Many
local retailers are struggling to strive in the current competitive
market environment that has been flaunted by firms that have adopted
advanced technology. Local retailers suffer at the hands of companies
that sell their products through online means. Amazon is one of the most
significant online operational business that has threatened and brought
suffering to many small and independent retailers. Online sales of
Amazon and other online firms will increase at a high pace to almost
double. This poses a danger to local retail firms on how they can remain
strong to face the competition from a big company such as Amazon that
depends on distribution centers and a website.
Lowering of prices
may not be the best solution for small retailers to stay competitive in
the market with online retailers like Amazon.com and others. When the
independent retailers reduce their prices to compete with Amazon and
other online retailers, it becomes another challenge to deal with
because customers will be expecting regular drops in prizes as well as
the continued supply of the products you sell. Small independent
retailers like any other business have a set profit margin that they
have achieved for the business to remain competitive and financially
stable, hence cannot afford to offer 20 or 30 percent discounts like
Amazon.
There are better ways through which independent local
retailers can effectively compete with Amazon and other online
operators. There is, therefore, no need to go about the idea of pricing
of their products. Below are some tactics that small independent
retailers can embrace to become competitive in the highly demanding
market environment;
1. Hire the right people-and offer killer customer service
The
type of staff determines the type of people services clients receive.
Local retailers should consider hiring the right people to help in their
operations. People who have the excellent know-how on how to carry out
the activities of the business will be vital in offering superior
customer services. When small retailers hire the right people, there is a
high probability that customers will be happy by the services they
receive since they have been, taught and motivated to create magical
experiences to customers through communication. This will make the small
retailers attain customer loyalty and thrive by efficiently competing
with Amazon and other companies selling their products online.
2. Add value to their customers' lives
Despite
Amazon and other online retailers being better in the creation of a
more rewarding shopping experience; they are limited in their abilities
to do so. Local retailers can maximize on this opportunity to figure out
what they can offer to customers that online operators don't or cannot
offer. This type of service can add an advantage to them in that
customers may see local retailers to be of higher value than online
dealers. The offer may be exclusive products or gift wrapping. It may
make the customers understand why the prizes of the local small
retailers are higher than those of Amazon online shop.
3. Create a memorable and different in-store experience
The
experience of a customer has always been an issue determining the
memory and perception towards a business. Local retailers should toil to
provide customers with a special experience that they cannot get in
other areas. By giving customers a unique experience, it will leave them
with good memories, and they are likely to come over and over again to
these small retailers to experience more.
4. Embrace technology
Local
retailers need to embrace technology in their operations for them to be
competitive in the market. The use of technology currently runs many
businesses. By using technology, local retailers will be able monitors
their levels of customer satisfaction by reviewing customer feedback.
The small local retailers will, in turn, use this response to improve in
areas where the customers have raised concerns, suggestions and
complain as well. The discussed techniques are of great help in ensuring
that local retailers sustain themselves in the competitive market
environment.
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