You might wonder why we
have a picture of spaghetti donuts heading this article but we will get to
that. Flexibility is a great advantage for market traders, but how many of us
are taking advantage of opportunities for innovation?
Let's make it clear up
front, change is never easy no matter what size your business. When you have
spent a lot of time and effort locking in businesses practices that suit your
business and lifestyle, it is not easy to change. But the prospect of becoming
a retail pauper is a great incentive and many of you will be thinking of how to
prepare for the new breed of consumers.
Those consumers are
poorer and wiser so if you are not price competitive then your task becomes a
little harder. But, there are many ways of addressing innovation and here are
some prime considerations -
1.
Think
outside the box. Let your thoughts fly. Be a little crazy. Don't let current
constraints limit your thinking. Having said all that, you don't want to think
outside the wrong box. Have a clear idea of what is important and achievable
for you.
2.
Stay
flexible. There is no magic bullet to innovation. Be prepared to try, change if
necessary, and try again. Keep your options open and go exploring.
3.
Engage
your customers. Talking with your customers is a great way to determine the
success of your innovations and to decide what comes next. Ultimately they will
decide success or failure.
4.
Engage
your team. Small business usually means small teams but even if there are only
two of you, talking through ideas, and keeping options open, can be very
productive.
5.
Seek
advice. There are many resources that traders can draw on including small
business organisations and in-house merchandising and marketing staff.
6.
Create
value. Innovation needs to create value although that equation may not be as
simple as it sounds. Amazon is famous for including products in its range that
are provided by other suppliers. Amazon receives less mark-up but meeting
customer demand pays off across all the products they offer. You may be able to
create liaisons with other market traders.
7.
Save
the magic. We may be in a new era where consumers (and our competitors) have unparalleled access to information, but at least in part, we are in the
entertainment industry, and a dose of mystery and surprise can enhance the
experience.
Areas that traders
might consider for innovation-
Presentation - the way
you show off your goods is virtually a blank page ready for exciting ideas.
Delivery Services -
convenience is a key consumer demand and the delivery industry, including
Australia Post is providing plenty of options for you and your customers.
Other Outlets - QVM us
a great place to trade but maybe there are others including pop-ups.
Product Range - the
world is an oyster to customers but also to traders. Air freighting from other
parts of the globe is an option for a growing number of traders.
Online - a web presence
is an obvious option for every trader and you don't need a fully fledged and
time consuming website to reap rewards from an online presence.
And why do we have a
picture of doughnuts made out of spaghetti at the start of this article? Are they donettis or spaghnuts? Donuts have long been the source of innovation with
Cronuts (a combination of croissant and donut) being a recent successful
innovation at QVM. The point is that innovation can take many forms and even
the smallest business has the opportunity to try, experiment, and change the
world.
More Reading: Here is
an interesting article if you are looking for a more detailed examination of
innovation in retailing and it includes some great examples.
http://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/the-simple-rules-of-disciplined-innovation