeingprescreenedwhichiscriticalforretailersconsideringtheimmenseamountofcompetitiontheyhaveUnlikenationalretailerswhosereturnpoliciesandothercustomerexpectationsaremoreknownindependentretailersneedtogainthetrustoftheirconsumersYourlocalchamberandcitycanhelpyouachieveastrongreputationthatgivescustomersthetrusttheyarelookingfor2
Beingknowninyourcommunityforwhatyouoffercanbepricelesswhencross-referralshappenorganicallyastheresultofsatisfiedcustomerscommunityparticipationandyourcommitmenttodeliveringastrongin-storeandcityexperienceFurthermoremanylocalChambersofCommerceandcityorganizationsprovideeducationalresourceslocalmediasupportandothercommunity-basedincentivesthatcanhelpmerchantsgainstrongercustomer
awarenessBeyondyourlocalorganizationshoweveritrsquosimportanttolookatstate-levelretailassociationsthatcanhelpyourbusinessfromabroaderperspectiveaswell
EXPERTSPOTLIGHTHarrietParkermanageroftheIllinoisSmallBusinessDevelopment
CenteratWaubonseeCommunityCollegeinAuroraIllinoissuggeststhatworkingwithoutsideorganizationscanhelpretailersandothersmallbusinessownersgainaccesstoexpertsupportthatisoftenfreeoratareducedrateAlsoParkersharesherinsightonhowongoingsupportversusonlywhenneededcanhelpretailersldquoByworkingwithorganizationssuchasSmallBusinessDevelopment
Centers(SBDCs)retailersareabletoaccessexpertisetheymaybelackingaswellasresourcestheymaynotknowaboutOurorganizationslikemanyothersoftenhavebusinessexpertsreadytohelpretailersgobeyondtheirowncapabilitiestobuildstrongerbusinessesInadditionweencourageretailersnottowaituntiltheyareexperiencingaproblemtoseekassistancebutinsteadtreattheseresourcesasanongoingpartnerfortheirbusinessteamWhetheritisforaproblemabrainstormingsessionornearlyanythingelseSBDCrsquosandothersupportorganizationsshouldbeviewedastrustedadvisorstohelpretailersrdquoTogetstartedinseekingoutsidesupportfromyourlocalSBDCParker
suggestsvisitingwwwsbagovandclickingontheGetLocalAssistancelinkFromtheremakingaphonecalltotheirofficesistypicallyallittakestogetstarted3
AndyEllenpresidentandgeneralcounseloftheNorthCarolinaRetailMerchantsAssociationexplainsthatassociationslikehisareintendedtoactaspartofaretailerrsquosownteam
WeseeourselvesasanextensionofaretailerrsquosstaffOurreasonforbeingistopromoteandadvocatefortheretailindustrysowemakeitaprioritytobeexpertsonallissuesthatwillimpactaretailerrsquosstoreoperationsaswell
asdevelopstrongrelationshipswithpolicymakersinourstateIfyouhaveaproblemoranissueitisquitelikelythatyourstateretailassociationhasalreadyencounteredthisissueforanotherretailerandhastheanswertoyourquestionattheirfingertips4
InadditionEllenbelievesthatretailorganizationssuchastheNorthCarolinaRetailMerchantsAssociationhelpdeliversolutionstocommonanduncommonretailchallenges
StateretailassociationsareproblemsolversWeunderstandstategovernmentsandknowhowtocutthroughtheredtapeandvoicemailjungleofstateandlocalgovernmentstoassistretailersCollectivelystate-levelassociationspromotetheretailindustrythroughthepressoftenhighlightingalocalretailerrsquosgreatpracticesorsuccessThistranslatestofreePRandadvertisingforretailersprovidedbyatrustedsourcemdashus5
Inadditiontobringingmediaattentionandhelpingtosolveretailchallengesstate-levelretailassociationssupportmerchantsintheireverydayoperationsAdditionalsupportthatassociationsoftenofferincludesdiscountsonstoreservicesthatretailersneedsuchascreditcardprocessingandexpertinsightintostate-specificlawsandotherregulatoryagenciessuchasthedepartmentsofrevenuetransportationorlaborCurtisPicardexecutivedirectoroftheRetailAssociationofMainedescribes
thebenefitsofworkingwithstate-levelassociationsasldquoinsuranceforretailersrdquo
Whenretailersbecomemembersoftheirstate-levelassociationstheygainfull-timerepresentationforlegislativeissuesnetworkingwithotherlike-mindedretailersandaccesstoanumberofmoney-savingprogramsthatcanhelptheirbusinesssavemoneydirectlyandoperatemoreefficientlyWeliketothinkofourselvesasinsuranceforretailersWehelpprotectyouforaverylowcost6
AlthoughlegislativesupportmaynotbeonthetopofyourlistofwaystobesupporteditcertainlyshouldbeexploredStateandnationallegislativedecisionsaffectmerchantsinavarietyofwaysandtoooftenretailersdonrsquot
decisionsaffectmerchantsinavarietyofwaysandtoooftenretailersdonrsquotknowhowtheywillaffectthemuntilitrsquostoolatePicardexplains
Whenyoudonrsquotcommunicatewithyourstate-levelretailassociationitmeansthatyourvoicedoesnotgetheardIcanrsquottellyouhowoftenIhearfromnonmemberretailerswhentheycallaftersomethingbadwaspassedbythelegislatureFirsttheyhadnoideathatcertainlegislationwasbeingconsideredandsecondtheyhadnoopportunitytosharehowitwouldimpactthem7
Inadditiontogettingactiveinyourstate-levelassociationsPicardbelievesthatlocalandtrade-specificgroupsarealsoimperativetoyourretailsuccess
IhavealwaystoldpotentialmembersthattheyneedtobelongtothreeassociationsFirstyouneedtobelongtoyourlocalChamberofCommerceordowntownbusinessassociationThatiswhereyourbusinessisandwhereyouremployeesliveandworkMoreoveryoushouldbelongtoyourspecificindustrytradeassociationsuchastheCraftandHobbyAssociationforcraft-basedretailersAndlastyoushouldbelongtoastatewideassociationbecausemostlegislationhappensatthestatelevelandyouneedeyesandearslookingoutforyourbusinessInmostcasesastateretailassociationwillfillthatrole8
Trade-specificorganizationsaretypicallynationallybasedalthoughmanyofferregionalgroupsaswellNearlyeverysectorofretailfromflowerstofootweartohandbagstohomedecorhasretail-specifictradegroupsthathelptosupportmerchantssellingtheirspecificproductcategoryAmongtheirtoprolesinsupportingretailersisdeliveringeducationthroughannualeventspublicationswebinarsandotheravenuesJamaRiceexecutivedirectorandCEOoftheMuseumStoreAssociation
explainsthatnichegroupssuchashersofferldquoopportunitiesandresourcesforlike-mindedmembersandotherstakeholderstosharebestpracticeslooktotheassociationrsquosindustrystandardstoachieveprofessionalexcellencerelyonbenchmarkingstatisticsforperformanceanalysisaccesspublicationsandonlinecommunitiesandattendface-to-facemeetingsandconferencesfortechnicalandeducationalcontentspecifictononprofitretailingandconnectwithaffiliated
vendorsforsourcinguniqueproductsrdquo9Withsuchanextensiverangeofbenefitstogainfromitseemsfoolishnotto
getinvolvedinorganizationssuchasyourlocalChamberofCommercecityorstateretailassociationornicheretailgroupsMissyBrozekvicepresidentandcreativedirectorofcraftandhobbyretailgroupCraftersrsquoHomeagreesthatthisisextremelyimportantformerchantsparticularlyasretailbecomesevenmorecompetitive
AsretailgetsmoreandmorecompetitiveIrsquomconvincedthatindependentstoreswillneedtokeepbandingtogethertothriveThebenefitsarejusttoogoodtoignoreBuildingagroupgivesretailersopportunitiestocollaborateandlearnfromoneanotherwithoutfeelingliketheyrsquoresupportingtheirdirectcompetitorsInthecaseofnicheretailgroupsitalsoopensuptheopportunitytoleanononeanotherformorespecificsupportreducingtheneedtoreinventthewheelforpromotionsmarketingandeventsAtCraftersrsquoHomeweputtogetherfullyworked-outprogramstosharewithourgroupbasedonourexperienceandtheexperienceofourmembersMaybemostimportanthowevertherersquosstrengthinnumbersItrsquossoimportantthatwemakesurethatmanufacturershearrespondtoandrespectthecollectivevoiceofindependentretailers10
BenefitsThatOrganizationsMayOffer
AsamerchantitrsquospossiblethatyoufallintomorethanonespecificretailsectorThereforeyoumaybeapotentialcandidatetobelongtomorethanoneretail-specificgroupYouwillwanttoconsiderhowparticipatinginmultiplegroupswillhelpyourbusinessparticularlybecausetheytypicallyhaveamembershipfeeappliedtothemWhetheryouareinonegroupormorehoweveryoushouldevaluatewhatbenefitsyougainbyparticipatingineachAmongthevarietyofbenefitsthatretailgroupsaswellasstate-levelretailassociationsmayofferarethefollowing
ConferencesandtradeshowsRetail-specificgroupstypicallyhostannualbiannualandorregionaleventstosupporttheirparticipatingretailersSometimestheseeventsareopentoanyonebutmembersgaina
discountwhenattendingorcanattendaspartoftheirannualduesEitherwaytheseeventsaredesignedtodeliverkeysupportinanicheretailmarketprovidingyouwithexperteducationaccesstovendorsface-to-facenetworkingopportunitiesandmoreBuyersrsquoguidesAbuyerrsquosguideuniquelycreatedforyourretailsectorisavaluableresourceparticularlyconsideringhowbusyretailersareRetailtradeorganizationsoftencreateannualbuyersrsquoguidesthatgiveyouquickconvenientandtrustedaccesstoindustry-specificproductsandservicesRetailMindedalsoprovidesanannualldquoResourceGuiderdquothatfocusesonstoreoperationsandpreferredresourcesforrunningyourbusinesssuchasonlinemarketingande-mailmanagementwhichisavailableatRetailMindedcomPrivateonlinegroupsBeingactiveinamembership-basedgroupwillintroduceyoutootherretailerssimilartoyouThisopensupafantasticopportunitytolearnfromothersleanonothersandleveragewhatotherretailershavedoneintheirownretaileffortsOnlinechatgroupsprivatediscussionboardsandmembership-controlledgroupscanprovideyouwiththechancetogaininsightandexpertisefromotherlike-mindedretailersSomestate-levelretailassociationsofferthisandmostretailnichegroupsprovidethisasamembershipperkaswellHealthandbusinessinsuranceprogramsThebuyingpowerofanassociationversusyourindividualbuyingpowercansaveyoumoneywhenitcomestobuyinginsuranceLeveragingthediscountsorpreferredratesavailabletostateretailassociationsorretail-specificgroupsnotonlycanhelpyousavemoneybutalsocanprovideyouwithstrongerinsurancecoverageBesuretocross-referenceupdatedinsuranceoptionsnolessthanannuallybecauseoftenthesewillchangeandyouroptionsmaybeaffectedaswellMarketresearchandtrendinformationInthesamemannerthatstate-levelorganizationsmayprovideup-to-datenewsontaxesandotherlegislativeissuesnationalretail-specificgroupswillsharethelatestonindustrytrendsmarketresearchandnicheinformationforyourretailsectorApplyingup-to-dateindustrynewsandinformationtoyourbusinesscanonlyaidyouinyouroverallretailsuccessandthusshouldalwaysbeonyourto-dolistMerchantsolutionbenefitsWhetheryourstoreissolelyonlineabrick-and-mortarestablishmentorbothprocessingpaymentsisacriticalpartof
youroperationalplanRetailgroupscanhelpyouachievebetterratesinyourpayment-processingsolutionswhilealsosupportingyouinyourpaymentsoftwaresolutionsManyofthesebenefitsalsoincludetop-notchcustomerservicethatisprovidedasamembershipadvantageofferinganinvaluableresourcewhenyoufacepayment-processingchallengesIndustrypublicationsGainingretail-richcontentisnoeasytaskbutmostretail-specificgroupsworkhardtodeliverqualityinformationtotheirmembersMostofthesegroupsseekexpertinsightonavarietyofretailsubjectstosharewiththeirmembersandmanyarepartofRetailMindedrsquosldquoPartnerProgramrdquomdashsharingadditionalnewseducationandsupportfromRetailMindedthroughaquarterlymagazineandotherretailnewspublicationsUsingthemagazinesnewsletterse-blastsandblogsthattheseorganizationsprovidecanhelpyouachievemoreknowledgeforyourbusinessThekeyofcourseistocombinethisknowledgewithinformationaboutannualeventstradeshowsvendorsandallotherinformationyoucangaintoachievethegreatestsuccessinyourstoreoperationsandsalesTraveldiscountsTravelislikelypartofyourannualscheduleparticularlyifyouareactiveintradeshowsandeducationaleventsManyretailgroupsrecognizethisandprovidediscountedratesforairfarecarrentalsandhotelsTakingadvantageofthesediscountscanhelpsaveyousomehard-earneddollars
AlthoughmanyretailgroupbenefitsexceedthosejustlistedtheonlywaytheyworkisifyougetinvolvedBelowaresomeexamplesofsuchretailgroupsalthoughweencourageyoutolookbeyondtheseassociationsforonesthatmakesenseforyourretailbusiness
AmericanApparelampFootwearAssociationWeWearorgARTHomeFurnishingsNetworkAccessoriesResourceTeamorgCraftandHobbyRetailersCraftampHobbyAssociationwwwcraftandhobbyorgFloralRetailersSocietyofAmericanFloristswwwsafnoworgHomeFurnishingsIndustry
AccessoriesResourceTeam(ART)wwwaccessoriesresourceteamorgIndependentJewelryRetailersandVendorsRetail Jewelers Organization wwwrjomemeberscom Independent Pet
RetailersNexPetwwwnexpetcomMuseumandNot-for-ProfitStoresMuseumStoreAssociationwwwmuseumstoreassociationorgSpecialtyToyIndustryAmericanSpecialtyToyRetailingAssociation(ASTRA)wwwastratoyorg
InadditiontothevariousretailgroupsthatexistitrsquosimportanttoseekadditionalsupportforyourstoreifyoufeelthatthereisavoidnotbeingfilledThismaymeanreachingouttoretailconsultantsparticipatinginretaileducationeventssuchasRetailMindedrsquosannualindependentretailerconferencecallingyourlocalSCOREorsmall-businessdevelopmentcenterandleaningonmentorsyouhaveidentifiedwhocanuniquelyhelpyouRememberitoftentakessteppingoutsideyourcomfortzonetoreachyourretailpotentialThesegroupsandbusinessesexistwiththisinmindandwanttohelpyouinachievingyourbestretailsuccessyet
InChapter4wersquolldiscussthevalueofshapingyourstoretobeuniquelyyoursAlsowersquolldiscusshowinventoryplaysacriticalroleinshapingyourstorersquosreputationandpersonalityaswellasidentifyvariouscharacteristicsofastorethathelptomakeituniqueFinallywersquollofferyousuggestedinterviewquestionsforhiringpotentialemployeesandshareadditionaldetailstohelpmakeyourstoreoneofakind
ActionGuide
YourlocalChambersofCommercemainstreetprogramscitycontactsandbusinessgroupscanhelpyouachievestrongerbusinessengagementwithyourcommunityUsingtheWebaswellaslocalresourcessuchasyourarealibraryidentifywhotocontactandmakeitaprioritytogetinvolvedrightaway
identifywhotocontactandmakeitaprioritytogetinvolvedrightawayBeyondlocalsupportusethefollowinglisttoobtaincontactdetailsforyour
stateretailassociationAnumberofstatesincludingOklahomaWisconsinandAlaskaarenotpartoftheCouncilofStateRetailAssociationsSomestateshoweverhavestatewideChamberofCommerceassociationsinsteadAnexampleofthisistheStateChamberofOklahomawhichyoucanlearnmoreaboutatwwwokstatechambercomForacompletelistandmoreinformationaboutstate-levelretailassociations
visittheCouncilofStateRetailAssociationrsquoswebsiteatwwwcouncilsracomIdentifyyourstatersquoscontactinformationinthefollowinglistandvisitits
websiteFollowupdirectlyviathecontactinformationprovidedonthewebsiteorbyusingthephonenumberinthelisttoidentifyhowbecomingamembercanhelpyouinyourretailgoals
4
IdentifyingYourUniqueStoreStory
TheonlywaytodogreatworkistolovewhatyoudomdashSteveJobs(1955ndash2011)entrepreneurcofounderofAppleInc
THEBEAUTIFULthingaboutworkingwithretailgroupsisthatyougainstrengthinnumbersavoidingthesenseofisolationthatcanweighonanindependentretailerAlthoughasupportsystemandthepowerofacommunityareintegralyoushouldalsooptimizethepowerofyouruniquemerchantstoryEveryretailerhashisorherownstorytotellFromhowitcametolifetowhy
itretainscustomersyourstorehasauniquenarrativewhetheryourecognizeitornotUnderstandingthisnarrativecanhelpyoutostandoutinthemarketplaceallowyoutobettersupportyourcustomersandidentifywaystokeepyoursalesflowingTohelpyouclearlyidentifyyourmerchantstoryconsiderwhyyoubecamea
retailerinthefirstplaceDidyouopenastorebecauseyouloveacertaincategoryofproductAreyoukeepingyourfamilybusinessaliveDoyouprefertoworkforyourselfversusothersPossiblyyoubecamearetailerbyaccidentasaresultofdoingsomethingelseWhateveryourreasonforbecomingaretailerconsiderhowitledyoutowhereyouaretodayThenmdashevenmoreimportantmdashconsiderwhetheryourstoryisworthsharingAfterallifevenyoudonrsquotthinkitisthenwhywouldacustomerwanttoexperienceit
IndependentretailersareoftenconsideredlocalcelebritiessimplybecauseofthefactthattheyhavetheirownstoresWalkingintoyourlocalgrocermaymeanseeing10familiarfacesbecausetheyarecustomersofyourbusiness
meanseeing10familiarfacesbecausetheyarecustomersofyourbusinessGoingtoalocalsportingeventcouldtranslatetomeetingpotentialnewclientsorseeingpastcustomersyouhavenrsquotseeninalongtimeEssentiallyasaretaileryouarenevertrulyldquooffrdquoandalwaysworkingtoimproveandexpandyouridentityThistypeofcommitmenttoyourjobishonorableandyetexhaustingFortunatelyevenyourownuniqueretailstorycomeswithsupportingcharactersAndaswithanyengagingnarrativeeverycharacterhasamessagetoshare
CreatinganInventoryAssortmentThatStandsOut
AmongyourmostpopularsupportingcharactersarethevariousbrandsthatmakeupyourstoreinventoryandmerchandisingassortmentAndjustlikeanygoodstorycharacterswillcomeandgoForaretailerthismaymeanfadingoutofaparticularcategoryofinventoryaltogetherorlettinggoofavendorthatisnotperformingwellThemostboringstorylinesarethosethatnevershuffletheircharactersandforretailersthismeansallowinginventorytobecomestaleanduninvitingldquoMybiggestfearasasmallbrick-and-mortarstoreisthatcustomerswillnot
findmyinventoryexcitingenoughtowanttobuyrdquoChicago-basedretailerAngelaGianfrancescostatesldquoFormethismeansconstantlyseekingcustomerfeedbackattendingtradeshowsevaluatingwhatissellingandwhatrsquosnotandintroducingnewproductsintomyrotationtokeepthingsfreshrdquo1GianfrancescocontinuesIdentifyingastronginventoryassortmentiscriticalwhenitcomestomakinga
lastingimpressiononconsumersnottomentionstandingoutamongyourlocalcompetitionEventhemostbeautifulretailstoresaredoomedtofailiftheirinventoryassortmentdoesnotallurecustomerstobuyFindingtherightcombinationofvendorsandoverallinventorycanbeatoughchallengehoweverldquoIdonrsquotthinkmystorewouldstillbeopenifIhadnotmadeattendingshows
apriorityEveryshowintroducesmetonewvendorswhilealsogivingmethechancetogetfacetimewithmyexistingvendorsrdquo2GianfrancescoexplainsAttendingtradeshowsisafantasticopportunityformerchantsofallkinds
Whetheryousellhigh-endmiddle-tierordollar-priceditemstherearetradeshowsthatcatertoyou
ldquoMakingitaprioritytoattendtradeshowshasneverbeenmychallengethoughIhearitcanbeastruggleforotherretailersMychallengeisdecidingwhichshowstoattendandwhatvendorstobuyfromrdquo3statesGianfrancescoIdentifyingthebestshowsandthebestvendorsforyourstoreisnoeasytask
YoushouldconsidershowsthatintroduceyoutorelevantvendorsfromyournicheretailsectoraswellaslargershowsthatcanintroduceyoutomorediversevendorsandproductsTypicallyitrsquosagoodideatoattendnolessthanoneretail-specifictradeshowandonegeneral-merchandisetradeshowperyearForexampletheFashionFootwearAssociationofNewYork(FFANY)hostsaquarterlyfootwearshowforfootwearretailersMerchantswhoprimarilysellfootwearwouldbenefitfromattendingthisshowbutwouldalsobenefitfromattendingashowsuchastheASDShowinLasVegasabiannualshowthatoffersadiverseassortmentofgeneralconsumermerchandiseByparticipatingintwodistinctlydifferentshowsyouopenuptheopportunityformorerangeinyourinventoryassortmentstrongervarietythanyourcompetitionandgreateropportunitiestoidentifyimpulseseasonalandmust-havepurchasesforyourstoreThefollowingguidesharesinformationonavarietyoftoptradeshowsheldin
theUnitedStatesannuallyaswellasdetailsontheirtargetindustriesshowlocationsdatesandwebsitesAlthoughthislistdoesnotidentifyallavailabletradeshowstoretailersitintroducesyoutosomeofthetopshowsinselectretailmarkets
TRADESHOWGUIDE
PleasenotethislistidentifiesonlysomeoftheUnitedStatesrsquosleadingtradeshowshowevertherearemanymoretradeshowsavailabletoretailersForamorecompletelistingofshowsvisitthebelowwebsites
Advanstar|wwwadvanstarcomEmeraldExpositions|wwwemeraldexpositionscomReedExpositions|wwwreedexpositionscomTarsusgroup|wwwtarsuscom
InChapter5wersquolllookathowyoucanmaximizeyourtradeshowparticipationwhilealsounderstandinghowtopreparefortradeshowsandwaystofollowupwithvendorsoncethetradeshowhasconcludedYouwillalsogainastrongerunderstandingofhowvendorsaffectyourstorestorymdashforbetterorforworse
UniqueTraitsofYourStore
RecognizingtheimportanceofstronginventoryassortmentandhowthisshapesyourmerchantstoryisbeneficialwhenpreparingyourcommunicationplanwithcustomersBecauseconsumersultimatelydecideyoursuccessorfailureasamerchantmdashafteralltheyeitherchoosetoshopatyourstoreornotmdashitrsquosimportanttofactorthemintoyourstorersquosidentityNordstromanAmericanupscalefashionretailerwithover250locations
providesemployeeswithoneruleforallnewhiresTheysimplystateldquoUsegoodjudgmentrdquofollowedbygenerallegalandcompanyexpectationsThissimpleyetpowerfulplanforcustomercarehasshapedNordstromtoberecognizedfortop-notchcustomerservicestellarstorereputationandfantasticoverallin-storeexperienceItrsquosalsoagreatexampleofastorefromwhichindependentretailerscanlearn
RETAILTIPWhencreatingyourstorestoryconsiderhowyouwanttobeperceived
byothersNowconsiderhowyouareactuallyperceivedbyothersWantingtobeseenonewayandactuallybeingseenanotherwayisa
commonscenarioEngagecustomersandpotentialcustomersalikeviasocialmediafocusgroupsandsurveystounderstandtheirperceptionofyourstoreAskquestionsencouragefeedbackandcommentsprovokeconversationandreviewwhatcustomerssharewithyouThiswillhelpyoubetterunderstandtherealityofhowyouareperceivedversustheideaofhowyouthinkyouareperceived
Oftenindependentretailersfeelthatbecausetheycanrsquotoffercomparablepoliciestothoseofbig-boxstorestheydonrsquotofferanyatallThiscancertainlycreatechallengesbutratherthanperceivethisasanobstacleentirelyconsideritaperktobeinganindependentmerchantAsanindependentretaileryouhavetheluxurytocreateyourownruleswhichalsomeanssettingyourcustomer-carestandardsAmongtheseexpectationsshouldbeidentifyingyourstorereturnpoliciesimplementingcheckoutproceduresprovidingVIPcustomerstandardsintroducingstoregiftcardsandmoreBelowinnoparticularorderarevariouspoliciesandproceduresthatall
retailersshouldidentifyandusetoshapetheircustomerexperienceandoverallstorestory
ReturnPolicies
FirstandforemostitrsquosvitaltocreateareturnpolicythatmakessensefortheproductsyousellaswellasthecustomersyoutargetItisimportanttoberealisticwithyourreturn-policyexpectationswhilealsobeingfairtoyourcustomersForexampleyoucouldofferastorerefundexplicitlyforreturnsmadewithin10daysofpurchaseOryoucouldofferfullrefundsonitemspurchasedandunusedwithin14daysofreceiptdatebutonlywiththereceiptanddeliveredinthesamepaymentformasthepurchasewasmadeOnceyouhaveidentifiedapolicythatcaterstoyourstorersquosneedsandclientelepostyourpolicywithinclearviewofyourcheckoutareaaswellasincludingitonallreceiptsMakeitahabittoexplainyourreturnpolicyaspartofyourcheckoutprocedureOnewaytobesurethatyouneverforgettodothisistohaveyour
procedureOnewaytobesurethatyouneverforgettodothisistohaveyourcustomersinitialthereturn-policyexplanationontheirreceiptafteryouhaveexplainedittothemThiscanhelptoalleviatedifficultconversationswithunhappycustomersinthefutureFinallybesuretoidentifyanylimitationstoyourpolicysuchascertainvendorsdefectiveitemsorlawsthatmayapplytoproductsregardingldquono-returnpoliciesrdquo
CheckoutProcedures
EveryoneinvolvedintheoperationofyourbusinessshouldclearlyunderstandallstorepoliciesincludingthoseregardingthecheckoutprocedureThisisastrongifnottheonlyopportunitytocreateapersonalandmemorablemomentwithyourcustomeranditssignificancecannotbeoverstatedItrsquosvitallyimportanttoforgerepeat-customerrelationshipsateveryturnandtherersquosnobetterwaythanthroughpersonalinteractionOntheflipsideifnotmanagedcorrectlyanegativecheckoutexperiencecancrippleyourchancesofrepeatcustomersregardlessoftheotherfactorsMakeitahabittosharenewsofupcomingstoreeventsspecialspromotions
orotherstoreactivitiesduringthecheckoutprocessKindlyaskifthecustomerwouldbeinterestedinsharinghisorhere-mailaddressforstoreupdates(exclusively)orperhapssuggestthatyourcustomermightldquolikerdquoyourstorersquosFacebookpage(youdohaveoneright)FinallybesureyouhaveastandardldquoThankyouforyourpurchaserdquoinplaceaswellItcancertainlybecustomizedtoyourstorersquospersonalitybuteveryoneinvolvedshouldbeonthesamepageregardingthemessageyoudeliverItisstunninghowfewtimesIactuallyseethisdonewellintheindependentcommunity
VIPCustomerCare
NomatterwhatkindofmerchantyouareidentifyingyourtopcustomersshouldbeapriorityWhetheryousell$1candybarsor$10000dressesmakeitapointtotrackyourstrongestcustomersManypoint-of-sale(POS)systemscanhelpyouidentifycustomersandtheirspendingbutsomeindependentretailersfindsuccessinmanagingVIPcustomerstheold-fashionedwaymdashtakingnoteofpurchasesmadetheirbirthdaysspecialoccasionsandotherreasonsuniquetothebusinessWhenidentifyinghowyoucanbettersupportthiscrowdconsider
offeringspecialeventsuniquelyforthemprovidingdistinctiveservicesaboveandbeyondyournormalcustomercaremdashsuchasfreehomedeliveryorcomplimentarygiftsendingmdashaswellaswritinghandwrittenthank-younotesaftereachpurchasetheymakeThistypeofcustomercareletsyourVIPsknowthatyoutrulyvaluetheircommitmenttoyourstore
StoreGiftCertificates
TheNationalRetailFederationreportsthat81percentofshoppersinthe2012holidayseasonboughtatleastonegiftcardAlthoughtheholidaysarenot365daysayearbirthdaysandotherspecialoccasionsareWiththisinmindmakesurethatyouoffergiftcertificatestosellnomatterwhattimeofyearitisNotonlywillthisincreaseyoursalesbutitalsowilllikelyintroducenewcustomerstoyourstorethatyounormallywouldnrsquothaveTheopportunitytosellmorethanthevalueofthegiftcardreferredtoasanupliftisalsotheremdashincreasingyourchancesofahighersalePapergiftcertificatesversusplasticgiftcardsareeasytocustomizeallowingyoutoquicklyintroducethistoyourstorePlasticgiftcardscanbeeasilycustomizedaswellwithsuchplacesasCardPrintingusandPlasticResourcecombothabletomakegiftcardsspecificallyforyourstoreThekeytomanagingagift-cardprogramistocreateaneasy-to-tracksystemofwhengiftcertificatesaresoldandredeemedYoucandothistheold-fashionedwaythroughpenandpaperbutwithtodayrsquosPOSsystemsthiscanbemanagedmuchmoreeffectively
StoreHours
CustomersdonotshopatastoresolelybecausetheylikeitOftentheyshopatastorestrictlybecausethestoreaccommodatestheirscheduleThismeansthatifyoucloseat5pmtorushhomepotentialconsumerswhoonlyshopaftertheirworkdayendsat5pmwillneverbeyourcustomersWhenidentifyingyourstorehoursconsiderwhatmostoftheretailersinyourcommunityrsquoshoursarewhatyourimmediateretailneighborsrsquohoursareanymandatedhoursappliedbyyourcityandwhenyourlocalcustomersgenerallyshopTouristtownswillvaryfromdowntowncorporatesettingstoMainStreetsinsmalltownsacrosstheUnitedStatesAlthoughtherersquosnoblack-and-whiteschedulethatisidealfor
everyoneitrsquosimportanttoidentifyhoursthataccommodateyourlocalcustomersandcomplementothermerchantsAlsorememberthatclosingyourstoreoneortwodaysaweekisnrsquotalwaysanoptionKeepyourcustomersinmindmdashnotyourownpersonalschedulemdashwhenestablishingyourstorehoursandyouwillbemorelikelytofindaschedulethatattractsmorebusiness
Customer-DisputeScenarios
WhenacustomerisupsetaboutyourstorersquosreturnpolicycustomerservicelackofinventorystorehoursoranythingelsewhatmattersmostishowyouhandleitDespitetheiroftenrudeorinappropriatebehaviorremaincalmandallowthecustomertosharehisorherthoughtsonthesituationOncethecustomerhassaidwhatheorshewantstogentlyrespondwithyourresolutionAvoidallowingthecustomertoseeyougetangryorheatedevenifyouarescreaminginsideIfyourresolutiondoesnotmakethecustomerhappyconsiderofferinghimorherastoregiftcertificatefor$5$10or$25andapologizethatyoucannotdoanythingmoreThecostofgivingthecustomermoneytospendinyourstoreisoftenalotlessthanhavingthecustomerbadmouthingyouforyearstocome
StoreTraditions
AnnualsalessignaturemintsfestiveoccasionsmdashbigorsmallretailersshouldstrivetobeknownforahandfulofthingsthatmakethemuniqueTaking10percentoffeverythinginyourstoreonarandomSaturdaywonrsquotdothetrickInsteadseekoutbothsmallandlargeopportunitiestomakeyourstorememorableItmaybethediscosoundtrackthatrsquosalwaysonrepeatthesignaturescentthatcustomersinstinctivelyrememberyourstorebyanannualChristmas-in-Julysalethathasyouremployeesdressinglikeelvesoraprivatered-carpetVIPeventthatgetsyourbestcustomersexcitedeveryyearWhateveryouruniquesomethingsaremakethemconsistentmakethemmemorableandmakethemworthtalkingaboutAllstorecharacteristicswillaffectyouroverallsuccessorfailurebutitrsquosoftentheselittlethingsthataddupthemost
StoreStaff
ShapingyourstorywouldnotbecompletewithoutidentifyingthefacesthatmakeupyourretailbusinessYouremployeesareareflectionofyourstorebrandandthereforeneedtobecarefullyselectedbeforewelcomingthemtoyoursalesfloorNowadaysanaffordablepart-timesalesclerkiseasytofindWhatrsquosnoteasyisfindingasalesclerkworthhavingonyoursalesfloorTakethetimetointerviewpotentialcandidateswithaseriesofinterviewsandbesuretoseekreferencesfrompreviousemployersRetailMindedcomofferstemplatestohelpyoutrackyourinterviewprocessandprovidesemployeereviewformsforwhenyouhaveyourstaffinplaceBelowyoucanfindsomeusefulquestionstohelpyounavigateyournextroundofinterviews
GeneralInterviewQuestionsforPotentialEmployees
1Whatwereyourmajorresponsibilitiesatyourlasttwojobs2WhichofyourpreviousjobsdidyoulikethemostandwhyWhichjobhaveyouhadthatyoulikedtheleast3Whathasbeenyourmostrewardingexperienceatwork4Whatdoyoufindmostsatisfyingaboutworkingwithothers5Whatwasyoursinglemostimportantaccomplishmentforthecompanyinyourlastjob6WhydidyouleaveCompanyX7Ifyoucouldtakewithyouonethingfromyourlastcompanyandbringittothisjobwhatwoulditbeandwhy8Whatwasthetoughestproblemyouhadtosolveatapreviousjobandhowdidyousolveit9Whydoyouwanttoworkforthiscompany
10Afterhearingadescriptionofthispositionwhydoyouthinkyouwouldbeagoodfit11Doyouhaveanyreservationsaboutanyoftheresponsibilitiesidentifiedinthisrole12Whatskillsdidyoulearninpreviousrolesthatyoucanusehere
13Whatskillsorexperiencedoyouthinkmakeyoustandoutfromothercandidates14Wheredoyouprofessionallywanttobefive(orten)yearsfromnow15Arethereanyotherpointsyoursquodliketosharewithusaboutwhyyouwouldmakeagood[insertjobtitlehere]
ManagerKey-HolderQuestions
1Howwouldyoudescribeyourmanagementstyle2Whatdoyoubelievetobethemostdifficultroleofamanager3ManyofouremployeeshavebeenhereforawhileHowdoyoufeelyoucanearntheirrespectasamanager4Whathaveyoulearnedfromothermanagersyouhaveworkedunderinthepast5WhowasyourfavoritemanagerandwhyWhowasyourleastfavoritemanagerandwhy6Whatdoyouthinkisthemostimportanttraitofsuccessfulmanagers7IfIweretoasksomeonewhoyoupreviouslymanagedyourtopthreequalitiesasamanagerwhatdoyouthinkheorshewouldsay8IfIweretoaskthatsamepersonyourthreeworstqualitieswhatdoyouthinkheorshewouldsay9Whydoyoulikebeingamanager
10Howwouldyouplantoengageemployeestoworkeffectivelyunderyourleadership11DoyouconsideremployeemoralepartofyourresponsibilitiesWhyorwhynot12Explainyourmostdifficultmanagementexperiencetodate13Asamanagerdoyouconsiderteachingpartofyourjob14Howgoodareyouatdelegatingresponsibilities15Whatotherpointscanyousharewithusaboutwhyyouwouldmakeagoodmanager
Anotherpointtoconsideristhatwhileitmaybeeasytohirefamilyorfriends
AnotherpointtoconsideristhatwhileitmaybeeasytohirefamilyorfriendsitrsquospossibleamoreskilledcandidateisavailableandwillaidyourstoremoreefficientlyAsageneralruleofthumbconsiderallcandidatesmdashincludingfamilyandfriendsmdashequallyandputeachcandidatethroughthesameinterviewprocessThiswillhelpyouidentifythebestpersontofillyourstorersquosneedsCollectivelytheprecedinguniquetraitsofyourstorecansetyouapartfrom
yourcompetitionandhelpmakeyourstorememorableamongcustomersItrsquosimportantthatyoualsofactorinthevalueofcustomerserviceduringyourentirein-storeexperiencerecognizingthatthiswillalsosetyouapartfromotherretailersineitherapositiveornegativefashionKirtManeckecustomer-serviceexpertandauthorofthebookSmileSell
MorewithAmazingCustomerServicebelievesthatinordertotrulymakeyourstorememorableamongconsumersyoushouldaimtodeliverconsistentstrongcustomerserviceeveryday
DeliveringamazingcustomerserviceonaconsistentbasistoeachandeverycustomermeansthatyouarepreparedYourstaffhasbeentrainedtodeliverserviceandsalesinawaythatisefficientforyourcustomersWhiletherewillalwaysbecustomerswhohavedecreasedattentionareinahurryorappeartobefrazzledyouwanttostillaimtodeliverstrongcustomercaredespiteanycustomerscenarioOnewaytodothisisbytreatingpeoplelikeguestsinyourhomeJustasyouwouldgreetsomeoneatyourdooryoushouldsmileandgreeteverycustomerwithawarmldquoHellordquowithintwosecondsoftheirenteringyourbusinessThissetsthestageforahappyshoppingexperienceforyourcustomersbecausetheyfeelwelcomeandtheyknowthatyouareontopofyourbusinessSurprisinglyhowevermanyretailersfailtodothis
EngageyourcustomeraskquestionsandlistenKnowyourproductsandyourcompetitionso thatyoucanquicklyandefficientlyansweryourcustomersrsquoquestionsandobjectionsandsellyourproductsbetterthananywebsite or other store can do Aim to guide your customers to the bestproduct that fits their needs andwants and then respectfully ask for thesaleIfyoudothesethingsandmoreconsumerswillpayattentionandnotonlyreturntoyourstorebutalsotelltheirfriendsaswell4
Finallyremembertolookoutsideyourcomfortzoneinallyourbusinessresponsibilitiesincludinghowyoudelivercustomerservicewhoyouhirewhichtradeshowsyouattendandwhatyourstorepoliciesare
WhenyouidentifywhattraitsmattermostinyourstorehowyoumanageitsperceptionandwaysinwhichyoucanstandoutinthemarketplaceyouaremorelikelytosucceedinretailFurthermoreconsumerswillbemorereceptivetoshoppingatastorethattakesthetimetoearnaconsumerrsquostrustanddollarsbyapplyinghighstandardsAnadditionalperkisthatduringthisprocessyouwillalsofindconsistencyinyourownactionsandbeabletobettersupportyourcustomersyourstoreteamandyourselfindeliveringastrongin-storeexperienceInthechaptersthatfollowwersquolltakeanevencloserlookathoweach
decisionyoumakewillaffectyourstorersquospersonalityandhowcustomersperceiveyourbusiness
ActionGuide
EverystoretellsastoryandyourstoryneedstobeeasilyunderstoodfrombothaninternalandanexternalperspectiveInternallyhavinganorganizedemployeemanualwillofferyoutremendousguidanceinemployeehiringandmanagementTogetstartedconsiderthefollowingobjectivestoincludeinyourmanualYoumayfindthatsomearenotnecessaryforyourstorewhereasotherobjectivesthatarenotnotedareThegoalhoweveristocreateamanualthatmakessenseforyouruniquebusinessOrganizeabinderthatcollectivelyrepresentsyourstoreemployeemanual
basedonthefollowingsuggestionsEvenforasolostoreownerwithnoadditionalstaffthisexercisewillprovideyouwithafoundationtokeepyourstoreoperationsandexpectationsinorderInadditionifalast-minutehireiseverneededyouwillhaveaclearconcisemanualtohelpyoutrainthatpersoninstoresupportAlthoughthisexercisewilltakesomecommitmentandtimeitisaretail
necessityworthinvestingyourtimein
1StorecontactdetailsaPhysicaladdressbE-mail
cTelephonedFaxeWebfSocialmediaaccounts
2Storehours3Companyphilosophy4Employmentpractices
aEqualemploymentopportunitystatementbDrug-freestatementcHarassmentpolicydAt-willstatement
iFull-timeemployeesiiPart-timeemployeesiiiTemporaryseasonalemployeesivInterns
5TerminationstatementaVoluntarybInvoluntary
6OperationproceduresaPayschedule
iCommissioniiDirectdeposit
bStaffscheduleiOvertimeiiTardinessiiiAbsenteeismivSchedulechanges
cStoreopeningandclosingproceduresiCashdrawerdetails
iiPOSandcomputerdetailsdMerchandising
iDisplayunitsiiPOSareaiiiFloorsivShelvesvOtherareas
7Customer-serviceexpectationsaCustomergreetingsbGeneralcustomersupportcSuggestivesellingdCustomermanagementeTelephoneproceduresfCustomercomplaints
8ExternalrelationshipsaVendorsbShippingcTrademiscellaneous
9Emergencyprocedures10Security
aPersonalbelongingsbLawenforcementcontactdetailscFirstaidbox
11DresscodeaWardrobebPersonalappearance
12MiscellaneousaFoodanddrinkbPersonalphoneuse
cCigarettesmokingdComputeruseeNonemployeeaccessfConfidentiality
MakesuretosaveyouremployeemanualtoaWordfileforeasyeditingFurthermoreitrsquosalwaysagoodideatohaveallnewemployeesreviewthemanualandsignastatementacknowledgingthattheyhavedonesoFinallyalthoughamanualisnotalegallybindingcontractitneverhurtstohaveanattorneyreviewwhatyouhavecreatedtoensurethatyouareaccuratelyandlegallysupportingyourstoreteam
PARTII
PracticalStepstoIncreaseYourStoreVisibilityandSales
5
SourcingProductsThroughTradeShowsandtheInternet
WhetheritrsquosGoogleorAppleorfreesoftwarewersquovegotsomefantasticcompetitorsanditkeepsusonourtoes
mdashBillGates(1955ndashpresent)investorentrepreneurphilanthropist
ASAretailertherearecountlessexternalbusinessresourcesthatyouwillneedtoworkwithtorunyourbusinesseffectivelyAmongthemareservice
providerswholesalersmanufacturersanddistributorsThiscollectivecrowdofbusinessresourcesoffersretailersvariouswaystopurchaseandultimatelysell
productsthroughtheirstoresThequestionisWhatmakessenseforyourbusinessTobeginhoweveryoumustfirstunderstandthedifferencesamongcertainsuppliersourcingstrategiesmdashandhowultimatelyeachoftheseaffects
retailersSourcingasdefinedbyWikipediaorgreferstoldquoanumberofprocurement
practicesaimedatfindingevaluatingandengagingsuppliersofgoodsandservicesrdquoEssentiallysourcingrepresentstheactoffindingproductsfromwholesalersormanufacturerstoresellthroughabusinessInyourcasethiswouldmeanresellingthroughyourretailstoreInpreviousyearssourcingwasnotasaccessibletoretailersandasaresult
notusedfortheirbusinessesonaroutinescaleNowadayshoweversourcingisreadilyavailablethankstowebsitessuchasTopTenWholesalecomandManufacturercomaswellaseventsthatincludeSourcingatMAGICandSourceDirectatASDmdasheachheldbiannuallyinLasVegasTheseeventsaresimultaneouslyheldduringMAGICMarketWeekandtheASDShowrespectivelyofferingretailersachancetoengagewithtraditionalvendorsandwholesalerswhilealsohavingthechancetomeetimportersdistributersproduct-developmentteamsandotherproductprofessionalswithinthesourcing
arenaateachindividualshow
BenefitsofSourcingasaRetailer
ForretailerstherearemanybenefitstosourcingyourownproductsforyourstoreAmongthemaresavingvaluableinventoryandoperatingdollarsbycuttingcostsofproductpurchasesgainingtheabilitytoexpandyourstoreproductbaseofferingdiversificationamongyourcurrentsupplychainmeetingnewprovidersotherwisenotavailabletoyoulocallyorevendomesticallyandlearninghowbusinessisconductedinotherculturesMegyKarydesaformerretailerandcurrentwriterandmarketingconsultant
whoworkswithsmall-businessownersandorganizationsthroughherbusinessKarydesConsultingencouragesretailerstodifferentiatetheirstoresthroughsourcingShesharesbelowsometipsbasedonherownfirsthandexperiencetohelpretailersnavigatetheirsourcingjourney
One way to differentiate your retail business from others is to offerproducts straight from the sourceSincemany retailersare intimidatedbysourcingmdashthinking itrsquos too hard or unavailable to themmdashthose who dorealize greater margins richer merchandising selections and strongerrelationshipswiththeircustomersasaresultoftheirsourcingfindshavealottogainthatothermerchantsmissouton
Forthoseinterestedintestingthewatersmyadvicetoyouistovisitlocal art centers or smaller art fairs to identify items thatmightwork foryourstoreIalsoencourageyoutoengageindialoguewiththeartiststoseeiftheyrsquodbewillingtocreatesomepiecesforyourstoreIfyourcommunitydoesnrsquothaveartfairsoranythingofthesortgoonlineandcheckoutsitessuchasEtsywhereyoucanreachoutdirectlytotheartistsandaskthemiftheyrsquodconsiderworkingwithyou
Onceyouhaveidentifiedsomeonetoworkwiththekeyistocreateamutually beneficial relationship If the person feels that yoursquore trying totake advantage of him or her that person may work with you once butneveragainIdeallyhoweveryoushouldsetagoalofdevelopingalong-term relationship to help aid both you and your contact To do this Isuggest that you invest some time at the onset working out the details
especially if the person isnrsquot experienced working with wholesalecustomersSpendsome time tocreateadocument forbothofyou tosignthatoutlinesthefollowingdetailsEssentiallythiswillactasacontracttoensure thatyoubothmeet theexpectations identifiedonbothsidesof thebusiness You will not want to neglect the following points whendevelopingthisdocument
PricingExclusivityPackagingMerchandisingDeliverydetailsPaymentscheduleUnsolditemsDamageditemsLengthofcontract
AsareminderthisdocumentisintendedtosupportyourrelationshipandkeepyouontrackinworkingtermsWhilefriendlyverbalagreementsalwaysseemsolidtostartbutitrsquossimplyimpossibletopredictthefutureand therefore binding documents are a smarter way to manage yourbusiness1
KarydesmakessomefantasticpointsforyoutoconsiderparticularlyasyouattempttotrysourcingwithbabystepsbeforemakingalargercommitmentSheextendshersupportwiththefollowingdetailsforretailersconsideringhowinternationalsourcingcanhelptheirbusinesses
SavvyretailersalsoknowthattalentextendsbeyondthepondWhilesourcinginternationallycomeswithitsownsetsofchallengesitrsquosactuallymucheasierthanmostpeoplethinkTheInternetisagreatresourcewhenitcomestofindingproductsallovertheworldbutifyoursquorereallylookingtocarryproductsfromaspecificcountrystartyourresearchbyfindingthenearestembassyorconsulateofficeandletthemknowthatyoursquoreinterestedinfindingproductsfromtheircountryWhilethisisnrsquotalwaysthe
interestedinfindingproductsfromtheircountryWhilethisisnrsquotalwaysthecasemanyofthoseofficeshavedivisionsthatcoverinternationaltradeandcanbetremendouslyhelpfulwithrulesregulationscontactsandsourcesManyevenhavefundsintheirbudgetstoflybuyerstothecountrytoaidinbuyingtripsanditrsquosworthaskingifthisissomethingtheyoffer
OneofthequestionsIrsquomoftenaskedaboutworkingwithinternationalsuppliersandimportingishowtodealwithUSCustomsItrsquostruethatanytimeyouimportyoursquollhavetodeclarewhatyoursquorebringinginanddependingonwhatitisalsothecountryfromwhichitrsquoscomingandthevalueofitaswellFurthermoreyoumayhavetopaydutiesbutifyouuseareputablecustomsbrokerorfreightforwarderoftentheywillhandlethepaperworktohelpyoupassyouritemsthroughcustomsIfyouuseservicessuchasDHLorFederalExpressthosecompanieswillhandleclearanceforyouShippingpriceswillvaryconsiderablydependingonwhatyoursquorebringinginandwhichserviceyouuseThemoreyouimportthebetteryoursquollgetatdeterminingyourbestandleastexpensiveshippingoptions2
WhileventuringintotheworldofsourcingmayseemlikeanintimidatingtaskforretailerswhohavenotexploredthisavenueyetthisdoesnrsquothavetobethecaseHereare10tipstohelpfurthersupportyouasyouexplorehowsourcingmayberightforyourretailbusiness
1AttendawholesalemarketortradeshowthathasasourcingsectionallowingyoutomeetsuppliersfirsthandThisface-to-faceopportunitywillofferaneducationalexperienceforyoulettingyouengageandseeksupporttohelpyouachieveyoursourcinggoalsDonrsquotbeafraidtospeakupeitherduringtheseopportunitiesAskquestionsseekanswerslistencarefullyandlearnasmuchasyoucanfromthesesourcingprofessionals2VisitaninternationalsourcingproviderorsectionofatradeshowsuchasSourcingatASDtohelpexpandyourunderstandingofthevastrangeofsourcingopportunitiesforretailersForsomemerchantsinternationalprovidersmaynotbeidealfortheirbrandmessagingorstoreproductassortmentbutforothersthismaybetheperfectmatchforyourbusinessEitherwayunderstandinghowinternationalsourcingcanaidyourretailneedsissomethingyoushouldaddtoyoursourcingto-dolist3NavigatetheInternettolearnmoreaboutsourcingaswellastoget
introducedtosourcingprovidersThissaiditrsquosbestnottosolelygothisrouteandeliminateactualtradeshowandsourcingeventparticipationAlthoughtheInternetcanconnectyoutoprovidersitrsquosimportanttoconsiderallavenuesofsourcingbeforemakingyourfinaldecision4WhenseekingsuppliersgetatleastfivequotesfromdifferentsellerstoensurethatyouarereceivingthebestserviceproductanddealpossibleSeekingbothdomesticandglobalquotescanofferyouabroaderperspectiveonwhatmaybebestforyoursourcingneeds5AsyouseekquotesfromsuppliersbesuretoidentifythevariationsinminimumorderquantitiesThesenumberscanmakeahugedifferenceintheoverallcostforyouthereforeyoushouldseekavarietyofquantitycoststohelpyoutoidentifythebeststrategyforspendingyourallocatedsourcingdollars6Networkwithsourcingprofessionalsaswellasworktobuildsolidgood-standingrelationshipswithyoursourcingcontactsAsinmostindustriesprofessionalsinnichemarketsarelikelytobestsupporttheirclientswhentheyareinvestedincaringfortheiractualsuccessForsourcingspecificallyyoucanbenefitfromprofessionalsldquointheknowrdquowhomayhearofsomethingonafuturedateorknowsomeonewhoknowssomeonewhocanhelpyouinyoursourcingneeds7Subscribetosourcing-specificnewslettersandtrademagazinestocontinuallylearnandgainsourcingnewsAmongthebestresourcestodothisisbysubscribingforafreee-newsletterfromTopTenWholesalecomaswellcheckingoutSourcingJournalOnlinecomInadditionwehaveidentifiedsomeotherkeyresourcesinthefirstsidebarinthischapter8ContinuallyresearchinnovativetrendsandtacticsspecifictoyourproductneedsAttendingtradeshowsvisitingonlinesourcingsitessuchasTopTenWholesalecomandreferencingindustrypublicationscanallhelpyoudothisyetitrsquosuptoyoutoidentifytheneedtoconstantlywanttofollowthroughInotherwordsdonrsquoteversettleforwhatyoucurrentlydoorwhatiscurrentlyofferedAstimeprogressesnewwaystosourceanddevelopproductwillariseBesuretoembracethesechangestohelpyourbusinessstaycurrentandpossiblyevensavemoney9Knowwhatyourbudgetisbeforecommittingtoasourcingquoteor
quantityTherearealotofcostsincurredinretailandwholesalealikeandknowingwhatyourbudgetisupfrontwillhelpyoutomakebetterdecisionsAlsodonotletalimitedbudgetholdyoubackfromseekingsourcingopportunitiesThissimplymeansthatyouneedtobethatmuchmoreeducatedonwhereeverydollaryouspendgoes
10PlanaheadforunexpectedcostsandchallengingmomentsmdashifnotdaysormonthsThisisnotintendedtoscareorshyyouawayfromsourcingbutrathertoprepareyoufortherealitiesofanynewentrepreneurialadventureAsyouseektodosomethingyouhaveneverdonebeforeyoushouldalwaysexpectthattheexcitementandgoodthatcomefromthiswillalsobringyouhardshipsanduncertaintiesThisissimplypartoftherideRemembertoleanonthevastrangeofresourcesavailabletoyoutohelpyouinyoursourcingjourneyandtostayontrackwithyourbudgetandultimatesourcinggoals
AsyoucanseethereisanabundancetobelearnedaboutsourcingandweencourageyoutofurtherexpandyourknowledgeonthissubjectbyreadingJasonAPrescottrsquosbookWholesale101AGuidetoProductSourcingforEntrepreneursandSmallBusinessOwners(McGraw-Hill2013)
SOURCINGNEWSRESOURCESBlogtradegovTradeologyistheofficialblogoftheInternationalTrade
Administrationwhichdiscussesinternationaltradelawsandotherrelevantindustrynews
ManufacturingnetSharesmanufacturingindustry-relatednewstrendsresourcesandmorerelatedtotheglobalmanufacturingcommunity
NamorgAnewsroomhostedbytheUSNationalAssociationofManufacturerssharingmanufacturingrelatednews
RetailMindedcomAretail-specificwebsitethatcoversallaspectsofrunningaretailbusinessincludingworkingwithwholesalersandsuppliers
aswellmanyotherkeyareasofretailOffersfreenewsletterandsubscription-baseddigitalorprintquarterlymagazine
SourcingJournalOnlinecomAglobalnewsresourcewithinformationforbusinessexecutivesandretailerswhowanttoknowmoreaboutsupply-chain-relatedtopicswithinthesoftgoodsandtextileindustry
TopTenWholesalecomCoverswholesaleindustrynewsrelatedtotopicsincludingvendorsupplierandwholesalerprofilesproductnewstradeshowdetailsandmore
WorkingwithWholesalers
SimilartosourcingandtypicallymoreunderstoodbyretailersiswholesalewhichmdashverysimplymdashrepresentsthesaleofmerchandisetoretailersOnamoredetailedlevelwholesalerepresentsthesaleofproductsandgoodstobusinessownerscreatingabusiness-to-businesstransactionversusabusiness-to-consumertransactionAswithsourcingretailershaveaccesstowholesalersthroughavarietyofavenuesincludingtradeshowsonlineplatformsandretailtradepublicationsEvenmoresothansourcinghoweverretailershavetheopportunitytoworkwithinsomeveryspecializedmarketsofwholesaleAnexampleofthiswouldbetheOutdoorRetailerShow(wwwoutdoorretailercom)whichcatersspecificallytoretailersseekingmerchandiseforoutdoorsportsforbothsummerandwintermarketsShowsthatcatertonichemarketssuchasoutdoorsportingretailersofferatremendousvaluetomerchantsspecificallyby
1Introducingindustry-specificbrandsandproductsdirectlytoretailers2Sharinglatestindustrynewsandbuzzthrougheducationnetworkingandotherface-to-faceevents3Demonstratingproductsforretailerstotryhandsonallowingmerchantstoknowfirsthandwhatmaybebestfortheirbusinesses
InadditionretailershaveaccesstocountlesstradeshowsthatoffermoreexpansiveproductassortmentsAnexampleofthiswouldbetheASDShowheldbiannuallyinLasVegaswhichattractsover2800vendorspershowandover40000attendeespereacheventThegeneralmerchandiseassortmentofwholesalersincludesjewelrysouvenirstoyshobbybeautycosmeticsfloralgifthomedecorgroceryapparelaccessoriesstationeryandmuchmuchmoreAsaresultretailershaveaone-stop-shopdestinationtoseekavarietyofproductsfortheirstoresAnotherfantastictradeshowthatcaterstoanexpansivemarketplaceistheNationalHardwareShowwhichattractsover27000attendeesseekingtolearnsourceandconnectspecificallyfortheUShome-improvementanddo-it-yourself(DIY)marketsFormerchantsitisimportanttoidentifyhowbothniche-markettradeshows
andmorediverseat-largeshowscanbenefittheirbusinessesTypicallyitrsquosidealtomakeattendingbothtypesofshowsapriorityThereasonforthisisverysimplewithoutdoingthisyoulimityourexposuretopotentialbrandsproductsandresourcesthatcanaddvaluetoyourstoreFurthermorebydiversifyingyourbuyingexperiencesyoualsosetyourselfapartfromyourcompetitionAttendingniche-marketshowsonlycanlimityoutoproductsandwholesalersthatyourcompetitionislikelybuyingfromaswellHoweverifyouintroduceashowsuchastheASDShowtoyourbuyingrotationyouwillundoubtedlybeabletoincorporateinventorythatyourcompetitordoesnrsquotalsohaveSpecificallyyoucannarrowdownyourbuyingneedsatshowssuchastheASDShowforadd-onsaleslower-pricedproductsandotheruniqueitemstocomplementyourcategory-specificpurchasesfromyourniche-markettradeshowTheseshowshoweversuchastheConsumerElectronicsShow(CES)mdashheldannuallyinLasVegasmdashwillalwaysremaindestinationsthatretailerscanrsquotmiss
UnderstandingtheValueofTradeShows
SchedulingtradeshowsintoyouroperationalcalendarisanimportantresponsibilitytoconstantlykeepupwithparticularlywhenyoushouldplanforanassortmentoftradeshowstoattendeachyearAsaretaileritrsquosnearlyimpossibletoeffectivelyrunyourstorewithoutattendingtradeshowsthereforeknowinghowtomaximizeyourtimespentpershowisextremelyimportantFurthermorebecauseitcostsmoneytotraveltotradeshowsyouwanttoensurethatyouaremaximizingyourinvestmentineacheventyouattend
thatyouaremaximizingyourinvestmentineacheventyouattendInnoparticularorderhereareeightreasonsyoushouldmaketradeshowsa
priorityonyouroperationalcalendarNotonlywillyoubeabletogaintipsonstrengtheningyourtradeshowexperiencesthroughtheidentifiedpointsbutyoushouldalsobeabletojustifythevalueinwhytradeshowsareanimportantexperienceforanyretailbusiness
1TradeshowsallowyoutogainknowledgeaboutandexposuretonewtrendsproductsandresourcesThecombinationofwholesalerssuppliersdistributorsandvendorsisagreatwaytolearnaboutwhatrsquoshotwhatrsquosfadingandwhatyourcompanyneedstointroduceintoitsstoreintheseasonsahead2TradeshowsstimulatenewideasandcreativewaystosupportyourbusinessthroughaspectsthatexpandbeyondinventoryaloneThisincludesofferingretailersexposuretocompaniesthatsupportin-storeoperationsprovidingtradeshowattendeeswitheducationalopportunitiesandofferingshowparticipantsnetworkingandsocialexperiencesCollectivelythesealladdvaluetoyourbusiness3TradeshowsprovideameetingspotforretailersandvendorstoconnectfacetofaceBecauseitrsquosnearlyimpossibleformostwholesalerepresentativestotraveltoeachindividualretailaccounttheyhaveatradeshowbecomesanidealspotforthemtoconnectwithretailersTheseeventsallowretailerstoseeawholesalerrsquosentireinventoryassortmentwhilealsoprovidingavenueforthemtoengageinperson4TradeshowsgiveyouthechancetogenerateleadsforfuturevendorandproductopportunitiesAsamerchantyoucanneverbetoosurewhatthefuturewillbringandthereforeitrsquosessentialtohaveanideaofotherbrandsproductsandbusinessesthatmaybeabletoaidyouinfuturebuysorstorechangesTohelpprepareyouforscenarioslikethiscollectbusinesscardskeeptradeshowdirectoriesandorganizecollectedlinesheetsandotherproductdetailstorefertoshouldyouneedtogetintouchwiththesecompaniesoncethetradeshowhasendedandbeforethenextonebegins5TradeshowsoffereducationalexperiencesthatcanonlybefoundattheseeventseliminatingyourchancetogaintheseexperiencesotherwiseOneexampleofthisistheIndependentRetailerConferenceheldattheASDShowinLasVegaswhichintroducesaselectgroup
ofindustryexpertsandbusinessresourcesforshowattendeestoengagewithandlearnfromThroughvariousseminarsaswellasfourdaysofface-to-faceopportunitiesformerchantsandtheseselectretailleaderstoconnectshowattendeescangainanabundanceofknowledgetotakebacktotheirstoresFurthermoretheirparticipationintheseeducation-richexperiencesisoftenfreetoshowattendeesmdashsomethinganybudget-strappedretailercanappreciate6TradeshowsallowyoutogetanswersrightawayofferinganimmediatecommunicationplatformthroughwhichretailersandshowexhibitorscanconnectTohelpaidyouingainingtheinformationyouwanttoknowitrsquosalwaysagoodideatocomepreparedtoatradeshowwithwrittenquestionsandidealgoalsyouwanttoaccomplishduringyourtradeshowvisit7Tradeshowsofferyouthechancetoconnectwithlike-mindedretailerswhomaynotbeyourdirectcompetitorsAnexampleofthiswouldbeifyouconnectedwitharetailerfromastateontheothersideofthecountrywhohasastoresimilarininventoryassortmenttoyoursThevalueinthisisthatyoucanleanoneachotherasretailprofessionalsyetnotfeelthreatenedbysharingalocalmarketplaceMoreoverwhenyouhavelike-mindedretailfriendsyoucantradeorsellyourinventorywithoneanotherifoneofyouishavingmoresuccesswithacertainproductthananotherAllowingyourselftomeetretailersandengagewiththemisalsoagreatwaytorealizethatyouarenrsquotaloneinyourretailjourneyandevenasanindependentmerchantyoudonrsquothavetomakeeverydecisionbyyourselfLeaningonlike-mindedretailershelpstoeliminatethisisolatedmind-set8TradeshowsgiveyouachancetohavefunYesyoureadthatrightmdashhavefunNothinggivesabusinessownermoreenergyandthedesiretoworkmorethanhavingagoodtimewhileworkingTradeshowscertainlyintroducelongdaysandinformationoverloadbuttheyalsostrengthenandrefresharetailerrsquosmotivationtoworkhardworksmarterandcreatemoresuccessfortheirstores
WHOLESALEMARTSampBUYINGDISTRICTSAcrosstheUnitedStatesareavarietyofwholesalemartsandbuying
districtsthatcatertoretailersallyearlongWhiletheyarenotofficially
districtsthatcatertoretailersallyearlongWhiletheyarenotofficiallyconsideredtradeshowstheyareverysimilarintheirservicesbyofferingadestinationforretailerstoconnectwithsuppliersBelowaresomeofthewholesalemartsandbuyingdistrictswerecommendvisitingintheUnitedStates
AmericarsquosMart|AtlantaGA|wwwamericasmartcom
MidwestMarketDays|ChicagoIL|wwwmidwestmarketdayscom
TheDallasMarketCenter|DallasTX|wwwdallasmarketcentercom
TheMiamiMerchandiseMart|MiamiFL|wwwmiamimerchandisemartcom
TheWholesaleDistrictinLosAngeles|LosAngelesCA|wwwfashiondistrictorg
TheWorldMarketCenter|LasVegasNV|wwwwmclvcom
InadditiontherearemanyothermartsincitiesnationwidethatmaybemoreidealbasedonyourgeographiclocationFinallyNewYorkCityoffersmanymerchandiseandgarmentdistrictsthatcanbeidentifiedatthewebsitebelow
wwwnyccomvisitor_guidegarment_district75853editorial_reviewaspx
WhilerealizingthebenefitsoftradeshowsretailersshouldalsoneverunderestimatethevalueofplanningaheadbeforeattendingoneCamilleCandellagroupmarketingmanagerofEmeraldExpositionsbelievesthatldquowhetheryouareaseasonedproornewtotradeshowsyoushouldalwaysdoyourhomeworkpriortoarrivingatashowYouwanttomaximizeyourtimeat
theshowandthatmeanspreparinginadvancerdquo3Tohelpyoudothisweencourageyoutolearnasmuchasyoucanabouta
tradeshowpriortoattendingitUsingonlineresourcesandanyregistrationmaterialsreceivedbecomefamiliarwithshowexhibitorsspecialeventseducationexperiencesandtheentireshowagendapriortoarrivingattheshowThisallowsyoutoplaninadvancewhatisapriorityforyoutoaccomplishaswellasidentifygeneraltimeallowancesyouwillneedItrsquosalsoveryimportanttotakethetimetopackwellforyourtradeshowtripThismeanspackingcomfortableshoesbecausemosttradeshowsentailalotofwalkingYoushouldalsoplanforacomfortablebagtocarrywithyouthroughoutyourtradeshowvisitallowingroomtoholdcollectedlinesheetsbuyerpacketspromotionalgiveawaysbusinesscardsandmoreDonrsquotforgettopackyourownbusinesscardsaswellAnothertipincludescheckingwhetherthetradeshowyouareattendingallowsforbagswithwheelsManyretailersfindthataminisuitcaseorbriefcaseonwheelsisidealfortradeshowsbutsomeshowsdonotallowtheseontheirfloorsbecauseoflimitedspaceFinallybringingalongaministaplerpensfilingfoldersandotherorganizationalproductsoftencanhelpyoutobettermanagethepaperworkyoucollectatthetradeshow
ManagingOrdersPlacedatShows
WhetheryouhaveattendedcountlesstradeshowsorhaveyettovisityourfirstamongthemostimportantresponsibilitiesyouhaveinmanagingyourtradeshowexperienceisdealingwithordersplacedwhileattheshowForretailerswhohavepreviouslyplacedorderswhileattendingatradeshowDidyoudoagoodjobineffectivelyspendingyouropen-to-buy(OTB)dollarsandstayingwithinbudgetWeretheordersyouplacedreceivedontimeandaccordingtothetermsidentifiedwhenyouplacedthemDidyoufeelsupportedbythecompaniesfromwhichyouorderedfollowingtheshowTherearemanyquestionsretailersshouldaskthemselveswithregardto
productmanagementtradeshoweffectivenessandtheiroverallretailbusinessUltimatelythequestionsyouwanttochallengeyourselfwithshoulddirectyoutomanagingyourstoremoreeffectivelyforyoumdashnotthewholesalersupplierdistributororotherproductprofessionalwithwhomyouareworkingAlthoughitrsquosimportanttoconsiderbothsidesofthesebusinessrelationshipsitrsquoscriticaltocontinuallyevaluatewhetherthedecisionsyouaremakingforyourstoreare
tocontinuallyevaluatewhetherthedecisionsyouaremakingforyourstorearethebestonesyoucanmakeTohelpaccomplishthisgoalbesureyoustaywithinyouridentifiedbudget
whenplacingordersattradeshowsOftenalltypesofdomesticandinternationalsupplierswillofferyoushowspecialstoincreaseyourenthusiasmtobuymorefromthemCertainlythesespecialscanofferyoumanyperksandsavingsbutdonrsquotlosesightofthebudgetyouhavetoworkwithMoreoverdonrsquotneglectyourtargetshippingdatesproductdeliveriesminimumorderidealspaymenttermsandotherbuyingfactorsthatmattertoyouInmanycasessimplycommunicatingwithyourvendorcontactisallittakestoshiftwhatheorsheisofferingtowhatyouactuallyneed
EXPERTSPOTLIGHTBobBergdirectorofsalesofInternationalBusinessattheSourcingat
MAGICtradeshowbelievestherearethreemust-knowtipsforretailattendeestofollowwhentheyparticipateatanytradeshow
1HaveaclearunderstandingofwhatyourgoalisattheshowRemindyourselfofthisgoalaseachdaypassestoensureyoustayontrack2OrganizeyourselfpriortotheshowIdentifyexhibitorsyouhopetoseeschedulevendorappointmentsplanforeventsorotherextraactivitiesandidentifyanymarketingmaterialsyoumaywanttohaveavailablewithyouatthetradeshowThesemayincludebusinesscardsorotherpromotionalitems3GiveyourselftimetonavigatethetradeshowwithoutfeelingrushedBytakingshortcutssqueezinginappointmentsandskippingvendorsyoumissopportunitiesforyourbusiness
RetailersoftenfeelrushedandstretchedfortimewhileattradeshowslettingthemselvesmakequickdecisionsasaresultTothebestofyourabilityyoushouldavoiddoingthisinallsituationsmdashmostimportantthoughwhenyouareabouttowriteanorderHavingaprewrittenchecklistofyouridealordertermsmdashnotjustyouridealproductsmdashcanhelpyoutostayontrackwithyourshippingdeliverypaymentandotherordergoalsFurthermorerememberthatvendorscreateordertermstotheirbenefitmdashnotyoursWiththisinminddonothesitatetospeakupregardingtheiridentifiedtermsandletthemknowyourpreferredtermsiftheyvaryAlthoughthevendorultimatelyhasthefinalcallhere
termsiftheyvaryAlthoughthevendorultimatelyhasthefinalcallherecommunicatingyourpreferreddeliverydatesproductneedsandotherorderdetailsistoyourbenefitWhatisalsotoyourbenefitistoactuallyplaceordersattheshowsyouattendinanefforttogainshowspecialsofferedbyvendorsthatmaysaveyoumoneyFinallymakesurethatyouhaveyourstorersquostaxIDnumbershipping
addressandcompanycontactdetailsreadilyavailableforyoutoprovidetovendorsasyouwriteordersatshowsIfyouhaveapremadestickerstamporbusinesscardwithallthesedetailsonitthiscansaveyoutimeduringtheorder-writingprocessManyvendorsstillinputorderdetailsbypenandpaperdespitetheadvancedtechnologyavailablesodonrsquotbesurprisedifthisoccurs
IncorporatingtradeshowsintoyourretailcalendarisoneofthemostimportantstepsyoucantakeasanindependentretailerTheexperiencestradeshowsofferyouaswellastheopportunitytomeetsuppliersdistributorsvendorswholesalersandotherindustryprofessionalscanrsquotbematchedbyanyotherindustryexperienceJustrememberthatvendorsattradeshowsaretheretosellwhereasretailersaretheretobothresearchandbuymdashtwoverydifferentthingsAlthoughvendorsandretailerscomplementeachotherbesurethatyoustayfocusedonthegoalsyouhavesetforyourbusinessversusalteringthemfortheirsUltimatelythiswillkeepyouonthepathtohavingsuccessineachofyourtradeshowjourneys
UsingOnlineSourcingPlatforms
WhiletradeshowswillalwaysremainanimportantdestinationforyoutoacquireinventoryforyourstoretheInternethasmadeitpossibleforyoutoconnectwithvendorsmanufacturerssuppliersandotherproductprofessionalsaswellOftenthisisagreatdestinationtokick-startyourproductresearchwithonlinesitesbeingreadilyavailabletoyouatallhoursofthedayandnightSearchingforyourspecificproductonGoogleYahooorBingcanbechallenginghoweverandyoushouldkeepinmindthatasearchengineisonlyasgoodaswhatitindexesbasedonaspecialalgorithmManysuppliersandoverseasfactoriesdonothavegreatwebsitesthusmakingithardtofindthem
overseasfactoriesdonothavegreatwebsitesthusmakingithardtofindthemthroughthesesearchenginesFortunatelyhoweveryoucangainquickaccesstosupplierinformationwhenusingkeywordsearchesononlinebusiness-to-business(B2B)platformsthataretrustedandsecureThebestwaytoensurethatyouareworkingwithasecurecredibleB2B
platformwhensourcingonlineistoidentifythatitiswellknownrespectedandhasreliablesupplierswithinitsnetworkIntheUnitedStatestheseinclude
TopTenWholesalecomManufacturercomMFGcomModalystcoThomasnetcomWholesaleCraftscom
RetailersopentoworkingwithbusinesstradeplatformsbasedinChinaandAsiainclude
Made-in-chinacomGlobalSourcescomIndiaMARTcom
AsyouexploreadditionalonlineB2BplatformsitrsquoslikelythatyouwillrunintowebsitesthatadvertisehiddensupplierlistsorwanttochargeyouafeeGenerallyspeakingyoushouldbewaryofthesesitesbecausemostofthemarescamsAsaretaileryoucangainsupplierwholesalerandvendorinformationforfreemdashneverhavingtopayforthesedetailsThewaythatcredibleonlinemarketplacesmakemoneyisfromtheiradvertisersandactualsuppliersprofilednotfromtheretailerswhousetheplatformstobuyandsourcefortheirstoresThisisanimportantdetailtorememberbecauseunfortunatelythereseemstobeanincreasingnumberofscammersouttherelookingtogainmoneyfromretailersviathisavenue
RETAILTIPWhenattendingtradeshowsdonrsquotunderestimatethevalueofthe
educationalopportunitiesavailabletoyouMostnationallybasedtradeshowsandevenselectregionalmarketcentersoffereducationresources
showsandevenselectregionalmarketcentersoffereducationresourcesthatareintendedtohelptheirattendeesadvanceintheirretailgoalsTakingthetimetolearnfromtheretailleadersselectedtodeliverpresentationsworkshopsseminarsandotherlearningopportunitiesattheseeventsarekeyexperiencesthatcanhelpyourbusinessthriveAlsotheseoftenprovideyouthechancetoconnectoneononewithindustryexpertspriortooraftertheirpresentationsThesetypesofopportunitiesarenearlyimpossibletocreatesolelyforyourselfthereforetakingadvantageoftheseeventsisyetanotherreasonnottomisstradeshows
TohelpfurtherensurethatyoucantrustonlinemarketplacesandsourcingplatformsmakesurethatthereisaphonenumberassociatedwiththecompanyTypicallythisshoulddirectyoutoasupportcenterforthecompanyrsquosplatformbutattheveryleastitshoulddirectyoutoalivepersonwhocanansweranyquestionsyoumayhaveNextyouwanttotrustthatthesuppliersidentifiedonthesewebsitesaresafeReputablecompaniesthatofferyouonlinesupplierinformationwillalwaysofferyouthechancetoreviewtheirverificationprocessandyoushouldneverhesitatetoaskaboutthisifyouhaveanyquestionsAnothertiptoconsideriswhetherornottherepresentativesoftheB2BplatformyouarereviewingattendtradeshowsByactuallyparticipatingintradeshowsyoucantrustthattheyaretrulyengagedwithintheirniche-marketnetworksandworkwithsuppliersidentifiedontheirsitesfirsthandFinallywhileyoushouldneverhavetopayanyfeesyouwanttomakesurethattheprofiledsuppliersdopayThismeansthattheyarebenefitingfromtheplatformandfindvalueinit
RETAILTIPOnlineB2Bplatformsareextremelyvaluabletoretailerssincetheyare
availabletobereviewed247AnotheronlinedestinationthatcanhelpyoumanageyourbusinessistheResourceGuidefromRetailMindedThisonlinedirectoryisafreeresourcepublishedannuallyformerchantstogaintrustedreliableinformationonbusinessesthatsupportretailersintheirstoreoperationsUnlikeB2BplatformsthisdirectoryissolelyfocusedonbusinessesthatcatertotheoperationsofrunningaretailstoreCategoriesincludedinRetailMindedrsquosResourceGuideincludee-mailmarketingin-storemediainventorymanagementemployeepayrollretailpackagingin-
storesignageandmoreTodownloadafreecopyofthisdirectorysimplyvisithttpretailmindedcomresource-guide
FinallytoassistyouinfurtherexploringonlinesourcingforyourretailstorewersquovetakenacloserlookattheleadingB2BplatformTopTenWholesalecomandidentifiedwhatitcanofferyouOperatingwiththetaglineldquoFinditSourceitProfitrdquothecompanyrsquossearchenginesanddirectorynetworkofferyoutheabilitytointeractwiththousandsofwholesalersandmanufacturersThecompanyrsquoscoreconcentrationofproductfocusesongeneralmerchandisewelcomingretailbuyersfromavastrangeofretailcategoriesTheseincludeover100productcategoriesandover1millionproductsmdashtotalinganimpressivenumberofover35000suppliersforyoutosourcefrom
RETAILTIPBelowisanexampleofawebsitepagefromTopTenWholesalecom
whereyoucansourcethousandsofvendorsforyourretailstoreTheirextensiverangeofproductsourcesaswellastradeshowpartnershipshelpyoueffectivelyidentifywhattherightmixofinventorymaybeforyourstoreshelves
AswithmostB2BplatformsyouwillneedtoregisteronTopTenWholesalecomtogainaccesstoallitsresourcesalthoughmanyareavailableforfreewithouteverregisteringatallThebenefitofthishoweveris
thatyoucancreateaprofileandmanageyouraccountaswellasadjustyourprivacysettingstoyourpreferencesSeniorbusinessmanagerJonathanPrescottatJPCommunicationsInchadthistosayaboutTopTenWholesalecom
BuyersareabletosavetheirfavoritesuppliersandproductsonTopTenWholesalecomaswellasconnectdirectlywithsomeofthelargestmanufacturersimportersanddistributorsintheworldThisoffersatremendousbenefittobusyretailersbecausetheycanlogonandoffattheirconvenienceFurthermoreitrsquosimportanttorememberthatsiteslikeTopTenWholesalecomsimplyconnectbuyersandsellersandpurchasesbeingmadearenotbeingmadethroughusdirectlyTheperksofworkingwithushoweverincludeanonlinechatfeatureknownasTradeChatmdashwhichisbasicallyaninstantmessagingplatformforbuyersandsellerstoquicklyconnectmdashaswellascountlessotherfeaturesthatallowyoutomanageyoursourcingneedsanduniqueretailgoals4
IdentifyingproductsthatmakesenseforyourstoreisoftenconsideredthemostpreferredresponsibilityofaretailerWithcountlesstradeshowsandonlineplatformsavailabletohelpyoudothiswehopethatyouwillembracetheresourcesavailabletoyouinanefforttomaximizeyourproduct-buyingpotentialInChapter6wersquolldiscusshowyoucanmanagethisinventoryonceitrsquosreceivedatyourstoreaswellaswaysinwhichyoucanhelppromoteitandencouragesalesinthelaterchapters
ActionGuide
Lookingaheadoverthenext12monthsidentifynolessthantwotradeshowsthatyouwanttoattendFocusonthefollowingquestionstohelpyouplanfortheseeventswithacoreconcentrationonplanningforhowmuchitwillcostyoutoattend
Whereistheshow
WhenistheshowHowmanydaysistheshowofferedHowmanydaysdoyoubelieveyouneedtobeonsiteattheshowWillyouneedtoscheduleadditionaldaysfortravelHowmuchwillairfarecostDotheshowdatesoverlapondaysthatyounormallywouldbeinyourstoreHowmanyworkinghourswillyouneedtobudgetforanotheremployeetobeatyourstoreinyourabsenceDoyouwanttobudgetforanadditionalpersontoattendtheshowwithyouIfsofactorinthecostofthatpersonrsquostravelandifnecessaryworkinghoursforwhichyouwillpaythatpersonWillthispersonneedhisorherownhotelroomorcanyoushareOnceattheshowwilltherebetransportationcoststoandfromthehoteltotheactualsiteDoestheshowofferanyspecialratesforhotelairfaretaxisorotheraccommodationdetailsWhatothercostsmightyouincurbyparticipatinginatradeshowsuchaschildcareorotherpersonalexpenses
TakingthetimetoanswerthesequestionswillallowyoutolookaheadathowmuchitwillcostyoutoattendnolessthantwotradeshowsperyearOnceyouhaveidentifiedageneralamounttoallocateforthisbudgetthisintoyourstoreoperationsBymakingthisapriorityandnotanexceptionyouwillbebetterpositionedasaretailer
6
BuyingforCustomersVersusYourself
Yourmostunhappycustomersareyourgreatestsourceoflearning
mdashBillGates(1955ndashpresent)inventorinvestorphilanthropistTIME
ANDtimeagainwehavefoundourselvesspeakingwithretailersandsharingstoriesabouthowtheirstorescametolifeManyoftheseconversationsbeginwithldquoIopenedmystorebecauseIlove[insertwhateveritisyoulovehere]rdquo
Whetheritbeshoesfashionhomedecorsurfinganimalsbikesmodelairplanesoranythingelseyourheartmaydesirewersquovehearditallwhenitcomestowhyfolksofallagesandwalksoflifehaveventuredintotheretail
businessIronicallyhoweverwerarelyhearstoreownerstellingustheyopenedtheir
businessesbecausetheyloveworkingwithpeopleTheironyinthishasalwaysfascinatedusandweimaginewillcontinuetodosoItrsquosquitepossiblethatthisexactreasonhoweverkeepsussoinspiredtohelpmerchantsbetterunderstandthebusinessofretailaswellasitsgreatestobstaclemdashconsumers
UnderstandingtheBasicsofRetailMath
ldquoEachcustomerthatwalksthroughyourdoorisvotingwiththeirdollarsandtellingyouwhattheywantyoutohavemoreofhellipandwhattheywantyoutohavelessofYouneedtolookatthedecisionstheyaremakingthroughtheirpurchasesandevaluateitmonthlyrdquoCEOandnationallyrecognizedretailexpertCathyWagnerofRetailMAVENSexplains
EXPERTSPOTLIGHTTakinganin-depthlookatyourinventoryshouldalwaysbeonthetopof
yourto-do-listRetailexpertCathyWagnerofRetailMAVENSsharesfivetipstohelpyoumanageyourinventorywithagoalofincreasingsell-thru
1Lookattheofbusinessdoneinthedifferentclassesofinventoryofyourstorebydividingtheamountofsalesineachclassbythetotalofsales(withoutsalestax)
(SalesbyClassTotalStoreSales)X100=ofSalesbyClass
2NextlookattheamountofinventorythatyouhaveineachclassatretailDividethedollaramountofinventoryofeachclassbythetotalinventorytodeterminewhatofinventoryeachclassrepresents
(InventoryatRetailbyClassTotalStoreInventoryatRetail)X100=ofInventorybyClassatRetail
3ComparetheofinventorytotheofsalesforeachclassTheofsalesofaclassshouldmatchtheofinventorythattheclassrepresentsofthetotalinventory4MakeadjustmentssothattheoftheinventoryofaclassmatchestheofthesalesthattheclassrepresentsForexampleiftheinventoryofaclassis$5000outof$20000thenitrepresents25oftheentireinventoryIfthesalesofthatclassare50ofthetotalsalesthenyouhavetoincreasetheinventoryto50ofthetotalinventorySincetheinventoryis$20000weknowthattheretailinventoryoftheclassmustbebroughtto$10000Thismeansyoushouldthenordermoreinventory5WhilemakingadjustmentslikethisyouwillfindthatthereisanotherclassthatrepresentsalargerofinventorythansalesTakeactionimmediatelytomarkdownwhateveritemsareslowingthatclassdownsothatyoucandecreasetheinventoryaccordingly
UnderstandingyourinventoryanditsperformanceiscriticalingainingconsumerattentionandstoresalesTohelpyoudothisWagnersuggestsreviewingeachvendororbrandyoucarryinyourstorebydollarsnotunitsForexampleifyoureceived$1000ininventory(pricedatretailnotwholesale)andafterfourmonthssold$200stillowning$800thenyouwouldhavea20
afterfourmonthssold$200stillowning$800thenyouwouldhavea20percentsell-through(2001000)FormostretailersthisisabadscenariosuggestingthatyourinventoryofchoicewasnotwellreceivedbycustomersandthereforeisnrsquotsellingtoplanThequestionthenbecomesWhatdoyoudoWagneranationallyrecognizedretailexpertknownforherexpertisein
inventorymanagementspecificallyoffersthefollowingadvice
LookatthepercentageofbusinessdoneinthedifferentclassesofinventoryofyourstoreversusstrictlybyvendororbrandNextlookattheamountofinventorythatyouhaveineachclassatretailDividethedollaramountofinventoryofeachclassbythetotaltodeterminewhatpercentofinventoryeachclassrepresentsFinallycomparethepercentofinventorytothepercentofsalesforeachclassThepercentofsalesofaclassshouldmatchthepercentofinventorythattheclassrepresentsofthetotalinventoryTohelpensurethatyoufullyunderstandthisonaconsistentbasisIsuggestthatyoudothisexercisemonthlyAlsoknowthattherearefewexceptionstothisscenarioThisisanexcellentwayoflisteningtoyourcustomersandmakingsurethatyouarebuyingwhatyourcustomerswantyoutocarrymdashnotjustwhatyouwanttosell1
Evaluatingyourexistinginventoryandvendorassortmentisaresponsibilitythatshouldneverleaveyourto-dolistOftenretailersgetcaughtupinthehabitofbuyingproductstheylovebuttheircustomersultimatelydonotthereforeitcanbeachallengetoshiftgearsandmakepurchasedecisionsbasedonyouractualsalesorcustomerdemandsRecognizingthatyourtasteandthetasteofyouractualcustomersmayvarycanbechallengingmdashyetacceptingthisiskey
RETAILTIPRunningaretailstoremeansmorethanjustidentifyingagreat
assortmentofinventoryItmeansdoingalotofmathNevergointoaseasonwithoutacompletedopen-to-buy(OTB)planBetteryetnevergointoafiscalyearwithoutafullOTBplansetinplaceNextmakesureyouaccuratelyidentifyyourstorersquosgrossmarginreturnoninvestmentinventoryturnovernetsalessell-thruandstock-to-salesratiousingtheretailformulasbelow
TotalSalesndashCostofGoods=GrossMargin
GrossMargin$AverageInventoryCost=GrossMarginReturnonInvestment
NetSalesAverageRetailInventory(SkuCount)=InventoryTurnover
GrossSalesndashReturnsampAllowances=NetSales
UnitsSoldUnitsReceived=SellThrough
BeginningofMonthStockTotalMonthSales=Stock-to-SalesRatio
Onceyourealizethatyourpersonaltastepreferredpurchasesorproductpicksarenrsquotalwaysthesameasthoseofyourcustomersyouwillopenyourselfuptomakingpurchasesthatarestrongersuitedforoptimalsell-throughTohelpyouaccomplishthisanalyzehowmuchmoneyyoumakepereachvendorinyourstoreperseasonTodothissimplytaketheamountsoldlessthecostoftheinventoryandthendividethatnumberbytheamountsoldandmultiplythatby100Thiswillcalculatethemaintainedmarkup(MMU)forthatvendor
Maintainedmarkup(MMU)=(amountsoldndashcost)amountsoldtimes100
AlthoughyouridealMMUwillvarybasedonyourretailsectorandaveragepricepointsofinventorytypicallyyouwanttoseeyourMMUatover50percentpervendorYoushouldconsidereliminatingvendorsorspecificproductsperformingatlessthan50percentfromyourstoreassortmentaltogetherafterimplementingamarkdownstrategytohelprecoversomeofyourinvestmentintothemYoualsoshouldconsiderincreasingthetotalquantityofitemsthatexceed80percentwhichmayincludeintroducingmorecolorassortmentsavarietyofstylesordeeperbuysintowhateverthatitemmaybeAsalwaysthoughyouwillwanttorepeatyourreviewofeachvendororspecificitemsell-throughduringandnolaterthanattheendofeachseasontocontrolyourpurchasequantitiesaswellasyouroverallopen-to-buy(OTB)dollars
OTBdollars=projectedsales+projectedmarkdowns+plannedend-of-monthinventoryndashplannedbeginning-of-monthinventory
Inadditiontousingstrategicretailformulastomanageyourinventorysell-throughconsiderintroducingacustomerfocusgroupintoyourstorebuyingagendaTraditionallyspeakingafocusgrouphelpstodeliverresearchbyaskingpeoplequestionsregardingtheiropinionsperceptionsattitudesandoverallinterestsregardingaproductserviceideaor(inyourcase)storefromacollectiveperspectiveThevalueinincorporatingacustomerfocusgroupintoyourstorestrategyisthatyoucangainfirsthandrealisticandinformativeinsighttohelpyoureactmoreappropriatelytoyourtargetconsumerinterests
IntroducingCustomerFeedbackforInventoryManagement
KarenHollisanIllinois-basedjewelryretailerwhohashadherownjewelrystoresince2005introducedacustomeradvisoryboardinearly2013Ultimatelyhergoalwastohavemorein-depthconversationsaboutherstoreexperienceandherstoreinventoryduringhercustomeradvisorymeetingsChoosingamidweekeveningtobringagroupof20customerstogetherHolliscreatedarelaxingenvironmentthatallowedcustomerstobothhavefunandsharetheirthoughtsonherstoreKHollisJewelersldquoIidentifiedcustomersIfeltknewmystorewellenoughtocommentonitrdquo
HollisexplainedChoosingcustomerswhorangedfrombigspenderstomoderatespendersallowedHollistogainamorediverseunderstandingofherstoreaswellDuringthistwo-houreventHollisofferedlightappetizersanddrinks
encouragingcustomerstowalkaroundthestoreattheirleisureHollisalsoincorporatedfishbowl-stylevasesthroughoutthestoreandpiecesofpaperandpensforcustomerstosharetheirthoughtsonanythingmdashwhetheritwastosaytheydidnrsquotlikesomethingorthoughtacertaincategoryofproductshouldbeintroducedHolliswelcomedcustomerstoshareanyinsightthatcouldhelphertofurtherhelpthemBywelcomingcustomerstospeakupgetinvolvedandsharetheirthoughts
onyourstoreinventoryandotherdetailsaboutyourstoreyoucanlearnmoreaboutwhatyourcustomersreallywantIfhostingquarterlybiannualorevenonce-a-yearadvisoryboardeventsisnotinyourforecastmakesurethatyoustillwelcometruthfulfeedbackfromconsumersviacommentcardsandsocial
mediaAskyourcustomersdirectlyfortheirthoughtsaboutyourstoreidentifyingspecificquestionstohelpthemrespondtowhatyouaremostcuriousaboutIndicatingthatyouwanttohearbothprosandconsaboutyourstorecanhelpcustomerstoopenupwiththeirresponsesaswellSomesuggestedquestionstodirecttocustomersviaacustomeradvisory
meetingsocialmediaorcommentcardsinyourstoreincludethefollowing
1Whatisyourfavoritevendorandoritemcurrentlysoldinourstore2Whatisyourleastfavoritevendorandoritemcurrentlysoldinourstore3ArethereanyvendorsproductsorbrandsthatwedonrsquotsellthatyouthinkweshouldPleaseidentifythem4Whatisyouraveragebudgetwhenshoppingforitemsthatarepartofourstoreassortment5DidyoubuysomethingthelasttimeyouvisitedourstoreWhyorwhynot6IftodayisyourfirsttimevisitingourstorewouldyouplantovisitagainWhyorwhynot7Ifyouarearepeatcustomerwhatreasonskeepyoureturningtoourstore8Doyouhavesuggestionsonhowwecanbettersupportyouinyourpurchasingdecisions9WhatotherstoreswouldyouconsidervisitinginsteadofoursWhy
10DoesourproductassortmentmakeyouexcitedtomakeapurchasePleaseexplain
SupportingtheideatosolicitcustomerinsightDrGaryEdwardschiefcustomerofficeratMindshareTechnologiesbelievesthatspeakingupispartofthejobofamerchantldquoIfretailersdonrsquotasktheircustomerswonrsquottellmdashandwhattheydonrsquotknowcanhurttheirbusinessinnumerouswaysrdquo2
UsingtheinformationyoureceivecreateanactionplantobettersupportyourstorebuysaswellasyourstoreexperienceMoreoverDrEdwardsrecommendscheckingoutwhatyourcustomersaresayingonreviewsitessuchasYelpcomandCitySearchcombothofwhichhighlightretailstoreswithcustomerreviews
RETAILTIPIllinois-basedretailerTomKonopackiexperiencedaldquoseven-yearitchrdquo
thatpushedhimtowantmorethanjusthissinglestoreAnastaziainGenevaIllinoisHissolutionOpeningstorenumber2WhileexpandinghisexistingstorewasoneideaultimatelyhedecidedasecondlocationwouldallowhimtoreachmorecustomersandgainmoresalesldquoAbiggerstoredoesnrsquotnecessarilytranslatetotwiceasmanysales
InsteadanotherlocationmakesmoresenserdquoKonopackidecidedonopeningasecondstore26milesfromhisoriginal
storeinGlenEllynIllinoisNinetypercentofhismerchandiseisduplicatedwhiletheother10percentisdistinctivetoeachrespectivestorersquoscustomersandsalespatternsldquoAddingasecondlocationhasresultedinnearlydoubleannualrevenue
butthatcomeswithdoublerentpayrollandinventoryaswellItrsquosimportantthatwhilewehavesimilarinventoryinourstoreswedonrsquotforgetthateachstorehasitrsquosowncorecustomerItrytoalwayscatertotheactualcustomerateachstoreandforusthatmeansbuyingmoreimpulsegift-stylebuysatourGenevastoreandlargerfurniturepiecesforourGlenEllynlocationOnly10percentofthestoreinventorymayvarybutthat10percentaddsupEverypercentdoesactuallywhichiswhyIrsquomalwaysevaluatingourcustomersourinventoryandwhatwecandobettertoincreasebusinessrdquo3
UsingPoint-of-SaleSoftwaretoHelpManageInventory
ldquoGrowingabusinesscomesdowntodataIfyoudonrsquotthoroughlyunderstandhowyourbusinessisperformingwhatyourcashflowislikeandwhoyourcustomersaregrowingmdashandevenjustrunningmdashabusinesscanbearealgamblerdquo4VaughanRowsellVendCEObelievesAsRowsellsuggestsmanaginginventorydemandsprecisecareHaving
strongpoint-of-sale(POS)softwareisakeyfactorinthisequationallowingretailerstoconfidentlymanageandtracktheirinventoryaswellastheircustomerloyaltyRowsellsharesfivereasonsthatretailerscanbenefitfrom
customerloyaltyRowsellsharesfivereasonsthatretailerscanbenefitfromincorporatingaPOSsystemintotheirstoremanagementSpecificallythebenefitsidentifiedcanallbegainedfromVendPOSwhereasmanyalsocanbeachievedviaPOSsoftwarefromotherproviders
Reason 1 POS systems easily keep track of inventory and always knowexactlyhowmuchinventoryyouhaveinstockReason 2 POS systems allow you to run reports on which products aresellingwhen theyare sellingandhowoftenallowingyou togaina realunderstandingofyourproductturnoverandbusyperiodReason3POSsystemsofferretailersawaytounderstandtheircustomersrsquopreferences and spending habits by sharing actual data As a resultmerchants can create targeted marketing campaigns in response to thesedatastrengtheningtheiroverallstoremanagementandmarketingeffortsReason 4 Some POS systems (such asVend) even have built-in loyaltyprogramsgivingretailers tools to rewardcustomersandencouragerepeatbusinessReason5GoodPOSsystemsshouldkeepyourdatasafeExcelfilespapernotebooks and spreadsheets are allwell andgood but they arenrsquot highlyrated when it comes to longevity or security Itrsquos easy to spill a cup ofcoffeeonanotebookor a laptopandcompletelydestroyhours (oryears)worth of painstaking labor Having a state-of-the-art POS system meanssafely and painlessly storing your information (including sales and dailyreports)inthecloudsothatyouneverloseit5
InadditiontotheprecedingreasonsthatPOSsystemsaregoodforretailersitrsquosimportanttoalsoconsiderwhichPOSsystemisgoodspecificallyforyourbusinessRowsellrecommendstakingthetimetoresearchwhichPOSsystemprovider
makesthemostsenseforyouruniqueretailstoreallowingyoutoaccuratelyunderstandallyouroptionsbeforemakinganinvestmentinaPOSsystem
WritealistofallthefeaturesyouneedtohavethenstartsearchingandsticktothatlistThiswillhelptopreventyoufromgettingsweptoffyourfeetbythemarketingglamourofallthesolutionsoutthereFurthermoreonceyoursquoveselectedtherightPOSsystemtakethetimeandspendthemoneynecessarytosetupyourPOSproperlyfromthebeginningThiswill
saveyoulotsoftimeandheartachedowntheroadrdquo6
RETAILTIPPoint-of-sale(POS)providerscanstreamlineinventorymanagement
whilealsohelpingtosupportreasonsformarketingin-storeeventscustomerloyaltyandmoreThedifferenceisallinthedetailshoweverToensureyouselecttherightPOSproviderforyourbusinessmakesureyoucompletedemonstrationsofeachPOSprovideryouareconsideringaswellasidentifyifthePOSsoftwareyouareconsideringmeetstheneedsofyourbusinessBelowisanexampleofVendrsquosinventorymanagementandproduct
historyspecifictooneuniqueitemOneofthebenefitsofusingaPOSsoftwarelikeVendisthatyoucanextensivelyidentifysellingpatternsinventorychallengesandmorethroughtheirexpansivedatadetails
FinallyrememberthatcombiningyoureffortstoidentifythebestinventoryassortmentforyourstoreistheidealwaytomanageyourinventoryldquoByutilizingalltypesoffeedbackretailersincreasetheirabilitytolistentotheircustomersandtoimprovetheirretail-consumerrelationshipsrdquo7DrEdwardsfurtherexplainsUltimatelyyouhavecontroloverhowyouspendyourOTBdollarsbutitis
customerswhoreallymakethebuyingdecisionsDonrsquotneglecttheirvoiceinyourinventorymanagementandinreturntheywillbelesslikelytoneglectyourstore
Inthechaptersthatfollowwersquolldiscusshowyoucanbettermanageand
InthechaptersthatfollowwersquolldiscusshowyoucanbettermanageandmarketyourinventorybyintroducingyoutovariousbusinessesthatcanhelpaswellasbyprovidingtipsyoucanapplytoyourstorerightawayAmongthesearein-storeeventsanddisplaypointersWersquolldiscusshowtechnologyaffectsretailerstodayandwhetherornotmobilecommercehasaneffectonyourbusiness
ActionGuide
RetailexpertandCEOofRetailMAVENSCathyWagnerworkswiththousandsofretailershelpingthemtoobtainretailprofitsHerthoughtonmanagingyourinventoryandincreasingyourpaycheckisthatitrequiresthesamestrategyaseatinganelephantYesIsaiditeatinganelephantldquoGrowingyourbusinessrequiresthesamestrategyaseatinganelephantAn
elephantisHUGEandifIweregoingtoeatitmdashwhatwouldIdoHowwouldIstartWherewouldIstartThereisasecretandsupereasywaytodoithelliponebiteatatimerdquo8explainsWagnerIfyourgoalistohavealargerpaycheckthemostimportantstepyoucantake
istomanageyoursinglelargestexpensewellThismeansthatyouhavetolearnhowtocontrolyourinventorybetterldquoTheeffortthatyouspenddoingthatyieldssuchalargeimpactbecausecost
ofgoodsrepresentsabout50percentofyoursalesrdquo9WagnerfurtherexplainsFurthermorethistypeofgoaltakestimetoaccomplishwhichisnodifferentthaneatingahugeelephantonebiteatatimeHerersquosanexampleIfyoudo$400000inbusinessyouarespendingabout
$200000onyourinventoryinayearIfyouwerebuyoneitemthatcostthatmuchthinkabouthowmuchresearchandeffortyouwouldputintomakingagooddecisionHowevertoooftenbuyersareguiltyofspending$500hereand$1200therewithoutknowingforsureifitisbeingspentwhereitshouldbeThatshouldnothappenmdasheverWagnerrsquosadviceldquoTakecontrolofyourinventoryandstartputtingmoredollarsinyourpocketrdquo10
InfollowingWagnerrsquosadvicetakethetimetoorganizeyourinventoryintoclassificationsofinventoryversusinventorybyvendorThefollowingstepswillshowyouhowtodothisandwhythisisvaluableforyourbusiness1Groupyourstoreitemsbystock-keepingunit(SKU)intoclassificationsofinventorymdashorclassesmdashversusbyvendorAclassisagroupofsimilarinventorymdashsimilarin
typeofitemandinventoryturnBybreakingyourinventorydownintomanageablebite-sizedpiecesitiseasytocontrolWhenyoulookatyourstorebyclassesyoucananalyzesalesandinventorylevelsbetterAndwhenthathappensitbecomeseasiertocontrolTheresultisincreasedgrowthinsalesandprofits2GiveyourcustomerswhattheywantCustomerstelluswhattheywanteverytimetheybuysomethingfromusTheyarevotingwitheachdollartheyspendWhentheymakeapurchasetheyarevotingthattheywantmoreofthatclassofitemsKeypointheretheirpurchaseshouldrepresentawholeclassofitemsnotjustasingleitemTheyaretellingyouthatyoudoagoodjobbuyingdressesorcandlesorchairsYouhavetolookbeyondtheactualitemitselfthoughWhenyouhaveclassesyoucantrackwhatcustomerswantfromyouandmakesurethatyouhavejustenoughforthemaswellasanassortmenttoofferthemThisknowledgegivesyoupowerinyourretailbuying
3ReacttotheclassesbeingidentifiedastopperformersaswellaslowperformersLetrsquossaythatyouwanttoincreaseyourpurchasesfortheholidaysby10percentbecauseyoubelievethatyourbusinesswillgrowbythatmuchJustadding10percentacrosstheboardwouldbeabigmistakeRetailspendingisneverevenlydistributedamongeveryclassthereforeyourretailbuysshouldnotbeeveneitherSomeclasseswillbeup20percentmaybeeven25percentandsomeotherclassesshouldbedown15percentIfyoujustadded10percenttoallyourordersyouwouldendupoverinventoriedinsomeclassesandunderinventoriedinothersEssentiallythiswouldcausesomeofyourcustomerstoleaveyourstoreandshopelsewherebecauseyoucouldnrsquotgivethemwhattheywantedHoweverwhenyouknowthedemandofeachclassyoucanlookathoweachistrendingandthenbuyaccordingly
RememberthatinventorymanagementisnotsomethingtooccasionallydomdashbutrathertoalwaysdoMakeinventorymanagementatoppriorityofyourstoretoensurestrongsell-throughandsmarterbuyingdecisions
7
SellingYourProducts
ObstaclesdonrsquothavetostopyouIfyourunintoawalldonrsquotturnaroundandgiveupFigureouthowtoclimbit
gothroughitorworkaroundit
mdashMichaelJordan(1963ndashpresent)formerNBAplayerentrepreneur
ALTHOUGHBUYINGinventoryisanextremelyimportantpartofaretailerrsquosjobthehardestpartofallisstillleftaheadmdashsellingwhathasbeenpurchasedThedynamicsthatsurroundsellinginbrick-and-mortarretailstorefrontsaremuchgreaterandmorediverseandextremethanatanyothertimeinretailhistory
Oftenmerchantsfeelbombardedwiththevariousldquonewrdquotechnologiesandotherretail-focusedproductsthataremarketedtohelpthemintheirbusiness
operationsFurthermorethecoreresponsibilitiesofrunningastorefrontsuchasmerchandisingandtrackinginventorymustremaintopofmindforbusyretailersdespitethevastrangeofotherresponsibilitiesontheirto-dolists
Combinedtheseresponsibilitiescreateachallengingagendaforretailerstomanageoftenresultinginoverlookedorundermanagedsituations
MichaelAmatoformerpresidentofWashingtonMutualandcurrentCEOandpresidentofCimarronanadvisoryfirmthathelpsleadersmaketheirmarkontheirbusinessesencouragesretailersandallentrepreneurstobestrategicintheirbusinessoperationsAmatoexplains
Itrsquosimperativeforsmall-businessownerstofocusonstrategicalignmentAnentrepreneurshouldnotonlydevelopavisionandmissionstatementorstatementofpurposebutalsoidentifyanddevelopabusinessstrategyAsasmall-businessowneryouareoftennotforcedtodothesestepsandconsequentlyskipoverthemButthiseliminatesyoufromhavingastrategywhichcancreatedysfunction1
AmatorsquospointtoidentifyaplanofactioninyourbusinessstrategyisnotonetoignoreAsaretaileryourgoalistoprovideanendsaletoaconsumerThequestionisAsidefrombuyinginventoryhowdoyoudothis
IntroducingandManagingStoreEvents
UponarrivalofinventorytoyourstoreyoushouldalreadyhaveidentifiedyourplanofattackforhowthisproductwillaffectyourcurrentinventoryassortmentaswellashowyouplantomerchandiseitmarketitandultimatelysellitIdeallyyouarebuyingyourproductwellinadvanceallowingyoutoadequatelyplanforitsarrivalandallthelayersofsupportthatcomewithitTogetstartedthisincludescreatingamarketingcalendartohelpyoupromoteyourinventoryandcollectivestoreatlargeLookingaheadnolessthansixmonthsandevenasfarasoneyearretailers
canbenefitfromidentifyingtheirmarketingplansviaadedicatedstorecalendarUsedtoenrichalltheanglesthataffectyourstorersquosvisibilitymdashincludingsocialmediacommunityeventscustomer-loyaltyprogramsandmoremdashthiscalendarcanhelpyoutotrackmanageandidentifyyourin-storemarketinggoalsChicago-basedretailerAngelaGianfrancescosharesherexperienceon
planningaheadforherretailstore
IworkoffastorecalendarthatIplanaheadbyaboutninemonthsandoftenitrsquosevenfurtherplannedoutThoughold-fashionedIhavethiscalendarhangingonmybackroomwallsothatIamconstantlyremindedofitandasaresultuseitThereisnrsquotadaythatpassesthatIdonrsquotleanonthiscalendarasareminderofwhatIneedtodoinordertostayontrackwithmysell-throughgoalsEssentiallythiscalendaridentifiesweekbyweekwhatIhavegoingoninmystoreallowingmetovisuallyseewhetherornotIhaveeventsplannedorifIrsquomdueforamerchandisingwindowchangeItalsoidentifiesanylocaleventstakingplacekeepingmyinvolvementwithourcommunityalwaystopofmymindPlusIusedifferentcolorstoreflectdifferentthingssuchasredtoidentifythatitrsquostimeforanewwindowdisplayandbluetoidentifythatwehaveanin-storeevent2
ForGianfrancescomakinghercalendarboldandbigwascriticaltoherattempttoactuallyuseitPriortocommittingtoacalendarGianfrancescohadleanedonmemoryalonetokeepupwithherstoreplanningSheexplains
HonestlyIwassobusythatIneverfeltlikeIcouldstoptocreateamoreorganizedwaytokeepupwithinventoryandstoregoalsItwasnrsquotuntilIfinallymadethetimethatIrealizeditactuallyhelpsmeandultimatelysavesmetimenowaswell3
ForsomeretailersposterboardndashsizedcalendarswonrsquotdothetrickFortunatelytechnologyoffersyoumanyoptionsthatcanseamlesslyblendintoyourstoreoperationsOnetechnologytoconsiderisSnapRetailrsquosdraganddropcalendarwhichallowsyoutoorganizeyourmonth-by-monthmarketingplansinjustminutesYoucanaddyourowneventsandincorporateprewrittene-mailtemplatesandsocialmediapostsfromSnapRetailrsquoslibraryofoptionstomakeyourmarketingeffortsquickyeteffectiveAndforretailerswhopreferpapercopiesyoucansimplyprintthiscalendartoreferenceasneededCreatingacalendaristheeasystepinthisprocesscomparedwithactually
determiningwhatneedstogoonitFormerchantsidentifyingthebestwaystoattractcustomerattentionandgetthemintoyourstorealwaysshouldbetopofmindThismeansthatyoushouldstageeventsandotherpromotionstohelpyouachieveyourgoal
RETAILTIPUsingtheSnapRetailcalendarisoneoftheeasiestwaystomanageboth
yourimportantin-storeactivitiesaswellasyouronlinemarketingeffortsNotonlycanyouplanaheadbyschedulingyoursocialpostsande-mailsinadvanceyoucansavetimebyusingprewrittenideasfromtheirsocialmedialibraryBelowisanexampleofwhatSnapRetailrsquoscalendarlookslikeKeepin
mindthatwhenvisibleonlineandincolorthiscalendarbecomesclearerandeasiertonavigate
RichKizerandGeorganneBenderinternationallyrecognizedretailkeynotespeakersandconsultantsbelievethatconsistenteventsarekey
Everyretailerneedstohosttwokindsofin-storeeventsallyearlongmajorandminorInfactyoushouldhostonemajorin-storeeventandtwotothreeminoreventseachandeverymonthAmajoreventisonethatbuildstrafficandpacksyourstorewithcustomersDonotconfuseamajoreventwithsomethingthattakesalongtimetoplanhoweverAfashionshowcanbeamajorundertakingbutitrsquosnotamajoreventunlessitattractslotsofpotentialcustomerswhocometowatchmdashandbuysomethingwhiletheyrsquorethereAminoreventmightbeaSaturdayfullofldquomakitsandtakitsrdquodemonstrationsorminiclassesMinoreventsdrawcustomerstoyourstorebutshouldnottakealotoftimetoplanorimplementIftheconceptofeventsandpromotionsisnewtoyouthenbeginbyrunningonemajor
eventandoneminoreventforeachmonthoftheyear4
KizerandBenderrsquosadvicetoplanbothmajorandminoreventsintoyourstorecalendarshouldnotbeoverlookedWhetheryousellpetsuppliescraftitemswomenrsquosfashionsorpaintandhardwarethereisanever-endinglistofeventpossibilitiesforyournichestoreOnewaytoidentifywhattypesofeventsmaybebestsuitedforyourcustomersistoaskthemdirectlyLeaningonyoursocialmedianetworksaswellasin-storestaffcommunicationaskyourcustomerspointblankwhattypesofeventstheyrsquodlovetoseefromyouAlsohostafeweventswithatrial-and-erroragendathatallowsyoutoidentifywhicharemoresuccessfulthanothers
RETAILTIPGenevaIllinois-basedretailerShariRalishopenedhergeneral
merchandisestoreinFebruary2010DuringthefirstyearofbusinessRalishrarelyhostedin-storeeventsanddidnotfactorinthevaluethatthesecouldhaveonherbusinessuntil2012AtthistimeshemademonthlyeventsapriorityandroutinelyscheduledbothminiandmajoreventsinherstorehostingonaveragesixeventsamonthFrom2011to2012salesasadirectresultofin-storeeventsincreasedby86percentandfrom2012to2013salesincreasedby27percentduetostoreeventsTocontinuethistrendRalishlooksaheadbynolessthansixmonthstoensurehereventcalendarissecurelyidentifiedrangingfromvendortrunkshowstoproductsamplingeventstolivemusicbeingplayedinherstoreThisalsoallowsRalishtocommunicatewithhercustomersinatimelyfashionsharingeverythingthatistakingplaceinherstore
WhenplanningeventsyoushouldconsidernotonlywhattheeventisbutalsowhenitisForexampleyoumayfindhostingthesameeventonaWednesdaynightandaSundayafternoonattractsmorepeopleonetimeversustheotherDonrsquotletthisbringyoudownbutinsteadattempttounderstandwhythismaybeInresponsebegintoplanyourfutureeventsaccordinglyOnlytrialanderrorcanhelpyoutoidentifywhatrsquosrightforyourcustomersandyourstoreThekeyhereistotrackeacheventsothatyoucanleanonyoureventhistorytohelpincreaseyourfutureeventsuccessSomethingstoidentifyandtrackfromeach
increaseyourfutureeventsuccessSomethingstoidentifyandtrackfromeacheventinclude
1HowfarinadvancedidyouplantheeventIfyouaddalast-minuteeventtoyourcalendarandfailtogiveitalotofmarketinginadvancethiscouldaffecttheeventrsquossuccessrateMeanwhileifyouhaveaneventidentifiedsixmonthsoutandstrategicallyidentifywhenyouwillannounceittoyourcustomerspreparepressreleasesforthelocalmediaandincorporatedetailsoftheeventintoyoure-mailmarketingplansandsocialmediathiswilllikelyincreaseyourchanceforastrongerreturnonyoureventinvestment2HowdidyoumarketeacheventForminoreventsyourmarketingplanmaybeacombinationofsocialmediain-storecommunicationandcustomerphonecallsHoweverforamajoreventyoumayincreaseyourmarketingreachbydoingpostcardmailerstoyourstoremailinglistreachingouttoyourlocalmediaforpressattentionandworkingwithoutsidevendorsandlike-mindedbusinessestoreachalargeraudienceofpotentialcustomersandattendeesAlwaysmakesuretotrackandidentifyyourmarketingeffortsmdashnomatterhowsmallorlargemdashsothatoncetheeventisoveryoucanreflectbackandseehowthesedetailsaffectedyoureventAneasywaytodothisisbycreatinganExcelspreadsheetthatactsasachecklistofwhatyouneedtodoandwhatyouhavealreadydoneSnapRetailrsquosonlinecalendaralsocansupportyouinthistracking3WhowasinvitedtoeacheventManyretailershaveopeninvitationsandwelcomeanyoneandeveryonetotheirstoreeventsThismakessenseandisagreatwaytoincreaseyourchanceofstrongersalesHowevertheremaybesomeexceptionstothisruleandonoccasionadedicatedinvitelistisidealOneexampleofthiswouldbeifyouarecelebratingastoreanniversaryandwanttorewardyourtopcustomerswithaspecialpartymakingitaninvite-onlyeventthatyouplanduringtraditionallyclosedhoursYoucouldkeepyourstoreopenuntilyournormalclosingtimewelcomingallcustomerstoenjoyyouranniversarycelebrationswithproductincentivesstorespecialsandotherpromotionalexperiencesandthencloseandlockyourstoreforaprivateinvite-onlycelebrationthatbeginsafteryourstoreisofficiallyclosedtothepublic4Whatin-storeexperiencesdidyouofferateacheventOtherthan
sellinginventoryandprovidingaplaceforyourcustomerstoshopwhatdidyoudoinyourstorethatmadeyoureventmoreuniqueSomeideastoconsiderwouldbehavinglivemusicofferinganassortmentoffoodanddrinksinvitingavendortobeonsiteandengagewithcustomershostingabooksigningsharingproductdemonstrationsofferinghands-onexperiencesthatmayincludeclassesormakingcraftsandofferingcustomersminifacialsmanicuresorotherspaexperiencesDependingonyournicheaudiencetheideaswillvarybutthegeneralideatogainhereisthatbyintroducingexperiencesinyourstorethatdonothappenonanormaldayyouareofferingastrongerreasonforconsumerstowanttoattendyoureventRemembertorecordthedetailsofwhatitisyouofferallowingyoutoreflectbackonhowthismayhaveincreasedstoresalesandstoretraffic5WhatwerebothyourexpensesandsalesasadirectresultofeacheventTheentirereasonthateventsareundertakenistomakemoneyplainandsimpleNaturallytherewillbeexceptionstothissuchasifyouhostaneventtoraiseawarenessforalocalcharitybutformostofyoureventsmakingmoneywillmdashandshouldbemdashyourgoalMakesurethatyousetasalesgoalforeacheventandplanyourmarketingeffortsaccordinglymdashhelpingyoutoreachyourgoalswhilealsostrengtheningyourchanceofhavingasuccessfuleventBesuretoalsoidentifyandtrackanyadditionalexpensesthatyoumayincurwhenintroducingeventstoyourstoresuchasbuyingfooddrinksandotherpromotionalitemsthatcouldincludeballoonspaperplatesnapkinsandmore
WhilecreatingmanagingandexecutingeventsmayseemlikeadauntingtasktherewardyouseeinsalesshouldhelpyoutostaymotivatedinkeepingupwiththisagendaSomefinaltime-savingtipswhenpreparingforin-storeeventscomefromNolchaEventscofounderKerryBannigan
YoucanneverbetoopreparedwhenitcomestoplanninganeventmdashnomatterhowlargeorsmallMakeanactionplanandconsiderthetimingforyourneedsPrintingpromotionalmaterialsschedulingproductdeliveriesandbuyingrefreshmentsforyoureventshouldallbeconsideredwellinadvancetoensurethatyoudonrsquotmissabeatItrsquosalsoagoodideatoconsiderpreparingyourstoretheeveningpriortoaneventafteritclosesfor
thedayallowingyoutogetorganizedandreadytogowithoutthechaosofcustomersorotherstoreoperationalresponsibilitiesFinallyworkingwithlocalbusinessesinyourcommunitytohelppromoteyoureventcanneverhurtDonrsquotwaituntilthelastminutetoseektheirsupporthoweverIdentifywellinadvancewhatlocalbusinessesyouwanttogetinvolvedinyoureventmarketingandthengetintouchwiththemrightawaytoidentifyhowyoucanmutuallysupporteachotherthroughthisprocess5
HighlightingInventoryThroughDisplays
Eventscertainlycanhelpretailerstopushsalesandgainvisibilitybutyourday-to-dayexistencewillalwaysplayakeyroleinyourretailsuccessCathyWagnerCEOandfounderofRetailMAVENSbelievesthatthekeytothisiskeepingthingsconstantlymovingaroundyourstoretoincreasethechanceofsell-through
TherearetwothingstoconsiderwhenpushinginventoryYouhavetoremainawareofthenewergoodsbutdonrsquotforgetabouttheoldstuffJustbecauseitrsquosolderdoesnotmeanthatitneedstobemarkeddownalthoughincaseswhereitemsarenrsquotsellingthiswillbeyoursolutionThekeyistoidentifywhatissellingandwhatisnotsellingnomatterhowneworoldtheyaretoyourstoreassortmentOnewaytodothisistosimplymovethingsaroundyourstoretoincreasesell-through6
WagnerrsquosadvicetomoveinventoryaroundyourstoreisaclassicexampleofhowmerchandisingcanaffectproductsalesAgreeingwithWagnerareretailexpertsKizerandBenderwhobelievethatldquoyoursalesflooranddisplaysrequireconstantreinventionsothatshoppersdonrsquotgetboredandgosomewhereelserdquo7
RETAILTIPLightingiscommonlyoverlookedinretailspaceshoweverithasthe
LightingiscommonlyoverlookedinretailspaceshoweverithasthepotentialtotransformastoreaswellasacustomerrsquosexperiencewithinaretailenvironmentProperlightingcanenticecustomerstoengagewithproductsaswellasleadthemtocertainareasofyourstoreOnthecontrarydarkspaceswithinretailenvironmentsmaycausecustomerstostraintheireyesornotviewinventoryondisplayatallEnsureyourstorehasadequatelightingfromallanglesbyincorporating
accentlightinghighactivitylighting(suchasnearyourcashwraporbyadressingroom)ambientlightingthatmayincludeasingularstorechandelierandcaseandshelvelightingtohelphighlightspecificmerchandiseWhilethereisnosinglestoreformulaforlightingonegeneralruleofthumbtofollowistochangeyourlightingasyouchangeyourdisplays
KeepingcustomersvisuallyengagedintheirshoppingexperienceisaconstantresponsibilityforretailerstokeepupwithAgreatdisplaymaybejustthatmdashgreatmdashbutafterawhileitisnolongerexcitinginterestingorengagingforyourcustomersbecauseitwillinevitablybecomestaleYourjobasaretaileristoneverletthishappenbutinsteadconsistentlyoffercustomersvisuallyengagingexperiencesthroughconstantlyrotatingstoremerchandiseanddisplaysAlthougheveryinchofyourstoremustbekeptupwithregardto
merchandisingsomekeyareastopayspecialattentiontoinclude
1StorewindowsAretailerrsquoswindowsoffercustomersafirstchancetoformanimpressionofthestoreAndastheoldsayinggoesldquoFirstimpressionshaveaboutthreesecondstomakealastingimpactrdquoWiththisinmindaskyourselfifyourstorewindowsdeliverastronglastingimpressionIfyoursquoveanswerednothenitrsquoscriticalthatyouaddldquochangestorewindowdisplaysrdquotoyourimmediateto-dolistYourgoalshouldbetocreateadisplaythatnotonlycapturestheattentionofapreviouscustomerbutalsoenticesapotentialcustomerwhohasneverbeeninyourstoreWindowsofferthechancetohighlightstoreinventorythroughdisplaysbutalsoareagreatplacetotellastorythatrepresentsyourstoreversusactuallyhighlightingwhatyousellForexampleyoucouldcreateawindowthathasanoversizedteddybearsittingonaminiaturechairwithaboldhighlightedcalloutsayingldquoLetustaketheweightoffyouthisValentinersquosDayrdquotodemonstrateyourstoreasthego-tospotforgift
givingWindowsofferachancetohavefunandgetcreativebutultimatelytheymustattractattentionforyoutoattractsalesAgoodgoalforkeepingupwithyourwindowdisplaysistochangethematleasteverytwotothreeweeks2Immediate-rightzoneStudiestellusthattimeaftertimecustomersturntotheirrightoncetheyenterastoreLikelythisisduetomostfolksbeingright-handedbutdespitethereasontherealtakeawayhereistofocusonwhatyouofferthroughdisplayandmerchandisingtotheimmediaterightinyourstoreDoesthisareacapturecustomerattentionAreyouhighlightingmust-haveitemshereoristhisspacewastedbynothavingadisplayatallConsiderwhatyourstorecurrentlyhasinthisareaandthenplantoincreaseitsmerchandisingvaluebystrengtheningyourdisplaysandproductassortmentthereKeepinmindthatwhileyouwantyourcustomerstostopshopandgetengagedthisisalsoahigh-trafficareaforbusyretailerssoyouwanttoallowenoughspaceforcustomermovementsothatcustomerscaneasilypasseachotheraswell3StorestoppersSometimesrecognizedasstorespeedbumpsstorestoppersaredisplaysthatstopcustomersintheirtracksandgetthemfocusedonadisplayorproductIncorporatingafewstorestoppersthroughoutyourretailspaceiskeyinkeepingyourcustomersengagedandshoppingthroughouttheirentirein-storeexperienceRatherthanbundlingyourstore-stopperdisplaysclosetoeachotherspreadthemoutthroughoutyourentirestoretokeepyourcustomersmovingandinterestedastheynavigateyourstorespaceIdeallyyoushouldhaveaboutfivestorestoppersforevery500squarefeetofstoreTheycanbeontabletopdisplaysorshelvesbutshouldallowcustomerstotouchandinteractwiththeproductversusmakingthemhavetoaskforsupportinhandlingthefeatureditemsondisplaySomestoresmayrunintochallengesheresuchashigh-endjewelrystoresbuttheideastillshouldbeapplied4Point-of-sale(POS)areaThereisnogreateropportunitytoincreaseyoursalesthanbyincreasingeachindividualpurchasebeingmadeRetailerscanapplythisstrategytotheirstoressimplybystrengtheningtheirPOSareaswithproductsthatmakegreatadd-onsalesorimpulsebuysforcustomerswhohavealreadydecidedtobuysomethingEssentiallythisisyourstorersquoscheckoutspotandwhenacustomerlandshereitmeansthatheorshehasdecidedtomakea
purchaseThisisyourchancetoincreasethetotalpurchasevaluebykeepingthecustomerengagedwithbothinterestingandnecessity-baseditemsthatheorshecaneasilyincludeinthepurchaseIdeallyyouwanttokeeptheitemsmerchandisedinyourPOSarealowerinpricerelievingthecustomerofhavingtothinktoomuchaboutwhetherornotheorsheshouldbuyanitemProductspricedat$1$5$10andunder$20aregreatcandidatesforthisareakeepinginmindthatthesepricesshouldreflectyourtargetaudienceandtotalstoreinventoryassortment5SalesectionNotallretailershaveadedicatedsalesectionpermanentlyintheirstoresbutwhetheryouofferthisseasonallyorfulltimethisareaoffersagreatchancetoengageyourcustomersthroughdisplaysUnlikeyourstore-stoppersectionsandPOSareayoursalesectionshouldleanmoreheavilyonpromotingthevalueofthesalediscountversustheproductitselfIfyouareofferingsomethingat50percentoffforexamplethismessagealonetocustomerswillgetthemmoreexcitedthanbyhighlightingwhatisactuallyforsaleLeaningonstoresignagecompaniessuchasBoutiqueVisioncomforstrongsignagecanhelpyouachievethis
InadditiontothesefivekeyareasofstoredisplaysyoualsoshouldincorporatesomemerchandisingtechniquesthroughoutyourentirestoretohelpincreasesalesAmongthebestwaystodothisistocross-merchandiseinventoryallowingmultiplechancesforyourcustomerstoseesomethingondisplayThemainreasonthatthisissovaluableforyourbusinessisthatcustomersdonrsquotseeeverythinginyourstoresoofferingthemthechancetoseesomethinginmorethanonespotincreasesthechancethattheywillactuallyexperienceitFurthermorerepetitionofproductsincreasestheconsumerrsquosimpressionofitwhichalsoincreasesthechancethatheorshewillwanttoknowmoreaboutaproductandthatultimatelyincreasesyourchanceofsellingthatproductAnothertactictoapplytoyourstoremerchandisingisthatofstaplesand
statementsIfyourstorehasitemsthatarealwaysinstocksuchasplainwhiteT-shirtsor8-by10-inchframesthencreateanareaofyourstorethathighlightsyourstorestaplesTrainyourcustomersthroughstoresignageandstaffcommunicationthatyoualwayshavethesestapleitemsinstockthereforehelpingtoincreasethechancethatyourstorewillbecomethego-toplacefortheseidentifieditemsOnthecontraryifyouhaveitemsthatareseasonalquick
sellersortrenditemsthesewouldfallintothestatementcategoryTheseitemsdeservesomehighlightedattentionaswellandwouldmerchandisewellinyourstore-stopperspotsandinwindowdisplaysItrsquosnosecretthatmerchandisingastoreisagiantresponsibilitythatrequires
notonlyskillbutalsotimeTohelpmakesurethatyoudonotneglectthisimportantstoreresponsibilityaddmerchandisingtoyourstorecalendarSpecificallyaddwhatneedstobedonesuchaschangingafront-windowdisplayorrearrangingyourPOSdisplayareaGenerallyspeakingyoushouldrotateyourin-storedisplaysonaweeklybasistokeepthingsfreshandexcitingforyourcustomersandyoushouldchangeyourfront-windowdisplaysnolessthaneverytwoweeks
UsingModernTechnologyinYourStore
InadditiontoclassicmerchandisingtechniquesretailersshouldconsiderhowmoderntechnologycanbeincorporatedintotheirstorestrategyiPadsforexamplearebeingusedincreasinglyforcustomerengagementSomelocalretailersareintroducingiPadsintotheirstoresasawayforcustomerstocheckinontheirsocialmediasitessuchasonFacebookorFourSquareinanefforttoincreasetheirstoreexposurethroughtheircustomersrsquosocialnetworksOthersuseiPadsasawaytofurthercommunicatewiththeircustomerswhiletheyareonthesalesfloorldquoWithaniPadinhanditrsquoseasytopullupyouronlinestoreoranInstagram
feedtoshowitemsastheymightlookinacustomerrsquoshomeorshowcustomersothercoloroptionsthatmightbemomentarilyoutofstockrdquo8CEOVaughanRowsellofVendaloyaltyandPOSsystemcompanyshareswithus
RETAILTIPModerntechnologywillcontinuetoimpactretailershoweversome
thingswillneverchangewhenitcomestocreatingadynamicretailenvironmentFormerchantsthesoundscustomershearintheirstoreswillalwaysplayaroleintheirsellingsuccessretailexperiencesandoverallstoreenvironmentFortunatelymerchantscaneasilycontroltheirstore
storeenvironmentFortunatelymerchantscaneasilycontroltheirstorespacethroughsoundbyintroducingcustomizedradiostationstotheirstoresCalifornia-basedcompanyRetailRadioprovideslicensedmusicand
customizedradiostationsforindependentretailersandotherbusinessownersTheirgoalistocreateaprogrammedmusicstationthathastheretailerrsquoscustomerinmindinadditiontocreatingcommercialsthatpromoteeachrespectivestoreEssentiallyRetailRadiocreatesin-storecustomercommunicationplatformsthroughmusicandmessagingAnaddedbonusisthatthemusictheyofferisalllegallylicensedmeetingalllegalrequirementsforcommercialbusinessestouseInadditiontosupportingretailersthroughcustomizedmusicand
messagingRetailRadioprovidesothersensory-basedsupportformerchantsaddressingtheneedsofsightsoundscentandsalesYoucanlearnmoreaboutRetailRadioatRetailRadiobiz
AsVaughanexplainedusinganiPadaspartofyourstoreexperiencenotonlycanhelpyouasamerchantbutalsocankeepcustomersengagedAnotheraddedbenefitthatiPadsofferretailersisthechancetoeliminateadestinationspotforcheckoutproceduresandinsteadwelcomeanyspotasachancetoringupasaleRowsellcontinues
TheiPadasaPOSistotallyrevolutionaryforanumberofreasonsThefirstandpossiblythemostvaluableisthatofitsmobilityYoucanuseaniPadanywhereexpandingyourreachforpotentialcustomersandultimatelysalesWhetherinfoodtrucksretailtrucksfarmersrsquomarketsattradeshowsorinyourownstoreyouriPadcanprocesstransactionsforyourbusinessBecauseofthiswhatrsquossoamazingfortraditionalbrick-and-mortarretailersisthattheycancompletelydoawaywiththecheckoutcounterandcreateacompletelyuniquecustomizedretailexperienceImagineaniPadPOSsystemgivesyoutheluxurytoprocesssalesanywherewhilealsoeliminatingtheneedforacheckoutcountertodisruptyourretailstoredesignMoreoveryoudonothavetointerrupttheshoppingexperienceasyoudragyourcustomersacrossthestoretocheckstocklevelsorringuptheirpurchasesInsteadallofthiscanbetakencareofrightonyourshopfloorbecauseofaniPadPOSsystem9
CertainlyaportablePOSsystemcourtesyofaniPadhasitsbenefitsas
CertainlyaportablePOSsystemcourtesyofaniPadhasitsbenefitsasRowsellpointsoutButonethingretailersshouldconsiderwhenintroducinganiPadintotheirstorersquosenvironmentisitsvulnerabilitytobedamagedorpossiblyevenstolenIfyoudohaveacheckoutareainyourstorekeepingyouriPadinadesignatedspotwithinthislocationisonewaytohelpmanageitsvulnerabilityAlsoyoumayevenconsiderlockingitinadrawerHoweverthemosteffectivewaytokeepyouriPadaccessibleandusefulistohaveitsecurelyfastenedtoaniPadstandthatislockedinplacewithinyourstoreThereareanumberofmodelsavailableforretailerstoconsiderbut
essentiallyretailersshouldlookforaniPadstandthatsecurelylockstheiriPadinplaceonlyreleasingitonkeyretrievalorbyenteringacodeRetailerswhowantaportableiPadthatcanmovearoundthestorewiththemshouldconsideriPadcartsandothermovingdevicesthatallowretailerstoeasilybringalongiPadsanywhereinthestorewhilekeepingtheirhandsfreetosupporttheircustomersandattendtootherstoreresponsibilitiesThesetypesofiPadcasescartsandothersecurity-focusedproductsmaybeavailablefromyourPOSproviderbutarealsoavailableatiPadEnclosurescom
IdentifyingWhetherMobileCommerceMatters
iPadsarecertainlyatechnologyofthepresentandfuturethatwedonrsquotforeseeleavingtheretailsceneforalonglongtimeThatsaidmobiletechnologycontinuestobeapopularconversationinretailbutitshouldberecognizedthatm-commerceisnotgrowingasoriginallyanticipatedamongsmall-businessownersM-commerceotherwiseknownassellingviamobiledevicesrepresentsaminorityamongInternet-basedpurchasesandmostconsumersstillleanontheircomputersortabletswhenbuyingonlineJasonRichelsonfounderandCEOofShopKeepPOShasspenthisentire
careerinretailandbelievesthatsimilartocredit-cardadoptionnotallsmallbusinesseswillembracemobiletechnology
Thebigtalkingpointwithinthepaymentsworldin2013hasreallybeenmobileButIhavetosayIrsquoveseenlittletononeofthattalktranslateforsmallbusinessesTherearemanypredictionsabout2014astheyearofmobilebutIdonrsquotthinksmallretailersbyandlargewillmovethatquickly
Takecredit-cardadoptionforexampleDespitemorethan40yearsofusealargepercentageofsmallbusinessesstilldonrsquotacceptthemSimilarlytheadoptioncurveformobilepaymentswillnotshiftsignificantlyovernightThereneedstobeincentiveitneedstobeeasyandthereneedstobedemandfromconsumers10
WithconsumersinmindaretailerrsquosgreaterinterestinmobiletechnologyshouldbeinembracingtheideathatcustomerslikelywillengagewiththeirphoneswhileinhisorherstorealthoughthisdoesnrsquotalwaysmeanthatcustomersarecompetitiveshoppingonlineOftencustomersrefertotheirphonessimplytocallfamilyandfriendsforproductadvicesendpicturestofriendsforfeedbackseekcouponsfortheimmediatestoretheyareinorsearchforproductreviewsofaparticularitemCompetitiveshoppingdoesexistviamobilephonesbutthisrealityisnrsquotonetosweatoverifyourin-storeexperienceisdeliveringstrongengagementdisplaysandmarketingmdashtherebygivingyourcustomersanexperiencetheysimplycannotgetonlineFinallyneverlosesightofthefactthatshoppingtrulyisasportformany
consumersJustasinacompetitivegameofbasketballfootballoranyothersportshoppingoffersthechanceforyoutowinorlosewhenitcomestoattractingandkeepingcustomerattentionEverydetailthataffectsyourbusinessmustconstantlybenurturedandattendedtojustlikeeverydetailofanyprofessionalsportmattersIntheenditrsquosonlythosewhoarewillingtoworktheirhardestdespiteobstaclesandsetbackswhowillremainstandingandultimatelybecomewinnersinthecompetitivegameofretail
HopefullybynowyouhaverealizedjusthowmuchrangeandtimearenecessarytomanageandmarketaretailstoreInthechaptersthatfollowwersquollunveilwaystoapplypressandmarketingtoyourretailbusinessaswaystogeneratesomewell-deservedattentiontothehardworkyouhavedonetocreateyouruniquestore
ActionGuide
ResearchshowsthatcustomerspreferstorelayoutsthatallowforeasynavigationandmovementthroughouttheirshoppingexperienceMoreoverresearchtellsusthatcustomersrespondreactandultimatelymakepurchasingdecisionsbasedonalltheirsensesmdashnotjustthatofsightaloneTohelpyoumaximizeyourcustomersrsquoexperienceinyourstoreconsider
eachofthefivesensesandtakeactiontoimprovetheirroleinyourstore
1SightFromtheexteriorofyourstoretotheentireinteriorstorespaceidentifywhetheryourstoreisattractiveandcaptivatingingainingcustomerattentionNextlookforanydebrisdirtordustthroughoutyourentirestorespacethatneedstobecleanedupThenvisuallyidentifywhetherastrollerwheelchaircaneorotherassistivedevicewouldbeabletobeusedcomfortablyinyourstoreThesevisualobservationsareonesthatmanycustomersidentifywhenforminganimpressionofyourstoreandshouldbeimprovediftheydonotcurrentlycatertoconsumersrsquoneedsandideals2TouchInstinctivelycustomerswanttotouchthingsandexperienceproductshands-onWalkthroughyourcurrentstorespaceandidentifywhetheryouofferaspacethatencouragescustomerstotouchandinteractwithyourinventoryKeepingproductsateyelevelforhands-onengagementisagoodwaytomakecustomersfeelwelcometotouchyourproductsIncorporatingsignageasnecessarythatstatesldquoFeelfreetosamplerdquoorldquoPleasedonottouchthisdisplaybutwehopeyouwilltouchourotheronesrdquocanlendahelpinghandinencouragingyourcustomerstotouchandinteractwithyourstoreproductsasappropriateForthoseofyouwhohavecustomerswhobringtheirchildrenwiththemcreateadedicatedareaorsimplyhaveasmallbasketwithtoysorwashablecrayonsandpapertodistractkidsfromtouchingyourinventoryandtofreeuptheattentionofyourcustomer3SoundIdentifywhatyourstorecurrentlysoundslikeIsitthesoundofblaringmusicorcoworkerschattingabouttheirweekendplansPossiblyitsoundssilentwithonlytheoccasionalbuzzofadooropeningandclosingCustomerstendtostayinenvironmentsthatmakethemfeelcomfortableandsoundplaysabigroleinthisMakeitaruleforemployeestoeliminatepersonalphonecallsstoregossiporanyotherunnecessaryconversationsthatcustomersmayoverhearInadditionchoosemusicthatisneutrallyaccommodatingtoyourdiverserangeofcustomersKeepthesoundlevelofyourmusicata
moderatelevelaswellthatdoesnotmakecustomersuncomfortableandstillallowsthemtohearyouspeakandallowsthemtospeaktoeachother4SmellAromacanbegoodorbadWhatdoesyourstoresmelllikeIdentifywhatyourstoresmellslikeandwhetherornotthisaffectsyourcustomersrsquoexperiencesItrsquospossiblethatalocalbakeryrsquosaromatricklesintoyourstoreandthusyougainascentoutofyourcontrolOrmaybeyouchoosetoburnincensethatsomecustomersfindunattractiveinscentWhateveryourcurrentsituationisstrivetoidentifyasinglescentthatyoucanalwaysapplytoyourstoreandthatcustomerswillassociatewithyourstoreastimepassesScentssuchaschocolatevanillacoffeeandpineareoftenperceivedasmass-appealingscentswhereasthescentsofflowersorcertainspicesarenotaspreferredbythemassesPickastorescentforyourstorethatissubtleyetcomplementingtoyourretailspaceandthenmakethisyoursignaturescentforcustomerstoassociatewithyourstore5TasteEvenifyourstoredoesnotsellfoodorofferanopportunitytocatertoyourcustomersrsquotastebudsyoucanstillengageyouraudiencethroughthepoweroftasteChooseasignaturesweetsuchasbite-sizedchocolatesorpeppermintsandalwayshavetheseavailableforyourcustomerstotakeAsmallglassofwatercanevenprovoketastebudsandmayextendyoursupportindeliveringstrongcustomercareIfyourstorehasnotintroducedtastetoitsstrategyofsupportingcustomersitrsquostimetodoso
8
ApplyingPressandMarketingtoYourBusiness
LackofattentionnotlackoftimeistheproblemWeallhavetwenty-four-hourdays
mdashZigZiglar(1926ndash2012)authorandmotivationalspeaker
RETAILERSTODAYarebombardedwithplacestogothingstodoandcustomerstoserveDespitetheirbusyscheduleshowevercustomershavehigh
expectationsfromretailersandexpecttheirconsumerexperiencestobetop-notchAlsocustomershavechoiceswhenitcomestomakingtheirbuyingdecisionswhichmakesanyretailerrsquosattempttostandoutinhisorherlocal
marketplacethatmuchmoreimportantLong-timeindependentretailerCynthiaSuttonownerofTheSilverBarnin
ColumbusTexasbelievesthatdespitebusyschedulesandbig-boxcompetitionlocally-basedmerchantshavesomekeyadvantagesthatlargerretailersdonotSuttonexplains
LocalindependentretailerscanreacttocommunityneedsinstantlyForexamplehereinoursmalltowntherewasahorriblecaraccidentwhereayoungchildwasseriouslyinjuredandagrandmotherkilledThecarthathitthemhadnoinsuranceWesprangintoactionandstartedafundraiserwithotherlocalmerchantsOurlocalWalmarthowevercouldnotparticipatebecausetheyhadtowaittogetcorporateapproval1
ThistypeofquickresponseisjustoneexampleofhowlocalmerchantscansupporttheircommunitiesandlocalcustomersaswellasgenerateawarenessfortheirstoresInadditiontoreactingtoaworthycausethisalsoprovidesagreatreasontogainpublicityforastoreUnlikesomemarketingeffortspublicity
reasontogainpublicityforastoreUnlikesomemarketingeffortspublicitydoesnotcostyoualotofmoneymdashifanymdashyetyoucangainexposuretobothexistingandpotentialcustomersExposurethroughpublicityaddsvaluetoamerchantandoftenmakesastoremorememorableThekeyherehoweverishavingastorytotellthatthepresswouldbeinterestedinhighlightingamongtheirmediaoutletsFortunatelythisgoeshandinhandwithalsocreatingastoreenvironmentthatencouragescustomerstocomebackldquoWecanrsquotcompetewithvolumepricingmassadvertisinganddepthof
inventoryHoweverwecandeliverstrongercustomerserviceandmoreuniqueinventorythanbig-boxstoresThisisextremelyvaluabletoconsumersrdquo2explainsSutton
HOWTOWRITEAPRESSRELEASEPublicitywhenmanagedinternallycostsyounearlynothingexcepttime
andpossiblyafewadditionaldollarsForthemostparthoweverpressisfreeWiththisinmindunderstandinghowtowriteapressreleasecanhelpyoupitchyourstoretolocalandnationalmediaincreasingstorevisibilityandencourageagrowthinsalesUsingthetipsbelowlearnmoreabouthowtowriteapressrelease
1ApressreleaseisastatementintendedtosharenoteworthynewseventdetailsandotherinterestingfactswiththemediaWhenwritingapressreleaseyouwanttokeeptheaudienceinmindandanswerthequestionsldquowhordquoldquowhatrdquoldquowhenrdquoldquowhererdquoandldquowhyrdquo2AllcriticalinformationshouldbeconciselysummarizedwithinthefirstparagraphofyourpressreleaseallowingbusyeditorsandothermembersofthemediatoquicklyidentifywhatitisyouwanttoshareThefollowingparagraphsshouldelaborateonthedetailssharedIncludingquotesfromrelevantpeopleinvolvedinthenewsyouaresharingwhetheryourselforastorevendorforexamplecanaddvaluetothepressrelease3PressreleasesshouldideallybenomorethanonepageandshouldbeconstructedinstandardpressreleaseformatThisincludesidentifyingyourstorenamecontactpersonandcontactdetailsinthetopleftcornerprovidingacaptivatingtitleandsupportingtaglineforyourpressreleaseandprovidingthereleasedateandcityofthepressreleasepriortoyourfirst
sentenceInadditiontheparagraphsthatfollowshouldsharedetailedinformationaboutyourstoreandthepurposeofyourpressreleasewhileofferinggeneralorinterestingfactsAnexamplewouldbe
MarsquosGeneralStoreContactJaneSmithPhone5555555555Emailshopmasgeneralstorecom
MarsquosGeneralStoreIntroducesExtendedShoppingHoursonWeekends
DoorstoOpenat9amtoAccommodateCustomerRequests
May12014(GenevaIL)mdashKickingoffthespringshoppingseasonMarsquosGeneralStoreisexcitedtowelcomecustomersat9ameverySaturdayandSundayintotheirdowntownGenevastoreAfteryearsofcustomersrequestingearliershoppinghoursMarsquosGeneralStorelooksforwardtosupportingcustomersontheirweekendsshoppingforgeneralhouseholdsuppliesandothereverydaynecessitiesAndallcustomerswhoshopMarsquosGeneralStorebefore11amwillbeofferedcomplimentarycoffeeorjuiceldquoItrsquosimportantforustokeepourcustomershappyandtheseadditional
storehourswillallowthemtogettheirweekenderrandsofftoanearlystartwhichwersquorethrilledtosupportrdquostoreownerJaneSmithstatesBasedindowntownGenevainthehistoricshoppingdistrictMarsquos
GeneralStoreisafavoritedestinationamonglocalresidentstostockuponhouseholdsuppliesandeverydaynecessitiesInadditiontotheirwell-stockedshelvesMarsquosGeneralStorewillbeofferingtheirearlybirdcustomerscomplimentarycoffeeandjuiceTolearnmoreaboutMarsquosGeneralStoretospeakwithownerJane
Smithortorequesthigh-resolutionimagespleasecontactus5555555555orshopmasgeneralstorecom
4PressreleasesshouldaimtobeconciseclearcorrectandcourteouskeepingyouraudiencersquosattentionwhilebeingdirectandinformativeinthenewsyoushareAttheendofyourreleaseidentifyitsconclusionwiththreenumbersignsThisindicatesitiscompleteandispartofthegeneral
threenumbersignsThisindicatesitiscompleteandispartofthegeneralformatofwritingapressrelease5SendingapressreleasedoesnotguaranteepresswillbereceivedBesuretofollowupwithyourmediacontactsandrespecttheiroutreachtoyouaswellshouldtheywantmoreinformationLikeyoumediaprofessionalsarebusypeoplesotryandgetbacktothemassoonaspossibleshouldtheywantmoreinformationaboutthenewsyoushared
Customerserviceanduniqueinventoryaretwowell-knownfactorsthatmakeindependentretailersstandoutfrombig-boxstoresYetmerchantsoftenunderestimatetheirvalueinthepressAsSuttonbelievesldquoBasicisgreatatbigboxspecialisgreatat
independentsrdquoWiththisinmindIencourageyoutoconstantlyseekoutwhatmakesyourstorestandoutamongothersIsittheuniquestoryofanemployeeofyourstorewhohappenstoexcelatcustomerserviceIsittheone-of-a-kindproductsbylocalartisansthatyousellmadeIsitthefactthatyourstoreunlikesomanyothersoffersanexperiencethatcanrsquotbeduplicatedanywhereelseOrpossiblyisitarandomcustomerexperienceyouhadthatoffersagreatstorytosharewiththepressAsaretaileryouneednotonlytostrivetomakeyourstorememorableand
uniquebutalsorecognizewhenuniqueandmemorablethingshappenwithinyourstoreenvironmentInresponsetothesescenariosyoushouldbepreparedtosharethedetailswithcustomersviathepresstheInternetthroughe-mailandviaotheravenuesthatcangenerateawarenessofyourstoreSuzyTeeleCOOofSnapRetailcomaready-to-usemarketingsolutionfor
independentretailersbelievesthatwhilecustomerserviceandproductassortmentaddvaluetoashoppingexperiencemerchantstodayshouldnotignorethevalueoftheirstorepersonalityaswellSheexplains
ldquoIthinkthebiggestmisconceptionthatretailersfacetodayisthatsometimestheyrelytoomuchontheirproductstogetcustomersintotheirstoresBrandsgoinandoutoffavorsobrandsalonearenrsquotenoughIndependentretailersshouldrememberthatitrsquosnotonlythemerchandiseitrsquosalsohowtheymerchandisethemerchandiseInotherwordscreatingastrongstorepersonalityandstoriesaroundthemerchandisewilldrivestoretrafficandreducethefocusoncompetitivepricing3
RETAILTIPOnlinemarketingandpresscanhelpgeneratestorevisibilitybutdonrsquot
neglectthepowerofgoodold-fashionedstorepackagingAfamousexampleofthisistheTiffanyblueboxorbagrecognizedbycustomersasapurchaseofluxuryandbeautyWhileyourstoremaynotcatertothesameclientelethatTiffanydoesthisshouldnotkeepyoufromaimingtohavestrongstorepackagingAneasywaytoenhanceyourstorepackagingistoinvestinasignature
bagthatisusedanytimeacustomermakesapurchaseRatherthanuseagenericbrownorothercoloredbagthathasnobrandimpressionsonitconsidercreatingacustomizedbagthatcurrentandfuturecustomerscanbegintorecognizeyoubyOvertimeyourbagwillbecomearecognizedsymbolforyourstoreincreasingcustomerawarenessofyourbusinessAdditionaltipstohelpbrandyourstorethroughpackagingincludeusing
thesametissuepaperribbonandgiftwrappingpapereverytimetheyareneededInotherwordsconsistencyiskeyhereTohelpyouaccomplishthisleanonanoutsidecompanythatspecializesinsupportingbusinessessuchasindependentretailersthroughpackagingOnesuchcompanyisPremierPackagingasmallbusinessthemselveswhosupportretailersthroughsalesofgiftboxesgiftbagstissuepaperribbonsandcustomizedoptionstohelpstrengthenaretailerrsquosbrandandvisibility
TeelersquosperspectiveiscommonamongretailexpertsandsupporterswiththeideathatproductalonecannotmakeyouasuccessfulretailerShecontinues
InmyexperiencethestoresthatIhaveseensucceedhavebeenabletodosobecausetheymaketheircustomersfeelasthoughtheyarepartofsomethingspecialTheymakecustomerswanttoshopthereThisisaccomplishedbycreatingthatstrongstorepersonalitysharingthatpersonalitythroughsocialmediaandinvitingcustomerstobepartofitthroughe-mailmarketingandotherpromotionaleventsUsingthelatestmarketingtoolsindependentretailerscancreatetheirbrandsandstorepersonalitiespositioningthemtoeffectivelycompetewithbig-boxretailers4
CompaniesthatprovidemarketingtoolsforindependentretailersarebecomingmoreandmorecommonSnapRetailisagreatexampleofthistypeofcompanyprovidingready-to-usemarketingforindependentretailersinavarietyofwaysFoundedin2010SnapRetailprovidesprewrittencontentintheformofe-mailssocialmediapostseventmarketingandmoreallspecifictoindependentretailersTheireasy-to-usemarketingsolutionhelpsretailerstobettermanagetheirtimewhilebecomingmoreengagedinallthenecessaryavenuesofretailincludingmarketingsocialmediae-maileventplanningandgeneralpromotionalexposureTeelesays
SnapRetailcustomersoftenseeabouta15to20percentincreaseinsalesandastrongerengagementthroughsocialmediawithcontinualuseofoursolutionOurmostsuccessfulretailersengagewiththeircustomersonsocialmediasiteslikeFacebookatleastonceadayandsendmeaningfule-mailstwotothreetimesperweek5
InChapter9wersquollfurtherdiscusshowSnapRetailrsquosmarketingsolutionsspecificallyapplytoonlineefforts
UsingE-mailtoCommunicateStoreMessages
Increasingyoure-mailopenratewhichidentifieshowmanypeoplewhoreceiveyoure-mailsactuallyreadthemisanimportantgoaltohaveYetretailersoftenstrugglewithwhattosayandhowtocreateastronglayoutfortheire-mailsSnapRetailrsquoslibraryofprewrittenandprofessionallydesignede-mailtemplatesdoestheworkforyouevenofferingacalendarfeaturewiththesoftwaresothatyoucanscheduleandmanageyoure-mailandothermarketingcommunicationsIncorporatingsolutionssuchasthisintoyourmarketingplanisagreatwaytomakeyourto-dolisteasierwithoutcompromisingthesuccessofyourstoreInfactthegoalistoincreaseitMarketingcommunicationsmanagerJessicaMorettiofSnapndashRetailisalways
searchingforthebestmessagesretailerscansharewiththeircustomersprovidingwithusfivetipsthatretailersshouldleanonwhencreatinge-mailsfortheircustomers
1ContentcontentcontentContentiskeytoengaginge-mailmarketingAlwaysensurethatyoure-mailscontaincontentthatistimelyrelevantandvaluabletoyourreaders
2LightscameraactionAgoode-mailcontainsoneclearcall toaction(CTA)YourreadersshouldknowexactlywhatyouwantthemtodoanditshouldberelativelyeasyforthemtocompletetheactionmdashldquoShopoursalerdquoldquoVisitourwebsiterdquoldquoPinyourfavoriteproductrdquo
3Keepitsimplestupid(KISS)BorrowapagefromtheNavyrsquoshandbookandfollowtheKISSrulewhenitcomestoe-maildesignKeepitsimplebyusingacolorpaletteofnomorethanthreecomplementarycolorseasy-to-readfontsandastructuredformat
4First impressions are everything Give your subject line the love andattentionitdeservesItrsquosthefirstthingyourreaderswillseeandcanmakeorbreakwhetheryourreaderswillopenyoure-mail
5Goneinlessthan60secondsResearchshowsthatyouhavelessthan60secondstograbyourreadersrsquoattentionbeforetheyclickawayfromyoure-mail Because of this it is imperative that your headlines and calls toactions are more compelling than that video of a sneezing panda yourreaderjustreceivedfromafriend6
Keepingthesefivetipsinmindremembertoalsoconsiderhowoftenyoureachouttoyourcustomersviae-mailYoudonrsquotwanttobombardyourcustomersrsquoe-mailin-boxeseverydaybutyoudonrsquotwanttogotoolonginbetweene-mailseitherRecentlyRetailMindedsurveyeditsretailaudienceandaskedthemhowoftentheyprefertoreceivee-mailsfromcompaniestheychoosetofollowaswellashowoftentheysendoute-mailstotheirowne-mailmarketinglistsInresponsetobothquestionsretailerssurveyedthroughRetailMindedcomanditssocialmedianetworksidentifiedonceaweekforeachscenarioAlthoughtherewillbeexceptionsifyouhavesomethingworthsharingwithyouraudienceonaweeklybasisane-mailblastscheduledonceaweekisagoodstartingpointtoplanforyourowne-mailmarketingeffortsTofurthersupportyoure-mailoutreachyouwanttoalsoevaluatethesuccess
ofeache-mailblastyousendoutAnalyzingtheresultsofeache-mailcampaignallowsyoutounderstandwhatismosteffectiveinyoure-maileffortsE-mailmarketingproviderssuchasSnapRetailConstantContactandMailChimpalloffere-mailanalysisaspartoftheirservicesandweencourageyoutomakeitaprioritytoevaluatetheseresultsonaconsistentbasisAmongthemanythingsane-mailreportmaytellyouiswhiche-mailswere
Amongthemanythingsane-mailreportmaytellyouiswhiche-mailswereopenedthemost(theiropenrates)whatdaysandtimese-mailssentweremostreadandwhetherornotpromotionsorincentivesofferedviae-mailgainedastrongerreturnthanothere-mailssentAlittlestudyingofthesereportscangoalongwaysobesuretoaddthistoyourretailto-dolist
UsingtheInternetasaMarketingPlatform
E-mailmarketingisnearlyaclassictechniquecomparedwithotheronlinemarketingeffortsyetitshouldnrsquotbeignoredasyouincorporateadditionalInternet-basedmarketingintoyoursalesandmarketingstrategyOnecompanythataimstospecificallysupportindependentmerchantsindoingthisisBoutiqueWindowThisNebraska-basedcompanydevelopedsoftwaretohelpretailersshowofftheirlatestinventorynewarrivalsstorepromotionsandmoreviaamerchantrsquosownwebsiteandsocialmediaWithasetupthattakesonlyminutesretailerscanuploadandeditphotosoftheirstoremerchandiseaddproductdetailstosupporttheirimagesandpublishimmediatelyonFacebookTwitterPinterestandtheirindividualbusinesswebsitesDoingthishelpsretailerstokeeptheirstorestopofmindfortheircustomersrsquoshoppinglistsanimportantfactortoincludeinyourownretailmarketingCofounderofBoutiqueWindowCourtneyRodgersbelievesthatevenifyou
donrsquotsellonlineyouronlinevisibilityissomethingyoucanrsquotignore
ConnectingwithshoppersonlineisessentialtothesuccessofyourbusinessevenifyoudonrsquotactuallyhaveanonlinestoreShopperstodayareengrossedinthedigitalworldmakingyourstorevisibilitypossiblewithonlyafewsimpleclicksWiththerapidgrowthofsocialnetworksandimprovementsinlocalsearchoptionscustomerscanaccessanyinformationtheywantonlinewithjustaclickortwoOfcourseifyouarenrsquotonlinethenyourstorewillmissoutontheseopportunitiesEvenbrick-and-mortarstoreswithnoplanstosellonlineshouldstillhaveanonlinepresenceforthisreasonalone7
BeingtopofmindisidealforanyretailerbutthosewhohaveyettomakeanonlinepresenceareboundtobeleftoutinthecoldBeingvisibleonlineisa
onlinepresenceareboundtobeleftoutinthecoldBeingvisibleonlineisamustthesedaysevenifyouhavenoplanstoeversellviathewebCreatingawebsitethatcomplementsyourin-storeexperienceandbrandidentityiskeyallowingcustomerstounderstandyourstorepersonalitybothonlineandofflinemorecohesivelyIn2012e-commercesalesgenerated$231billionintheUnitedStatesalone
accordingtomarketresearchfirmForresterThiscompanyalsofoundthatthegrowthofe-commercewhichin2012accountedforabout8percentoftotalretailsalesintheUnitedStatesisexpectedtooutperformthegrowthofbrick-and-mortarstoresoverthenextfiveyearsreaching$370billionby2017WiththesetypesofnumbersindependentretailersshouldnotchallengethequestionofiftheywanttosellonlinebutratherwhentheywillstartFortunatelycreatinganonlinepresenceiseasythankstoe-commercetemplatesfromavarietyofprovidersLeadingthismarketisShopifycomanonlinecompanythatsupportsemergingorexistingretailersandwholesalersintheireffortstocreatesavvycustomer-friendlyonlineshopsShopifyrsquos247supportandeasy-to-customizewebsitetemplatesareidealforindependentmerchantslookingtogetonlinequicklyeffectivelyandaffordablyInChapter9wersquolldiscusshowyoucanmaximizeyouronlinesuccessinmoredetailspecificallylookingatsocialmediaande-commerceldquoIndiemerchantshaveavarietyofchallengesbuttheirultimatechallengeis
alwaysgettingenoughtrafficintheirstoresmdasheitherphysicaloronlinemdashtokeeptheirlightsonrdquo8TexanretailerSuttonstatesWhilethiscouldnotbetrueritrsquosoftentheretailersthemselveswholeadthemselvestoturned-offlightsToavoidthisbecomingarealityforyourstorechoosetobeaggressiveinyourstoremarketingeffortstokeepupwithyourcompetitionandyourcustomersalikeFinallytohelpyoufurthernavigateyourmarketingsuccessasanindependent
merchantwersquoveidentifiedalistofmust-knowbusinessestohelpyoureachyourmarketinggoalsWealsoencourageyoutoexploreAppendixAforamorecomprehensivelistofbusinessesandresourcesthatcanhelpyourbusinessreachitsfullpotential
ResourcesEveryIndependentRetailerShouldKnowAbout
1AmericanIndependentBusinessAlliancewwwamibanetThisisa
nonprofitorganizationthathelpscommunitiesandretailerslaunchandoperatebuy-localcampaignstosupportlocalentrepreneursandeconomies2BoutiqueWindowwwwboutiquewindowcomThiscompanyprovidesonlinemarketingtoshowcaseinventoryviayourwebsiteorsocialmediaoutletsallowingretailerstoengagetheircustomerswithnew-productarrivalsandmore3MOOwwwmoocomThiscompanyprovidesbusinesscardspostcardsstorehangtagsandotherprintgoodsthatarestylishindesignandeasytocustomizetoyouruniquestoreneeds4PremierPackagingwwwretailpackagingcomThiscompanyprovidespackagingsolutionsthatcatertoretailerslookingtoincorporatepackagingoptionssuchasbagsgiftboxesandtissuepaperaspartoftheirstoreidentityandmarketing5RetailRadiowwwretailradiobizCustomizeyourin-storeexperiencewithmusicthatiscatereduniquelytoyourstoreandyourcustomerwhilealsoincorporatingcustomizedmessagingtocreatethebestpossibleambianceforyouruniqueretailspace6ShopifywwwshopifycomThiscompanyprovideseasy-to-customizeonlinestoretemplatesthathelpyoutosellonlineefficientlyaffordablyandprofessionally7SmartSignwwwsmartsigncomSignagecansupportyourstorecommunicationtohelpcustomersnavigateyourstorespaceandmaximizetheirstoreexperienceUsefordisplaymerchandisingorpromotionandincorporatesafetysignagesuchasldquoEmergencyExitrdquoorldquoEmployeesOnlyrdquoaswell8SnapRetailwwwsnapretailcomThiscompanyprovidesprewrittencontentandgeneralmarketingsupportthatincludese-mailsocialmediaandeventmanagementspecifictoindependentretailers9TriparInternationalwwwtriparcomThiscompanyprovidesvisualdisplaysandfixturesthathelpyoutobeautifullyshowcaseproductengagecustomersanddrivesaleswithproductsthatincludetabletopdisplaysjewelrystandseaselspoint-of-sale(POS)accessoriesandmore
10VendwwwvendhqcomManageyourcustomerloyaltyinventoryandPOSsystemswithoneeasy-to-usesoftwareprogramthatisaccessibleon
aniPadcomputersmartphoneoranydevicewithawebbrowserWhilenotmarketing-specificthiscompanyrsquosPOSsoftwarecanhelpyoustreamlinetheentireoperationalproceduresofyourstoreincludingcustomermanagementandexposure
UsingthischapterasyourreferenceyoucanseejusthowmanybusinessesareavailabletohelpyoureachyourfullmarketingpotentialaswellastheneedtoincreaseyourstorersquosvisibilityInthechaptersaheadwersquolldiscussadditionalwaystogeneratemoreexposureforyourstoreultimatelytohelpincreasesales
ActionGuide
CreatingastorepersonalityisakeystepinseparatingyourbusinessfromothersMerchantsshouldtakethetimetoidentifyhowtheywanttobeperceivednotonlybycustomersbutalsobytheircompetitionIdentifyingthecharacteristicsofyourstoreisanimportantstepalthoughitrsquosalsocriticaltorecognizewhetheryourstorersquosperceptionmatchesyourintendedrealityOnewaytodothisistoputyourselfintheshoesofacustomerPuttingyouremotionsasidechallengeyourselftotakeontheroleof
customerinyourstoreBequicktojudgeandimpatientasyouevaluateyourstoreallowingyourselftoholdcharacteristicsofcommoncustomersintodayrsquosbusymarketplaceWithyourmind-setcommittedtobeingthatofacustomerinsteadofastoreownerwalkintoyourstoreandcritiqueyourstorersquosenvironmentAnswerthefollowingquestionsasobjectivelyaspossibleMoreoverinviteatleastthreeandideallyupto10otherpeopletocompletethissameexercise
1WhatdoyouimmediatelyviewasmostappealinginthestoreWhy2WhatdoyouimmediatelyidentifyasleastappealinginthestoreWhy3WhatdiditfeellikewhenyoufirstenteredthestoreExplainyour
emotionalreactionsuchasldquowelcomingrdquoldquoclaustrophobicrdquoldquoengagingrdquoldquodistractingrdquooranythingelseyoumayfeel4ArethereanydistractionsintheretailspacethattakeyouawayfromshoppingorwantingtobrowsethestoreThismayincludepeoplenoisedisplaysoranythingelse5WhatitemsifanylookoutofplaceinthestoreWhydoyouthinkthisis6WhatitemsstandoutthemostWhy7DoanyitemsstrikeyouasbeingoutofplacewithinthestoreassortmentPleaseexplain8ArethereanyitemsthatyoudonrsquotseeinthestoreassortmentbutbelievewouldmakesensetohavePleaseexplain9DothedisplaysengageyouasacustomerHowso
10WhatareasofthestoreappearmostaccommodatingforshoppingandenjoyingPleaseexplainwhyyouthinkthis11WhichareasofthestoredonotattractyoutothematallPleaseexplainwhyyouthinkthismaybe12DoesthestoreappearcleantoyouDoyouseeanyvisibledustorotherdirt13Forstoreswithpublicrestroomswhatimpressiondoestherestroomgiveofftoacustomerobservingit14Doesthecash-wrapareaprovidecustomerswithaplacetoresttheirpurseorsignareceiptandenjoytheircheckoutexperience15Dothewallsneedafreshcoatofpaint16AretherevisibleareasofthestorethatlookasiftheyneedsomeTLCorsomekindofrepairPleaseexplain17Doanystorefixturesoverpowertheinventoryorrestrictyouasacustomerfromshoppingandenjoyingthestoreexperience18DoesthestoresignageattractyourattentionWhyorwhynotIsiteasytoidentifywhatisonsalestorepoliciesspecialannouncementsandmore19Doesanyunstockedinventoryappeartobeonthesellingfloor20Whatisyourultimatefinalimpressionofthestore
OncecompletedreviewyourresponseswithanopenmindandidentifycommonresponsesamongallparticipantsWorktostrengthentheareasidentifiedasneedinghelppositioningyourselftobettersupportyourcustomersandyouroverallbusinesssuccess
PARTIII
MakingaMarkintheEconomy
9
MakingYourPresenceOnline
Makeyourproducteasiertobuythanyourcompetitionoryouwillfindyourcustomersbuyingfromthemnotyou
mdashMarkCuban(1958ndashpresent)DallasMavericksowner
businessmaninvestorONEOFthegreatestmisconceptionsaboutbrick-and-mortarindependentretailisthatitrsquosasolitaryendeavorSmall-businessownershavecountlessoptionsbeyondtheirstorewallsallowingthemtoconnectand
engagewithvendorsretailsupportersandcustomersalikeAmongtheseoptionsaree-commerceandsocialmedia
Ecommercehasgainedabadreputationamongindependentretailersbecauseofthesuccessofbig-boxplayerssuchasAmazonWalmartStaplesandothersAlthoughthisisunderstandableitdoesnrsquotmeanthate-commerceshouldbeignoredbyindependentretailersInfactitmeansthatitshouldbeembracedChoosingnottoengageine-commerceonlyeliminatestheadditionalrevenueandexposurethate-commercecanprovideInternetRetailerMagazinersquoseditorinchiefDonDavissharedhisthoughtsonthevalueofsellingonlineemphasizingaretailerrsquostotalreachofpotentialconsumers
Smallbrick-and-mortarretailerscanreachamuchbroaderaudienceonlinethantheycanintheirphysicalstorefrontsaloneWithaphysicalstoreyoucanonlyreachtheconsumerswithindrivingdistancewithanonlinestoreyoucanatleastreachacrossthecountryandwithalittleefforttheworldMostconsumersareshoppingonlineandabigmajorityofaffluentconsumerswiththemostdisposableincomeareincludedinthisaudienceWithoutane-commercesiteanindependentretailercanrsquotreachmillionsofconsumers1
HarleyFinkelsteinanentrepreneurattorneyandchiefplatformofficeratShopifycomagreeswithDavissharinghisbeliefthatmerchantsshouldnotdifferentiatebetweenofflineoronlinesalesbutinsteadlookatthemtogetherldquoInmyopinionthefutureofe-commercebelongstosmallbusinessesThisisthebiggestopportunityforretailerssincefarmerrsquosmarketsbeganhundredsofyearsagordquo2Finkelsteinexplains
EmbracingEcommerce
Expandingyourreachamongpotentialcustomersseemslikeano-brainerbutmanyretailersarestillhesitanttointroduceanonlinebusinessasasupplementtotheirbrick-and-mortarstoresFortunatelythehasslesandfrustrationsthatpreviouslyexistedwithmanagingonlineshopsareathingofthepastthankstocompaniessuchasShopifycomanonlinecompanycommittedtohelpingsmallbusinessescreatebeautifule-commercestoresthroughitseasy-to-implementwebsitetemplatesFoundedin2006ShopifyhasgrowntosupportovertensofthousandsofonlineretailersacrosstheworldThroughitsplatformuserscaneasilyandquicklycreatetheirownonlineshopswithouthavingtodealwithallthetechnicalworkinvolvedindevelopingacustomizedwebsiteEssentiallyShopifyeliminatesthehassleofrunninganonlinestoremdashsomethingbusystoreownerscanappreciatemdashyetdeliversanopportunityforbrick-and-mortarmerchantstoexpandtheirsalesandvisibilityonlineldquoPeoplesometimeshavethisperceptionthatsettingupanonlinestoreis
difficultandexpensivebutthatrsquosnotthecaserdquo3FinkelsteinexplainsInadditiontoFinkelsteinrsquosowntwocentswehaveexperiencedusingaShopify-basede-commercesitefirsthandonmorethanoneoccasionHavingbeenablenotonlytobuildawebsitethroughShopifybutalsotonavigateandshopShopify-managedwebsitesasaconsumerourcollectiveexperienceallowsustoconfidentlysupportShopifycomasournumberonechoicefore-commerce-basedwebsitetemplateoptionsAmongthevarietyofreasonswepreferShopifyisthatthecompanyoffersadiverserangeofoptionsthatcatertoalltypesofretailerswhilemakingtheuserexperiencefromboththeretailersrsquoandtheconsumersrsquoperspectiveseasyandmdashdarewesayitmdashenjoyableForexampleShopifyoffersanumberofe-commercepackagesthatfitany
retailerrsquosbudgetWithoptionsthatincludeattractivewebsitetemplatesproduct
imagesgiftcardsshopping-cartfeaturescarriershippingandmuchmoreretailerscanconfidentlymanageanonlinestorewithoutwonderingiftheyhavecoveredalltheirbasesAnotherperkofusingane-commercetemplatecompanysuchasShopifyisthatasyourbusinessgrowsandyouronlinesalesincreaseyoucancomfortablyexpandyoure-commercesupportviaShopifywithjustafewsimpleclicksOneexampleofaretailerthatdidjustthatisBeardbrandwhosewebsiteisBeardbrandcomBeardbrandamodernretailerthatsellsgroomingkitsbeardcareandother
lifestyleproductsformenfirstcreatedaShopify-basedstoreinearly2013FounderEricBandholzhadbeenbloggingaboutbeardsforawhilesoheknewafewthingsaboutbeingvisibleonlineThissaidhedidnrsquotknoweverythingheneededtostartandmanageane-commercebusinessThisiswhereShopifycomenteredthepictureDespitehavingonlythreeproductsandnoestablishedsalesBeardbrandfoundinstantsuccessandwasevenfeaturedintheNewYorkTimesmdashanimpressiveaccomplishmentforaretailerthatonlyayearpriorhadnoe-commercebusinessSincethenBeardbrandcomhasexpandeditslineandnowgeneratesupto$60000monthlymdashanumberthatcontinuestoincreaseAnotheronlinesuccessstoryfromaverydifferentnicheretailmarketisthat
ofFringeSportaTexas-basedretailerthatcaterstotheat-homegymenthusiastBrothersPeterandAlexKellerfoundedFringeSportin2010andwithinthefirstyearthecompanybroughtin$100000throughitsonlineShopify-basedstoreBy2012theKellerbrothershadintroducedadditionalbrick-and-mortarlocationsaswellasawholesaleprogramcollectivelygenerating$1millioninrevenuein2012aloneIn2013thatnumbergrewto$3millionOfthat$3million60percentcamefromtheonlinestore
RETAILTIPOneofthemanyperksofusingatemplate-basede-commercewebsiteis
thatitmakeswebsitemanagementeasyandaccessibleformerchantstouseAnexampleofthiscanbefoundbelowinascreenshotfromShopifycomwhereyoucaneasilyidentifywhenorderswerereceivedonlineandhowmucheachorderwasforInadditiontoidentifyingdailysummariesofonlinesalesShopifycomidentifiesweeklymonthlyandtotalsalesmadethroughouteachyearCollectivelytheirextensivereportingande-commercemanagementhelpretailersidentifysalestrendsmissed
opportunitiesandmore
HavinganichemarketcertainlyhelpsretailersBeardbrandandFringeSportstandoutinthemarketplacebutanotherkeyfactortorecognizehereisthedesignandaestheticsoftheironlinestoresBothstoresareeasytonavigateallowingcustomersfromanypartoftheworldtoshoptheirweb-basedstoreswitheaseSupportingyourcustomerswithawell-thought-outeasy-to-navigatewebsiteisnodifferentthansupportingyourcustomerswithawell-thought-outeasy-to-navigatephysicalstorefrontBotharecriticalinkeepingyourcustomersrsquoattentionbuttheyvarytremendouslyinthetricksandtipsnecessarytoaccomplishthisgoalUnlikerunningyourownbrick-and-mortarstoremanagingane-commerceshopdoesnrsquottakeasmuchtimetosetupmanageormerchandisemdashallowingyoutonearlyeffortlesslyintroducethistoyoursalesstrategyparticularlyifyoualreadyhaveanexistingbrick-and-mortarstorewithstockreadytosellThekeyhereasalreadymentionedisusingatemplate-basede-commercewebsitesuchasShopifycomversustakingthetimetocreateyourownwebstorefromscratchNotonlywillthissaveyoutimebutyouwill
alsolikelysavemoneywhenpositioningyourselfonlineinthiswayWhetheryoucurrentlyhaveanonlinestoreplantointroduceyourfirstone
soonorarestillupintheairastowhetherornotyouwanttobringyourbusinessonlinethefollowing10tipsshouldbeconsideredwhenbuildingyourwebpresence
1FocusonwhatrsquosuniquetoyouAsInternetRetailerMagazinersquoseditorinchiefDonDavissharesldquoThereisnopointintryingtocompeteinsellingstandardpapertowelsorsockswithAmazoncomorWalmartcomTheyrsquollkillyouinpriceInsteadfocusonsomethingmoreunusualsuchasaselectionofcrochetingwoollocalhandcrafteditemsoradeepselectionofoliveoiltocaptureabuyingmarketforyourgoodsonlinerdquo6
EXPERTSPOTLIGHTAccordingtoBoutiqueWindowcofounderCourtneyRodgershavingan
onlinepresenceasaretailerisnolongeroptionalldquoDoingapoorjobofrepresentingyourstoreonlinereflectsnegativelyon
yourstorersquosbrandKeepingyourwebsiteandsocialmediaprofilesuptodateshouldbeworkedintoyourregularbusinessscheduleMakesureyoursquorepostingnewmerchandisetoyourwebsiteasitarrivesandsticktoaconsistentsocialmediascheduleaswellrdquo4Rodgerrsquosadvicetomakeyouronlinepresenceapriorityisnrsquotsharedby
heropinionaloneldquoForresterResearchestimatesthatin2014505ofin-storeretailsales
willbeinfluencedbyonlineresearchCommunicatingwhatiscurrentlyinyourstoreisthebestwaytoattractnewcustomersandturnexistingcustomersintorepeatloyalshoppersBeingonlinewillhelpyoudothisrdquo5Rodgersexplains
2CreatestrongproductdescriptionsUnlikeaphysicalstorefrontthathasasalespersonavailabletoanswercustomerquestionsorshareproductinformationanonlinestoreneedstospeakforitselfMakesurethatyouronlinewrittencommunicationisdetailedandeasyto
understandallowingyouronlinecustomerstogainasmuchinformationaboutyourproductsaspossibleFurthermoreyoushouldaimtoprovideengaginginformationtocomplementthegreatproductdetailsyouaresharingKeepingyouraudienceintriguedwillaffectyourcustomerengagementsochoosingtherightwordsiscriticalwhensellingontheweb3UsecrispclearimagesoftheproductsyousellonlineWhileyourproductdescriptionsneedtobestrongyoudonotwanttoneglectyourproductpictureseitherWithoutcustomersbeingabletotouchholdsmelltasteorotherwiseengagewiththeproductstheyareinterestedinyourproductimagesmustreallystandoutandcaptureyourcustomersrsquoattentionDependingontheproductyouaresellingmultipleimagesperproductmaybenecessarytoreallyallowyourcustomerstofeelasiftheyhaveasolidunderstandingofwhatthatproducttrulylookslikeIftakingpicturesisnotyourexpertisebesuretorequestproductimagesfromyourvendorsandalsoconsideranoutsidecompanysuchasBuyersPacketcomwhichoffersastudioeffectservicethatcantakeanypictureandmakeitappeartohavebeenprofessionallyphotographedYoualsoshouldaimtohavehigh-resolutionimagesonyourwebsiteaswell4BeconsistentinyourproductlayoutWithbothyourproductdescriptionsandimagestobeconsideredhereyouwanttohaveaconsistentlayoutforyourentireonlineinventoryInotherwordsdonotgiveexpandeddetailsononeitemandwriteabriefoverviewonanotherorshowacrispclearpictureofoneproductandthenablurrylow-resolutionimageofanotherCustomerswanttheirentireonlineshoppingexperiencetobegreatmdashnotjustsomeofitConsistencyiskeyinachievingthis5IdentifyyourshoppingcartoptionatalltimesWhensellingonlineashoppingcartisreferredtoastheplaceinwhichproductslandonceacustomeridentifiesthemassomethingtheywouldliketopurchaseHavingthisshoppingcartvisiblewithaniconallowsyourcustomerstocheckitemsintheircartsandeasilycheckoutwhentheyarereadyComplicatingthesetwocriticalstepsbymakingyourcustomerssearchforthispartofyourwebsitewillonlydecreaseyourchanceofcapturingtheirsales6DisplaycompanycontactinformationanaboutuspageandotherhighlighteddetailsBynowhopefullyyoursquoverealizedthataneasy-
to-seeandeasy-to-navigatewebsiteiskeytosuccessfullysellingonlineThisalsoholdstrueforanyotherdetailsacustomermaywanttogainfromyourwebsiteincludingcompanycontactdetailsdealsandpromotionsanaboutuspageandmoreWhilesharingthesedetailsmaynotseemlikeabigdealwhatyouarereallydoinghereisgainingtrustfromyourcustomerConsumersonlinewanttofeelsecurewhenshoppingandofferingthemeasy-to-accessdetailsaboutyourcompanycanhelpyouachievethis7OffermultiplepaymentoptionsThelastthinganonlinemerchantwantstoseehappenisgettingabunchofshoppingcartsfilledtopurchaseonlytohavethembecomeabandonedAmongthereasonsthismayhappenisbecauseacustomerdoesnotlikethepaymentoptionsavailableonlineWhenidentifyingwhatchoicesyouwantyourcustomerstohaveinmakinganonlinepurchasevarietyiskeyHavingmultiplepaymentoptionsensuresthatyoumeetmultiplecustomerpreferencessavingyouyetanotherhassleoftryingtoidentifywhatisbestIncludingPayPalandmultiplecreditcardoptionsistypicallymostpreferredbycustomers8Leanone-commercespecificresourcestohelpyoumanageyourbusinessTheannualInternetRetailerConferenceandExhibition(IRCE)offers200+speakersoverafour-dayperiodattracting600ormoree-commercetechnologyandservicevendorstogetherinoneplaceAsDavistellsusldquoWhateveryouneedtosellonlineyoucanlearnaboutitandfindtherightprovidersforyourgoalsatIRCErdquo7ThisisagreateventtoconsiderattendingalthoughyoualsocanstayinthecomfortofyourstoreandvisitInternetRetailercomforfreetrustede-commercesupportaswellasrefertoShopifycomrsquosEcommerceUniversityandgloballyrecognizedblogforadditionale-commercenewseducationandsupportaswell9AvoidchargingforshippingwheneverpossibleWecertainlyunderstandthatthisisnotalwaysthecasebutifyoucanfactorinoccasionalfreeshippingopportunitiesoreliminateshippingcostsaltogetheryouwillbemorelikelytoincreaseyouronlinesalesOnewaytoincorporatethisintoyoursalesstrategyistoeliminateofferingproductdiscountssuchas15percentoffandinsteadapplythesesavingstoyourshippingCustomersnowadaysarebecomingincreasinglymoredependentonfreeshippingthankstoourbig-boxcompetitorssoyouwanttoacknowledgethisrealityheadonrather
thanavoiditWhenshippingcostsarenecessarymakesurethatyouofferthemosteconomicaloptionspossible
10KeepyourcustomerstopofmindineverydecisionyoumakeAreyoutryingtoattractGenerationYconsumersornear-retirementfolksWhomeveryouraudienceneverlosesightofthemasyouasdevelopyouronlinestoreIfyourpreferredcustomersaremoreGenerationYthanbabyboomersconsiderintroducingvideosonyourwebsiteBeproactiveinknowingwhoyourcustomersareandcateringtotheiruniqueonlinepreferencesthereforebettersupportingtheirshoppingexperiencesThisreallyisnrsquotthatmuchdifferentfromchoosingtocreateonedisplayinyourphysicalstoreversusanotherdevelopingitwithauniqueaudienceinmindAndtruetoeverydecisionyoumakeregardingyouronlinestorealwaysmakesurethatusernavigationfromaconsumerrsquosperspectiveiseasyandsecure
WithonlinespendingprojectedbyForresterResearchInctoreach$370billiongloballyby20178itrsquoshardtoignorethevalueofsellingonlineWhetheryouarebasedinruralOklahomaorthebustlingstreetsofBrooklynyouronlinestorehasthepotentialtohaveaglobalaudienceHowyoucapturethisaudiencedependsonyouronlinemarketingeffortshoweverAmongthevariouswaysinwhichyoucandothisissocialmediaHavingbeenaroundsince1994socialmedianolongerconstituteanewtrendthatretailersshouldbeawareofInsteadsocialmediashouldberecognizedasestablishedinteractiveexperiencesthatallowmerchantstoexchangeinformationwithinvirtualcommunitiesandnetworksmdashreachingbothcurrentandpotentialcustomers
SocialMediainTodayrsquosRetailMarketplace
OvertheyearstherehasbeenanongoingdebateastohowsocialmediadelivervaluetosmallbusinessesMuchhasbeensaidaboutthelackofmeasureableresultsgeneratedbysocialmediaspecificallyintheindependentarenaAccordingtoldquo2013SocialMedia300RankingE-RetailrsquosLeadersinSocialMediaMarketingandCommercerdquofromInternetRetailerMagazine9howeverrefutingthisclaimreliesheavilyonprovingthatsmallbusinessescaninfactfindsuccessandgeneratesalesusingsocialmediaaspartoftheir
strategiesLeadersonthelistincludePetflowcomFabcomandCoastalcommdashwithretailgiantssuchasWalmartTargetandBestBuynotevenmakingthetop100
EXPERTSPOTLIGHTInadditiontohavingyourownwebsitemanyindependentretailershave
foundsuccessexpandingtheirproductassortmentonwebsitesthatincludeAmazoncomeBayandSearscomThesesiteshaveuniquesellingplatformsthatcollectivelygeneratemillionsofwebvisitorseachdayWiththisinminditmaymakesensetoalsoexpandyouronlinepresencetoincorporatetheseonlineavenuesSkipMcGrathisaprofessionaleBayandAmazonsellerwhoiswidely
recognizedasanindustryexpertinsellingonbothofthesewebsitesBelowheshareshisinsightonhowindependentretailerscanbenefitfromapplyingtheirsalesstrategytoincludesellingonAmazoneBayandSearsldquoItusedtobeastorecouldopenawebsiteandgettrafficbuttheworld
ofGooglehaschangedandtodayitisverydifficultforasmallshoppingsitetogetanytractionwithsearchenginesHoweveronlinesellingsitessuchasAmazoneBayandSearscomalreadyhavetrafficcomprisedofcustomerslookingforthingstobuyAddingoneormoreoftheseavenuescanhaveanimmediateeffectonaretailerrsquossalesAsyoulooktogetstartedinexploringtheseavenuesyoushould
considerthefollowingTostarteBayusedtobekingofthemountainwhenitcametosmallsellerslookingforawaytoexpandonlineButeBayhaschangedandisnolongeraswelcomingtosmallersellerseBayisstilltheplacetosellusedandvintagegoodsbutAmazonhasgrabbedmarketsharewhenitcomestonewmerchandiseAndAmazonwelcomesnewsellersandgivesthemgreatsupportSearshasalsoenteredthegameandisexpandingrapidlyButAmazonisstillthebestplacetostartOnemorethingtothinkaboutisthepotentialfornewcustomersyoucan
gainthroughthesesellingavenuesIfyouhaveastoreinasmalltownorashoppingmallyouareexposedtothousandsofpotentialcustomersbutwhenyouexpandonlineitslikehavingastoreinacitywithapopulationofahundredmillionormorerdquo11McGrathsharesadditionalinsightonsellingoneBayAmazonandSears
onhiswebsitewwwSkipMcGrathcom
ldquoPetFlowcombringsin30percentofitstotalsitetrafficandoverallrevenuefromsocialnetworksmdashmostlyasaresultofalaser-likefocusonbuildingandmaintainingaloyalFacebookfanbaseandregularpoststhatspeaktotheirfollowersrsquoinnerpetloverrdquotheguideidentified10AlsoitstatedthatFabcomreceived25percentofitswebsitetrafficfromsocialnetworksmeaningthataquarterofallitsonlinevisitorsareadirectresultofsocialmediaengagementAthoughtheseonlinestoresarenotyourtraditionalMainStreetmerchants
theirsuccesswasfoundstrictlyusingtheInternetastheirsellingplatformEvenifyouneverstrivetohavemoreonlinesalesthanofflinerecognizingthevalueofblendingbothstrategiestoincreaseyourtotalsalesisagoodgoaltoaimforThatsaiddonrsquotbesurprisedifyourhardworkdeliversstrongersalesonlinethanoffAfterallyourreachofconsumersismuchgreateronthewebthanviaanystorefronteverandthiscanonlystrengthenwiththehelpofsocialmediaUsingsocialmediatoincreaseyouronlinesalescertainlymakessensebut
Massachusetts-basedretailstoreJennyBostonafive-locationboutiquesellingpursesaccessoriesandotherwomenrsquosfashionapparelintheBostonsuburbsalsofindsthatsocialmediahelptobringfoottrafficintotheirstoresJennyBostonco-ownersJenniferDeMariaandKristinMaynardbegan
postingandsellingitemsonFacebookinOctober2012Sincethennotonlyhavetheironlinesalesexceededthoseoftheiractualphysicalstoresbuttheyrsquoveincreasedtheirin-storefoottrafficasaresultofpeoplepickinguptheiritemspurchasedonlineandoftenmakingafewmorepurchasesonceintheboutiquesThistypeofchainreactionthatbeginsonasocialmediasitesuchasFacebookmdashwhichhas15billionplususersandgrowingmdashisproofthatsellingonlineusingsocialmediaandhavingaphysicalstorefronttrulygohandinhand
AlthoughaimingtogainstoreattentionandsalesshouldalwaysbeyourgoalitrsquoseasyforindependentretailerstofeelasiftheycanrsquotdoitallYourto-dolistsarelongandaddingyetanotherresponsibilitytoyourplateoftencanseemoverwhelmingldquoStudyafterstudyhasshownthatsmallbusinessesbelieveinthepowerof
socialmediabutdonrsquotparticipateactivelyfortworeasonsThisincludesnot
havingtimeandnotknowingwhattosayrdquoexplainschiefoperatingofficerSuzyTeeleofSnapRetailcom12SnapRetailanonlinemarketingcompanythatprovidesmarketingsolutions
specificallyforindependentretailersdemonstratesthatautomatedmarketingsolutionscanhelpbusyretailerstoactivelyparticipateinsocialmediawhilesavingtimeanddeliveringprewrittencontentTeelecontinues
SelectingamarketingautomationsolutionthatprovidesprewrittencontentcandelivereasewhilebeingeffectiveforretailersWhenaretailerhasinterestingcleverormeaningfulsocialmediapostsattheirfingertipsandcanbrowseandscheduleamonthrsquosworthormoreatatimetheanxietyaboutsocialmediagoesawayandtheretailersuccessfullyengageswiththeircustomersinstead13
UsingstrongengagingcontentonyoursocialmediapostsisanimportantpieceofthesocialmediapuzzleMoreimportantisgettingengagedinsocialmediatobeginwithWithoutparticipatinginthesekeyconsumervirtualcommunitiesyouaremissingoutonopportunitiestocommunicatewithyourcustomerswhilealsowillinglyallowingyourcompetitiontogainmoreattentionandultimatelysalesthatcouldbeyoursEdClearypublisherofthewebsiteRetailTouchPointsbelievesthat
independentretailersshouldnotneglectsocialmediamdashnomatterhowbusyorstretchedfortimetheythinktheymaybeClearysays
RETAILTIPSnapRetailoffersprewrittensocialmediapostsforretailerstochoose
fromofferingquicktimelyandeffectivesocialmediapostsforthemtoengagetheircustomerswithSnapRetailalsooffersimagestoaccommodateyourpostsincreasingyouruserexperienceandsocialmediasuccessBelowisanexampleofwhatSnapRetailrsquossocialmediagallerylooks
likeKeepinmindthatwhenvisibleonlineandincolorthisuserpagebecomesclearerandeasiertonavigate
IndependentretailershavegreatopportunitiestosharewhatisgoingonintheirstoresbothonlineandviasocialmediaIseewaytoomanysmallretailersthathavefantasticin-storeexperiencesbutyouwouldneverknowthatunlessyouarephysicallyintheirstoresDevelopinganonlinecommunicationplanincludingane-mailmarketinglistandusingsocialmediaallowsretailerstosharetheirstoriespersonalmessagesproductnewsandmoreonaconsistentbasisConsistencyiskeyhereallowingstorestoremaintopofmindfortheircustomers14
EchoingClearyonthispointareRichKizerandGeorganneBenderinternationallyrecognizedretailexpertsandkeynotespeakerswhospendtheirdaysresearchingbestpracticesforretailersMoreoverKizerandBenderemphasizethevalueofreachingyourtargetaudiencewithanauthenticvoice
HerersquosthethingaboutsocialmediaitrsquosfreetousebutitrequiresaninvestmentoftimewhichcanoftentranslatetomoneymdashafteralltimeismoneyWersquovealwaysconsideredsocialmedianodifferentthananonlinepartythatrequiresconstantattentionfromyouthestoreownerorstoreteamwhichtranslatestothestorersquospersonalityitselfYouneedtoengagedailyonsocialmediaandnotneglectyourpartygoersakacustomersWhilethereareallsortsofcompaniesandappsthatofferyoutheabilitytopreplanpostsandcommunicateviasocialmediawithyourcustomersthereisnothinglikedoingityourselfYourfansandfollowerswanttocommunicatewithyou15
AkeytakeawayfromKizerandBenderrsquosthoughtsonsocialmediaistoalwaysreactrespondandreplytoanysocialmediacommentspostsquestionsorotheractivitysharedwithyouoryourstoreviasocialmediaKizerandBendersuggestsettingasidehalfanhouradaytocheckyoursocialmediasitesallowingyoutodothefollowing
1ListenReadwhatrsquosbeingsaid2InteractRespondtocomments3ReactAnswerquestionsandrespondtocomplaints4SellYoucanpushmerchandiseabouteveryfifthpostRememberitssocialmedianotacataloglistingofwhatyousell16
InadditiontoKizerandBenderrsquostipsonbeingengagedonsocialmediaSnapRetailbelievesinaruleithastaglinedasthe70-20-10ruleThisindicatesthat70percentofyoursocialmediaexperienceshouldbeengagingcontent(egfunfactsexpertadvicequestions)20percentshouldbesharedcontent(egothercustomerspartnerstoresvendorinformationetc)and10percentshouldberelatedtotheproductssalesorotherinformationaboutyourstoreAsSnapRetailrsquosSuzyTeeletellsmeldquoThisistherightbalancetobuildastrongresponsivefollowingrdquo17
PartoffindingtherightbalancealsomeansidentifyingwhichsocialmediachannelsmakethemostsenseforyouraudienceFacebookandPinteresttendtogeneratethemostlinkbacksthatleadtoconsumerpurchaseswithTwitterInstagramandGoogle+alsousedtoengageyourtargetconsumeraudienceRememberthatdespitethisdiverserangeofsocialmediaoptionsthereistrustedsupportforthosewhosimplydonrsquothavethetimetomanagethemeffectively
SnapRetailcomandBoutiqueWindowcomarebothcompaniestoconsiderwithcountlessappsalsoavailabletohelpyoumanageyoursocialmediacommunication
EXPERTSPOTLIGHTSocialmediaoffersawayforretailerslargeorsmalltoconnectwith
customersonadailybasisAmongthetopsocialmediasitesforretailerstodothisisFacebookwherefrequentusersarereportedlyloggingontotheiraccountsasmanyas10timesperdayBoutiqueWindowisamarketingplatformdesigneduniquelyfor
independentretailerstoshareproductimagesandmoreviasocialmediaCofounderEllaWirtzencouragesretailerstoincorporateFacebookintomarketingstrategiesasawaytostayengagedwithcustomerswhilealsopushingsellingopportunitiesldquoFacebookistheperfectplatformtosharepicturesofnewproduct
arrivalslast-minutesalesspecialeventsstorepromotionsandmoreFurthermorekeepyourFacebookupdatesfreshbysharinginterestingadviceproducttipsandseasonalrecommendationsalongwiththeproductimagesyoupostYourpicturesarekeyhoweverThisiswhatwillgetyourcustomersmostexcitedrdquo18
Finallyinthespiritofreachingthousandsandaimingtoincreaseyoursalesbythousandswersquoveidentifiedatop10listofresourcestohelpyouinyouronlinesalesandsocialmediainitiativesPleasenotethattherecommendedresourcesarelistedalphabetically
1BoutiqueWindowBoutiqueWindowcomShowcasemerchandiseonFacebookTwitterPinterestandyourwebsitethroughBoutiqueWindowrsquosphotoeditingtoolsandonlinepublishingcapabilitiesThissavvyonlinemarketingcompanywascreatedentirelyforindependentmerchantshelpingyoureachmorecustomersgainmoresalesandincreasestorevisibility2DoItInPersonDoItInPersoncomThisonlineeventplatformallowsretailersandotherbusinessestomanageandpromotetheir
eventsinoneconvenientplace3InternetRetailerMagazineInternetRetailercomThisdigitalandprintpublicationproducesaflagshipmagazineaswellasfourannualresearchguidesspecificallyonthesubjectofsellingonlineLeanontheirfreeonlineblogforadditionalnewspertainingtoe-commercesocialmediamobilemarketingandmore4RetailTouchPointsRetailTouchPointscomGaintimelyarticlesonretainingcustomersinthediverseworldofmultitouchretailingfromthisfreesubscription-basedresourceRetailTouchPointsisdesignedforretailexecutivesbutsharesvaluablereportsandindustrynewssothatretailerssmallandlargecanlearnmore5ShipwireShipwirecomIfstoragebecomesanissueandyouroneormorestorefrontsoutgrowyouronlinesellinginventoryShipwirecansupportyouinstoringyourproductprovidingfastandreliableshippingmanagingyourdistributionsanddeliveriesandmuchmuchmoreTheirultimategoalistohelpyousavetimecostandcomplexitymdashwhichanyindependentretailerknowsisagoodgoaltohave6ShopifyShopifycomThankstoe-commercetemplateoptionsretailerscanintroduceanonlinestoreinseveneasyhassle-freestepsfromShopifyInadditionthecompanyrsquosblogandEcommerceUniversityshareatremendousamountofvaluableinformationandnewsaboutsellingonlineandengaginginsocialmediathatallretailerscanlearnfrom7SnapRetailSnapRetailcomCommunicatewithyourcustomerswithautomatedprewrittensocialmediae-mailmarketingandgeneralstorecommunicationscontentInadditiongainaccesstocountlessimagesandotherpromotionalmaterialsprovidedbySnapRetailspecificallyforindependentretailersSnapRetailalsooffersitsusersamanagementcalendartotrackstoreeventsonlinepromotionse-mailblastssocialmediaupdatesandmore8SoldsieSoldsiecomSoldsieallowsretailerstobringtheirwebstorestoFacebookItrsquoseasytousefunforcustomerstoengageandhelpstoturnsocialmediacommunicationintosalesAlthoughthereareotheroptionstoconsiderincludingBeetailercomSoldsieisaretailerfavorite9VineVinecomThisTwitter-ownedmobileappreached40million
usersinAugust2013andcontinuestogroweverydayUsedtoincorporatevideosintoyouronlinemessagingVineallowscustomersandretailersaliketoengageviavideowiththeopportunitytoshareabehind-the-sceneslookatyourstoreofferproducthow-tosshareindustryupdatesandmoreEssentiallyitbringsyourpersonalityaliveandallowsyourcustomerstobecomeevenmoreconnectedtoyourbrandandyourbusinessItrsquosalsoagreatwaytochallengeyourcustomersviacontestsonlinetosharetheirownvideoswithyou
10WishpondWishpondcomWishpondisanappthatmakesiteasytorunagroupofferorsocialmediacontesttodrivesalesandtraffictoyourwebsiteorstorewithcouponsandotherspecialoffersviaFacebookTwitterPinterestyourwebsiteandmobiledevicesSeventy-thousandplusbusinessesusethiswithtrustandtheirsupportisconstantlyevolvingwithretailersinmind
Engagingonlineaspartofyourbrick-and-mortarstrategyisavitalpartinbothreachingandkeepingtodayrsquosconsumersmdashwhetheronlineorinyourphysicalstorefront
Althoughincorporatinganonlinepresenceintoyourbusinessisvitalintodayrsquosmodernmarketplaceitrsquosalsoimportanttotakepartinbuy-localandshop-independentinitiativesInChapter10wersquolldiscussthisinmoredetailandidentifywaysinwhichyoucanincorporatethispracticeintoyourbusinessandcommunity
ActionGuide
CreatinganonlinestoreandusingsocialmediatohelppromoteitcanaddvalueandvisibilitytoyourbusinessAnotherwaytoincreaseyouroddsofgainingmoreawarenessonlineisthroughcontentmarketingContentmarketingisintendedtoattractandkeepcustomerattentionthough
theuseofwordsmdashcontentmdashappliedtoyourproductdescriptionscompanyprofilemarketingstrategiesandallotherwrittencommunicationsEssentially
profilemarketingstrategiesandallotherwrittencommunicationsEssentiallycontentmarketingsupportsbusinessesintheirsaleandbrandidentitycreatinganavenueofcommunicationinwhichcustomersengageAlsocontentmarketingoverlapsintohowonlinesearchenginessuchasGooglerankyourwebsiteinonlinesearchesCollectivelythesereasonsofferretailersavaluableexcusetomakecontentmarketingapriorityfortheirbusinessesUsingthefollowingproductdescriptionasanexamplecreateyourown
productdescriptionsfornolessthanfiveproductscurrentlybeingsoldinyourstoreWhetheryouhaveanonlinebusinessornotidentifyingasavvypreciseandengagingwaytocommunicatedetailsaboutyourproductscanhelpyoutostandoutamongothermerchantsandintheeyesofconsumers
ExampleProductdescriptionforclassicwhiteladiescrew-neckT-shirtDescription100percentcottonside-seamedandcap-sleevedT-shirtwithacontouredfitthatshapesthenaturalcurvesofawomanrsquosbodypositioningaboutfourinchesbelowthewaistline
PriortoidentifyingyourproductdescriptionsascompletehaveatleastthreeotherpeoplereviewthemShowthemthedescriptionswithoutpicturestocomplementthemthenshowthemtheproductpicturesoractualproductonlyaftertheyhavereadthedescriptionUsingthisasatestforyourcontentmarketinghaveyoursubjectsidentifywhetheryourproductdescriptionsaccuratelydescribetheactualimagesyoushowthem
10
TakingPartinShop-LocalInitiatives
HoweverbeautifulthestrategyyoushouldoccasionallylookattheresultsmdashWinstonChurchill(1874ndash1965)
formerPrimeMinisterofUnitedKingdomREMEMBERTHATAstoriaNewYorkretailerwementionedearlierinthisbookWellMackenziFarqueraretailstoreownerforoversevenyearssuggeststhatbeingavisiblememberofyourlocalcommunityiskeytostayingrelevantandprofitableinacrowdedmarketplace
MynumberoneruleforsurvivalistostayvisiblewithinyourcommunityByembeddingyourselfinthefabricofyourlocalmarketplaceyouhelptomakecustomersfeelresponsibleforyoursuccessorfailureFurthermoreitrsquosimportanttodowhatbig-boxstoreseitherdonotorcannotdosuchasprovidingfreedeliveryonselectpurchasesacceptingeverycreditcardhavingnocreditcardminimumsandgoingtogreatlengthstodelivermemorablestrongcustomerservice1
AsaseasonedstoreownerFarquerrsquosinsightissomethingtobeconsideredOnewaytobecomeengrainedinyourlocalmarketplaceistoparticipateinabuy-localcampaign
UnderstandingBuy-LocalCampaigns
Buy-localcampaignsaredefinedbytheAmericanIndependentBusinessAlliance(AMIBA)asorganizedcampaignsthatengagelocalcitizensandbusinessestoshifttheirspendinghabitstobenefitindependentbusinessowners
businessestoshifttheirspendinghabitstobenefitindependentbusinessownersJeffMilchencodirectorofAMIBAexplainsthatcommunitiesand
independentbusinessownerscangainsalessupportandattentionbyintroducingabuy-localcampaignintheircommunities
Whenproperlystructuredandsustainedovertimebygrassrootsorganizationsbuy-localcampaignsaremakingabigimpactinshiftingcultureandspendinghabitsForexampleinaJanuary2013surveybytheInstituteforLocalSelf-Relianceindependentbusinessesincommunitieswithcampaignsbysuchgroupsreportedanaverageannualrevenueincreaseof86percentcomparedwith34percentamongindependentsinothercommunitiesThiswasthefifthstraightyeartheirannualsurveyshowedsuchadifferentialWhiletheydonrsquotprovecauseandeffectthesesurveysareamongseveralstrongpiecesofevidencethatbuy-localcampaignstrulymakeanimpactforindependentbusinessowners2
MoreoverMilchenpointsoutthatthesesurveysonlycountcampaignsthatdefinelocalaslocalownershipandindependentlyownedHecontinues
Thecountlessldquobuy-localrdquocampaignsstartedbymunicipalitiesorgroupsunwillingtodistinguishbetweenlocalownershipandmerephysicallocationalmostuniversallyfadeawaywithoutmakinganimpact3
Usingthefigureinthefollowingsidebaryoushouldbeabletoidentifyyear-to-yearsalesincreasesamongindependentbusinesseswhoactivelyengagedinbuy-localcampaignsrunbyindependentbusinessalliancessuchasAMIBAWithsalessuccessaclearadvantageofincorporatingabuy-localcampaign
intoyourowncommunitythequestionremainshowyoucandosoeffectivelyMilchensaysthatbeingclearinyourcommunicationsandgoalsiscriticalinyourplanningefforts
Beclearineverycommunicationthatyouplanwhendevelopingabuy-localandindependentshoppingcampaignItonlytakesonepersoninameetingwiththeideaofacampaignthatincludesldquoshopyourlocalWalmartrdquotodogreatharmBesuretoemphasizelocallyowned
independentbusinessesinyourmessagingWhiledirectlycritiquingchainsorabsentee-ownedbusinessesisnotessentialyouraudienceshouldunderstandthatyouintendlocaltomeanlocalownershipandcontrolnotmerelylocation4
RETAILTIPTheAmericanIndependentBusinessAlliancealsorecognizedas
AMIBAhelpsretailersandcommunitiescreateandmanageldquobuylocalrdquoandldquobuyindependentrdquocampaignsBelowyoucanseehowsaleswereimpactedamongindependentbusinesseswhoparticipatedinthesetypesofcampaignsfrom2010through2012
Fortunatelyforbusyretailersandcommunityleaderslookingtointroduceabuy-localcampaignintotheircommunitiesavastrangeofhelpisavailableAmongthefirststepsyoushouldtakeistocontactAMIBAtoseeifanyoneelseinyourcommunityhasalreadyinquiredaboutanorganizedbuy-localcampaignBeinglinkedtothispersonorgroupofpeoplecanhelpyouinorganizingalike-
mindedgroupofindividualstoworktogetherwiththesamegoalofsupportingindependentbusinessesinmindNextobtainafreecopyofAMIBArsquosldquoGuidetoCreatingaBuy-Local
Campaignrdquowhichdelivershow-tostepsongettingstartedorganizingpartnershipsleveraginglocalrelationshipssharingyourmessageandmoreTheguideavailableinbothprintanddigitalformatscanbeobtainedathttpwwwamibanetaboutprimer-formThis12-pageoverviewofkick-startingabuy-localcampaigncontainsdetailsoncreatingyourowncommunitylogoideastogeneratemediasupportandinsightsintoincorporatingyourbuy-localcampaignasanonprofitwiththegoalofbecominga501c6organization(anInternalRevenueServicedesignation)AMIBAalsocansupportyouwithfreeguidancethrougheverystepofthewaytoensurethatyounotonlysavetimebutalsoavoidunnecessaryexpensesMilchenencouragespeopleinterestedinstartingtheirownbuy-local
campaignstotakefulladvantageofwhatisreadilyavailablealreadyldquoDonrsquotwastetimeandmoneyreinventingthewheelrdquo5heexplainsWithatrustedresourcesuchasAMIBAhavingspent12+yearsgatheringandrefiningbestpracticesmaterialsandtoolsavailabletocommunitiesandindependentbusinessownersitmakessensetosavesometimebyleaningonAMIBAforhelpinachievingyourbuy-localgoalsInadditiontoAMIBAotherresourcesareavailabletoyoutohelpyoucreate
abuy-localandbuy-independentcampaignAmongthemistheBusinessAllianceforLocalLivingEconomies(BALLE)whichisfocusedoncreatingprosperitybyconnectingleadersandsolutionsinlocaleconomiesAmongthebenefitsthatBALLEoffersforretailersandtheircommunity
leadersaretheBALLEcalculatorsThroughthesecalculatorsyouareabletoidentifyhowself-reliantyourtownisinfoodwhatmissingopportunitiesmayexistforjobcreationandwhereyoucanfindthenearestbankorcreditunionAlthoughtheanswerstothesequestionsmaycomequicklytoyouthecollectiveanalysisofthesequestionsandcountlessotherscanhelpretailersandcommunitiesidentifyweaknessesstrengthsandopportunitiesAsBALLEexplainsldquoCalculatingmissedopportunitiesforrevenueandjobcreationisinvaluableforlivingeconomicdevelopmentrdquo6ForretailersinparticularthisincludesprovidingabettersenseofopportunitiesforexpansionandunderstandingthemoreprofitablemarketsinyourlocalcommunityCombiningtheeffortsofAMIBAandBALLEasofficialpartnersShiftYour
ShoppingisonemorewaytogetinvolvedinsharingthemessageofshoppinglocalwithyourcommunityMorethan160organizationshaveunitedalreadyto
encourageconsumerstoshifttheirshoppingfrombig-boxtoindependentretailersaconsiderableaccomplishmentfromthisgrassrootscampaignThecollectiveeffortsofBALLEandAMIBAandmorethan160localorganizationsthattogetherequalmorethan38000localbusinessessupporttheShiftYourShoppingcampaignThiscampaignencouragescustomerstobuyfromlocallyownedbusinessesmdashincludingrestaurantsservice-basedretailerssuchasdrycleanerschiropracticofficesandbrick-and-mortarmerchantsItrsquostheirbeliefthatldquoasinglemerchanthastheabilitytoshiftattitudesorconsumerspendingButbybuildingstrengthinnumberswecancreatebroadsupportforindependentbusinessesandadvocatefortheirinterestsrdquo7
FindingSuccessThroughSmall-BusinessSaturday
Inadditiontosupportingconsistentbuy-localandotherindependentbusinesscampaignstheincreasinglypopularSmallBusinessSaturdaycampaignthatwasfoundedin2010byAmericanExpressissomethingallretailersshouldembracemdashwhethertheyacceptAmericanExpressintheirstoresornotThisone-dayeventtakesplacetheSaturdayfollowingThanksgivingalthoughthemessagingandcampaigneffortsarerecognizedasldquoShopSmallrdquoallyearround2013rsquosSmallBusinessSaturdayshowedthatcustomerswhowereawareof
thishighlighteddayspent$57billiona36percentincreasefrom2012ThisstudycompletedbytheNationalFederationofIndependentBusinessesandAmericanExpressResearchalsoconfirmsthatinjustfourshortyearscustomershaveadoptedSmallBusinessSaturdayassomethingtheywanttosupport8ldquoCustomersaremakingSmallBusinessSaturdaypartoftheirholiday
shoppingtraditionsrdquoSusanSobbottpresidentofAmericanExpressOPENstatesldquoOur2013SmallBusinessSaturdaysawacontinuationofthisgrowingtrendascommunitiesaroundthecountrycametogethertocelebratelocalbusinessesandhelpeddriveconsumerstoShopSmallonthedayrdquo9Inadditiontothein-storesalesandlocalcommunityattentionthatthis
campaigngeneratestherewasa65percentincreaseinTwitterengagementrevolvingaroundSmallBusinessSaturdayfrom2012to2013aloneThistypeofgrowthcombinedwithmorethan33millionFacebookusershavinglikedtheofficialSmallBusinessSaturdayFacebookpageonlyreinforcesthatshopping
smallandshoppinglocalisheretostay10WashingtonDCndashbasedprofessionalwriterandconsumerAmyKnebelfirst
heardofSmallBusinessSaturdayin2011ayearafteritsintroductiontothemarketplaceSincethenKnebelhasactivelyparticipatedasacustomersupportingindependentretailersonSmallBusinessSaturdaymakingitatraditionamongherselfandherfriendstofrequentlocalbusinessestokickofftheirholidayshoppingKnebelexplains
IlovetheOldTownAlexandriaBoutiqueDistrictwhichIliveclosetoandcanrsquotimaginenothavingallthefantasticboutiquesrestaurantsandindependentbusinessesthatmakeupthisneighborhoodFormesupportingSmallBusinessSaturdayismywayofsayingthankyoutothemanybusinessesandtheirownersforhelpingtomakemyeverydaylifethatmuchmoreinterestingandfun11
Activelyengaginginmultiplebuy-localandshopsmallcampaignsnotonlyisbecomingmorepopulartodoasaretailerbutalsoisbecomingmorerecognizedandrespectedfromaconsumerperspectiveThisreasonaloneshouldbeenoughofapushtomakeyouwanttogetinvolvedbecausesupportingyourcustomersalwaysshouldbeagoalAlthoughparticipatinginmultiplebuy-localcampaignssuchasyourownlocalcommunitycampaignShiftYourShoppingandSmallBusinessSaturdaymayseemlikeanunlikelyfirststepforabusyretailerwehopethatyouwillmakeitapriorityastimepassesTheresourcesavailabletoyouareplentifulandthesuccessofawell-executedcampaignismeasuredinsalesmdashsomethingwersquorecertainanyretailercanappreciateTorecaptheresourcesidentifiedthroughoutthischapterpleaserefertothe
followinglist
AmericanIndependentBusinessAlliance(AMIBA)wwwamibanetBusinessAllianceforLocalLivingEconomies(BALLE)wwwBeALocalistorgInstituteforLocalSelf-ReliancewwwilsrorgShiftYourShoppingwwwshiftyourshoppingorgShopSmallandSmallBusinessSaturdaywwwshopsmallcom
IntroducingCommerceandCharity
Shop-localbuy-localandshopsmallcampaignsarenottheonlyfamiliarmovementstakingplaceinretailrightnowCommerceandcharityareincreasinglybecomingafamiliarduowiththeholidayseasonbeingaparticularlypopulartimeofyearforretailersbigandsmalltorequestdonationsfortheircharitiesofchoiceVirginia-basedCausetownorgbelievesthatconsumersdonrsquotnecessarilywanttochangetheirshoppingbehaviorstogivetocharitywhichiswhydonatingapercentageofpurchasesmadeisbecomingapreferredwayforcustomerstogivebackAsaconsumeryouhavelikelyexperiencedthecombinationofcommerce
andcharityyourselfwhilecheckingoutatagrocerystoreorotherbig-boxretailerHaveyoueverwonderedhowthiscanbeappliedtoindependentmerchantsthoughUntilrecentlyacollectionjarwithaslotforloosechangeortheoccasionalfolded-upbillwasthemostlikelyavenueforindependentretailerstoparticipateincollectingforacharityoftheirchoiceNowhoweverorganizationssuchasCausetownorgallowlocalbusinessestoraiseawarenessandfundsbypartneringwithanonprofitThegoalistosupportindependentbusinessesbypromotingeventsofferingpromotionalmaterialshandlingsalestrackingmanagingfunddistributionandmoremdashalltohelpsupportcharitiesDanMcCabeoneofthefoundersofCausetownorgexplainsldquoResearch
showsthat83percentofcustomerswanttobuyproductsthatbenefitacauserdquo12Keepingthisinmindcombiningyourbusinesswithacharityofyourchoiceisanothermovementyoushouldconsiderforyourstore
FinallyinChapter11wersquolllookaheadatthefutureofindependentretailandhowyourparticipationasabusinessownercanaffectnotonlyyoursingularsuccessorfailurebutalsotheeconomyatlarge
ActionGuide
Readytomakeyourcommunityandlocallyownedbusinessesstandoutin
ReadytomakeyourcommunityandlocallyownedbusinessesstandoutinconsumermindsTokick-startyoureffortsformasteeringcommitteethatcanhelpyoulaunchabuy-localcampaigninyourtown
1Introducetheideaofabuy-localcampaigntolocalbusinessownersandkeydecisionmakersinyourcommunityBepreparedtoidentifythebenefitsofabuy-localcampaignandtoexplainwhatitwouldtaketogetonestartedUsingtheresourcesidentifiedthroughoutthischapteryoucanconfidentlysuggestresourcestohelpyoulaunchacampaign2AimtogatheramixofbusinessownersandinfluentialcommunityleaderstobeapartofyourcommitteeCombiningthemindsresourcesandcommunityreachofadiversesteeringcommitteecanhelpyouaccomplishyourbuy-localcampaignplanningmoreeffectivelyIdeallyyoushouldhavelong-timebusinessownersmdashcommunityleaderssuchasyoureconomicdirectormayororaldermanmdashandhighlyregardedindividualsonyourcommitteewhoeithervolunteerorworkwithotherorganizationsthatreachalotofconsumersBetween7and12memberswouldbeidealalthoughafewlessorafewmorestillcanworktodeliverastrongcommittee3Identifyadateandalistoffuturedatestomeetasagrouptobeginyoureffortsinplanningforabuy-localcampaignDuringthesescheduledmeetingsbesuretoclearlyidentifywhoisresponsibleforwhatwithdeadlinesclearlystatedtoensurefollowthroughHavingaleaderortwoonyoursteeringcommitteecanhelpeveryonetostayontrackwiththeirindividualresponsibilitiesaswell
Onceacommitteehasbeenidentifiedandeachmemberiscommittedtocreatingabuy-localcampaignwiththesamegoalsinmindbesuretoleanontheresourcesidentifiedinthischaptertohelpyouinmovingforwardThroughyourcombinedeffortsyoucanestablishastrongcampaignwithinyourowncommunitytoincreaseindependentbusinessvisibilityandsaleswhilealsoenhancingyourlocalcustomersrsquocommunityexperience
11
ACrystalBallforIndependentRetailers
Thebestwaytopredictyourfutureistocreateit
mdashPeterFDrucker(1909ndash2005)authorconsultantprofessorIFSOMEONEhadtoldyouwhenyouwerejustembarkingonyourcareerpaththatyouwouldbecomeastoreownerwouldyouhavebelievedhimorherThe
realityisthatretailisnrsquotajobmanyretailerssetouttodoldquoIdidnrsquotgochasingadreamofbeingabusinessownerparticularlyaretailstoreownerThisdream
chasedmerdquo1KimberlyEfseaffofBonBijouxGirlyBoutiqueinDelMarCaliforniatoldus
HavingheardsimilarstoriesfromcountlessotherretailersweknowthatretailisnrsquotalwaysthejobtheyhavedreamedofmdashwhereasothersfeeljusttheoppositeandconsiderowningtheirownstoreadreamcometrueldquoIcanrsquotimaginelivingmylifeanyotherwaythanhowIdonowwhichisbeinginmystoresevendaysaweekItrsquossomethingIrsquovealwayswantedtodoandamthrilledtoactuallybedoingitrdquo2Chicago-basedstoreownerAngelaGianfrancescosaid
TheFutureofIndependentRetail
WhetheryoufallintothecategoryofanaccidentalretaileroraretailerbyintentthefutureofthisdynamicbusinesshasalotinstoreforyouJasonRichelsonfounderandCEOofShopKeepPOSbelievesthatthereisalotforindependentmerchantstolookforwardto
IhavefivepredictionsforthefutureofretailbeginningwiththefactthatthecloudisheretostayandWindowsisdeadOverthenextthreetofiveyearsthecloudwillreallycomeofageinretailandWindows-basedPOS
yearsthecloudwillreallycomeofageinretailandWindows-basedPOS(pointofsale)andotheroperationswilldisappearThiswillkick-startinApril2014whenMicrosoftwillstopsupportingXPwhichwillrenderhundredsofthousandsofWindowsPOSsystemsoutofPCI(paymentcardindustry)complianceRetailerswillhavetostartthinkingaboutupgradingtheirexistingtechnologymdashwiththecloudbeingtheobviousoptionThevastadoptionofiOSandAndroidwillalsodrivethisshiftalongwiththeproliferationofmobiledevices
NextIbelievewersquoregoingtoseehandheldregistersthatallowstafftohelpcustomersontheshopfloorandthenringthemuprightthereinsteadofhavingtolineuptogettothecounterThetypeofhandheldregisterthathasbeenproventoworkforAppleNordstromandBarneyswillultimatelycome to small stores I believe and as a result therewill no longer be areasontohaveacountertoprocesstransactionsThatspacecanbefreedupforotheruseslikedisplaysormorefloorspace
AlsoandagainreferencingthecloudIbelievethatsmallretailerswillbeabletoaccessdatasimilartohowbig-boxretailershavebeenforyearsThecloudhasleveledtheplayingfieldandloweredthepricepointforthistypeofinformationcollectionandanalysiseffectivelydemocratizingdataTheworldofcustomerproductandsalesanalysisthatonlyexistedfortheWalmartsorStarbucksofthisworldnowexistsforanyonewhowantsitIn2014 access to datawill be the equalizer for small businesses The nextdifferentiatorwillbeknowinghowtouseit
With these data and combined with POS technology I also believeretailerswillbeabletobetteridentifywheretheirmarketingdollarsshouldbe spent Small businesses are expected to spendmore than half of theirmarketingbudgetsontheirownassetsin2014includingtheirwebsitese-mailmarketingcampaignsandsocialmediachannelsThiswillbedrivenbytwothingstheavailabilityofcost-effectiveonlinetoolsandtheabilityto act on their own customer data POS technology has fundamentallychangedthecustomerinteractionInsteadofacustomerhandingovercashandwalkingawayyouaregatheringinformationandbuildingaprofileofthatcustomerthatcanbeusedtomarkettothemSmallretailerswillstarttotakeadvantageofthisandwewillseethemarketingdollarsfollow
Finallyover timewearegoing toseeavarietyofbusinessservicesstarttointegratewiththePOSsystemDifferentappsaretailermightusetorun their store including loyalty CRM (customer resourcemanagement)accounting e-mail marketing delivery social media payroll mobile
paymentsandmorewillplugintothebackendofPOSallowingretailersto usemultiple tools in an integrated fashionAs a resultmerchants canthenoperate and report on all these systems froma singleviewwith themostimportantthingatthecentermdashwhichiswhatishappeningatthecashregisterThisisthefutureforretailers3
RichelsonrsquosexpansivepredictionofwhereindependentretailisheadingismdashinouropinionmdashrightonThankstothecloudanddata-collectingtechnologiesthathaveadvancedinrecentyearsontheretailscenesmallretailerscanfinallybecomemorecompetitivewithintheirlocalandglobalmarketplacesTheseopportunitiesforindependentretailerscancreateadominoeffectofgoodorbadresultsbasedonwhatkindofgrowthchangeandcustomercaretheyintroducetotheirstoresVendCEOVaughanRowsellshareshisthoughtsonthefutureofretailas
wellspecificallydiscussinghowpoint-of-sale(POS)systemscanhelpretailerstoleveragemoresalesandbettermanagetheirbusinessesYoursquollfindthatmuchofwhatRowsellsaysisalsosupportedbyRichelsonrsquosthoughtsreinforcingtheideathatthefutureofretailisdevelopingatasteadypaceamongleadingindustryplayers
Web-basedPOSisgroundbreakingineveryrespectforindependentretailersFirstoffaweb-basedPOSlowersthebarriertoentryViasubscription-basedwebsoftwareindependentretailerscannowaffordthesophisticatedtoolsandreal-timeanalyticsthatbigretailershavebeenleveragingforyearsAlsosmallstartupscangetaPOSforlessthanitcoststobuytwopizzasamonthButthereareotherevenmoreexcitingfacetstoweb-basedPOSwhichareadd-onsandcustomsolutions
JustasretailerscannowcustomizetheretailexperienceontheirshopfloorstheycanalsocustomizetheirPOSsoftwaretoexactlyfittheirneedsWeb-basedsoftware (alsocalledsoftwareasaserviceorSAAS) isoftencomplementing other software allowing retailers to truly take control oftheir retail operations An example of this would be for a retailer tointegrate their POS systemwith their accounting software This not onlysaves themhoursofadministrationtimeeveryweekbutalsospares thempossibleexternalbookkeepingexpensesortimelydouble-entryproceduresonmultiplespreadsheetsorinmultiplesoftwareaccounts
ThissaidPOScanbeevenmorecustomizablethanthisIfyouowna
hairsalonforexampleyouneedtobeabletokeeptrackofyourproductsand your appointmentsmdashtwo very different details of your business yetequally importantWithSAASsolutions this iseasyYousimplyfindanaddon that integrates appointment software with your POS system andawayyougo
Finallyothersolutionscanbecherrypickedasyouneedthemtohelpmanage your unique business specificallyWant to spare your customersthe crazy queues during the holiday season Integrate your POS systemwithaself-checkoutappsothatcustomerscanringthemselvesupandpayviatheirsmartphonesWanttotakeordersandacceptpaymentsinadvanceatyourcafeacuteTherersquosanadd-onforthattooInthefuturetherewilllikelybeanappforanythingyoucanthinkofaswell4
Anappforeverythingiscertainlyapredictionwecanexpecttobecomerealitybutwhataboutthefutureofretailbeyondtechnology
TheFutureBeyondTechnology
Portablecashregisterscloud-baseddatacollectioninstantappadditionsandothertechnologysolutionsundoubtedlywillplayabigroleinthefutureofretailThissaidthereissomethingtobesaidforgoodold-fashionedcustomercareSupportingthisideaisCamilleCandellagroupmarketingmanagerforEmeraldExpositions
TodayrsquoscustomersaremoreeducatedthaneverbeforeandtheyhaveaccesstomorestoresthaneverbeforeAsaresultcustomersarebecomingmoreselectiveinwhattheywanttobuyandwheretheywanttobuyitForindependentretailersIbelievethiswillpositionthemtobuildstrongerclientelebygivingthemmorepersonalizedattentionandreallylisteningtotheirneedsOnewaytodothisistokeepproductsfreshbasedonwhatyourcustomersaretellingyouUnlikebig-boxstoressmallermerchantscanreactfastertocustomerdemandsandoftenreceiveinventorysoonerbasedonsmallerquantityneedsThiscertainlyplaystotheadvantageofindependentretailersandcanhelpthemhavemoresuccessintheirtotalstoresalesaswell5
ReactingtocustomersonafastermorefocusedscaleisunarguablyatrendthatretailerswillneedtoembraceandlikewiseonethatconsumerswillbegintodemandPublisherBillMcNultyofSumnerCommunicationsIncsharesthispredictionanticipatingconsumerexpectationsamongallretailerstoincreaseinyearstocome
TheharshrealityisthatoverthenextfewyearsinanytypeofbusinessanythingyoutrythatispoorlyexecutedisgoingtohavesignificantstrugglesTheconsumerexpectationbarhasrisenacrosstheboardatanalarmingrateIfyougiveshoppersareasontowalkthroughyourdoortheywillHoweverifyougohalfspeedandhopeeverythingwillworkitselfoutyoursquoreinforanuphillclimbThemarketspeaksloudandclearanditisneverwrongWhilethismayseemlikeahugechallengemorethaneverbeforesmallretailershavetheabilitytochangebuyingbehaviorsinsteadofsimplyreactingtothem
Retailers are the first and last line of defense for customer serviceTechnology iswhat it is and can be a great tool formarketing but self-checkout and single-click buying will never replace face-to-facerelationship building for an overwhelming percentage of your customersOffering fantastic customer service going the extramile for a customerand adding a personal touch to every transaction are things only you andyour team can do People remember kindness and they remember greatserviceUnderstandthatyourcustomerdeepdownwouldreallyprefertobuylocallymdashfromyoumdashthanfromyournearestbig-boxneighborUsethistoyouradvantageanddosomethingtorewardthatbehavior6
McNultyrsquosopiniononsupportingcustomerswithexceptionalcustomercarenomatterhowmuchnewtechnologyisintroducedissomethingallretailersshouldpayattentiontoWhileiPadsandothermoderntechnologiesshouldhaveaplaceinyourstoreitrsquosimportantnottolosesightofhowstrongcustomerservicecanhaveanimpactonyourbusinessmdashandultimatelyyourretailfutureInfactasothermerchantsembracetechnologyentirelyanddismissthesepresumedold-fashionedsellingtechniquesyoushouldleveragethepowerofcombiningthesetacticstomaximizeyourstorersquosfullpotentialJewelryretailerAngelaGianfrancescohasplanstodotojustthat
Ilovethatmodernconvenienceslikepointofsaleande-mailmarketing
solutionsmakemyjobsomucheasierbutIneverwanttoforgetwhyIbelievecustomersshopatmystoreItrsquosnotjusttheeaseofacustomercheckoutexperiencethattheyenjoybutrathertheentireexperienceofmystoreIknowthatmypersonalityalongwithmyteamrsquoshasalottodowiththisandIdonrsquotwanttoneglectjusthowmeaningfulthisistomybusiness7
GianfrancescooffersagoodreminderforallmerchantspointingoutthatpartofyourstoreisinfactyourpersonalityAsyouembarkorcontinueonyourretailjourneyalwaysrememberthatyourpersonalityaffectsyourbusinessplainandsimpleMoreoverrememberthatyouremployeesareareflectionofyourbusinessandcanaffectyourstorersquossuccessandsalesaswell
Withblack-and-whitedataincreasinglybecomingmoreaccessibletoretailersandtechnologybecominganexpectedadditiontoretailstorefrontsmerchantsshouldembracethechangestakingplacebothonlineandofflinewhenitcomestomanagingandmarketingtheirretailstoresDelayingtheincorporationofthesetechnologiesandmodernamenitiescanpushretailersyearsbehindtheircompetitorsmakingtheirracetofinallycatchupnearlyimpossibleoncetheyrsquorereadyTohelpavoidthislong-windedjourneymakeyourfuturemorepredictablebywelcomingtherealitiesofmodernretailintoyourbusinessmodeltoday
WhenRetailIsnrsquotinYourFuture
DespitewhattheeconomytrendsinretailandevenyourownpersonalgoalsmaybeforthefuturesomeretailersmaygettoapointwheretheywantorneedtoselltheirstoreThisdecisiondoesnrsquotneedtobeperceivedasabadonebutrathersimplyasastepinadifferentdirectionOftenretailerswhoneedtomoveoutofstatewanttoretireorhaveothergoalsinmindchoosetoselltheirbusinessesasawaytomoveforwardGroupgeneralmanagerCurtisKroekerofBizBuySellcomandBizQuestcomshareshisthoughtsonhowsellingyour
businessmaybeyourbestdecisionyet
TherearemanyfactorsthatgointodeterminingifabusinesssaleisrightforyouThefirststepistoobjectivelyassessyourbusinessasasaleprospectProspectivebuyerswilldoextensiveresearchbeforesigningonthedottedlinesomakesurethatyouthoroughlyexamineyourfinancialsinfrastructurestaffingandevenclienteletodetermineifyourbusinesswillbecoveredIfthereareissuesinanyoftheseareasbesuretoatleastcreateanactionplantoguidethenewownerbutyoursquollbetterpositionyourbusinessforasuccessfulsaleifyouaddresstheseissuespriortosellingThiswillhelptodrawinmoreprospectivebuyersandimproveyourchancesforahighersalespricedowntheline
In addition itrsquos important to remember that selling a business is apersonal decision Make sure to analyze your motivations for selling toensure that it is therightstepforyouWhydoyouwant tosellAreyouburntoutLookingtodothenextthingHavinghealthproblemsSimplyready for that well-deserved retirement There are countless reasons youmaybeconsideringasaleDeterminingwhyyouwanttogetoutwillhelpyou to setyourdesired time lineandgoals for the saleThiswill amongother thingshelpyoudecidehowtotradeoffsalespeedandsalepricemdashtwo goals that are often somewhat at odds Also be sure to outline yourpostsaleplanYoumayberetiringusingthemoneyforanotherventureoreven staying with the company in a managerial capacity Defining theseafter-sale interests will help you determine if you are ready to sell anddesignasaleapproachthatfitsyourmotivations
Nextifyoubelievesellingyourbusinessmaybeinyourfuturestartplanning for this now The best retailers are always working to improvebusinessvalueIfyouhaveasaleinmindfromtheverystartitensuresthatyou are always thinking about how to maximize value and will be in abetterpositionwhenthetimecomestosellHoweverifyouhavenrsquotbeenthinking thiswaydonrsquot despairTherersquos still time Just donrsquot putoff thisway of thinking any longer Positioning your business tomaximize yoursaleoutcomewilltaketime
TostartpreparingyourbusinessforsaleputtogetherapresaleactionplanThegoalof thisplan is toget all the improvementsdone forwhichyouhavetheenergyandcapabilityDoingsowillensurethatyourbusinessisinitsbestshapewhenithitsthemarketThenextstepiscollectingand
organizing necessary documentation Sooner or later prospective buyersaregoingtowanttoseeldquojustthefactsrdquoonpaperThisusuallyincludesatleast three years of financial statements that will help to prove yourbusinessrsquosworthNextstartassemblingyoursalesteamSellingabusinessis not an extracurricular activity it is a full-time jobExperienced sellersleveragethehelpofqualifiedbusinessbrokersappraisersaccountantsandattorneystohandlethemanydetailsofasuccessfulsaleThisallowsthemtofocusonmaintainingoracceleratingbusinessperformancewhileitisonthemarketmdashnothing sells a business better than strengthening financialsWithagoodteaminplaceyoursquollbewellpositionedtopriceyourbusinessrightprepareyourfor-salemarketingmaterialsandmuchmore
Finallydonrsquotbe intimidatedby the thoughtof sellingyourbusinessbutdonrsquotunderestimatewhat it takes tosellabusinesseitherTheproperpresalepreparationcanmeanthedifferencebetweenasuccessfulsaleandlongdrawn-outfrustrationThesetipswillhelpyoutogetstartedbuttherearecountlessmoredetailsthatyoushouldconsiderTolearnmoreyoucancheck out our full BizBuySell Guide to Selling Your Small Business athttpwwwbizbuysellcomsellerguideselling-a-business8
YourfutureinretaildoesnrsquothavetoendorstartinanytraditionalwaySellingyourbusinessmaynotbeyourgoaltodaybutknowingupfrontthatitmightbeonedayiswhatyourtakeawayshouldbehereAfterallyouwanttobuildabusinessthatisworthsomethingdonrsquotyouWhetheryouplantopassyourbusinessdownthroughgenerationshopetosellitonedayforagainorsimplyhopetoworkuntilyoudonrsquotwanttoworkanymoreplanningaheadandcreatingastrategyforyourbusinessshouldremaintopofmindYoumaybeyourownbossafterallbutthatdoesnrsquotmeanthatyoucanpredictyouroutcomeThatresponsibilityisleftinthehandsofconsumers
PartingWordsfromJasonPrescott
ItusedtobeexpectedthatrevolutionsinretailoccurredeverycoupleofyearsmdashormaybeevendecadesInaveryshorthistoricaltimeframewemovedfromsmallstreetindependentstodepartmentstoresyieldingmassiveconglomeratestoe-commercebehemothsAnewdynamicparadigmhascreatedamassiveshifttowhatcaneasilybestatedasacustomer-centricrevolutionAstechnology
moldseverymovementandinvestmentretailersmakethemostsignificantinvestmentthatmustbemadeisknowingandunderstandingthegranularityofyourpotentialandexistingcustomerbaseAsaresultaretailstorefrontmustbeseenasmuchmorethanastorefrontorplacewhereservicesandmerchandisearemerelytransactedThestoreneedstobecomethebattlefieldwhereknowledgeacquisitionofyourcustomersmustoccurTohelpretailersmoveforwardwiththisstateofmindmerchantsmustrealize
andembracethefactthatdataarenowbeingtransactedateverypointWhenashopperentersastorethedaywillsoonbeherewheredigitaldisplayssynchwithprofilesandGoogleGlass(awearablecomputerwithanopticalhead-mounteddisplay)allowingmerchantstoaccessaplethoraofinformationthatisconstantlygatheredandprocessedbythesedevicesCreditanddebitcardswillalsobecomeevenmoremeaningfultoretailerswitheveryswipebecominganopportunitytocollectconsumerdetailsandshoppingtrendsfromcompaniessuchasCardlyticsFurthermorethesedetailswillbeabletobesharedwithothermerchantsmakingaretailerrsquoschancetobothcollectandsharecustomercontactdetailsmorerelevantinalltheirstoredecisionsOfcourseFacebookTwitterGooglePlacesYelpTripAdvisorandother
majorinfluencerswillcontinuetohelpbusinessescompeteagainsttheWalmartsoftheworldbuttotrulycompeteitrsquostheunderlyingbusinessintelligence-gatheringprocessthatwillshapethefutureofretailConsumershavebecomethemostpowerfulmediaforceintheworldtodayTheybondtogetherintheirsimilarinterestsandchoosetotrotdownthepathofreviewsreferralsandsocialbuzzandtheyadvocatewhatispopularatthemomentIfyouaregoingtosucceedyoumustbefocusedonnotbecomingafadbutsettingtrendsandconstantlyadaptingtothedynamiclifestylechangesofthoseyouvaluemostmdashyourcustomers
PartingWordsfromNicoleLeinbachReyhle
ItrsquoscompetitiveinretailnomatterhowbigorsmallyourstoreisKeepingupwithcustomerexpectationsmarkettrendsretailchangesandyourlocalcommunityisanonstopjobthatdemandsmuchmorethanatraditional40-hourworkweekThatsaidretailisanexcitingalwaysevolvingandconstantlyentertainingbusinessthatasaresultisoneyoumustconstantlytendto
Unlikemuchofourretailcompetitionindependentmerchantsdonothavehumanresourcemarketingpublicrelationsorotheroperationalin-houseteamsthathelpkeeptheirstoresvisibleandtheirdoorsopenRatherthanrunawayfromthisrealityretailersshouldtacklethisheadontohelpkeeptheirstoresafloatandtheirbusinessessuccessfulOftenthismeansacceptingthatyousimplycanrsquotdothisaloneItrsquoswiththisinmindthatIbelievethefutureofretailwillcontinuetointroduceandembracesupportingplayerstoindependentmerchantsCompaniessuchasSnapRetailBoutiqueVisionPremierPackagingVendSquareShopifyandmanyothershavecometolifeasaresultofneedmdashandhavestayedaliveasaresultofdemandTheseexternalbusinesspartnersarekeycontributorsthatdelivereffectivesupportforstoreoperationsmarketingmanagementandevensalesWithoutthemindependentretailerssimplycannotthriveinourcompetitiveretailmarketplaceTogetherhoweverindependentretailersandtheirexternalbusinesspartnerscanhaveapositiveimpactoneconomicgrowthandcustomerloyaltyforyearsandyearstocome
Conclusion
ThroughoutthisbookyouhavelearnedhowmanagingandmarketingyourretailbusinessrequiresadiverserangeofskillssupportandexpertiseMoreoverwehaveintroducedyoutocountlessresourcesbusinessesorganizationsandassociationsthatwehopeyouwillfindusefulinyourindividualretailbusinessesCollectivelythedetailswesharedareintendedtohelpyouinyouruniqueretailjourneymdashandwehopethattheywilldojustthatWhetheryouarenewtoretailaltogetherhavehadastoreopenforcountlessyearsorsellexclusivelyonlineweapplaudyoufortakingthetimetolearnmoretohelpyourbusinessandwishyousuccessasyourembarkonyourretailjourneyahead
APPENDIXA
ResourcesforIndependentRetailers
THEFOLLOWINGlistwascreatedtoofferyouacollectivedestinationtoidentifythebestresourcesforentrepreneursandretailersspecificallyThesebusinessesallofwhichweprovidewebsitedetailsforcoveravarietyoftopicsthatincludewheretogotogainsmall-businessloanscompaniestohelpwithyourretailmarketingeducationalpublicationsspecifictoretailerstradeassociationstohelpyournichebusinessandmuchmuchmoreListedinalphabeticalordertheseresourcesshouldbeevaluateduniquelyforyournicheretailbusiness
Advanstar advanstarcom Advanstar is an event and marketing servicesbusiness that serves retailers through trade shows publications and otherindustry-specificeventsAmongitstradeshowsareMAGICMarketWeekandENTInternationalAmericanApparelandFootwearAssociationWeWearorgTheAmericanApparelandFootwearAssociation (AAFA) isanational tradeassociationthat representsapparel footwear andother sewn-productscompaniesandsuppliersTheassociationhas retailer-specific supportandoffersvaluableinsightformerchantswhoselltheseproductcategoriesAmerican Independent Business Alliance amibanet This nonprofitorganizationhelpscommunitiesandretailers launchandoperatebuy-localcampaignstosupportlocalentrepreneurseconomiesandretailersARTHomeFurnishingsNetworkAccessoriesResourceTeamorgARTisamember-basedorganization in thehomefurnishings industry that includesretailers importers sales representatives product designers interiordesigners and industry supporters ART offers its members a forum to
learnnetworkandgainadditionalbenefitstohelptheirbusinessesASD Trade Show ASDonlinecom ASD Las Vegas brings the worldrsquoswidest variety of generalmerchandise together in one efficient consumergoods trade showHeld biannually inLasVegas annually inNewYorkandannually inMiamiASDattracts thousandsof retailers and supplierssupporting retail categories that include gift home fashion health andbeautyjewelryvalueandvarietytoysandmoreAssociation of Small Business Development Centers asbdc-usorg SmallBusinessDevelopmentCenters (SBDC)provides retailers andother smallbusiness owners in the United States with assistance education andconsulting to help launch grow and manage their unique businessesSBDC branches often reside on college campuses andmaywork closelywith their local Chambers of Commerce and other community programsGototheSBDCwebsitetolocateacenterclosesttoyouBank of America bankofamericacom Bank of America offers small-business checking with more control and access than many other banksallowingyoutobettermanageyourbusinessdollarsBankofAmericaalsooffers a variety of merchant services that may be suited to your uniqueretailneedsBizBuySell BizBuySellcom The Internetrsquos largestmarketplace for buyingandsellingbusinessesaswellasaresourcedestinationtogaininsightintowhatyouneedtodotoprepareforthispossiblestepinyourretailjourneyWhetheryouwanttobuyorsellaretailstorethisisafantasticresourcetorefertoBosiDNAbosidnacomDiscoveryourentrepreneurialinsightthroughthisonlinequizidentifyingwhattypeofentrepreneuryouareOncecompletedthis quiz reveals ways to strengthen your business weaknesses andmaximizeyourbusinessstrengthsBoutique Vision BoutiqueVisioncom Drive traffic and increase salesthrough customized store signage and other in-store marketing materialsfromBoutiqueVisionTheparentcompanyInnoMarkCommunicationsisoneoftheleadingprovidersofcustomvisualmerchandisingsolutionsandBoutiqueVisionwascreateduniquely to support small retailersmdashkeepingbudgetandqualityalwaystopofmindBoutiqueWindowBoutiqueWindowcomShowcaseyournewinventoryandother highlightedproducts throughFacebookTwitterPinterest andyourwebsitethroughBoutiqueWindowrsquosbuilt-inphotoeditingtoolsandonlinemarketingmanagementresources
Bureau of Labor Statistics httpstatsblsgovaudiencebusinesshtm TheBureau of Labor Statistics provides statistics that help you find newmarkets for your store and can compare your businesswith others in theindustryaswellasassessemploymentcostsBusiness Alliance for Local Living Economies (BALLE) BeALocalistorgThe Business Alliance for Local Living Economies is a fast-growingallianceofentrepreneursbusinessnetworksandlocaleconomyfundersinNorthAmericawho aim to gain prosperity among communities and helpindependentretailersandothersmall-businessownersthriveBusinessUSA httpbusinessusagov This is a one-stop shop destinationforeverythingrelatedtobusinessintheUnitedStatesEssentiallythisisadestinationtogainadditionalresourcesforyourbusinessCardlyticsCardlyticscom ThroughCardlytics you can reach individualsbasedontheiruniquepurchasehistoryandhelptodrivesalestoyourstoreraisepromotionawarenessbuildloyaltyandmoreCausetownCausetownorgCausetownhelpslocalindependentbusinessesto attract customer attention and encourage sales throughpromotions thatgive a portion of purchases to each customerrsquos charity of choice Theplatform manages all the details of these transactions including charitydistributionallowingcommunityfundraisingforindependentretailerstobeeasyandaccessibleCouncilofStateRetailAssociationsCouncilSRAcomTheCouncilofStateRetail Associations (CSRA)was organized to strengthen and support theretailindustryworkingwithindividualstateretailassociationexecutivesaswell as directly with retailers The goal is to help support associationmembersandtheretailcommunityatlargeCraft andHobbyAssociationCraftAndHobbyorgThis international not-for-profit trade association consists of thousands of member companiesengagedinthedesignmanufactureandretailingofcraftandhobbyitemsTheassociationoffersavastrangeofresourcesandbenefitstoitsmembersandproducesanumberofeventseachyearCraftersrsquoHomeCraftersHomecomCraftersrsquoHomeisamembership-basedorganizationthatsupportsindependentscrapbookandpapercraftretailershelping to maximize a retailerrsquos relationship with manufacturers andcustomersCraftersrsquooffersavarietyofbenefitstoitsmembersthatincludediscountsfromvendorsandmoreDo It In Person DoItInPersoncom This online event platform allowsretailers and other businesses tomanage and promote their events in one
convenientplaceEmerald Expositions EmeraldExpositionscom Formerly NielsenExpositions Emerald Expositions is a leading owner and operator of avarietyofbusiness-to-businesstradeshowsmostofwhichcatertoretailersThe market categories include general merchandise apparel sportsjewelryfurnituredesignandmoreGlobalShop GlobalShoporg GlobalShop is the worldrsquos largest annualevent for retail design and shopper marketing creating a one-stopdestinationforretailerstoconnectdirectlywithstorefixturecompaniesandother in-store solutions GlobalShop also offers networking and learningopportunitiesIdeationIdeationGiftscomIdeationisthepremiergiftcatalogcompanyinthe United States that provides catalog and marketing services toindependentgifttoyandfashionretailersnationwideIndependent Retailer Conference RetailMindedcomRetail-ConferenceTheIndependentRetailerConferenceholdsa flagshipone-dayconferenceannually and brings its quality and independent retail-specific educationonsitetotheASDTradeShowbiannuallyKnownforaddressingkeyissuesin the independent retail scene the Independent Retailer Conference iswidelyrecognizedasamust-attendeventforindependentstoreownersIndependent Retailer Magazine IndependentRetailercom This monthlypublicationoffersretailadviceonwholesalebuyingandsellingintroducingretailers to importersmanufacturers trade shows and countless productsfortheirstoresInternetRetailerConferenceandExhibitionircecomTheInternetRetailerConference and Exhibition (IRCE) holds a variety of events that discusskey topics for online merchants introduce industry resources and shareexpert informationwith attendeesThe IRCEcanbe foundat select tradeshows where it holds educational tracks specifically discussing e-commercesolutionsandothere-commerceeducationandexpertiseInternet Retailer Magazine InternetRetailercom Internet RetailerMagazine supports retailers and other businesses with e-commerceintelligencenewsandmarket supportThepublicationdelivers12 issueseach year and provides additional resources that include newslettersresearchguidesandmoreInstitute for Local Self-Reliance ilsrorg The Institute for Local Self-Reliance works to provide innovative strategies and timely support tocommunity development working with entrepreneurs and community
leadersalikeThewebsiteoffersadiverserangeofinformationvaluabletobusinessownersInternal Revenue Service (IRS) httpwwwirsgovbusinesses The IRShostssmall-business taxworkshopsandwebinarsandprovides tax-relatedinformationforstartingoperatingorclosingabusinessiPadEnclosures iPadEnclosurescomAscloud-basedpoint-of-sale (POS)and iPadsystemsbecome increasinglypopular for retailers theftof iPadsfromretailersisalsoaconcerniPadEnclosuresoffersproductsspecificallydesigned for retailers and other businesses allowing you to take controloveryouriPadmanagementandvulnerabilitytotheftKabbage Kabbagecom Kabbage has simplified the process of getting abusinesscashadvanceallowingretailerstoavoidtraditionalbankshiddenfees and unexpected charges while trying to gain working capital Thecompanyrsquosflexiblefundingoptionsallowqualifiedretailerstogainquickconvenient access to capital to help their businesses while also makingmoneytransferseasyandstraightforwardLicensingExpoLicensingExpocomTheLicensingExpoconnectsretailersbrands and manufacturers to entertainment character fashion art andcorporate brand owners to establish relationships spot trends buildstrategicpartnershipsandsecurepromotionaltie-insItisheldonceayearinLasVegasMAGIC Market Week MagicOnlinecomMagic-Market-Week MAGICMarketWeek is the largest global market week for contemporary menrsquosand womenrsquos apparel footwear and sourcing Held biannually in LasVegasMAGICattractsfashionbuyersandbrandsfromaroundtheworldManagement One Management-Onecom Management One servesindependent retailers and other small businesses by helping them get abetterreturnontheirinvestmentsincludinginventoryandpeopleThecoreservices and products surround inventory planning and solutions helpingretailersachievegreatersuccessandsalesManufacturercomManufacturercomisthepremierglobalonlinebusiness-to-business marketplace where buyers and suppliers connect and profitBillionsofdollarsofgeneralmerchandiseapparelandfashionaccessoriesaresourcedthroughManufacturercomasmillionsofbuyersthroughouttheworldconnectdirectly tosuppliers inChina India theUnitedStatesanddozensofothercountriesMinority BusinessDevelopment Agency (MBDA)MBDAgovmainofficesThis agency funds a network of minority business centers located
throughoutthenationthatprovideminorityentrepreneurswithone-on-oneassistance in marketing writing business plans management technicalassistanceandfinancialplanningModalystModalystcomRetailerscanaccess risingaccessoryand jewelrydesigners in this well-crafted cutting-edge online marketplace thatshowcasesproductsthroughvirtualshowroomsThisisagreatdestinationforfashionandaccessory-basedretailersMOO Moocom MOO is an online company that offers business cardspostcardsstorehangtagsandotherprintproductsthatarestylishindesignManyofMOOrsquosdesignsarereadytogowhereasothersareavailabletobecustomizedNational Hardware Show NationalHardwareShowcom The NationalHardwareShowisthepremiertradeshowforthe$343billionUShome-improvement and do-it-yourself (DIY) markets Held annually in LasVegas this show caters to retailers in the building hardware lawn andgardenpethomegoodsandfarmcategoriesaswellasmanyotherretailsectorsPremierPackagingRetailPackagingcomPremierPackagingisaleaderincustomprintingandoffersstockready-to-shipretailpackagingoptionsforretailers that include paper and plastic bags ribbons tissue paper giftboxesandmoreReed Expositions ReedExpocom Reed Expositions offers a portfolio ofmore than 500 events in 41 countries many of which cater to retailersspecificallyThewebsiteidentifiesthemorethan500eventsallowingyoutoidentifywhatmaybebestforyouruniqueretailbusinessRetail Adventures Blog RetailAdventuresBlogcom Internationallyrecognized retail experts Rich Kizer and Georganne Bender of Kizer ampBenderSpeakingwrite thisblog sharing their firsthand retail experienceswhilealsoofferingretailinsighttipsandmoreRetailMAVENS RetailMavenscom RetailMAVENS is managed byhusband and wife team Paul and CathyWagner who are previous storeowners and current retail consultants Their expertise primarily falls intoretailinventorymanagementandtheirservicesareidealformerchantswhowantadditionalhands-onhelpfortheirstoreinventoriesandplanningRetailMindedRetailMindedcomRetailMindedisthenationrsquosonlyretaillifestylepublisherthatsupportsindependentretailerswithnewseducationand support to help them both in and out of their stores The quarterlypublicationRetailMindedMagazine is anavenuebywhich retail-focused
groups associations and other member-based organizations can helpretailersachievestronger successRetailMindedcaters toall independentretailers and does not eliminate any sector of retail and it offers aninformativefreenewsletterforindependentmerchantsRetailRadioRetailRadiobizTherightmusicinastoreenhancesthestoreexperienceandspendingbehaviorRetailRadioallowsmerchantstocreatetheidealatmospherefortheirstoresandcustomerscustomizingtheirownin-store radio station and professionally produced commercials for theirbusinessesRetailTouchPointsRetailTouchPointscomDesignedforretailexecutivesRetailTouchPointsisknownforitsin-depthmarketresearchspecifictotheretailindustryatlargeRetailTouchPointsoffersafreesubscription-basednewsletterthatretailersbigandsmallcanlearnfromShift Your Shopping ShiftYourShoppingorg Shift Your Shopping workswith organizations that include the American Independent BusinessAlliance (AMIBA) the Business Alliance for Local Living Economies(BALLE)CausetownandKevinBaconrsquosSixDegreesorgtopromotelocalandindependentshoppingAlthoughthemessageistargetedatconsumerstheplatformencouragesretailerstogetinvolvedShipwire Shipwirecom For retailers who need more space to storeinventory beyond their storefronts Shipwire is a fantastic resource Thecompanyoffersstorageshippingandmanagementof inventorymdashhelpingretailerssavetimeandcostsandavoidunnecessaryandcomplexshippingissuesShopifyShopifycomShopifyallows retailers to easily create andmanageanonlinestoreMerchantscanchoosefromover100professionaltemplatesthatcanbecustomized to theiruniquestoresalsoofferinganeasy-to-useback-endsystemforretailmanagementShopifyalsoprovideseducationalresourcesonitswebsiteforretailerstolearnfromShop Indie Retail ShopIndieRetailcom This is an online directory ofindependent retail stores across the United States highlighting theiruniquenessandsharingcontactdetailswithcustomersShopKeep POS ShopKeepcom ShopKeep POS is a simple easy-to-usepoint-of-salesystemthatisidealforindependentretailersandservice-basedbusinesses such as coffee shops The cloud-based POS system helpsretailerstracksalesmanageinventoryprintore-mailreceiptsandmoreShopSmallShopSmallcomShopSmallwasfoundedin2010byAmericanExpressandhassinceevolvedtobeanationallyrecognizedmovementthat
supports small-business owners The Saturday following Thanksgiving isofficiallyrecognizedasShopSmallSaturdayandthroughtheShopSmallnetwork retailers can gain a variety of tools and resources to helpstrengthentheirstorepresenceSierra Pacific Crafts SPCus Sierra Pacific Crafts is a member-ownedcooperativethatworkstocreateandsustainavibrantcommunityoffamily-owned retailers in creative industries through cooperative strategies insharingeducationmerchandisingmarketingoperationsandmoreSnapRetailSnapRetailcomSnapRetailistheonlycompanytoexclusivelysupport independent retailers with online marketing that ranges fromprewritten socialmediaposts toprofessionallydesignedandprewrittene-mailsadrag-and-dropcalendaralibraryofimagestouseandmoreSoldsieSoldsiecomSoldsiesoftwarehelpsretailerstoimporttheirexistingweb store on to Facebook The tools can help you promote products viaFacebookandultimatelyallowcustomerstomakepurchasesdirectlyfromFacebookSquare SquareUpcom Square allows merchants to conveniently swipecredit cards viamobile devices and iPadswith their Square Card readerThe company also offers other services and software to help merchantsbettermanagetheirretailstoreswhilealsobeingcompatiblewithavarietyofPOSprovidersSTOPfakes Stopfakesgov STOPfakes is a one-stop shop for USgovernment resources and tools on intellectual property rights (IPRs) Itassists and educates small and medium-sized enterprises (SMEs)consumersgovernmentofficialsandthegeneralpublicaboutIPRsStore Specialty Services SpecialtyStoreServicescom Discover a widevariety of store fixtures store displays and other related products ThisonlinewarehouseallowsyoutoconvenientlyshopforyourstoreTarsus Group tarsuscom Tarsus Group represents a number of tradeshows and publications including theOff-Price Show held inNewYorkandLasVegasannuallyTopTenWholesale TopTenWholesalecom This is a vertical search enginethat connects buyers of general merchandise wholesale products tomanufacturers importers distributors auctioneers independent retailersflea marketers drop shippers and any reseller of new and closeoutsmerchandiseTrademarksTheSpotTMTheSpotcomTrademarksTheSpothelpsretailersand other business owners to take the necessary steps to protect their
businesses The legal team offers federal and state trademark searchesfiling monitoring and moremdashoften more affordable than other attorneyratesTrade Show Exhibitors Association TSEAorg This association providesknowledge tomanagement andmarketingprofessionalswhopromote andsell products through face-to-facemarketing This is a great resource forfindingtradeshowsTripar International Triparcom Beautifully showcase your products andinspire your customers with Triparrsquos boutique selection of fixturesdisplays tabletop stands accessories andmore The companyrsquos productsare known to stand out among boutique retailers and help drive salesthroughdisplaysUnitedStatesPatentandTrademarkOfficehttpwwwusptogovTheUSPatent and Trademark Office (USPTO) registers trademarks and protectsintellectualproperty(IP)forUSentrepreneursandinnovatorsworldwideUSSmallBusinessAdministrationSBAgovTheSBAhas resources andinformationforstartingandmanagingbusinessesgettingloansandgrantsregistering for government contracting and receiving business counselingand training In addition the SBA supports regional Small BusinessDevelopmentCentersoftenadjacent tocollegeoruniversitycampusesformorehands-onsupportVend VendHQcom Vend is a POS inventory and customer-loyaltysoftwarethathelpsretailersmanageandgrowtheirbusinessesTheeasy-to-use software is iPad-based and ideal for retailers in a diverse range ofindustries including apparel fashion sports health and beauty food anddrinktourismhomegoodsandmoreVine Vinecom Vine allows merchants to incorporate videos into theironlinemessagingThisappiseasytouseandcanbeusedviasocialmediae-mail marketing and other online efforts to help communicate detailsaboutyourstoreorbusinessWishpondWishpondcomWishpond isanapp thatmakes iteasy to runagroupofferorsocialmediacontesttodrivesalesandtraffictoawebsiteorstorewithcouponsandotherspecialoffersviaFacebookTwitterPinterestyourwebsiteandmobiledevicesWholesaleCraftscomWholesaleCraftscom WholesaleCraftscom Retailerscandiscoverovera1000AmericanandCanadianwholesaleartistsonthisonline virtual marketplace Buyers must be qualified retailers and onceapprovedmayenrollforfree
Wholesale Minded RetailMindedcomWholesale-minded-magazineWholesale Minded Magazine is a free digital publication from RetailMindedthatsharesexpert insightpracticalsolutionseducationalsupportspecifically to independent wholesalers new-to-market vendors andretailerswhoworkwiththem
APPENDIXB
CommonRetailTermsandDefinitions
INTHISappendixwehaveprovidedalistofcommonretailtermstohelpsupportyouinyouroverallunderstandingoftheretailbusinessatlargeWersquollalsoaddresscommonwholesaletermsinaneffortforyoutobestmanageyoursuppliercommunicationAlthoughretailincludesmanyadditionaltermsthislistisintendedtosupportthemostcommonwordsusedintheretailindustryWersquodliketoalsothankViaTradingforitssupportinsupplyingmanyofthe
termsidentifiedhereinandweencourageyoutovisitViaTradingrsquosexpansiveglossaryforadditionalretailandwholesaleterminologyathttpwwwviatradingcomwholesale456Glossary-of-Termshtml
AcceptanceTheactofadraweeacknowledginginwritingonthefaceofadraftpayableatafixedordeterminablefuturedatethatheorshewillpaythedraftatmaturityAcceptance draft A sight draft documents against acceptance SeeDocumentsagainstacceptanceAirway bill The carrying agreement between shipper and air carrierwhichisobtainedfromtheairlineusedtoshipthegoodsAll-risksclauseAninsuranceprovisionthatprovidesadditionalcoveragetoanopencargopolicyusuallyforanadditionalpremiumContrarytoitsnametheclausedoesnotprotectagainstallrisksThemorecommonperilsit does cover are theft pilferagenondelivery freshwaterdamage contactwithothercargobreakageandleakageInherentvicelossofmarketandlossescausedbydelayarenotcoveredAs-is Refers to thesellingconditionsofcertainmerchandiseThebuyer
typicallyassumesallrisksinpurchasingsuchgoodsandthemerchandiseissoldwithnoguaranteesorreturnsATAcarnet Customsdocumentthatenablesonetocarryorsendgoodstemporarily intocertainforeigncountrieswithoutpayingdutiesorpostingbondsAuthoritytopayAdocumentcomparablewitharevocableletterofcreditbutunderwhosetermstheauthoritytopaythesellerstemsfromthebuyerratherthanfromabankB2B trade platforms B2B trade platforms are business-to-businessvertical search engines that connect buyers and sellers in global anddomestictradeTheseonlinemarketplacesprovidetoolsthatarenecessaryto facilitate communication between retailersresellers andwholesalersmanufacturersBalanceoftradeThebalancebetweenacountryrsquosexportsandimportsBeneficiaryThepersoninwhosefavoraletterofcreditisissuedoradraftisdrawnBig-boxstoresBig-boxstoresarestand-aloneretailersthatcarryassortedmerchandiseAnexamplewouldbeMacyrsquosorTargetBig-boxstoresalsomay be categorized as department stores discount stores or warehousestoresdependingonthestoreitselfBillofexchangeSeeDraftBillofladingAdocumentthatprovidesthetermsofthecontractbetweentheshipperandthetransportationcompanytomovefreightbetweenstatedpointsataspecifiedchargeBondedwarehouseAbuildingauthorizedbycustomsauthoritiesforthestorageofgoodswithoutpaymentofdutiesuntilremovalBoutique Refers to small shops or stores that are independently ownedand often sell a product assortment that is not duplicated exactly in anyotherstoreBuy local (also referred toasShop local) A termused to identify theimportanceofshoppingat localbusinessesoftenused tocommunicate toconsumersinanefforttostrengthenlocaleconomicimportanceandsmall-businessvalueBuyingagent Anagentwhobuys in thiscountry for foreign importersespecially for such large foreign users as mines railroads governmentsandpublicutilitiesSynonymouswithpurchasingagentCapitalThewealthwhetherinmoneyorpropertyownedbyabusiness
orindividualCash and carry A form of wholesale that sells products on the spotusually with cash only to a purchaser who is then able to self-carry theproducts themselves without having to wait for any time betweenpurchasinganddeliveryCashwrap [also referred to as point-of-sale (POS)Area] The placewhere a consumer goes to purchase products or services within a storeoftenthesameareainwhichpurchasesarewrappedinbagsforcustomersCarrierAtransportationlinethathaulscargoCasepacksGenerallyreferstoitemspackedinasmallcasetypicallyinquantities of 6 12 24 or 100 Goods such as cosmetics clothingaccessories and jewelry are often sold in case packs representing apredetermineditemcountCertificate of free sale A certificate required by some foreigngovernments stating that the goods for export (if products are under thejurisdiction of the US Federal Food and Drug Administration) areacceptable for sale in theUnitedStates that is that theproductsare soldfreelywithout restrictionTheFoodandDrugAdministration (FDA)willissueshippersaletterofcommenttosatisfyforeignrequestsorregulationsCertificateofinspectionAdocumentinwhichcertificationismadeastothegoodconditionofthemerchandiseimmediatelypriortoshipmentThebuyerusuallydesignatestheinspectingorganizationwhichis typicallyanindependentinspectionfirmorgovernmentbodyCertificate of manufacture A statement by a producer sometimesnotarizedthatcertifiesthatmanufacturinghasbeencompletedandthatthegoodsareatthedisposalofthebuyerCertificateoforiginAdocumentinwhichcertificationismadeastothecountryoforiginofthemerchandiseCampFCostandfreightSameasCIFexceptthatinsuranceiscoveredbythebuyerCFRCostandfreightindicatesthatthesellerwilldeliverthegoodstothebuyerandapplyactualcostoffreighttothebuyersChamberofCommerceAnassociationofbusinesspeoplewhosepurposeistopromotecommercialandindustrialinterestsinthecommunityCIF Cost insurance and freightApricing termunderwhich the sellerpaysallexpensesinvolvedintheplacingofmerchandiseonboardacarrierand in addition prepays the freight and insures the goods (an automatic
conditionofthecontract)toanagreed-ondestinationCleanbillofladingAbillofladingsignedbythetransportationcompanyindicating that the shipment has been received in good conditionwith noirregularities in the packing or general condition of all or any part of theshipmentCloseoutSellingtheentirelotofremainingmerchandiseusuallythroughasaleatreducedpricesCollection The procedure involved in a bankrsquos collectingmoney for aseller against a draft drawn on a buyer abroad usually through acorrespondentbankCOD Cash on delivery If your goods are delivered according toCODterms you must pay cash for them COD is common for retailers whencreditistightCollection papers The documents submitted usually with a draft oragainstaletterofcreditforpaymentofanexportshipmentCommercialinvoiceAtradeinvoicethatidentifieschargesappliedfromapurchaseorserviceConsigneeThepersonfirmorrepresentativetowhomasellerorshippersendsmerchandiseandwhoonpresentationofthenecessarydocumentsisrecognizedastheownerofthemerchandiseforthepurposeofthepaymentofcustomsdutiesThistermisalsousedasapplyingtoonetowhomgoodsareshippedusuallyattheshipperrsquosriskwhenanoutrightsalehasnotbeenmadeSeeConsignmentConsignment A term pertaining to merchandise that has not beenpurchasedunderanagreementbywhichtheconsigneeisobligatedtosellthegoodsfortheaccountoftheconsignorandtoremitproceedsasgoodsaresoldConsumersThefinalpurchaserorenduserofanyproductorserviceInretailspecificallyconsumersareoftenreferredtoascustomersCorrespondent bank A bank that is a depository for another bankacceptingdepositsandcollectingitemsforitsbankdepositorCountry of origin The country in which a product or commodity ismanufacturedorproducedCreditriskinsuranceAformofinsurancethatprotectstheselleragainstlossduetodefaultonthepartofthebuyerCustomerreturn Item thathasbeenpurchasedbyacustomerand thenreturnedtothestore(oronlinestore)foranynumberofreasons
Customs The agency or procedure for collecting duties imposed by acountryonimportsorexportsDASeeDocumentsagainstacceptanceDead stock Inventory in a store that has never been purchased by aconsumer and reflects products from past seasons Despite multipleattempts to sell it this stockdoesnot sellDeadstock isoftena resultofinexperiencedbuyingincludinglackofknowledgeofthecustomerbaseDefectiveDefectiveconditionreferstoitemsthathavebeenputthroughatestingprocessandhavebeendeemeddefectiveornotworkingItemsmaybevisuallydefectiveorincompleteorbemissingpartsItemsalsomaybebrandnewbutwithamajorquality-controlflawmakingthemdefectiveDemographics Identifies population in groups based on age genderincomeoccupationeducation religion race familysize family lifestyleandmoreGovernmentstudiesoftenprovidedemographicinformationandselectretailgroupsororganizationsspecifictotheirnicheretailcategoryDirectshipmentReferstoitemsthatareshippedtothecustomerdirectlyfromastorersquosfacilityDiscount A reduction in the price of an item Discounts will vary inamountandpurposeDisplays Represents thevisualappearanceofastoreenvironmentoftenreferring to specific areas of a storemdashsuch as a window display tabledisplayorpoint-of-sale(POS)displayDiscrepancyletterofcreditWhendocumentspresenteddonotconformtothetermsoftheletterofcredititisreferredtoasadiscrepancyDistributor A firm that sells directly for amanufacturer usually on anexclusivebasisforaspecifiedterritoryandthatmaintainsaninventoryonhandDocuments against acceptance (DA) A type of payment for goods inwhich the documents transferring title to the goods are not given to thebuyeruntilheorshehasacceptedthedraftissuedagainsthimorherDocuments against payment (DP) A type of payment for goods inwhich the documents transferring title to the goods are not given to thebuyeruntilheorshehaspaidthevalueofadraftissuedagainsthimorherDomestic International Sales Corporation (DISC) An export salescorporationsetupbyaUScompanyunderUSgovernmentauthorizationtopromoteexportsfromtheUnitedStatesbygivingtheexportereconomicadvantagesnotavailableoutsidesuchauthorization
DPSeeDocumentsagainstpaymentDraft(alsoknownasbillofexchange)Awrittenorderforacertainsumofmoneytobetransferredonacertaindatefromthepersonwhoowesthemoneyorwhoagreestomakethepayment(thedrawee)tothecreditor towhomthemoneyisowed(thedrawerofthedraft)DraweeOneonwhomadraftisdrawnandwhoowesthestatedamountSeeDraftDrawerOnewhodrawsadraftandreceivespaymentSeeDraftDropshippingAnorderthatisplacedwithavendorandshippeddirectlyto the end consumer (Brokers dealwith drop shipperswhen they do notwant to touch or warehouse the merchandise They receive orders fromtheircustomersand thenplaceadrop-shiporderwithavendorwho thenshipsthemerchandisedirectlytothebrokerrsquoscustomer)Drop-shipordersaretypicallyshippedblindmeaningwithnotraceofthevendorrsquosnameoraddresstoprotectthebrokerDuty The tax imposedbyagovernmentonmerchandise imported fromanothercountryE-mailblastAne-mailsenttoalargegroupofpeopleatonceEMCAnexportmanagementcompanyEmployeeturnoverTheratiobetweenthenumberofemployeeswhohadtobe replacedand thenumberofaverageemployees inagivenperiodoftimeForexample ifyouhaveanaverageofsixemployeesinayearandthreepeoplehad tobereplacedbecause theyquit thatyearyour turnoverwouldbe50percentTurnoveristheoppositeofretentionETCAnexporttradingcompanyExchange permit A government permit sometimes required of animportertoenablehimorhertoconverthisorherowncountryrsquoscurrencyintoaforeigncurrencywithwhichtopayasellerinanothercountryExchangeregulationsrestrictionsRestrictionsimposedbyanimportingcountrytoprotectitsforeign-exchangereservesSeeExchangepermitExcisetaxAdomestictaxassessedonthemanufacturesaleoruseofacommoditywithinacountryUsuallyrefundableiftheproductisexportedExpirationdate The finaldateonwhich thepresentationofdocumentsanddrawingofdraftsunderaletterofcreditmaybemadeExportTosendgoodstoaforeigncountryoroverseasterritoryExportbroker Onewhobringstogethertheexporterandimporterforafeeandthenwithdrawsfromthetransaction
EXW(exworks) Indicates that thebuyer is responsibleforcargowhenitrsquosavailableatthesellerrsquosfactoryFactoring company (also referred to as a factor) A businessorganizationthatlendsmoneyonaccountsreceivableorbuysandcollectsaccountsreceivableFactorsmakefundsavailabletoretailersFCA(freecarrierat) Indicates that the sellerdelivers thegoods to thenamed place free of any transportation cost having cleared the cargo forexport The seller accepts transportation costs risks and responsibilitiesuntilthecargoishandedoveratthenamedplaceFocusgroupAgroupofpeople(egyourcustomers)broughttogethertogivetheiropinionsonaparticularissueorproductoftenforthepurposeofmarket research or inventory strategies usually no more than 10 to 12peopleGeneral license (export) Government authorization to export withoutspecificdocumentaryapprovalGrossweight Totalweight of goods packing and container ready forshipmentHandlingchargesTheforwarderrsquosfeetotheshippingclientImport To bring merchandise into a country from another country oroverseasterritoryImportlicenseAgovernmentdocumentthatpermitstheimportationofaproductormaterialintoacountrywheresuchlicensesarenecessaryInco terms Indicate whether the buyer or the seller carries the riskresponsibilityliabilityorcostsatspecificpointsduringatransactionInconvertibilityTheinabilitytoexchangethecurrencyofonecountryforthecurrencyofanotherInsurance certificate A document issued by an insurance companyusually to order of shipper under a marine policy and in cover of aparticularshipmentofmerchandiseInternship Any program formal or informal that provides practicalexperience for beginners in an occupation or profession Retailers oftenseek to hire interns to help in specific areas of their businesses such asvisualmerchandisingor socialmedia as away togain store support thattheymaynotnormallyhaveaccesstootherwiseInvoice A document that identifies charges applied from a purchase orserviceSeeCommercialinvoiceIrrevocableAppliedtolettersofcreditAnirrevocableletterofcreditis
onethatcannotbealteredorcanceledonceithasbeennegotiatedbetweenthebuyerandhisorherbankJointventureAcommercialorindustrialenterpriseinwhichprincipalsofone company share control and ownership with principals of anothercompanyKioskAfree-standingstructureusedinapublicplacesuchasamallthatisdesignedtosupportaproductorservicetobesoldtoconsumersItisalsousedforinteractiveopportunitiesandmaybeonashort-termbasissuchaswhenusedduringafestivalLCSeeLetterofcreditLegalweightTheweightofgoodsplusanyimmediatewrappingsthataresold alongwith the goods for example theweight of a tin can togetherwithitscontentsSeeNetweightLetterofcredit(LC)(commercial) Adocument issuedbyabankatabuyerrsquosrequestinfavorofasellerpromisingtopayanagreedamountofmoneyonreceiptbythebankofcertaindocumentswithinaspecifiedtimeLicensingThegrantoftechnicalassistanceandserviceandortheuseofproprietary rights such as a trademark or patent in return for royaltypaymentsLineofcreditSameasacreditlimitthemaximumamountofcreditthatastoreisauthorizedtousebyabankorotherlenderLine sheet A document that collectively represents products from aspecific brand or vendor sharing details on product pricesmdashincludingwholesale and retailmdashas well as product availability shipping termscontentsofproductsandmoreLookbookAbookthatissimilartoaportfoliobutitrepresentsaproductline rather than providing visual samples of onersquos work history Thepurposeofalookbookistoprovidealdquostoryrdquoldquofeelingrdquoorldquoinspirationaloverviewrdquoof theproduct assortment throughphotographsof theproductsbeingsoldMarkdownAdevaluationofaproductbasedonitsinabilitytobesoldattheoriginalplannedsellingpriceMarkup Increase in the price of a product or service to create a profitmarginforthebusinessManufacturedsuggestedretailprice (MSRPalsorecognizedasretailvalue) The value and suggested retail price a vendor supplier orwholesaleridentifiesaproducttobesoldat
ManufacturerReferstohandmadeormachine-constructedproductsthatbeginas rawmaterials andare completed into finishedgoods that are foruseorsaletowholesalersaswellasretailersMastercase100percentbrand-newfactory-sealedmerchandisestillinitsoriginalpackagingMaturitydateThedateonwhichadraftoracceptancebecomesdueforpaymentMOQ(minimumorderquantity) AMOQisthesmallestquantityofaproductthatasupplierrequiresyoutobuyinasinglepurchaseNet weight The weight of the goods alone without any immediatewrappingsforexampletheweightofthecontentsofatincanwithouttheweightofthecanOnline marketplace Refers to a type of e-commerce website whereproductisavailabletobesourcedforaretailstoreTypicallytransactionsareprocessedbythisonlinemarketplaceandthendeliveredandfulfilledbytheparticipatingsuppliers(wholesalers)Opentobuy(OTB) ReferstotheportionofaretailbudgetavailabletospendoninventoryatanygiventimeUsedtoidentifyhowmuchmoneyisavailabletoplaceordersforstoreproductOperatingexpensesTheexpensesinvolvedinrunningabusinessPacking list A list that shows thenumber andkindsof packagesbeingshippedtotalsofgrosslegalandnetweightsofthepackagesandmarksand numbers on the packages The listmay be requested by a retailer orsuppliedvoluntarilybyavendororsupplierPoint of sale (POS) Traditionally speaking POS represents the placewhereanactualtransactioniscompletedInmodernretailPOSoftenrefersto software thatprocessesa transaction inexchange forgoodsor servicessoldPop-upshopTheactofopeningashort-termstorefrontoftenapplyingtoonlyonedayalthoughitmayapplytoaweekendoraslongasamonthProduct sourcing The act of finding products from wholesalers ormanufacturerstoresellthroughabusinessProformainvoice Aninvoiceforwardedbythesellerofgoodsprior toshipmenttoadvisethebuyeroftheweightandvalueofthegoodsPsychographics Identifies lifestyles and stages that appear to influenceconsumershoppingdecisions Includesactivitiesbeliefshabitsopinionsandmoreofcustomers
QuotaThetotalquantityofaproductorcommoditythatmaybeimportedinto a country without restriction or the penalty of additional duties ortaxesQuotationAnoffertosellgoodsatastatedpriceandunderstatedtermsRate of exchange The basis on which money of one country will beexchangedforthatofanotherRatesofexchangeareestablishedandquotedfor foreigncurrencieson thebasisof thedemandsupplyandstabilityoftheindividualcurrenciesSeeExchangeRetailThebusinessofsellingservicesorproductsthatultimatelywillbesoldtoconsumerstheendusersoftheproductsorservicespurchasedRetailsupplychain Aproduct iscreatedatamanufacturer issold toawholesaler and then is sold again to a retailer who ultimately sells theproducttothefinalpurchasertheconsumerRetail value [also recognized as manufactured suggested retail price(MSRP)] Thevalueofan itemassuggestedbyasupplierorvendorforretailerstoselltheproductatretailRetailer Afixedlocationincludingstorefronts theInternetkiosksandpop-upshops thatsellproductsorservices toconsumers Inaddition thetermretailercanbeappliedtothepersonwhoownsaretailstoreRevocableAppliedtolettersofcreditArevocableletterofcreditisonethatcanbealteredorcanceledby thebuyerafterheor shehasopened itthroughhisorherbankRFQ (also referred to as RFP) Request for quotation or request forproposal A business process that invites suppliers to bid on specificproducts or services It allows suppliers to provide quotations for theirgoodsandservicestoretailersandordistributorsRoyaltypaymentTheshareoftheproductorprofitpaidbyalicenseetohisorherlicenserSeeLicensingSalesrepresentativeArepresentativeofacompanyeithercontract-basedor as an employee of a particularly company who represents a productbeing sold Typically sales representatives will work for vendorsattemptingtosecuretheirproductswithinretailstoresSeasonal goods Goods that are heavy in merchandise for a particularseasonsuchasHalloweenEasterChristmasandsoonSell-through The ratiobetween thequantityofgoods soldbya retailerand the quantity originally delivered to thewholesaler number of piecessolddividedbynumberoforiginalpiecesdeliveredIfyousellfiveofeight
pairsofpantsyoursell-throughis625percentShipperrsquos export declaration A form required by the US TreasuryDepartment and completed by a shipper showing the value weightconsigneedestinationandsoonofexportshipmentsaswellasaScheduleBidentificationnumberShipping documents Commercial invoices bills of lading insurancecertificatesconsularinvoicesandrelateddocumentsStockingdistributor AdistributorwhomaintainsaninventoryofgoodsofamanufacturerSupplier May refer tomanufacturer distributorwholesaler or vendorCollectivelyrepresentsalltheseproductprofessionalsSustainableIfsomethingissustainableitdoesnotharmtheenvironmentor deplete natural resources In retailing it often refers to sustainabledesignwhetherthatbeinbuildingdesignorproductdesignTareweight TheweightofpackingandcontainerswithoutthegoodstobeshippedTariffAscheduleorsystemofdutiesimposedbyagovernmentongoodsimportedorexportedtherateofdutyimposedinatariffTenorThetimefixedorallowedforpaymentasinldquothetenorofadraftrdquoTime draft A draft drawn to mature at a certain fixed time afterpresentationoracceptanceTrade shows Trade shows are organized events that cater to a specificindustry and introduce buyers and sellers Traditionally trade shows areclosed to the public and are only accessible to registered buyers andmembersoftheretailtradeValidated license A government document authorizing the export ofcommoditieswithinthelimitationssetforthinthedocumentVisa A signature of formal approval on a document Obtained fromconsulatesVisual merchandising The art of using effective design andmerchandisingideasthatwillenhancetheshoppingexperienceofastoreaswellasincreasesalesandfoottrafficWholesaleThesellingofgoodsthroughabusiness-to-businesstransactionoflargequantitiestoretailersWholesalerAnindividualorcompanythatsellsaproductorservicetoaretaileranddoesnotsellthisproductorservicedirectlytoconsumers
Notes
1StandingOutamongOtherRetailers
1KimberlyEfseaffowneranddesignerBonBijouxGirlyBoutiqueInterviewbyNicoleReyhleDecember142013
2SteppingOutsideYourComfortZone
1MacquenziFarquerownerLockportAstoriaNewYorkInterviewbyNicoleReyhleOctober1520132Ibid3ShariRalishownerPeacefulParlourInterviewbyNicoleReyhle
November1120134JoeAbrahamauthorofEntrepreneurialDNAInterviewbyNicoleReyhle
December122013GenevaIllinois
3LeaningonOutsideOrganizations
1EllenDivitaeconomicdevelopmentdirectorCityofGenevaInterviewbyNicoleReyhleNovember32013GenevaIllinois2Ibid3HarrietParkermanagerAuroraIllinoisndashbasedSmallBusiness
DevelopmentCenterInterviewbyNicoleReyhleOctober212013GenevaIllinois4AndyEllenpresidentandgeneralcounselNorthCarolinaRetail
MerchantsAssociationInterviewbyNicoleReyhleviae-mailOctober2820135Ibid6CurtisPicardexecutivedirectorRetailAssociationofMaineInterviewby
NicoleReyhleOctober2920137Ibid8Ibid9JamaRiceexecutivedirectorandCEOofMuseumStoreAssociation
interviewbyNicoleReyhleviae-mailNovember6201310MissyBrozekvicepresidentandcreativedirectorCrafterrsquosHome
InterviewbyNicoleReyhleJanuary12014
4IdentifyingYourUniqueStoreStory
1AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicoleReyhleOctober182013ChicagoIllinois2Ibid3Ibid4KirtManeckeauthorandcustomer-serviceexpertInterviewbyNicole
ReyhleNovember2013
5SourcingProductsThroughTradeShowsandtheInternet1MegyKarydesownerKarydesConsultingInterviewbyNicoleReyhle
January22014ChicagoIllinois2Ibid3CamilleCandellagroupmarketingmanagerEmeraldExpositions
InterviewbyNicoleReyhleDecember520134JonathanPrescottseniorbusinessmanagerJPCommunicationsInc
InterviewbyNicoleReyhleDecember142013
6BuyingforCustomerversusYourself
1CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhleNovember112013GenevaIllinois2DrGaryEdwardschiefcustomerofficerMindshareTechnologies
OriginallysharedviaRetailMindedcominanarticlepublishedbyRetailMindedJanuary20143TomKonopackiownerAnastaziaInterviewbyNicoleReyhleDecember
2013GenevaIllinois4VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember29
20135Ibid6Ibid7DrGaryEdwardschiefcustomerofficerMindshareTechnologies
OriginallysharedviaRetailMindedcominanarticlepublishedbyRetailMindedJanuary20148CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhle
December92013GenevaIllinois9Ibid10Ibid
7SellingYourProducts
1MichaelAmatopresidentandCEOCimarronInc2AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois3Ibid4RichKizerandGeorganneBenderKizerampBenderSpeakingInterviewby
NicoleReyhleNovember52013StCharlesIllinois5KerryBannigancofounderNolchaFashionWeekNewYorkInterview
byNicoleReyhleNovember252013NewYorkCity6CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhle
November12013GenevaIllinois7RichKizerandGeorganneBenderKizerampBenderSpeakingInterviewby
NicoleReyhleNovember52013StCharlesIllinois8VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember30
20139Ibid10JasonRichelsonfounderandCEOShopKeepPOSInterviewbyNicole
ReyhleNovember252013NewYorkNewYork
8ApplyingPressandMarketingtoYourBusiness
1CynthiaSuttonownerSilverBarnretailstoreInterviewbyNicoleReyhleOctober162013ColumbusTexas2Ibid3SuzyTeeleCOOSnapRetailcomInterviewbyNicoleReyhleNovember
220134Ibid5Ibid6JessicaMorettimarketingcommunicationsmanagerSnapRetailcom
InterviewbyNicoleReyhleDecember1020137CourtneyRodgerscofounderBoutiqueWindowInterviewbyNicole
ReyhleNovember2720138CynthiaSuttonownerSilverBarnretailstoreInterviewbyNicoleReyhle
October162013ColumbusTexas
9MakingYourPresenceOnline
1DonDaviseditor-in-chiefInternetRetailerMagazineInterviewbyNicoleReyhleNovember2013ChicagoIllinois2HarleyFinkelsteinchiefplatformofficerShopifycomInterviewby
NicoleReyhleinOctober20133Ibid4CourtneyRodgerscofounderBoutiqueWindowInterviewbyNicole
ReyhleNovember2720145Ibid6DonDaviseditorinchiefofInternetRetailerMagazineInterviewedby
NicoleReyhleNovember2013ChicagoIllinois7Ibid8ForresterResearchreleasedareporttitledldquoUSCrossChannelRetail
ForecastrdquoonOctober292013thatidentifiedthisfindingwhichcanbefoundatforrestercom9DonDaviseditor-in-chiefInternetRetailerMagazineInterviewbyNicole
ReyhleNovember2013ChicagoIllinois10Ibid11SkipMcGrathpublisherSkipMcGrathcomInterviewbyNicoleReyhle
December6201312SuzyTeeleCOOSnapRetailInterviewbyNicoleReyhleNovember25
201313Ibid14EdClearypublisherRetailTouchPointsInterviewbyNicoleReyhle
November25201315RichKizerandGeorganneBenderKizerampBenderSpeakingInterview
byNicoleReyhleNovember2013StCharlesIllinois16Ibid17SuzyTeeleCOOSnapRetailInterviewbyNicoleReyhleNovember25
201318EllaWirtzcofounderBoutiqueWindowInterviewbyNicoleReyhle
November272013
10TakingPartinShop-LocalInitiatives
1MackenziFarquerownerLockportAstoriaNewYorkInterviewbyNicoleReyhleNewYorkCityOctober1620132JeffMilchencodirectorAMIBAInterviewbyNicoleReyhleNovember
2320133Ibid4Ibid5Ibid6MitchenIdentifiedincompanyoverviewonAMBIAnetNovember20137Ibid8IdentifiedinareportreleasedbytheNationalFederationofIndependent
BusinessesandAmericanExpressResearchDecember20139SusanSobbottpresidentAmericanExpressOPENsharedinapress
releasestatementreleasedJuly201310Ibid11AmyKnebelWashingtonDC-basedcustomerInterviewbyNicole
ReyhleDecember6201312DanMcCabeCEOCausetownorgInterviewbyNicoleReyhle
December92013
11ACrystalBallforIndependentRetailers
1KimberlyEfseaffBonBijouxGirlyBoutiqueDelMarCaliforniaInterviewbyNicoleReyhleDecember2820132AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois3JasonRichelsonfounderandCEOShopKeepPOSInterviewbyNicole
ReyhleNovember2520134VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember28
20135CamilleCandellagroupmarketingmanagerEmeraldExpositions
InterviewbyNicoleReyhleDecember520136BillMcNultypublisherSumnerCommunicationsIncInterviewby
NicoleReyhleDecember2820137AngelaGianfrancescoownerofStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois8CurtisKroekerBizBuySellcomandBizQuestcomInterviewbyNicole
ReyhleNovember182013
Index
PleasenotethatindexlinkspointtopagebeginningsfromtheprinteditionLocationsareapproximateine-readersandyoumayneedtopagedownoneormoretimesafterclickingalinktogettotheindexedmaterial
70-20-10ruleinsocialmedia170
AbrahamJoe914AccessoriesResourceTeam(ART)32206ActionGuides5AdidasxvndashxviAdvanstar44205Advisoryboardscustomer-based95ndash97AlabamaRetailAssociation34AmatoMichael108Amazon153164165AmericarsquosMart73AmericanApparelampFootwearAssociation32206AmericanExpress183215ndash216American Independent Business Alliance (AMIBA) 146 178ndash182 185 206214
AmericanSpecialtyToyRetailingAssociation(ASTRA)32Anastazia98Android190AppleInc39191Apps194SeealsoiPodsArizonaRetailersAssociation34ArkansasGrocersandRetailMerchantsAssoc34
Aroma130ARTHomeFurnishingsNetwork32206ASDTradeShowxviii1742436266707174206210AssociatedOregonIndustriesRetailCouncil34AssociationofSmallBusinessDevelopmentCenters206
BaconKevin215BALLEcalculators182BandholzEric156BankofAmerica207BanniganKerryxviii116Barneys191BeALocalistorg207Beardbrand156158BeckhamDavidxviBeetailer172207BenderGeorganne112118169170213Benefitsoforganizations29BergBob78BestBuy165Big-boxcompetition10ndash12Bing80BizBuySell197200207BizQuest197Blogtradegove69BloggingxvindashxviiBonBijouxGirlyBoutique189BosiDNA207BoutiqueVision208BoutiqueWindow144146159171172202207Branding139BrozekMissy28BuehlerJef21Builderentrepreneurs9BureauofLaborStatistics208
BusinessAlliance for Local Living Economies (BALLE) 181ndash182 185 207214ndash215
Businesscards76Businessinsurance30Business-to-Business(B2B)sourcingplatforms80ndash85BusinessUSA208Buy-localcampaigns5178ndash182BuyersxivBuyersrsquoguides29Buying89ndash105Buyingdistrictswholesale73
CalculatorsBALLE182Calendarforstore109ndash111CaliforniaRetailersAssociation34Calltoaction(CTA)inmarketingmessage142CandellaCamille76194Cardlytics201208CardPrintingus48Causetownorg185ndash186208215CEStradeshow4371ChambersofCommerce422ndash2333ChanelCoco3Charityevents134185ndash186ChasallaxiiiCheckoutprocedures46ndash47ChildrenrsquosClubtradeshow43Choosingselectingyourinventory41ndash42ChurchillWinston177Cimarron108CityofGenevaIllinois22CitySearchcom97ClairersquosBoutique12ClearyEd167169
Cloudcomputing191192Cloud-basedpoint-of-sale(POS)210Coastalcom165ColoradoRetailCouncil34Comfortzoneexpansion9ndash20Community-basedsupports4ndash522ndash37Companycontactinfoonlinestore161Companyphilosophy56Competition16
big-boxstoresas10ndash12identifying10ndash12learningfrom16
Conferences2933ConnecticutRetailMerchantsAssociation34ConstantContact143ConsumerElectronicsShow71Contactinformationforstore56161Contentmarketing175ndash176Contentofmarketingmessage142CouncilofStateRetailAssociations(CSRA)209Couturetradeshow43CraftampHobbyAssociation32209CraftandHobbyRetailers32CraftersrsquoHomexviii28209CrainrsquosChicagoBusinessxviiCreatinganonlinestore155ndash163Creditcardsales201216Cross-merchandisingtechniques122CubanMark153Customercarecustomerservice20444547ndash485457138194ndash197
customerfeedbackand95ndash97104customerresourcemanagement(CRS)in192disputesin49ndash50importanceof194ndash197invitingcustomerstoeventsin114ndash115
onlinestore163reviewsitesand97
Customerdisputes49ndash50Customerfeedback95ndash97104Customerresourcemanagement(CRS)192Customers
identifying47targeting715163understandinghabitsof1519ndash20
Customsregulations65
Dailystoreroutines20DallasMarketCenterThe73DallasMavericks153DanceRetailerNewsxviiDatasources15DavisDon154158162DelawareRetailCouncilInc35DeMariaJennifer166DHL65DickrsquosSportingGoodsxviDillardsxivDiscountedmerchandise121ndash122Displaysdisplayhardware117ndash123150
cross-merchandisingtechniquesin122immediate-rightzonein120lightingand118pointofsale(POS)areasand121salesectionin121ndash122staplesvsstatementsin122ndash123storestoppersas120ndash121storewindowsas119
Diversifyingyourinventory11ndash13DivitaEllen22
DoItInPerson172209Dresscode58DruckerPeter189
Ecommerce153statisticson145
E-mailmarketing140141ndash144eBay164165Educationalopportunitiesattradeshows82EdwardsGary97102EfseaffKimberly3ndash4189EllenAndy25EmeraldExpositions4476194209Emergencyprocedures58Employeemanuals58Employeesandstaff750ndash53Seealso
Operationprocedures57employeemanualfor58employmentpractices56fullvspartndashtime18hiring51ndash53interviewing51ndash53managersashiring52ndash53terminationof57
Employmentpractices56Engagingthesensesinselling128ndash131ENTInternational205EntrepreneurialDNA(Abraham)914Entrepreneurs9EtienneAignerxvEvents
advanceplanningfor114116ndash117expensesvssalesgeneratedby116in-storeexperienceascenterpieceof115ndash116
introducingandmanaging108ndash117invitingcustomersto114ndash115marketing114planningdatesfor113regularschedulingof112storecalendarfor109ndash111trackingresponseto113ndash116
ldquoExperiencerdquoofastore3SeealsoEngagingthesenses
Fabcom165Facebook47123144166171183201207218FarquerMacquenzi10177FashionFootwearAssociationofNewYork(FFANY)42FederalExpress65Feedbackfromcustomers95ndash97104Financing211FinkelsteinHarley154Firstimpressionsinmarketing142FloralRetailers32FloridaRetailFederationxviii35Focusgroups45FootwearNewsmagazinexvForbesxviiForresterResearchonlineshopping159163FourSquare123FrancoSartoxivFreeshippingonlinestore162ndash163Freight65FringeSport156158Futuretrends189ndash203
GanderMountainxviGarmentdistrictNewYork73
GatesBill6189Generationaltargeting7GeorgiaRetailAssociation35GianfrancescoAngela4ndash541109196ndash197Giftboxeswrapping139Giftcertificates48GiftFairNY43GlamourmagazinexvGlobalShop210GlobalSourcescom81Glossaryofcommonretailterms219ndash235Google80164GoogleGlass201GooglePlaces201Google+in171Grossmargin93Grosssales93Groupmemberships7Growingyourbusiness102ndash103
Habitsofsuccessfulretailers14ndash19Handheldportablecashregisters190ndash191194Healthinsurance30Hiringemployees51ndash53HollisKaren95HomeFurnishingsIndustry32
IdahoRetailersAssociation35Ideation211IllinoisRetailMerchantsAssociation35IllinoisSmallbusinessDevelopmentCenter24Immediate-rightzone120Importingmerchandise65ImprovementDistrictProgramsofNewJersey21
IndependentJewelryRetailersandVendors32IndependentPetRetailers32IndependentRetailerConferencexviii210IndependentRetailerMagazine210IndiaMARTcom81IndianaRetailCouncil35Industrypublications31Informationsources15InnoMarkCommunications208Innovatorentrepreneurs9Instagramin171InstituteforLocalSelf-Reliance178185211Insurance30Intellectualproperty(IP)217Intellectualpropertyrights(IPRs)216InternalRevenueService(IRS)211InternationalBusinessattheSourcing78Internationalsourcing6466InternationalTradeOrganization69Internet61sourcingthrough66InternetRetailerConferenceandExhibition(IRCE)162211InternetRetailerMagazine154158164172210Internet-basedmarketing139144ndash146InternetRetailercom162Interviewingpotentialhires51ndash53Introducingnewitemsforsale108ndash117Inventorymanagementxv1941ndash42138
choosingselecting41ndash42classificationofitemsin90ndash91103ndash104customerfeedbacktoinfluence95ndash97104displaysdisplayhardwarefor117ndash123diversifyingin11ndash13dollarvalueofvsunits92introducingnewitemsin108ndash117
maintainedmarkup(MMU)94opentobuy(OTB)planningin9394pointofsalesoftwarefor99ndash102rankingperformanceofclassesin104ndash105retailmathbasicsin90ndash95stock-keepingunit(SKU)numbersin104tradeshowsand41ndash44turnover93vendorsand93
Inventoryturnover93iOS190IowaRetailFederation35iPads123ndash126216iPadEnclosures126210iPadpointndashofndashsale(POS)123ndash126210ISStradeshow43
JCKtradeshow43JennyBoston166JobsSteve39JPCommunicationsIncxvii85
KHollisJewelers95Kabbage211KansasChamberofCommerce35KarydesConsulting63KarydesMegy63Keepingitsimpleinmarketingmessage142KellerAlex156KellerPeter156KentuckyRetailFederation35KizerampBenderSpeaking112118169170213KizerRich112118169170213KnebelAmy184
KonopackiTom98KroekerCurtis197ndash200
Layoutconsistencyonlinestore160Learning16ndash17LicensingExpo211ndash212Licensing211ndash212Lighting118Localevents40SeealsoBuy-localeventsLocalmedia16Lockport10LordampTaylorxivLouisianaRetailersAssociation35Luckymagazinexv
MacyrsquosxivMade-in-chinacom81MAGICMarketWeek212MAGICtradeshow436278205MailChimp143MainStreetNewJersey21Maintainedmarkup(MMU)94ManagementOne212Managershiring52ndash53Managingyourbusiness18ManeckeKirt54Manufacturerscomxvii6281212Manufacturingnet69Marketresearch30454795ndash97Marketing162040133
brandingand139charityeventsas134e-mailin140141ndash144events114giftboxesbagsetc139
importanceof138Internet-based144ndash146online139resourcesandinformationon146ndash148socialmediain140ndash141
MarylandRetailersAssociation35Mathretailmathbasics90ndash95MaxStudioxiiiMaynardKristin166McCabeDane186McGrathSkip164165McNultyBill195ndash196Medialocal1620Merchandising57Merchantsolutionbenefits30ndash31MFGcom81MiamiMerchandiseMartThe73MichiganRetailersAssociation35MidwestMarketDays73MilchenJeff178ndash182MindshareTechnologies97MinnesotaMainStreetxviiiMinnesotaRetailersAssociation35MinorityBusinessDevelopmentAgency(MBDA)212MississippiRetailandGrocersAssociation35MissouriRetailersAssociation35Mobilecommerce126ndash128Modalyst81212MontanaRetailAssociation35Moocom147213MorettiJessica142MuseumandNotndashforndashProfitStores32MuseumStoreAssociationxviii2732MuseumsampMorexviiMusic124129ndash130147
Namorg69NationalFederationofIndependentBusinesses183NationalHardwareShow4371213NationalRetailFederation48NebraskaRetailFederation35Netsales93NewJerseyRetailMerchantsAssociation36NewMexicoRetailAssociation36NewYorkInternationalGiftFair43NewYorkwholesalegarmentdistrict73NexPet32NielsenExpositions209NineWestxivNolchaEvents116NolchaFashionWeekNewYorkxviiiNordstromxiiixiv44191NorthCarolinaRetailMerchantsAssociation2536NorthDakotaRetailAssociation36
OffndashPriceShow217OhioCouncilofRetailMerchants36Onlinegroups30OnlinemarketingSeeInternet-basedmarketingOnlinepresenceonlinestore731153ndash176201AmazoneBayplatformsfor164165companycontactinfoin161contentmarketingand175ndash176creatinganonlinestorefor155ndash163customercarecustomerserviceand163e-commerceand154ndash163Facebookassalesplatformin166focusonyouruniqueimagein158ndash159freeshippingand162ndash163layoutconsistencyin160
paymentoptionsfor161ndash162photosimagesin160productdescriptionsfor159ndash160175ndash176reachof154resourcesandinformationon162salesamountsgeneratedby163salestrackingsoftwarein157157Shopifyincreatingonlinestores155shoppingcartsystemfor161socialmediaand163164ndash174targetcustomersfor163tipsforbuilding158ndash163
Onlinesourcingplatforms80ndash85Opentobuy(OTB)planning779394Operationalprocedures1957Opportunistentrepreneurs9Ordersplacedattradeshows77ndash79OutdoorRetailerShow70Outsidesourcesofinformationsupport6ndash721ndash37
ParkerHarriet24Payingemployees57Paymentcardindustry(PCI)compliance190Paymentoptionsonlinestore161ndash162PeacefulParlour13PennsylvaniaRetailersrsquoAssociation36Petflowcom165PGAShow43Philosophycompany56Photosimagesonlinestore160PicardCurtis26ndash27PicassoPablo9Pinterest144171208218PlasticResourcecom48
Point-of-sale(POS)areas121Point-of-sale(POS)date15Point-of-sales(POS)systemstechnology4714899ndash102123ndash126190191ndash194210SeealsoInventorymanagementPremierPackaging139147202213
PrescottJasonxviixix6885200ndash202Pressreleases133135ndash137Pricing90ndash95Productdescriptionsonlinestore159ndash160175ndash176Profitretailmathbasics90ndash95Publicationsxvxvii3167Publicity 7 134 See alsoMarketingQuotes and price comparison sourcing66ndash67
Radio124RalishShari13113RalphLaurenxiiiReedExpositions44213Resourcelisting205ndash218RetailAdventuresBlog213RetailAssociationofMaine2636RetailAssociationofNevada36RetailCouncilofNewYorkState36RetailJewelersOrganization32RetailMerchantsAssociationofNewHampshire36RetailMerchantsofHawaii36RetailMindedxvi2969143210214218
conferencesby33PartnerPrograminxviii31
RetailMindedMagazinexviindashxviiiRetailRadio124147214RetailTouchPoints167172ndash173214RetailersAssociationofMassachusetts36RetailMAVENS90102117214Returnoninvestment93Returnpolicies46
Reviewsites97ReyhleNicoleLeinbach202RhodeIslandRetailFederation36RiceJama27RichelsonJason126190RobbinsTony21RodgersCourtney144159RowsellVaughn99ndash102123124192
Salesection121ndash122Salestrackingsoftwareonlinestores157157Scheduling57SCORE33Searchengines80Searchingforproductsonline80Searsxiii164Seasonalemployees7Security58Sellthrough93117Selling107ndash131
cross-merchandisingtechniquesin122displaysforinventory117ndash123e-commercestatisticsand145engagingthesensesin128ndash131immediate-rightzonein120mobilecommerceand126ndash128pointofsale(POS)areasand121salesectionin121ndash122soundtoenhancebuyingexperienceand124staplesvsstatementsin122ndash123storecalendarand109ndash111storestoppersin120ndash121technologyfor123ndash126
Sellingyourstore197ndash200
ShiftYourShoppingprogram182184185214Shipping65onlinestore162ndash163Shipwire173215ShopIndieRetail215ShopSmallcampaign183ndash185215ndash216Shop-localinitiatives177ndash188
AmericanIndependentBusinessAlliance(AMIBA)and178ndash182185BALLEcalculatorsand182Business Alliance for Local Living Economies (BALLE) and 181ndash182185buy-localcampaignsand178ndash182charityeventsand185ndash186InstituteforLocalSelf-Relianceand185ShiftYourShoppingprogramand182184185ShopSmallcampaignand183ndash185SmallBusinessSaturdaycampaignand183ndash185startingyourowncampaignfor186ndash188
Shopify145147154155162173202215ShopKeep126190215Shoppingcartsystemsonlinestore161SierraPacificCrafts216Sightengagingthesensesinselling128ndash129Signage3147SilverBarnThe12133ndash134SixDegreesorg215SkipMcGrathcom165Smallandmedium-sizedenterprises(SMEs)216SmallBusinessAdministration(SBA)217SmallBusinessDevelopmentCenters(SBDC)24206217SmallBusinessSaturdaycampaign183ndash185SmartRetailerxviiSmartSign147Smellengagingthesensesinselling130SmileSellMorewithAmazingCustomerService(Manecke)54
SnapRetail110ndash111138140141142143147167168170173202216SobbottSusan183Socialmedia1645123140153163164ndash174201
70-20-10rulein170BoutiqueWindowand171Facebookin166171findingrightchannelin170ndash171Google+in171Instagramin171Pinterestin171resourcesandinformationfor172salesgeneratedthrough164SnapRetailofferingin168timerequirementstoparticipatein170Twitterin171useofbymerchants167ldquovoicerdquoin169
SocietyofAmericanFlorists32Softwareasaservice(SAAS)193Soundtoenhancebuyingexperience124Soundengagingthesensesinselling129ndash130SourceDirect62Sourcing61ndash87
budgetingfor68Business-to-Business(B2B)sourcingplatformsfor80ndash85importantpointstorememberin64international64ndash6566Internetfor66networkingfor67onlineplatformsfor80ndash85publicationsabout67quotesandpricecomparisonin66ndash67resourcesandinformationon69retailerbenefitsof62ndash69searchenginestolocateproductsin80
trendsin67ndash68USCustomsregulationsand65unexpectedissuesin68
SourcingJournalOnlinecom6769SouthCarolinaRetailAssociation36SouthDakotaRetailersAssociation36Specialistentrepreneurs9SpecialtyToyIndustry32SquareSquareUpcom202216StaffSeeemployeesandstaffStandingoutamongotherretailers3ndash7Staples153Staplesvsstatementsdisplays122ndash123Starbucks191StateChamberofOklahomaxviiiState-levelretailassociations25ndash37StellaBlueDesign4Stocktosalesratio93Stock-keepingunit(SKU)numbers104STOPfakes216Stoppersstorestoppers120ndash121Storecalendar109ndash111Storecontactinformation56161Storehours4956StoreSpecialtyServices216Storestoppersas120ndash121Storetraditions50Storewindow119Storyofyourstore39ndash58Strategicalignment108SumnerCommunicationsInc195Suppliers66ndash67SeealsoSourcingSupportingotherlocalbusinesses17Surveys45SuttonCynthia12133ndash134138146
Target165Targetingcustomers715163TarsusGroup44217Tasteengagingthesensesinselling130ndash131Taxes211Technology123ndash126190ndash191SeealsoPointofsales(POS)
futurebeyond194TeeleSuzy138140141167170TennesseeRetailAssociation37Terminationofemployees57TexasRetailersAssociation37TheLimitedxiiiThingsRememberedxiiiThomasnetcom81Tiffany139TopTenWholesalecomxvii6267698183ndash85218Touchengagingthesensesinselling129TradeShowExhibitorsAssociation(TSEA)217Tradeshows172941ndash446166677071ndash77
educationalopportunitiesof82guideto43open-to-buy(OTB)budgetin77ordersplacedat77ndash79preparingtoattend86ndash87tipsforattending78
Trade-specificorganizations27TrademarkTheSpot217Tradeology69Traditionsstore50Trainingemployeesandyourself16ndash172074ndash75Traveldiscounts31Trends3067TripAdvisor201TriparInternational147ndash148217Twitterxvi144171183201208218
USCustomsregulations65USNationalAssociationofManufacturers69USPatentandTrademarkOffice(USPTO)217USSmallBusinessAdministration(SBA)217Uniqueimageinonlineretail158ndash159Uniquetraitsofyourstore44ndash58UtahRetailMerchantsAssociation37
Vend99ndash102123148192202218Vendors61741587493
maintainedmarkup(MMU)and94VermontRetailAssociation37ViaTrading219Vine174218VIPcustomercare47ndash48VirginiaRetailMerchantsAssociation37ldquoVoicerdquoinsocialmedia169
WagnerCathy9092102117118214WagnerPaul214Walmart153165191201WashingtonMutual108WashingtonRetailAssociation37WaubonseeCommunityCollege24Websites 7 See also Online presenceOnline stores West Virginia RetailersAssociation37
WesternRetailerxviiWeWearorg206Wholesale101AGuidetohellip(Prescott)68WholesaleDistrictinLosAngelesThe73Wholesalemarkets66WholesaleMindedMagazine218WholesaleCraftscom81218Wholesalersxvii626769ndash718183218
martsandbuyingdistrictsfor73Windowdisplays3119WindowsPOSsystems190WirtzElla171Wishpond173ndash174218WomenrsquosWearDailyxvWorldMarketCenter73WyomingRetailAssociation37
Yahoo80Yelpcom97201
ZiglerZig133
AbouttheAuthors
NicoleLeinbachReyhleisanexperiencedretailandwholesaleprofessionalwithapassionforsmallbusinessesAfteryearsofholdingbothregionalandnationalmanagementrolesforcompaniesincludingNordstromAdidasAmericaSearsandFrancoSartoFootwearReyhlefoundedRetailMindedin2007tosupportindependentretailersthroughouttheworldIntendedtohelpindividualbusinessownersthriveRetailMindeddelivers
valuablenewseducationandsupportspecifictoindependentmerchantsSince2011ReyhlehasalsosupportedtheretailandsmallbusinesscommunitythroughherquarterlypublicationRetailMindedmagazineaswellasthroughtheRetailMindedPartnerProgramwhichaffiliateswithmanyassociationsandorganizationsinanefforttodeliverretaileducationandsupporttomerchantsfromallsectorsReyhlersquosonlinewebsiteRetailMindedcomhasover1500articlesspecificto
retaileducationforsmallbusinessesandReyhlehaswrittenandpublishedover500articlesinavarietyofotherpublicationsaswellAfrequentspeakeratbothnationalandinternationaleventsReyhleisthecofounderoftheIndependentRetailerConferencewhichiscommittedtodeliveringqualityeducationtomerchantswithonetotenstoresReyhleisactiveinavarietyofretail-andsmallbusiness-focusedadvisoryboardsthroughouttheUnitedStatesandcontinuouslyworkstostayengagedinretailtrendsresearchandnewsReyhleservesasaspokespersonandadvisorforSmallBusinessSaturdaya
nationallyrecognizeddayoccuringtheSaturdayafterThanksgivingthat
nationallyrecognizeddayoccuringtheSaturdayafterThanksgivingthatsupportssmallbusinessesAmericanExpressisafoundingpartnerofSmallBusinessSaturdayReyhlehasbeenanadjunctinstructoratColumbiaCollegeChicagosince2004teachingvariousretailandbusinesscoursesReyhleresidesintheChicagoareawithherhusbandtheirtwoyoung
childrenandtheirWeimaranerFollowReyhleonTwitteratRetailMindedandonFacebookatFacebookcomRetailMinded
JasonAPrescottCEOofJPCommunicationsIncdirectsanetworkofglobaltradeplatformsusedforsourcingproductsbymillionsofbusinessesandentrepreneursAnchoredbyTopTenWholesalecomandManufacturercomover2000000manufacturerswholesalersimportersretailersandproductresellersbelongtotheJPCInctradeplatformsJasonrecentlypublishedhisfirstbookWholesale101AGuidetoProductSourcingforEntrepreneursandSmallBusinessOwners(McGraw-Hill2013)PrescottspearheadedtheacquisitionofManufacturercomfromagroupofChinesenationalsandforeigninvestorsin2009JPCommunicationsIncoperatesinChinaunderHangzhouFlatWorldSourcingLTDPrescottisapioneerinbusiness-to-businessonlinetradeplatformsJP
CommunicationsrsquotradeplatformsarepartneredwithindustrytradeshowgiantsSourcingatMagicASDtheOffPriceShowInternetRetailerandtheNationalHardwareShowandhehasgivenpresentationsatSearchEngineStrategiesSIPPASANDIOSASDTradeShowsSourcingatMagicandtheSanDiegoSoftwareCouncilPrescottauthoredoneofthefirstsearchmarketingcoursesfortheSearchEngineMarketingProfessionalsOrganizationandwasonSEMPOrsquosEducationCommitteeBesidespresentationsandconsultingPrescotthaswrittenarticlesonbusinessandtechnologyappearinginB2BOnlineOMMAIMediaConnectionCEOmagazineandEntrepreneurOnlineHehasalsobeencitedinIncmagazineBusinessWeekandForbesOnlineTopTenWholesalewasnamed1inFastGrowthAwards(2008)by
bizSanDiegoandrankedintheTop20forTechnologyawardssponsoredbytheSanDiegoBusinessJournalPrescottwasnamedintheTop40EntrepreneursUnder40listin2007bySanDiegorsquosMetropolitanmagazineandwasrecognizedforOutstandingEmergingBusinessoftheYearbytheSanDiegoChamberofCommercePrescottisagraduateofWesternConnecticutStateUniversityandcurrently
livesinLosAngelesCalifornia
- Acknowledgments
- Introduction
-
- Action Guide
- Habits of Successful Retailers
- Action Guide
- Getting Involved with Outside Organizations
- Benefits That Organizations May Offer
- Action Guide
- Creating an Inventory Assortment That Stands Out
- Unique Traits of Your Store
- General Interview Questions for Potential Employees
- Action Guide
- Benefits of Sourcing as a Retailer
- Working with Wholesalers
- Understanding the Value of Trade Shows
- Managing Orders Placed at Shows
- Using Online Sourcing Platforms
- Action Guide
- Understanding the Basics of Retail Math
- Introducing Customer Feedback for Inventory Management
- Using Point-of-Sale Software to Help Manage Inventory
- Action Guide
- Introducing and Managing Store Events
- Highlighting Inventory Through Displays
- Using Modern Technology in Your Store
- Identifying Whether Mobile Commerce Matters
- Action Guide
- Using E-mail to Communicate Store Messages
- Using the Internet as a Marketing Platform
- Resources Every Independent Retailer Should Know About
- Action Guide
- Embracing E-commerce
- Social Media in Todayrsquos Retail Marketplace
- Action Guide
- Understanding Buy-Local Campaigns
- Finding Success Through Small-Business Saturday
- Introducing Commerce and Charity
- Action Guide
- The Future of Independent Retail
- The Future Beyond Technology
- When Retail Isnrsquot in Your Future
- Parting Words from Jason Prescott
- Parting Words from Nicole Leinbach Reyhle
- Conclusion
-
- Part I Being Indie in a Big-Box World
-
- 1
- Standing Out among the Crowd
- 2
- Stepping Outside Your Comfort Zone
- 3
- Leaning on Outside Organizations
- 4
- Identifying Your Unique Store Story
-
- Part II Practical Steps to Increase Your Store Visibility and Sales
-
- 5
- Sourcing Products Through Trade Shows and the Internet
- 6
- Buying for Customers Versus Yourself
- 7
- Selling Your Products
- 8
- Applying Press and Marketing to Your Business
-
- Part III Making a Mark in the Economy
-
- 9
- Making Your Presence Online
- 10
- Taking Part in Shop-Local Initiatives
- 11
- A Crystal Ball for Independent Retailers
-
- Appendix A Resources for Independent Retailers
- Appendix B Common Retail Terms and Definitions
- Notes
- Index
-
Acknowledgments
NicoleLeinbachReyhleFIRSTANDforemostthankyoutoJasonPrescottforbeingsuchagreatbelieverandsupporterofRetailMindedandmyselfsincedayoneYouwereamongthefirstindustryleaderstoreachoutandworkwithmeasaretailresourceandIrsquomgratefulforourcontinuedsupportofeachotherovertheyearsFurthermoreIcanrsquotthankyouenoughfortheopportunitytocoauthorthisbooktogetherYourwisdomenergyandexperienceareinvaluableNextIwanttoextendahugegeneralthankyoutoallthebusinesses
organizationsandpeoplewhocontributedcontentandresearchmaterialtothisbookJasonandIbothareverygratefulfortheinsighttimeenergyandexperiencethatyouallprovidedWithoutyoursupportthisbooksimplywouldnotbepossibleThankyouagainandwewisheachofyoucontinuedsuccessinthefutureNextIwanttothankthepeoplewhowereinvolvedintheliteralcreationof
thisbookTostartBillGladstonethankyouIappreciateyourtakingachanceonafirst-timeauthorandlookforwardtoworkingwithyoumuchmoreinthefutureAlsoTaraGladstonethankyouforyourwisdomandsupportincreatingthebookproposalWhileIhadhopedtoworkwithyoumoreourlimitedworktogethertaughtmesomuchandIlookforwardtothechancetoworkwithyouagainLastbutcertainlynotleastthankyouThomasMilleroureditoratMcGraw-HillYourguidanceandenthusiasmthroughoutthisprojecthavebeenfantasticandJasonandIbotharegratefulforyouroverallsupportDannalieDiazfromMcGraw-HillIalsoappreciateyourtakingthetimetogivemesomeextrafirst-timeauthorcoachingaswellFinallyIwanttoextendspecialthankstosomekeycontributorsand
supportersofthisbookWhiletherearetoomanytohighlightthefollowingpeoplewentaboveandbeyondtoreallyhelpmakethisbookthebestitcouldbeSuzyTeeleCOOofSnapRetailthankyouYourconstantsupportistruly
appreciatedCourtneySymonsmarketingmanagerwithShopifythankyoufordiggingandsearchingforalltheexactdetailsweneededtomakethisbookcometolifeCamilleCandellagroupmarketingdirectorforEmeraldExpositions
thankyouforsharingyourwisdomandhelpingretailerstobettersucceedJeffMilchencodirectoroftheAmericanIndependentBusinessAlliancethankforyourinvaluableinsightandexpertiseDonDaviseditorinchiefatInternetRetailerMagazineIappreciateyourtakingthetimetoshareyouruniqueperspectivesandamgratefultoofferthemtoourreadersJoeAbrahamauthorofEntrepreneurialDNAandCEOofBosiDNAIhavebeenfortunatetoworkwithyoufirsthandinmyownbusinessgrowthandamthrilledthatyousharedyourwisdomwiththereadersofthisbookaswellAnadditionalthankyougoestoallmyRetailMindedpartnerswhohelpedto
providetheirexpertiseandinsighttoourreadersincludingJeffBuehlerofMainStreetNewJerseyAndyEllenandChristieBurrisofNorthCarolinaRetailMerchantsAssociationEllenDivitaoftheCityofGenevaIllinoisLynneSchwartzofDowntownStCharlesPartnershipandJamaRiceoftheMuseumStoreAssociationIrsquodlikealsotothankthreefolksIrsquomluckytocallmyfriendswhoalsowork
withindependentretailersasconsultantsexpertsandleadersGeorganneBenderandRichKizerIrsquoveadmiredyourworksincewefirstmetattheDanceRetailerExpoinLasVegasmanysummersagoIwasluckytolearnthatourofficeswereonlyatownapartandsincethenIrsquomgratefulforourmanylunchesbrainstormingsessionschitchatsandconstantsupportthatyouhaveprovidedLookingforwardtoourcontinuedsupportandworkwitheachotherInadditionabigthankyoutoCathyWagnerYoursquoreretailinsightandfriendshipisverymuchappreciatedFinallythankyoutomyfamilyandfriendsBeingsurroundedbygoodcompanyatworkathomeandatplayisagreatwaytolivelifeandIrsquomfortunatetodojustthatThankyou
JasonAPrescott
IhavealwaysbeenabelieverthatoneoftheleadingcausesofsuccessispassionNicoleReyhleyouareoneofthemostpassionateprofessionalswithwhomIrsquoveeverhadthehonorofworkingThankyouforthecountlesshoursofresearchinterviewsanddetailyoubroughttothisbookYouhaveaveryspecialgiftthatisgoingtoberesponsibleforthesuccessofsomanyentrepreneursandsmall-businessownersYourhonestyintegrityandprofessionalismwillmakeyouHIPformanyyearstocomeItwasmyhonortohelpopenthedoorandIawaitwithexcitementournextprojecttogetherBillGladstonethankyouforcontinuingtoopenyourdoorIneverwould
havethoughtthatwewouldbepublishingnotjustonebuttwomajorbusiness
havethoughtthatwewouldbepublishingnotjustonebuttwomajorbusinesstitlesinunderoneyearYouareamanofmiraclesandIsalutethebeliefyoucontinuetohaveinallweaccomplishtogetherToAlainStamboulipresidentofViaTradingtherearenotverymanypeople
capableofemulatingthesuccessyourcompanyhashadovertheyearsYoucontinuetosetthebarinaverydynamicindustryandIhavenodoubtthatthetrendwillcontinueYourbusinesscreatesopportunitiesforthousandsofretailersandpowersaneconomicbackboneforcountlesslivesAstheViaTradingstorycontinuesIrsquollalwaysconsidermyselffortunatetohaveinspiringfriendslikeyouinmylifeAndfinallyIrsquodliketoacknowledgeallmyfriendscolleaguescustomers
andpartnerswhocontinuetobethepropellersandmotivatorsofeveryaccomplishmentIrsquovebeenpartofsince2005MypassioncomesfromyouandthepathwecontinuedowntogetherhasbeenanunforgettableandhumblingexperienceServingyouisaprivilegeandIameternallythankfulforsuchanopportunity
Introduction
IrsquoDLIKEtobelievethatmycareerinretailneverreallybeganbutratheralwaysexistedAsalittlegirlIrememberweavinginandoutofstoreswithmymotherandtwosistersalwaysonthehuntforsomethingforoneofusMymommdashacompetitiveshopperwhoknewofeverysalenewstoreopeningandspecialpromotionthatwouldbetakingplacemdashconsideredshoppingmoreofapastimethanaresponsibilityIontheotherhandenjoyedourshoppingexperiencesformuchdifferentreasonsInsteadofbeingexcitedoveranewtoporsomeshoesIwouldgravitatetothecheckoutareaandtrytochatwithoneofthesalesassociatesaboutworkinginretailNaturallycomingfromapreteenthisconversationdidnrsquotgoveryfarHoweverbythetimeIwasabletogetmyfirstpart-timejobIknewthatIwantedittobeintheretailworldOverthefollowingyearsfromages15to22IworkedatThingsRememberedTheLimitedRalphLaurenNordstromMaxStudioandultimatelyalittleboutiqueindowntownChicagocalledChasallaItwasduringthatexperiencethatIknewIwantedtosomehowsomedaysupportindependentretailersFirsthoweverIknewthatIneededamoreexpansiveunderstandingofthedynamicworldofretailThefollowingyearstookmeonawhirlwindtourofbothretailandwholesale
MyfirstjobuponcollegegraduationwasatSearsrsquoscorporateofficesinHoffmanEstatesIllinoiswhereIworkedasamerchandiseanalystwithinthewomenrsquosapparelbuyingofficesThecommutefromChicagotoHoffmanEstateswouldoftentakeabrutaltwohourssosoonafterIswitchedgearswhenofferedajobwithFrancoSartofootwearMyroleforFrancoSartoincludedvisitingcountlessretailerswithintheMidwesternregionrangingfromindependentretailerstobig-boxstoressuchasDillardsMacyrsquosLordampTaylorandmyretailalmamaterNordstromAdditionallyIworkedcloselywiththemarketingteamtoprepareforFrancoSartopersonalappearancesandotherin-storespecialeventswhilealsoattendingnolessthansixtradeshowsayearAtonly24yearsofageIwascertainthatIhadmydreamjobforthattimeinmylifeItturnsoutthoughthatdreamscangrowandby25IwasofferedthechancetorelocatetoFrancoSartorsquosheadquartersinBostontobecomethecompanyrsquosnationalmarketingdirectorIwasbeyondthrilledMyexcitementtotakeonmoreresponsibilitywasoffthechartsbutapartof
Myexcitementtotakeonmoreresponsibilitywasoffthechartsbutapartofmewasunsureaboutthiscross-countrymovebecauseofmyfatherrsquosrecentdiagnosisofbraincancerBeingbothaproudfatherandamarketingprohimselfmydadencouragedmetogoandnotlookbackWithhisapprovalIpackedmybagsandwasonmywayWorkingwithawholesalersuchasFrancoSartogavemesuchincredible
opportunitiestolearnmorenotonlyaboutthevendorsideofthebusinessbutalsoabouttheretailsideofthebusinessAtthetimeFrancoSartowasoutperformingmostofitscompetitionincludingNineWestatretailerssmallandlargeandasaresultmyresponsibilitieswerealwaysevolvingAmongthemincludedtryingtoseeknationalpressforFrancoSartorsquosgrowingbrandWorkingwithconsumerpublicationsthatincludedLuckyandGlamour
magazinesaswellasthetradepublicationsFootwearNewsWomenrsquosWearDailyandmanyothersexposedmetoawholenewsideofretailInstinctivelyIlovedthecombinationofretailandmediaanditwasatthistimethatIstartedtoidentifyhowImightbeabletoapplythisduoinmyownuniquewaytohelpindependentretailersinthefutureFastforwardtoacoupleofyearslaterandIwasreadytoreturntoChicago
AlthoughIlovedmyjobIlovedmyfathermoreHiscancerhadadvancedandIknewthathewouldpasssoonerthanlaterwhichmademydecisiontospendasmuchtimeasIcouldwithhimapriorityAlthoughitwasatoughchoicetoleaveajobthatIadoredIwasfortunatethatBennettFootwearthethen-ownerofFrancoSartoofferedtorelocatemeandgivemeanewpositionthatcouldbebasedintheMidwestSayinggoodbyetomymarketingdayswasextremelytoughbutIembracedmynewchallengeasanaccountexecutiveforFrancoSartorsquossisterfootwearbrandEtienneAignerThefollowingyearintroducedmetolotsofchangemostnotablyspending
mydayssurroundedbynumbersManagingandsellinginventoryarenoeasytasksparticularlywhenyouareworkingwithretailersthatbudgetclosetoamilliondollarsormorejustforyourbrandaloneLookingbackIrefertothispointofmycareerasmyownpersonalretailmathbootcampItwasfastfuriousandunforgettableIlearnedalotmadesomemistakesandultimatelydecidedthatbeinganaccountmanagerwasnrsquotformeImissedmymarketingdayssoIquietlylookedaroundforanewopportunitythatwouldallowmetodomarketingagainFortunatelyAdidaswasrollingoutanin-storeandmajoraccountsmarketingmanagerpositionbasedinChicagoandIwasluckyenoughtogetthejobWorkingwithAdidasIwasexposedtoawholenewworldofretailersthat
includedDickrsquosSportingGoodsGanderMountainandcountlessspecialtyretailersthatservednichemarketsincludingsoccerswimandtennis
retailersthatservednichemarketsincludingsoccerswimandtennisMoreoverthiswasthefirsttimeIworkedforacompanythatwasnotonlyaretailerbutalsoawholesalerAdidashasitsownstoresandalsosellstootherstoresmdashwhichasyoucanimaginehasbothchallengesandbenefitsOnceagainIconsideredmyselffortunatetogainnewexperienceandlearnfromsomeofthemostwell-respectedretailersinthebusinessMeetingDavidBeckhamandotherAdidasathleteswasnrsquotabadjobperkeitherDespiteagreatjobandthechancetomanageateamofover30peopleI
couldfeelaradicalchangebrewingwithinmeIdesperatelywantedtocontrolmytimemoreafteryearsofconstanttravelandIalsohopedtoshareeverythingIhadlearnedwithsmallermoremom-and-pop-stylemerchantsAfteronlyacoupleofyearswithAdidasIwasfinallyreadytobeginmyownuniqueretailjourneywithoutanemployertoofficiallyreporttoLikecountlessotherentrepreneursandpossiblyevenlikeyourselfIdecidedtobecomemyownbossFriendsandfamilythoughtforsureowningalittleboutiqueofmyownwouldbeinmyfuturebutinsteadIwantedtoworkwithboutiquesretailersandsmall-businessownersmdashsharingwiththemwhatIcouldtohelpthemintheiruniquegoalsIn2007RetailMindedwasofficiallybornTaglinedaboutiqueconsultingfirmRetailMindedaimedtosupportretailers
withinmyimmediateChicagocommunityAtthissametimeIbeganwritingablogmdashanewtrendthatwasemergingalongwithsocialmediasitessuchasTwitterFairlyquicklymyblogbecamerecognizedasadestinationforindependentretailerstogainnewseducationandsupportfortheirbusinessesThissoontookoverasmytaglineandIalsobegantoacceptfreelancewritingassignmentsfortradepublicationsthatincludedSmartRetailerDanceRetailerNewsMuseumsampMoreCrainrsquosChicagoBusinessWesternRetailerandevenForbescomWithoutintentionallytryingmyloveformediaandretailhadgrownintoafunctioningbusinessandsoonaftermyone-on-oneconsultingwaspushedasideIrealizedthatthroughmediaIcouldreachmanymoreretailerswithmygoalofsharingindependentspecificnewseducationandsupportanditisthroughmediathatIdidexactlythatTheyearsthatfollowedintroducedmetomanynewmediaclientsaswellas
selectconsultingprojectsItrsquosalsoduringthistimethatIfirstmetmycoauthorJasonPrescottfounderandCEOofJPCommunicationsIncwhichrepresentscompaniesthatincludeTopTenWholesalecomandManufacturercomDespiteafullscheduleIwantedtoreachmoreretailersinawaythatI
believedtheywerenrsquotbeingreachedyetTherewereandstillarehundredsofpublicationscommittedtoretailaudiencesyetnonefocusesonthetotallifestyleofbeinganindependentretailermdashwhethersellingshoeshardwarehomegoods
oranythingelseTomethismeanssupportingthisuniqueaudienceofretailerswithallthedetailsoftheirbusinessesmdashnotjustthosethatfellwithintheirstorewallsInotherwordsIwanteddiscussionsaboutinsurancehealthfamilytimemanagementandmoretoberegularcontributionstoapublicationthatretailerscouldreallyrelatetoandonethatwassolelycommittedtoindependentretailersnotbig-boxmerchantsItrsquoswiththisinmindthatRetailMindedMagazinecametolifeWithoutaformalpublishingbackgroundorextensivemediaexperienceI
launchedRetailMindedMagazineinJanuary2011MyquietlaunchwaswellreceivedbymyalreadyloyalblogfollowersandwiththehelpofmyuniquedistributionmodeltheRetailMindedPartnerProgramRetailMindedMagazinenowreachesover150000readerswitheachquarterlyissueThisuntraditionalavenueofdistributionallowsnicheretailgroupssuchasCrafterrsquosHomeortheMuseumStoreAssociationaswellaslocalandstate-levelretailorganizationssuchastheStateChamberofOklahomatheFloridaRetailFederationMinnesotaMainStreetandotherstodistributeRetailMindedMagazineasamembershipbenefitandeducationalresourcetotheirmembersThesameyearIrolledoutRetailMindedMagazineIalsointroducedthe
independentretailerconferenceforthefirsttimeinJuly2011alongsidemyconferencecofounderKerryBanniganofNolchaFashionWeekNewYorkSincethenthisannualeventhasgrowninbothsizeandrecognitionwelcomingindependentretailersandretailsupporterstogainhands-onknowledgeabouttrendsspecificintheindependentretailsceneInMarch2014theIndependentRetailerConferencewasproudlyintroducedasourfirstpop-upconferenceatthenationrsquoslargestconsumertradeshowtheASDShowheldbiannuallyinLasVegasTheRetailMindedworldhascertainlygrownsinceitrsquosbabydaysbackin
2007yetlikemuchofmyaudiencewearestillsmallandindependentourselvesIknowfirsthandthestruggletogetafulldayrsquosworkinandstillfeellikeIhavenrsquotworkedenoughaswellastheconstantjugglingacttofindtimeforfamilyfriendsandmdashdareIsayitmdashevenmyselfMyteamremainssmallbutourmissionisalwaysgrowingIconsideritbothaprivilegeandaresponsibilitytosupportindependentretailerswhichiswhyIwassohonoredtojoinJasonPrescottinauthoringthisbooktodojustthatItrsquosmyhopethatyouwilltakeawayfromthisbooktipstricksandpractical
solutionstoapplytoyouruniqueretailbusinessWhetheryouareaseasonedmerchantorretailnewbiethecontentthroughoutthisbookisaimedathelpingyoutomanagemarketandgrowyourretailbusinessTogetherJasonandIhaveuncoveredresourcesidentifiedsolutionsandcompiledacollectivespotforyou
uncoveredresourcesidentifiedsolutionsandcompiledacollectivespotforyoutoconfidentlyrefertoasyoucontinueyourretailjourneyAlsowersquoveinterviewedover50industryleadersandretailersallowingyoutogainmultipleperspectivesonthedynamicworldofretailWersquovealsoprovidedyouwithActionGuidesthatfolloweachchaptergivingyounextstepsandhow-toinstructionstohelpyourbusinesssucceedIrsquodliketobelievethatlikemeyoulookatyourjobasaprivilegeand
thereforethatyouareconstantlyseekingnewwaystoimproveyourbusinessWhetherthisistrueornotIhopethatthisbookcandelivernewwaysforyoutofindsuccessandachieveyouruniqueretailgoalsThankyouforgivingustheopportunitytohelpyouaccomplishthismdashwehopeyouenjoytheride
PARTI
BeingIndieinaBig-BoxWorld
1
StandingOutamongOtherRetailers
Inordertobeirreplaceableonemustalwaysbedifferent
mdashCocoChanel(1883ndash1971)founderofChanelfashiondesignerTO
GAINsuccessinretailmerchantsmustcreateanenvironmentandanexperiencethatcustomerswanttovisitagainandagainCalifornia-basedretailerKimberly
Efseaffagreeswiththissharingherthoughtsaboutwhereacustomerrsquosexperiencebegins
TheexperienceofastoreshouldstartbeforeacustomerevenwalksinthedoorWhensomeoneseesyoursignageorpeeksinthewindowthereshouldbeawowfactorItshouldcaptivatethemandmakethemwanttoinvestigateyourbusinessevenifitrsquosnotsomethingtheymaynormallybedrawntoOncetheydowalkintheyshouldfeelliketheyareexperiencingsomethingthatistotallyuniqueandunlikeanyotherstoretheyhaveeverbeentoThecolorsproductsatmospheredesignaestheticsandallotherstoredetailswillhelpmakethishappenorforthatmatternothappenUltimatelyastoreshouldfeelasuniqueasitlooksIfyoudothiscorrectlyyourcustomerwillbecomecaptivatedandengagedinyourbusiness1
EngagingcustomersiskeyandretailerssuchasEfseaffknowthatthisisessentialtocreatingkeepingandgrowingbusinessThequestionishoweverjusthowdoyoudothisIrsquoveinterviewedover50industryleaderswhoincluderetailerswholesalerstradeshowdirectorsmagazineeditorsretailorganizationleadersandmoretohelpanswerthisquestionAllofthemsharetheiruniqueexpertiseandperspectivesonhowyoucanfindstoresuccessinthecompetitiveworldofretailWithaheavyemphasisonindependentbrick-and-mortarretailersthisbookwilllookatthemanylayersinvolvedinmanagingandmarketingaretailstoretodayFromthereitwillhelpintroduceyoutonew
marketingaretailstoretodayFromthereitwillhelpintroduceyoutonewideasreshapeoldhabitsandidentifythetrendsofretaildesignedtokeepmodernmerchantsvisibleandsuccessfulAmongthemaingoalsofthisbookwillalsobetointroduceretailerstoexternalplayersrangingfrombusinessresourcestotradeshowstoretailassociationsandmoreIllinois-basedretailerAngelaGianfrancescowhosestoreStellaBlueDesign
residesjustamilewestofChicagorsquosWrigleyFieldconsiderslearningfromoutsideinfluencersakeystrategyinhelpingherownbusinessgrowldquoImayonlyhaveonestoreandbethesolestoreownerbutIneverfeelaloneinrunningitThroughRetailMindedcommylocalChamberofCommerceagreatstaffandmerchantfriendsIconstantlyfeellikeIamlearningnewthingsandhavepeopletoturntowhenIhavequestionsrdquoAsanindependentretaileritrsquoseasytoforgetthatyouhavesomanyadvocates
onyoursidetohelpyourbusinessthriveOneofthemaingoalsofthisbookistohelpretailersregaintheirtrustandsupportfromoutsideplayerswelcomingavarietyofbusinessesandpeopleintotheirnicheworldstohelpthemfurthersucceedinretailInthechaptersthatfollowwersquollunveilorganizationsassociationsandretail-specificgroupsthathaveyourbestinterestinmindaswellasidentifywhyyourparticipationwiththemmattersWewillalsodiscussthevalueinworkingwithyourlocalcommunitytoincreaseyourstoreandtownrsquosindependentretailawarenessWewillalsoprovidedetailsonhowyoucanbecomemoreinvolvedintheincreasinglypopularbuy-localmovementsMostimportanthoweverwewillidentifypracticalwaysforyoutokeepyourdoorsopeninacompetitiveretailenvironmentsharingexpertyetrealisticinsightonhowyoucandothisAsretailerGianfrancescostressesldquoIhavebeenopensince2010andsincethenIcancountonmyhandhowmanydaysIhavegonetoworkwithoutlearningsomethingnewaboutcustomercareorstoremanagementZeroEverydayeverycustomerandeverysituationteachesmesomethingthatcanimprovemybusinessrdquoItrsquoswiththisinmindthatthechaptersthatfollowwerecreatedEverychapter
everydetailandeveryresourceidentifiedisintendedtohelpyouwithyourbusinessAsanindependentmerchanthoweveritrsquosuptoyoutodecidejusthowyouwillapplythesedetailstoyourownuniquestoreTofurthersupportyoueachchapterconcludeswithanActionGuideintendedtohelpyoutakeimmediatestepsinhelpingyourbusinessCollectivelywehopethattheseActionGuidespushyoutolookatyourstoreorfuturestoreviaanewperspectivewhilealsoencouragingyoutodothingsyoumayneverhavedonebeforeFinallyremembertostayenthusiasticoptimisticandacceptingofchallenges
astheycomeyourwaymdashbecausetheywillmdashasyouembarkonyourretail
astheycomeyourwaymdashbecausetheywillmdashasyouembarkonyourretailjourneyWhetheryoursquoreaveteranmerchantoranewstoreownerretailasweknowitischangingatapacefasterthaneverbeforeAsaresultyoushouldbereadyforbothupsanddownsalongthewayThisbookwillhelpyoutounderstandthelatesttrendsexpectedgrowthandanticipatedopportunitiesspecifictoindependentretailersandwehopethatyouenjoytheexperienceofthechaptersahead
ActionGuide
EmbracingchangeisnrsquotalwaysaneasytaskparticularlyforentrepreneurswhochoosetofollowtheirownindividualpathsChangehoweverisacriticalcomponentofkeepingupwithcustomersinventoryandsalesTohelpyoutoidentifyyourcomfortforchangeanswerthefollowing
questionswitheitheryesorno
1Haveyouintroducedanewvendorintoyourstoreassortmentinthelastthreemonths2Haveyoueliminatedavendorfromyourstoreassortmentwithinthelastsixmonths3Doyouactivelyseekoutsideexternalresourcestohelpyoulearnmoreaboutmanagingyourbusinesspossiblyincludingaconsultationeducationcourseorotherlearningscenario4Haveyouidentifiedyourtargetcustomer5Doyoubelievethatyourtargetcustomerisyouractualcustomer6DoyouwanttogainanewgenerationofcustomersinyourstoresuchasGenerationY7Doyouactivelysolicitpublicityforyourstoreeitherfromanoutsidepublicrelationssupportorfromyourowninternalefforts8DoyouhaveasolidonlinepresenceallowingyoutogainrecognitioninonlinesearchesonwebsitessuchasGoogleorYahoo9Areyouamemberofnolessthanoneretail-specificgroup
10Doyouhaveemployeeswhoareeitherpartorfulltimebutnotseasonal
Foreveryyesyouansweredgiveyourself10pointsBasedonatraditionalgradingscaleof0to100totalyourpointstoidentifyyourgradeasacurrentretailerAreyouat50pointsIfsothatgivesyouanFinyourretailperformanceplayingyouat50percentinscoreAreyouat70percentThatrsquosaCwhichrepresentsanaverageperformanceyetitisjustonepointawayfrombelowaverageIfyouscoredat80percentorabovewelldoneYouaredoingagreatjobatretailhoweverlikeallthingsinlifetherersquosalwaysroomtoimproveWhetheryoufailedorthrivedinthisbasicretailevaluationwelookforwardtohelpingyouachievestrongerretailsuccessbyofferingyouexpertinsightadditionalactionguidesandmuchmoreinthechaptersahead
2
SteppingOutsideYourComfortZone
IamalwaysdoingthatwhichIcannotdoinorderthatImaylearnhowtodoit
mdashPabloPicasso(1881ndash1973)painterandartistACCORDINGTOJoeAbrahamauthorofEntrepreneurialDNAtherearefourkindsofentrepreneursBuilderopportunistspecialistandinnovatorrepresentthevariouspersonalitiesofownersofsmallmedium-sizedandlargebusinesseswhenitcomestobeing
theirownbossAlthoughindependentretailerswillembodyoneormoreofthesefourentrepreneurialDNApersonalitiesallentrepreneurialpersonalitiesare
likelytocreatethehabitofworkingwithintheirowncomfortzoneHavingfoundedourownbusinesseswecanrelatefirsthandtothechallenges
ofbeinganentrepreneurWecanalsospeaktothehabitsthatshapeourdailyactionsmanyofwhichkeepusacutelyfocusedandworkingcomfortablywithinfamiliarterritorybothliterallyandfigurativelyMoreimportanthoweverwersquovealsoexperiencedfirsthandthebenefitsofsteppingoutsideourcomfortzoneAsaresultwepushourselvestodothismoreoftenthannotOurexperiencesasidewhatreallymattershereisconsumersrsquoreactionstoyourhabitsWhetheryouconsideryourselfanold-fashionedretaileramodernmerchant
oranup-and-comingstoreowneracriticalcomponenttoyourretailsuccessisidentifyingyourstrengthsweaknessesandpotentialtodobetterWithoverhalfofsmall-businessownersclosingtheirdoorswithintwoyearsofopeningthemitrsquosimperativetoconsiderallavailableopportunitiestosucceedThisisparticularlycrucialconsideringthenatureoftodayrsquoscompetitivemarketplaceConsumershaveatremendousnumberofchoiceswhenitcomestomakingtheirbuyingdecisionsandindependentretailersshouldattempttostandoutversusblendinwhenitcomestostayingcompetitiveNewYorkndashbasedmerchantMacquenziFarquerwhoownsgiftandspecialty
storeLockportintheAstorianeighborhoodofNewYorkCitysuggeststhatindependentretailersneedtoidentifydirectcompetitionattheverybeginning
independentretailersneedtoidentifydirectcompetitionattheverybeginningandunderstandhowtheycancompetewithitfromarealisticperspective
Big-boxstorescandeliverrealheadachesforindependentmerchantsThereisnothingworseforasmall-businessownertohearthatthesameproducttheycarryisbeingsoldforlessatabig-boxstoreIrecognizethatthispricecomparisonwillhappenhoweverIalsorecognizethatmostconsumerswillnotunderstandtherhymeorreasonwhyThissaidItrytochallengemyselftoprovidethebestinventoryassortmentIcantobettercompetewithbig-boxstoresInevitablymyinventorywillbecomparedtothatofotherretailersandItrytobuymoreuniqueinventorytodealwiththis1
ChallengingyourselftoofferavarietyofmerchandisecancertainlyhelptoattractconsumersandincreasepurchasesHoweveridentifyingtherightassortmentofinventoryisoftenthechallengethatretailersfaceForFarquerthismeantidentifyingwhatherlocalcustomerswantedandthenidentifyingtheappropriateblendofpriceandproducttoofferherconsumersIndoingthisshesteppedoutsidehercomfortzonetocreateanedgeagainstherlocalretailcompetition
FormycustomersfindingstockfurniturefortheirtypicallysmallerurbanlivingspacesisachallengeFormeitrsquosalsoachallengetostockfurnitureinmylimitedsquarefootstoreWhilemycustomerisconstantlyaskingforthisIhavelearnedthatnomatterwhatIcanofferIcanrsquotcompeteagainstmytwoclosestbig-boxcompetitorsIKEAorCB2InsteadIcallmyfurnitureselectionldquofinishingpiecesrdquoandmarketthemasthespecialdetailyoulayerwithmoreaffordablepiecesfromnationalchains2
TacklingthejobofunderstandingthelocalconsumersrsquobehaviorshelpedFarquertoidentifyasmartstrategicplantostayrelevantinherAstoriaNewYorkneighborhoodHersolutionofprovidingldquofinishingdetailsrdquoversustraditionalstockfurniturehasdifferentiatedherfrombig-boxretailerswhilealsoopeningupanichesalesstrategyThisapproachalsoplacesheroutsideatraditionalretailcomfortzonebyacknowledgingandactuallydiscussingtheuseofbig-boxinventoryincombinationwithherown
RETAILTIPDonotignorethatmanymdashifnotallmdashofyourcustomersincludebig-box
storesnationalchainsordiscountcentersasregulardestinationstoshopInsteadidentifythebestwaystosupportthesecustomersknowingthattheyarealsoshoppingatyourcompetitorsAmongthewaysinwhichyoucandothisincludeintroducingdiverseinventoryprovidingstrongercustomercarehostingin-storeeventssupportingcommunityeventsandbeingafamiliarfriendlyfacewithinyourownstoreBrickandmortarretailerCynthiaSuttonisaretailveteranhaving
previouslyworkedinthebuyingofficesformajorretailerClairersquosBoutiquepriortoopeningherownstoreTheSilverBarninColumbusTexasin2008SellingeverythingfromhomedeacutecortobabygiftsSuttonrecognizesthatbig-boxstoresarehercompetitionandbelievesthereisroomforalltypesofretailersldquoBig-boxstoresandindependentretailerscancomplimenteachother
Thekeyisforindependentretailerstoofferuniqueitemsthatarenoteasilyfoundindepartmentstoresorotherbig-boxmerchantsItrsquosourjobtosearchforspecialtyitemsandvendorsnotfoundinthesestoresofferingsomethinguniquetoourcustomersrdquoWhetheryourstorestockseverydaybasicsorspecialtyitemsitrsquos
importanttorecognizehowyoustackupagainstbig-boxcompetitionMakeitaprioritytoknowwhattheyrsquoresellingsoyoucandecidewhatbestsuitsyourstoreshelvesandcustomersaswellTakethetimetovisityourcompetitorrsquosstoresonnolessthanaquarterlybasisrecognizinganythingnewtheyhavedonetotheirstoresThismayincludetheintroductionofnewvendorsbolddisplaychangescustomerserviceenhancementsoranythingelsethatstandsoutWhilevisitingyourcompetitionmaynotseemlikeavaluableadditionto
ourto-do-listitrsquospossiblethatitrsquosamongthemostvaluablethingsyoucandoasabusinessownerAlwaysknowwhatyourcompetitionisuptoinanefforttostaycompetitiveagainstthem
InventoryisacriticalcomponentofanystorersquossuccessyetwellbeyondwhatfillsyourstoreshelvesishowyoumarketmanageandsellitTheseactionscanmakeorbreakaretailerrsquoslivelihoodyetmanyretailersfallintohabitsthatworkagainsttheirsalesgoalsGevenaIllinoisndashbasedretailerShariRalishwhosestorePeacefulParlour
providesherbalteasearth-friendlyproductsartisanworkandmoreisan
providesherbalteasearth-friendlyproductsartisanworkandmoreisanexampleofanindependentmerchantwhofellvictimtobeingsetinheroldways
WhenIopenedmystoreinFebruary2010ImerchandiseditandstockeditwithproductsIthoughtcustomerswantedbecauseIwantedthemaswellIttookmeafewyearstotrulyunderstandmylocalconsumersandeventhenmyfloorplandidnrsquotaccommodatetheirshoppingpatternsormytotalstoreassortmentItwasnrsquotuntil2012thatIfinallyletanoutsideretailspecialistcomeinandhelpmeseemystorethroughanotherpersonrsquoseyesThechangesininventorystorelayoutandmyoverallmarketinginitiativeshavehelpedtoincreasemysalesbyover37percentinthepastyearalonerdquo3
ForcingyourselftoletothersaffecthowyouoperateyourstorecanbeadifficultchallengeforsomeparticularlyifyouhaveanentrepreneurialpersonalitythatprefersindependenceandcontrolYetidentifyingthisasaweaknessinyourentrepreneurialDNAcanactuallyhelpyouinyoursuccessasamerchantJoeAbrahamauthorofEntrepreneurialDNAbelievesthatmostretailers
ldquowillrunintosomecommonchallengeswhenoperatingtheirstoresKnowingupfrontwhattheiroperationalweaknessesandstrengthsarecanactuallyempowerthemtoalignwithadvisorspartnersandserviceproviderswhocomplementtheirweaknessesWithoutaddressingtheirownentrepreneurialcharacteristicsretailersriskafrustratingjourneyorworsethedemiseoftheirbusinessesrdquo4
HabitsofSuccessfulRetailers
WhileclosingyourdoorsiscertainlynotthegoalidentifyingthetophabitsofeffectiveretailersshouldbeHereinnoparticularorderare10habitsofhighlyeffectiveretailersInthechaptersthatfollowwewillexploreeachoftheseindetail
Habit1KnowWhoYourCustomersAre
OftenretailersopentheirstoreswithavisualimageoftheirtypicalconsumerthatmaynotbeaccurateUsingmoderndataincludingpoint-of-sale(POS)andothertrackingsystemstohelpidentifywhoyouractualcustomersareyoucanhelptoidentifywhoistrulyspendingmoneyatyourstoreInthisregardtherersquosnosuchthingastoomuchinformation
Habit2UnderstandHowYourCustomersShop
KnowingwhoyourcustomersareisonethingbutunderstandinghowtheyshopisanentirelydifferentthingSeekconsumerinsightbyaskingquestionsviasocialmediathroughin-storeconversationsbyofferingquicksurveysviae-mailoryourwebsiteandusingotherdata-collectingmethodsthataddresstheneedswantsandactionsofyourcustomersGoodold-fashionedobservationgoesalongwayhereaswellBeorganizedbyaggregatingandcategorizingyourresearch
Habit3ReacttotheInformationYouGainfromCustomers
TheworstthingyoucoulddoisgainqualityinsightintoyourcustomersandthenfailtoactonitMakeitaprioritytoconstantlyevaluateyourcustomersListentowhattheyareaskingforidentifywhattheyarenotinterestedinwithyourproductassortmentorshoppingexperienceandtrytocapturetheirwishesasaconsumerAcknowledgingboththeirwantsandlackofinterestisagreatwaytodiscoverwhatandhowyoushouldbeselling
Habit4BeWhereYourCompetitionIs
Whileyoumayneverhaveathousandstoreslikeyournearestbig-boxneighboryoucanbewheretheyarewhenitcomestoyourmarketingeffortsDonotneglectsocialmediaoryourlocalmarketmediaSeekcoverageinyourareapublicationsparticipateinlocaleventsandbevisiblebeyondyourstorewallsincludingonline
Habit5CompareYourselfwithOthers
RememberwhenyourmotherusedtotellyounottocompareyourselfwithyourpeersWellwersquorethrowingthatadviceoutthewindowInthecaseofretailyouwanttoalwayscompareyourselfwithyournearbymerchantsThiswillidentifynotonlythewaysyouaredifferentbutalsothewaysyouarealikeLearningfromothersrsquomistakesismuchlesspainfulmdashandoftenlesscostlymdashthanlearningfromyourown
Habit6TrainYourEmployeesandYourself
NomatterwhatyoumaythinkyousimplydonrsquotknowitallNoonedoesChallengeyourselftoconstantlylearnsomethingnewaboutyourbusinessWhetheritisstoreoperationsoranewvendortherersquosalwayssomethingtoresearchAdditionallymakesurethatyourteamlearnsnewupdatesonstoreproceduresproductsindustrytrendssocialmediafeaturesandmoreAllemployeesevenpart-timeorseasonalemployeescangainfromscheduledtrainingsessionsthathelptopositionthemnotonlytolearnmorebutalsotofeelasiftheyarekeyplayersinthesuccessofyourbusiness
Habit7SupportOtherLocalBusinesses
NobodylikesthepersonwhodoesnrsquotpracticewhattheypreachForindependentretailersthisholdsespeciallytrueSupportyourfellowlocalmerchantsasmuchaspossibleTheoldsayingldquoWhatgoesaroundcomesaroundrdquoholdsverytruehereandshouldnotbetakenlightlyInsteadembraceotherlocalbusinessesnotonlybyshoppingatthembutalsobyreferringthem
Habit8AttendTradeShowsRegularly
MosttradeshowsnowadaysoffermorethanjusttheopportunitytobuyinventoryManysuchastheASDTradeShowheldbiannuallyinLasVegasprovideeducationalexperiencesnetworkingeventssocialopportunitiesandmoreTakeadvantageofallthattradeshowshavetoofferincludingthechancetoconnectfacetofacewithyourexistingvendorsanddiscovernewvendorsas
toconnectfacetofacewithyourexistingvendorsanddiscovernewvendorsaswell
Habit9SeekNewWaystoManageYourBusiness
OurmodernworldisconstantlyintroducingnewtechnologiesandotherwaystohelpbusinessesofallkindsthriveForretailersitrsquosespeciallyimportanttoevaluateserviceprovidersandavailabletechnologythatcanhelpyouoperateyourstoremoreefficientlyNeglectingcommercialevolutioncancauseyoutodriftapartfromyourretailpeersandultimatelyfromyourconsumers
Habit10BeOpentoPart-TimeorFull-TimeEmployees
ItrsquoseasytofallintothehabitofworkingeverydayinyourstorewithoutevertakingabreakHoweverworkinginyourstorefulltimedoesnotallowyoutoaccomplishmanyoftheothersuggestedhabitsonthislistandalsolimitsyoufromsimplygettingabreakSuccessfulretailerseventhosewithonlyonestoreareoftenmoresuccessfulbecausetheybudgetforpart-timeorfull-timeemployeesAsaresulttheirperformanceasastoreownerisnotcompromisedandinsteadtheyreaptherewardsofamorebalancedworkscheduleandstrongersalesHumansarecreaturesofcomfortandretailersarenoexceptionItcanget
reallycozysettlingintoyourwaysbutpushyourselftostepoutsideyourcomfortzonetoreallyallowyourselfandyourstoretoevolveandthrive
Inthechaptersthatfollowwersquollidentifyhowtoincorporateretailbestpracticesintoyourbusinesssharepreferredresourcesforindependentretailersintroducecontactdetailsforvariousretailassociationsexplainhowtosolicitandmanageyourownpressofferwaystomarketyourstorebothonlineandofflineandexplainwhyincorporatingabuy-localcampaignwouldbegoodforsalesInadditionwersquollofferyouexpertinsightintomanagingyourinventorysocialmediaemployeesandofcoursecustomers
ActionGuide
WhentryingtounderstandyourownstrengthsandweaknessesasaretaileritrsquosimportanttorecognizeyouroperationalhabitsasamerchantAnswerthefollowingquestionsandrecordyourresponsesallowingyoutoreferenceyourhabitsinthechaptersaheadandultimatelyreflectonthenecessarychangesyoumayneedtomaketoenhanceyourbusiness
1Whatoperationalproceduresdoesyourstoreroutinelyperformtodaythatitdidnotoneyearago2Ifyouhavebeenopenlongerthanthreeyearswhatthreeadditionalstoreoperationsareconductedthatyouwerenotdoing36monthsago3HaveyourcoreinventorycategorieschangedsinceyoufirstopenedyourstoreWhyorwhynot4Doyourmostpopularitemssellbasedoncircumstancesuchasacustomerfindingauniquegiftheorshelovesorisitmorestrategicsuchasreplenishingahouseholditemthatcustomersknowyouhaveinstock5DoyouprovideemployeetrainingforstoreoperationsnewproductsoranyotherreasonIfsohowoftendoyoudothis6Whatcustomer-serviceexpectationsdoesyourstorehaveinplaceHowisthismeasuredamongyouremployeesandyourself7Whatmarketingstrategiesdoyouconsistentlyleanontopromoteyourstoretobothexistingandnewcustomers8Howoftendoyouseekattentionfromthemediawithaformalpressreleaseororganizedmediapitch9Whatday-to-dayhabitsdoyouidentifyasmandatoryinyourstoresuchasstockreplenishmentmerchandisingorcoldcallingcustomers
10Whatisonyourwishlistfortheyearsaheadasyourstorecontinuestogrow
TakethetimetohonestlyanswerthesequestionspushingyourselftobetruthfulwithyourresponsesOftensimplyacknowledgingyourroutinehabitsincomparisonwithsuggestedotheronescanhelpyouinsteppingoutsideyourcomfortzoneInthechaptersthatfollowwersquolldiveintothedetailsofhowthis
comfortzoneInthechaptersthatfollowwersquolldiveintothedetailsofhowthiscanbeaccomplished
3
LeaningonOutsideOrganizations
Ifyoudowhatyoursquovealwaysdoneyoursquollgetwhatyoursquovealwaysgotten
mdashTonyRobbins(1960ndashpresent)lifecoachauthormotivational
speakerldquoTHENUMBERonejobofabusinessowneristorunagreatbusinesssoitwouldbeshort-sightednottotakefulladvantageofopportunitiesprovidedtohelpbusinessesachievegreatersuccessrdquoOfficeofMainStreetNewJerseyandImprovementDistrictProgramsofNewJerseyrsquosJefBuehlerstatesWhilewe
couldnotagreemoreitrsquosofteneasiersaidthandonewhenitcomestosupportingyourbusinesswiththemanyresourcesavailabletoyouOften
businessownersgetlostintheireverydayhustleandbustlewithouteverseekingoutsidesupporttomaketheirjobseasierLuckilythereisavastanddiverse
groupofbothprivate-andpublic-sectororganizationsthatcanhelpyouachievestrongerretailsuccess
Retailersshouldlookattheirlocalcommunitiesstate-levelorganizationsandnationalgroupsinanefforttoidentifysupportthatmakessenseforthemandtheiruniquebusinessesBeginningatalocallevelmostretailershaveaccesstomunicipalsupportincludingcitymeetingseducationresourcesandlocalChamberofCommercesupportAlthougheachcommunityhasitsownvariedoperationalresourcesthatbenefitretailersspecificallyallretailershavesupportbeyondtheirlocaltownsState-levelorganizationssuchastheRetailAssociationofMaineandtheKentuckyRetailFederationprovidetremendoussupportforretailersofallsizes
GettingInvolvedwithOutsideOrganizations
Gettingengagedatyourlocallevelisabsolutelyvitalinbuildingtowardyour
GettingengagedatyourlocallevelisabsolutelyvitalinbuildingtowardyourbusinesssuccessparticularlyifsellingonlineorbeyondyourlocalareaisnotpartofyourbusinessplanThislocal-levelparticipationwillgiveyousupportandinsightintoyourcustomerscompetitionandcommunitythatstate-levelandnationalorganizationsoftencannotEllenDivitaeconomicdevelopmentdirectorfortheCityofGenevaIllinois
explainsjusthowvaluablelocalcitiesandChambersofCommercecanbetoasmall-businessowner
YourlocalcityandchamberofferavarietyofresourcestoretailersincludingvisibilityandcredentialtoyourbusinessBecausetrustissuchanimportantcomponentinthemarketplacethesedaysthisisespeciallyimportanttoconsiderasabusinessownerofanykindLocalcityandchamberofficesoffermanyresourcesincludingassistancewiththedevelopmentandopeningprocesspermitsandlicensesThenontangibleassistancecanproveevenmorevaluablewhichincludesbuildingrelationshipslocallythatcandeliverthevisibilityandcredentialthatyourbusinessneeds1
FurthermoreDivitastressestheimportanceofrespectingconsumeroptions
PeoplehavechoiceswhenitcomestowheretheyshopandconsumerswillbuyfromretailerstheytrustBeingreferredandtrustedbythechamberandyourlocalcitygovernmentislikebeingprescreenedwhichiscriticalforretailersconsideringtheimmenseamountofcompetitiontheyhaveUnlikenationalretailerswhosereturnpoliciesandothercustomerexpectationsaremoreknownindependentretailersneedtogainthetrustoftheirconsumersYourlocalchamberandcitycanhelpyouachieveastrongreputationthatgivescustomersthetrusttheyarelookingfor2
Beingknowninyourcommunityforwhatyouoffercanbepricelesswhencross-referralshappenorganicallyastheresultofsatisfiedcustomerscommunityparticipationandyourcommitmenttodeliveringastrongin-storeandcityexperienceFurthermoremanylocalChambersofCommerceandcityorganizationsprovideeducationalresourceslocalmediasupportandothercommunity-basedincentivesthatcanhelpmerchantsgainstrongercustomer
awarenessBeyondyourlocalorganizationshoweveritrsquosimportanttolookatstate-levelretailassociationsthatcanhelpyourbusinessfromabroaderperspectiveaswell
EXPERTSPOTLIGHTHarrietParkermanageroftheIllinoisSmallBusinessDevelopment
CenteratWaubonseeCommunityCollegeinAuroraIllinoissuggeststhatworkingwithoutsideorganizationscanhelpretailersandothersmallbusinessownersgainaccesstoexpertsupportthatisoftenfreeoratareducedrateAlsoParkersharesherinsightonhowongoingsupportversusonlywhenneededcanhelpretailersldquoByworkingwithorganizationssuchasSmallBusinessDevelopment
Centers(SBDCs)retailersareabletoaccessexpertisetheymaybelackingaswellasresourcestheymaynotknowaboutOurorganizationslikemanyothersoftenhavebusinessexpertsreadytohelpretailersgobeyondtheirowncapabilitiestobuildstrongerbusinessesInadditionweencourageretailersnottowaituntiltheyareexperiencingaproblemtoseekassistancebutinsteadtreattheseresourcesasanongoingpartnerfortheirbusinessteamWhetheritisforaproblemabrainstormingsessionornearlyanythingelseSBDCrsquosandothersupportorganizationsshouldbeviewedastrustedadvisorstohelpretailersrdquoTogetstartedinseekingoutsidesupportfromyourlocalSBDCParker
suggestsvisitingwwwsbagovandclickingontheGetLocalAssistancelinkFromtheremakingaphonecalltotheirofficesistypicallyallittakestogetstarted3
AndyEllenpresidentandgeneralcounseloftheNorthCarolinaRetailMerchantsAssociationexplainsthatassociationslikehisareintendedtoactaspartofaretailerrsquosownteam
WeseeourselvesasanextensionofaretailerrsquosstaffOurreasonforbeingistopromoteandadvocatefortheretailindustrysowemakeitaprioritytobeexpertsonallissuesthatwillimpactaretailerrsquosstoreoperationsaswell
asdevelopstrongrelationshipswithpolicymakersinourstateIfyouhaveaproblemoranissueitisquitelikelythatyourstateretailassociationhasalreadyencounteredthisissueforanotherretailerandhastheanswertoyourquestionattheirfingertips4
InadditionEllenbelievesthatretailorganizationssuchastheNorthCarolinaRetailMerchantsAssociationhelpdeliversolutionstocommonanduncommonretailchallenges
StateretailassociationsareproblemsolversWeunderstandstategovernmentsandknowhowtocutthroughtheredtapeandvoicemailjungleofstateandlocalgovernmentstoassistretailersCollectivelystate-levelassociationspromotetheretailindustrythroughthepressoftenhighlightingalocalretailerrsquosgreatpracticesorsuccessThistranslatestofreePRandadvertisingforretailersprovidedbyatrustedsourcemdashus5
Inadditiontobringingmediaattentionandhelpingtosolveretailchallengesstate-levelretailassociationssupportmerchantsintheireverydayoperationsAdditionalsupportthatassociationsoftenofferincludesdiscountsonstoreservicesthatretailersneedsuchascreditcardprocessingandexpertinsightintostate-specificlawsandotherregulatoryagenciessuchasthedepartmentsofrevenuetransportationorlaborCurtisPicardexecutivedirectoroftheRetailAssociationofMainedescribes
thebenefitsofworkingwithstate-levelassociationsasldquoinsuranceforretailersrdquo
Whenretailersbecomemembersoftheirstate-levelassociationstheygainfull-timerepresentationforlegislativeissuesnetworkingwithotherlike-mindedretailersandaccesstoanumberofmoney-savingprogramsthatcanhelptheirbusinesssavemoneydirectlyandoperatemoreefficientlyWeliketothinkofourselvesasinsuranceforretailersWehelpprotectyouforaverylowcost6
AlthoughlegislativesupportmaynotbeonthetopofyourlistofwaystobesupporteditcertainlyshouldbeexploredStateandnationallegislativedecisionsaffectmerchantsinavarietyofwaysandtoooftenretailersdonrsquot
decisionsaffectmerchantsinavarietyofwaysandtoooftenretailersdonrsquotknowhowtheywillaffectthemuntilitrsquostoolatePicardexplains
Whenyoudonrsquotcommunicatewithyourstate-levelretailassociationitmeansthatyourvoicedoesnotgetheardIcanrsquottellyouhowoftenIhearfromnonmemberretailerswhentheycallaftersomethingbadwaspassedbythelegislatureFirsttheyhadnoideathatcertainlegislationwasbeingconsideredandsecondtheyhadnoopportunitytosharehowitwouldimpactthem7
Inadditiontogettingactiveinyourstate-levelassociationsPicardbelievesthatlocalandtrade-specificgroupsarealsoimperativetoyourretailsuccess
IhavealwaystoldpotentialmembersthattheyneedtobelongtothreeassociationsFirstyouneedtobelongtoyourlocalChamberofCommerceordowntownbusinessassociationThatiswhereyourbusinessisandwhereyouremployeesliveandworkMoreoveryoushouldbelongtoyourspecificindustrytradeassociationsuchastheCraftandHobbyAssociationforcraft-basedretailersAndlastyoushouldbelongtoastatewideassociationbecausemostlegislationhappensatthestatelevelandyouneedeyesandearslookingoutforyourbusinessInmostcasesastateretailassociationwillfillthatrole8
Trade-specificorganizationsaretypicallynationallybasedalthoughmanyofferregionalgroupsaswellNearlyeverysectorofretailfromflowerstofootweartohandbagstohomedecorhasretail-specifictradegroupsthathelptosupportmerchantssellingtheirspecificproductcategoryAmongtheirtoprolesinsupportingretailersisdeliveringeducationthroughannualeventspublicationswebinarsandotheravenuesJamaRiceexecutivedirectorandCEOoftheMuseumStoreAssociation
explainsthatnichegroupssuchashersofferldquoopportunitiesandresourcesforlike-mindedmembersandotherstakeholderstosharebestpracticeslooktotheassociationrsquosindustrystandardstoachieveprofessionalexcellencerelyonbenchmarkingstatisticsforperformanceanalysisaccesspublicationsandonlinecommunitiesandattendface-to-facemeetingsandconferencesfortechnicalandeducationalcontentspecifictononprofitretailingandconnectwithaffiliated
vendorsforsourcinguniqueproductsrdquo9Withsuchanextensiverangeofbenefitstogainfromitseemsfoolishnotto
getinvolvedinorganizationssuchasyourlocalChamberofCommercecityorstateretailassociationornicheretailgroupsMissyBrozekvicepresidentandcreativedirectorofcraftandhobbyretailgroupCraftersrsquoHomeagreesthatthisisextremelyimportantformerchantsparticularlyasretailbecomesevenmorecompetitive
AsretailgetsmoreandmorecompetitiveIrsquomconvincedthatindependentstoreswillneedtokeepbandingtogethertothriveThebenefitsarejusttoogoodtoignoreBuildingagroupgivesretailersopportunitiestocollaborateandlearnfromoneanotherwithoutfeelingliketheyrsquoresupportingtheirdirectcompetitorsInthecaseofnicheretailgroupsitalsoopensuptheopportunitytoleanononeanotherformorespecificsupportreducingtheneedtoreinventthewheelforpromotionsmarketingandeventsAtCraftersrsquoHomeweputtogetherfullyworked-outprogramstosharewithourgroupbasedonourexperienceandtheexperienceofourmembersMaybemostimportanthowevertherersquosstrengthinnumbersItrsquossoimportantthatwemakesurethatmanufacturershearrespondtoandrespectthecollectivevoiceofindependentretailers10
BenefitsThatOrganizationsMayOffer
AsamerchantitrsquospossiblethatyoufallintomorethanonespecificretailsectorThereforeyoumaybeapotentialcandidatetobelongtomorethanoneretail-specificgroupYouwillwanttoconsiderhowparticipatinginmultiplegroupswillhelpyourbusinessparticularlybecausetheytypicallyhaveamembershipfeeappliedtothemWhetheryouareinonegroupormorehoweveryoushouldevaluatewhatbenefitsyougainbyparticipatingineachAmongthevarietyofbenefitsthatretailgroupsaswellasstate-levelretailassociationsmayofferarethefollowing
ConferencesandtradeshowsRetail-specificgroupstypicallyhostannualbiannualandorregionaleventstosupporttheirparticipatingretailersSometimestheseeventsareopentoanyonebutmembersgaina
discountwhenattendingorcanattendaspartoftheirannualduesEitherwaytheseeventsaredesignedtodeliverkeysupportinanicheretailmarketprovidingyouwithexperteducationaccesstovendorsface-to-facenetworkingopportunitiesandmoreBuyersrsquoguidesAbuyerrsquosguideuniquelycreatedforyourretailsectorisavaluableresourceparticularlyconsideringhowbusyretailersareRetailtradeorganizationsoftencreateannualbuyersrsquoguidesthatgiveyouquickconvenientandtrustedaccesstoindustry-specificproductsandservicesRetailMindedalsoprovidesanannualldquoResourceGuiderdquothatfocusesonstoreoperationsandpreferredresourcesforrunningyourbusinesssuchasonlinemarketingande-mailmanagementwhichisavailableatRetailMindedcomPrivateonlinegroupsBeingactiveinamembership-basedgroupwillintroduceyoutootherretailerssimilartoyouThisopensupafantasticopportunitytolearnfromothersleanonothersandleveragewhatotherretailershavedoneintheirownretaileffortsOnlinechatgroupsprivatediscussionboardsandmembership-controlledgroupscanprovideyouwiththechancetogaininsightandexpertisefromotherlike-mindedretailersSomestate-levelretailassociationsofferthisandmostretailnichegroupsprovidethisasamembershipperkaswellHealthandbusinessinsuranceprogramsThebuyingpowerofanassociationversusyourindividualbuyingpowercansaveyoumoneywhenitcomestobuyinginsuranceLeveragingthediscountsorpreferredratesavailabletostateretailassociationsorretail-specificgroupsnotonlycanhelpyousavemoneybutalsocanprovideyouwithstrongerinsurancecoverageBesuretocross-referenceupdatedinsuranceoptionsnolessthanannuallybecauseoftenthesewillchangeandyouroptionsmaybeaffectedaswellMarketresearchandtrendinformationInthesamemannerthatstate-levelorganizationsmayprovideup-to-datenewsontaxesandotherlegislativeissuesnationalretail-specificgroupswillsharethelatestonindustrytrendsmarketresearchandnicheinformationforyourretailsectorApplyingup-to-dateindustrynewsandinformationtoyourbusinesscanonlyaidyouinyouroverallretailsuccessandthusshouldalwaysbeonyourto-dolistMerchantsolutionbenefitsWhetheryourstoreissolelyonlineabrick-and-mortarestablishmentorbothprocessingpaymentsisacriticalpartof
youroperationalplanRetailgroupscanhelpyouachievebetterratesinyourpayment-processingsolutionswhilealsosupportingyouinyourpaymentsoftwaresolutionsManyofthesebenefitsalsoincludetop-notchcustomerservicethatisprovidedasamembershipadvantageofferinganinvaluableresourcewhenyoufacepayment-processingchallengesIndustrypublicationsGainingretail-richcontentisnoeasytaskbutmostretail-specificgroupsworkhardtodeliverqualityinformationtotheirmembersMostofthesegroupsseekexpertinsightonavarietyofretailsubjectstosharewiththeirmembersandmanyarepartofRetailMindedrsquosldquoPartnerProgramrdquomdashsharingadditionalnewseducationandsupportfromRetailMindedthroughaquarterlymagazineandotherretailnewspublicationsUsingthemagazinesnewsletterse-blastsandblogsthattheseorganizationsprovidecanhelpyouachievemoreknowledgeforyourbusinessThekeyofcourseistocombinethisknowledgewithinformationaboutannualeventstradeshowsvendorsandallotherinformationyoucangaintoachievethegreatestsuccessinyourstoreoperationsandsalesTraveldiscountsTravelislikelypartofyourannualscheduleparticularlyifyouareactiveintradeshowsandeducationaleventsManyretailgroupsrecognizethisandprovidediscountedratesforairfarecarrentalsandhotelsTakingadvantageofthesediscountscanhelpsaveyousomehard-earneddollars
AlthoughmanyretailgroupbenefitsexceedthosejustlistedtheonlywaytheyworkisifyougetinvolvedBelowaresomeexamplesofsuchretailgroupsalthoughweencourageyoutolookbeyondtheseassociationsforonesthatmakesenseforyourretailbusiness
AmericanApparelampFootwearAssociationWeWearorgARTHomeFurnishingsNetworkAccessoriesResourceTeamorgCraftandHobbyRetailersCraftampHobbyAssociationwwwcraftandhobbyorgFloralRetailersSocietyofAmericanFloristswwwsafnoworgHomeFurnishingsIndustry
AccessoriesResourceTeam(ART)wwwaccessoriesresourceteamorgIndependentJewelryRetailersandVendorsRetail Jewelers Organization wwwrjomemeberscom Independent Pet
RetailersNexPetwwwnexpetcomMuseumandNot-for-ProfitStoresMuseumStoreAssociationwwwmuseumstoreassociationorgSpecialtyToyIndustryAmericanSpecialtyToyRetailingAssociation(ASTRA)wwwastratoyorg
InadditiontothevariousretailgroupsthatexistitrsquosimportanttoseekadditionalsupportforyourstoreifyoufeelthatthereisavoidnotbeingfilledThismaymeanreachingouttoretailconsultantsparticipatinginretaileducationeventssuchasRetailMindedrsquosannualindependentretailerconferencecallingyourlocalSCOREorsmall-businessdevelopmentcenterandleaningonmentorsyouhaveidentifiedwhocanuniquelyhelpyouRememberitoftentakessteppingoutsideyourcomfortzonetoreachyourretailpotentialThesegroupsandbusinessesexistwiththisinmindandwanttohelpyouinachievingyourbestretailsuccessyet
InChapter4wersquolldiscussthevalueofshapingyourstoretobeuniquelyyoursAlsowersquolldiscusshowinventoryplaysacriticalroleinshapingyourstorersquosreputationandpersonalityaswellasidentifyvariouscharacteristicsofastorethathelptomakeituniqueFinallywersquollofferyousuggestedinterviewquestionsforhiringpotentialemployeesandshareadditionaldetailstohelpmakeyourstoreoneofakind
ActionGuide
YourlocalChambersofCommercemainstreetprogramscitycontactsandbusinessgroupscanhelpyouachievestrongerbusinessengagementwithyourcommunityUsingtheWebaswellaslocalresourcessuchasyourarealibraryidentifywhotocontactandmakeitaprioritytogetinvolvedrightaway
identifywhotocontactandmakeitaprioritytogetinvolvedrightawayBeyondlocalsupportusethefollowinglisttoobtaincontactdetailsforyour
stateretailassociationAnumberofstatesincludingOklahomaWisconsinandAlaskaarenotpartoftheCouncilofStateRetailAssociationsSomestateshoweverhavestatewideChamberofCommerceassociationsinsteadAnexampleofthisistheStateChamberofOklahomawhichyoucanlearnmoreaboutatwwwokstatechambercomForacompletelistandmoreinformationaboutstate-levelretailassociations
visittheCouncilofStateRetailAssociationrsquoswebsiteatwwwcouncilsracomIdentifyyourstatersquoscontactinformationinthefollowinglistandvisitits
websiteFollowupdirectlyviathecontactinformationprovidedonthewebsiteorbyusingthephonenumberinthelisttoidentifyhowbecomingamembercanhelpyouinyourretailgoals
4
IdentifyingYourUniqueStoreStory
TheonlywaytodogreatworkistolovewhatyoudomdashSteveJobs(1955ndash2011)entrepreneurcofounderofAppleInc
THEBEAUTIFULthingaboutworkingwithretailgroupsisthatyougainstrengthinnumbersavoidingthesenseofisolationthatcanweighonanindependentretailerAlthoughasupportsystemandthepowerofacommunityareintegralyoushouldalsooptimizethepowerofyouruniquemerchantstoryEveryretailerhashisorherownstorytotellFromhowitcametolifetowhy
itretainscustomersyourstorehasauniquenarrativewhetheryourecognizeitornotUnderstandingthisnarrativecanhelpyoutostandoutinthemarketplaceallowyoutobettersupportyourcustomersandidentifywaystokeepyoursalesflowingTohelpyouclearlyidentifyyourmerchantstoryconsiderwhyyoubecamea
retailerinthefirstplaceDidyouopenastorebecauseyouloveacertaincategoryofproductAreyoukeepingyourfamilybusinessaliveDoyouprefertoworkforyourselfversusothersPossiblyyoubecamearetailerbyaccidentasaresultofdoingsomethingelseWhateveryourreasonforbecomingaretailerconsiderhowitledyoutowhereyouaretodayThenmdashevenmoreimportantmdashconsiderwhetheryourstoryisworthsharingAfterallifevenyoudonrsquotthinkitisthenwhywouldacustomerwanttoexperienceit
IndependentretailersareoftenconsideredlocalcelebritiessimplybecauseofthefactthattheyhavetheirownstoresWalkingintoyourlocalgrocermaymeanseeing10familiarfacesbecausetheyarecustomersofyourbusiness
meanseeing10familiarfacesbecausetheyarecustomersofyourbusinessGoingtoalocalsportingeventcouldtranslatetomeetingpotentialnewclientsorseeingpastcustomersyouhavenrsquotseeninalongtimeEssentiallyasaretaileryouarenevertrulyldquooffrdquoandalwaysworkingtoimproveandexpandyouridentityThistypeofcommitmenttoyourjobishonorableandyetexhaustingFortunatelyevenyourownuniqueretailstorycomeswithsupportingcharactersAndaswithanyengagingnarrativeeverycharacterhasamessagetoshare
CreatinganInventoryAssortmentThatStandsOut
AmongyourmostpopularsupportingcharactersarethevariousbrandsthatmakeupyourstoreinventoryandmerchandisingassortmentAndjustlikeanygoodstorycharacterswillcomeandgoForaretailerthismaymeanfadingoutofaparticularcategoryofinventoryaltogetherorlettinggoofavendorthatisnotperformingwellThemostboringstorylinesarethosethatnevershuffletheircharactersandforretailersthismeansallowinginventorytobecomestaleanduninvitingldquoMybiggestfearasasmallbrick-and-mortarstoreisthatcustomerswillnot
findmyinventoryexcitingenoughtowanttobuyrdquoChicago-basedretailerAngelaGianfrancescostatesldquoFormethismeansconstantlyseekingcustomerfeedbackattendingtradeshowsevaluatingwhatissellingandwhatrsquosnotandintroducingnewproductsintomyrotationtokeepthingsfreshrdquo1GianfrancescocontinuesIdentifyingastronginventoryassortmentiscriticalwhenitcomestomakinga
lastingimpressiononconsumersnottomentionstandingoutamongyourlocalcompetitionEventhemostbeautifulretailstoresaredoomedtofailiftheirinventoryassortmentdoesnotallurecustomerstobuyFindingtherightcombinationofvendorsandoverallinventorycanbeatoughchallengehoweverldquoIdonrsquotthinkmystorewouldstillbeopenifIhadnotmadeattendingshows
apriorityEveryshowintroducesmetonewvendorswhilealsogivingmethechancetogetfacetimewithmyexistingvendorsrdquo2GianfrancescoexplainsAttendingtradeshowsisafantasticopportunityformerchantsofallkinds
Whetheryousellhigh-endmiddle-tierordollar-priceditemstherearetradeshowsthatcatertoyou
ldquoMakingitaprioritytoattendtradeshowshasneverbeenmychallengethoughIhearitcanbeastruggleforotherretailersMychallengeisdecidingwhichshowstoattendandwhatvendorstobuyfromrdquo3statesGianfrancescoIdentifyingthebestshowsandthebestvendorsforyourstoreisnoeasytask
YoushouldconsidershowsthatintroduceyoutorelevantvendorsfromyournicheretailsectoraswellaslargershowsthatcanintroduceyoutomorediversevendorsandproductsTypicallyitrsquosagoodideatoattendnolessthanoneretail-specifictradeshowandonegeneral-merchandisetradeshowperyearForexampletheFashionFootwearAssociationofNewYork(FFANY)hostsaquarterlyfootwearshowforfootwearretailersMerchantswhoprimarilysellfootwearwouldbenefitfromattendingthisshowbutwouldalsobenefitfromattendingashowsuchastheASDShowinLasVegasabiannualshowthatoffersadiverseassortmentofgeneralconsumermerchandiseByparticipatingintwodistinctlydifferentshowsyouopenuptheopportunityformorerangeinyourinventoryassortmentstrongervarietythanyourcompetitionandgreateropportunitiestoidentifyimpulseseasonalandmust-havepurchasesforyourstoreThefollowingguidesharesinformationonavarietyoftoptradeshowsheldin
theUnitedStatesannuallyaswellasdetailsontheirtargetindustriesshowlocationsdatesandwebsitesAlthoughthislistdoesnotidentifyallavailabletradeshowstoretailersitintroducesyoutosomeofthetopshowsinselectretailmarkets
TRADESHOWGUIDE
PleasenotethislistidentifiesonlysomeoftheUnitedStatesrsquosleadingtradeshowshowevertherearemanymoretradeshowsavailabletoretailersForamorecompletelistingofshowsvisitthebelowwebsites
Advanstar|wwwadvanstarcomEmeraldExpositions|wwwemeraldexpositionscomReedExpositions|wwwreedexpositionscomTarsusgroup|wwwtarsuscom
InChapter5wersquolllookathowyoucanmaximizeyourtradeshowparticipationwhilealsounderstandinghowtopreparefortradeshowsandwaystofollowupwithvendorsoncethetradeshowhasconcludedYouwillalsogainastrongerunderstandingofhowvendorsaffectyourstorestorymdashforbetterorforworse
UniqueTraitsofYourStore
RecognizingtheimportanceofstronginventoryassortmentandhowthisshapesyourmerchantstoryisbeneficialwhenpreparingyourcommunicationplanwithcustomersBecauseconsumersultimatelydecideyoursuccessorfailureasamerchantmdashafteralltheyeitherchoosetoshopatyourstoreornotmdashitrsquosimportanttofactorthemintoyourstorersquosidentityNordstromanAmericanupscalefashionretailerwithover250locations
providesemployeeswithoneruleforallnewhiresTheysimplystateldquoUsegoodjudgmentrdquofollowedbygenerallegalandcompanyexpectationsThissimpleyetpowerfulplanforcustomercarehasshapedNordstromtoberecognizedfortop-notchcustomerservicestellarstorereputationandfantasticoverallin-storeexperienceItrsquosalsoagreatexampleofastorefromwhichindependentretailerscanlearn
RETAILTIPWhencreatingyourstorestoryconsiderhowyouwanttobeperceived
byothersNowconsiderhowyouareactuallyperceivedbyothersWantingtobeseenonewayandactuallybeingseenanotherwayisa
commonscenarioEngagecustomersandpotentialcustomersalikeviasocialmediafocusgroupsandsurveystounderstandtheirperceptionofyourstoreAskquestionsencouragefeedbackandcommentsprovokeconversationandreviewwhatcustomerssharewithyouThiswillhelpyoubetterunderstandtherealityofhowyouareperceivedversustheideaofhowyouthinkyouareperceived
Oftenindependentretailersfeelthatbecausetheycanrsquotoffercomparablepoliciestothoseofbig-boxstorestheydonrsquotofferanyatallThiscancertainlycreatechallengesbutratherthanperceivethisasanobstacleentirelyconsideritaperktobeinganindependentmerchantAsanindependentretaileryouhavetheluxurytocreateyourownruleswhichalsomeanssettingyourcustomer-carestandardsAmongtheseexpectationsshouldbeidentifyingyourstorereturnpoliciesimplementingcheckoutproceduresprovidingVIPcustomerstandardsintroducingstoregiftcardsandmoreBelowinnoparticularorderarevariouspoliciesandproceduresthatall
retailersshouldidentifyandusetoshapetheircustomerexperienceandoverallstorestory
ReturnPolicies
FirstandforemostitrsquosvitaltocreateareturnpolicythatmakessensefortheproductsyousellaswellasthecustomersyoutargetItisimportanttoberealisticwithyourreturn-policyexpectationswhilealsobeingfairtoyourcustomersForexampleyoucouldofferastorerefundexplicitlyforreturnsmadewithin10daysofpurchaseOryoucouldofferfullrefundsonitemspurchasedandunusedwithin14daysofreceiptdatebutonlywiththereceiptanddeliveredinthesamepaymentformasthepurchasewasmadeOnceyouhaveidentifiedapolicythatcaterstoyourstorersquosneedsandclientelepostyourpolicywithinclearviewofyourcheckoutareaaswellasincludingitonallreceiptsMakeitahabittoexplainyourreturnpolicyaspartofyourcheckoutprocedureOnewaytobesurethatyouneverforgettodothisistohaveyour
procedureOnewaytobesurethatyouneverforgettodothisistohaveyourcustomersinitialthereturn-policyexplanationontheirreceiptafteryouhaveexplainedittothemThiscanhelptoalleviatedifficultconversationswithunhappycustomersinthefutureFinallybesuretoidentifyanylimitationstoyourpolicysuchascertainvendorsdefectiveitemsorlawsthatmayapplytoproductsregardingldquono-returnpoliciesrdquo
CheckoutProcedures
EveryoneinvolvedintheoperationofyourbusinessshouldclearlyunderstandallstorepoliciesincludingthoseregardingthecheckoutprocedureThisisastrongifnottheonlyopportunitytocreateapersonalandmemorablemomentwithyourcustomeranditssignificancecannotbeoverstatedItrsquosvitallyimportanttoforgerepeat-customerrelationshipsateveryturnandtherersquosnobetterwaythanthroughpersonalinteractionOntheflipsideifnotmanagedcorrectlyanegativecheckoutexperiencecancrippleyourchancesofrepeatcustomersregardlessoftheotherfactorsMakeitahabittosharenewsofupcomingstoreeventsspecialspromotions
orotherstoreactivitiesduringthecheckoutprocessKindlyaskifthecustomerwouldbeinterestedinsharinghisorhere-mailaddressforstoreupdates(exclusively)orperhapssuggestthatyourcustomermightldquolikerdquoyourstorersquosFacebookpage(youdohaveoneright)FinallybesureyouhaveastandardldquoThankyouforyourpurchaserdquoinplaceaswellItcancertainlybecustomizedtoyourstorersquospersonalitybuteveryoneinvolvedshouldbeonthesamepageregardingthemessageyoudeliverItisstunninghowfewtimesIactuallyseethisdonewellintheindependentcommunity
VIPCustomerCare
NomatterwhatkindofmerchantyouareidentifyingyourtopcustomersshouldbeapriorityWhetheryousell$1candybarsor$10000dressesmakeitapointtotrackyourstrongestcustomersManypoint-of-sale(POS)systemscanhelpyouidentifycustomersandtheirspendingbutsomeindependentretailersfindsuccessinmanagingVIPcustomerstheold-fashionedwaymdashtakingnoteofpurchasesmadetheirbirthdaysspecialoccasionsandotherreasonsuniquetothebusinessWhenidentifyinghowyoucanbettersupportthiscrowdconsider
offeringspecialeventsuniquelyforthemprovidingdistinctiveservicesaboveandbeyondyournormalcustomercaremdashsuchasfreehomedeliveryorcomplimentarygiftsendingmdashaswellaswritinghandwrittenthank-younotesaftereachpurchasetheymakeThistypeofcustomercareletsyourVIPsknowthatyoutrulyvaluetheircommitmenttoyourstore
StoreGiftCertificates
TheNationalRetailFederationreportsthat81percentofshoppersinthe2012holidayseasonboughtatleastonegiftcardAlthoughtheholidaysarenot365daysayearbirthdaysandotherspecialoccasionsareWiththisinmindmakesurethatyouoffergiftcertificatestosellnomatterwhattimeofyearitisNotonlywillthisincreaseyoursalesbutitalsowilllikelyintroducenewcustomerstoyourstorethatyounormallywouldnrsquothaveTheopportunitytosellmorethanthevalueofthegiftcardreferredtoasanupliftisalsotheremdashincreasingyourchancesofahighersalePapergiftcertificatesversusplasticgiftcardsareeasytocustomizeallowingyoutoquicklyintroducethistoyourstorePlasticgiftcardscanbeeasilycustomizedaswellwithsuchplacesasCardPrintingusandPlasticResourcecombothabletomakegiftcardsspecificallyforyourstoreThekeytomanagingagift-cardprogramistocreateaneasy-to-tracksystemofwhengiftcertificatesaresoldandredeemedYoucandothistheold-fashionedwaythroughpenandpaperbutwithtodayrsquosPOSsystemsthiscanbemanagedmuchmoreeffectively
StoreHours
CustomersdonotshopatastoresolelybecausetheylikeitOftentheyshopatastorestrictlybecausethestoreaccommodatestheirscheduleThismeansthatifyoucloseat5pmtorushhomepotentialconsumerswhoonlyshopaftertheirworkdayendsat5pmwillneverbeyourcustomersWhenidentifyingyourstorehoursconsiderwhatmostoftheretailersinyourcommunityrsquoshoursarewhatyourimmediateretailneighborsrsquohoursareanymandatedhoursappliedbyyourcityandwhenyourlocalcustomersgenerallyshopTouristtownswillvaryfromdowntowncorporatesettingstoMainStreetsinsmalltownsacrosstheUnitedStatesAlthoughtherersquosnoblack-and-whiteschedulethatisidealfor
everyoneitrsquosimportanttoidentifyhoursthataccommodateyourlocalcustomersandcomplementothermerchantsAlsorememberthatclosingyourstoreoneortwodaysaweekisnrsquotalwaysanoptionKeepyourcustomersinmindmdashnotyourownpersonalschedulemdashwhenestablishingyourstorehoursandyouwillbemorelikelytofindaschedulethatattractsmorebusiness
Customer-DisputeScenarios
WhenacustomerisupsetaboutyourstorersquosreturnpolicycustomerservicelackofinventorystorehoursoranythingelsewhatmattersmostishowyouhandleitDespitetheiroftenrudeorinappropriatebehaviorremaincalmandallowthecustomertosharehisorherthoughtsonthesituationOncethecustomerhassaidwhatheorshewantstogentlyrespondwithyourresolutionAvoidallowingthecustomertoseeyougetangryorheatedevenifyouarescreaminginsideIfyourresolutiondoesnotmakethecustomerhappyconsiderofferinghimorherastoregiftcertificatefor$5$10or$25andapologizethatyoucannotdoanythingmoreThecostofgivingthecustomermoneytospendinyourstoreisoftenalotlessthanhavingthecustomerbadmouthingyouforyearstocome
StoreTraditions
AnnualsalessignaturemintsfestiveoccasionsmdashbigorsmallretailersshouldstrivetobeknownforahandfulofthingsthatmakethemuniqueTaking10percentoffeverythinginyourstoreonarandomSaturdaywonrsquotdothetrickInsteadseekoutbothsmallandlargeopportunitiestomakeyourstorememorableItmaybethediscosoundtrackthatrsquosalwaysonrepeatthesignaturescentthatcustomersinstinctivelyrememberyourstorebyanannualChristmas-in-Julysalethathasyouremployeesdressinglikeelvesoraprivatered-carpetVIPeventthatgetsyourbestcustomersexcitedeveryyearWhateveryouruniquesomethingsaremakethemconsistentmakethemmemorableandmakethemworthtalkingaboutAllstorecharacteristicswillaffectyouroverallsuccessorfailurebutitrsquosoftentheselittlethingsthataddupthemost
StoreStaff
ShapingyourstorywouldnotbecompletewithoutidentifyingthefacesthatmakeupyourretailbusinessYouremployeesareareflectionofyourstorebrandandthereforeneedtobecarefullyselectedbeforewelcomingthemtoyoursalesfloorNowadaysanaffordablepart-timesalesclerkiseasytofindWhatrsquosnoteasyisfindingasalesclerkworthhavingonyoursalesfloorTakethetimetointerviewpotentialcandidateswithaseriesofinterviewsandbesuretoseekreferencesfrompreviousemployersRetailMindedcomofferstemplatestohelpyoutrackyourinterviewprocessandprovidesemployeereviewformsforwhenyouhaveyourstaffinplaceBelowyoucanfindsomeusefulquestionstohelpyounavigateyournextroundofinterviews
GeneralInterviewQuestionsforPotentialEmployees
1Whatwereyourmajorresponsibilitiesatyourlasttwojobs2WhichofyourpreviousjobsdidyoulikethemostandwhyWhichjobhaveyouhadthatyoulikedtheleast3Whathasbeenyourmostrewardingexperienceatwork4Whatdoyoufindmostsatisfyingaboutworkingwithothers5Whatwasyoursinglemostimportantaccomplishmentforthecompanyinyourlastjob6WhydidyouleaveCompanyX7Ifyoucouldtakewithyouonethingfromyourlastcompanyandbringittothisjobwhatwoulditbeandwhy8Whatwasthetoughestproblemyouhadtosolveatapreviousjobandhowdidyousolveit9Whydoyouwanttoworkforthiscompany
10Afterhearingadescriptionofthispositionwhydoyouthinkyouwouldbeagoodfit11Doyouhaveanyreservationsaboutanyoftheresponsibilitiesidentifiedinthisrole12Whatskillsdidyoulearninpreviousrolesthatyoucanusehere
13Whatskillsorexperiencedoyouthinkmakeyoustandoutfromothercandidates14Wheredoyouprofessionallywanttobefive(orten)yearsfromnow15Arethereanyotherpointsyoursquodliketosharewithusaboutwhyyouwouldmakeagood[insertjobtitlehere]
ManagerKey-HolderQuestions
1Howwouldyoudescribeyourmanagementstyle2Whatdoyoubelievetobethemostdifficultroleofamanager3ManyofouremployeeshavebeenhereforawhileHowdoyoufeelyoucanearntheirrespectasamanager4Whathaveyoulearnedfromothermanagersyouhaveworkedunderinthepast5WhowasyourfavoritemanagerandwhyWhowasyourleastfavoritemanagerandwhy6Whatdoyouthinkisthemostimportanttraitofsuccessfulmanagers7IfIweretoasksomeonewhoyoupreviouslymanagedyourtopthreequalitiesasamanagerwhatdoyouthinkheorshewouldsay8IfIweretoaskthatsamepersonyourthreeworstqualitieswhatdoyouthinkheorshewouldsay9Whydoyoulikebeingamanager
10Howwouldyouplantoengageemployeestoworkeffectivelyunderyourleadership11DoyouconsideremployeemoralepartofyourresponsibilitiesWhyorwhynot12Explainyourmostdifficultmanagementexperiencetodate13Asamanagerdoyouconsiderteachingpartofyourjob14Howgoodareyouatdelegatingresponsibilities15Whatotherpointscanyousharewithusaboutwhyyouwouldmakeagoodmanager
Anotherpointtoconsideristhatwhileitmaybeeasytohirefamilyorfriends
AnotherpointtoconsideristhatwhileitmaybeeasytohirefamilyorfriendsitrsquospossibleamoreskilledcandidateisavailableandwillaidyourstoremoreefficientlyAsageneralruleofthumbconsiderallcandidatesmdashincludingfamilyandfriendsmdashequallyandputeachcandidatethroughthesameinterviewprocessThiswillhelpyouidentifythebestpersontofillyourstorersquosneedsCollectivelytheprecedinguniquetraitsofyourstorecansetyouapartfrom
yourcompetitionandhelpmakeyourstorememorableamongcustomersItrsquosimportantthatyoualsofactorinthevalueofcustomerserviceduringyourentirein-storeexperiencerecognizingthatthiswillalsosetyouapartfromotherretailersineitherapositiveornegativefashionKirtManeckecustomer-serviceexpertandauthorofthebookSmileSell
MorewithAmazingCustomerServicebelievesthatinordertotrulymakeyourstorememorableamongconsumersyoushouldaimtodeliverconsistentstrongcustomerserviceeveryday
DeliveringamazingcustomerserviceonaconsistentbasistoeachandeverycustomermeansthatyouarepreparedYourstaffhasbeentrainedtodeliverserviceandsalesinawaythatisefficientforyourcustomersWhiletherewillalwaysbecustomerswhohavedecreasedattentionareinahurryorappeartobefrazzledyouwanttostillaimtodeliverstrongcustomercaredespiteanycustomerscenarioOnewaytodothisisbytreatingpeoplelikeguestsinyourhomeJustasyouwouldgreetsomeoneatyourdooryoushouldsmileandgreeteverycustomerwithawarmldquoHellordquowithintwosecondsoftheirenteringyourbusinessThissetsthestageforahappyshoppingexperienceforyourcustomersbecausetheyfeelwelcomeandtheyknowthatyouareontopofyourbusinessSurprisinglyhowevermanyretailersfailtodothis
EngageyourcustomeraskquestionsandlistenKnowyourproductsandyourcompetitionso thatyoucanquicklyandefficientlyansweryourcustomersrsquoquestionsandobjectionsandsellyourproductsbetterthananywebsite or other store can do Aim to guide your customers to the bestproduct that fits their needs andwants and then respectfully ask for thesaleIfyoudothesethingsandmoreconsumerswillpayattentionandnotonlyreturntoyourstorebutalsotelltheirfriendsaswell4
Finallyremembertolookoutsideyourcomfortzoneinallyourbusinessresponsibilitiesincludinghowyoudelivercustomerservicewhoyouhirewhichtradeshowsyouattendandwhatyourstorepoliciesare
WhenyouidentifywhattraitsmattermostinyourstorehowyoumanageitsperceptionandwaysinwhichyoucanstandoutinthemarketplaceyouaremorelikelytosucceedinretailFurthermoreconsumerswillbemorereceptivetoshoppingatastorethattakesthetimetoearnaconsumerrsquostrustanddollarsbyapplyinghighstandardsAnadditionalperkisthatduringthisprocessyouwillalsofindconsistencyinyourownactionsandbeabletobettersupportyourcustomersyourstoreteamandyourselfindeliveringastrongin-storeexperienceInthechaptersthatfollowwersquolltakeanevencloserlookathoweach
decisionyoumakewillaffectyourstorersquospersonalityandhowcustomersperceiveyourbusiness
ActionGuide
EverystoretellsastoryandyourstoryneedstobeeasilyunderstoodfrombothaninternalandanexternalperspectiveInternallyhavinganorganizedemployeemanualwillofferyoutremendousguidanceinemployeehiringandmanagementTogetstartedconsiderthefollowingobjectivestoincludeinyourmanualYoumayfindthatsomearenotnecessaryforyourstorewhereasotherobjectivesthatarenotnotedareThegoalhoweveristocreateamanualthatmakessenseforyouruniquebusinessOrganizeabinderthatcollectivelyrepresentsyourstoreemployeemanual
basedonthefollowingsuggestionsEvenforasolostoreownerwithnoadditionalstaffthisexercisewillprovideyouwithafoundationtokeepyourstoreoperationsandexpectationsinorderInadditionifalast-minutehireiseverneededyouwillhaveaclearconcisemanualtohelpyoutrainthatpersoninstoresupportAlthoughthisexercisewilltakesomecommitmentandtimeitisaretail
necessityworthinvestingyourtimein
1StorecontactdetailsaPhysicaladdressbE-mail
cTelephonedFaxeWebfSocialmediaaccounts
2Storehours3Companyphilosophy4Employmentpractices
aEqualemploymentopportunitystatementbDrug-freestatementcHarassmentpolicydAt-willstatement
iFull-timeemployeesiiPart-timeemployeesiiiTemporaryseasonalemployeesivInterns
5TerminationstatementaVoluntarybInvoluntary
6OperationproceduresaPayschedule
iCommissioniiDirectdeposit
bStaffscheduleiOvertimeiiTardinessiiiAbsenteeismivSchedulechanges
cStoreopeningandclosingproceduresiCashdrawerdetails
iiPOSandcomputerdetailsdMerchandising
iDisplayunitsiiPOSareaiiiFloorsivShelvesvOtherareas
7Customer-serviceexpectationsaCustomergreetingsbGeneralcustomersupportcSuggestivesellingdCustomermanagementeTelephoneproceduresfCustomercomplaints
8ExternalrelationshipsaVendorsbShippingcTrademiscellaneous
9Emergencyprocedures10Security
aPersonalbelongingsbLawenforcementcontactdetailscFirstaidbox
11DresscodeaWardrobebPersonalappearance
12MiscellaneousaFoodanddrinkbPersonalphoneuse
cCigarettesmokingdComputeruseeNonemployeeaccessfConfidentiality
MakesuretosaveyouremployeemanualtoaWordfileforeasyeditingFurthermoreitrsquosalwaysagoodideatohaveallnewemployeesreviewthemanualandsignastatementacknowledgingthattheyhavedonesoFinallyalthoughamanualisnotalegallybindingcontractitneverhurtstohaveanattorneyreviewwhatyouhavecreatedtoensurethatyouareaccuratelyandlegallysupportingyourstoreteam
PARTII
PracticalStepstoIncreaseYourStoreVisibilityandSales
5
SourcingProductsThroughTradeShowsandtheInternet
WhetheritrsquosGoogleorAppleorfreesoftwarewersquovegotsomefantasticcompetitorsanditkeepsusonourtoes
mdashBillGates(1955ndashpresent)investorentrepreneurphilanthropist
ASAretailertherearecountlessexternalbusinessresourcesthatyouwillneedtoworkwithtorunyourbusinesseffectivelyAmongthemareservice
providerswholesalersmanufacturersanddistributorsThiscollectivecrowdofbusinessresourcesoffersretailersvariouswaystopurchaseandultimatelysell
productsthroughtheirstoresThequestionisWhatmakessenseforyourbusinessTobeginhoweveryoumustfirstunderstandthedifferencesamongcertainsuppliersourcingstrategiesmdashandhowultimatelyeachoftheseaffects
retailersSourcingasdefinedbyWikipediaorgreferstoldquoanumberofprocurement
practicesaimedatfindingevaluatingandengagingsuppliersofgoodsandservicesrdquoEssentiallysourcingrepresentstheactoffindingproductsfromwholesalersormanufacturerstoresellthroughabusinessInyourcasethiswouldmeanresellingthroughyourretailstoreInpreviousyearssourcingwasnotasaccessibletoretailersandasaresult
notusedfortheirbusinessesonaroutinescaleNowadayshoweversourcingisreadilyavailablethankstowebsitessuchasTopTenWholesalecomandManufacturercomaswellaseventsthatincludeSourcingatMAGICandSourceDirectatASDmdasheachheldbiannuallyinLasVegasTheseeventsaresimultaneouslyheldduringMAGICMarketWeekandtheASDShowrespectivelyofferingretailersachancetoengagewithtraditionalvendorsandwholesalerswhilealsohavingthechancetomeetimportersdistributersproduct-developmentteamsandotherproductprofessionalswithinthesourcing
arenaateachindividualshow
BenefitsofSourcingasaRetailer
ForretailerstherearemanybenefitstosourcingyourownproductsforyourstoreAmongthemaresavingvaluableinventoryandoperatingdollarsbycuttingcostsofproductpurchasesgainingtheabilitytoexpandyourstoreproductbaseofferingdiversificationamongyourcurrentsupplychainmeetingnewprovidersotherwisenotavailabletoyoulocallyorevendomesticallyandlearninghowbusinessisconductedinotherculturesMegyKarydesaformerretailerandcurrentwriterandmarketingconsultant
whoworkswithsmall-businessownersandorganizationsthroughherbusinessKarydesConsultingencouragesretailerstodifferentiatetheirstoresthroughsourcingShesharesbelowsometipsbasedonherownfirsthandexperiencetohelpretailersnavigatetheirsourcingjourney
One way to differentiate your retail business from others is to offerproducts straight from the sourceSincemany retailersare intimidatedbysourcingmdashthinking itrsquos too hard or unavailable to themmdashthose who dorealize greater margins richer merchandising selections and strongerrelationshipswiththeircustomersasaresultoftheirsourcingfindshavealottogainthatothermerchantsmissouton
Forthoseinterestedintestingthewatersmyadvicetoyouistovisitlocal art centers or smaller art fairs to identify items thatmightwork foryourstoreIalsoencourageyoutoengageindialoguewiththeartiststoseeiftheyrsquodbewillingtocreatesomepiecesforyourstoreIfyourcommunitydoesnrsquothaveartfairsoranythingofthesortgoonlineandcheckoutsitessuchasEtsywhereyoucanreachoutdirectlytotheartistsandaskthemiftheyrsquodconsiderworkingwithyou
Onceyouhaveidentifiedsomeonetoworkwiththekeyistocreateamutually beneficial relationship If the person feels that yoursquore trying totake advantage of him or her that person may work with you once butneveragainIdeallyhoweveryoushouldsetagoalofdevelopingalong-term relationship to help aid both you and your contact To do this Isuggest that you invest some time at the onset working out the details
especially if the person isnrsquot experienced working with wholesalecustomersSpendsome time tocreateadocument forbothofyou tosignthatoutlinesthefollowingdetailsEssentiallythiswillactasacontracttoensure thatyoubothmeet theexpectations identifiedonbothsidesof thebusiness You will not want to neglect the following points whendevelopingthisdocument
PricingExclusivityPackagingMerchandisingDeliverydetailsPaymentscheduleUnsolditemsDamageditemsLengthofcontract
AsareminderthisdocumentisintendedtosupportyourrelationshipandkeepyouontrackinworkingtermsWhilefriendlyverbalagreementsalwaysseemsolidtostartbutitrsquossimplyimpossibletopredictthefutureand therefore binding documents are a smarter way to manage yourbusiness1
KarydesmakessomefantasticpointsforyoutoconsiderparticularlyasyouattempttotrysourcingwithbabystepsbeforemakingalargercommitmentSheextendshersupportwiththefollowingdetailsforretailersconsideringhowinternationalsourcingcanhelptheirbusinesses
SavvyretailersalsoknowthattalentextendsbeyondthepondWhilesourcinginternationallycomeswithitsownsetsofchallengesitrsquosactuallymucheasierthanmostpeoplethinkTheInternetisagreatresourcewhenitcomestofindingproductsallovertheworldbutifyoursquorereallylookingtocarryproductsfromaspecificcountrystartyourresearchbyfindingthenearestembassyorconsulateofficeandletthemknowthatyoursquoreinterestedinfindingproductsfromtheircountryWhilethisisnrsquotalwaysthe
interestedinfindingproductsfromtheircountryWhilethisisnrsquotalwaysthecasemanyofthoseofficeshavedivisionsthatcoverinternationaltradeandcanbetremendouslyhelpfulwithrulesregulationscontactsandsourcesManyevenhavefundsintheirbudgetstoflybuyerstothecountrytoaidinbuyingtripsanditrsquosworthaskingifthisissomethingtheyoffer
OneofthequestionsIrsquomoftenaskedaboutworkingwithinternationalsuppliersandimportingishowtodealwithUSCustomsItrsquostruethatanytimeyouimportyoursquollhavetodeclarewhatyoursquorebringinginanddependingonwhatitisalsothecountryfromwhichitrsquoscomingandthevalueofitaswellFurthermoreyoumayhavetopaydutiesbutifyouuseareputablecustomsbrokerorfreightforwarderoftentheywillhandlethepaperworktohelpyoupassyouritemsthroughcustomsIfyouuseservicessuchasDHLorFederalExpressthosecompanieswillhandleclearanceforyouShippingpriceswillvaryconsiderablydependingonwhatyoursquorebringinginandwhichserviceyouuseThemoreyouimportthebetteryoursquollgetatdeterminingyourbestandleastexpensiveshippingoptions2
WhileventuringintotheworldofsourcingmayseemlikeanintimidatingtaskforretailerswhohavenotexploredthisavenueyetthisdoesnrsquothavetobethecaseHereare10tipstohelpfurthersupportyouasyouexplorehowsourcingmayberightforyourretailbusiness
1AttendawholesalemarketortradeshowthathasasourcingsectionallowingyoutomeetsuppliersfirsthandThisface-to-faceopportunitywillofferaneducationalexperienceforyoulettingyouengageandseeksupporttohelpyouachieveyoursourcinggoalsDonrsquotbeafraidtospeakupeitherduringtheseopportunitiesAskquestionsseekanswerslistencarefullyandlearnasmuchasyoucanfromthesesourcingprofessionals2VisitaninternationalsourcingproviderorsectionofatradeshowsuchasSourcingatASDtohelpexpandyourunderstandingofthevastrangeofsourcingopportunitiesforretailersForsomemerchantsinternationalprovidersmaynotbeidealfortheirbrandmessagingorstoreproductassortmentbutforothersthismaybetheperfectmatchforyourbusinessEitherwayunderstandinghowinternationalsourcingcanaidyourretailneedsissomethingyoushouldaddtoyoursourcingto-dolist3NavigatetheInternettolearnmoreaboutsourcingaswellastoget
introducedtosourcingprovidersThissaiditrsquosbestnottosolelygothisrouteandeliminateactualtradeshowandsourcingeventparticipationAlthoughtheInternetcanconnectyoutoprovidersitrsquosimportanttoconsiderallavenuesofsourcingbeforemakingyourfinaldecision4WhenseekingsuppliersgetatleastfivequotesfromdifferentsellerstoensurethatyouarereceivingthebestserviceproductanddealpossibleSeekingbothdomesticandglobalquotescanofferyouabroaderperspectiveonwhatmaybebestforyoursourcingneeds5AsyouseekquotesfromsuppliersbesuretoidentifythevariationsinminimumorderquantitiesThesenumberscanmakeahugedifferenceintheoverallcostforyouthereforeyoushouldseekavarietyofquantitycoststohelpyoutoidentifythebeststrategyforspendingyourallocatedsourcingdollars6Networkwithsourcingprofessionalsaswellasworktobuildsolidgood-standingrelationshipswithyoursourcingcontactsAsinmostindustriesprofessionalsinnichemarketsarelikelytobestsupporttheirclientswhentheyareinvestedincaringfortheiractualsuccessForsourcingspecificallyyoucanbenefitfromprofessionalsldquointheknowrdquowhomayhearofsomethingonafuturedateorknowsomeonewhoknowssomeonewhocanhelpyouinyoursourcingneeds7Subscribetosourcing-specificnewslettersandtrademagazinestocontinuallylearnandgainsourcingnewsAmongthebestresourcestodothisisbysubscribingforafreee-newsletterfromTopTenWholesalecomaswellcheckingoutSourcingJournalOnlinecomInadditionwehaveidentifiedsomeotherkeyresourcesinthefirstsidebarinthischapter8ContinuallyresearchinnovativetrendsandtacticsspecifictoyourproductneedsAttendingtradeshowsvisitingonlinesourcingsitessuchasTopTenWholesalecomandreferencingindustrypublicationscanallhelpyoudothisyetitrsquosuptoyoutoidentifytheneedtoconstantlywanttofollowthroughInotherwordsdonrsquoteversettleforwhatyoucurrentlydoorwhatiscurrentlyofferedAstimeprogressesnewwaystosourceanddevelopproductwillariseBesuretoembracethesechangestohelpyourbusinessstaycurrentandpossiblyevensavemoney9Knowwhatyourbudgetisbeforecommittingtoasourcingquoteor
quantityTherearealotofcostsincurredinretailandwholesalealikeandknowingwhatyourbudgetisupfrontwillhelpyoutomakebetterdecisionsAlsodonotletalimitedbudgetholdyoubackfromseekingsourcingopportunitiesThissimplymeansthatyouneedtobethatmuchmoreeducatedonwhereeverydollaryouspendgoes
10PlanaheadforunexpectedcostsandchallengingmomentsmdashifnotdaysormonthsThisisnotintendedtoscareorshyyouawayfromsourcingbutrathertoprepareyoufortherealitiesofanynewentrepreneurialadventureAsyouseektodosomethingyouhaveneverdonebeforeyoushouldalwaysexpectthattheexcitementandgoodthatcomefromthiswillalsobringyouhardshipsanduncertaintiesThisissimplypartoftherideRemembertoleanonthevastrangeofresourcesavailabletoyoutohelpyouinyoursourcingjourneyandtostayontrackwithyourbudgetandultimatesourcinggoals
AsyoucanseethereisanabundancetobelearnedaboutsourcingandweencourageyoutofurtherexpandyourknowledgeonthissubjectbyreadingJasonAPrescottrsquosbookWholesale101AGuidetoProductSourcingforEntrepreneursandSmallBusinessOwners(McGraw-Hill2013)
SOURCINGNEWSRESOURCESBlogtradegovTradeologyistheofficialblogoftheInternationalTrade
Administrationwhichdiscussesinternationaltradelawsandotherrelevantindustrynews
ManufacturingnetSharesmanufacturingindustry-relatednewstrendsresourcesandmorerelatedtotheglobalmanufacturingcommunity
NamorgAnewsroomhostedbytheUSNationalAssociationofManufacturerssharingmanufacturingrelatednews
RetailMindedcomAretail-specificwebsitethatcoversallaspectsofrunningaretailbusinessincludingworkingwithwholesalersandsuppliers
aswellmanyotherkeyareasofretailOffersfreenewsletterandsubscription-baseddigitalorprintquarterlymagazine
SourcingJournalOnlinecomAglobalnewsresourcewithinformationforbusinessexecutivesandretailerswhowanttoknowmoreaboutsupply-chain-relatedtopicswithinthesoftgoodsandtextileindustry
TopTenWholesalecomCoverswholesaleindustrynewsrelatedtotopicsincludingvendorsupplierandwholesalerprofilesproductnewstradeshowdetailsandmore
WorkingwithWholesalers
SimilartosourcingandtypicallymoreunderstoodbyretailersiswholesalewhichmdashverysimplymdashrepresentsthesaleofmerchandisetoretailersOnamoredetailedlevelwholesalerepresentsthesaleofproductsandgoodstobusinessownerscreatingabusiness-to-businesstransactionversusabusiness-to-consumertransactionAswithsourcingretailershaveaccesstowholesalersthroughavarietyofavenuesincludingtradeshowsonlineplatformsandretailtradepublicationsEvenmoresothansourcinghoweverretailershavetheopportunitytoworkwithinsomeveryspecializedmarketsofwholesaleAnexampleofthiswouldbetheOutdoorRetailerShow(wwwoutdoorretailercom)whichcatersspecificallytoretailersseekingmerchandiseforoutdoorsportsforbothsummerandwintermarketsShowsthatcatertonichemarketssuchasoutdoorsportingretailersofferatremendousvaluetomerchantsspecificallyby
1Introducingindustry-specificbrandsandproductsdirectlytoretailers2Sharinglatestindustrynewsandbuzzthrougheducationnetworkingandotherface-to-faceevents3Demonstratingproductsforretailerstotryhandsonallowingmerchantstoknowfirsthandwhatmaybebestfortheirbusinesses
InadditionretailershaveaccesstocountlesstradeshowsthatoffermoreexpansiveproductassortmentsAnexampleofthiswouldbetheASDShowheldbiannuallyinLasVegaswhichattractsover2800vendorspershowandover40000attendeespereacheventThegeneralmerchandiseassortmentofwholesalersincludesjewelrysouvenirstoyshobbybeautycosmeticsfloralgifthomedecorgroceryapparelaccessoriesstationeryandmuchmuchmoreAsaresultretailershaveaone-stop-shopdestinationtoseekavarietyofproductsfortheirstoresAnotherfantastictradeshowthatcaterstoanexpansivemarketplaceistheNationalHardwareShowwhichattractsover27000attendeesseekingtolearnsourceandconnectspecificallyfortheUShome-improvementanddo-it-yourself(DIY)marketsFormerchantsitisimportanttoidentifyhowbothniche-markettradeshows
andmorediverseat-largeshowscanbenefittheirbusinessesTypicallyitrsquosidealtomakeattendingbothtypesofshowsapriorityThereasonforthisisverysimplewithoutdoingthisyoulimityourexposuretopotentialbrandsproductsandresourcesthatcanaddvaluetoyourstoreFurthermorebydiversifyingyourbuyingexperiencesyoualsosetyourselfapartfromyourcompetitionAttendingniche-marketshowsonlycanlimityoutoproductsandwholesalersthatyourcompetitionislikelybuyingfromaswellHoweverifyouintroduceashowsuchastheASDShowtoyourbuyingrotationyouwillundoubtedlybeabletoincorporateinventorythatyourcompetitordoesnrsquotalsohaveSpecificallyyoucannarrowdownyourbuyingneedsatshowssuchastheASDShowforadd-onsaleslower-pricedproductsandotheruniqueitemstocomplementyourcategory-specificpurchasesfromyourniche-markettradeshowTheseshowshoweversuchastheConsumerElectronicsShow(CES)mdashheldannuallyinLasVegasmdashwillalwaysremaindestinationsthatretailerscanrsquotmiss
UnderstandingtheValueofTradeShows
SchedulingtradeshowsintoyouroperationalcalendarisanimportantresponsibilitytoconstantlykeepupwithparticularlywhenyoushouldplanforanassortmentoftradeshowstoattendeachyearAsaretaileritrsquosnearlyimpossibletoeffectivelyrunyourstorewithoutattendingtradeshowsthereforeknowinghowtomaximizeyourtimespentpershowisextremelyimportantFurthermorebecauseitcostsmoneytotraveltotradeshowsyouwanttoensurethatyouaremaximizingyourinvestmentineacheventyouattend
thatyouaremaximizingyourinvestmentineacheventyouattendInnoparticularorderhereareeightreasonsyoushouldmaketradeshowsa
priorityonyouroperationalcalendarNotonlywillyoubeabletogaintipsonstrengtheningyourtradeshowexperiencesthroughtheidentifiedpointsbutyoushouldalsobeabletojustifythevalueinwhytradeshowsareanimportantexperienceforanyretailbusiness
1TradeshowsallowyoutogainknowledgeaboutandexposuretonewtrendsproductsandresourcesThecombinationofwholesalerssuppliersdistributorsandvendorsisagreatwaytolearnaboutwhatrsquoshotwhatrsquosfadingandwhatyourcompanyneedstointroduceintoitsstoreintheseasonsahead2TradeshowsstimulatenewideasandcreativewaystosupportyourbusinessthroughaspectsthatexpandbeyondinventoryaloneThisincludesofferingretailersexposuretocompaniesthatsupportin-storeoperationsprovidingtradeshowattendeeswitheducationalopportunitiesandofferingshowparticipantsnetworkingandsocialexperiencesCollectivelythesealladdvaluetoyourbusiness3TradeshowsprovideameetingspotforretailersandvendorstoconnectfacetofaceBecauseitrsquosnearlyimpossibleformostwholesalerepresentativestotraveltoeachindividualretailaccounttheyhaveatradeshowbecomesanidealspotforthemtoconnectwithretailersTheseeventsallowretailerstoseeawholesalerrsquosentireinventoryassortmentwhilealsoprovidingavenueforthemtoengageinperson4TradeshowsgiveyouthechancetogenerateleadsforfuturevendorandproductopportunitiesAsamerchantyoucanneverbetoosurewhatthefuturewillbringandthereforeitrsquosessentialtohaveanideaofotherbrandsproductsandbusinessesthatmaybeabletoaidyouinfuturebuysorstorechangesTohelpprepareyouforscenarioslikethiscollectbusinesscardskeeptradeshowdirectoriesandorganizecollectedlinesheetsandotherproductdetailstorefertoshouldyouneedtogetintouchwiththesecompaniesoncethetradeshowhasendedandbeforethenextonebegins5TradeshowsoffereducationalexperiencesthatcanonlybefoundattheseeventseliminatingyourchancetogaintheseexperiencesotherwiseOneexampleofthisistheIndependentRetailerConferenceheldattheASDShowinLasVegaswhichintroducesaselectgroup
ofindustryexpertsandbusinessresourcesforshowattendeestoengagewithandlearnfromThroughvariousseminarsaswellasfourdaysofface-to-faceopportunitiesformerchantsandtheseselectretailleaderstoconnectshowattendeescangainanabundanceofknowledgetotakebacktotheirstoresFurthermoretheirparticipationintheseeducation-richexperiencesisoftenfreetoshowattendeesmdashsomethinganybudget-strappedretailercanappreciate6TradeshowsallowyoutogetanswersrightawayofferinganimmediatecommunicationplatformthroughwhichretailersandshowexhibitorscanconnectTohelpaidyouingainingtheinformationyouwanttoknowitrsquosalwaysagoodideatocomepreparedtoatradeshowwithwrittenquestionsandidealgoalsyouwanttoaccomplishduringyourtradeshowvisit7Tradeshowsofferyouthechancetoconnectwithlike-mindedretailerswhomaynotbeyourdirectcompetitorsAnexampleofthiswouldbeifyouconnectedwitharetailerfromastateontheothersideofthecountrywhohasastoresimilarininventoryassortmenttoyoursThevalueinthisisthatyoucanleanoneachotherasretailprofessionalsyetnotfeelthreatenedbysharingalocalmarketplaceMoreoverwhenyouhavelike-mindedretailfriendsyoucantradeorsellyourinventorywithoneanotherifoneofyouishavingmoresuccesswithacertainproductthananotherAllowingyourselftomeetretailersandengagewiththemisalsoagreatwaytorealizethatyouarenrsquotaloneinyourretailjourneyandevenasanindependentmerchantyoudonrsquothavetomakeeverydecisionbyyourselfLeaningonlike-mindedretailershelpstoeliminatethisisolatedmind-set8TradeshowsgiveyouachancetohavefunYesyoureadthatrightmdashhavefunNothinggivesabusinessownermoreenergyandthedesiretoworkmorethanhavingagoodtimewhileworkingTradeshowscertainlyintroducelongdaysandinformationoverloadbuttheyalsostrengthenandrefresharetailerrsquosmotivationtoworkhardworksmarterandcreatemoresuccessfortheirstores
WHOLESALEMARTSampBUYINGDISTRICTSAcrosstheUnitedStatesareavarietyofwholesalemartsandbuying
districtsthatcatertoretailersallyearlongWhiletheyarenotofficially
districtsthatcatertoretailersallyearlongWhiletheyarenotofficiallyconsideredtradeshowstheyareverysimilarintheirservicesbyofferingadestinationforretailerstoconnectwithsuppliersBelowaresomeofthewholesalemartsandbuyingdistrictswerecommendvisitingintheUnitedStates
AmericarsquosMart|AtlantaGA|wwwamericasmartcom
MidwestMarketDays|ChicagoIL|wwwmidwestmarketdayscom
TheDallasMarketCenter|DallasTX|wwwdallasmarketcentercom
TheMiamiMerchandiseMart|MiamiFL|wwwmiamimerchandisemartcom
TheWholesaleDistrictinLosAngeles|LosAngelesCA|wwwfashiondistrictorg
TheWorldMarketCenter|LasVegasNV|wwwwmclvcom
InadditiontherearemanyothermartsincitiesnationwidethatmaybemoreidealbasedonyourgeographiclocationFinallyNewYorkCityoffersmanymerchandiseandgarmentdistrictsthatcanbeidentifiedatthewebsitebelow
wwwnyccomvisitor_guidegarment_district75853editorial_reviewaspx
WhilerealizingthebenefitsoftradeshowsretailersshouldalsoneverunderestimatethevalueofplanningaheadbeforeattendingoneCamilleCandellagroupmarketingmanagerofEmeraldExpositionsbelievesthatldquowhetheryouareaseasonedproornewtotradeshowsyoushouldalwaysdoyourhomeworkpriortoarrivingatashowYouwanttomaximizeyourtimeat
theshowandthatmeanspreparinginadvancerdquo3Tohelpyoudothisweencourageyoutolearnasmuchasyoucanabouta
tradeshowpriortoattendingitUsingonlineresourcesandanyregistrationmaterialsreceivedbecomefamiliarwithshowexhibitorsspecialeventseducationexperiencesandtheentireshowagendapriortoarrivingattheshowThisallowsyoutoplaninadvancewhatisapriorityforyoutoaccomplishaswellasidentifygeneraltimeallowancesyouwillneedItrsquosalsoveryimportanttotakethetimetopackwellforyourtradeshowtripThismeanspackingcomfortableshoesbecausemosttradeshowsentailalotofwalkingYoushouldalsoplanforacomfortablebagtocarrywithyouthroughoutyourtradeshowvisitallowingroomtoholdcollectedlinesheetsbuyerpacketspromotionalgiveawaysbusinesscardsandmoreDonrsquotforgettopackyourownbusinesscardsaswellAnothertipincludescheckingwhetherthetradeshowyouareattendingallowsforbagswithwheelsManyretailersfindthataminisuitcaseorbriefcaseonwheelsisidealfortradeshowsbutsomeshowsdonotallowtheseontheirfloorsbecauseoflimitedspaceFinallybringingalongaministaplerpensfilingfoldersandotherorganizationalproductsoftencanhelpyoutobettermanagethepaperworkyoucollectatthetradeshow
ManagingOrdersPlacedatShows
WhetheryouhaveattendedcountlesstradeshowsorhaveyettovisityourfirstamongthemostimportantresponsibilitiesyouhaveinmanagingyourtradeshowexperienceisdealingwithordersplacedwhileattheshowForretailerswhohavepreviouslyplacedorderswhileattendingatradeshowDidyoudoagoodjobineffectivelyspendingyouropen-to-buy(OTB)dollarsandstayingwithinbudgetWeretheordersyouplacedreceivedontimeandaccordingtothetermsidentifiedwhenyouplacedthemDidyoufeelsupportedbythecompaniesfromwhichyouorderedfollowingtheshowTherearemanyquestionsretailersshouldaskthemselveswithregardto
productmanagementtradeshoweffectivenessandtheiroverallretailbusinessUltimatelythequestionsyouwanttochallengeyourselfwithshoulddirectyoutomanagingyourstoremoreeffectivelyforyoumdashnotthewholesalersupplierdistributororotherproductprofessionalwithwhomyouareworkingAlthoughitrsquosimportanttoconsiderbothsidesofthesebusinessrelationshipsitrsquoscriticaltocontinuallyevaluatewhetherthedecisionsyouaremakingforyourstoreare
tocontinuallyevaluatewhetherthedecisionsyouaremakingforyourstorearethebestonesyoucanmakeTohelpaccomplishthisgoalbesureyoustaywithinyouridentifiedbudget
whenplacingordersattradeshowsOftenalltypesofdomesticandinternationalsupplierswillofferyoushowspecialstoincreaseyourenthusiasmtobuymorefromthemCertainlythesespecialscanofferyoumanyperksandsavingsbutdonrsquotlosesightofthebudgetyouhavetoworkwithMoreoverdonrsquotneglectyourtargetshippingdatesproductdeliveriesminimumorderidealspaymenttermsandotherbuyingfactorsthatmattertoyouInmanycasessimplycommunicatingwithyourvendorcontactisallittakestoshiftwhatheorsheisofferingtowhatyouactuallyneed
EXPERTSPOTLIGHTBobBergdirectorofsalesofInternationalBusinessattheSourcingat
MAGICtradeshowbelievestherearethreemust-knowtipsforretailattendeestofollowwhentheyparticipateatanytradeshow
1HaveaclearunderstandingofwhatyourgoalisattheshowRemindyourselfofthisgoalaseachdaypassestoensureyoustayontrack2OrganizeyourselfpriortotheshowIdentifyexhibitorsyouhopetoseeschedulevendorappointmentsplanforeventsorotherextraactivitiesandidentifyanymarketingmaterialsyoumaywanttohaveavailablewithyouatthetradeshowThesemayincludebusinesscardsorotherpromotionalitems3GiveyourselftimetonavigatethetradeshowwithoutfeelingrushedBytakingshortcutssqueezinginappointmentsandskippingvendorsyoumissopportunitiesforyourbusiness
RetailersoftenfeelrushedandstretchedfortimewhileattradeshowslettingthemselvesmakequickdecisionsasaresultTothebestofyourabilityyoushouldavoiddoingthisinallsituationsmdashmostimportantthoughwhenyouareabouttowriteanorderHavingaprewrittenchecklistofyouridealordertermsmdashnotjustyouridealproductsmdashcanhelpyoutostayontrackwithyourshippingdeliverypaymentandotherordergoalsFurthermorerememberthatvendorscreateordertermstotheirbenefitmdashnotyoursWiththisinminddonothesitatetospeakupregardingtheiridentifiedtermsandletthemknowyourpreferredtermsiftheyvaryAlthoughthevendorultimatelyhasthefinalcallhere
termsiftheyvaryAlthoughthevendorultimatelyhasthefinalcallherecommunicatingyourpreferreddeliverydatesproductneedsandotherorderdetailsistoyourbenefitWhatisalsotoyourbenefitistoactuallyplaceordersattheshowsyouattendinanefforttogainshowspecialsofferedbyvendorsthatmaysaveyoumoneyFinallymakesurethatyouhaveyourstorersquostaxIDnumbershipping
addressandcompanycontactdetailsreadilyavailableforyoutoprovidetovendorsasyouwriteordersatshowsIfyouhaveapremadestickerstamporbusinesscardwithallthesedetailsonitthiscansaveyoutimeduringtheorder-writingprocessManyvendorsstillinputorderdetailsbypenandpaperdespitetheadvancedtechnologyavailablesodonrsquotbesurprisedifthisoccurs
IncorporatingtradeshowsintoyourretailcalendarisoneofthemostimportantstepsyoucantakeasanindependentretailerTheexperiencestradeshowsofferyouaswellastheopportunitytomeetsuppliersdistributorsvendorswholesalersandotherindustryprofessionalscanrsquotbematchedbyanyotherindustryexperienceJustrememberthatvendorsattradeshowsaretheretosellwhereasretailersaretheretobothresearchandbuymdashtwoverydifferentthingsAlthoughvendorsandretailerscomplementeachotherbesurethatyoustayfocusedonthegoalsyouhavesetforyourbusinessversusalteringthemfortheirsUltimatelythiswillkeepyouonthepathtohavingsuccessineachofyourtradeshowjourneys
UsingOnlineSourcingPlatforms
WhiletradeshowswillalwaysremainanimportantdestinationforyoutoacquireinventoryforyourstoretheInternethasmadeitpossibleforyoutoconnectwithvendorsmanufacturerssuppliersandotherproductprofessionalsaswellOftenthisisagreatdestinationtokick-startyourproductresearchwithonlinesitesbeingreadilyavailabletoyouatallhoursofthedayandnightSearchingforyourspecificproductonGoogleYahooorBingcanbechallenginghoweverandyoushouldkeepinmindthatasearchengineisonlyasgoodaswhatitindexesbasedonaspecialalgorithmManysuppliersandoverseasfactoriesdonothavegreatwebsitesthusmakingithardtofindthem
overseasfactoriesdonothavegreatwebsitesthusmakingithardtofindthemthroughthesesearchenginesFortunatelyhoweveryoucangainquickaccesstosupplierinformationwhenusingkeywordsearchesononlinebusiness-to-business(B2B)platformsthataretrustedandsecureThebestwaytoensurethatyouareworkingwithasecurecredibleB2B
platformwhensourcingonlineistoidentifythatitiswellknownrespectedandhasreliablesupplierswithinitsnetworkIntheUnitedStatestheseinclude
TopTenWholesalecomManufacturercomMFGcomModalystcoThomasnetcomWholesaleCraftscom
RetailersopentoworkingwithbusinesstradeplatformsbasedinChinaandAsiainclude
Made-in-chinacomGlobalSourcescomIndiaMARTcom
AsyouexploreadditionalonlineB2BplatformsitrsquoslikelythatyouwillrunintowebsitesthatadvertisehiddensupplierlistsorwanttochargeyouafeeGenerallyspeakingyoushouldbewaryofthesesitesbecausemostofthemarescamsAsaretaileryoucangainsupplierwholesalerandvendorinformationforfreemdashneverhavingtopayforthesedetailsThewaythatcredibleonlinemarketplacesmakemoneyisfromtheiradvertisersandactualsuppliersprofilednotfromtheretailerswhousetheplatformstobuyandsourcefortheirstoresThisisanimportantdetailtorememberbecauseunfortunatelythereseemstobeanincreasingnumberofscammersouttherelookingtogainmoneyfromretailersviathisavenue
RETAILTIPWhenattendingtradeshowsdonrsquotunderestimatethevalueofthe
educationalopportunitiesavailabletoyouMostnationallybasedtradeshowsandevenselectregionalmarketcentersoffereducationresources
showsandevenselectregionalmarketcentersoffereducationresourcesthatareintendedtohelptheirattendeesadvanceintheirretailgoalsTakingthetimetolearnfromtheretailleadersselectedtodeliverpresentationsworkshopsseminarsandotherlearningopportunitiesattheseeventsarekeyexperiencesthatcanhelpyourbusinessthriveAlsotheseoftenprovideyouthechancetoconnectoneononewithindustryexpertspriortooraftertheirpresentationsThesetypesofopportunitiesarenearlyimpossibletocreatesolelyforyourselfthereforetakingadvantageoftheseeventsisyetanotherreasonnottomisstradeshows
TohelpfurtherensurethatyoucantrustonlinemarketplacesandsourcingplatformsmakesurethatthereisaphonenumberassociatedwiththecompanyTypicallythisshoulddirectyoutoasupportcenterforthecompanyrsquosplatformbutattheveryleastitshoulddirectyoutoalivepersonwhocanansweranyquestionsyoumayhaveNextyouwanttotrustthatthesuppliersidentifiedonthesewebsitesaresafeReputablecompaniesthatofferyouonlinesupplierinformationwillalwaysofferyouthechancetoreviewtheirverificationprocessandyoushouldneverhesitatetoaskaboutthisifyouhaveanyquestionsAnothertiptoconsideriswhetherornottherepresentativesoftheB2BplatformyouarereviewingattendtradeshowsByactuallyparticipatingintradeshowsyoucantrustthattheyaretrulyengagedwithintheirniche-marketnetworksandworkwithsuppliersidentifiedontheirsitesfirsthandFinallywhileyoushouldneverhavetopayanyfeesyouwanttomakesurethattheprofiledsuppliersdopayThismeansthattheyarebenefitingfromtheplatformandfindvalueinit
RETAILTIPOnlineB2Bplatformsareextremelyvaluabletoretailerssincetheyare
availabletobereviewed247AnotheronlinedestinationthatcanhelpyoumanageyourbusinessistheResourceGuidefromRetailMindedThisonlinedirectoryisafreeresourcepublishedannuallyformerchantstogaintrustedreliableinformationonbusinessesthatsupportretailersintheirstoreoperationsUnlikeB2BplatformsthisdirectoryissolelyfocusedonbusinessesthatcatertotheoperationsofrunningaretailstoreCategoriesincludedinRetailMindedrsquosResourceGuideincludee-mailmarketingin-storemediainventorymanagementemployeepayrollretailpackagingin-
storesignageandmoreTodownloadafreecopyofthisdirectorysimplyvisithttpretailmindedcomresource-guide
FinallytoassistyouinfurtherexploringonlinesourcingforyourretailstorewersquovetakenacloserlookattheleadingB2BplatformTopTenWholesalecomandidentifiedwhatitcanofferyouOperatingwiththetaglineldquoFinditSourceitProfitrdquothecompanyrsquossearchenginesanddirectorynetworkofferyoutheabilitytointeractwiththousandsofwholesalersandmanufacturersThecompanyrsquoscoreconcentrationofproductfocusesongeneralmerchandisewelcomingretailbuyersfromavastrangeofretailcategoriesTheseincludeover100productcategoriesandover1millionproductsmdashtotalinganimpressivenumberofover35000suppliersforyoutosourcefrom
RETAILTIPBelowisanexampleofawebsitepagefromTopTenWholesalecom
whereyoucansourcethousandsofvendorsforyourretailstoreTheirextensiverangeofproductsourcesaswellastradeshowpartnershipshelpyoueffectivelyidentifywhattherightmixofinventorymaybeforyourstoreshelves
AswithmostB2BplatformsyouwillneedtoregisteronTopTenWholesalecomtogainaccesstoallitsresourcesalthoughmanyareavailableforfreewithouteverregisteringatallThebenefitofthishoweveris
thatyoucancreateaprofileandmanageyouraccountaswellasadjustyourprivacysettingstoyourpreferencesSeniorbusinessmanagerJonathanPrescottatJPCommunicationsInchadthistosayaboutTopTenWholesalecom
BuyersareabletosavetheirfavoritesuppliersandproductsonTopTenWholesalecomaswellasconnectdirectlywithsomeofthelargestmanufacturersimportersanddistributorsintheworldThisoffersatremendousbenefittobusyretailersbecausetheycanlogonandoffattheirconvenienceFurthermoreitrsquosimportanttorememberthatsiteslikeTopTenWholesalecomsimplyconnectbuyersandsellersandpurchasesbeingmadearenotbeingmadethroughusdirectlyTheperksofworkingwithushoweverincludeanonlinechatfeatureknownasTradeChatmdashwhichisbasicallyaninstantmessagingplatformforbuyersandsellerstoquicklyconnectmdashaswellascountlessotherfeaturesthatallowyoutomanageyoursourcingneedsanduniqueretailgoals4
IdentifyingproductsthatmakesenseforyourstoreisoftenconsideredthemostpreferredresponsibilityofaretailerWithcountlesstradeshowsandonlineplatformsavailabletohelpyoudothiswehopethatyouwillembracetheresourcesavailabletoyouinanefforttomaximizeyourproduct-buyingpotentialInChapter6wersquolldiscusshowyoucanmanagethisinventoryonceitrsquosreceivedatyourstoreaswellaswaysinwhichyoucanhelppromoteitandencouragesalesinthelaterchapters
ActionGuide
Lookingaheadoverthenext12monthsidentifynolessthantwotradeshowsthatyouwanttoattendFocusonthefollowingquestionstohelpyouplanfortheseeventswithacoreconcentrationonplanningforhowmuchitwillcostyoutoattend
Whereistheshow
WhenistheshowHowmanydaysistheshowofferedHowmanydaysdoyoubelieveyouneedtobeonsiteattheshowWillyouneedtoscheduleadditionaldaysfortravelHowmuchwillairfarecostDotheshowdatesoverlapondaysthatyounormallywouldbeinyourstoreHowmanyworkinghourswillyouneedtobudgetforanotheremployeetobeatyourstoreinyourabsenceDoyouwanttobudgetforanadditionalpersontoattendtheshowwithyouIfsofactorinthecostofthatpersonrsquostravelandifnecessaryworkinghoursforwhichyouwillpaythatpersonWillthispersonneedhisorherownhotelroomorcanyoushareOnceattheshowwilltherebetransportationcoststoandfromthehoteltotheactualsiteDoestheshowofferanyspecialratesforhotelairfaretaxisorotheraccommodationdetailsWhatothercostsmightyouincurbyparticipatinginatradeshowsuchaschildcareorotherpersonalexpenses
TakingthetimetoanswerthesequestionswillallowyoutolookaheadathowmuchitwillcostyoutoattendnolessthantwotradeshowsperyearOnceyouhaveidentifiedageneralamounttoallocateforthisbudgetthisintoyourstoreoperationsBymakingthisapriorityandnotanexceptionyouwillbebetterpositionedasaretailer
6
BuyingforCustomersVersusYourself
Yourmostunhappycustomersareyourgreatestsourceoflearning
mdashBillGates(1955ndashpresent)inventorinvestorphilanthropistTIME
ANDtimeagainwehavefoundourselvesspeakingwithretailersandsharingstoriesabouthowtheirstorescametolifeManyoftheseconversationsbeginwithldquoIopenedmystorebecauseIlove[insertwhateveritisyoulovehere]rdquo
Whetheritbeshoesfashionhomedecorsurfinganimalsbikesmodelairplanesoranythingelseyourheartmaydesirewersquovehearditallwhenitcomestowhyfolksofallagesandwalksoflifehaveventuredintotheretail
businessIronicallyhoweverwerarelyhearstoreownerstellingustheyopenedtheir
businessesbecausetheyloveworkingwithpeopleTheironyinthishasalwaysfascinatedusandweimaginewillcontinuetodosoItrsquosquitepossiblethatthisexactreasonhoweverkeepsussoinspiredtohelpmerchantsbetterunderstandthebusinessofretailaswellasitsgreatestobstaclemdashconsumers
UnderstandingtheBasicsofRetailMath
ldquoEachcustomerthatwalksthroughyourdoorisvotingwiththeirdollarsandtellingyouwhattheywantyoutohavemoreofhellipandwhattheywantyoutohavelessofYouneedtolookatthedecisionstheyaremakingthroughtheirpurchasesandevaluateitmonthlyrdquoCEOandnationallyrecognizedretailexpertCathyWagnerofRetailMAVENSexplains
EXPERTSPOTLIGHTTakinganin-depthlookatyourinventoryshouldalwaysbeonthetopof
yourto-do-listRetailexpertCathyWagnerofRetailMAVENSsharesfivetipstohelpyoumanageyourinventorywithagoalofincreasingsell-thru
1Lookattheofbusinessdoneinthedifferentclassesofinventoryofyourstorebydividingtheamountofsalesineachclassbythetotalofsales(withoutsalestax)
(SalesbyClassTotalStoreSales)X100=ofSalesbyClass
2NextlookattheamountofinventorythatyouhaveineachclassatretailDividethedollaramountofinventoryofeachclassbythetotalinventorytodeterminewhatofinventoryeachclassrepresents
(InventoryatRetailbyClassTotalStoreInventoryatRetail)X100=ofInventorybyClassatRetail
3ComparetheofinventorytotheofsalesforeachclassTheofsalesofaclassshouldmatchtheofinventorythattheclassrepresentsofthetotalinventory4MakeadjustmentssothattheoftheinventoryofaclassmatchestheofthesalesthattheclassrepresentsForexampleiftheinventoryofaclassis$5000outof$20000thenitrepresents25oftheentireinventoryIfthesalesofthatclassare50ofthetotalsalesthenyouhavetoincreasetheinventoryto50ofthetotalinventorySincetheinventoryis$20000weknowthattheretailinventoryoftheclassmustbebroughtto$10000Thismeansyoushouldthenordermoreinventory5WhilemakingadjustmentslikethisyouwillfindthatthereisanotherclassthatrepresentsalargerofinventorythansalesTakeactionimmediatelytomarkdownwhateveritemsareslowingthatclassdownsothatyoucandecreasetheinventoryaccordingly
UnderstandingyourinventoryanditsperformanceiscriticalingainingconsumerattentionandstoresalesTohelpyoudothisWagnersuggestsreviewingeachvendororbrandyoucarryinyourstorebydollarsnotunitsForexampleifyoureceived$1000ininventory(pricedatretailnotwholesale)andafterfourmonthssold$200stillowning$800thenyouwouldhavea20
afterfourmonthssold$200stillowning$800thenyouwouldhavea20percentsell-through(2001000)FormostretailersthisisabadscenariosuggestingthatyourinventoryofchoicewasnotwellreceivedbycustomersandthereforeisnrsquotsellingtoplanThequestionthenbecomesWhatdoyoudoWagneranationallyrecognizedretailexpertknownforherexpertisein
inventorymanagementspecificallyoffersthefollowingadvice
LookatthepercentageofbusinessdoneinthedifferentclassesofinventoryofyourstoreversusstrictlybyvendororbrandNextlookattheamountofinventorythatyouhaveineachclassatretailDividethedollaramountofinventoryofeachclassbythetotaltodeterminewhatpercentofinventoryeachclassrepresentsFinallycomparethepercentofinventorytothepercentofsalesforeachclassThepercentofsalesofaclassshouldmatchthepercentofinventorythattheclassrepresentsofthetotalinventoryTohelpensurethatyoufullyunderstandthisonaconsistentbasisIsuggestthatyoudothisexercisemonthlyAlsoknowthattherearefewexceptionstothisscenarioThisisanexcellentwayoflisteningtoyourcustomersandmakingsurethatyouarebuyingwhatyourcustomerswantyoutocarrymdashnotjustwhatyouwanttosell1
Evaluatingyourexistinginventoryandvendorassortmentisaresponsibilitythatshouldneverleaveyourto-dolistOftenretailersgetcaughtupinthehabitofbuyingproductstheylovebuttheircustomersultimatelydonotthereforeitcanbeachallengetoshiftgearsandmakepurchasedecisionsbasedonyouractualsalesorcustomerdemandsRecognizingthatyourtasteandthetasteofyouractualcustomersmayvarycanbechallengingmdashyetacceptingthisiskey
RETAILTIPRunningaretailstoremeansmorethanjustidentifyingagreat
assortmentofinventoryItmeansdoingalotofmathNevergointoaseasonwithoutacompletedopen-to-buy(OTB)planBetteryetnevergointoafiscalyearwithoutafullOTBplansetinplaceNextmakesureyouaccuratelyidentifyyourstorersquosgrossmarginreturnoninvestmentinventoryturnovernetsalessell-thruandstock-to-salesratiousingtheretailformulasbelow
TotalSalesndashCostofGoods=GrossMargin
GrossMargin$AverageInventoryCost=GrossMarginReturnonInvestment
NetSalesAverageRetailInventory(SkuCount)=InventoryTurnover
GrossSalesndashReturnsampAllowances=NetSales
UnitsSoldUnitsReceived=SellThrough
BeginningofMonthStockTotalMonthSales=Stock-to-SalesRatio
Onceyourealizethatyourpersonaltastepreferredpurchasesorproductpicksarenrsquotalwaysthesameasthoseofyourcustomersyouwillopenyourselfuptomakingpurchasesthatarestrongersuitedforoptimalsell-throughTohelpyouaccomplishthisanalyzehowmuchmoneyyoumakepereachvendorinyourstoreperseasonTodothissimplytaketheamountsoldlessthecostoftheinventoryandthendividethatnumberbytheamountsoldandmultiplythatby100Thiswillcalculatethemaintainedmarkup(MMU)forthatvendor
Maintainedmarkup(MMU)=(amountsoldndashcost)amountsoldtimes100
AlthoughyouridealMMUwillvarybasedonyourretailsectorandaveragepricepointsofinventorytypicallyyouwanttoseeyourMMUatover50percentpervendorYoushouldconsidereliminatingvendorsorspecificproductsperformingatlessthan50percentfromyourstoreassortmentaltogetherafterimplementingamarkdownstrategytohelprecoversomeofyourinvestmentintothemYoualsoshouldconsiderincreasingthetotalquantityofitemsthatexceed80percentwhichmayincludeintroducingmorecolorassortmentsavarietyofstylesordeeperbuysintowhateverthatitemmaybeAsalwaysthoughyouwillwanttorepeatyourreviewofeachvendororspecificitemsell-throughduringandnolaterthanattheendofeachseasontocontrolyourpurchasequantitiesaswellasyouroverallopen-to-buy(OTB)dollars
OTBdollars=projectedsales+projectedmarkdowns+plannedend-of-monthinventoryndashplannedbeginning-of-monthinventory
Inadditiontousingstrategicretailformulastomanageyourinventorysell-throughconsiderintroducingacustomerfocusgroupintoyourstorebuyingagendaTraditionallyspeakingafocusgrouphelpstodeliverresearchbyaskingpeoplequestionsregardingtheiropinionsperceptionsattitudesandoverallinterestsregardingaproductserviceideaor(inyourcase)storefromacollectiveperspectiveThevalueinincorporatingacustomerfocusgroupintoyourstorestrategyisthatyoucangainfirsthandrealisticandinformativeinsighttohelpyoureactmoreappropriatelytoyourtargetconsumerinterests
IntroducingCustomerFeedbackforInventoryManagement
KarenHollisanIllinois-basedjewelryretailerwhohashadherownjewelrystoresince2005introducedacustomeradvisoryboardinearly2013Ultimatelyhergoalwastohavemorein-depthconversationsaboutherstoreexperienceandherstoreinventoryduringhercustomeradvisorymeetingsChoosingamidweekeveningtobringagroupof20customerstogetherHolliscreatedarelaxingenvironmentthatallowedcustomerstobothhavefunandsharetheirthoughtsonherstoreKHollisJewelersldquoIidentifiedcustomersIfeltknewmystorewellenoughtocommentonitrdquo
HollisexplainedChoosingcustomerswhorangedfrombigspenderstomoderatespendersallowedHollistogainamorediverseunderstandingofherstoreaswellDuringthistwo-houreventHollisofferedlightappetizersanddrinks
encouragingcustomerstowalkaroundthestoreattheirleisureHollisalsoincorporatedfishbowl-stylevasesthroughoutthestoreandpiecesofpaperandpensforcustomerstosharetheirthoughtsonanythingmdashwhetheritwastosaytheydidnrsquotlikesomethingorthoughtacertaincategoryofproductshouldbeintroducedHolliswelcomedcustomerstoshareanyinsightthatcouldhelphertofurtherhelpthemBywelcomingcustomerstospeakupgetinvolvedandsharetheirthoughts
onyourstoreinventoryandotherdetailsaboutyourstoreyoucanlearnmoreaboutwhatyourcustomersreallywantIfhostingquarterlybiannualorevenonce-a-yearadvisoryboardeventsisnotinyourforecastmakesurethatyoustillwelcometruthfulfeedbackfromconsumersviacommentcardsandsocial
mediaAskyourcustomersdirectlyfortheirthoughtsaboutyourstoreidentifyingspecificquestionstohelpthemrespondtowhatyouaremostcuriousaboutIndicatingthatyouwanttohearbothprosandconsaboutyourstorecanhelpcustomerstoopenupwiththeirresponsesaswellSomesuggestedquestionstodirecttocustomersviaacustomeradvisory
meetingsocialmediaorcommentcardsinyourstoreincludethefollowing
1Whatisyourfavoritevendorandoritemcurrentlysoldinourstore2Whatisyourleastfavoritevendorandoritemcurrentlysoldinourstore3ArethereanyvendorsproductsorbrandsthatwedonrsquotsellthatyouthinkweshouldPleaseidentifythem4Whatisyouraveragebudgetwhenshoppingforitemsthatarepartofourstoreassortment5DidyoubuysomethingthelasttimeyouvisitedourstoreWhyorwhynot6IftodayisyourfirsttimevisitingourstorewouldyouplantovisitagainWhyorwhynot7Ifyouarearepeatcustomerwhatreasonskeepyoureturningtoourstore8Doyouhavesuggestionsonhowwecanbettersupportyouinyourpurchasingdecisions9WhatotherstoreswouldyouconsidervisitinginsteadofoursWhy
10DoesourproductassortmentmakeyouexcitedtomakeapurchasePleaseexplain
SupportingtheideatosolicitcustomerinsightDrGaryEdwardschiefcustomerofficeratMindshareTechnologiesbelievesthatspeakingupispartofthejobofamerchantldquoIfretailersdonrsquotasktheircustomerswonrsquottellmdashandwhattheydonrsquotknowcanhurttheirbusinessinnumerouswaysrdquo2
UsingtheinformationyoureceivecreateanactionplantobettersupportyourstorebuysaswellasyourstoreexperienceMoreoverDrEdwardsrecommendscheckingoutwhatyourcustomersaresayingonreviewsitessuchasYelpcomandCitySearchcombothofwhichhighlightretailstoreswithcustomerreviews
RETAILTIPIllinois-basedretailerTomKonopackiexperiencedaldquoseven-yearitchrdquo
thatpushedhimtowantmorethanjusthissinglestoreAnastaziainGenevaIllinoisHissolutionOpeningstorenumber2WhileexpandinghisexistingstorewasoneideaultimatelyhedecidedasecondlocationwouldallowhimtoreachmorecustomersandgainmoresalesldquoAbiggerstoredoesnrsquotnecessarilytranslatetotwiceasmanysales
InsteadanotherlocationmakesmoresenserdquoKonopackidecidedonopeningasecondstore26milesfromhisoriginal
storeinGlenEllynIllinoisNinetypercentofhismerchandiseisduplicatedwhiletheother10percentisdistinctivetoeachrespectivestorersquoscustomersandsalespatternsldquoAddingasecondlocationhasresultedinnearlydoubleannualrevenue
butthatcomeswithdoublerentpayrollandinventoryaswellItrsquosimportantthatwhilewehavesimilarinventoryinourstoreswedonrsquotforgetthateachstorehasitrsquosowncorecustomerItrytoalwayscatertotheactualcustomerateachstoreandforusthatmeansbuyingmoreimpulsegift-stylebuysatourGenevastoreandlargerfurniturepiecesforourGlenEllynlocationOnly10percentofthestoreinventorymayvarybutthat10percentaddsupEverypercentdoesactuallywhichiswhyIrsquomalwaysevaluatingourcustomersourinventoryandwhatwecandobettertoincreasebusinessrdquo3
UsingPoint-of-SaleSoftwaretoHelpManageInventory
ldquoGrowingabusinesscomesdowntodataIfyoudonrsquotthoroughlyunderstandhowyourbusinessisperformingwhatyourcashflowislikeandwhoyourcustomersaregrowingmdashandevenjustrunningmdashabusinesscanbearealgamblerdquo4VaughanRowsellVendCEObelievesAsRowsellsuggestsmanaginginventorydemandsprecisecareHaving
strongpoint-of-sale(POS)softwareisakeyfactorinthisequationallowingretailerstoconfidentlymanageandtracktheirinventoryaswellastheircustomerloyaltyRowsellsharesfivereasonsthatretailerscanbenefitfrom
customerloyaltyRowsellsharesfivereasonsthatretailerscanbenefitfromincorporatingaPOSsystemintotheirstoremanagementSpecificallythebenefitsidentifiedcanallbegainedfromVendPOSwhereasmanyalsocanbeachievedviaPOSsoftwarefromotherproviders
Reason 1 POS systems easily keep track of inventory and always knowexactlyhowmuchinventoryyouhaveinstockReason 2 POS systems allow you to run reports on which products aresellingwhen theyare sellingandhowoftenallowingyou togaina realunderstandingofyourproductturnoverandbusyperiodReason3POSsystemsofferretailersawaytounderstandtheircustomersrsquopreferences and spending habits by sharing actual data As a resultmerchants can create targeted marketing campaigns in response to thesedatastrengtheningtheiroverallstoremanagementandmarketingeffortsReason 4 Some POS systems (such asVend) even have built-in loyaltyprogramsgivingretailers tools to rewardcustomersandencouragerepeatbusinessReason5GoodPOSsystemsshouldkeepyourdatasafeExcelfilespapernotebooks and spreadsheets are allwell andgood but they arenrsquot highlyrated when it comes to longevity or security Itrsquos easy to spill a cup ofcoffeeonanotebookor a laptopandcompletelydestroyhours (oryears)worth of painstaking labor Having a state-of-the-art POS system meanssafely and painlessly storing your information (including sales and dailyreports)inthecloudsothatyouneverloseit5
InadditiontotheprecedingreasonsthatPOSsystemsaregoodforretailersitrsquosimportanttoalsoconsiderwhichPOSsystemisgoodspecificallyforyourbusinessRowsellrecommendstakingthetimetoresearchwhichPOSsystemprovider
makesthemostsenseforyouruniqueretailstoreallowingyoutoaccuratelyunderstandallyouroptionsbeforemakinganinvestmentinaPOSsystem
WritealistofallthefeaturesyouneedtohavethenstartsearchingandsticktothatlistThiswillhelptopreventyoufromgettingsweptoffyourfeetbythemarketingglamourofallthesolutionsoutthereFurthermoreonceyoursquoveselectedtherightPOSsystemtakethetimeandspendthemoneynecessarytosetupyourPOSproperlyfromthebeginningThiswill
saveyoulotsoftimeandheartachedowntheroadrdquo6
RETAILTIPPoint-of-sale(POS)providerscanstreamlineinventorymanagement
whilealsohelpingtosupportreasonsformarketingin-storeeventscustomerloyaltyandmoreThedifferenceisallinthedetailshoweverToensureyouselecttherightPOSproviderforyourbusinessmakesureyoucompletedemonstrationsofeachPOSprovideryouareconsideringaswellasidentifyifthePOSsoftwareyouareconsideringmeetstheneedsofyourbusinessBelowisanexampleofVendrsquosinventorymanagementandproduct
historyspecifictooneuniqueitemOneofthebenefitsofusingaPOSsoftwarelikeVendisthatyoucanextensivelyidentifysellingpatternsinventorychallengesandmorethroughtheirexpansivedatadetails
FinallyrememberthatcombiningyoureffortstoidentifythebestinventoryassortmentforyourstoreistheidealwaytomanageyourinventoryldquoByutilizingalltypesoffeedbackretailersincreasetheirabilitytolistentotheircustomersandtoimprovetheirretail-consumerrelationshipsrdquo7DrEdwardsfurtherexplainsUltimatelyyouhavecontroloverhowyouspendyourOTBdollarsbutitis
customerswhoreallymakethebuyingdecisionsDonrsquotneglecttheirvoiceinyourinventorymanagementandinreturntheywillbelesslikelytoneglectyourstore
Inthechaptersthatfollowwersquolldiscusshowyoucanbettermanageand
InthechaptersthatfollowwersquolldiscusshowyoucanbettermanageandmarketyourinventorybyintroducingyoutovariousbusinessesthatcanhelpaswellasbyprovidingtipsyoucanapplytoyourstorerightawayAmongthesearein-storeeventsanddisplaypointersWersquolldiscusshowtechnologyaffectsretailerstodayandwhetherornotmobilecommercehasaneffectonyourbusiness
ActionGuide
RetailexpertandCEOofRetailMAVENSCathyWagnerworkswiththousandsofretailershelpingthemtoobtainretailprofitsHerthoughtonmanagingyourinventoryandincreasingyourpaycheckisthatitrequiresthesamestrategyaseatinganelephantYesIsaiditeatinganelephantldquoGrowingyourbusinessrequiresthesamestrategyaseatinganelephantAn
elephantisHUGEandifIweregoingtoeatitmdashwhatwouldIdoHowwouldIstartWherewouldIstartThereisasecretandsupereasywaytodoithelliponebiteatatimerdquo8explainsWagnerIfyourgoalistohavealargerpaycheckthemostimportantstepyoucantake
istomanageyoursinglelargestexpensewellThismeansthatyouhavetolearnhowtocontrolyourinventorybetterldquoTheeffortthatyouspenddoingthatyieldssuchalargeimpactbecausecost
ofgoodsrepresentsabout50percentofyoursalesrdquo9WagnerfurtherexplainsFurthermorethistypeofgoaltakestimetoaccomplishwhichisnodifferentthaneatingahugeelephantonebiteatatimeHerersquosanexampleIfyoudo$400000inbusinessyouarespendingabout
$200000onyourinventoryinayearIfyouwerebuyoneitemthatcostthatmuchthinkabouthowmuchresearchandeffortyouwouldputintomakingagooddecisionHowevertoooftenbuyersareguiltyofspending$500hereand$1200therewithoutknowingforsureifitisbeingspentwhereitshouldbeThatshouldnothappenmdasheverWagnerrsquosadviceldquoTakecontrolofyourinventoryandstartputtingmoredollarsinyourpocketrdquo10
InfollowingWagnerrsquosadvicetakethetimetoorganizeyourinventoryintoclassificationsofinventoryversusinventorybyvendorThefollowingstepswillshowyouhowtodothisandwhythisisvaluableforyourbusiness1Groupyourstoreitemsbystock-keepingunit(SKU)intoclassificationsofinventorymdashorclassesmdashversusbyvendorAclassisagroupofsimilarinventorymdashsimilarin
typeofitemandinventoryturnBybreakingyourinventorydownintomanageablebite-sizedpiecesitiseasytocontrolWhenyoulookatyourstorebyclassesyoucananalyzesalesandinventorylevelsbetterAndwhenthathappensitbecomeseasiertocontrolTheresultisincreasedgrowthinsalesandprofits2GiveyourcustomerswhattheywantCustomerstelluswhattheywanteverytimetheybuysomethingfromusTheyarevotingwitheachdollartheyspendWhentheymakeapurchasetheyarevotingthattheywantmoreofthatclassofitemsKeypointheretheirpurchaseshouldrepresentawholeclassofitemsnotjustasingleitemTheyaretellingyouthatyoudoagoodjobbuyingdressesorcandlesorchairsYouhavetolookbeyondtheactualitemitselfthoughWhenyouhaveclassesyoucantrackwhatcustomerswantfromyouandmakesurethatyouhavejustenoughforthemaswellasanassortmenttoofferthemThisknowledgegivesyoupowerinyourretailbuying
3ReacttotheclassesbeingidentifiedastopperformersaswellaslowperformersLetrsquossaythatyouwanttoincreaseyourpurchasesfortheholidaysby10percentbecauseyoubelievethatyourbusinesswillgrowbythatmuchJustadding10percentacrosstheboardwouldbeabigmistakeRetailspendingisneverevenlydistributedamongeveryclassthereforeyourretailbuysshouldnotbeeveneitherSomeclasseswillbeup20percentmaybeeven25percentandsomeotherclassesshouldbedown15percentIfyoujustadded10percenttoallyourordersyouwouldendupoverinventoriedinsomeclassesandunderinventoriedinothersEssentiallythiswouldcausesomeofyourcustomerstoleaveyourstoreandshopelsewherebecauseyoucouldnrsquotgivethemwhattheywantedHoweverwhenyouknowthedemandofeachclassyoucanlookathoweachistrendingandthenbuyaccordingly
RememberthatinventorymanagementisnotsomethingtooccasionallydomdashbutrathertoalwaysdoMakeinventorymanagementatoppriorityofyourstoretoensurestrongsell-throughandsmarterbuyingdecisions
7
SellingYourProducts
ObstaclesdonrsquothavetostopyouIfyourunintoawalldonrsquotturnaroundandgiveupFigureouthowtoclimbit
gothroughitorworkaroundit
mdashMichaelJordan(1963ndashpresent)formerNBAplayerentrepreneur
ALTHOUGHBUYINGinventoryisanextremelyimportantpartofaretailerrsquosjobthehardestpartofallisstillleftaheadmdashsellingwhathasbeenpurchasedThedynamicsthatsurroundsellinginbrick-and-mortarretailstorefrontsaremuchgreaterandmorediverseandextremethanatanyothertimeinretailhistory
Oftenmerchantsfeelbombardedwiththevariousldquonewrdquotechnologiesandotherretail-focusedproductsthataremarketedtohelpthemintheirbusiness
operationsFurthermorethecoreresponsibilitiesofrunningastorefrontsuchasmerchandisingandtrackinginventorymustremaintopofmindforbusyretailersdespitethevastrangeofotherresponsibilitiesontheirto-dolists
Combinedtheseresponsibilitiescreateachallengingagendaforretailerstomanageoftenresultinginoverlookedorundermanagedsituations
MichaelAmatoformerpresidentofWashingtonMutualandcurrentCEOandpresidentofCimarronanadvisoryfirmthathelpsleadersmaketheirmarkontheirbusinessesencouragesretailersandallentrepreneurstobestrategicintheirbusinessoperationsAmatoexplains
Itrsquosimperativeforsmall-businessownerstofocusonstrategicalignmentAnentrepreneurshouldnotonlydevelopavisionandmissionstatementorstatementofpurposebutalsoidentifyanddevelopabusinessstrategyAsasmall-businessowneryouareoftennotforcedtodothesestepsandconsequentlyskipoverthemButthiseliminatesyoufromhavingastrategywhichcancreatedysfunction1
AmatorsquospointtoidentifyaplanofactioninyourbusinessstrategyisnotonetoignoreAsaretaileryourgoalistoprovideanendsaletoaconsumerThequestionisAsidefrombuyinginventoryhowdoyoudothis
IntroducingandManagingStoreEvents
UponarrivalofinventorytoyourstoreyoushouldalreadyhaveidentifiedyourplanofattackforhowthisproductwillaffectyourcurrentinventoryassortmentaswellashowyouplantomerchandiseitmarketitandultimatelysellitIdeallyyouarebuyingyourproductwellinadvanceallowingyoutoadequatelyplanforitsarrivalandallthelayersofsupportthatcomewithitTogetstartedthisincludescreatingamarketingcalendartohelpyoupromoteyourinventoryandcollectivestoreatlargeLookingaheadnolessthansixmonthsandevenasfarasoneyearretailers
canbenefitfromidentifyingtheirmarketingplansviaadedicatedstorecalendarUsedtoenrichalltheanglesthataffectyourstorersquosvisibilitymdashincludingsocialmediacommunityeventscustomer-loyaltyprogramsandmoremdashthiscalendarcanhelpyoutotrackmanageandidentifyyourin-storemarketinggoalsChicago-basedretailerAngelaGianfrancescosharesherexperienceon
planningaheadforherretailstore
IworkoffastorecalendarthatIplanaheadbyaboutninemonthsandoftenitrsquosevenfurtherplannedoutThoughold-fashionedIhavethiscalendarhangingonmybackroomwallsothatIamconstantlyremindedofitandasaresultuseitThereisnrsquotadaythatpassesthatIdonrsquotleanonthiscalendarasareminderofwhatIneedtodoinordertostayontrackwithmysell-throughgoalsEssentiallythiscalendaridentifiesweekbyweekwhatIhavegoingoninmystoreallowingmetovisuallyseewhetherornotIhaveeventsplannedorifIrsquomdueforamerchandisingwindowchangeItalsoidentifiesanylocaleventstakingplacekeepingmyinvolvementwithourcommunityalwaystopofmymindPlusIusedifferentcolorstoreflectdifferentthingssuchasredtoidentifythatitrsquostimeforanewwindowdisplayandbluetoidentifythatwehaveanin-storeevent2
ForGianfrancescomakinghercalendarboldandbigwascriticaltoherattempttoactuallyuseitPriortocommittingtoacalendarGianfrancescohadleanedonmemoryalonetokeepupwithherstoreplanningSheexplains
HonestlyIwassobusythatIneverfeltlikeIcouldstoptocreateamoreorganizedwaytokeepupwithinventoryandstoregoalsItwasnrsquotuntilIfinallymadethetimethatIrealizeditactuallyhelpsmeandultimatelysavesmetimenowaswell3
ForsomeretailersposterboardndashsizedcalendarswonrsquotdothetrickFortunatelytechnologyoffersyoumanyoptionsthatcanseamlesslyblendintoyourstoreoperationsOnetechnologytoconsiderisSnapRetailrsquosdraganddropcalendarwhichallowsyoutoorganizeyourmonth-by-monthmarketingplansinjustminutesYoucanaddyourowneventsandincorporateprewrittene-mailtemplatesandsocialmediapostsfromSnapRetailrsquoslibraryofoptionstomakeyourmarketingeffortsquickyeteffectiveAndforretailerswhopreferpapercopiesyoucansimplyprintthiscalendartoreferenceasneededCreatingacalendaristheeasystepinthisprocesscomparedwithactually
determiningwhatneedstogoonitFormerchantsidentifyingthebestwaystoattractcustomerattentionandgetthemintoyourstorealwaysshouldbetopofmindThismeansthatyoushouldstageeventsandotherpromotionstohelpyouachieveyourgoal
RETAILTIPUsingtheSnapRetailcalendarisoneoftheeasiestwaystomanageboth
yourimportantin-storeactivitiesaswellasyouronlinemarketingeffortsNotonlycanyouplanaheadbyschedulingyoursocialpostsande-mailsinadvanceyoucansavetimebyusingprewrittenideasfromtheirsocialmedialibraryBelowisanexampleofwhatSnapRetailrsquoscalendarlookslikeKeepin
mindthatwhenvisibleonlineandincolorthiscalendarbecomesclearerandeasiertonavigate
RichKizerandGeorganneBenderinternationallyrecognizedretailkeynotespeakersandconsultantsbelievethatconsistenteventsarekey
Everyretailerneedstohosttwokindsofin-storeeventsallyearlongmajorandminorInfactyoushouldhostonemajorin-storeeventandtwotothreeminoreventseachandeverymonthAmajoreventisonethatbuildstrafficandpacksyourstorewithcustomersDonotconfuseamajoreventwithsomethingthattakesalongtimetoplanhoweverAfashionshowcanbeamajorundertakingbutitrsquosnotamajoreventunlessitattractslotsofpotentialcustomerswhocometowatchmdashandbuysomethingwhiletheyrsquorethereAminoreventmightbeaSaturdayfullofldquomakitsandtakitsrdquodemonstrationsorminiclassesMinoreventsdrawcustomerstoyourstorebutshouldnottakealotoftimetoplanorimplementIftheconceptofeventsandpromotionsisnewtoyouthenbeginbyrunningonemajor
eventandoneminoreventforeachmonthoftheyear4
KizerandBenderrsquosadvicetoplanbothmajorandminoreventsintoyourstorecalendarshouldnotbeoverlookedWhetheryousellpetsuppliescraftitemswomenrsquosfashionsorpaintandhardwarethereisanever-endinglistofeventpossibilitiesforyournichestoreOnewaytoidentifywhattypesofeventsmaybebestsuitedforyourcustomersistoaskthemdirectlyLeaningonyoursocialmedianetworksaswellasin-storestaffcommunicationaskyourcustomerspointblankwhattypesofeventstheyrsquodlovetoseefromyouAlsohostafeweventswithatrial-and-erroragendathatallowsyoutoidentifywhicharemoresuccessfulthanothers
RETAILTIPGenevaIllinois-basedretailerShariRalishopenedhergeneral
merchandisestoreinFebruary2010DuringthefirstyearofbusinessRalishrarelyhostedin-storeeventsanddidnotfactorinthevaluethatthesecouldhaveonherbusinessuntil2012AtthistimeshemademonthlyeventsapriorityandroutinelyscheduledbothminiandmajoreventsinherstorehostingonaveragesixeventsamonthFrom2011to2012salesasadirectresultofin-storeeventsincreasedby86percentandfrom2012to2013salesincreasedby27percentduetostoreeventsTocontinuethistrendRalishlooksaheadbynolessthansixmonthstoensurehereventcalendarissecurelyidentifiedrangingfromvendortrunkshowstoproductsamplingeventstolivemusicbeingplayedinherstoreThisalsoallowsRalishtocommunicatewithhercustomersinatimelyfashionsharingeverythingthatistakingplaceinherstore
WhenplanningeventsyoushouldconsidernotonlywhattheeventisbutalsowhenitisForexampleyoumayfindhostingthesameeventonaWednesdaynightandaSundayafternoonattractsmorepeopleonetimeversustheotherDonrsquotletthisbringyoudownbutinsteadattempttounderstandwhythismaybeInresponsebegintoplanyourfutureeventsaccordinglyOnlytrialanderrorcanhelpyoutoidentifywhatrsquosrightforyourcustomersandyourstoreThekeyhereistotrackeacheventsothatyoucanleanonyoureventhistorytohelpincreaseyourfutureeventsuccessSomethingstoidentifyandtrackfromeach
increaseyourfutureeventsuccessSomethingstoidentifyandtrackfromeacheventinclude
1HowfarinadvancedidyouplantheeventIfyouaddalast-minuteeventtoyourcalendarandfailtogiveitalotofmarketinginadvancethiscouldaffecttheeventrsquossuccessrateMeanwhileifyouhaveaneventidentifiedsixmonthsoutandstrategicallyidentifywhenyouwillannounceittoyourcustomerspreparepressreleasesforthelocalmediaandincorporatedetailsoftheeventintoyoure-mailmarketingplansandsocialmediathiswilllikelyincreaseyourchanceforastrongerreturnonyoureventinvestment2HowdidyoumarketeacheventForminoreventsyourmarketingplanmaybeacombinationofsocialmediain-storecommunicationandcustomerphonecallsHoweverforamajoreventyoumayincreaseyourmarketingreachbydoingpostcardmailerstoyourstoremailinglistreachingouttoyourlocalmediaforpressattentionandworkingwithoutsidevendorsandlike-mindedbusinessestoreachalargeraudienceofpotentialcustomersandattendeesAlwaysmakesuretotrackandidentifyyourmarketingeffortsmdashnomatterhowsmallorlargemdashsothatoncetheeventisoveryoucanreflectbackandseehowthesedetailsaffectedyoureventAneasywaytodothisisbycreatinganExcelspreadsheetthatactsasachecklistofwhatyouneedtodoandwhatyouhavealreadydoneSnapRetailrsquosonlinecalendaralsocansupportyouinthistracking3WhowasinvitedtoeacheventManyretailershaveopeninvitationsandwelcomeanyoneandeveryonetotheirstoreeventsThismakessenseandisagreatwaytoincreaseyourchanceofstrongersalesHowevertheremaybesomeexceptionstothisruleandonoccasionadedicatedinvitelistisidealOneexampleofthiswouldbeifyouarecelebratingastoreanniversaryandwanttorewardyourtopcustomerswithaspecialpartymakingitaninvite-onlyeventthatyouplanduringtraditionallyclosedhoursYoucouldkeepyourstoreopenuntilyournormalclosingtimewelcomingallcustomerstoenjoyyouranniversarycelebrationswithproductincentivesstorespecialsandotherpromotionalexperiencesandthencloseandlockyourstoreforaprivateinvite-onlycelebrationthatbeginsafteryourstoreisofficiallyclosedtothepublic4Whatin-storeexperiencesdidyouofferateacheventOtherthan
sellinginventoryandprovidingaplaceforyourcustomerstoshopwhatdidyoudoinyourstorethatmadeyoureventmoreuniqueSomeideastoconsiderwouldbehavinglivemusicofferinganassortmentoffoodanddrinksinvitingavendortobeonsiteandengagewithcustomershostingabooksigningsharingproductdemonstrationsofferinghands-onexperiencesthatmayincludeclassesormakingcraftsandofferingcustomersminifacialsmanicuresorotherspaexperiencesDependingonyournicheaudiencetheideaswillvarybutthegeneralideatogainhereisthatbyintroducingexperiencesinyourstorethatdonothappenonanormaldayyouareofferingastrongerreasonforconsumerstowanttoattendyoureventRemembertorecordthedetailsofwhatitisyouofferallowingyoutoreflectbackonhowthismayhaveincreasedstoresalesandstoretraffic5WhatwerebothyourexpensesandsalesasadirectresultofeacheventTheentirereasonthateventsareundertakenistomakemoneyplainandsimpleNaturallytherewillbeexceptionstothissuchasifyouhostaneventtoraiseawarenessforalocalcharitybutformostofyoureventsmakingmoneywillmdashandshouldbemdashyourgoalMakesurethatyousetasalesgoalforeacheventandplanyourmarketingeffortsaccordinglymdashhelpingyoutoreachyourgoalswhilealsostrengtheningyourchanceofhavingasuccessfuleventBesuretoalsoidentifyandtrackanyadditionalexpensesthatyoumayincurwhenintroducingeventstoyourstoresuchasbuyingfooddrinksandotherpromotionalitemsthatcouldincludeballoonspaperplatesnapkinsandmore
WhilecreatingmanagingandexecutingeventsmayseemlikeadauntingtasktherewardyouseeinsalesshouldhelpyoutostaymotivatedinkeepingupwiththisagendaSomefinaltime-savingtipswhenpreparingforin-storeeventscomefromNolchaEventscofounderKerryBannigan
YoucanneverbetoopreparedwhenitcomestoplanninganeventmdashnomatterhowlargeorsmallMakeanactionplanandconsiderthetimingforyourneedsPrintingpromotionalmaterialsschedulingproductdeliveriesandbuyingrefreshmentsforyoureventshouldallbeconsideredwellinadvancetoensurethatyoudonrsquotmissabeatItrsquosalsoagoodideatoconsiderpreparingyourstoretheeveningpriortoaneventafteritclosesfor
thedayallowingyoutogetorganizedandreadytogowithoutthechaosofcustomersorotherstoreoperationalresponsibilitiesFinallyworkingwithlocalbusinessesinyourcommunitytohelppromoteyoureventcanneverhurtDonrsquotwaituntilthelastminutetoseektheirsupporthoweverIdentifywellinadvancewhatlocalbusinessesyouwanttogetinvolvedinyoureventmarketingandthengetintouchwiththemrightawaytoidentifyhowyoucanmutuallysupporteachotherthroughthisprocess5
HighlightingInventoryThroughDisplays
Eventscertainlycanhelpretailerstopushsalesandgainvisibilitybutyourday-to-dayexistencewillalwaysplayakeyroleinyourretailsuccessCathyWagnerCEOandfounderofRetailMAVENSbelievesthatthekeytothisiskeepingthingsconstantlymovingaroundyourstoretoincreasethechanceofsell-through
TherearetwothingstoconsiderwhenpushinginventoryYouhavetoremainawareofthenewergoodsbutdonrsquotforgetabouttheoldstuffJustbecauseitrsquosolderdoesnotmeanthatitneedstobemarkeddownalthoughincaseswhereitemsarenrsquotsellingthiswillbeyoursolutionThekeyistoidentifywhatissellingandwhatisnotsellingnomatterhowneworoldtheyaretoyourstoreassortmentOnewaytodothisistosimplymovethingsaroundyourstoretoincreasesell-through6
WagnerrsquosadvicetomoveinventoryaroundyourstoreisaclassicexampleofhowmerchandisingcanaffectproductsalesAgreeingwithWagnerareretailexpertsKizerandBenderwhobelievethatldquoyoursalesflooranddisplaysrequireconstantreinventionsothatshoppersdonrsquotgetboredandgosomewhereelserdquo7
RETAILTIPLightingiscommonlyoverlookedinretailspaceshoweverithasthe
LightingiscommonlyoverlookedinretailspaceshoweverithasthepotentialtotransformastoreaswellasacustomerrsquosexperiencewithinaretailenvironmentProperlightingcanenticecustomerstoengagewithproductsaswellasleadthemtocertainareasofyourstoreOnthecontrarydarkspaceswithinretailenvironmentsmaycausecustomerstostraintheireyesornotviewinventoryondisplayatallEnsureyourstorehasadequatelightingfromallanglesbyincorporating
accentlightinghighactivitylighting(suchasnearyourcashwraporbyadressingroom)ambientlightingthatmayincludeasingularstorechandelierandcaseandshelvelightingtohelphighlightspecificmerchandiseWhilethereisnosinglestoreformulaforlightingonegeneralruleofthumbtofollowistochangeyourlightingasyouchangeyourdisplays
KeepingcustomersvisuallyengagedintheirshoppingexperienceisaconstantresponsibilityforretailerstokeepupwithAgreatdisplaymaybejustthatmdashgreatmdashbutafterawhileitisnolongerexcitinginterestingorengagingforyourcustomersbecauseitwillinevitablybecomestaleYourjobasaretaileristoneverletthishappenbutinsteadconsistentlyoffercustomersvisuallyengagingexperiencesthroughconstantlyrotatingstoremerchandiseanddisplaysAlthougheveryinchofyourstoremustbekeptupwithregardto
merchandisingsomekeyareastopayspecialattentiontoinclude
1StorewindowsAretailerrsquoswindowsoffercustomersafirstchancetoformanimpressionofthestoreAndastheoldsayinggoesldquoFirstimpressionshaveaboutthreesecondstomakealastingimpactrdquoWiththisinmindaskyourselfifyourstorewindowsdeliverastronglastingimpressionIfyoursquoveanswerednothenitrsquoscriticalthatyouaddldquochangestorewindowdisplaysrdquotoyourimmediateto-dolistYourgoalshouldbetocreateadisplaythatnotonlycapturestheattentionofapreviouscustomerbutalsoenticesapotentialcustomerwhohasneverbeeninyourstoreWindowsofferthechancetohighlightstoreinventorythroughdisplaysbutalsoareagreatplacetotellastorythatrepresentsyourstoreversusactuallyhighlightingwhatyousellForexampleyoucouldcreateawindowthathasanoversizedteddybearsittingonaminiaturechairwithaboldhighlightedcalloutsayingldquoLetustaketheweightoffyouthisValentinersquosDayrdquotodemonstrateyourstoreasthego-tospotforgift
givingWindowsofferachancetohavefunandgetcreativebutultimatelytheymustattractattentionforyoutoattractsalesAgoodgoalforkeepingupwithyourwindowdisplaysistochangethematleasteverytwotothreeweeks2Immediate-rightzoneStudiestellusthattimeaftertimecustomersturntotheirrightoncetheyenterastoreLikelythisisduetomostfolksbeingright-handedbutdespitethereasontherealtakeawayhereistofocusonwhatyouofferthroughdisplayandmerchandisingtotheimmediaterightinyourstoreDoesthisareacapturecustomerattentionAreyouhighlightingmust-haveitemshereoristhisspacewastedbynothavingadisplayatallConsiderwhatyourstorecurrentlyhasinthisareaandthenplantoincreaseitsmerchandisingvaluebystrengtheningyourdisplaysandproductassortmentthereKeepinmindthatwhileyouwantyourcustomerstostopshopandgetengagedthisisalsoahigh-trafficareaforbusyretailerssoyouwanttoallowenoughspaceforcustomermovementsothatcustomerscaneasilypasseachotheraswell3StorestoppersSometimesrecognizedasstorespeedbumpsstorestoppersaredisplaysthatstopcustomersintheirtracksandgetthemfocusedonadisplayorproductIncorporatingafewstorestoppersthroughoutyourretailspaceiskeyinkeepingyourcustomersengagedandshoppingthroughouttheirentirein-storeexperienceRatherthanbundlingyourstore-stopperdisplaysclosetoeachotherspreadthemoutthroughoutyourentirestoretokeepyourcustomersmovingandinterestedastheynavigateyourstorespaceIdeallyyoushouldhaveaboutfivestorestoppersforevery500squarefeetofstoreTheycanbeontabletopdisplaysorshelvesbutshouldallowcustomerstotouchandinteractwiththeproductversusmakingthemhavetoaskforsupportinhandlingthefeatureditemsondisplaySomestoresmayrunintochallengesheresuchashigh-endjewelrystoresbuttheideastillshouldbeapplied4Point-of-sale(POS)areaThereisnogreateropportunitytoincreaseyoursalesthanbyincreasingeachindividualpurchasebeingmadeRetailerscanapplythisstrategytotheirstoressimplybystrengtheningtheirPOSareaswithproductsthatmakegreatadd-onsalesorimpulsebuysforcustomerswhohavealreadydecidedtobuysomethingEssentiallythisisyourstorersquoscheckoutspotandwhenacustomerlandshereitmeansthatheorshehasdecidedtomakea
purchaseThisisyourchancetoincreasethetotalpurchasevaluebykeepingthecustomerengagedwithbothinterestingandnecessity-baseditemsthatheorshecaneasilyincludeinthepurchaseIdeallyyouwanttokeeptheitemsmerchandisedinyourPOSarealowerinpricerelievingthecustomerofhavingtothinktoomuchaboutwhetherornotheorsheshouldbuyanitemProductspricedat$1$5$10andunder$20aregreatcandidatesforthisareakeepinginmindthatthesepricesshouldreflectyourtargetaudienceandtotalstoreinventoryassortment5SalesectionNotallretailershaveadedicatedsalesectionpermanentlyintheirstoresbutwhetheryouofferthisseasonallyorfulltimethisareaoffersagreatchancetoengageyourcustomersthroughdisplaysUnlikeyourstore-stoppersectionsandPOSareayoursalesectionshouldleanmoreheavilyonpromotingthevalueofthesalediscountversustheproductitselfIfyouareofferingsomethingat50percentoffforexamplethismessagealonetocustomerswillgetthemmoreexcitedthanbyhighlightingwhatisactuallyforsaleLeaningonstoresignagecompaniessuchasBoutiqueVisioncomforstrongsignagecanhelpyouachievethis
InadditiontothesefivekeyareasofstoredisplaysyoualsoshouldincorporatesomemerchandisingtechniquesthroughoutyourentirestoretohelpincreasesalesAmongthebestwaystodothisistocross-merchandiseinventoryallowingmultiplechancesforyourcustomerstoseesomethingondisplayThemainreasonthatthisissovaluableforyourbusinessisthatcustomersdonrsquotseeeverythinginyourstoresoofferingthemthechancetoseesomethinginmorethanonespotincreasesthechancethattheywillactuallyexperienceitFurthermorerepetitionofproductsincreasestheconsumerrsquosimpressionofitwhichalsoincreasesthechancethatheorshewillwanttoknowmoreaboutaproductandthatultimatelyincreasesyourchanceofsellingthatproductAnothertactictoapplytoyourstoremerchandisingisthatofstaplesand
statementsIfyourstorehasitemsthatarealwaysinstocksuchasplainwhiteT-shirtsor8-by10-inchframesthencreateanareaofyourstorethathighlightsyourstorestaplesTrainyourcustomersthroughstoresignageandstaffcommunicationthatyoualwayshavethesestapleitemsinstockthereforehelpingtoincreasethechancethatyourstorewillbecomethego-toplacefortheseidentifieditemsOnthecontraryifyouhaveitemsthatareseasonalquick
sellersortrenditemsthesewouldfallintothestatementcategoryTheseitemsdeservesomehighlightedattentionaswellandwouldmerchandisewellinyourstore-stopperspotsandinwindowdisplaysItrsquosnosecretthatmerchandisingastoreisagiantresponsibilitythatrequires
notonlyskillbutalsotimeTohelpmakesurethatyoudonotneglectthisimportantstoreresponsibilityaddmerchandisingtoyourstorecalendarSpecificallyaddwhatneedstobedonesuchaschangingafront-windowdisplayorrearrangingyourPOSdisplayareaGenerallyspeakingyoushouldrotateyourin-storedisplaysonaweeklybasistokeepthingsfreshandexcitingforyourcustomersandyoushouldchangeyourfront-windowdisplaysnolessthaneverytwoweeks
UsingModernTechnologyinYourStore
InadditiontoclassicmerchandisingtechniquesretailersshouldconsiderhowmoderntechnologycanbeincorporatedintotheirstorestrategyiPadsforexamplearebeingusedincreasinglyforcustomerengagementSomelocalretailersareintroducingiPadsintotheirstoresasawayforcustomerstocheckinontheirsocialmediasitessuchasonFacebookorFourSquareinanefforttoincreasetheirstoreexposurethroughtheircustomersrsquosocialnetworksOthersuseiPadsasawaytofurthercommunicatewiththeircustomerswhiletheyareonthesalesfloorldquoWithaniPadinhanditrsquoseasytopullupyouronlinestoreoranInstagram
feedtoshowitemsastheymightlookinacustomerrsquoshomeorshowcustomersothercoloroptionsthatmightbemomentarilyoutofstockrdquo8CEOVaughanRowsellofVendaloyaltyandPOSsystemcompanyshareswithus
RETAILTIPModerntechnologywillcontinuetoimpactretailershoweversome
thingswillneverchangewhenitcomestocreatingadynamicretailenvironmentFormerchantsthesoundscustomershearintheirstoreswillalwaysplayaroleintheirsellingsuccessretailexperiencesandoverallstoreenvironmentFortunatelymerchantscaneasilycontroltheirstore
storeenvironmentFortunatelymerchantscaneasilycontroltheirstorespacethroughsoundbyintroducingcustomizedradiostationstotheirstoresCalifornia-basedcompanyRetailRadioprovideslicensedmusicand
customizedradiostationsforindependentretailersandotherbusinessownersTheirgoalistocreateaprogrammedmusicstationthathastheretailerrsquoscustomerinmindinadditiontocreatingcommercialsthatpromoteeachrespectivestoreEssentiallyRetailRadiocreatesin-storecustomercommunicationplatformsthroughmusicandmessagingAnaddedbonusisthatthemusictheyofferisalllegallylicensedmeetingalllegalrequirementsforcommercialbusinessestouseInadditiontosupportingretailersthroughcustomizedmusicand
messagingRetailRadioprovidesothersensory-basedsupportformerchantsaddressingtheneedsofsightsoundscentandsalesYoucanlearnmoreaboutRetailRadioatRetailRadiobiz
AsVaughanexplainedusinganiPadaspartofyourstoreexperiencenotonlycanhelpyouasamerchantbutalsocankeepcustomersengagedAnotheraddedbenefitthatiPadsofferretailersisthechancetoeliminateadestinationspotforcheckoutproceduresandinsteadwelcomeanyspotasachancetoringupasaleRowsellcontinues
TheiPadasaPOSistotallyrevolutionaryforanumberofreasonsThefirstandpossiblythemostvaluableisthatofitsmobilityYoucanuseaniPadanywhereexpandingyourreachforpotentialcustomersandultimatelysalesWhetherinfoodtrucksretailtrucksfarmersrsquomarketsattradeshowsorinyourownstoreyouriPadcanprocesstransactionsforyourbusinessBecauseofthiswhatrsquossoamazingfortraditionalbrick-and-mortarretailersisthattheycancompletelydoawaywiththecheckoutcounterandcreateacompletelyuniquecustomizedretailexperienceImagineaniPadPOSsystemgivesyoutheluxurytoprocesssalesanywherewhilealsoeliminatingtheneedforacheckoutcountertodisruptyourretailstoredesignMoreoveryoudonothavetointerrupttheshoppingexperienceasyoudragyourcustomersacrossthestoretocheckstocklevelsorringuptheirpurchasesInsteadallofthiscanbetakencareofrightonyourshopfloorbecauseofaniPadPOSsystem9
CertainlyaportablePOSsystemcourtesyofaniPadhasitsbenefitsas
CertainlyaportablePOSsystemcourtesyofaniPadhasitsbenefitsasRowsellpointsoutButonethingretailersshouldconsiderwhenintroducinganiPadintotheirstorersquosenvironmentisitsvulnerabilitytobedamagedorpossiblyevenstolenIfyoudohaveacheckoutareainyourstorekeepingyouriPadinadesignatedspotwithinthislocationisonewaytohelpmanageitsvulnerabilityAlsoyoumayevenconsiderlockingitinadrawerHoweverthemosteffectivewaytokeepyouriPadaccessibleandusefulistohaveitsecurelyfastenedtoaniPadstandthatislockedinplacewithinyourstoreThereareanumberofmodelsavailableforretailerstoconsiderbut
essentiallyretailersshouldlookforaniPadstandthatsecurelylockstheiriPadinplaceonlyreleasingitonkeyretrievalorbyenteringacodeRetailerswhowantaportableiPadthatcanmovearoundthestorewiththemshouldconsideriPadcartsandothermovingdevicesthatallowretailerstoeasilybringalongiPadsanywhereinthestorewhilekeepingtheirhandsfreetosupporttheircustomersandattendtootherstoreresponsibilitiesThesetypesofiPadcasescartsandothersecurity-focusedproductsmaybeavailablefromyourPOSproviderbutarealsoavailableatiPadEnclosurescom
IdentifyingWhetherMobileCommerceMatters
iPadsarecertainlyatechnologyofthepresentandfuturethatwedonrsquotforeseeleavingtheretailsceneforalonglongtimeThatsaidmobiletechnologycontinuestobeapopularconversationinretailbutitshouldberecognizedthatm-commerceisnotgrowingasoriginallyanticipatedamongsmall-businessownersM-commerceotherwiseknownassellingviamobiledevicesrepresentsaminorityamongInternet-basedpurchasesandmostconsumersstillleanontheircomputersortabletswhenbuyingonlineJasonRichelsonfounderandCEOofShopKeepPOShasspenthisentire
careerinretailandbelievesthatsimilartocredit-cardadoptionnotallsmallbusinesseswillembracemobiletechnology
Thebigtalkingpointwithinthepaymentsworldin2013hasreallybeenmobileButIhavetosayIrsquoveseenlittletononeofthattalktranslateforsmallbusinessesTherearemanypredictionsabout2014astheyearofmobilebutIdonrsquotthinksmallretailersbyandlargewillmovethatquickly
Takecredit-cardadoptionforexampleDespitemorethan40yearsofusealargepercentageofsmallbusinessesstilldonrsquotacceptthemSimilarlytheadoptioncurveformobilepaymentswillnotshiftsignificantlyovernightThereneedstobeincentiveitneedstobeeasyandthereneedstobedemandfromconsumers10
WithconsumersinmindaretailerrsquosgreaterinterestinmobiletechnologyshouldbeinembracingtheideathatcustomerslikelywillengagewiththeirphoneswhileinhisorherstorealthoughthisdoesnrsquotalwaysmeanthatcustomersarecompetitiveshoppingonlineOftencustomersrefertotheirphonessimplytocallfamilyandfriendsforproductadvicesendpicturestofriendsforfeedbackseekcouponsfortheimmediatestoretheyareinorsearchforproductreviewsofaparticularitemCompetitiveshoppingdoesexistviamobilephonesbutthisrealityisnrsquotonetosweatoverifyourin-storeexperienceisdeliveringstrongengagementdisplaysandmarketingmdashtherebygivingyourcustomersanexperiencetheysimplycannotgetonlineFinallyneverlosesightofthefactthatshoppingtrulyisasportformany
consumersJustasinacompetitivegameofbasketballfootballoranyothersportshoppingoffersthechanceforyoutowinorlosewhenitcomestoattractingandkeepingcustomerattentionEverydetailthataffectsyourbusinessmustconstantlybenurturedandattendedtojustlikeeverydetailofanyprofessionalsportmattersIntheenditrsquosonlythosewhoarewillingtoworktheirhardestdespiteobstaclesandsetbackswhowillremainstandingandultimatelybecomewinnersinthecompetitivegameofretail
HopefullybynowyouhaverealizedjusthowmuchrangeandtimearenecessarytomanageandmarketaretailstoreInthechaptersthatfollowwersquollunveilwaystoapplypressandmarketingtoyourretailbusinessaswaystogeneratesomewell-deservedattentiontothehardworkyouhavedonetocreateyouruniquestore
ActionGuide
ResearchshowsthatcustomerspreferstorelayoutsthatallowforeasynavigationandmovementthroughouttheirshoppingexperienceMoreoverresearchtellsusthatcustomersrespondreactandultimatelymakepurchasingdecisionsbasedonalltheirsensesmdashnotjustthatofsightaloneTohelpyoumaximizeyourcustomersrsquoexperienceinyourstoreconsider
eachofthefivesensesandtakeactiontoimprovetheirroleinyourstore
1SightFromtheexteriorofyourstoretotheentireinteriorstorespaceidentifywhetheryourstoreisattractiveandcaptivatingingainingcustomerattentionNextlookforanydebrisdirtordustthroughoutyourentirestorespacethatneedstobecleanedupThenvisuallyidentifywhetherastrollerwheelchaircaneorotherassistivedevicewouldbeabletobeusedcomfortablyinyourstoreThesevisualobservationsareonesthatmanycustomersidentifywhenforminganimpressionofyourstoreandshouldbeimprovediftheydonotcurrentlycatertoconsumersrsquoneedsandideals2TouchInstinctivelycustomerswanttotouchthingsandexperienceproductshands-onWalkthroughyourcurrentstorespaceandidentifywhetheryouofferaspacethatencouragescustomerstotouchandinteractwithyourinventoryKeepingproductsateyelevelforhands-onengagementisagoodwaytomakecustomersfeelwelcometotouchyourproductsIncorporatingsignageasnecessarythatstatesldquoFeelfreetosamplerdquoorldquoPleasedonottouchthisdisplaybutwehopeyouwilltouchourotheronesrdquocanlendahelpinghandinencouragingyourcustomerstotouchandinteractwithyourstoreproductsasappropriateForthoseofyouwhohavecustomerswhobringtheirchildrenwiththemcreateadedicatedareaorsimplyhaveasmallbasketwithtoysorwashablecrayonsandpapertodistractkidsfromtouchingyourinventoryandtofreeuptheattentionofyourcustomer3SoundIdentifywhatyourstorecurrentlysoundslikeIsitthesoundofblaringmusicorcoworkerschattingabouttheirweekendplansPossiblyitsoundssilentwithonlytheoccasionalbuzzofadooropeningandclosingCustomerstendtostayinenvironmentsthatmakethemfeelcomfortableandsoundplaysabigroleinthisMakeitaruleforemployeestoeliminatepersonalphonecallsstoregossiporanyotherunnecessaryconversationsthatcustomersmayoverhearInadditionchoosemusicthatisneutrallyaccommodatingtoyourdiverserangeofcustomersKeepthesoundlevelofyourmusicata
moderatelevelaswellthatdoesnotmakecustomersuncomfortableandstillallowsthemtohearyouspeakandallowsthemtospeaktoeachother4SmellAromacanbegoodorbadWhatdoesyourstoresmelllikeIdentifywhatyourstoresmellslikeandwhetherornotthisaffectsyourcustomersrsquoexperiencesItrsquospossiblethatalocalbakeryrsquosaromatricklesintoyourstoreandthusyougainascentoutofyourcontrolOrmaybeyouchoosetoburnincensethatsomecustomersfindunattractiveinscentWhateveryourcurrentsituationisstrivetoidentifyasinglescentthatyoucanalwaysapplytoyourstoreandthatcustomerswillassociatewithyourstoreastimepassesScentssuchaschocolatevanillacoffeeandpineareoftenperceivedasmass-appealingscentswhereasthescentsofflowersorcertainspicesarenotaspreferredbythemassesPickastorescentforyourstorethatissubtleyetcomplementingtoyourretailspaceandthenmakethisyoursignaturescentforcustomerstoassociatewithyourstore5TasteEvenifyourstoredoesnotsellfoodorofferanopportunitytocatertoyourcustomersrsquotastebudsyoucanstillengageyouraudiencethroughthepoweroftasteChooseasignaturesweetsuchasbite-sizedchocolatesorpeppermintsandalwayshavetheseavailableforyourcustomerstotakeAsmallglassofwatercanevenprovoketastebudsandmayextendyoursupportindeliveringstrongcustomercareIfyourstorehasnotintroducedtastetoitsstrategyofsupportingcustomersitrsquostimetodoso
8
ApplyingPressandMarketingtoYourBusiness
LackofattentionnotlackoftimeistheproblemWeallhavetwenty-four-hourdays
mdashZigZiglar(1926ndash2012)authorandmotivationalspeaker
RETAILERSTODAYarebombardedwithplacestogothingstodoandcustomerstoserveDespitetheirbusyscheduleshowevercustomershavehigh
expectationsfromretailersandexpecttheirconsumerexperiencestobetop-notchAlsocustomershavechoiceswhenitcomestomakingtheirbuyingdecisionswhichmakesanyretailerrsquosattempttostandoutinhisorherlocal
marketplacethatmuchmoreimportantLong-timeindependentretailerCynthiaSuttonownerofTheSilverBarnin
ColumbusTexasbelievesthatdespitebusyschedulesandbig-boxcompetitionlocally-basedmerchantshavesomekeyadvantagesthatlargerretailersdonotSuttonexplains
LocalindependentretailerscanreacttocommunityneedsinstantlyForexamplehereinoursmalltowntherewasahorriblecaraccidentwhereayoungchildwasseriouslyinjuredandagrandmotherkilledThecarthathitthemhadnoinsuranceWesprangintoactionandstartedafundraiserwithotherlocalmerchantsOurlocalWalmarthowevercouldnotparticipatebecausetheyhadtowaittogetcorporateapproval1
ThistypeofquickresponseisjustoneexampleofhowlocalmerchantscansupporttheircommunitiesandlocalcustomersaswellasgenerateawarenessfortheirstoresInadditiontoreactingtoaworthycausethisalsoprovidesagreatreasontogainpublicityforastoreUnlikesomemarketingeffortspublicity
reasontogainpublicityforastoreUnlikesomemarketingeffortspublicitydoesnotcostyoualotofmoneymdashifanymdashyetyoucangainexposuretobothexistingandpotentialcustomersExposurethroughpublicityaddsvaluetoamerchantandoftenmakesastoremorememorableThekeyherehoweverishavingastorytotellthatthepresswouldbeinterestedinhighlightingamongtheirmediaoutletsFortunatelythisgoeshandinhandwithalsocreatingastoreenvironmentthatencouragescustomerstocomebackldquoWecanrsquotcompetewithvolumepricingmassadvertisinganddepthof
inventoryHoweverwecandeliverstrongercustomerserviceandmoreuniqueinventorythanbig-boxstoresThisisextremelyvaluabletoconsumersrdquo2explainsSutton
HOWTOWRITEAPRESSRELEASEPublicitywhenmanagedinternallycostsyounearlynothingexcepttime
andpossiblyafewadditionaldollarsForthemostparthoweverpressisfreeWiththisinmindunderstandinghowtowriteapressreleasecanhelpyoupitchyourstoretolocalandnationalmediaincreasingstorevisibilityandencourageagrowthinsalesUsingthetipsbelowlearnmoreabouthowtowriteapressrelease
1ApressreleaseisastatementintendedtosharenoteworthynewseventdetailsandotherinterestingfactswiththemediaWhenwritingapressreleaseyouwanttokeeptheaudienceinmindandanswerthequestionsldquowhordquoldquowhatrdquoldquowhenrdquoldquowhererdquoandldquowhyrdquo2AllcriticalinformationshouldbeconciselysummarizedwithinthefirstparagraphofyourpressreleaseallowingbusyeditorsandothermembersofthemediatoquicklyidentifywhatitisyouwanttoshareThefollowingparagraphsshouldelaborateonthedetailssharedIncludingquotesfromrelevantpeopleinvolvedinthenewsyouaresharingwhetheryourselforastorevendorforexamplecanaddvaluetothepressrelease3PressreleasesshouldideallybenomorethanonepageandshouldbeconstructedinstandardpressreleaseformatThisincludesidentifyingyourstorenamecontactpersonandcontactdetailsinthetopleftcornerprovidingacaptivatingtitleandsupportingtaglineforyourpressreleaseandprovidingthereleasedateandcityofthepressreleasepriortoyourfirst
sentenceInadditiontheparagraphsthatfollowshouldsharedetailedinformationaboutyourstoreandthepurposeofyourpressreleasewhileofferinggeneralorinterestingfactsAnexamplewouldbe
MarsquosGeneralStoreContactJaneSmithPhone5555555555Emailshopmasgeneralstorecom
MarsquosGeneralStoreIntroducesExtendedShoppingHoursonWeekends
DoorstoOpenat9amtoAccommodateCustomerRequests
May12014(GenevaIL)mdashKickingoffthespringshoppingseasonMarsquosGeneralStoreisexcitedtowelcomecustomersat9ameverySaturdayandSundayintotheirdowntownGenevastoreAfteryearsofcustomersrequestingearliershoppinghoursMarsquosGeneralStorelooksforwardtosupportingcustomersontheirweekendsshoppingforgeneralhouseholdsuppliesandothereverydaynecessitiesAndallcustomerswhoshopMarsquosGeneralStorebefore11amwillbeofferedcomplimentarycoffeeorjuiceldquoItrsquosimportantforustokeepourcustomershappyandtheseadditional
storehourswillallowthemtogettheirweekenderrandsofftoanearlystartwhichwersquorethrilledtosupportrdquostoreownerJaneSmithstatesBasedindowntownGenevainthehistoricshoppingdistrictMarsquos
GeneralStoreisafavoritedestinationamonglocalresidentstostockuponhouseholdsuppliesandeverydaynecessitiesInadditiontotheirwell-stockedshelvesMarsquosGeneralStorewillbeofferingtheirearlybirdcustomerscomplimentarycoffeeandjuiceTolearnmoreaboutMarsquosGeneralStoretospeakwithownerJane
Smithortorequesthigh-resolutionimagespleasecontactus5555555555orshopmasgeneralstorecom
4PressreleasesshouldaimtobeconciseclearcorrectandcourteouskeepingyouraudiencersquosattentionwhilebeingdirectandinformativeinthenewsyoushareAttheendofyourreleaseidentifyitsconclusionwiththreenumbersignsThisindicatesitiscompleteandispartofthegeneral
threenumbersignsThisindicatesitiscompleteandispartofthegeneralformatofwritingapressrelease5SendingapressreleasedoesnotguaranteepresswillbereceivedBesuretofollowupwithyourmediacontactsandrespecttheiroutreachtoyouaswellshouldtheywantmoreinformationLikeyoumediaprofessionalsarebusypeoplesotryandgetbacktothemassoonaspossibleshouldtheywantmoreinformationaboutthenewsyoushared
Customerserviceanduniqueinventoryaretwowell-knownfactorsthatmakeindependentretailersstandoutfrombig-boxstoresYetmerchantsoftenunderestimatetheirvalueinthepressAsSuttonbelievesldquoBasicisgreatatbigboxspecialisgreatat
independentsrdquoWiththisinmindIencourageyoutoconstantlyseekoutwhatmakesyourstorestandoutamongothersIsittheuniquestoryofanemployeeofyourstorewhohappenstoexcelatcustomerserviceIsittheone-of-a-kindproductsbylocalartisansthatyousellmadeIsitthefactthatyourstoreunlikesomanyothersoffersanexperiencethatcanrsquotbeduplicatedanywhereelseOrpossiblyisitarandomcustomerexperienceyouhadthatoffersagreatstorytosharewiththepressAsaretaileryouneednotonlytostrivetomakeyourstorememorableand
uniquebutalsorecognizewhenuniqueandmemorablethingshappenwithinyourstoreenvironmentInresponsetothesescenariosyoushouldbepreparedtosharethedetailswithcustomersviathepresstheInternetthroughe-mailandviaotheravenuesthatcangenerateawarenessofyourstoreSuzyTeeleCOOofSnapRetailcomaready-to-usemarketingsolutionfor
independentretailersbelievesthatwhilecustomerserviceandproductassortmentaddvaluetoashoppingexperiencemerchantstodayshouldnotignorethevalueoftheirstorepersonalityaswellSheexplains
ldquoIthinkthebiggestmisconceptionthatretailersfacetodayisthatsometimestheyrelytoomuchontheirproductstogetcustomersintotheirstoresBrandsgoinandoutoffavorsobrandsalonearenrsquotenoughIndependentretailersshouldrememberthatitrsquosnotonlythemerchandiseitrsquosalsohowtheymerchandisethemerchandiseInotherwordscreatingastrongstorepersonalityandstoriesaroundthemerchandisewilldrivestoretrafficandreducethefocusoncompetitivepricing3
RETAILTIPOnlinemarketingandpresscanhelpgeneratestorevisibilitybutdonrsquot
neglectthepowerofgoodold-fashionedstorepackagingAfamousexampleofthisistheTiffanyblueboxorbagrecognizedbycustomersasapurchaseofluxuryandbeautyWhileyourstoremaynotcatertothesameclientelethatTiffanydoesthisshouldnotkeepyoufromaimingtohavestrongstorepackagingAneasywaytoenhanceyourstorepackagingistoinvestinasignature
bagthatisusedanytimeacustomermakesapurchaseRatherthanuseagenericbrownorothercoloredbagthathasnobrandimpressionsonitconsidercreatingacustomizedbagthatcurrentandfuturecustomerscanbegintorecognizeyoubyOvertimeyourbagwillbecomearecognizedsymbolforyourstoreincreasingcustomerawarenessofyourbusinessAdditionaltipstohelpbrandyourstorethroughpackagingincludeusing
thesametissuepaperribbonandgiftwrappingpapereverytimetheyareneededInotherwordsconsistencyiskeyhereTohelpyouaccomplishthisleanonanoutsidecompanythatspecializesinsupportingbusinessessuchasindependentretailersthroughpackagingOnesuchcompanyisPremierPackagingasmallbusinessthemselveswhosupportretailersthroughsalesofgiftboxesgiftbagstissuepaperribbonsandcustomizedoptionstohelpstrengthenaretailerrsquosbrandandvisibility
TeelersquosperspectiveiscommonamongretailexpertsandsupporterswiththeideathatproductalonecannotmakeyouasuccessfulretailerShecontinues
InmyexperiencethestoresthatIhaveseensucceedhavebeenabletodosobecausetheymaketheircustomersfeelasthoughtheyarepartofsomethingspecialTheymakecustomerswanttoshopthereThisisaccomplishedbycreatingthatstrongstorepersonalitysharingthatpersonalitythroughsocialmediaandinvitingcustomerstobepartofitthroughe-mailmarketingandotherpromotionaleventsUsingthelatestmarketingtoolsindependentretailerscancreatetheirbrandsandstorepersonalitiespositioningthemtoeffectivelycompetewithbig-boxretailers4
CompaniesthatprovidemarketingtoolsforindependentretailersarebecomingmoreandmorecommonSnapRetailisagreatexampleofthistypeofcompanyprovidingready-to-usemarketingforindependentretailersinavarietyofwaysFoundedin2010SnapRetailprovidesprewrittencontentintheformofe-mailssocialmediapostseventmarketingandmoreallspecifictoindependentretailersTheireasy-to-usemarketingsolutionhelpsretailerstobettermanagetheirtimewhilebecomingmoreengagedinallthenecessaryavenuesofretailincludingmarketingsocialmediae-maileventplanningandgeneralpromotionalexposureTeelesays
SnapRetailcustomersoftenseeabouta15to20percentincreaseinsalesandastrongerengagementthroughsocialmediawithcontinualuseofoursolutionOurmostsuccessfulretailersengagewiththeircustomersonsocialmediasiteslikeFacebookatleastonceadayandsendmeaningfule-mailstwotothreetimesperweek5
InChapter9wersquollfurtherdiscusshowSnapRetailrsquosmarketingsolutionsspecificallyapplytoonlineefforts
UsingE-mailtoCommunicateStoreMessages
Increasingyoure-mailopenratewhichidentifieshowmanypeoplewhoreceiveyoure-mailsactuallyreadthemisanimportantgoaltohaveYetretailersoftenstrugglewithwhattosayandhowtocreateastronglayoutfortheire-mailsSnapRetailrsquoslibraryofprewrittenandprofessionallydesignede-mailtemplatesdoestheworkforyouevenofferingacalendarfeaturewiththesoftwaresothatyoucanscheduleandmanageyoure-mailandothermarketingcommunicationsIncorporatingsolutionssuchasthisintoyourmarketingplanisagreatwaytomakeyourto-dolisteasierwithoutcompromisingthesuccessofyourstoreInfactthegoalistoincreaseitMarketingcommunicationsmanagerJessicaMorettiofSnapndashRetailisalways
searchingforthebestmessagesretailerscansharewiththeircustomersprovidingwithusfivetipsthatretailersshouldleanonwhencreatinge-mailsfortheircustomers
1ContentcontentcontentContentiskeytoengaginge-mailmarketingAlwaysensurethatyoure-mailscontaincontentthatistimelyrelevantandvaluabletoyourreaders
2LightscameraactionAgoode-mailcontainsoneclearcall toaction(CTA)YourreadersshouldknowexactlywhatyouwantthemtodoanditshouldberelativelyeasyforthemtocompletetheactionmdashldquoShopoursalerdquoldquoVisitourwebsiterdquoldquoPinyourfavoriteproductrdquo
3Keepitsimplestupid(KISS)BorrowapagefromtheNavyrsquoshandbookandfollowtheKISSrulewhenitcomestoe-maildesignKeepitsimplebyusingacolorpaletteofnomorethanthreecomplementarycolorseasy-to-readfontsandastructuredformat
4First impressions are everything Give your subject line the love andattentionitdeservesItrsquosthefirstthingyourreaderswillseeandcanmakeorbreakwhetheryourreaderswillopenyoure-mail
5Goneinlessthan60secondsResearchshowsthatyouhavelessthan60secondstograbyourreadersrsquoattentionbeforetheyclickawayfromyoure-mail Because of this it is imperative that your headlines and calls toactions are more compelling than that video of a sneezing panda yourreaderjustreceivedfromafriend6
Keepingthesefivetipsinmindremembertoalsoconsiderhowoftenyoureachouttoyourcustomersviae-mailYoudonrsquotwanttobombardyourcustomersrsquoe-mailin-boxeseverydaybutyoudonrsquotwanttogotoolonginbetweene-mailseitherRecentlyRetailMindedsurveyeditsretailaudienceandaskedthemhowoftentheyprefertoreceivee-mailsfromcompaniestheychoosetofollowaswellashowoftentheysendoute-mailstotheirowne-mailmarketinglistsInresponsetobothquestionsretailerssurveyedthroughRetailMindedcomanditssocialmedianetworksidentifiedonceaweekforeachscenarioAlthoughtherewillbeexceptionsifyouhavesomethingworthsharingwithyouraudienceonaweeklybasisane-mailblastscheduledonceaweekisagoodstartingpointtoplanforyourowne-mailmarketingeffortsTofurthersupportyoure-mailoutreachyouwanttoalsoevaluatethesuccess
ofeache-mailblastyousendoutAnalyzingtheresultsofeache-mailcampaignallowsyoutounderstandwhatismosteffectiveinyoure-maileffortsE-mailmarketingproviderssuchasSnapRetailConstantContactandMailChimpalloffere-mailanalysisaspartoftheirservicesandweencourageyoutomakeitaprioritytoevaluatetheseresultsonaconsistentbasisAmongthemanythingsane-mailreportmaytellyouiswhiche-mailswere
Amongthemanythingsane-mailreportmaytellyouiswhiche-mailswereopenedthemost(theiropenrates)whatdaysandtimese-mailssentweremostreadandwhetherornotpromotionsorincentivesofferedviae-mailgainedastrongerreturnthanothere-mailssentAlittlestudyingofthesereportscangoalongwaysobesuretoaddthistoyourretailto-dolist
UsingtheInternetasaMarketingPlatform
E-mailmarketingisnearlyaclassictechniquecomparedwithotheronlinemarketingeffortsyetitshouldnrsquotbeignoredasyouincorporateadditionalInternet-basedmarketingintoyoursalesandmarketingstrategyOnecompanythataimstospecificallysupportindependentmerchantsindoingthisisBoutiqueWindowThisNebraska-basedcompanydevelopedsoftwaretohelpretailersshowofftheirlatestinventorynewarrivalsstorepromotionsandmoreviaamerchantrsquosownwebsiteandsocialmediaWithasetupthattakesonlyminutesretailerscanuploadandeditphotosoftheirstoremerchandiseaddproductdetailstosupporttheirimagesandpublishimmediatelyonFacebookTwitterPinterestandtheirindividualbusinesswebsitesDoingthishelpsretailerstokeeptheirstorestopofmindfortheircustomersrsquoshoppinglistsanimportantfactortoincludeinyourownretailmarketingCofounderofBoutiqueWindowCourtneyRodgersbelievesthatevenifyou
donrsquotsellonlineyouronlinevisibilityissomethingyoucanrsquotignore
ConnectingwithshoppersonlineisessentialtothesuccessofyourbusinessevenifyoudonrsquotactuallyhaveanonlinestoreShopperstodayareengrossedinthedigitalworldmakingyourstorevisibilitypossiblewithonlyafewsimpleclicksWiththerapidgrowthofsocialnetworksandimprovementsinlocalsearchoptionscustomerscanaccessanyinformationtheywantonlinewithjustaclickortwoOfcourseifyouarenrsquotonlinethenyourstorewillmissoutontheseopportunitiesEvenbrick-and-mortarstoreswithnoplanstosellonlineshouldstillhaveanonlinepresenceforthisreasonalone7
BeingtopofmindisidealforanyretailerbutthosewhohaveyettomakeanonlinepresenceareboundtobeleftoutinthecoldBeingvisibleonlineisa
onlinepresenceareboundtobeleftoutinthecoldBeingvisibleonlineisamustthesedaysevenifyouhavenoplanstoeversellviathewebCreatingawebsitethatcomplementsyourin-storeexperienceandbrandidentityiskeyallowingcustomerstounderstandyourstorepersonalitybothonlineandofflinemorecohesivelyIn2012e-commercesalesgenerated$231billionintheUnitedStatesalone
accordingtomarketresearchfirmForresterThiscompanyalsofoundthatthegrowthofe-commercewhichin2012accountedforabout8percentoftotalretailsalesintheUnitedStatesisexpectedtooutperformthegrowthofbrick-and-mortarstoresoverthenextfiveyearsreaching$370billionby2017WiththesetypesofnumbersindependentretailersshouldnotchallengethequestionofiftheywanttosellonlinebutratherwhentheywillstartFortunatelycreatinganonlinepresenceiseasythankstoe-commercetemplatesfromavarietyofprovidersLeadingthismarketisShopifycomanonlinecompanythatsupportsemergingorexistingretailersandwholesalersintheireffortstocreatesavvycustomer-friendlyonlineshopsShopifyrsquos247supportandeasy-to-customizewebsitetemplatesareidealforindependentmerchantslookingtogetonlinequicklyeffectivelyandaffordablyInChapter9wersquolldiscusshowyoucanmaximizeyouronlinesuccessinmoredetailspecificallylookingatsocialmediaande-commerceldquoIndiemerchantshaveavarietyofchallengesbuttheirultimatechallengeis
alwaysgettingenoughtrafficintheirstoresmdasheitherphysicaloronlinemdashtokeeptheirlightsonrdquo8TexanretailerSuttonstatesWhilethiscouldnotbetrueritrsquosoftentheretailersthemselveswholeadthemselvestoturned-offlightsToavoidthisbecomingarealityforyourstorechoosetobeaggressiveinyourstoremarketingeffortstokeepupwithyourcompetitionandyourcustomersalikeFinallytohelpyoufurthernavigateyourmarketingsuccessasanindependent
merchantwersquoveidentifiedalistofmust-knowbusinessestohelpyoureachyourmarketinggoalsWealsoencourageyoutoexploreAppendixAforamorecomprehensivelistofbusinessesandresourcesthatcanhelpyourbusinessreachitsfullpotential
ResourcesEveryIndependentRetailerShouldKnowAbout
1AmericanIndependentBusinessAlliancewwwamibanetThisisa
nonprofitorganizationthathelpscommunitiesandretailerslaunchandoperatebuy-localcampaignstosupportlocalentrepreneursandeconomies2BoutiqueWindowwwwboutiquewindowcomThiscompanyprovidesonlinemarketingtoshowcaseinventoryviayourwebsiteorsocialmediaoutletsallowingretailerstoengagetheircustomerswithnew-productarrivalsandmore3MOOwwwmoocomThiscompanyprovidesbusinesscardspostcardsstorehangtagsandotherprintgoodsthatarestylishindesignandeasytocustomizetoyouruniquestoreneeds4PremierPackagingwwwretailpackagingcomThiscompanyprovidespackagingsolutionsthatcatertoretailerslookingtoincorporatepackagingoptionssuchasbagsgiftboxesandtissuepaperaspartoftheirstoreidentityandmarketing5RetailRadiowwwretailradiobizCustomizeyourin-storeexperiencewithmusicthatiscatereduniquelytoyourstoreandyourcustomerwhilealsoincorporatingcustomizedmessagingtocreatethebestpossibleambianceforyouruniqueretailspace6ShopifywwwshopifycomThiscompanyprovideseasy-to-customizeonlinestoretemplatesthathelpyoutosellonlineefficientlyaffordablyandprofessionally7SmartSignwwwsmartsigncomSignagecansupportyourstorecommunicationtohelpcustomersnavigateyourstorespaceandmaximizetheirstoreexperienceUsefordisplaymerchandisingorpromotionandincorporatesafetysignagesuchasldquoEmergencyExitrdquoorldquoEmployeesOnlyrdquoaswell8SnapRetailwwwsnapretailcomThiscompanyprovidesprewrittencontentandgeneralmarketingsupportthatincludese-mailsocialmediaandeventmanagementspecifictoindependentretailers9TriparInternationalwwwtriparcomThiscompanyprovidesvisualdisplaysandfixturesthathelpyoutobeautifullyshowcaseproductengagecustomersanddrivesaleswithproductsthatincludetabletopdisplaysjewelrystandseaselspoint-of-sale(POS)accessoriesandmore
10VendwwwvendhqcomManageyourcustomerloyaltyinventoryandPOSsystemswithoneeasy-to-usesoftwareprogramthatisaccessibleon
aniPadcomputersmartphoneoranydevicewithawebbrowserWhilenotmarketing-specificthiscompanyrsquosPOSsoftwarecanhelpyoustreamlinetheentireoperationalproceduresofyourstoreincludingcustomermanagementandexposure
UsingthischapterasyourreferenceyoucanseejusthowmanybusinessesareavailabletohelpyoureachyourfullmarketingpotentialaswellastheneedtoincreaseyourstorersquosvisibilityInthechaptersaheadwersquolldiscussadditionalwaystogeneratemoreexposureforyourstoreultimatelytohelpincreasesales
ActionGuide
CreatingastorepersonalityisakeystepinseparatingyourbusinessfromothersMerchantsshouldtakethetimetoidentifyhowtheywanttobeperceivednotonlybycustomersbutalsobytheircompetitionIdentifyingthecharacteristicsofyourstoreisanimportantstepalthoughitrsquosalsocriticaltorecognizewhetheryourstorersquosperceptionmatchesyourintendedrealityOnewaytodothisistoputyourselfintheshoesofacustomerPuttingyouremotionsasidechallengeyourselftotakeontheroleof
customerinyourstoreBequicktojudgeandimpatientasyouevaluateyourstoreallowingyourselftoholdcharacteristicsofcommoncustomersintodayrsquosbusymarketplaceWithyourmind-setcommittedtobeingthatofacustomerinsteadofastoreownerwalkintoyourstoreandcritiqueyourstorersquosenvironmentAnswerthefollowingquestionsasobjectivelyaspossibleMoreoverinviteatleastthreeandideallyupto10otherpeopletocompletethissameexercise
1WhatdoyouimmediatelyviewasmostappealinginthestoreWhy2WhatdoyouimmediatelyidentifyasleastappealinginthestoreWhy3WhatdiditfeellikewhenyoufirstenteredthestoreExplainyour
emotionalreactionsuchasldquowelcomingrdquoldquoclaustrophobicrdquoldquoengagingrdquoldquodistractingrdquooranythingelseyoumayfeel4ArethereanydistractionsintheretailspacethattakeyouawayfromshoppingorwantingtobrowsethestoreThismayincludepeoplenoisedisplaysoranythingelse5WhatitemsifanylookoutofplaceinthestoreWhydoyouthinkthisis6WhatitemsstandoutthemostWhy7DoanyitemsstrikeyouasbeingoutofplacewithinthestoreassortmentPleaseexplain8ArethereanyitemsthatyoudonrsquotseeinthestoreassortmentbutbelievewouldmakesensetohavePleaseexplain9DothedisplaysengageyouasacustomerHowso
10WhatareasofthestoreappearmostaccommodatingforshoppingandenjoyingPleaseexplainwhyyouthinkthis11WhichareasofthestoredonotattractyoutothematallPleaseexplainwhyyouthinkthismaybe12DoesthestoreappearcleantoyouDoyouseeanyvisibledustorotherdirt13Forstoreswithpublicrestroomswhatimpressiondoestherestroomgiveofftoacustomerobservingit14Doesthecash-wrapareaprovidecustomerswithaplacetoresttheirpurseorsignareceiptandenjoytheircheckoutexperience15Dothewallsneedafreshcoatofpaint16AretherevisibleareasofthestorethatlookasiftheyneedsomeTLCorsomekindofrepairPleaseexplain17Doanystorefixturesoverpowertheinventoryorrestrictyouasacustomerfromshoppingandenjoyingthestoreexperience18DoesthestoresignageattractyourattentionWhyorwhynotIsiteasytoidentifywhatisonsalestorepoliciesspecialannouncementsandmore19Doesanyunstockedinventoryappeartobeonthesellingfloor20Whatisyourultimatefinalimpressionofthestore
OncecompletedreviewyourresponseswithanopenmindandidentifycommonresponsesamongallparticipantsWorktostrengthentheareasidentifiedasneedinghelppositioningyourselftobettersupportyourcustomersandyouroverallbusinesssuccess
PARTIII
MakingaMarkintheEconomy
9
MakingYourPresenceOnline
Makeyourproducteasiertobuythanyourcompetitionoryouwillfindyourcustomersbuyingfromthemnotyou
mdashMarkCuban(1958ndashpresent)DallasMavericksowner
businessmaninvestorONEOFthegreatestmisconceptionsaboutbrick-and-mortarindependentretailisthatitrsquosasolitaryendeavorSmall-businessownershavecountlessoptionsbeyondtheirstorewallsallowingthemtoconnectand
engagewithvendorsretailsupportersandcustomersalikeAmongtheseoptionsaree-commerceandsocialmedia
Ecommercehasgainedabadreputationamongindependentretailersbecauseofthesuccessofbig-boxplayerssuchasAmazonWalmartStaplesandothersAlthoughthisisunderstandableitdoesnrsquotmeanthate-commerceshouldbeignoredbyindependentretailersInfactitmeansthatitshouldbeembracedChoosingnottoengageine-commerceonlyeliminatestheadditionalrevenueandexposurethate-commercecanprovideInternetRetailerMagazinersquoseditorinchiefDonDavissharedhisthoughtsonthevalueofsellingonlineemphasizingaretailerrsquostotalreachofpotentialconsumers
Smallbrick-and-mortarretailerscanreachamuchbroaderaudienceonlinethantheycanintheirphysicalstorefrontsaloneWithaphysicalstoreyoucanonlyreachtheconsumerswithindrivingdistancewithanonlinestoreyoucanatleastreachacrossthecountryandwithalittleefforttheworldMostconsumersareshoppingonlineandabigmajorityofaffluentconsumerswiththemostdisposableincomeareincludedinthisaudienceWithoutane-commercesiteanindependentretailercanrsquotreachmillionsofconsumers1
HarleyFinkelsteinanentrepreneurattorneyandchiefplatformofficeratShopifycomagreeswithDavissharinghisbeliefthatmerchantsshouldnotdifferentiatebetweenofflineoronlinesalesbutinsteadlookatthemtogetherldquoInmyopinionthefutureofe-commercebelongstosmallbusinessesThisisthebiggestopportunityforretailerssincefarmerrsquosmarketsbeganhundredsofyearsagordquo2Finkelsteinexplains
EmbracingEcommerce
Expandingyourreachamongpotentialcustomersseemslikeano-brainerbutmanyretailersarestillhesitanttointroduceanonlinebusinessasasupplementtotheirbrick-and-mortarstoresFortunatelythehasslesandfrustrationsthatpreviouslyexistedwithmanagingonlineshopsareathingofthepastthankstocompaniessuchasShopifycomanonlinecompanycommittedtohelpingsmallbusinessescreatebeautifule-commercestoresthroughitseasy-to-implementwebsitetemplatesFoundedin2006ShopifyhasgrowntosupportovertensofthousandsofonlineretailersacrosstheworldThroughitsplatformuserscaneasilyandquicklycreatetheirownonlineshopswithouthavingtodealwithallthetechnicalworkinvolvedindevelopingacustomizedwebsiteEssentiallyShopifyeliminatesthehassleofrunninganonlinestoremdashsomethingbusystoreownerscanappreciatemdashyetdeliversanopportunityforbrick-and-mortarmerchantstoexpandtheirsalesandvisibilityonlineldquoPeoplesometimeshavethisperceptionthatsettingupanonlinestoreis
difficultandexpensivebutthatrsquosnotthecaserdquo3FinkelsteinexplainsInadditiontoFinkelsteinrsquosowntwocentswehaveexperiencedusingaShopify-basede-commercesitefirsthandonmorethanoneoccasionHavingbeenablenotonlytobuildawebsitethroughShopifybutalsotonavigateandshopShopify-managedwebsitesasaconsumerourcollectiveexperienceallowsustoconfidentlysupportShopifycomasournumberonechoicefore-commerce-basedwebsitetemplateoptionsAmongthevarietyofreasonswepreferShopifyisthatthecompanyoffersadiverserangeofoptionsthatcatertoalltypesofretailerswhilemakingtheuserexperiencefromboththeretailersrsquoandtheconsumersrsquoperspectiveseasyandmdashdarewesayitmdashenjoyableForexampleShopifyoffersanumberofe-commercepackagesthatfitany
retailerrsquosbudgetWithoptionsthatincludeattractivewebsitetemplatesproduct
imagesgiftcardsshopping-cartfeaturescarriershippingandmuchmoreretailerscanconfidentlymanageanonlinestorewithoutwonderingiftheyhavecoveredalltheirbasesAnotherperkofusingane-commercetemplatecompanysuchasShopifyisthatasyourbusinessgrowsandyouronlinesalesincreaseyoucancomfortablyexpandyoure-commercesupportviaShopifywithjustafewsimpleclicksOneexampleofaretailerthatdidjustthatisBeardbrandwhosewebsiteisBeardbrandcomBeardbrandamodernretailerthatsellsgroomingkitsbeardcareandother
lifestyleproductsformenfirstcreatedaShopify-basedstoreinearly2013FounderEricBandholzhadbeenbloggingaboutbeardsforawhilesoheknewafewthingsaboutbeingvisibleonlineThissaidhedidnrsquotknoweverythingheneededtostartandmanageane-commercebusinessThisiswhereShopifycomenteredthepictureDespitehavingonlythreeproductsandnoestablishedsalesBeardbrandfoundinstantsuccessandwasevenfeaturedintheNewYorkTimesmdashanimpressiveaccomplishmentforaretailerthatonlyayearpriorhadnoe-commercebusinessSincethenBeardbrandcomhasexpandeditslineandnowgeneratesupto$60000monthlymdashanumberthatcontinuestoincreaseAnotheronlinesuccessstoryfromaverydifferentnicheretailmarketisthat
ofFringeSportaTexas-basedretailerthatcaterstotheat-homegymenthusiastBrothersPeterandAlexKellerfoundedFringeSportin2010andwithinthefirstyearthecompanybroughtin$100000throughitsonlineShopify-basedstoreBy2012theKellerbrothershadintroducedadditionalbrick-and-mortarlocationsaswellasawholesaleprogramcollectivelygenerating$1millioninrevenuein2012aloneIn2013thatnumbergrewto$3millionOfthat$3million60percentcamefromtheonlinestore
RETAILTIPOneofthemanyperksofusingatemplate-basede-commercewebsiteis
thatitmakeswebsitemanagementeasyandaccessibleformerchantstouseAnexampleofthiscanbefoundbelowinascreenshotfromShopifycomwhereyoucaneasilyidentifywhenorderswerereceivedonlineandhowmucheachorderwasforInadditiontoidentifyingdailysummariesofonlinesalesShopifycomidentifiesweeklymonthlyandtotalsalesmadethroughouteachyearCollectivelytheirextensivereportingande-commercemanagementhelpretailersidentifysalestrendsmissed
opportunitiesandmore
HavinganichemarketcertainlyhelpsretailersBeardbrandandFringeSportstandoutinthemarketplacebutanotherkeyfactortorecognizehereisthedesignandaestheticsoftheironlinestoresBothstoresareeasytonavigateallowingcustomersfromanypartoftheworldtoshoptheirweb-basedstoreswitheaseSupportingyourcustomerswithawell-thought-outeasy-to-navigatewebsiteisnodifferentthansupportingyourcustomerswithawell-thought-outeasy-to-navigatephysicalstorefrontBotharecriticalinkeepingyourcustomersrsquoattentionbuttheyvarytremendouslyinthetricksandtipsnecessarytoaccomplishthisgoalUnlikerunningyourownbrick-and-mortarstoremanagingane-commerceshopdoesnrsquottakeasmuchtimetosetupmanageormerchandisemdashallowingyoutonearlyeffortlesslyintroducethistoyoursalesstrategyparticularlyifyoualreadyhaveanexistingbrick-and-mortarstorewithstockreadytosellThekeyhereasalreadymentionedisusingatemplate-basede-commercewebsitesuchasShopifycomversustakingthetimetocreateyourownwebstorefromscratchNotonlywillthissaveyoutimebutyouwill
alsolikelysavemoneywhenpositioningyourselfonlineinthiswayWhetheryoucurrentlyhaveanonlinestoreplantointroduceyourfirstone
soonorarestillupintheairastowhetherornotyouwanttobringyourbusinessonlinethefollowing10tipsshouldbeconsideredwhenbuildingyourwebpresence
1FocusonwhatrsquosuniquetoyouAsInternetRetailerMagazinersquoseditorinchiefDonDavissharesldquoThereisnopointintryingtocompeteinsellingstandardpapertowelsorsockswithAmazoncomorWalmartcomTheyrsquollkillyouinpriceInsteadfocusonsomethingmoreunusualsuchasaselectionofcrochetingwoollocalhandcrafteditemsoradeepselectionofoliveoiltocaptureabuyingmarketforyourgoodsonlinerdquo6
EXPERTSPOTLIGHTAccordingtoBoutiqueWindowcofounderCourtneyRodgershavingan
onlinepresenceasaretailerisnolongeroptionalldquoDoingapoorjobofrepresentingyourstoreonlinereflectsnegativelyon
yourstorersquosbrandKeepingyourwebsiteandsocialmediaprofilesuptodateshouldbeworkedintoyourregularbusinessscheduleMakesureyoursquorepostingnewmerchandisetoyourwebsiteasitarrivesandsticktoaconsistentsocialmediascheduleaswellrdquo4Rodgerrsquosadvicetomakeyouronlinepresenceapriorityisnrsquotsharedby
heropinionaloneldquoForresterResearchestimatesthatin2014505ofin-storeretailsales
willbeinfluencedbyonlineresearchCommunicatingwhatiscurrentlyinyourstoreisthebestwaytoattractnewcustomersandturnexistingcustomersintorepeatloyalshoppersBeingonlinewillhelpyoudothisrdquo5Rodgersexplains
2CreatestrongproductdescriptionsUnlikeaphysicalstorefrontthathasasalespersonavailabletoanswercustomerquestionsorshareproductinformationanonlinestoreneedstospeakforitselfMakesurethatyouronlinewrittencommunicationisdetailedandeasyto
understandallowingyouronlinecustomerstogainasmuchinformationaboutyourproductsaspossibleFurthermoreyoushouldaimtoprovideengaginginformationtocomplementthegreatproductdetailsyouaresharingKeepingyouraudienceintriguedwillaffectyourcustomerengagementsochoosingtherightwordsiscriticalwhensellingontheweb3UsecrispclearimagesoftheproductsyousellonlineWhileyourproductdescriptionsneedtobestrongyoudonotwanttoneglectyourproductpictureseitherWithoutcustomersbeingabletotouchholdsmelltasteorotherwiseengagewiththeproductstheyareinterestedinyourproductimagesmustreallystandoutandcaptureyourcustomersrsquoattentionDependingontheproductyouaresellingmultipleimagesperproductmaybenecessarytoreallyallowyourcustomerstofeelasiftheyhaveasolidunderstandingofwhatthatproducttrulylookslikeIftakingpicturesisnotyourexpertisebesuretorequestproductimagesfromyourvendorsandalsoconsideranoutsidecompanysuchasBuyersPacketcomwhichoffersastudioeffectservicethatcantakeanypictureandmakeitappeartohavebeenprofessionallyphotographedYoualsoshouldaimtohavehigh-resolutionimagesonyourwebsiteaswell4BeconsistentinyourproductlayoutWithbothyourproductdescriptionsandimagestobeconsideredhereyouwanttohaveaconsistentlayoutforyourentireonlineinventoryInotherwordsdonotgiveexpandeddetailsononeitemandwriteabriefoverviewonanotherorshowacrispclearpictureofoneproductandthenablurrylow-resolutionimageofanotherCustomerswanttheirentireonlineshoppingexperiencetobegreatmdashnotjustsomeofitConsistencyiskeyinachievingthis5IdentifyyourshoppingcartoptionatalltimesWhensellingonlineashoppingcartisreferredtoastheplaceinwhichproductslandonceacustomeridentifiesthemassomethingtheywouldliketopurchaseHavingthisshoppingcartvisiblewithaniconallowsyourcustomerstocheckitemsintheircartsandeasilycheckoutwhentheyarereadyComplicatingthesetwocriticalstepsbymakingyourcustomerssearchforthispartofyourwebsitewillonlydecreaseyourchanceofcapturingtheirsales6DisplaycompanycontactinformationanaboutuspageandotherhighlighteddetailsBynowhopefullyyoursquoverealizedthataneasy-
to-seeandeasy-to-navigatewebsiteiskeytosuccessfullysellingonlineThisalsoholdstrueforanyotherdetailsacustomermaywanttogainfromyourwebsiteincludingcompanycontactdetailsdealsandpromotionsanaboutuspageandmoreWhilesharingthesedetailsmaynotseemlikeabigdealwhatyouarereallydoinghereisgainingtrustfromyourcustomerConsumersonlinewanttofeelsecurewhenshoppingandofferingthemeasy-to-accessdetailsaboutyourcompanycanhelpyouachievethis7OffermultiplepaymentoptionsThelastthinganonlinemerchantwantstoseehappenisgettingabunchofshoppingcartsfilledtopurchaseonlytohavethembecomeabandonedAmongthereasonsthismayhappenisbecauseacustomerdoesnotlikethepaymentoptionsavailableonlineWhenidentifyingwhatchoicesyouwantyourcustomerstohaveinmakinganonlinepurchasevarietyiskeyHavingmultiplepaymentoptionsensuresthatyoumeetmultiplecustomerpreferencessavingyouyetanotherhassleoftryingtoidentifywhatisbestIncludingPayPalandmultiplecreditcardoptionsistypicallymostpreferredbycustomers8Leanone-commercespecificresourcestohelpyoumanageyourbusinessTheannualInternetRetailerConferenceandExhibition(IRCE)offers200+speakersoverafour-dayperiodattracting600ormoree-commercetechnologyandservicevendorstogetherinoneplaceAsDavistellsusldquoWhateveryouneedtosellonlineyoucanlearnaboutitandfindtherightprovidersforyourgoalsatIRCErdquo7ThisisagreateventtoconsiderattendingalthoughyoualsocanstayinthecomfortofyourstoreandvisitInternetRetailercomforfreetrustede-commercesupportaswellasrefertoShopifycomrsquosEcommerceUniversityandgloballyrecognizedblogforadditionale-commercenewseducationandsupportaswell9AvoidchargingforshippingwheneverpossibleWecertainlyunderstandthatthisisnotalwaysthecasebutifyoucanfactorinoccasionalfreeshippingopportunitiesoreliminateshippingcostsaltogetheryouwillbemorelikelytoincreaseyouronlinesalesOnewaytoincorporatethisintoyoursalesstrategyistoeliminateofferingproductdiscountssuchas15percentoffandinsteadapplythesesavingstoyourshippingCustomersnowadaysarebecomingincreasinglymoredependentonfreeshippingthankstoourbig-boxcompetitorssoyouwanttoacknowledgethisrealityheadonrather
thanavoiditWhenshippingcostsarenecessarymakesurethatyouofferthemosteconomicaloptionspossible
10KeepyourcustomerstopofmindineverydecisionyoumakeAreyoutryingtoattractGenerationYconsumersornear-retirementfolksWhomeveryouraudienceneverlosesightofthemasyouasdevelopyouronlinestoreIfyourpreferredcustomersaremoreGenerationYthanbabyboomersconsiderintroducingvideosonyourwebsiteBeproactiveinknowingwhoyourcustomersareandcateringtotheiruniqueonlinepreferencesthereforebettersupportingtheirshoppingexperiencesThisreallyisnrsquotthatmuchdifferentfromchoosingtocreateonedisplayinyourphysicalstoreversusanotherdevelopingitwithauniqueaudienceinmindAndtruetoeverydecisionyoumakeregardingyouronlinestorealwaysmakesurethatusernavigationfromaconsumerrsquosperspectiveiseasyandsecure
WithonlinespendingprojectedbyForresterResearchInctoreach$370billiongloballyby20178itrsquoshardtoignorethevalueofsellingonlineWhetheryouarebasedinruralOklahomaorthebustlingstreetsofBrooklynyouronlinestorehasthepotentialtohaveaglobalaudienceHowyoucapturethisaudiencedependsonyouronlinemarketingeffortshoweverAmongthevariouswaysinwhichyoucandothisissocialmediaHavingbeenaroundsince1994socialmedianolongerconstituteanewtrendthatretailersshouldbeawareofInsteadsocialmediashouldberecognizedasestablishedinteractiveexperiencesthatallowmerchantstoexchangeinformationwithinvirtualcommunitiesandnetworksmdashreachingbothcurrentandpotentialcustomers
SocialMediainTodayrsquosRetailMarketplace
OvertheyearstherehasbeenanongoingdebateastohowsocialmediadelivervaluetosmallbusinessesMuchhasbeensaidaboutthelackofmeasureableresultsgeneratedbysocialmediaspecificallyintheindependentarenaAccordingtoldquo2013SocialMedia300RankingE-RetailrsquosLeadersinSocialMediaMarketingandCommercerdquofromInternetRetailerMagazine9howeverrefutingthisclaimreliesheavilyonprovingthatsmallbusinessescaninfactfindsuccessandgeneratesalesusingsocialmediaaspartoftheir
strategiesLeadersonthelistincludePetflowcomFabcomandCoastalcommdashwithretailgiantssuchasWalmartTargetandBestBuynotevenmakingthetop100
EXPERTSPOTLIGHTInadditiontohavingyourownwebsitemanyindependentretailershave
foundsuccessexpandingtheirproductassortmentonwebsitesthatincludeAmazoncomeBayandSearscomThesesiteshaveuniquesellingplatformsthatcollectivelygeneratemillionsofwebvisitorseachdayWiththisinminditmaymakesensetoalsoexpandyouronlinepresencetoincorporatetheseonlineavenuesSkipMcGrathisaprofessionaleBayandAmazonsellerwhoiswidely
recognizedasanindustryexpertinsellingonbothofthesewebsitesBelowheshareshisinsightonhowindependentretailerscanbenefitfromapplyingtheirsalesstrategytoincludesellingonAmazoneBayandSearsldquoItusedtobeastorecouldopenawebsiteandgettrafficbuttheworld
ofGooglehaschangedandtodayitisverydifficultforasmallshoppingsitetogetanytractionwithsearchenginesHoweveronlinesellingsitessuchasAmazoneBayandSearscomalreadyhavetrafficcomprisedofcustomerslookingforthingstobuyAddingoneormoreoftheseavenuescanhaveanimmediateeffectonaretailerrsquossalesAsyoulooktogetstartedinexploringtheseavenuesyoushould
considerthefollowingTostarteBayusedtobekingofthemountainwhenitcametosmallsellerslookingforawaytoexpandonlineButeBayhaschangedandisnolongeraswelcomingtosmallersellerseBayisstilltheplacetosellusedandvintagegoodsbutAmazonhasgrabbedmarketsharewhenitcomestonewmerchandiseAndAmazonwelcomesnewsellersandgivesthemgreatsupportSearshasalsoenteredthegameandisexpandingrapidlyButAmazonisstillthebestplacetostartOnemorethingtothinkaboutisthepotentialfornewcustomersyoucan
gainthroughthesesellingavenuesIfyouhaveastoreinasmalltownorashoppingmallyouareexposedtothousandsofpotentialcustomersbutwhenyouexpandonlineitslikehavingastoreinacitywithapopulationofahundredmillionormorerdquo11McGrathsharesadditionalinsightonsellingoneBayAmazonandSears
onhiswebsitewwwSkipMcGrathcom
ldquoPetFlowcombringsin30percentofitstotalsitetrafficandoverallrevenuefromsocialnetworksmdashmostlyasaresultofalaser-likefocusonbuildingandmaintainingaloyalFacebookfanbaseandregularpoststhatspeaktotheirfollowersrsquoinnerpetloverrdquotheguideidentified10AlsoitstatedthatFabcomreceived25percentofitswebsitetrafficfromsocialnetworksmeaningthataquarterofallitsonlinevisitorsareadirectresultofsocialmediaengagementAthoughtheseonlinestoresarenotyourtraditionalMainStreetmerchants
theirsuccesswasfoundstrictlyusingtheInternetastheirsellingplatformEvenifyouneverstrivetohavemoreonlinesalesthanofflinerecognizingthevalueofblendingbothstrategiestoincreaseyourtotalsalesisagoodgoaltoaimforThatsaiddonrsquotbesurprisedifyourhardworkdeliversstrongersalesonlinethanoffAfterallyourreachofconsumersismuchgreateronthewebthanviaanystorefronteverandthiscanonlystrengthenwiththehelpofsocialmediaUsingsocialmediatoincreaseyouronlinesalescertainlymakessensebut
Massachusetts-basedretailstoreJennyBostonafive-locationboutiquesellingpursesaccessoriesandotherwomenrsquosfashionapparelintheBostonsuburbsalsofindsthatsocialmediahelptobringfoottrafficintotheirstoresJennyBostonco-ownersJenniferDeMariaandKristinMaynardbegan
postingandsellingitemsonFacebookinOctober2012Sincethennotonlyhavetheironlinesalesexceededthoseoftheiractualphysicalstoresbuttheyrsquoveincreasedtheirin-storefoottrafficasaresultofpeoplepickinguptheiritemspurchasedonlineandoftenmakingafewmorepurchasesonceintheboutiquesThistypeofchainreactionthatbeginsonasocialmediasitesuchasFacebookmdashwhichhas15billionplususersandgrowingmdashisproofthatsellingonlineusingsocialmediaandhavingaphysicalstorefronttrulygohandinhand
AlthoughaimingtogainstoreattentionandsalesshouldalwaysbeyourgoalitrsquoseasyforindependentretailerstofeelasiftheycanrsquotdoitallYourto-dolistsarelongandaddingyetanotherresponsibilitytoyourplateoftencanseemoverwhelmingldquoStudyafterstudyhasshownthatsmallbusinessesbelieveinthepowerof
socialmediabutdonrsquotparticipateactivelyfortworeasonsThisincludesnot
havingtimeandnotknowingwhattosayrdquoexplainschiefoperatingofficerSuzyTeeleofSnapRetailcom12SnapRetailanonlinemarketingcompanythatprovidesmarketingsolutions
specificallyforindependentretailersdemonstratesthatautomatedmarketingsolutionscanhelpbusyretailerstoactivelyparticipateinsocialmediawhilesavingtimeanddeliveringprewrittencontentTeelecontinues
SelectingamarketingautomationsolutionthatprovidesprewrittencontentcandelivereasewhilebeingeffectiveforretailersWhenaretailerhasinterestingcleverormeaningfulsocialmediapostsattheirfingertipsandcanbrowseandscheduleamonthrsquosworthormoreatatimetheanxietyaboutsocialmediagoesawayandtheretailersuccessfullyengageswiththeircustomersinstead13
UsingstrongengagingcontentonyoursocialmediapostsisanimportantpieceofthesocialmediapuzzleMoreimportantisgettingengagedinsocialmediatobeginwithWithoutparticipatinginthesekeyconsumervirtualcommunitiesyouaremissingoutonopportunitiestocommunicatewithyourcustomerswhilealsowillinglyallowingyourcompetitiontogainmoreattentionandultimatelysalesthatcouldbeyoursEdClearypublisherofthewebsiteRetailTouchPointsbelievesthat
independentretailersshouldnotneglectsocialmediamdashnomatterhowbusyorstretchedfortimetheythinktheymaybeClearysays
RETAILTIPSnapRetailoffersprewrittensocialmediapostsforretailerstochoose
fromofferingquicktimelyandeffectivesocialmediapostsforthemtoengagetheircustomerswithSnapRetailalsooffersimagestoaccommodateyourpostsincreasingyouruserexperienceandsocialmediasuccessBelowisanexampleofwhatSnapRetailrsquossocialmediagallerylooks
likeKeepinmindthatwhenvisibleonlineandincolorthisuserpagebecomesclearerandeasiertonavigate
IndependentretailershavegreatopportunitiestosharewhatisgoingonintheirstoresbothonlineandviasocialmediaIseewaytoomanysmallretailersthathavefantasticin-storeexperiencesbutyouwouldneverknowthatunlessyouarephysicallyintheirstoresDevelopinganonlinecommunicationplanincludingane-mailmarketinglistandusingsocialmediaallowsretailerstosharetheirstoriespersonalmessagesproductnewsandmoreonaconsistentbasisConsistencyiskeyhereallowingstorestoremaintopofmindfortheircustomers14
EchoingClearyonthispointareRichKizerandGeorganneBenderinternationallyrecognizedretailexpertsandkeynotespeakerswhospendtheirdaysresearchingbestpracticesforretailersMoreoverKizerandBenderemphasizethevalueofreachingyourtargetaudiencewithanauthenticvoice
HerersquosthethingaboutsocialmediaitrsquosfreetousebutitrequiresaninvestmentoftimewhichcanoftentranslatetomoneymdashafteralltimeismoneyWersquovealwaysconsideredsocialmedianodifferentthananonlinepartythatrequiresconstantattentionfromyouthestoreownerorstoreteamwhichtranslatestothestorersquospersonalityitselfYouneedtoengagedailyonsocialmediaandnotneglectyourpartygoersakacustomersWhilethereareallsortsofcompaniesandappsthatofferyoutheabilitytopreplanpostsandcommunicateviasocialmediawithyourcustomersthereisnothinglikedoingityourselfYourfansandfollowerswanttocommunicatewithyou15
AkeytakeawayfromKizerandBenderrsquosthoughtsonsocialmediaistoalwaysreactrespondandreplytoanysocialmediacommentspostsquestionsorotheractivitysharedwithyouoryourstoreviasocialmediaKizerandBendersuggestsettingasidehalfanhouradaytocheckyoursocialmediasitesallowingyoutodothefollowing
1ListenReadwhatrsquosbeingsaid2InteractRespondtocomments3ReactAnswerquestionsandrespondtocomplaints4SellYoucanpushmerchandiseabouteveryfifthpostRememberitssocialmedianotacataloglistingofwhatyousell16
InadditiontoKizerandBenderrsquostipsonbeingengagedonsocialmediaSnapRetailbelievesinaruleithastaglinedasthe70-20-10ruleThisindicatesthat70percentofyoursocialmediaexperienceshouldbeengagingcontent(egfunfactsexpertadvicequestions)20percentshouldbesharedcontent(egothercustomerspartnerstoresvendorinformationetc)and10percentshouldberelatedtotheproductssalesorotherinformationaboutyourstoreAsSnapRetailrsquosSuzyTeeletellsmeldquoThisistherightbalancetobuildastrongresponsivefollowingrdquo17
PartoffindingtherightbalancealsomeansidentifyingwhichsocialmediachannelsmakethemostsenseforyouraudienceFacebookandPinteresttendtogeneratethemostlinkbacksthatleadtoconsumerpurchaseswithTwitterInstagramandGoogle+alsousedtoengageyourtargetconsumeraudienceRememberthatdespitethisdiverserangeofsocialmediaoptionsthereistrustedsupportforthosewhosimplydonrsquothavethetimetomanagethemeffectively
SnapRetailcomandBoutiqueWindowcomarebothcompaniestoconsiderwithcountlessappsalsoavailabletohelpyoumanageyoursocialmediacommunication
EXPERTSPOTLIGHTSocialmediaoffersawayforretailerslargeorsmalltoconnectwith
customersonadailybasisAmongthetopsocialmediasitesforretailerstodothisisFacebookwherefrequentusersarereportedlyloggingontotheiraccountsasmanyas10timesperdayBoutiqueWindowisamarketingplatformdesigneduniquelyfor
independentretailerstoshareproductimagesandmoreviasocialmediaCofounderEllaWirtzencouragesretailerstoincorporateFacebookintomarketingstrategiesasawaytostayengagedwithcustomerswhilealsopushingsellingopportunitiesldquoFacebookistheperfectplatformtosharepicturesofnewproduct
arrivalslast-minutesalesspecialeventsstorepromotionsandmoreFurthermorekeepyourFacebookupdatesfreshbysharinginterestingadviceproducttipsandseasonalrecommendationsalongwiththeproductimagesyoupostYourpicturesarekeyhoweverThisiswhatwillgetyourcustomersmostexcitedrdquo18
Finallyinthespiritofreachingthousandsandaimingtoincreaseyoursalesbythousandswersquoveidentifiedatop10listofresourcestohelpyouinyouronlinesalesandsocialmediainitiativesPleasenotethattherecommendedresourcesarelistedalphabetically
1BoutiqueWindowBoutiqueWindowcomShowcasemerchandiseonFacebookTwitterPinterestandyourwebsitethroughBoutiqueWindowrsquosphotoeditingtoolsandonlinepublishingcapabilitiesThissavvyonlinemarketingcompanywascreatedentirelyforindependentmerchantshelpingyoureachmorecustomersgainmoresalesandincreasestorevisibility2DoItInPersonDoItInPersoncomThisonlineeventplatformallowsretailersandotherbusinessestomanageandpromotetheir
eventsinoneconvenientplace3InternetRetailerMagazineInternetRetailercomThisdigitalandprintpublicationproducesaflagshipmagazineaswellasfourannualresearchguidesspecificallyonthesubjectofsellingonlineLeanontheirfreeonlineblogforadditionalnewspertainingtoe-commercesocialmediamobilemarketingandmore4RetailTouchPointsRetailTouchPointscomGaintimelyarticlesonretainingcustomersinthediverseworldofmultitouchretailingfromthisfreesubscription-basedresourceRetailTouchPointsisdesignedforretailexecutivesbutsharesvaluablereportsandindustrynewssothatretailerssmallandlargecanlearnmore5ShipwireShipwirecomIfstoragebecomesanissueandyouroneormorestorefrontsoutgrowyouronlinesellinginventoryShipwirecansupportyouinstoringyourproductprovidingfastandreliableshippingmanagingyourdistributionsanddeliveriesandmuchmuchmoreTheirultimategoalistohelpyousavetimecostandcomplexitymdashwhichanyindependentretailerknowsisagoodgoaltohave6ShopifyShopifycomThankstoe-commercetemplateoptionsretailerscanintroduceanonlinestoreinseveneasyhassle-freestepsfromShopifyInadditionthecompanyrsquosblogandEcommerceUniversityshareatremendousamountofvaluableinformationandnewsaboutsellingonlineandengaginginsocialmediathatallretailerscanlearnfrom7SnapRetailSnapRetailcomCommunicatewithyourcustomerswithautomatedprewrittensocialmediae-mailmarketingandgeneralstorecommunicationscontentInadditiongainaccesstocountlessimagesandotherpromotionalmaterialsprovidedbySnapRetailspecificallyforindependentretailersSnapRetailalsooffersitsusersamanagementcalendartotrackstoreeventsonlinepromotionse-mailblastssocialmediaupdatesandmore8SoldsieSoldsiecomSoldsieallowsretailerstobringtheirwebstorestoFacebookItrsquoseasytousefunforcustomerstoengageandhelpstoturnsocialmediacommunicationintosalesAlthoughthereareotheroptionstoconsiderincludingBeetailercomSoldsieisaretailerfavorite9VineVinecomThisTwitter-ownedmobileappreached40million
usersinAugust2013andcontinuestogroweverydayUsedtoincorporatevideosintoyouronlinemessagingVineallowscustomersandretailersaliketoengageviavideowiththeopportunitytoshareabehind-the-sceneslookatyourstoreofferproducthow-tosshareindustryupdatesandmoreEssentiallyitbringsyourpersonalityaliveandallowsyourcustomerstobecomeevenmoreconnectedtoyourbrandandyourbusinessItrsquosalsoagreatwaytochallengeyourcustomersviacontestsonlinetosharetheirownvideoswithyou
10WishpondWishpondcomWishpondisanappthatmakesiteasytorunagroupofferorsocialmediacontesttodrivesalesandtraffictoyourwebsiteorstorewithcouponsandotherspecialoffersviaFacebookTwitterPinterestyourwebsiteandmobiledevicesSeventy-thousandplusbusinessesusethiswithtrustandtheirsupportisconstantlyevolvingwithretailersinmind
Engagingonlineaspartofyourbrick-and-mortarstrategyisavitalpartinbothreachingandkeepingtodayrsquosconsumersmdashwhetheronlineorinyourphysicalstorefront
Althoughincorporatinganonlinepresenceintoyourbusinessisvitalintodayrsquosmodernmarketplaceitrsquosalsoimportanttotakepartinbuy-localandshop-independentinitiativesInChapter10wersquolldiscussthisinmoredetailandidentifywaysinwhichyoucanincorporatethispracticeintoyourbusinessandcommunity
ActionGuide
CreatinganonlinestoreandusingsocialmediatohelppromoteitcanaddvalueandvisibilitytoyourbusinessAnotherwaytoincreaseyouroddsofgainingmoreawarenessonlineisthroughcontentmarketingContentmarketingisintendedtoattractandkeepcustomerattentionthough
theuseofwordsmdashcontentmdashappliedtoyourproductdescriptionscompanyprofilemarketingstrategiesandallotherwrittencommunicationsEssentially
profilemarketingstrategiesandallotherwrittencommunicationsEssentiallycontentmarketingsupportsbusinessesintheirsaleandbrandidentitycreatinganavenueofcommunicationinwhichcustomersengageAlsocontentmarketingoverlapsintohowonlinesearchenginessuchasGooglerankyourwebsiteinonlinesearchesCollectivelythesereasonsofferretailersavaluableexcusetomakecontentmarketingapriorityfortheirbusinessesUsingthefollowingproductdescriptionasanexamplecreateyourown
productdescriptionsfornolessthanfiveproductscurrentlybeingsoldinyourstoreWhetheryouhaveanonlinebusinessornotidentifyingasavvypreciseandengagingwaytocommunicatedetailsaboutyourproductscanhelpyoutostandoutamongothermerchantsandintheeyesofconsumers
ExampleProductdescriptionforclassicwhiteladiescrew-neckT-shirtDescription100percentcottonside-seamedandcap-sleevedT-shirtwithacontouredfitthatshapesthenaturalcurvesofawomanrsquosbodypositioningaboutfourinchesbelowthewaistline
PriortoidentifyingyourproductdescriptionsascompletehaveatleastthreeotherpeoplereviewthemShowthemthedescriptionswithoutpicturestocomplementthemthenshowthemtheproductpicturesoractualproductonlyaftertheyhavereadthedescriptionUsingthisasatestforyourcontentmarketinghaveyoursubjectsidentifywhetheryourproductdescriptionsaccuratelydescribetheactualimagesyoushowthem
10
TakingPartinShop-LocalInitiatives
HoweverbeautifulthestrategyyoushouldoccasionallylookattheresultsmdashWinstonChurchill(1874ndash1965)
formerPrimeMinisterofUnitedKingdomREMEMBERTHATAstoriaNewYorkretailerwementionedearlierinthisbookWellMackenziFarqueraretailstoreownerforoversevenyearssuggeststhatbeingavisiblememberofyourlocalcommunityiskeytostayingrelevantandprofitableinacrowdedmarketplace
MynumberoneruleforsurvivalistostayvisiblewithinyourcommunityByembeddingyourselfinthefabricofyourlocalmarketplaceyouhelptomakecustomersfeelresponsibleforyoursuccessorfailureFurthermoreitrsquosimportanttodowhatbig-boxstoreseitherdonotorcannotdosuchasprovidingfreedeliveryonselectpurchasesacceptingeverycreditcardhavingnocreditcardminimumsandgoingtogreatlengthstodelivermemorablestrongcustomerservice1
AsaseasonedstoreownerFarquerrsquosinsightissomethingtobeconsideredOnewaytobecomeengrainedinyourlocalmarketplaceistoparticipateinabuy-localcampaign
UnderstandingBuy-LocalCampaigns
Buy-localcampaignsaredefinedbytheAmericanIndependentBusinessAlliance(AMIBA)asorganizedcampaignsthatengagelocalcitizensandbusinessestoshifttheirspendinghabitstobenefitindependentbusinessowners
businessestoshifttheirspendinghabitstobenefitindependentbusinessownersJeffMilchencodirectorofAMIBAexplainsthatcommunitiesand
independentbusinessownerscangainsalessupportandattentionbyintroducingabuy-localcampaignintheircommunities
Whenproperlystructuredandsustainedovertimebygrassrootsorganizationsbuy-localcampaignsaremakingabigimpactinshiftingcultureandspendinghabitsForexampleinaJanuary2013surveybytheInstituteforLocalSelf-Relianceindependentbusinessesincommunitieswithcampaignsbysuchgroupsreportedanaverageannualrevenueincreaseof86percentcomparedwith34percentamongindependentsinothercommunitiesThiswasthefifthstraightyeartheirannualsurveyshowedsuchadifferentialWhiletheydonrsquotprovecauseandeffectthesesurveysareamongseveralstrongpiecesofevidencethatbuy-localcampaignstrulymakeanimpactforindependentbusinessowners2
MoreoverMilchenpointsoutthatthesesurveysonlycountcampaignsthatdefinelocalaslocalownershipandindependentlyownedHecontinues
Thecountlessldquobuy-localrdquocampaignsstartedbymunicipalitiesorgroupsunwillingtodistinguishbetweenlocalownershipandmerephysicallocationalmostuniversallyfadeawaywithoutmakinganimpact3
Usingthefigureinthefollowingsidebaryoushouldbeabletoidentifyyear-to-yearsalesincreasesamongindependentbusinesseswhoactivelyengagedinbuy-localcampaignsrunbyindependentbusinessalliancessuchasAMIBAWithsalessuccessaclearadvantageofincorporatingabuy-localcampaign
intoyourowncommunitythequestionremainshowyoucandosoeffectivelyMilchensaysthatbeingclearinyourcommunicationsandgoalsiscriticalinyourplanningefforts
Beclearineverycommunicationthatyouplanwhendevelopingabuy-localandindependentshoppingcampaignItonlytakesonepersoninameetingwiththeideaofacampaignthatincludesldquoshopyourlocalWalmartrdquotodogreatharmBesuretoemphasizelocallyowned
independentbusinessesinyourmessagingWhiledirectlycritiquingchainsorabsentee-ownedbusinessesisnotessentialyouraudienceshouldunderstandthatyouintendlocaltomeanlocalownershipandcontrolnotmerelylocation4
RETAILTIPTheAmericanIndependentBusinessAlliancealsorecognizedas
AMIBAhelpsretailersandcommunitiescreateandmanageldquobuylocalrdquoandldquobuyindependentrdquocampaignsBelowyoucanseehowsaleswereimpactedamongindependentbusinesseswhoparticipatedinthesetypesofcampaignsfrom2010through2012
Fortunatelyforbusyretailersandcommunityleaderslookingtointroduceabuy-localcampaignintotheircommunitiesavastrangeofhelpisavailableAmongthefirststepsyoushouldtakeistocontactAMIBAtoseeifanyoneelseinyourcommunityhasalreadyinquiredaboutanorganizedbuy-localcampaignBeinglinkedtothispersonorgroupofpeoplecanhelpyouinorganizingalike-
mindedgroupofindividualstoworktogetherwiththesamegoalofsupportingindependentbusinessesinmindNextobtainafreecopyofAMIBArsquosldquoGuidetoCreatingaBuy-Local
Campaignrdquowhichdelivershow-tostepsongettingstartedorganizingpartnershipsleveraginglocalrelationshipssharingyourmessageandmoreTheguideavailableinbothprintanddigitalformatscanbeobtainedathttpwwwamibanetaboutprimer-formThis12-pageoverviewofkick-startingabuy-localcampaigncontainsdetailsoncreatingyourowncommunitylogoideastogeneratemediasupportandinsightsintoincorporatingyourbuy-localcampaignasanonprofitwiththegoalofbecominga501c6organization(anInternalRevenueServicedesignation)AMIBAalsocansupportyouwithfreeguidancethrougheverystepofthewaytoensurethatyounotonlysavetimebutalsoavoidunnecessaryexpensesMilchenencouragespeopleinterestedinstartingtheirownbuy-local
campaignstotakefulladvantageofwhatisreadilyavailablealreadyldquoDonrsquotwastetimeandmoneyreinventingthewheelrdquo5heexplainsWithatrustedresourcesuchasAMIBAhavingspent12+yearsgatheringandrefiningbestpracticesmaterialsandtoolsavailabletocommunitiesandindependentbusinessownersitmakessensetosavesometimebyleaningonAMIBAforhelpinachievingyourbuy-localgoalsInadditiontoAMIBAotherresourcesareavailabletoyoutohelpyoucreate
abuy-localandbuy-independentcampaignAmongthemistheBusinessAllianceforLocalLivingEconomies(BALLE)whichisfocusedoncreatingprosperitybyconnectingleadersandsolutionsinlocaleconomiesAmongthebenefitsthatBALLEoffersforretailersandtheircommunity
leadersaretheBALLEcalculatorsThroughthesecalculatorsyouareabletoidentifyhowself-reliantyourtownisinfoodwhatmissingopportunitiesmayexistforjobcreationandwhereyoucanfindthenearestbankorcreditunionAlthoughtheanswerstothesequestionsmaycomequicklytoyouthecollectiveanalysisofthesequestionsandcountlessotherscanhelpretailersandcommunitiesidentifyweaknessesstrengthsandopportunitiesAsBALLEexplainsldquoCalculatingmissedopportunitiesforrevenueandjobcreationisinvaluableforlivingeconomicdevelopmentrdquo6ForretailersinparticularthisincludesprovidingabettersenseofopportunitiesforexpansionandunderstandingthemoreprofitablemarketsinyourlocalcommunityCombiningtheeffortsofAMIBAandBALLEasofficialpartnersShiftYour
ShoppingisonemorewaytogetinvolvedinsharingthemessageofshoppinglocalwithyourcommunityMorethan160organizationshaveunitedalreadyto
encourageconsumerstoshifttheirshoppingfrombig-boxtoindependentretailersaconsiderableaccomplishmentfromthisgrassrootscampaignThecollectiveeffortsofBALLEandAMIBAandmorethan160localorganizationsthattogetherequalmorethan38000localbusinessessupporttheShiftYourShoppingcampaignThiscampaignencouragescustomerstobuyfromlocallyownedbusinessesmdashincludingrestaurantsservice-basedretailerssuchasdrycleanerschiropracticofficesandbrick-and-mortarmerchantsItrsquostheirbeliefthatldquoasinglemerchanthastheabilitytoshiftattitudesorconsumerspendingButbybuildingstrengthinnumberswecancreatebroadsupportforindependentbusinessesandadvocatefortheirinterestsrdquo7
FindingSuccessThroughSmall-BusinessSaturday
Inadditiontosupportingconsistentbuy-localandotherindependentbusinesscampaignstheincreasinglypopularSmallBusinessSaturdaycampaignthatwasfoundedin2010byAmericanExpressissomethingallretailersshouldembracemdashwhethertheyacceptAmericanExpressintheirstoresornotThisone-dayeventtakesplacetheSaturdayfollowingThanksgivingalthoughthemessagingandcampaigneffortsarerecognizedasldquoShopSmallrdquoallyearround2013rsquosSmallBusinessSaturdayshowedthatcustomerswhowereawareof
thishighlighteddayspent$57billiona36percentincreasefrom2012ThisstudycompletedbytheNationalFederationofIndependentBusinessesandAmericanExpressResearchalsoconfirmsthatinjustfourshortyearscustomershaveadoptedSmallBusinessSaturdayassomethingtheywanttosupport8ldquoCustomersaremakingSmallBusinessSaturdaypartoftheirholiday
shoppingtraditionsrdquoSusanSobbottpresidentofAmericanExpressOPENstatesldquoOur2013SmallBusinessSaturdaysawacontinuationofthisgrowingtrendascommunitiesaroundthecountrycametogethertocelebratelocalbusinessesandhelpeddriveconsumerstoShopSmallonthedayrdquo9Inadditiontothein-storesalesandlocalcommunityattentionthatthis
campaigngeneratestherewasa65percentincreaseinTwitterengagementrevolvingaroundSmallBusinessSaturdayfrom2012to2013aloneThistypeofgrowthcombinedwithmorethan33millionFacebookusershavinglikedtheofficialSmallBusinessSaturdayFacebookpageonlyreinforcesthatshopping
smallandshoppinglocalisheretostay10WashingtonDCndashbasedprofessionalwriterandconsumerAmyKnebelfirst
heardofSmallBusinessSaturdayin2011ayearafteritsintroductiontothemarketplaceSincethenKnebelhasactivelyparticipatedasacustomersupportingindependentretailersonSmallBusinessSaturdaymakingitatraditionamongherselfandherfriendstofrequentlocalbusinessestokickofftheirholidayshoppingKnebelexplains
IlovetheOldTownAlexandriaBoutiqueDistrictwhichIliveclosetoandcanrsquotimaginenothavingallthefantasticboutiquesrestaurantsandindependentbusinessesthatmakeupthisneighborhoodFormesupportingSmallBusinessSaturdayismywayofsayingthankyoutothemanybusinessesandtheirownersforhelpingtomakemyeverydaylifethatmuchmoreinterestingandfun11
Activelyengaginginmultiplebuy-localandshopsmallcampaignsnotonlyisbecomingmorepopulartodoasaretailerbutalsoisbecomingmorerecognizedandrespectedfromaconsumerperspectiveThisreasonaloneshouldbeenoughofapushtomakeyouwanttogetinvolvedbecausesupportingyourcustomersalwaysshouldbeagoalAlthoughparticipatinginmultiplebuy-localcampaignssuchasyourownlocalcommunitycampaignShiftYourShoppingandSmallBusinessSaturdaymayseemlikeanunlikelyfirststepforabusyretailerwehopethatyouwillmakeitapriorityastimepassesTheresourcesavailabletoyouareplentifulandthesuccessofawell-executedcampaignismeasuredinsalesmdashsomethingwersquorecertainanyretailercanappreciateTorecaptheresourcesidentifiedthroughoutthischapterpleaserefertothe
followinglist
AmericanIndependentBusinessAlliance(AMIBA)wwwamibanetBusinessAllianceforLocalLivingEconomies(BALLE)wwwBeALocalistorgInstituteforLocalSelf-ReliancewwwilsrorgShiftYourShoppingwwwshiftyourshoppingorgShopSmallandSmallBusinessSaturdaywwwshopsmallcom
IntroducingCommerceandCharity
Shop-localbuy-localandshopsmallcampaignsarenottheonlyfamiliarmovementstakingplaceinretailrightnowCommerceandcharityareincreasinglybecomingafamiliarduowiththeholidayseasonbeingaparticularlypopulartimeofyearforretailersbigandsmalltorequestdonationsfortheircharitiesofchoiceVirginia-basedCausetownorgbelievesthatconsumersdonrsquotnecessarilywanttochangetheirshoppingbehaviorstogivetocharitywhichiswhydonatingapercentageofpurchasesmadeisbecomingapreferredwayforcustomerstogivebackAsaconsumeryouhavelikelyexperiencedthecombinationofcommerce
andcharityyourselfwhilecheckingoutatagrocerystoreorotherbig-boxretailerHaveyoueverwonderedhowthiscanbeappliedtoindependentmerchantsthoughUntilrecentlyacollectionjarwithaslotforloosechangeortheoccasionalfolded-upbillwasthemostlikelyavenueforindependentretailerstoparticipateincollectingforacharityoftheirchoiceNowhoweverorganizationssuchasCausetownorgallowlocalbusinessestoraiseawarenessandfundsbypartneringwithanonprofitThegoalistosupportindependentbusinessesbypromotingeventsofferingpromotionalmaterialshandlingsalestrackingmanagingfunddistributionandmoremdashalltohelpsupportcharitiesDanMcCabeoneofthefoundersofCausetownorgexplainsldquoResearch
showsthat83percentofcustomerswanttobuyproductsthatbenefitacauserdquo12Keepingthisinmindcombiningyourbusinesswithacharityofyourchoiceisanothermovementyoushouldconsiderforyourstore
FinallyinChapter11wersquolllookaheadatthefutureofindependentretailandhowyourparticipationasabusinessownercanaffectnotonlyyoursingularsuccessorfailurebutalsotheeconomyatlarge
ActionGuide
Readytomakeyourcommunityandlocallyownedbusinessesstandoutin
ReadytomakeyourcommunityandlocallyownedbusinessesstandoutinconsumermindsTokick-startyoureffortsformasteeringcommitteethatcanhelpyoulaunchabuy-localcampaigninyourtown
1Introducetheideaofabuy-localcampaigntolocalbusinessownersandkeydecisionmakersinyourcommunityBepreparedtoidentifythebenefitsofabuy-localcampaignandtoexplainwhatitwouldtaketogetonestartedUsingtheresourcesidentifiedthroughoutthischapteryoucanconfidentlysuggestresourcestohelpyoulaunchacampaign2AimtogatheramixofbusinessownersandinfluentialcommunityleaderstobeapartofyourcommitteeCombiningthemindsresourcesandcommunityreachofadiversesteeringcommitteecanhelpyouaccomplishyourbuy-localcampaignplanningmoreeffectivelyIdeallyyoushouldhavelong-timebusinessownersmdashcommunityleaderssuchasyoureconomicdirectormayororaldermanmdashandhighlyregardedindividualsonyourcommitteewhoeithervolunteerorworkwithotherorganizationsthatreachalotofconsumersBetween7and12memberswouldbeidealalthoughafewlessorafewmorestillcanworktodeliverastrongcommittee3Identifyadateandalistoffuturedatestomeetasagrouptobeginyoureffortsinplanningforabuy-localcampaignDuringthesescheduledmeetingsbesuretoclearlyidentifywhoisresponsibleforwhatwithdeadlinesclearlystatedtoensurefollowthroughHavingaleaderortwoonyoursteeringcommitteecanhelpeveryonetostayontrackwiththeirindividualresponsibilitiesaswell
Onceacommitteehasbeenidentifiedandeachmemberiscommittedtocreatingabuy-localcampaignwiththesamegoalsinmindbesuretoleanontheresourcesidentifiedinthischaptertohelpyouinmovingforwardThroughyourcombinedeffortsyoucanestablishastrongcampaignwithinyourowncommunitytoincreaseindependentbusinessvisibilityandsaleswhilealsoenhancingyourlocalcustomersrsquocommunityexperience
11
ACrystalBallforIndependentRetailers
Thebestwaytopredictyourfutureistocreateit
mdashPeterFDrucker(1909ndash2005)authorconsultantprofessorIFSOMEONEhadtoldyouwhenyouwerejustembarkingonyourcareerpaththatyouwouldbecomeastoreownerwouldyouhavebelievedhimorherThe
realityisthatretailisnrsquotajobmanyretailerssetouttodoldquoIdidnrsquotgochasingadreamofbeingabusinessownerparticularlyaretailstoreownerThisdream
chasedmerdquo1KimberlyEfseaffofBonBijouxGirlyBoutiqueinDelMarCaliforniatoldus
HavingheardsimilarstoriesfromcountlessotherretailersweknowthatretailisnrsquotalwaysthejobtheyhavedreamedofmdashwhereasothersfeeljusttheoppositeandconsiderowningtheirownstoreadreamcometrueldquoIcanrsquotimaginelivingmylifeanyotherwaythanhowIdonowwhichisbeinginmystoresevendaysaweekItrsquossomethingIrsquovealwayswantedtodoandamthrilledtoactuallybedoingitrdquo2Chicago-basedstoreownerAngelaGianfrancescosaid
TheFutureofIndependentRetail
WhetheryoufallintothecategoryofanaccidentalretaileroraretailerbyintentthefutureofthisdynamicbusinesshasalotinstoreforyouJasonRichelsonfounderandCEOofShopKeepPOSbelievesthatthereisalotforindependentmerchantstolookforwardto
IhavefivepredictionsforthefutureofretailbeginningwiththefactthatthecloudisheretostayandWindowsisdeadOverthenextthreetofiveyearsthecloudwillreallycomeofageinretailandWindows-basedPOS
yearsthecloudwillreallycomeofageinretailandWindows-basedPOS(pointofsale)andotheroperationswilldisappearThiswillkick-startinApril2014whenMicrosoftwillstopsupportingXPwhichwillrenderhundredsofthousandsofWindowsPOSsystemsoutofPCI(paymentcardindustry)complianceRetailerswillhavetostartthinkingaboutupgradingtheirexistingtechnologymdashwiththecloudbeingtheobviousoptionThevastadoptionofiOSandAndroidwillalsodrivethisshiftalongwiththeproliferationofmobiledevices
NextIbelievewersquoregoingtoseehandheldregistersthatallowstafftohelpcustomersontheshopfloorandthenringthemuprightthereinsteadofhavingtolineuptogettothecounterThetypeofhandheldregisterthathasbeenproventoworkforAppleNordstromandBarneyswillultimatelycome to small stores I believe and as a result therewill no longer be areasontohaveacountertoprocesstransactionsThatspacecanbefreedupforotheruseslikedisplaysormorefloorspace
AlsoandagainreferencingthecloudIbelievethatsmallretailerswillbeabletoaccessdatasimilartohowbig-boxretailershavebeenforyearsThecloudhasleveledtheplayingfieldandloweredthepricepointforthistypeofinformationcollectionandanalysiseffectivelydemocratizingdataTheworldofcustomerproductandsalesanalysisthatonlyexistedfortheWalmartsorStarbucksofthisworldnowexistsforanyonewhowantsitIn2014 access to datawill be the equalizer for small businesses The nextdifferentiatorwillbeknowinghowtouseit
With these data and combined with POS technology I also believeretailerswillbeabletobetteridentifywheretheirmarketingdollarsshouldbe spent Small businesses are expected to spendmore than half of theirmarketingbudgetsontheirownassetsin2014includingtheirwebsitese-mailmarketingcampaignsandsocialmediachannelsThiswillbedrivenbytwothingstheavailabilityofcost-effectiveonlinetoolsandtheabilityto act on their own customer data POS technology has fundamentallychangedthecustomerinteractionInsteadofacustomerhandingovercashandwalkingawayyouaregatheringinformationandbuildingaprofileofthatcustomerthatcanbeusedtomarkettothemSmallretailerswillstarttotakeadvantageofthisandwewillseethemarketingdollarsfollow
Finallyover timewearegoing toseeavarietyofbusinessservicesstarttointegratewiththePOSsystemDifferentappsaretailermightusetorun their store including loyalty CRM (customer resourcemanagement)accounting e-mail marketing delivery social media payroll mobile
paymentsandmorewillplugintothebackendofPOSallowingretailersto usemultiple tools in an integrated fashionAs a resultmerchants canthenoperate and report on all these systems froma singleviewwith themostimportantthingatthecentermdashwhichiswhatishappeningatthecashregisterThisisthefutureforretailers3
RichelsonrsquosexpansivepredictionofwhereindependentretailisheadingismdashinouropinionmdashrightonThankstothecloudanddata-collectingtechnologiesthathaveadvancedinrecentyearsontheretailscenesmallretailerscanfinallybecomemorecompetitivewithintheirlocalandglobalmarketplacesTheseopportunitiesforindependentretailerscancreateadominoeffectofgoodorbadresultsbasedonwhatkindofgrowthchangeandcustomercaretheyintroducetotheirstoresVendCEOVaughanRowsellshareshisthoughtsonthefutureofretailas
wellspecificallydiscussinghowpoint-of-sale(POS)systemscanhelpretailerstoleveragemoresalesandbettermanagetheirbusinessesYoursquollfindthatmuchofwhatRowsellsaysisalsosupportedbyRichelsonrsquosthoughtsreinforcingtheideathatthefutureofretailisdevelopingatasteadypaceamongleadingindustryplayers
Web-basedPOSisgroundbreakingineveryrespectforindependentretailersFirstoffaweb-basedPOSlowersthebarriertoentryViasubscription-basedwebsoftwareindependentretailerscannowaffordthesophisticatedtoolsandreal-timeanalyticsthatbigretailershavebeenleveragingforyearsAlsosmallstartupscangetaPOSforlessthanitcoststobuytwopizzasamonthButthereareotherevenmoreexcitingfacetstoweb-basedPOSwhichareadd-onsandcustomsolutions
JustasretailerscannowcustomizetheretailexperienceontheirshopfloorstheycanalsocustomizetheirPOSsoftwaretoexactlyfittheirneedsWeb-basedsoftware (alsocalledsoftwareasaserviceorSAAS) isoftencomplementing other software allowing retailers to truly take control oftheir retail operations An example of this would be for a retailer tointegrate their POS systemwith their accounting software This not onlysaves themhoursofadministrationtimeeveryweekbutalsospares thempossibleexternalbookkeepingexpensesortimelydouble-entryproceduresonmultiplespreadsheetsorinmultiplesoftwareaccounts
ThissaidPOScanbeevenmorecustomizablethanthisIfyouowna
hairsalonforexampleyouneedtobeabletokeeptrackofyourproductsand your appointmentsmdashtwo very different details of your business yetequally importantWithSAASsolutions this iseasyYousimplyfindanaddon that integrates appointment software with your POS system andawayyougo
Finallyothersolutionscanbecherrypickedasyouneedthemtohelpmanage your unique business specificallyWant to spare your customersthe crazy queues during the holiday season Integrate your POS systemwithaself-checkoutappsothatcustomerscanringthemselvesupandpayviatheirsmartphonesWanttotakeordersandacceptpaymentsinadvanceatyourcafeacuteTherersquosanadd-onforthattooInthefuturetherewilllikelybeanappforanythingyoucanthinkofaswell4
Anappforeverythingiscertainlyapredictionwecanexpecttobecomerealitybutwhataboutthefutureofretailbeyondtechnology
TheFutureBeyondTechnology
Portablecashregisterscloud-baseddatacollectioninstantappadditionsandothertechnologysolutionsundoubtedlywillplayabigroleinthefutureofretailThissaidthereissomethingtobesaidforgoodold-fashionedcustomercareSupportingthisideaisCamilleCandellagroupmarketingmanagerforEmeraldExpositions
TodayrsquoscustomersaremoreeducatedthaneverbeforeandtheyhaveaccesstomorestoresthaneverbeforeAsaresultcustomersarebecomingmoreselectiveinwhattheywanttobuyandwheretheywanttobuyitForindependentretailersIbelievethiswillpositionthemtobuildstrongerclientelebygivingthemmorepersonalizedattentionandreallylisteningtotheirneedsOnewaytodothisistokeepproductsfreshbasedonwhatyourcustomersaretellingyouUnlikebig-boxstoressmallermerchantscanreactfastertocustomerdemandsandoftenreceiveinventorysoonerbasedonsmallerquantityneedsThiscertainlyplaystotheadvantageofindependentretailersandcanhelpthemhavemoresuccessintheirtotalstoresalesaswell5
ReactingtocustomersonafastermorefocusedscaleisunarguablyatrendthatretailerswillneedtoembraceandlikewiseonethatconsumerswillbegintodemandPublisherBillMcNultyofSumnerCommunicationsIncsharesthispredictionanticipatingconsumerexpectationsamongallretailerstoincreaseinyearstocome
TheharshrealityisthatoverthenextfewyearsinanytypeofbusinessanythingyoutrythatispoorlyexecutedisgoingtohavesignificantstrugglesTheconsumerexpectationbarhasrisenacrosstheboardatanalarmingrateIfyougiveshoppersareasontowalkthroughyourdoortheywillHoweverifyougohalfspeedandhopeeverythingwillworkitselfoutyoursquoreinforanuphillclimbThemarketspeaksloudandclearanditisneverwrongWhilethismayseemlikeahugechallengemorethaneverbeforesmallretailershavetheabilitytochangebuyingbehaviorsinsteadofsimplyreactingtothem
Retailers are the first and last line of defense for customer serviceTechnology iswhat it is and can be a great tool formarketing but self-checkout and single-click buying will never replace face-to-facerelationship building for an overwhelming percentage of your customersOffering fantastic customer service going the extramile for a customerand adding a personal touch to every transaction are things only you andyour team can do People remember kindness and they remember greatserviceUnderstandthatyourcustomerdeepdownwouldreallyprefertobuylocallymdashfromyoumdashthanfromyournearestbig-boxneighborUsethistoyouradvantageanddosomethingtorewardthatbehavior6
McNultyrsquosopiniononsupportingcustomerswithexceptionalcustomercarenomatterhowmuchnewtechnologyisintroducedissomethingallretailersshouldpayattentiontoWhileiPadsandothermoderntechnologiesshouldhaveaplaceinyourstoreitrsquosimportantnottolosesightofhowstrongcustomerservicecanhaveanimpactonyourbusinessmdashandultimatelyyourretailfutureInfactasothermerchantsembracetechnologyentirelyanddismissthesepresumedold-fashionedsellingtechniquesyoushouldleveragethepowerofcombiningthesetacticstomaximizeyourstorersquosfullpotentialJewelryretailerAngelaGianfrancescohasplanstodotojustthat
Ilovethatmodernconvenienceslikepointofsaleande-mailmarketing
solutionsmakemyjobsomucheasierbutIneverwanttoforgetwhyIbelievecustomersshopatmystoreItrsquosnotjusttheeaseofacustomercheckoutexperiencethattheyenjoybutrathertheentireexperienceofmystoreIknowthatmypersonalityalongwithmyteamrsquoshasalottodowiththisandIdonrsquotwanttoneglectjusthowmeaningfulthisistomybusiness7
GianfrancescooffersagoodreminderforallmerchantspointingoutthatpartofyourstoreisinfactyourpersonalityAsyouembarkorcontinueonyourretailjourneyalwaysrememberthatyourpersonalityaffectsyourbusinessplainandsimpleMoreoverrememberthatyouremployeesareareflectionofyourbusinessandcanaffectyourstorersquossuccessandsalesaswell
Withblack-and-whitedataincreasinglybecomingmoreaccessibletoretailersandtechnologybecominganexpectedadditiontoretailstorefrontsmerchantsshouldembracethechangestakingplacebothonlineandofflinewhenitcomestomanagingandmarketingtheirretailstoresDelayingtheincorporationofthesetechnologiesandmodernamenitiescanpushretailersyearsbehindtheircompetitorsmakingtheirracetofinallycatchupnearlyimpossibleoncetheyrsquorereadyTohelpavoidthislong-windedjourneymakeyourfuturemorepredictablebywelcomingtherealitiesofmodernretailintoyourbusinessmodeltoday
WhenRetailIsnrsquotinYourFuture
DespitewhattheeconomytrendsinretailandevenyourownpersonalgoalsmaybeforthefuturesomeretailersmaygettoapointwheretheywantorneedtoselltheirstoreThisdecisiondoesnrsquotneedtobeperceivedasabadonebutrathersimplyasastepinadifferentdirectionOftenretailerswhoneedtomoveoutofstatewanttoretireorhaveothergoalsinmindchoosetoselltheirbusinessesasawaytomoveforwardGroupgeneralmanagerCurtisKroekerofBizBuySellcomandBizQuestcomshareshisthoughtsonhowsellingyour
businessmaybeyourbestdecisionyet
TherearemanyfactorsthatgointodeterminingifabusinesssaleisrightforyouThefirststepistoobjectivelyassessyourbusinessasasaleprospectProspectivebuyerswilldoextensiveresearchbeforesigningonthedottedlinesomakesurethatyouthoroughlyexamineyourfinancialsinfrastructurestaffingandevenclienteletodetermineifyourbusinesswillbecoveredIfthereareissuesinanyoftheseareasbesuretoatleastcreateanactionplantoguidethenewownerbutyoursquollbetterpositionyourbusinessforasuccessfulsaleifyouaddresstheseissuespriortosellingThiswillhelptodrawinmoreprospectivebuyersandimproveyourchancesforahighersalespricedowntheline
In addition itrsquos important to remember that selling a business is apersonal decision Make sure to analyze your motivations for selling toensure that it is therightstepforyouWhydoyouwant tosellAreyouburntoutLookingtodothenextthingHavinghealthproblemsSimplyready for that well-deserved retirement There are countless reasons youmaybeconsideringasaleDeterminingwhyyouwanttogetoutwillhelpyou to setyourdesired time lineandgoals for the saleThiswill amongother thingshelpyoudecidehowtotradeoffsalespeedandsalepricemdashtwo goals that are often somewhat at odds Also be sure to outline yourpostsaleplanYoumayberetiringusingthemoneyforanotherventureoreven staying with the company in a managerial capacity Defining theseafter-sale interests will help you determine if you are ready to sell anddesignasaleapproachthatfitsyourmotivations
Nextifyoubelievesellingyourbusinessmaybeinyourfuturestartplanning for this now The best retailers are always working to improvebusinessvalueIfyouhaveasaleinmindfromtheverystartitensuresthatyou are always thinking about how to maximize value and will be in abetterpositionwhenthetimecomestosellHoweverifyouhavenrsquotbeenthinking thiswaydonrsquot despairTherersquos still time Just donrsquot putoff thisway of thinking any longer Positioning your business tomaximize yoursaleoutcomewilltaketime
TostartpreparingyourbusinessforsaleputtogetherapresaleactionplanThegoalof thisplan is toget all the improvementsdone forwhichyouhavetheenergyandcapabilityDoingsowillensurethatyourbusinessisinitsbestshapewhenithitsthemarketThenextstepiscollectingand
organizing necessary documentation Sooner or later prospective buyersaregoingtowanttoseeldquojustthefactsrdquoonpaperThisusuallyincludesatleast three years of financial statements that will help to prove yourbusinessrsquosworthNextstartassemblingyoursalesteamSellingabusinessis not an extracurricular activity it is a full-time jobExperienced sellersleveragethehelpofqualifiedbusinessbrokersappraisersaccountantsandattorneystohandlethemanydetailsofasuccessfulsaleThisallowsthemtofocusonmaintainingoracceleratingbusinessperformancewhileitisonthemarketmdashnothing sells a business better than strengthening financialsWithagoodteaminplaceyoursquollbewellpositionedtopriceyourbusinessrightprepareyourfor-salemarketingmaterialsandmuchmore
Finallydonrsquotbe intimidatedby the thoughtof sellingyourbusinessbutdonrsquotunderestimatewhat it takes tosellabusinesseitherTheproperpresalepreparationcanmeanthedifferencebetweenasuccessfulsaleandlongdrawn-outfrustrationThesetipswillhelpyoutogetstartedbuttherearecountlessmoredetailsthatyoushouldconsiderTolearnmoreyoucancheck out our full BizBuySell Guide to Selling Your Small Business athttpwwwbizbuysellcomsellerguideselling-a-business8
YourfutureinretaildoesnrsquothavetoendorstartinanytraditionalwaySellingyourbusinessmaynotbeyourgoaltodaybutknowingupfrontthatitmightbeonedayiswhatyourtakeawayshouldbehereAfterallyouwanttobuildabusinessthatisworthsomethingdonrsquotyouWhetheryouplantopassyourbusinessdownthroughgenerationshopetosellitonedayforagainorsimplyhopetoworkuntilyoudonrsquotwanttoworkanymoreplanningaheadandcreatingastrategyforyourbusinessshouldremaintopofmindYoumaybeyourownbossafterallbutthatdoesnrsquotmeanthatyoucanpredictyouroutcomeThatresponsibilityisleftinthehandsofconsumers
PartingWordsfromJasonPrescott
ItusedtobeexpectedthatrevolutionsinretailoccurredeverycoupleofyearsmdashormaybeevendecadesInaveryshorthistoricaltimeframewemovedfromsmallstreetindependentstodepartmentstoresyieldingmassiveconglomeratestoe-commercebehemothsAnewdynamicparadigmhascreatedamassiveshifttowhatcaneasilybestatedasacustomer-centricrevolutionAstechnology
moldseverymovementandinvestmentretailersmakethemostsignificantinvestmentthatmustbemadeisknowingandunderstandingthegranularityofyourpotentialandexistingcustomerbaseAsaresultaretailstorefrontmustbeseenasmuchmorethanastorefrontorplacewhereservicesandmerchandisearemerelytransactedThestoreneedstobecomethebattlefieldwhereknowledgeacquisitionofyourcustomersmustoccurTohelpretailersmoveforwardwiththisstateofmindmerchantsmustrealize
andembracethefactthatdataarenowbeingtransactedateverypointWhenashopperentersastorethedaywillsoonbeherewheredigitaldisplayssynchwithprofilesandGoogleGlass(awearablecomputerwithanopticalhead-mounteddisplay)allowingmerchantstoaccessaplethoraofinformationthatisconstantlygatheredandprocessedbythesedevicesCreditanddebitcardswillalsobecomeevenmoremeaningfultoretailerswitheveryswipebecominganopportunitytocollectconsumerdetailsandshoppingtrendsfromcompaniessuchasCardlyticsFurthermorethesedetailswillbeabletobesharedwithothermerchantsmakingaretailerrsquoschancetobothcollectandsharecustomercontactdetailsmorerelevantinalltheirstoredecisionsOfcourseFacebookTwitterGooglePlacesYelpTripAdvisorandother
majorinfluencerswillcontinuetohelpbusinessescompeteagainsttheWalmartsoftheworldbuttotrulycompeteitrsquostheunderlyingbusinessintelligence-gatheringprocessthatwillshapethefutureofretailConsumershavebecomethemostpowerfulmediaforceintheworldtodayTheybondtogetherintheirsimilarinterestsandchoosetotrotdownthepathofreviewsreferralsandsocialbuzzandtheyadvocatewhatispopularatthemomentIfyouaregoingtosucceedyoumustbefocusedonnotbecomingafadbutsettingtrendsandconstantlyadaptingtothedynamiclifestylechangesofthoseyouvaluemostmdashyourcustomers
PartingWordsfromNicoleLeinbachReyhle
ItrsquoscompetitiveinretailnomatterhowbigorsmallyourstoreisKeepingupwithcustomerexpectationsmarkettrendsretailchangesandyourlocalcommunityisanonstopjobthatdemandsmuchmorethanatraditional40-hourworkweekThatsaidretailisanexcitingalwaysevolvingandconstantlyentertainingbusinessthatasaresultisoneyoumustconstantlytendto
Unlikemuchofourretailcompetitionindependentmerchantsdonothavehumanresourcemarketingpublicrelationsorotheroperationalin-houseteamsthathelpkeeptheirstoresvisibleandtheirdoorsopenRatherthanrunawayfromthisrealityretailersshouldtacklethisheadontohelpkeeptheirstoresafloatandtheirbusinessessuccessfulOftenthismeansacceptingthatyousimplycanrsquotdothisaloneItrsquoswiththisinmindthatIbelievethefutureofretailwillcontinuetointroduceandembracesupportingplayerstoindependentmerchantsCompaniessuchasSnapRetailBoutiqueVisionPremierPackagingVendSquareShopifyandmanyothershavecometolifeasaresultofneedmdashandhavestayedaliveasaresultofdemandTheseexternalbusinesspartnersarekeycontributorsthatdelivereffectivesupportforstoreoperationsmarketingmanagementandevensalesWithoutthemindependentretailerssimplycannotthriveinourcompetitiveretailmarketplaceTogetherhoweverindependentretailersandtheirexternalbusinesspartnerscanhaveapositiveimpactoneconomicgrowthandcustomerloyaltyforyearsandyearstocome
Conclusion
ThroughoutthisbookyouhavelearnedhowmanagingandmarketingyourretailbusinessrequiresadiverserangeofskillssupportandexpertiseMoreoverwehaveintroducedyoutocountlessresourcesbusinessesorganizationsandassociationsthatwehopeyouwillfindusefulinyourindividualretailbusinessesCollectivelythedetailswesharedareintendedtohelpyouinyouruniqueretailjourneymdashandwehopethattheywilldojustthatWhetheryouarenewtoretailaltogetherhavehadastoreopenforcountlessyearsorsellexclusivelyonlineweapplaudyoufortakingthetimetolearnmoretohelpyourbusinessandwishyousuccessasyourembarkonyourretailjourneyahead
APPENDIXA
ResourcesforIndependentRetailers
THEFOLLOWINGlistwascreatedtoofferyouacollectivedestinationtoidentifythebestresourcesforentrepreneursandretailersspecificallyThesebusinessesallofwhichweprovidewebsitedetailsforcoveravarietyoftopicsthatincludewheretogotogainsmall-businessloanscompaniestohelpwithyourretailmarketingeducationalpublicationsspecifictoretailerstradeassociationstohelpyournichebusinessandmuchmuchmoreListedinalphabeticalordertheseresourcesshouldbeevaluateduniquelyforyournicheretailbusiness
Advanstar advanstarcom Advanstar is an event and marketing servicesbusiness that serves retailers through trade shows publications and otherindustry-specificeventsAmongitstradeshowsareMAGICMarketWeekandENTInternationalAmericanApparelandFootwearAssociationWeWearorgTheAmericanApparelandFootwearAssociation (AAFA) isanational tradeassociationthat representsapparel footwear andother sewn-productscompaniesandsuppliersTheassociationhas retailer-specific supportandoffersvaluableinsightformerchantswhoselltheseproductcategoriesAmerican Independent Business Alliance amibanet This nonprofitorganizationhelpscommunitiesandretailers launchandoperatebuy-localcampaignstosupportlocalentrepreneurseconomiesandretailersARTHomeFurnishingsNetworkAccessoriesResourceTeamorgARTisamember-basedorganization in thehomefurnishings industry that includesretailers importers sales representatives product designers interiordesigners and industry supporters ART offers its members a forum to
learnnetworkandgainadditionalbenefitstohelptheirbusinessesASD Trade Show ASDonlinecom ASD Las Vegas brings the worldrsquoswidest variety of generalmerchandise together in one efficient consumergoods trade showHeld biannually inLasVegas annually inNewYorkandannually inMiamiASDattracts thousandsof retailers and supplierssupporting retail categories that include gift home fashion health andbeautyjewelryvalueandvarietytoysandmoreAssociation of Small Business Development Centers asbdc-usorg SmallBusinessDevelopmentCenters (SBDC)provides retailers andother smallbusiness owners in the United States with assistance education andconsulting to help launch grow and manage their unique businessesSBDC branches often reside on college campuses andmaywork closelywith their local Chambers of Commerce and other community programsGototheSBDCwebsitetolocateacenterclosesttoyouBank of America bankofamericacom Bank of America offers small-business checking with more control and access than many other banksallowingyoutobettermanageyourbusinessdollarsBankofAmericaalsooffers a variety of merchant services that may be suited to your uniqueretailneedsBizBuySell BizBuySellcom The Internetrsquos largestmarketplace for buyingandsellingbusinessesaswellasaresourcedestinationtogaininsightintowhatyouneedtodotoprepareforthispossiblestepinyourretailjourneyWhetheryouwanttobuyorsellaretailstorethisisafantasticresourcetorefertoBosiDNAbosidnacomDiscoveryourentrepreneurialinsightthroughthisonlinequizidentifyingwhattypeofentrepreneuryouareOncecompletedthis quiz reveals ways to strengthen your business weaknesses andmaximizeyourbusinessstrengthsBoutique Vision BoutiqueVisioncom Drive traffic and increase salesthrough customized store signage and other in-store marketing materialsfromBoutiqueVisionTheparentcompanyInnoMarkCommunicationsisoneoftheleadingprovidersofcustomvisualmerchandisingsolutionsandBoutiqueVisionwascreateduniquely to support small retailersmdashkeepingbudgetandqualityalwaystopofmindBoutiqueWindowBoutiqueWindowcomShowcaseyournewinventoryandother highlightedproducts throughFacebookTwitterPinterest andyourwebsitethroughBoutiqueWindowrsquosbuilt-inphotoeditingtoolsandonlinemarketingmanagementresources
Bureau of Labor Statistics httpstatsblsgovaudiencebusinesshtm TheBureau of Labor Statistics provides statistics that help you find newmarkets for your store and can compare your businesswith others in theindustryaswellasassessemploymentcostsBusiness Alliance for Local Living Economies (BALLE) BeALocalistorgThe Business Alliance for Local Living Economies is a fast-growingallianceofentrepreneursbusinessnetworksandlocaleconomyfundersinNorthAmericawho aim to gain prosperity among communities and helpindependentretailersandothersmall-businessownersthriveBusinessUSA httpbusinessusagov This is a one-stop shop destinationforeverythingrelatedtobusinessintheUnitedStatesEssentiallythisisadestinationtogainadditionalresourcesforyourbusinessCardlyticsCardlyticscom ThroughCardlytics you can reach individualsbasedontheiruniquepurchasehistoryandhelptodrivesalestoyourstoreraisepromotionawarenessbuildloyaltyandmoreCausetownCausetownorgCausetownhelpslocalindependentbusinessesto attract customer attention and encourage sales throughpromotions thatgive a portion of purchases to each customerrsquos charity of choice Theplatform manages all the details of these transactions including charitydistributionallowingcommunityfundraisingforindependentretailerstobeeasyandaccessibleCouncilofStateRetailAssociationsCouncilSRAcomTheCouncilofStateRetail Associations (CSRA)was organized to strengthen and support theretailindustryworkingwithindividualstateretailassociationexecutivesaswell as directly with retailers The goal is to help support associationmembersandtheretailcommunityatlargeCraft andHobbyAssociationCraftAndHobbyorgThis international not-for-profit trade association consists of thousands of member companiesengagedinthedesignmanufactureandretailingofcraftandhobbyitemsTheassociationoffersavastrangeofresourcesandbenefitstoitsmembersandproducesanumberofeventseachyearCraftersrsquoHomeCraftersHomecomCraftersrsquoHomeisamembership-basedorganizationthatsupportsindependentscrapbookandpapercraftretailershelping to maximize a retailerrsquos relationship with manufacturers andcustomersCraftersrsquooffersavarietyofbenefitstoitsmembersthatincludediscountsfromvendorsandmoreDo It In Person DoItInPersoncom This online event platform allowsretailers and other businesses tomanage and promote their events in one
convenientplaceEmerald Expositions EmeraldExpositionscom Formerly NielsenExpositions Emerald Expositions is a leading owner and operator of avarietyofbusiness-to-businesstradeshowsmostofwhichcatertoretailersThe market categories include general merchandise apparel sportsjewelryfurnituredesignandmoreGlobalShop GlobalShoporg GlobalShop is the worldrsquos largest annualevent for retail design and shopper marketing creating a one-stopdestinationforretailerstoconnectdirectlywithstorefixturecompaniesandother in-store solutions GlobalShop also offers networking and learningopportunitiesIdeationIdeationGiftscomIdeationisthepremiergiftcatalogcompanyinthe United States that provides catalog and marketing services toindependentgifttoyandfashionretailersnationwideIndependent Retailer Conference RetailMindedcomRetail-ConferenceTheIndependentRetailerConferenceholdsa flagshipone-dayconferenceannually and brings its quality and independent retail-specific educationonsitetotheASDTradeShowbiannuallyKnownforaddressingkeyissuesin the independent retail scene the Independent Retailer Conference iswidelyrecognizedasamust-attendeventforindependentstoreownersIndependent Retailer Magazine IndependentRetailercom This monthlypublicationoffersretailadviceonwholesalebuyingandsellingintroducingretailers to importersmanufacturers trade shows and countless productsfortheirstoresInternetRetailerConferenceandExhibitionircecomTheInternetRetailerConference and Exhibition (IRCE) holds a variety of events that discusskey topics for online merchants introduce industry resources and shareexpert informationwith attendeesThe IRCEcanbe foundat select tradeshows where it holds educational tracks specifically discussing e-commercesolutionsandothere-commerceeducationandexpertiseInternet Retailer Magazine InternetRetailercom Internet RetailerMagazine supports retailers and other businesses with e-commerceintelligencenewsandmarket supportThepublicationdelivers12 issueseach year and provides additional resources that include newslettersresearchguidesandmoreInstitute for Local Self-Reliance ilsrorg The Institute for Local Self-Reliance works to provide innovative strategies and timely support tocommunity development working with entrepreneurs and community
leadersalikeThewebsiteoffersadiverserangeofinformationvaluabletobusinessownersInternal Revenue Service (IRS) httpwwwirsgovbusinesses The IRShostssmall-business taxworkshopsandwebinarsandprovides tax-relatedinformationforstartingoperatingorclosingabusinessiPadEnclosures iPadEnclosurescomAscloud-basedpoint-of-sale (POS)and iPadsystemsbecome increasinglypopular for retailers theftof iPadsfromretailersisalsoaconcerniPadEnclosuresoffersproductsspecificallydesigned for retailers and other businesses allowing you to take controloveryouriPadmanagementandvulnerabilitytotheftKabbage Kabbagecom Kabbage has simplified the process of getting abusinesscashadvanceallowingretailerstoavoidtraditionalbankshiddenfees and unexpected charges while trying to gain working capital Thecompanyrsquosflexiblefundingoptionsallowqualifiedretailerstogainquickconvenient access to capital to help their businesses while also makingmoneytransferseasyandstraightforwardLicensingExpoLicensingExpocomTheLicensingExpoconnectsretailersbrands and manufacturers to entertainment character fashion art andcorporate brand owners to establish relationships spot trends buildstrategicpartnershipsandsecurepromotionaltie-insItisheldonceayearinLasVegasMAGIC Market Week MagicOnlinecomMagic-Market-Week MAGICMarketWeek is the largest global market week for contemporary menrsquosand womenrsquos apparel footwear and sourcing Held biannually in LasVegasMAGICattractsfashionbuyersandbrandsfromaroundtheworldManagement One Management-Onecom Management One servesindependent retailers and other small businesses by helping them get abetterreturnontheirinvestmentsincludinginventoryandpeopleThecoreservices and products surround inventory planning and solutions helpingretailersachievegreatersuccessandsalesManufacturercomManufacturercomisthepremierglobalonlinebusiness-to-business marketplace where buyers and suppliers connect and profitBillionsofdollarsofgeneralmerchandiseapparelandfashionaccessoriesaresourcedthroughManufacturercomasmillionsofbuyersthroughouttheworldconnectdirectly tosuppliers inChina India theUnitedStatesanddozensofothercountriesMinority BusinessDevelopment Agency (MBDA)MBDAgovmainofficesThis agency funds a network of minority business centers located
throughoutthenationthatprovideminorityentrepreneurswithone-on-oneassistance in marketing writing business plans management technicalassistanceandfinancialplanningModalystModalystcomRetailerscanaccess risingaccessoryand jewelrydesigners in this well-crafted cutting-edge online marketplace thatshowcasesproductsthroughvirtualshowroomsThisisagreatdestinationforfashionandaccessory-basedretailersMOO Moocom MOO is an online company that offers business cardspostcardsstorehangtagsandotherprintproductsthatarestylishindesignManyofMOOrsquosdesignsarereadytogowhereasothersareavailabletobecustomizedNational Hardware Show NationalHardwareShowcom The NationalHardwareShowisthepremiertradeshowforthe$343billionUShome-improvement and do-it-yourself (DIY) markets Held annually in LasVegas this show caters to retailers in the building hardware lawn andgardenpethomegoodsandfarmcategoriesaswellasmanyotherretailsectorsPremierPackagingRetailPackagingcomPremierPackagingisaleaderincustomprintingandoffersstockready-to-shipretailpackagingoptionsforretailers that include paper and plastic bags ribbons tissue paper giftboxesandmoreReed Expositions ReedExpocom Reed Expositions offers a portfolio ofmore than 500 events in 41 countries many of which cater to retailersspecificallyThewebsiteidentifiesthemorethan500eventsallowingyoutoidentifywhatmaybebestforyouruniqueretailbusinessRetail Adventures Blog RetailAdventuresBlogcom Internationallyrecognized retail experts Rich Kizer and Georganne Bender of Kizer ampBenderSpeakingwrite thisblog sharing their firsthand retail experienceswhilealsoofferingretailinsighttipsandmoreRetailMAVENS RetailMavenscom RetailMAVENS is managed byhusband and wife team Paul and CathyWagner who are previous storeowners and current retail consultants Their expertise primarily falls intoretailinventorymanagementandtheirservicesareidealformerchantswhowantadditionalhands-onhelpfortheirstoreinventoriesandplanningRetailMindedRetailMindedcomRetailMindedisthenationrsquosonlyretaillifestylepublisherthatsupportsindependentretailerswithnewseducationand support to help them both in and out of their stores The quarterlypublicationRetailMindedMagazine is anavenuebywhich retail-focused
groups associations and other member-based organizations can helpretailersachievestronger successRetailMindedcaters toall independentretailers and does not eliminate any sector of retail and it offers aninformativefreenewsletterforindependentmerchantsRetailRadioRetailRadiobizTherightmusicinastoreenhancesthestoreexperienceandspendingbehaviorRetailRadioallowsmerchantstocreatetheidealatmospherefortheirstoresandcustomerscustomizingtheirownin-store radio station and professionally produced commercials for theirbusinessesRetailTouchPointsRetailTouchPointscomDesignedforretailexecutivesRetailTouchPointsisknownforitsin-depthmarketresearchspecifictotheretailindustryatlargeRetailTouchPointsoffersafreesubscription-basednewsletterthatretailersbigandsmallcanlearnfromShift Your Shopping ShiftYourShoppingorg Shift Your Shopping workswith organizations that include the American Independent BusinessAlliance (AMIBA) the Business Alliance for Local Living Economies(BALLE)CausetownandKevinBaconrsquosSixDegreesorgtopromotelocalandindependentshoppingAlthoughthemessageistargetedatconsumerstheplatformencouragesretailerstogetinvolvedShipwire Shipwirecom For retailers who need more space to storeinventory beyond their storefronts Shipwire is a fantastic resource Thecompanyoffersstorageshippingandmanagementof inventorymdashhelpingretailerssavetimeandcostsandavoidunnecessaryandcomplexshippingissuesShopifyShopifycomShopifyallows retailers to easily create andmanageanonlinestoreMerchantscanchoosefromover100professionaltemplatesthatcanbecustomized to theiruniquestoresalsoofferinganeasy-to-useback-endsystemforretailmanagementShopifyalsoprovideseducationalresourcesonitswebsiteforretailerstolearnfromShop Indie Retail ShopIndieRetailcom This is an online directory ofindependent retail stores across the United States highlighting theiruniquenessandsharingcontactdetailswithcustomersShopKeep POS ShopKeepcom ShopKeep POS is a simple easy-to-usepoint-of-salesystemthatisidealforindependentretailersandservice-basedbusinesses such as coffee shops The cloud-based POS system helpsretailerstracksalesmanageinventoryprintore-mailreceiptsandmoreShopSmallShopSmallcomShopSmallwasfoundedin2010byAmericanExpressandhassinceevolvedtobeanationallyrecognizedmovementthat
supports small-business owners The Saturday following Thanksgiving isofficiallyrecognizedasShopSmallSaturdayandthroughtheShopSmallnetwork retailers can gain a variety of tools and resources to helpstrengthentheirstorepresenceSierra Pacific Crafts SPCus Sierra Pacific Crafts is a member-ownedcooperativethatworkstocreateandsustainavibrantcommunityoffamily-owned retailers in creative industries through cooperative strategies insharingeducationmerchandisingmarketingoperationsandmoreSnapRetailSnapRetailcomSnapRetailistheonlycompanytoexclusivelysupport independent retailers with online marketing that ranges fromprewritten socialmediaposts toprofessionallydesignedandprewrittene-mailsadrag-and-dropcalendaralibraryofimagestouseandmoreSoldsieSoldsiecomSoldsiesoftwarehelpsretailerstoimporttheirexistingweb store on to Facebook The tools can help you promote products viaFacebookandultimatelyallowcustomerstomakepurchasesdirectlyfromFacebookSquare SquareUpcom Square allows merchants to conveniently swipecredit cards viamobile devices and iPadswith their Square Card readerThe company also offers other services and software to help merchantsbettermanagetheirretailstoreswhilealsobeingcompatiblewithavarietyofPOSprovidersSTOPfakes Stopfakesgov STOPfakes is a one-stop shop for USgovernment resources and tools on intellectual property rights (IPRs) Itassists and educates small and medium-sized enterprises (SMEs)consumersgovernmentofficialsandthegeneralpublicaboutIPRsStore Specialty Services SpecialtyStoreServicescom Discover a widevariety of store fixtures store displays and other related products ThisonlinewarehouseallowsyoutoconvenientlyshopforyourstoreTarsus Group tarsuscom Tarsus Group represents a number of tradeshows and publications including theOff-Price Show held inNewYorkandLasVegasannuallyTopTenWholesale TopTenWholesalecom This is a vertical search enginethat connects buyers of general merchandise wholesale products tomanufacturers importers distributors auctioneers independent retailersflea marketers drop shippers and any reseller of new and closeoutsmerchandiseTrademarksTheSpotTMTheSpotcomTrademarksTheSpothelpsretailersand other business owners to take the necessary steps to protect their
businesses The legal team offers federal and state trademark searchesfiling monitoring and moremdashoften more affordable than other attorneyratesTrade Show Exhibitors Association TSEAorg This association providesknowledge tomanagement andmarketingprofessionalswhopromote andsell products through face-to-facemarketing This is a great resource forfindingtradeshowsTripar International Triparcom Beautifully showcase your products andinspire your customers with Triparrsquos boutique selection of fixturesdisplays tabletop stands accessories andmore The companyrsquos productsare known to stand out among boutique retailers and help drive salesthroughdisplaysUnitedStatesPatentandTrademarkOfficehttpwwwusptogovTheUSPatent and Trademark Office (USPTO) registers trademarks and protectsintellectualproperty(IP)forUSentrepreneursandinnovatorsworldwideUSSmallBusinessAdministrationSBAgovTheSBAhas resources andinformationforstartingandmanagingbusinessesgettingloansandgrantsregistering for government contracting and receiving business counselingand training In addition the SBA supports regional Small BusinessDevelopmentCentersoftenadjacent tocollegeoruniversitycampusesformorehands-onsupportVend VendHQcom Vend is a POS inventory and customer-loyaltysoftwarethathelpsretailersmanageandgrowtheirbusinessesTheeasy-to-use software is iPad-based and ideal for retailers in a diverse range ofindustries including apparel fashion sports health and beauty food anddrinktourismhomegoodsandmoreVine Vinecom Vine allows merchants to incorporate videos into theironlinemessagingThisappiseasytouseandcanbeusedviasocialmediae-mail marketing and other online efforts to help communicate detailsaboutyourstoreorbusinessWishpondWishpondcomWishpond isanapp thatmakes iteasy to runagroupofferorsocialmediacontesttodrivesalesandtraffictoawebsiteorstorewithcouponsandotherspecialoffersviaFacebookTwitterPinterestyourwebsiteandmobiledevicesWholesaleCraftscomWholesaleCraftscom WholesaleCraftscom Retailerscandiscoverovera1000AmericanandCanadianwholesaleartistsonthisonline virtual marketplace Buyers must be qualified retailers and onceapprovedmayenrollforfree
Wholesale Minded RetailMindedcomWholesale-minded-magazineWholesale Minded Magazine is a free digital publication from RetailMindedthatsharesexpert insightpracticalsolutionseducationalsupportspecifically to independent wholesalers new-to-market vendors andretailerswhoworkwiththem
APPENDIXB
CommonRetailTermsandDefinitions
INTHISappendixwehaveprovidedalistofcommonretailtermstohelpsupportyouinyouroverallunderstandingoftheretailbusinessatlargeWersquollalsoaddresscommonwholesaletermsinaneffortforyoutobestmanageyoursuppliercommunicationAlthoughretailincludesmanyadditionaltermsthislistisintendedtosupportthemostcommonwordsusedintheretailindustryWersquodliketoalsothankViaTradingforitssupportinsupplyingmanyofthe
termsidentifiedhereinandweencourageyoutovisitViaTradingrsquosexpansiveglossaryforadditionalretailandwholesaleterminologyathttpwwwviatradingcomwholesale456Glossary-of-Termshtml
AcceptanceTheactofadraweeacknowledginginwritingonthefaceofadraftpayableatafixedordeterminablefuturedatethatheorshewillpaythedraftatmaturityAcceptance draft A sight draft documents against acceptance SeeDocumentsagainstacceptanceAirway bill The carrying agreement between shipper and air carrierwhichisobtainedfromtheairlineusedtoshipthegoodsAll-risksclauseAninsuranceprovisionthatprovidesadditionalcoveragetoanopencargopolicyusuallyforanadditionalpremiumContrarytoitsnametheclausedoesnotprotectagainstallrisksThemorecommonperilsit does cover are theft pilferagenondelivery freshwaterdamage contactwithothercargobreakageandleakageInherentvicelossofmarketandlossescausedbydelayarenotcoveredAs-is Refers to thesellingconditionsofcertainmerchandiseThebuyer
typicallyassumesallrisksinpurchasingsuchgoodsandthemerchandiseissoldwithnoguaranteesorreturnsATAcarnet Customsdocumentthatenablesonetocarryorsendgoodstemporarily intocertainforeigncountrieswithoutpayingdutiesorpostingbondsAuthoritytopayAdocumentcomparablewitharevocableletterofcreditbutunderwhosetermstheauthoritytopaythesellerstemsfromthebuyerratherthanfromabankB2B trade platforms B2B trade platforms are business-to-businessvertical search engines that connect buyers and sellers in global anddomestictradeTheseonlinemarketplacesprovidetoolsthatarenecessaryto facilitate communication between retailersresellers andwholesalersmanufacturersBalanceoftradeThebalancebetweenacountryrsquosexportsandimportsBeneficiaryThepersoninwhosefavoraletterofcreditisissuedoradraftisdrawnBig-boxstoresBig-boxstoresarestand-aloneretailersthatcarryassortedmerchandiseAnexamplewouldbeMacyrsquosorTargetBig-boxstoresalsomay be categorized as department stores discount stores or warehousestoresdependingonthestoreitselfBillofexchangeSeeDraftBillofladingAdocumentthatprovidesthetermsofthecontractbetweentheshipperandthetransportationcompanytomovefreightbetweenstatedpointsataspecifiedchargeBondedwarehouseAbuildingauthorizedbycustomsauthoritiesforthestorageofgoodswithoutpaymentofdutiesuntilremovalBoutique Refers to small shops or stores that are independently ownedand often sell a product assortment that is not duplicated exactly in anyotherstoreBuy local (also referred toasShop local) A termused to identify theimportanceofshoppingat localbusinessesoftenused tocommunicate toconsumersinanefforttostrengthenlocaleconomicimportanceandsmall-businessvalueBuyingagent Anagentwhobuys in thiscountry for foreign importersespecially for such large foreign users as mines railroads governmentsandpublicutilitiesSynonymouswithpurchasingagentCapitalThewealthwhetherinmoneyorpropertyownedbyabusiness
orindividualCash and carry A form of wholesale that sells products on the spotusually with cash only to a purchaser who is then able to self-carry theproducts themselves without having to wait for any time betweenpurchasinganddeliveryCashwrap [also referred to as point-of-sale (POS)Area] The placewhere a consumer goes to purchase products or services within a storeoftenthesameareainwhichpurchasesarewrappedinbagsforcustomersCarrierAtransportationlinethathaulscargoCasepacksGenerallyreferstoitemspackedinasmallcasetypicallyinquantities of 6 12 24 or 100 Goods such as cosmetics clothingaccessories and jewelry are often sold in case packs representing apredetermineditemcountCertificate of free sale A certificate required by some foreigngovernments stating that the goods for export (if products are under thejurisdiction of the US Federal Food and Drug Administration) areacceptable for sale in theUnitedStates that is that theproductsare soldfreelywithout restrictionTheFoodandDrugAdministration (FDA)willissueshippersaletterofcommenttosatisfyforeignrequestsorregulationsCertificateofinspectionAdocumentinwhichcertificationismadeastothegoodconditionofthemerchandiseimmediatelypriortoshipmentThebuyerusuallydesignatestheinspectingorganizationwhichis typicallyanindependentinspectionfirmorgovernmentbodyCertificate of manufacture A statement by a producer sometimesnotarizedthatcertifiesthatmanufacturinghasbeencompletedandthatthegoodsareatthedisposalofthebuyerCertificateoforiginAdocumentinwhichcertificationismadeastothecountryoforiginofthemerchandiseCampFCostandfreightSameasCIFexceptthatinsuranceiscoveredbythebuyerCFRCostandfreightindicatesthatthesellerwilldeliverthegoodstothebuyerandapplyactualcostoffreighttothebuyersChamberofCommerceAnassociationofbusinesspeoplewhosepurposeistopromotecommercialandindustrialinterestsinthecommunityCIF Cost insurance and freightApricing termunderwhich the sellerpaysallexpensesinvolvedintheplacingofmerchandiseonboardacarrierand in addition prepays the freight and insures the goods (an automatic
conditionofthecontract)toanagreed-ondestinationCleanbillofladingAbillofladingsignedbythetransportationcompanyindicating that the shipment has been received in good conditionwith noirregularities in the packing or general condition of all or any part of theshipmentCloseoutSellingtheentirelotofremainingmerchandiseusuallythroughasaleatreducedpricesCollection The procedure involved in a bankrsquos collectingmoney for aseller against a draft drawn on a buyer abroad usually through acorrespondentbankCOD Cash on delivery If your goods are delivered according toCODterms you must pay cash for them COD is common for retailers whencreditistightCollection papers The documents submitted usually with a draft oragainstaletterofcreditforpaymentofanexportshipmentCommercialinvoiceAtradeinvoicethatidentifieschargesappliedfromapurchaseorserviceConsigneeThepersonfirmorrepresentativetowhomasellerorshippersendsmerchandiseandwhoonpresentationofthenecessarydocumentsisrecognizedastheownerofthemerchandiseforthepurposeofthepaymentofcustomsdutiesThistermisalsousedasapplyingtoonetowhomgoodsareshippedusuallyattheshipperrsquosriskwhenanoutrightsalehasnotbeenmadeSeeConsignmentConsignment A term pertaining to merchandise that has not beenpurchasedunderanagreementbywhichtheconsigneeisobligatedtosellthegoodsfortheaccountoftheconsignorandtoremitproceedsasgoodsaresoldConsumersThefinalpurchaserorenduserofanyproductorserviceInretailspecificallyconsumersareoftenreferredtoascustomersCorrespondent bank A bank that is a depository for another bankacceptingdepositsandcollectingitemsforitsbankdepositorCountry of origin The country in which a product or commodity ismanufacturedorproducedCreditriskinsuranceAformofinsurancethatprotectstheselleragainstlossduetodefaultonthepartofthebuyerCustomerreturn Item thathasbeenpurchasedbyacustomerand thenreturnedtothestore(oronlinestore)foranynumberofreasons
Customs The agency or procedure for collecting duties imposed by acountryonimportsorexportsDASeeDocumentsagainstacceptanceDead stock Inventory in a store that has never been purchased by aconsumer and reflects products from past seasons Despite multipleattempts to sell it this stockdoesnot sellDeadstock isoftena resultofinexperiencedbuyingincludinglackofknowledgeofthecustomerbaseDefectiveDefectiveconditionreferstoitemsthathavebeenputthroughatestingprocessandhavebeendeemeddefectiveornotworkingItemsmaybevisuallydefectiveorincompleteorbemissingpartsItemsalsomaybebrandnewbutwithamajorquality-controlflawmakingthemdefectiveDemographics Identifies population in groups based on age genderincomeoccupationeducation religion race familysize family lifestyleandmoreGovernmentstudiesoftenprovidedemographicinformationandselectretailgroupsororganizationsspecifictotheirnicheretailcategoryDirectshipmentReferstoitemsthatareshippedtothecustomerdirectlyfromastorersquosfacilityDiscount A reduction in the price of an item Discounts will vary inamountandpurposeDisplays Represents thevisualappearanceofastoreenvironmentoftenreferring to specific areas of a storemdashsuch as a window display tabledisplayorpoint-of-sale(POS)displayDiscrepancyletterofcreditWhendocumentspresenteddonotconformtothetermsoftheletterofcredititisreferredtoasadiscrepancyDistributor A firm that sells directly for amanufacturer usually on anexclusivebasisforaspecifiedterritoryandthatmaintainsaninventoryonhandDocuments against acceptance (DA) A type of payment for goods inwhich the documents transferring title to the goods are not given to thebuyeruntilheorshehasacceptedthedraftissuedagainsthimorherDocuments against payment (DP) A type of payment for goods inwhich the documents transferring title to the goods are not given to thebuyeruntilheorshehaspaidthevalueofadraftissuedagainsthimorherDomestic International Sales Corporation (DISC) An export salescorporationsetupbyaUScompanyunderUSgovernmentauthorizationtopromoteexportsfromtheUnitedStatesbygivingtheexportereconomicadvantagesnotavailableoutsidesuchauthorization
DPSeeDocumentsagainstpaymentDraft(alsoknownasbillofexchange)Awrittenorderforacertainsumofmoneytobetransferredonacertaindatefromthepersonwhoowesthemoneyorwhoagreestomakethepayment(thedrawee)tothecreditor towhomthemoneyisowed(thedrawerofthedraft)DraweeOneonwhomadraftisdrawnandwhoowesthestatedamountSeeDraftDrawerOnewhodrawsadraftandreceivespaymentSeeDraftDropshippingAnorderthatisplacedwithavendorandshippeddirectlyto the end consumer (Brokers dealwith drop shipperswhen they do notwant to touch or warehouse the merchandise They receive orders fromtheircustomersand thenplaceadrop-shiporderwithavendorwho thenshipsthemerchandisedirectlytothebrokerrsquoscustomer)Drop-shipordersaretypicallyshippedblindmeaningwithnotraceofthevendorrsquosnameoraddresstoprotectthebrokerDuty The tax imposedbyagovernmentonmerchandise imported fromanothercountryE-mailblastAne-mailsenttoalargegroupofpeopleatonceEMCAnexportmanagementcompanyEmployeeturnoverTheratiobetweenthenumberofemployeeswhohadtobe replacedand thenumberofaverageemployees inagivenperiodoftimeForexample ifyouhaveanaverageofsixemployeesinayearandthreepeoplehad tobereplacedbecause theyquit thatyearyour turnoverwouldbe50percentTurnoveristheoppositeofretentionETCAnexporttradingcompanyExchange permit A government permit sometimes required of animportertoenablehimorhertoconverthisorherowncountryrsquoscurrencyintoaforeigncurrencywithwhichtopayasellerinanothercountryExchangeregulationsrestrictionsRestrictionsimposedbyanimportingcountrytoprotectitsforeign-exchangereservesSeeExchangepermitExcisetaxAdomestictaxassessedonthemanufacturesaleoruseofacommoditywithinacountryUsuallyrefundableiftheproductisexportedExpirationdate The finaldateonwhich thepresentationofdocumentsanddrawingofdraftsunderaletterofcreditmaybemadeExportTosendgoodstoaforeigncountryoroverseasterritoryExportbroker Onewhobringstogethertheexporterandimporterforafeeandthenwithdrawsfromthetransaction
EXW(exworks) Indicates that thebuyer is responsibleforcargowhenitrsquosavailableatthesellerrsquosfactoryFactoring company (also referred to as a factor) A businessorganizationthatlendsmoneyonaccountsreceivableorbuysandcollectsaccountsreceivableFactorsmakefundsavailabletoretailersFCA(freecarrierat) Indicates that the sellerdelivers thegoods to thenamed place free of any transportation cost having cleared the cargo forexport The seller accepts transportation costs risks and responsibilitiesuntilthecargoishandedoveratthenamedplaceFocusgroupAgroupofpeople(egyourcustomers)broughttogethertogivetheiropinionsonaparticularissueorproductoftenforthepurposeofmarket research or inventory strategies usually no more than 10 to 12peopleGeneral license (export) Government authorization to export withoutspecificdocumentaryapprovalGrossweight Totalweight of goods packing and container ready forshipmentHandlingchargesTheforwarderrsquosfeetotheshippingclientImport To bring merchandise into a country from another country oroverseasterritoryImportlicenseAgovernmentdocumentthatpermitstheimportationofaproductormaterialintoacountrywheresuchlicensesarenecessaryInco terms Indicate whether the buyer or the seller carries the riskresponsibilityliabilityorcostsatspecificpointsduringatransactionInconvertibilityTheinabilitytoexchangethecurrencyofonecountryforthecurrencyofanotherInsurance certificate A document issued by an insurance companyusually to order of shipper under a marine policy and in cover of aparticularshipmentofmerchandiseInternship Any program formal or informal that provides practicalexperience for beginners in an occupation or profession Retailers oftenseek to hire interns to help in specific areas of their businesses such asvisualmerchandisingor socialmedia as away togain store support thattheymaynotnormallyhaveaccesstootherwiseInvoice A document that identifies charges applied from a purchase orserviceSeeCommercialinvoiceIrrevocableAppliedtolettersofcreditAnirrevocableletterofcreditis
onethatcannotbealteredorcanceledonceithasbeennegotiatedbetweenthebuyerandhisorherbankJointventureAcommercialorindustrialenterpriseinwhichprincipalsofone company share control and ownership with principals of anothercompanyKioskAfree-standingstructureusedinapublicplacesuchasamallthatisdesignedtosupportaproductorservicetobesoldtoconsumersItisalsousedforinteractiveopportunitiesandmaybeonashort-termbasissuchaswhenusedduringafestivalLCSeeLetterofcreditLegalweightTheweightofgoodsplusanyimmediatewrappingsthataresold alongwith the goods for example theweight of a tin can togetherwithitscontentsSeeNetweightLetterofcredit(LC)(commercial) Adocument issuedbyabankatabuyerrsquosrequestinfavorofasellerpromisingtopayanagreedamountofmoneyonreceiptbythebankofcertaindocumentswithinaspecifiedtimeLicensingThegrantoftechnicalassistanceandserviceandortheuseofproprietary rights such as a trademark or patent in return for royaltypaymentsLineofcreditSameasacreditlimitthemaximumamountofcreditthatastoreisauthorizedtousebyabankorotherlenderLine sheet A document that collectively represents products from aspecific brand or vendor sharing details on product pricesmdashincludingwholesale and retailmdashas well as product availability shipping termscontentsofproductsandmoreLookbookAbookthatissimilartoaportfoliobutitrepresentsaproductline rather than providing visual samples of onersquos work history Thepurposeofalookbookistoprovidealdquostoryrdquoldquofeelingrdquoorldquoinspirationaloverviewrdquoof theproduct assortment throughphotographsof theproductsbeingsoldMarkdownAdevaluationofaproductbasedonitsinabilitytobesoldattheoriginalplannedsellingpriceMarkup Increase in the price of a product or service to create a profitmarginforthebusinessManufacturedsuggestedretailprice (MSRPalsorecognizedasretailvalue) The value and suggested retail price a vendor supplier orwholesaleridentifiesaproducttobesoldat
ManufacturerReferstohandmadeormachine-constructedproductsthatbeginas rawmaterials andare completed into finishedgoods that are foruseorsaletowholesalersaswellasretailersMastercase100percentbrand-newfactory-sealedmerchandisestillinitsoriginalpackagingMaturitydateThedateonwhichadraftoracceptancebecomesdueforpaymentMOQ(minimumorderquantity) AMOQisthesmallestquantityofaproductthatasupplierrequiresyoutobuyinasinglepurchaseNet weight The weight of the goods alone without any immediatewrappingsforexampletheweightofthecontentsofatincanwithouttheweightofthecanOnline marketplace Refers to a type of e-commerce website whereproductisavailabletobesourcedforaretailstoreTypicallytransactionsareprocessedbythisonlinemarketplaceandthendeliveredandfulfilledbytheparticipatingsuppliers(wholesalers)Opentobuy(OTB) ReferstotheportionofaretailbudgetavailabletospendoninventoryatanygiventimeUsedtoidentifyhowmuchmoneyisavailabletoplaceordersforstoreproductOperatingexpensesTheexpensesinvolvedinrunningabusinessPacking list A list that shows thenumber andkindsof packagesbeingshippedtotalsofgrosslegalandnetweightsofthepackagesandmarksand numbers on the packages The listmay be requested by a retailer orsuppliedvoluntarilybyavendororsupplierPoint of sale (POS) Traditionally speaking POS represents the placewhereanactualtransactioniscompletedInmodernretailPOSoftenrefersto software thatprocessesa transaction inexchange forgoodsor servicessoldPop-upshopTheactofopeningashort-termstorefrontoftenapplyingtoonlyonedayalthoughitmayapplytoaweekendoraslongasamonthProduct sourcing The act of finding products from wholesalers ormanufacturerstoresellthroughabusinessProformainvoice Aninvoiceforwardedbythesellerofgoodsprior toshipmenttoadvisethebuyeroftheweightandvalueofthegoodsPsychographics Identifies lifestyles and stages that appear to influenceconsumershoppingdecisions Includesactivitiesbeliefshabitsopinionsandmoreofcustomers
QuotaThetotalquantityofaproductorcommoditythatmaybeimportedinto a country without restriction or the penalty of additional duties ortaxesQuotationAnoffertosellgoodsatastatedpriceandunderstatedtermsRate of exchange The basis on which money of one country will beexchangedforthatofanotherRatesofexchangeareestablishedandquotedfor foreigncurrencieson thebasisof thedemandsupplyandstabilityoftheindividualcurrenciesSeeExchangeRetailThebusinessofsellingservicesorproductsthatultimatelywillbesoldtoconsumerstheendusersoftheproductsorservicespurchasedRetailsupplychain Aproduct iscreatedatamanufacturer issold toawholesaler and then is sold again to a retailer who ultimately sells theproducttothefinalpurchasertheconsumerRetail value [also recognized as manufactured suggested retail price(MSRP)] Thevalueofan itemassuggestedbyasupplierorvendorforretailerstoselltheproductatretailRetailer Afixedlocationincludingstorefronts theInternetkiosksandpop-upshops thatsellproductsorservices toconsumers Inaddition thetermretailercanbeappliedtothepersonwhoownsaretailstoreRevocableAppliedtolettersofcreditArevocableletterofcreditisonethatcanbealteredorcanceledby thebuyerafterheor shehasopened itthroughhisorherbankRFQ (also referred to as RFP) Request for quotation or request forproposal A business process that invites suppliers to bid on specificproducts or services It allows suppliers to provide quotations for theirgoodsandservicestoretailersandordistributorsRoyaltypaymentTheshareoftheproductorprofitpaidbyalicenseetohisorherlicenserSeeLicensingSalesrepresentativeArepresentativeofacompanyeithercontract-basedor as an employee of a particularly company who represents a productbeing sold Typically sales representatives will work for vendorsattemptingtosecuretheirproductswithinretailstoresSeasonal goods Goods that are heavy in merchandise for a particularseasonsuchasHalloweenEasterChristmasandsoonSell-through The ratiobetween thequantityofgoods soldbya retailerand the quantity originally delivered to thewholesaler number of piecessolddividedbynumberoforiginalpiecesdeliveredIfyousellfiveofeight
pairsofpantsyoursell-throughis625percentShipperrsquos export declaration A form required by the US TreasuryDepartment and completed by a shipper showing the value weightconsigneedestinationandsoonofexportshipmentsaswellasaScheduleBidentificationnumberShipping documents Commercial invoices bills of lading insurancecertificatesconsularinvoicesandrelateddocumentsStockingdistributor AdistributorwhomaintainsaninventoryofgoodsofamanufacturerSupplier May refer tomanufacturer distributorwholesaler or vendorCollectivelyrepresentsalltheseproductprofessionalsSustainableIfsomethingissustainableitdoesnotharmtheenvironmentor deplete natural resources In retailing it often refers to sustainabledesignwhetherthatbeinbuildingdesignorproductdesignTareweight TheweightofpackingandcontainerswithoutthegoodstobeshippedTariffAscheduleorsystemofdutiesimposedbyagovernmentongoodsimportedorexportedtherateofdutyimposedinatariffTenorThetimefixedorallowedforpaymentasinldquothetenorofadraftrdquoTime draft A draft drawn to mature at a certain fixed time afterpresentationoracceptanceTrade shows Trade shows are organized events that cater to a specificindustry and introduce buyers and sellers Traditionally trade shows areclosed to the public and are only accessible to registered buyers andmembersoftheretailtradeValidated license A government document authorizing the export ofcommoditieswithinthelimitationssetforthinthedocumentVisa A signature of formal approval on a document Obtained fromconsulatesVisual merchandising The art of using effective design andmerchandisingideasthatwillenhancetheshoppingexperienceofastoreaswellasincreasesalesandfoottrafficWholesaleThesellingofgoodsthroughabusiness-to-businesstransactionoflargequantitiestoretailersWholesalerAnindividualorcompanythatsellsaproductorservicetoaretaileranddoesnotsellthisproductorservicedirectlytoconsumers
Notes
1StandingOutamongOtherRetailers
1KimberlyEfseaffowneranddesignerBonBijouxGirlyBoutiqueInterviewbyNicoleReyhleDecember142013
2SteppingOutsideYourComfortZone
1MacquenziFarquerownerLockportAstoriaNewYorkInterviewbyNicoleReyhleOctober1520132Ibid3ShariRalishownerPeacefulParlourInterviewbyNicoleReyhle
November1120134JoeAbrahamauthorofEntrepreneurialDNAInterviewbyNicoleReyhle
December122013GenevaIllinois
3LeaningonOutsideOrganizations
1EllenDivitaeconomicdevelopmentdirectorCityofGenevaInterviewbyNicoleReyhleNovember32013GenevaIllinois2Ibid3HarrietParkermanagerAuroraIllinoisndashbasedSmallBusiness
DevelopmentCenterInterviewbyNicoleReyhleOctober212013GenevaIllinois4AndyEllenpresidentandgeneralcounselNorthCarolinaRetail
MerchantsAssociationInterviewbyNicoleReyhleviae-mailOctober2820135Ibid6CurtisPicardexecutivedirectorRetailAssociationofMaineInterviewby
NicoleReyhleOctober2920137Ibid8Ibid9JamaRiceexecutivedirectorandCEOofMuseumStoreAssociation
interviewbyNicoleReyhleviae-mailNovember6201310MissyBrozekvicepresidentandcreativedirectorCrafterrsquosHome
InterviewbyNicoleReyhleJanuary12014
4IdentifyingYourUniqueStoreStory
1AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicoleReyhleOctober182013ChicagoIllinois2Ibid3Ibid4KirtManeckeauthorandcustomer-serviceexpertInterviewbyNicole
ReyhleNovember2013
5SourcingProductsThroughTradeShowsandtheInternet1MegyKarydesownerKarydesConsultingInterviewbyNicoleReyhle
January22014ChicagoIllinois2Ibid3CamilleCandellagroupmarketingmanagerEmeraldExpositions
InterviewbyNicoleReyhleDecember520134JonathanPrescottseniorbusinessmanagerJPCommunicationsInc
InterviewbyNicoleReyhleDecember142013
6BuyingforCustomerversusYourself
1CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhleNovember112013GenevaIllinois2DrGaryEdwardschiefcustomerofficerMindshareTechnologies
OriginallysharedviaRetailMindedcominanarticlepublishedbyRetailMindedJanuary20143TomKonopackiownerAnastaziaInterviewbyNicoleReyhleDecember
2013GenevaIllinois4VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember29
20135Ibid6Ibid7DrGaryEdwardschiefcustomerofficerMindshareTechnologies
OriginallysharedviaRetailMindedcominanarticlepublishedbyRetailMindedJanuary20148CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhle
December92013GenevaIllinois9Ibid10Ibid
7SellingYourProducts
1MichaelAmatopresidentandCEOCimarronInc2AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois3Ibid4RichKizerandGeorganneBenderKizerampBenderSpeakingInterviewby
NicoleReyhleNovember52013StCharlesIllinois5KerryBannigancofounderNolchaFashionWeekNewYorkInterview
byNicoleReyhleNovember252013NewYorkCity6CathyWagnerCEORetailMAVENSInterviewbyNicoleReyhle
November12013GenevaIllinois7RichKizerandGeorganneBenderKizerampBenderSpeakingInterviewby
NicoleReyhleNovember52013StCharlesIllinois8VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember30
20139Ibid10JasonRichelsonfounderandCEOShopKeepPOSInterviewbyNicole
ReyhleNovember252013NewYorkNewYork
8ApplyingPressandMarketingtoYourBusiness
1CynthiaSuttonownerSilverBarnretailstoreInterviewbyNicoleReyhleOctober162013ColumbusTexas2Ibid3SuzyTeeleCOOSnapRetailcomInterviewbyNicoleReyhleNovember
220134Ibid5Ibid6JessicaMorettimarketingcommunicationsmanagerSnapRetailcom
InterviewbyNicoleReyhleDecember1020137CourtneyRodgerscofounderBoutiqueWindowInterviewbyNicole
ReyhleNovember2720138CynthiaSuttonownerSilverBarnretailstoreInterviewbyNicoleReyhle
October162013ColumbusTexas
9MakingYourPresenceOnline
1DonDaviseditor-in-chiefInternetRetailerMagazineInterviewbyNicoleReyhleNovember2013ChicagoIllinois2HarleyFinkelsteinchiefplatformofficerShopifycomInterviewby
NicoleReyhleinOctober20133Ibid4CourtneyRodgerscofounderBoutiqueWindowInterviewbyNicole
ReyhleNovember2720145Ibid6DonDaviseditorinchiefofInternetRetailerMagazineInterviewedby
NicoleReyhleNovember2013ChicagoIllinois7Ibid8ForresterResearchreleasedareporttitledldquoUSCrossChannelRetail
ForecastrdquoonOctober292013thatidentifiedthisfindingwhichcanbefoundatforrestercom9DonDaviseditor-in-chiefInternetRetailerMagazineInterviewbyNicole
ReyhleNovember2013ChicagoIllinois10Ibid11SkipMcGrathpublisherSkipMcGrathcomInterviewbyNicoleReyhle
December6201312SuzyTeeleCOOSnapRetailInterviewbyNicoleReyhleNovember25
201313Ibid14EdClearypublisherRetailTouchPointsInterviewbyNicoleReyhle
November25201315RichKizerandGeorganneBenderKizerampBenderSpeakingInterview
byNicoleReyhleNovember2013StCharlesIllinois16Ibid17SuzyTeeleCOOSnapRetailInterviewbyNicoleReyhleNovember25
201318EllaWirtzcofounderBoutiqueWindowInterviewbyNicoleReyhle
November272013
10TakingPartinShop-LocalInitiatives
1MackenziFarquerownerLockportAstoriaNewYorkInterviewbyNicoleReyhleNewYorkCityOctober1620132JeffMilchencodirectorAMIBAInterviewbyNicoleReyhleNovember
2320133Ibid4Ibid5Ibid6MitchenIdentifiedincompanyoverviewonAMBIAnetNovember20137Ibid8IdentifiedinareportreleasedbytheNationalFederationofIndependent
BusinessesandAmericanExpressResearchDecember20139SusanSobbottpresidentAmericanExpressOPENsharedinapress
releasestatementreleasedJuly201310Ibid11AmyKnebelWashingtonDC-basedcustomerInterviewbyNicole
ReyhleDecember6201312DanMcCabeCEOCausetownorgInterviewbyNicoleReyhle
December92013
11ACrystalBallforIndependentRetailers
1KimberlyEfseaffBonBijouxGirlyBoutiqueDelMarCaliforniaInterviewbyNicoleReyhleDecember2820132AngelaGianfrancescoownerStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois3JasonRichelsonfounderandCEOShopKeepPOSInterviewbyNicole
ReyhleNovember2520134VaughanRowsellCEOVendInterviewbyNicoleReyhleDecember28
20135CamilleCandellagroupmarketingmanagerEmeraldExpositions
InterviewbyNicoleReyhleDecember520136BillMcNultypublisherSumnerCommunicationsIncInterviewby
NicoleReyhleDecember2820137AngelaGianfrancescoownerofStellaBlueDesignsInterviewbyNicole
ReyhleOctober182013ChicagoIllinois8CurtisKroekerBizBuySellcomandBizQuestcomInterviewbyNicole
ReyhleNovember182013
Index
PleasenotethatindexlinkspointtopagebeginningsfromtheprinteditionLocationsareapproximateine-readersandyoumayneedtopagedownoneormoretimesafterclickingalinktogettotheindexedmaterial
70-20-10ruleinsocialmedia170
AbrahamJoe914AccessoriesResourceTeam(ART)32206ActionGuides5AdidasxvndashxviAdvanstar44205Advisoryboardscustomer-based95ndash97AlabamaRetailAssociation34AmatoMichael108Amazon153164165AmericarsquosMart73AmericanApparelampFootwearAssociation32206AmericanExpress183215ndash216American Independent Business Alliance (AMIBA) 146 178ndash182 185 206214
AmericanSpecialtyToyRetailingAssociation(ASTRA)32Anastazia98Android190AppleInc39191Apps194SeealsoiPodsArizonaRetailersAssociation34ArkansasGrocersandRetailMerchantsAssoc34
Aroma130ARTHomeFurnishingsNetwork32206ASDTradeShowxviii1742436266707174206210AssociatedOregonIndustriesRetailCouncil34AssociationofSmallBusinessDevelopmentCenters206
BaconKevin215BALLEcalculators182BandholzEric156BankofAmerica207BanniganKerryxviii116Barneys191BeALocalistorg207Beardbrand156158BeckhamDavidxviBeetailer172207BenderGeorganne112118169170213Benefitsoforganizations29BergBob78BestBuy165Big-boxcompetition10ndash12Bing80BizBuySell197200207BizQuest197Blogtradegove69BloggingxvindashxviiBonBijouxGirlyBoutique189BosiDNA207BoutiqueVision208BoutiqueWindow144146159171172202207Branding139BrozekMissy28BuehlerJef21Builderentrepreneurs9BureauofLaborStatistics208
BusinessAlliance for Local Living Economies (BALLE) 181ndash182 185 207214ndash215
Businesscards76Businessinsurance30Business-to-Business(B2B)sourcingplatforms80ndash85BusinessUSA208Buy-localcampaigns5178ndash182BuyersxivBuyersrsquoguides29Buying89ndash105Buyingdistrictswholesale73
CalculatorsBALLE182Calendarforstore109ndash111CaliforniaRetailersAssociation34Calltoaction(CTA)inmarketingmessage142CandellaCamille76194Cardlytics201208CardPrintingus48Causetownorg185ndash186208215CEStradeshow4371ChambersofCommerce422ndash2333ChanelCoco3Charityevents134185ndash186ChasallaxiiiCheckoutprocedures46ndash47ChildrenrsquosClubtradeshow43Choosingselectingyourinventory41ndash42ChurchillWinston177Cimarron108CityofGenevaIllinois22CitySearchcom97ClairersquosBoutique12ClearyEd167169
Cloudcomputing191192Cloud-basedpoint-of-sale(POS)210Coastalcom165ColoradoRetailCouncil34Comfortzoneexpansion9ndash20Community-basedsupports4ndash522ndash37Companycontactinfoonlinestore161Companyphilosophy56Competition16
big-boxstoresas10ndash12identifying10ndash12learningfrom16
Conferences2933ConnecticutRetailMerchantsAssociation34ConstantContact143ConsumerElectronicsShow71Contactinformationforstore56161Contentmarketing175ndash176Contentofmarketingmessage142CouncilofStateRetailAssociations(CSRA)209Couturetradeshow43CraftampHobbyAssociation32209CraftandHobbyRetailers32CraftersrsquoHomexviii28209CrainrsquosChicagoBusinessxviiCreatinganonlinestore155ndash163Creditcardsales201216Cross-merchandisingtechniques122CubanMark153Customercarecustomerservice20444547ndash485457138194ndash197
customerfeedbackand95ndash97104customerresourcemanagement(CRS)in192disputesin49ndash50importanceof194ndash197invitingcustomerstoeventsin114ndash115
onlinestore163reviewsitesand97
Customerdisputes49ndash50Customerfeedback95ndash97104Customerresourcemanagement(CRS)192Customers
identifying47targeting715163understandinghabitsof1519ndash20
Customsregulations65
Dailystoreroutines20DallasMarketCenterThe73DallasMavericks153DanceRetailerNewsxviiDatasources15DavisDon154158162DelawareRetailCouncilInc35DeMariaJennifer166DHL65DickrsquosSportingGoodsxviDillardsxivDiscountedmerchandise121ndash122Displaysdisplayhardware117ndash123150
cross-merchandisingtechniquesin122immediate-rightzonein120lightingand118pointofsale(POS)areasand121salesectionin121ndash122staplesvsstatementsin122ndash123storestoppersas120ndash121storewindowsas119
Diversifyingyourinventory11ndash13DivitaEllen22
DoItInPerson172209Dresscode58DruckerPeter189
Ecommerce153statisticson145
E-mailmarketing140141ndash144eBay164165Educationalopportunitiesattradeshows82EdwardsGary97102EfseaffKimberly3ndash4189EllenAndy25EmeraldExpositions4476194209Emergencyprocedures58Employeemanuals58Employeesandstaff750ndash53Seealso
Operationprocedures57employeemanualfor58employmentpractices56fullvspartndashtime18hiring51ndash53interviewing51ndash53managersashiring52ndash53terminationof57
Employmentpractices56Engagingthesensesinselling128ndash131ENTInternational205EntrepreneurialDNA(Abraham)914Entrepreneurs9EtienneAignerxvEvents
advanceplanningfor114116ndash117expensesvssalesgeneratedby116in-storeexperienceascenterpieceof115ndash116
introducingandmanaging108ndash117invitingcustomersto114ndash115marketing114planningdatesfor113regularschedulingof112storecalendarfor109ndash111trackingresponseto113ndash116
ldquoExperiencerdquoofastore3SeealsoEngagingthesenses
Fabcom165Facebook47123144166171183201207218FarquerMacquenzi10177FashionFootwearAssociationofNewYork(FFANY)42FederalExpress65Feedbackfromcustomers95ndash97104Financing211FinkelsteinHarley154Firstimpressionsinmarketing142FloralRetailers32FloridaRetailFederationxviii35Focusgroups45FootwearNewsmagazinexvForbesxviiForresterResearchonlineshopping159163FourSquare123FrancoSartoxivFreeshippingonlinestore162ndash163Freight65FringeSport156158Futuretrends189ndash203
GanderMountainxviGarmentdistrictNewYork73
GatesBill6189Generationaltargeting7GeorgiaRetailAssociation35GianfrancescoAngela4ndash541109196ndash197Giftboxeswrapping139Giftcertificates48GiftFairNY43GlamourmagazinexvGlobalShop210GlobalSourcescom81Glossaryofcommonretailterms219ndash235Google80164GoogleGlass201GooglePlaces201Google+in171Grossmargin93Grosssales93Groupmemberships7Growingyourbusiness102ndash103
Habitsofsuccessfulretailers14ndash19Handheldportablecashregisters190ndash191194Healthinsurance30Hiringemployees51ndash53HollisKaren95HomeFurnishingsIndustry32
IdahoRetailersAssociation35Ideation211IllinoisRetailMerchantsAssociation35IllinoisSmallbusinessDevelopmentCenter24Immediate-rightzone120Importingmerchandise65ImprovementDistrictProgramsofNewJersey21
IndependentJewelryRetailersandVendors32IndependentPetRetailers32IndependentRetailerConferencexviii210IndependentRetailerMagazine210IndiaMARTcom81IndianaRetailCouncil35Industrypublications31Informationsources15InnoMarkCommunications208Innovatorentrepreneurs9Instagramin171InstituteforLocalSelf-Reliance178185211Insurance30Intellectualproperty(IP)217Intellectualpropertyrights(IPRs)216InternalRevenueService(IRS)211InternationalBusinessattheSourcing78Internationalsourcing6466InternationalTradeOrganization69Internet61sourcingthrough66InternetRetailerConferenceandExhibition(IRCE)162211InternetRetailerMagazine154158164172210Internet-basedmarketing139144ndash146InternetRetailercom162Interviewingpotentialhires51ndash53Introducingnewitemsforsale108ndash117Inventorymanagementxv1941ndash42138
choosingselecting41ndash42classificationofitemsin90ndash91103ndash104customerfeedbacktoinfluence95ndash97104displaysdisplayhardwarefor117ndash123diversifyingin11ndash13dollarvalueofvsunits92introducingnewitemsin108ndash117
maintainedmarkup(MMU)94opentobuy(OTB)planningin9394pointofsalesoftwarefor99ndash102rankingperformanceofclassesin104ndash105retailmathbasicsin90ndash95stock-keepingunit(SKU)numbersin104tradeshowsand41ndash44turnover93vendorsand93
Inventoryturnover93iOS190IowaRetailFederation35iPads123ndash126216iPadEnclosures126210iPadpointndashofndashsale(POS)123ndash126210ISStradeshow43
JCKtradeshow43JennyBoston166JobsSteve39JPCommunicationsIncxvii85
KHollisJewelers95Kabbage211KansasChamberofCommerce35KarydesConsulting63KarydesMegy63Keepingitsimpleinmarketingmessage142KellerAlex156KellerPeter156KentuckyRetailFederation35KizerampBenderSpeaking112118169170213KizerRich112118169170213KnebelAmy184
KonopackiTom98KroekerCurtis197ndash200
Layoutconsistencyonlinestore160Learning16ndash17LicensingExpo211ndash212Licensing211ndash212Lighting118Localevents40SeealsoBuy-localeventsLocalmedia16Lockport10LordampTaylorxivLouisianaRetailersAssociation35Luckymagazinexv
MacyrsquosxivMade-in-chinacom81MAGICMarketWeek212MAGICtradeshow436278205MailChimp143MainStreetNewJersey21Maintainedmarkup(MMU)94ManagementOne212Managershiring52ndash53Managingyourbusiness18ManeckeKirt54Manufacturerscomxvii6281212Manufacturingnet69Marketresearch30454795ndash97Marketing162040133
brandingand139charityeventsas134e-mailin140141ndash144events114giftboxesbagsetc139
importanceof138Internet-based144ndash146online139resourcesandinformationon146ndash148socialmediain140ndash141
MarylandRetailersAssociation35Mathretailmathbasics90ndash95MaxStudioxiiiMaynardKristin166McCabeDane186McGrathSkip164165McNultyBill195ndash196Medialocal1620Merchandising57Merchantsolutionbenefits30ndash31MFGcom81MiamiMerchandiseMartThe73MichiganRetailersAssociation35MidwestMarketDays73MilchenJeff178ndash182MindshareTechnologies97MinnesotaMainStreetxviiiMinnesotaRetailersAssociation35MinorityBusinessDevelopmentAgency(MBDA)212MississippiRetailandGrocersAssociation35MissouriRetailersAssociation35Mobilecommerce126ndash128Modalyst81212MontanaRetailAssociation35Moocom147213MorettiJessica142MuseumandNotndashforndashProfitStores32MuseumStoreAssociationxviii2732MuseumsampMorexviiMusic124129ndash130147
Namorg69NationalFederationofIndependentBusinesses183NationalHardwareShow4371213NationalRetailFederation48NebraskaRetailFederation35Netsales93NewJerseyRetailMerchantsAssociation36NewMexicoRetailAssociation36NewYorkInternationalGiftFair43NewYorkwholesalegarmentdistrict73NexPet32NielsenExpositions209NineWestxivNolchaEvents116NolchaFashionWeekNewYorkxviiiNordstromxiiixiv44191NorthCarolinaRetailMerchantsAssociation2536NorthDakotaRetailAssociation36
OffndashPriceShow217OhioCouncilofRetailMerchants36Onlinegroups30OnlinemarketingSeeInternet-basedmarketingOnlinepresenceonlinestore731153ndash176201AmazoneBayplatformsfor164165companycontactinfoin161contentmarketingand175ndash176creatinganonlinestorefor155ndash163customercarecustomerserviceand163e-commerceand154ndash163Facebookassalesplatformin166focusonyouruniqueimagein158ndash159freeshippingand162ndash163layoutconsistencyin160
paymentoptionsfor161ndash162photosimagesin160productdescriptionsfor159ndash160175ndash176reachof154resourcesandinformationon162salesamountsgeneratedby163salestrackingsoftwarein157157Shopifyincreatingonlinestores155shoppingcartsystemfor161socialmediaand163164ndash174targetcustomersfor163tipsforbuilding158ndash163
Onlinesourcingplatforms80ndash85Opentobuy(OTB)planning779394Operationalprocedures1957Opportunistentrepreneurs9Ordersplacedattradeshows77ndash79OutdoorRetailerShow70Outsidesourcesofinformationsupport6ndash721ndash37
ParkerHarriet24Payingemployees57Paymentcardindustry(PCI)compliance190Paymentoptionsonlinestore161ndash162PeacefulParlour13PennsylvaniaRetailersrsquoAssociation36Petflowcom165PGAShow43Philosophycompany56Photosimagesonlinestore160PicardCurtis26ndash27PicassoPablo9Pinterest144171208218PlasticResourcecom48
Point-of-sale(POS)areas121Point-of-sale(POS)date15Point-of-sales(POS)systemstechnology4714899ndash102123ndash126190191ndash194210SeealsoInventorymanagementPremierPackaging139147202213
PrescottJasonxviixix6885200ndash202Pressreleases133135ndash137Pricing90ndash95Productdescriptionsonlinestore159ndash160175ndash176Profitretailmathbasics90ndash95Publicationsxvxvii3167Publicity 7 134 See alsoMarketingQuotes and price comparison sourcing66ndash67
Radio124RalishShari13113RalphLaurenxiiiReedExpositions44213Resourcelisting205ndash218RetailAdventuresBlog213RetailAssociationofMaine2636RetailAssociationofNevada36RetailCouncilofNewYorkState36RetailJewelersOrganization32RetailMerchantsAssociationofNewHampshire36RetailMerchantsofHawaii36RetailMindedxvi2969143210214218
conferencesby33PartnerPrograminxviii31
RetailMindedMagazinexviindashxviiiRetailRadio124147214RetailTouchPoints167172ndash173214RetailersAssociationofMassachusetts36RetailMAVENS90102117214Returnoninvestment93Returnpolicies46
Reviewsites97ReyhleNicoleLeinbach202RhodeIslandRetailFederation36RiceJama27RichelsonJason126190RobbinsTony21RodgersCourtney144159RowsellVaughn99ndash102123124192
Salesection121ndash122Salestrackingsoftwareonlinestores157157Scheduling57SCORE33Searchengines80Searchingforproductsonline80Searsxiii164Seasonalemployees7Security58Sellthrough93117Selling107ndash131
cross-merchandisingtechniquesin122displaysforinventory117ndash123e-commercestatisticsand145engagingthesensesin128ndash131immediate-rightzonein120mobilecommerceand126ndash128pointofsale(POS)areasand121salesectionin121ndash122soundtoenhancebuyingexperienceand124staplesvsstatementsin122ndash123storecalendarand109ndash111storestoppersin120ndash121technologyfor123ndash126
Sellingyourstore197ndash200
ShiftYourShoppingprogram182184185214Shipping65onlinestore162ndash163Shipwire173215ShopIndieRetail215ShopSmallcampaign183ndash185215ndash216Shop-localinitiatives177ndash188
AmericanIndependentBusinessAlliance(AMIBA)and178ndash182185BALLEcalculatorsand182Business Alliance for Local Living Economies (BALLE) and 181ndash182185buy-localcampaignsand178ndash182charityeventsand185ndash186InstituteforLocalSelf-Relianceand185ShiftYourShoppingprogramand182184185ShopSmallcampaignand183ndash185SmallBusinessSaturdaycampaignand183ndash185startingyourowncampaignfor186ndash188
Shopify145147154155162173202215ShopKeep126190215Shoppingcartsystemsonlinestore161SierraPacificCrafts216Sightengagingthesensesinselling128ndash129Signage3147SilverBarnThe12133ndash134SixDegreesorg215SkipMcGrathcom165Smallandmedium-sizedenterprises(SMEs)216SmallBusinessAdministration(SBA)217SmallBusinessDevelopmentCenters(SBDC)24206217SmallBusinessSaturdaycampaign183ndash185SmartRetailerxviiSmartSign147Smellengagingthesensesinselling130SmileSellMorewithAmazingCustomerService(Manecke)54
SnapRetail110ndash111138140141142143147167168170173202216SobbottSusan183Socialmedia1645123140153163164ndash174201
70-20-10rulein170BoutiqueWindowand171Facebookin166171findingrightchannelin170ndash171Google+in171Instagramin171Pinterestin171resourcesandinformationfor172salesgeneratedthrough164SnapRetailofferingin168timerequirementstoparticipatein170Twitterin171useofbymerchants167ldquovoicerdquoin169
SocietyofAmericanFlorists32Softwareasaservice(SAAS)193Soundtoenhancebuyingexperience124Soundengagingthesensesinselling129ndash130SourceDirect62Sourcing61ndash87
budgetingfor68Business-to-Business(B2B)sourcingplatformsfor80ndash85importantpointstorememberin64international64ndash6566Internetfor66networkingfor67onlineplatformsfor80ndash85publicationsabout67quotesandpricecomparisonin66ndash67resourcesandinformationon69retailerbenefitsof62ndash69searchenginestolocateproductsin80
trendsin67ndash68USCustomsregulationsand65unexpectedissuesin68
SourcingJournalOnlinecom6769SouthCarolinaRetailAssociation36SouthDakotaRetailersAssociation36Specialistentrepreneurs9SpecialtyToyIndustry32SquareSquareUpcom202216StaffSeeemployeesandstaffStandingoutamongotherretailers3ndash7Staples153Staplesvsstatementsdisplays122ndash123Starbucks191StateChamberofOklahomaxviiiState-levelretailassociations25ndash37StellaBlueDesign4Stocktosalesratio93Stock-keepingunit(SKU)numbers104STOPfakes216Stoppersstorestoppers120ndash121Storecalendar109ndash111Storecontactinformation56161Storehours4956StoreSpecialtyServices216Storestoppersas120ndash121Storetraditions50Storewindow119Storyofyourstore39ndash58Strategicalignment108SumnerCommunicationsInc195Suppliers66ndash67SeealsoSourcingSupportingotherlocalbusinesses17Surveys45SuttonCynthia12133ndash134138146
Target165Targetingcustomers715163TarsusGroup44217Tasteengagingthesensesinselling130ndash131Taxes211Technology123ndash126190ndash191SeealsoPointofsales(POS)
futurebeyond194TeeleSuzy138140141167170TennesseeRetailAssociation37Terminationofemployees57TexasRetailersAssociation37TheLimitedxiiiThingsRememberedxiiiThomasnetcom81Tiffany139TopTenWholesalecomxvii6267698183ndash85218Touchengagingthesensesinselling129TradeShowExhibitorsAssociation(TSEA)217Tradeshows172941ndash446166677071ndash77
educationalopportunitiesof82guideto43open-to-buy(OTB)budgetin77ordersplacedat77ndash79preparingtoattend86ndash87tipsforattending78
Trade-specificorganizations27TrademarkTheSpot217Tradeology69Traditionsstore50Trainingemployeesandyourself16ndash172074ndash75Traveldiscounts31Trends3067TripAdvisor201TriparInternational147ndash148217Twitterxvi144171183201208218
USCustomsregulations65USNationalAssociationofManufacturers69USPatentandTrademarkOffice(USPTO)217USSmallBusinessAdministration(SBA)217Uniqueimageinonlineretail158ndash159Uniquetraitsofyourstore44ndash58UtahRetailMerchantsAssociation37
Vend99ndash102123148192202218Vendors61741587493
maintainedmarkup(MMU)and94VermontRetailAssociation37ViaTrading219Vine174218VIPcustomercare47ndash48VirginiaRetailMerchantsAssociation37ldquoVoicerdquoinsocialmedia169
WagnerCathy9092102117118214WagnerPaul214Walmart153165191201WashingtonMutual108WashingtonRetailAssociation37WaubonseeCommunityCollege24Websites 7 See also Online presenceOnline stores West Virginia RetailersAssociation37
WesternRetailerxviiWeWearorg206Wholesale101AGuidetohellip(Prescott)68WholesaleDistrictinLosAngelesThe73Wholesalemarkets66WholesaleMindedMagazine218WholesaleCraftscom81218Wholesalersxvii626769ndash718183218
martsandbuyingdistrictsfor73Windowdisplays3119WindowsPOSsystems190WirtzElla171Wishpond173ndash174218WomenrsquosWearDailyxvWorldMarketCenter73WyomingRetailAssociation37
Yahoo80Yelpcom97201
ZiglerZig133
AbouttheAuthors
NicoleLeinbachReyhleisanexperiencedretailandwholesaleprofessionalwithapassionforsmallbusinessesAfteryearsofholdingbothregionalandnationalmanagementrolesforcompaniesincludingNordstromAdidasAmericaSearsandFrancoSartoFootwearReyhlefoundedRetailMindedin2007tosupportindependentretailersthroughouttheworldIntendedtohelpindividualbusinessownersthriveRetailMindeddelivers
valuablenewseducationandsupportspecifictoindependentmerchantsSince2011ReyhlehasalsosupportedtheretailandsmallbusinesscommunitythroughherquarterlypublicationRetailMindedmagazineaswellasthroughtheRetailMindedPartnerProgramwhichaffiliateswithmanyassociationsandorganizationsinanefforttodeliverretaileducationandsupporttomerchantsfromallsectorsReyhlersquosonlinewebsiteRetailMindedcomhasover1500articlesspecificto
retaileducationforsmallbusinessesandReyhlehaswrittenandpublishedover500articlesinavarietyofotherpublicationsaswellAfrequentspeakeratbothnationalandinternationaleventsReyhleisthecofounderoftheIndependentRetailerConferencewhichiscommittedtodeliveringqualityeducationtomerchantswithonetotenstoresReyhleisactiveinavarietyofretail-andsmallbusiness-focusedadvisoryboardsthroughouttheUnitedStatesandcontinuouslyworkstostayengagedinretailtrendsresearchandnewsReyhleservesasaspokespersonandadvisorforSmallBusinessSaturdaya
nationallyrecognizeddayoccuringtheSaturdayafterThanksgivingthat
nationallyrecognizeddayoccuringtheSaturdayafterThanksgivingthatsupportssmallbusinessesAmericanExpressisafoundingpartnerofSmallBusinessSaturdayReyhlehasbeenanadjunctinstructoratColumbiaCollegeChicagosince2004teachingvariousretailandbusinesscoursesReyhleresidesintheChicagoareawithherhusbandtheirtwoyoung
childrenandtheirWeimaranerFollowReyhleonTwitteratRetailMindedandonFacebookatFacebookcomRetailMinded
JasonAPrescottCEOofJPCommunicationsIncdirectsanetworkofglobaltradeplatformsusedforsourcingproductsbymillionsofbusinessesandentrepreneursAnchoredbyTopTenWholesalecomandManufacturercomover2000000manufacturerswholesalersimportersretailersandproductresellersbelongtotheJPCInctradeplatformsJasonrecentlypublishedhisfirstbookWholesale101AGuidetoProductSourcingforEntrepreneursandSmallBusinessOwners(McGraw-Hill2013)PrescottspearheadedtheacquisitionofManufacturercomfromagroupofChinesenationalsandforeigninvestorsin2009JPCommunicationsIncoperatesinChinaunderHangzhouFlatWorldSourcingLTDPrescottisapioneerinbusiness-to-businessonlinetradeplatformsJP
CommunicationsrsquotradeplatformsarepartneredwithindustrytradeshowgiantsSourcingatMagicASDtheOffPriceShowInternetRetailerandtheNationalHardwareShowandhehasgivenpresentationsatSearchEngineStrategiesSIPPASANDIOSASDTradeShowsSourcingatMagicandtheSanDiegoSoftwareCouncilPrescottauthoredoneofthefirstsearchmarketingcoursesfortheSearchEngineMarketingProfessionalsOrganizationandwasonSEMPOrsquosEducationCommitteeBesidespresentationsandconsultingPrescotthaswrittenarticlesonbusinessandtechnologyappearinginB2BOnlineOMMAIMediaConnectionCEOmagazineandEntrepreneurOnlineHehasalsobeencitedinIncmagazineBusinessWeekandForbesOnlineTopTenWholesalewasnamed1inFastGrowthAwards(2008)by
bizSanDiegoandrankedintheTop20forTechnologyawardssponsoredbytheSanDiegoBusinessJournalPrescottwasnamedintheTop40EntrepreneursUnder40listin2007bySanDiegorsquosMetropolitanmagazineandwasrecognizedforOutstandingEmergingBusinessoftheYearbytheSanDiegoChamberofCommercePrescottisagraduateofWesternConnecticutStateUniversityandcurrently
livesinLosAngelesCalifornia
- Acknowledgments
- Introduction
-
- Action Guide
- Habits of Successful Retailers
- Action Guide
- Getting Involved with Outside Organizations
- Benefits That Organizations May Offer
- Action Guide
- Creating an Inventory Assortment That Stands Out
- Unique Traits of Your Store
- General Interview Questions for Potential Employees
- Action Guide
- Benefits of Sourcing as a Retailer
- Working with Wholesalers
- Understanding the Value of Trade Shows
- Managing Orders Placed at Shows
- Using Online Sourcing Platforms
- Action Guide
- Understanding the Basics of Retail Math
- Introducing Customer Feedback for Inventory Management
- Using Point-of-Sale Software to Help Manage Inventory
- Action Guide
- Introducing and Managing Store Events
- Highlighting Inventory Through Displays
- Using Modern Technology in Your Store
- Identifying Whether Mobile Commerce Matters
- Action Guide
- Using E-mail to Communicate Store Messages
- Using the Internet as a Marketing Platform
- Resources Every Independent Retailer Should Know About
- Action Guide
- Embracing E-commerce
- Social Media in Todayrsquos Retail Marketplace
- Action Guide
- Understanding Buy-Local Campaigns
- Finding Success Through Small-Business Saturday
- Introducing Commerce and Charity
- Action Guide
- The Future of Independent Retail
- The Future Beyond Technology
- When Retail Isnrsquot in Your Future
- Parting Words from Jason Prescott
- Parting Words from Nicole Leinbach Reyhle
- Conclusion
-
- Part I Being Indie in a Big-Box World
-
- 1
- Standing Out among the Crowd
- 2
- Stepping Outside Your Comfort Zone
- 3
- Leaning on Outside Organizations
- 4
- Identifying Your Unique Store Story
-
- Part II Practical Steps to Increase Your Store Visibility and Sales
-
- 5
- Sourcing Products Through Trade Shows and the Internet
- 6
- Buying for Customers Versus Yourself
- 7
- Selling Your Products
- 8
- Applying Press and Marketing to Your Business
-
- Part III Making a Mark in the Economy
-
- 9
- Making Your Presence Online
- 10
- Taking Part in Shop-Local Initiatives
- 11
- A Crystal Ball for Independent Retailers
-
- Appendix A Resources for Independent Retailers
- Appendix B Common Retail Terms and Definitions
- Notes
- Index
-
