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04/07/2013

Local Shop Summit- improving your business

Today’s Group Retail Director, John Kinney presented at this year’s Local Shop Summit which took place in Torquay on June 10th. Along with him were a number of forward thinking retailers and retailing experts.

Not least of which was John Stanley, who gave a masterclass in which 10 essential strategies were outlined that all retailers need to understand to improve their convenience stores.

Local shop summit

1. The age group balance is changing

In 2011, the forty somethings were the largest age group, by 2018 most will be over 50. It’s a fact worth considering that over 50s spend less, as their children have grown up.

2. Social media is changing society

Nearly 50% of the population are using smartphones, and this is on the increase. Do you have a Facebook page for your store? How about Twitter? Have a strategy in place to make this a good experience for their customers and beneficial for their business. For advice on this, click here.

3. Smart phone use

Consumers are increasingly using their smart phones when out shopping. 52% use them to locate a store, 48% to browse products, 40% to compare prices, 30% to text while in a store. Why not become searchable to your customers and join Your Shop Local? Click here.

4. 97% of consumers care about local retailers

Do you and the other retailers in your neighbourhood give your customers a great enough set of reasons to care about your business? Think about the service you can offer that multiples can’t and capitilise on these.

5. Power Mums

Do you know who these are in your community? They have always been the leaders of opinion at the school gate, but now they use blogs, Twitter, Facebook and other social media tools to spread their thoughts. How many Power Mums are your customers? Has your store been the subject on their website? By having a Facebook and Twitter presence, you can become part of their community in more ways than one and offer a two way communication..

6. Older customers demand specific treatment

The big challenge of course is offering a store environment fit for these older consumers. They want quality service, detailed product information, easy to read labels and a secure environment.

7. Price isn’t the only measure of value

The currency of value is experience. Entertainment, education, ambience and escapism are all important in the experience economy.

8. Your Staff

Use staff name badges, have a photo gallery of the owner and all the employees, train them to ensure that they have the level of knowledge that enables them to deliver the level of customer service that you really want your customer to have. You need them to engage with your customers about the products and service that you stock.

9. Do Memorable

Your brand is who you are! What do your customers think it is?

10. Vertical merchandising

Customers are likely to buy their chosen purchase 100% of the time if it is displayed in the ‘Sight and Take line’, which is between their chin and navel. If they need to stretch it falls to 75%, bend 55% and on the bottom shelf 20%.

Watch the Local Shop Summit video here.

Image source: Better Retailing

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