Today’s retail scene is exponentially different from the past, making some traditional practices outdated for the modern demands of the communities in which they reside as well as their online presence. On top of that, with the unanticipated adversity brought about by the Covid-19 pandemic, the survival of many businesses was threatened as consumer habits also shifted. And the truth is, there is no one silver bullet—no one solution to a multifaceted and complex problem. Brett Beveridge, Founder & CEO of The Revenue Optimization Companies (T-ROC), advises business owners and industry leaders to utilize many different methods to approach the issue from various angles and achieve success.
Having an Omnichannel Presence
Beveridge stresses the importance of using technology to stay relevant and competitive. In the wake of the pandemic, online businesses thrived as traditional brick & mortar businesses saw a decrease in sales. As such, it became a wake-up call for many to adjust to the technological age alongside the changing behaviors of consumers. With people around the world coming in and out of lockdowns, consumers are attached to their screens, be it their phone, laptop, or desktop, it is wise for retail companies to offer customers a seamless omnichannel shopping experience.
Those businesses with an omnichannel presence beyond their physical stores have the ability to provide consumers with a wide array of shopping options to choose from through platforms that are convenient to them. Specific practices that businesses can adopt include providing options for online orders which can either be picked up from physical stores or delivered to customers’ homes. Additionally, it is crucial to have social media managers or personnel who can easily accommodate customer inquiries made through online platforms. Ultimately, having an omnichannel presence increases the likelihood of boosting sales and gives customers convenient service, which in turn allows businesses to gain their trust and confidence.
Studying the Market
Banking on the idea of providing customers with a seamless experience, making sure that your actions align with your customer’s expectations is a crucial factor in boosting sales. You must also study your target market to optimize your operations and create solutions efficiently. At T-ROC, they gather actionable market research through various solutions, analyze comprehensive data, and offer their retail clients the right insights and recommendations. T-ROC helps its clients by identifying the age demographic of shoppers, understanding their most-visited locations, and discerning their needs, desires, and regular shopping habits.
Choosing to Reinvent
T-ROC transformed into what it is today because Beveridge was always ready to reinvent. Beveridge’s company found new ways to optimize revenue during the pandemic by offering clients novel and innovative services to help solve their problems. One such way they accomplished this was by creating a smart fixture called Virtual Interactive Brand Ambassador or VIBA, which connects in-store shoppers with a virtual assistant that can either demonstrate a product or help customers purchase a product without having to interact with a salesperson. The company also offered an assembly service for coveted products, such as bikes and outdoor furniture, to large retailers who needed help filling orders. The provision of these new services opened an entirely new source of revenue for T-ROC. Quarterly, T-ROC executives attend “hurricane sessions,” where they assess what’s working and what’s not in their operations. Consequently, they devise ten new ideas to enhance their business. That said, one of the best decisions to make as a retail owner is choosing to reinvent your strategy. There should always be a never-ending theme of embracing change.
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