3 Reasons to Challenge Yourself in Retail

Retail has been around… well… forever. The exchange of goods for currency comes in all different shapes and sizes nowadays, with pop up shops, online retail, brick and mortar stores and home parties just a few of the ways retail exists in today’s marketplace. With so many variations of such a timeless business category, you would think supporting retail would be easy, easy, easy. But any seasoned merchant knows this is not the case.

In an effort to help your retail goals, here are three reasons to challenge yourself to be better at working and understanding retail.

1. Competition is tougher than ever before. For the same reason you would think solutions surround us in this vastly diverse industry, the same reason applies to why you need to be more proactive in knowing your competition – and responding to it. Taking “no” for an answer, settling on old fashioned habits or thinking you can’t compete with stronger positioned retailers isn’t the case anymore. There are solutions and supporters for all merchants nowadays, including independents.

2. Customers make decisions faster than ever before. With Smartphones rarely leaving consumer sides and Google navigating product and store searches faster than ever, consumers are equipped to know what they want, when they want it and how they want to get it more so than anytime in history. As a result, retailers must keep up and respond to consumer trends. Ignoring realities like mobile commerce, social commerce, online marketing, in-store events and even loyalty shopping will hurt your business… if not now, eventually. Customers expect stores to keep up with their demands – and that means you, no matter how big or small you are.

3. Inventory shifts more rapidly than ever before. Just when you think you have caught on to the latest consumer craze, something new becomes all the rage. This is our reality, and we need to keep up with it in order to compete with other merchants. Attending trade shows is one of the main ways you can do this, as it gives you the first opportunities to see what future trends will be, as well as connects you with key vendors. Additionally, reading and referencing leading industry publications  – both online and off – can help you manage these details.

Finally, accepting you need to challenge your business and yourself can help you continuously evolve as  a retailer.

Want to REALLY be challenged? Join the FREE Retail Challenge from SnapRetail and Retail Minded here!