Review
Reconsider
React
Reimagine
Reidentify
Reconnect
Realign
Reinvent
Repurpose
Reward
Share
Action Step 10
Reward yourself on a job well done!
The roadmap to recovering retail is not black or white. There are twists and turns, unexpected road-bumps, financial set-backs and even accidents – so to speak – that may be experienced along the way. It will, undoubtedly, be among the more complicated journeys you will ever experience simply because the final destination is yet to be determined. After all, many questions remain unknown.
- Will there be a vaccine for COVID-19?
- Will employees follow through on your updated store expectations?
- Will the economy shift gears again unexpectedly?
- Will customers want to shop more leisurely or only for essentials?
- Will retail ever look like it used to prior to COVID-19?
SKU IQ wants to help build our economy back. As we all know, retail is going to be forced to reinvent itself more than ever and we are here to help. We have always believed physical retail should be more than just in-store transactions. Now more than ever, we want to help retailers across American reopen and we have the technical solutions to support.
-Kevin McKenzie, CEO of SKU IQ
Action Step
Despite the many questions that are unknown, proactively shifting gears and adjusting lanes in order to better accommodate your customers, your local marketplace and your inventory demands will help lead you to your new retail destinations. These new milestones may not come easy, but they will be rewarded if you stay on your path towards navigating retail despite the challenges of COVID-19… and that’s something to celebrate!
Conclusion
Since the onset of COVID-19, traditional and digitally native brands alike have had to adapt seemingly overnight to meet consumers’ needs and demands. Yet whether large or small, new or veteran, no retailer has been immune to the change COVID-19 has commanded. What has not changed, however, is the fact that retail competition still exists despite many retailers, including Pier 1, Payless Shoes, Dress Barn and Tuesday Morning, announcing they are permanently closing their doors.
As you move ahead into 2020 and beyond, remember every turn, every shift, every bump and every brake are what should be expected to continue your journey towards successfully rebuilding your retail business. Along the way, don’t lose sight of each of action step necessary as a way to help guide you towards your continued and constantly evolving retail goals.
- ACTION STEP #1: Review what your business was like prior to COVID-19.
- ACTION STEP #2: Reconsider what your business now needs to be.
- ACTION STEP #3: React to the new realities of retail.
- ACTION STEP #4: Reimagine selling avenues.
- ACTION STEP #5: Reidentify customer communication & connectivity.
- ACTION STEP #6: Reconnect with industry partners, solution providers & more.
- ACTION STEP #7: Realign with employees.
- ACTION STEP #8: Reinvent your retail goals.
- ACTION STEP #9: Repurpose your brick & mortar footprint.
- ACTION STEP #10: Reward yourself on a job well done!
Finally, every retail journey is only possible due to the fuel that keeps retailers going… which are customers.
Customers have many choices as to where they shop, who they remain loyal to and why they choose one retailer versus another. Retailers that will capture their dollars will be those that best respond to their updated preferences in shopping due to COVID-19, and this will begin with inventory assortment but extend to every detail of the shopping experience. As you move ahead in your retail journey, make sure customers are in your passenger seats at all times. Without them, after all, you will have nowhere to go.
