There was a time in the UK, and pretty much everywhere around the globe when the entire offline retail industry was about to go under. That has changed and retail is slowly recovering, much like the other sectors within the UK that suffered during lockdown. However, things are still far from being how they were before, and it will take a while before we can get back there.
Nevertheless, the journey to recovery is already well on its way, and we are going to discuss a few important aspects that might help smaller, local retailers make the best out of what few months are still left in 2020, as well as for the better year that’s ahead of us.
At no point in time is overstocking a good idea of course, but what is different this year, has a lot to do with what can be considered as ‘overstocking’ rather than the very concept itself. In simpler words, do not stock anything without there being an active demand for it.
Assume a dynamic strategy where your inventory will closely match its demand. For example, if you are selling toys, do your market research, target the local market and order products that are the most likely to sell well during the holidays in your locality. Start taking pre-orders online via social media or your own website, so that you can gauge approximately what toys you will need to stock and in what quantity.
Market to the Local Crowds
Make use of online and offline marketing, but limit your target demographics for the time being. Find a local printer who can help you market to the locals directly. The shop should be able to supply your business with high-quality leaflets, invitations, business cards, flyers, banners and everything else you may need. If you are in Chesham, Butterfly Print and Design is the best local printer near you, but even if you are not, just go to their website, browse through their extensive catalogue and contact them to talk business. Aside from supplying all you may need or use while marketing to the potential customers nearby, they offer a range of additional printing services to businesses that you will find to be perpetually useful, such as staff uniform printing and creating graphics for the store windows.
Deliver and Cater to Local Demands
As one might have noticed already, there is a strong suggestion in this post for retailers to target local markets, rather than the ones that are further away. This is part of the post-Covid retail strategy which smaller businesses must consider now. When people are afraid to go out even when allowed, it helps immensely if the neighbourhood retailers have everything that they need. If small businesses can market and then supply the localities more this year, their business will have a higher chance at succeeding, even through this recession.
Finding success in retail is impossible in 2020 if we were to deny how things are. By accepting them, however, we can find a way around the obstacles. Dynamic thinking cannot be a tip, but it should very much be an essential part of any business strategy that is meant to improve an offline retail unit’s business performance this year. The festive season is coming up soon, and despite all odds, things are going to get very busy in offline shops as well. It may not be to an extent as one would have expected from any other year that came before, but the holidays are still expected to provide quite an improvement over the last two quarters of 2020 at the very least.