Still coping in NY. (No power at home. 🙂 ) But, back to blogging.
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Small retailers have many points of differentiation against their big-time competitors, such as a more personal approach and a more convenient location.
Anita Campbell, writing for OPEN Forum, offers some holiday tips for small firms:
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“Get an early start. You, too, can benefit from soft launching holiday promotions early. Consider targeting customers you think will be most receptive, or promoting certain products.”
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“Consider offering layaway. Layaway plans have been making a comeback at big retailers, and are a great way to garner what is essentially ‘pre-sales’ so you can predict your cash flow with more confidence.”
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“Discount with care. Consumers are still price-conscious, but it’s tough to compete with big companies on price alone. Instead, see where you can offer extra value that makes your products worth a premium price.”
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“Hire now. The Hay Group study didn’t forecast a shortage of qualified workers, but with big retailers hiring permanent employees, competition will be stiffer than in years past. If you think you’ll need extra hands on board, start recruiting now for best results.”
Retailing: From A to Z 