The retail sector is in a state of constant change, as are customer expectations of service and comfort. Despite this, there are still many stores that have not changed their business significantly since they began. We will explain why this can be a problem.
What is a business concept?
Newly opened stores are always based on a business concept. There is always an idea to create a cheap, service-oriented, accessible or maybe quality-focused store. On this basis, an operation is built up in which the objective is to become established as a leader within a specific niche.
Do you dare change direction?
It can be difficult to change direction, which also means that many store owners hesitate to make changes that are too great. They are simply reluctant to move away from their original business concept, and they are also unsure about whether they will succeed in becoming established in a new category. At the same time, it is probable that in-store staff, management and the customer base have all changed over time, which also brings new needs, as well as new requirements. This is what should determine whether you change direction or develop the one you are pursuing at present.
Present or future?
Just as retail, customers and staff change over time, the store will also need to make certain adjustments to keep up with the present. But why not take that leap straight into the future? You might be able to “put out fires” in the short term, but this doesn’t equip the store for more long-term development that is sustainable over time. Short-term fire-fighting measures are also far more expensive in the long run. Consider instead what changes can be made and which modern aids are available to do this.
Digital means more than just e-commerce
Many store owners associate the digital development with e-commerce, but digitisation means much more than that. Thanks to digitisation, there are tools that can help you raise your profile in the areas you choose, such as price, quality or service. Using technology for product management, product collection or to be able to provide even better service, you can reinforce your business precisely where you and your customers identify the highest value. For example, by freeing up more staff resources, or by shortening queues and waiting times.
These changes will cost you money. But can you really afford not to invest in the future?