8 Ways to Weather Economic Storms
There are two things that aren't in short supply these days: bad economic news, particularly from south of the border, and advice on how to increase (or maintain) sales in a down economy. A couple of weeks ago, BusinessWeek Online's small business reporter, John Tozzi interviewed experts and reported five ways that small stores could lure holiday shoppers. The five points listed in the article are:
1.Target wealthier shoppers who are less price-sensitive.
2. Court your best customers. Eg. Use affinity discounts that encourage loyal customers to shop more.
3. Keep your inventory lean and your costs down.
4. Watch your staffing levels to control costs. Consider opening later in the morning, and staying open later in the evening when more people are shopping.
5. Coordinate your web and bricks-and-mortar strategies.
Retailwire.com's Fall 2008 Digest also offers strategies for surviving these turbulent times. Drawing from all types of retailers, its suggestions include
6. Consider the needs of senior shoppers. The number of consumers over the age of 65 is growing and their needs have to be accommodated.
7. Offer consumers a "seamless" shopping experience be it in-store, via catalog or on the web. "There are opportunities to leapfrog the competition by automating cross-channel processes and achieving global order, shipment and inventory visibility across all channels."
8. Let your customers determine your store's charitable giving. For example, "in the U.S., shoppers who bring their own bags to Whole Foods are given wooden nickels that they can deposit in boxes assigned to local charities. Whole Foods then donates a percentage of its community giving dollars based on the charities chosen by its shoppers."
