The global pandemic has been the cause of many store closures in North America, and we’re likely to see this trend continuing into 2022.
Lockdowns, limited capacity, and in-person shopping limited to essential services has seen businesses adapting in many different ways over the past year.
As a business owner, you have faced innumerable challenges to keep your doors open.
Maybe you have considered retirement as an option and are looking to hire a retirement retail sales consultant for a store closing sales event.
Or maybe you’re not ready to wrap it all up just yet.
Either way, as the world slowly emerges from this pandemic, your business will need to continue adapting in 2022.
It’s not just the pandemic that has forced businesses to change in the past few years.
Online shopping was growing in popularity even before there was a serious airborne virus on the loose.
Our changing environment and issues of climate change have sprung to the forefront more than ever in the past five years.
Today’s consumer demands more ethical business practices.
And while consumer sales have been strong despite the pandemic, today’s customer spends their money on different things than they used to.
So then what are some of the things a business can do to survive into the foreseeable future?
Let’s have a look at some of the ways stores will innovate in 2022 to survive and thrive.
They’ll Rework Their Stores To Feel Safer
Keeping your employees safe has become a priority for you during the pandemic.
Managing your COVID-19 retail recovery has included protective screens at checkouts, limiting your in-store capacity, and ensuring that everyone wears a mask while in your store.
But it’s not just the employees who appreciate your efforts to keep the store environment a clean and safe one.
Many of your customers still appreciate the in store shopping experience, so it’s up to you to do everything you can to help them feel secure.
Providing extras such as hand sanitizer at your front entrance makes your customers feel that their safety is your priority, and they will become repeat customers.
Have signage in place to let people know how to handle items safely.
You might have redesigned your store to leave space for customers to distance from one another as they negotiate the busy shopping season.
They’ll Focus On Delivery
One of the biggest changes for your customers over the past two years is that they want to travel less.
Customers that used to drop by your store on their way to or from work may now be working from home.
They might not even visit your area.
But they could still be loyal customers, if you give them the opportunity.
Offering delivery helps you to keep that connection with customers who are no longer local.
Further to that, 90% of consumers say that they would shop more if they were given the option of free delivery.
Consider your delivery methods and whether offering free delivery is an option for you.
Perhaps you could have free delivery with a minimum purchase.
You may see an increase in your sales to help cover delivery costs, while maintaining that important connection with all your customers.
They’ll Shift To Online Shopping
Before the 2020 pandemic hit, statistics show that 60% of adults in North America preferred to shop in person.
The same study showed that this number dropped to 37% once COVID-19 hit.
Amazon has taken the opportunity and blasted their profits into space.
What have you been doing?
Even before the pandemic, consumer shopping habits have been drifting more online.
During the pandemic there have been many advancements in retail systems and technology out of necessity.
As well, the cost of new systems has dropped on may tools that may help you manage your business and be more competitive and profitable moving forward.
While you will see a slow return of in person shoppers, it is time to take a closer look at your website and social media, especially if you have not done so in years.
Successful retailers take a digital first approach to the holiday season, for example.
When most of your competition is online, you need to have a presence there to compete.
Is your website more than five years old?
Does it look good on a smartphone or a tablet?
Have you posted to your social media channels in the past week or month?
Have you been taking the time to gather customer reviews?
It’s worth the investment to update your website, social media presence, and your shipping options and communications options for your customers.
Contactless payment methods have been around for a decade now, and if you’re not already using them it’s time to adapt.
Of course, if you begin selling online more, you’ll have to make sure you have a highly effective inventory management system in place.
They’ll Embrace Private Label Branding
With rising costs consumers are turning to private label brands more than ever before.
Private labels are now popular with all budget conscious consumers, not just those with a lower income.
In Europe, for example, private labels account for 40% of grocery store sales.
Additionally, as a retailer you make a higher margin on your private label brands.
This doesn’t work for every type of retail business, of course.
But you can look at your inventory and talk to some suppliers and see if it might be a good idea to create your own private label brand.
They’ll React To Consumer Needs
The pandemic has seen a huge increase in the number of people working from home.
Spending has shifted in new directions, focusing more on digital products, cooking, and online retail.
This “at home” economy may be here to stay, as despite loosening restrictions, many businesses are choosing to let their employees continue to work from home.
It may be time for you to examine your presence as a retailer in the at home economy.
Are you selling items that people just don’t have as much of a need for as they used to?
If so, how can you pivot your offering to better serve what customers are looking for today.
They’ll Focus On Sustainability
Sustainability means letting your customers know where the product is made, what it is made out of, and what they can do with it when they’re finished with it.
Is it recycled or recyclable, for example?
Was it produced under ethical means?
A growing awareness of the impact that businesses have on the environment means that your consumer will look to you to make an impact in the fight against climate change.
In addition, businesses need to prove that they are socially responsible, for example by auditing factories and warehouses to ensure ethical business practices.
An increased focus on ensuring the health and wellbeing of your employees also goes a long way towards attracting consumers in the coming year.
…Or, They’ll Just Close
As we emerge from the economic impacts of the pandemic, many businesses will simply not survive.
If it’s beginning to look like you could be one of the casualties, then it is time to consider talking to a store closing sales consultant.
Rather than packing up and giving in, work with an expert to organize the biggest retail sales event that your store has ever had.
Your consultant will work with you to keep your reputation intact, and your employees cared for.
Closing your store can be stressful enough without having to worry about liquidating your entire stock.
Contact Silverman Consulting & Retail Services Today
Is it time to close the retail chapter of your life and move on to the next phase?
If so, Silverman Consulting And Retail Services can help.
Whether you plan to sell your store, relocate to a new area, or just close altogether, we can help.
We’ll assign a specialist to work with your business, define your goals, and help you plan your exit strategy.
Take the first step towards a stress free journey into the next phase of your life by contacting Silverman Consulting & Retail Services today.
Silverman Consulting & Retail Services229 Yonge St suite 400,
Toronto, ON M5B 1N9, Canada
1 (888) 955-1069