Comment: How independent mobility retailers can survive and thrive
With strategic adaptation and a focused online presence, brick-and-mortar mobility retailers can survive and thrive, as Mike Glynn explains…
In 1794, Napoleon described England as “a nation of shopkeepers”. These were hard-working local small-scale productive enterprises that provided jobs and served the community. Today, despite the digital revolution and the internet, brick-and-mortar retailers stand firm, a testament to their resilience and adaptability. In 230 years, nothing has changed!
Apart from the digital revolution and the internet, which have fundamentally transformed how we live, work, and shop, the retail landscape has not much changed over the past two centuries. The convenience and seemingly infinite choice offered by e-commerce platforms have lured customers away from physical stores.
In the age of digital dominance, however, brick-and-mortar retailers face an unprecedented challenge…
Strategic adaptation
Buying from a physical shop is one of many options for consumers, and they no longer require the shop owner’s expertise to give them information about the goods’ features.
Once the cornerstone of shopping experiences, physical specialist stores compete against the vastness and convenience of the online marketplace. Although the mobility retail marketplace still has a high level of personalisation, the internet is growing in influencing customer choices. However, all is not lost.
With strategic adaptation and a focused online presence, brick-and-mortar retailers can survive and thrive in their local areas, retaining and acquiring customers.
Many mobility businesses are family owned and started by the previous generation many years ago. Having a shop and serving the local community as the local expert was acceptable then, but more is needed.
The owners are older and have got to the stage of selling and retiring or looking for the next generation to take over. Some businesses are at an advanced stage in this transition. The next generation is already in control, pushing the company forward, whilst others wind down operations.
Rising operating costs and internet competitiveness have accelerated this trend, but people still like to buy from people! Having another person validate or endorse your purchase as the best option is still valued, whether through review or recommendation. This is why a physical mobility retailer still has the upper hand as they are part of the community.
Knowing your numbers
Mobility retailers have the advantage of being able to interact and reassure customers face-to-face. They are not faceless, remote and slow to respond if something needs to be fixed.
To get an advantage today’s mobility retailers need to be better at knowing their numbers – not just sales, margin, and profit but all the other numbers that lead to the sale. These include customer acquisition cost, average order value, conversion rate, and customer lifetime value. Understanding these metrics can help you identify areas for improvement, make informed business decisions, and ultimately drive profitability.
There’s a lot of information available in one form or another, but many retailers need to take the time to view these numbers in greater detail. The numbers, however, are your business’s subconscious feedback on its performance, which you can only improve if you listen.
The numbers will indicate what to do next. Reviewing these numbers more often improves the probability of success and minimises the risk of going off course.
Reclaim lost ground
But does it really matter what you do next without a plan or a schedule? For mobility retailers it is time to fight back and reclaim lost ground online.
Over 60 per cent of mobility retailers are struggling with uncertainty and just getting by, so it’s time for change.
The 21st century retailer needs to be more targeted and scientific in its approach to business growth, using data to create information.
The key lies in leveraging the unique strengths of physical stores while embracing the opportunities presented by the digital world (see sidebar).
Remember, the power of exceptional customer service is in your hands. Make it easy for customers to contact you with questions or concerns online or offline. Respond promptly to inquiries, address any issues or complaints with care, and go above and beyond to exceed customer expectations. Doing so can empower your customers and build solid and lasting relationships.
In conclusion, while the rise of online shopping has posed significant challenges for brick-and-mortar retailers, it has also opened up new opportunities for growth and innovation. Brick-and-mortar retailers can compete effectively in their local areas and beyond by embracing digital marketing strategies, leveraging their expertise, and prioritising customer engagement. With the right approach, they can retain their existing customer base and attract new customers in an increasingly competitive landscape.
Five strategies for retail success
1. Harness the power of expertise
Brick-and-mortar retailers often boast a wealth of knowledge and expertise in their respective fields. This expertise can be a powerful tool for engaging customers online. Whether through informative blog posts, how-to videos, or live Q&A sessions, sharing valuable insights can help establish your store as a trusted authority in your niche.
2. Create an online presence
Establishing a solid online presence is essential for reaching customers beyond your local area. This includes having a user-friendly website, active social media profiles, and an e-commerce platform for online sales. Ensure your online presence reflects your brick-and-mortar store’s unique personality and offerings.
3. Capture customer data
One of the biggest challenges for brick-and-mortar retailers is capturing customer data for follow-up communication. Unlike online retailers, physical stores often need more means to collect customer information directly. However, you can implement strategies to overcome this, such as email sign-up forms, loyalty programmes, or in-store surveys. These methods can help you gather valuable contact information from online visitors and in-store customers, enabling you to build a database for future marketing efforts.
4. Personalise the experience
Personalise the online shopping experience using your customer data. Send targeted email campaigns, offer personalised recommendations based on past purchases, and meaningfully engage with customers on social media. You can foster stronger relationships and encourage repeat business by making customers feel valued and understood.
5. Provide seamless omnichannel experiences
Strive to create a seamless customer experience across online and offline channels. Allow customers to research products online and seamlessly transition to purchasing in-store. Offer options like click-and-collect or in-store pickup to cater to varying preferences.
To discuss your digital marketing strategy and how to adapt to the digital age, contact Mike Glynn at info@mgretailconsulting.co.uk or tel 07480801256.
