Dynamic digital agency, Excellent Zephyr, hosted an evening of networking with industry experts at their Retail in Recession event on 12th April. The event brought together some of the UK’s fastest-growing brands to tackle the challenges modern retailers are currently facing.
We asked some of the guest experts their top tips for retailers looking to thrive in spite of the current economic uncertainties…
What would be your top tips for retailers wanting to thrive despite the current challenges they face?
Ian Moore, the founder of Excellent Zephyr said: “It’s crucial that retailers have efficient technology solutions in place to optimise and automate time-consuming, manual processes. By streamlining their business operations retailers can free up the workforce, improve productivity and save money.
“Speak to an agency or service provider who specialises in retail technology about your business processes, challenges and goals so that they can better define the best fitting solutions for you.”
Jim Herbert, CEO at Patchworks said: “Thriving in retail is all about optimising your business for maximum return on investment. Bluntly it’s about selling more, reducing the unit cost of each sale and having systems and data to hand to allow your business the agility to respond to rapidly changing markets. With advanced ecommerce integrations through an integration platform, retailers can quickly integrate to untried marketplaces such as TikTok or Mirakl, or expand internationally using the integration platform to route orders to the right fulfilment centre and calculate tax and duties, safe in the knowledge that scalability is in place for peak trading.
“Once integrations are optimised, adopting business intelligence can take brands to a new level of delighting customers and building loyalty. By using data from transactions and interactions intelligently, such as how customers respond to promotions, retailers can decide where best to invest their marketing and product budgets. Business intelligence is also a strategy for mitigating key retail issues, such as over or under-stocking, and understanding the factors inducing high return rates. With regular detailed reports highlighting performance-critical trends, such as the worst and best-performing products, brands can identify opportunities to meet customers’ evolving needs, increase sales, optimise fulfilment, and manage their stock and returns – for strong sustainable growth.“
Tom Broughton, the founder of Cubitts, said: “In difficult times, there are inevitably fewer customers, so you’ll have to relentlessly obsess about them. Really think about what they want, how and when they want it, and how you can help. Ultimately, don’t compromise on your product or brand – they’ll see you through the bad times and the good.”
Mike McManus, Digital Manager at WoodBlocX, commented: “The difficult economic situation we’re all experiencing at the moment may lead some retailers to go down the path of heavy discounts to attract sales which can be disastrous for future growth. Instead, retailers must focus on doubling down their efforts to provide their customers with as much ‘value’ as they can outside of price which could include service, personalisation, support, payment options, returns or even extended guarantees.”
John Chiswell, Cross-Border Solutions Manager – EMEA at Avalara, said: “New markets mean new possibilities. The UK is facing a tough time currently, with many businesses looking for alternative ways to generate income. Businesses often look overseas for new trade, but it can be daunting, as new markets mean new rules & regulations. However, if done properly, the rewards can be great.
“Speak to your local chamber of commerce for tips and guidance on how you can explore new markets and what the best ways may be to approach them. Don’t try and manage everything in-house, as it’s too complex. Use experts and outsource or automate as many of the burdensome tasks as possible – Streamlining sales tax collection, remittance, and reporting can save time and money. A 2022 survey by Avalara found that retail businesses with less than 500 employees typically spend an average of 209 hours per month on tax management activities and approximately $24,000 per month on tax compliance activities.
“By doing so, you will free up valuable time and resources to focus on your international growth and your existing domestic customers.”
Thomas Robson-Kanu, Founder, CEO of The Turmeric Co. commented:”
- Embrace Ecommerce: With the pandemic and changing consumer behaviour, it is vital to have an online presence to reach your customers. Retailers should invest in creating a user-friendly ecommerce website that offers a seamless shopping experience.
- Focus on Customer Experience: Retailers should prioritise providing exceptional customer service, whether online or in-store. Ensure the customer’s experience is effortless, personalised, and memorable to build brand loyalty.
- Leverage Social Media: Social media platforms are excellent tools for retailers to connect with customers and promote their brands. Retailers should have an active presence on social media and create engaging content that resonates with their target audience.
- Offer Omnichannel Shopping: Retailers should provide customers with a seamless shopping experience across all channels. This includes offering in-store pickup, curbside pickup, same-day delivery, and online shopping.
- Emphasise Safety: Retailers should take every possible precaution to ensure the safety of their customers and employees. This includes implementing strict hygiene protocols, limiting store capacity, and encouraging social distancing.
- Analyse Data: Retailers should analyse their sales data to identify trends and opportunities. This will help them make informed decisions about inventory management, pricing, and marketing strategies.
- Build Resilience: Retailers should be prepared for unexpected challenges and disruptions. Building resilience means having contingency plans, diversifying supply chains, and being agile in responding to changing market conditions.
Jason Ross, CIO of Workiro said: “From financials, accounting, inventory and order management to CRM and marketing, retail is wildly complex and fast-paced. With the added challenge of remote working, teams must have the right tech stack – as they can only be as efficient as the tools they have to work with.
“For retailers to stay ahead of the curve, streamlining business processes by removing information silos is key. Whether it’s approving orders and invoices to managing projects, an all-in-one communication management tool, such as Workiro, means all of the work associated with any NetSuite record is visible (emails, approvals, documents) even with stakeholders beyond the pale of your ERP.”
Tom Price, Head of Site Acquisition at Sook, commented: “Look to the future. Brands should adapt to cater for future audiences’ digitally-driven buying habits. To adjust, brands have the opportunity to completely differentiate their stores from their online channels.
“They can achieve this by stepping beyond the traditional in-store “browse and buy” model and instead provide an immersive experience that customers want and are increasingly starting to expect of brands. In many cases, traditional online ads are starting to be replaced by digital living ads. Brands are beginning to recognise the value of blending physical and digital to create hyper-relevant, immersive living adverts.
“Secondly, put experiential at the core of all brick and mortar retail activations
91% of customers feel more inclined to purchase after attending a brand event or activation (Hubspot).
“These experiences should be interactive, immersive, personal, and event-led. Try to create something unique and satisfy a need. It is tough for retailers to remain relevant to their customers 365 days a year. Capitalise on times when your customers need you most; ie a swimwear brand event just before summer. Maximise your activations by following your trading calendar’s moments that matter for your customers.”
About Excellent Zephyr
Excellent Zephyr is a digital agency that delivers the best solutions and services on the market to transform, innovate and grow eCommerce and Brick and Mortar retailers.
From their years of experience, they understand the unique challenges that retailers have to face on a daily basis. That’s why they have developed their distinct end-to-end solutions and services to tackle these challenges head-on.
As trusted NetSuite Solution Provider partners, Excellent Zephyr can confidently implement, integrate and automate solutions to create a truly unified retail experience.
Their customers include renowned retail brands such as Lulu Guinness, Trinny London and Gym+Coffee.
