Passionate about your business success by sharing the experiences of the day to day dealings of an accountant who has worked with small/medium enterprises for over 33 years
Sunday, January 1, 2012
The Demise of Retail As We Know It!
It's been a few weeks now since I last posted - it's been a busy time up to Christmas and new year.
It's interesting that I have made earlier posts discussing the future of retail.
In Australia it's become a popular talking point in the media - and commentary in 99% of cases is that customers have only been to pleased to deal with their local retailers - except there is one barrier to them making a purchase - that is the total lack of customer service. That is they cannot get anyone to help them with a purchase or even if they have made their selection, someone to complete the sale and TAKE THEIR MONEY!!!!! Can you believe that this is the case in these difficult times.
Now, the problem is created once these dissatisfied customers venture on line to make their purchase. Once they discover how easy it is, it is quite likely that these customers may be lost by bricks and mortar retailers for many of their purchases - forever!
If you are a retailer, what are you going to do? Wait for the good old days to return?
Unfortunately, the game has changed - permanently!
Will you set up an online store? Question is though is how will you compete with larger businesses with wide stock ranges, slick online store setups and reliable logistics?
Yes, you will need to go online - but most importantly, you will need to clearly establish why people should visit your store? What is your competitive advantage?
Of course, you need to understand what you do and how you do it. But to establish a clear competitive advantage, make your New Years resolution to work out clearly WHY you are in business and why customers should support you.
I'm interested in any comments that you may have - feel free to air your thoughts!