The Wave of Retail economic strength…
The Wave of economic strength rides firmly with retail business in America today, and that wave has challenges much like a wave in the ocean. It moves at various speeds and rises to crests that reach new heights and then crash hard to the sands and rocks of the sea of prosperity only to continue to repeat the cycle.
As the economy wave moves in the retail industry, retailers big and small surf on the tides of the American economic sea. Main Street America is the heartbeat of the ocean of economics and still maintains a strong pulse in the national and global markets. The ebb and flow of buying cycles and seasons truly are indicators for all retailers, but more specifically the smaller retailer, and as those tides rise and fall the problems and challenges that attach create a host of challenges that small business owners must face.
One challenge being the uncertainty of our current economics at home and abroad, The uncertainty of the regional and national politics is a vital component to watching the tide as it rushes in and creates strong undercurrent of financial success, or failure. These uncertainties cast significant shadows on the climate and the success of today’s retailers. When the population knows, and feels good with the politics of the country, spending goes up, when there is doubt, the spending crashes just like the wave and the retailer is sent swimming back out to sea to see if they can catch the next wave, and hope that the next wave is one of money and prosperity.
Another wave of change is the changing landscape of diversity of cultures in communities across the country. It creates new trials in being able to communicate effectively and to earn the trust of new customers swimming in a new culture. Finding employees that can assist in creating loyal customer base for your business and be bilingual creates real hiring challenges. The wave of expense to market is to interview, to hire and train and they all affect your bottom line in revenues. Plus it stresses the business, much like when the tide recedes and leaves the boats or surfers stranded on the beach.
Competitive pricing and marketing always create challenges; small independent retailers must be prepared to take the business away. Creating the necessary expertise with staff and excel at customer service is the only way customers today will pay a relatively small increase in price to receive personal service and extra attention during and after the sale, as well as being able to maintain an inventory to quickly turn and be able to facilitate and fulfill a sale is important. At the same time it is important to have vendor partners who can assist you in maintaining that inventory close by to fulfil your immediate need orders as well.
You can clearly see, the seas of retailing are fraught with waves from small to Tsunami, it is my suggestion you learn to swim, and have a flotation device nearby!