Around the
globe retailers are falling over themselves and each other as they innovate,
and later in this article we give a link that will assist traders to introduce
an important element of innovation themselves.
Retailers
are addressing a retail revolution in which online shopping has impacted
dramatically on customer expectations. “Going shopping” isn’t just about
walking down a main street or through a shopping centre or retail market.
Essentially shoppers have a lot more tools to do their shopping – they can research
online before they even go out the door – they can check prices and ranges – they
can actually make some choices before they step into a store – or even avoid the
store entirely and purchase from a computer, tablet, or mobile. Online adds a
whole new level of service and convenience.
So what are
the essential elements of this convenience?
1. Customers can shop, or at least
research, pretty much anytime they want, and wherever they want.
2. Customers can ease the decision
making burden through this process.
3. Customers can find what they want
quickly and save time for more important things in life. (Is there anything
more important than shopping?)
4. Customers can organise delivery if their
best purchasing option is too far away or they just don’t have time.
5. Customers can track what is
happening.
6. Customers can reduce time wastage.
In a mad
scramble to address the retail revolution, all major retailers are essentially
doing one thing – they are looking for ways to add levels of service and
convenience to bricks’n’mortar shopping.
But what are
we doing at QVM? And “we” refers to traders and management. There are some
glaring shortfalls from both.
Way-finding
at QVM is woeful. For those customers who are prepared to wander for three
hours that is no problem, but we know that wandering is becoming less and less
part of shopping. Customers are less likely to go shopping with just a hope
that they will find what they want. More and more shoppers are looking for
convenience and a result. Other retail outlets offer tools that make the process
easier for customers.
Detached
engagement by traders is woeful. In a retail world where engagement can happen
almost anywhere at any time, too many traders continue to rely on the 6 or so
core hours when they are at their stall - no website, no business cards, no
mobile phone numbers.
The bottom
line is that traders who are relying on wanderers and non-tech engagers are
faced with an ever declining supply of customers.
There are
many methods being used by the world’s retailers to capture the hearts and minds
of shoppers. A lot of it is experimentation with a high degree of risk but
there are clearly some measures that are working and becoming mainstream. Some
of those are listed below -
1. We need a much better way-finding
process at QVM that incorporates better directory assistance along with accessible
online trader data.
2. Every trader needs a website – no excuses.
It doesn’t matter if you just sell smaller items, or you feel you have too many
products, or you are not familiar with technology, or you don’t have time, -
the only thing that matters is that customers expect you to have a website. And
you will find, like a number of market traders, that integrating a website with
your stall pays dividends. It is easier than you think and it generates business.
Here is a link to a QVM Co-operative Marketing Program. Scroll down to the section
marked “3. Digital Package” to start the ball rolling.
3. Hours of trade – we don’t line up
with customer expectations and we know that. Many of us were attracted to
market trading initially because it fitted in with business and life style.
Convenience hungry consumers have changed that dynamic. The only concession is
that getting the website convenience right, may give us some leeway with stall trading
hours. Being available doesn't have to mean standing behind your stall 12 hours a day. But if you only trade 6 hours you need to be available in other ways like through your website.
4. Delivery service – the core to online
transactions is a timely, convenient delivery service. Tourists in particular
are luggage-space poor and there are a number of solutions for getting goods to
their hotel or home. Traders need to develop strategies and perhaps there are
opportunities here for a business operation similar to what operates at some
European markets where goods are delivered at a cost shared by trader and
customer.
These are
just starting points for QVM becoming more attuned to customer needs as we
compete in a very competitive retail world. It is not good enough for QVM just to attract traditional market shoppers. There are simply not enough of
them. We need to maximise our relevance to every consumer group if we
are to survive.
By Greg Smith
PS - an article worth reading for more on the online/bricks'n'mortar debate - https://insidefmcg.com.au/2017/10/09/battle-between-online-and-brick-and-mortar-stores/#daily
Have Your Say - click here.