6 Oct 2020
Taking back control
We’ve talked for so long about the high street and in particular independent retailers being the beating heart of the community and how the internet, large retail parks and changes in consumer behaviour has rocked this foundation to the core. We’re at the point where independent retailers are becoming a rare breed and, as such, local high streets become less appealing.
Whilst none of us could have imagined the COVID-19 situation to happen, it’s been such an almighty step change in the way we live.
Our fundamental societal roles have changed – working, shopping, and education – as well as our attitudes to the community roles we all took for granted; our NHS, bin men, local butchers, bakers, milk deliverers have all been elevated to heroes in our communities.
But will this lead to a reappraisal of the role of independent retailers in the community? Will consumers look differently upon what they may have previously considered out of date?
So with a new captive audience and acceptance of service to society, how can independent retailers revive their fortunes by socialising their new audience and retain them through experiences? We all understand the power of retail experiences, but we now need to plan ahead and look at this with a post COVID- 19 social lens. Let’s face it, people have been thoroughly enjoying pubs, bars, restaurants and cinemas recently as they have missed doing this for quite some time. This includes the experience of physical retail and reliving the enthusiasm of consumerism as a pastime, rather than having another brown box left outside their front door.
Don’t just do the same
My first piece of advice. We’ll soon have a drastic change in seasons and there will be new product ranges ready and waiting to go. Remind people why they like physical shopping. The ability to see, feel and choose – think about layouts and colour, fun and opportunity for helpful conversation and engagement.
Westfield, the shopping centre chain, released its ‘How We Shop’ report discussing the biggest retail trends to date and what the future holds. The report said that 2025 is the tipping point year when more than half of retail square meterage will be dedicated to experiences rather than product.
A colossal 81 per cent of shoppers interviewed said they would be willing to pay more for experience, 75 per cent will spend more in stores that offer experiences as well as product, and 42 per cent want to see more creative experiences in store.
As an independent retailer, you may think that your store cannot compete with Westfield in terms of size, scale and budget, but recent consumer behaviour has shown that ‘local’ is just as important. So keep on fighting and entice consumers with products that appeal to their needs and desires to get out and shop and treat themselves. Make that contrast between the anonymity and soullessness that can be experienced by online shopping and the personal experience that local businesses can offer.
With 40 per cent of all online sales during the first three weeks in lockdown being ‘non-food’, the challenge is to win back those consumers who may have had no alternatives, particularly with distress purchases, to shop online. Take back control and don’t let go of your customer base.
To read the full article please visit ERT.