The Retail Buzz

An article by Scott Kreisberg takes a look at factors that weigh in for improving the bottom line for a retail store.

There has been a tremendous amount of discussion by economists and government experts in regard to the type of recession we are in, as well as the possible ways we could come out of it.

The good news is that it seems to be a fairly unanimous sentiment that we are at or very near the bottom. Plus there are other positive signs such as retail sector sales picking up slightly (with autos excluded) in both August and September. However, there are varied opinions and speculation as to where things go from here.

This is pretty clearly demonstrated in the different models, or 'shapes', that the recovery might take, which have come to be characterized by various letters of the alphabet.

It is likely that many of you have seen these so I will only briefly touch on what they are. We have the classic 'V' shape recession, which is a clear downturn and bottom followed by clear and sustained recovery, the 'U' which is a longer time spent at the bottom and in recovery, and the 'W' or double-dip.

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One Step Retail Solutions, a leading reseller and service provider of retail point of sale software systems, recently launched a Retail Executive Advisory Panel (REAP) to conduct routine retail industry studies among retail leaders.

Retail executives participating in REAP will take advantage of being part of a panel of their peers to gain and share knowledge of retailing, including approaches to new and innovative retail strategies. Members of the Panel who participate in the studies then receive an Executive Summary of the study’s research findings, which provides them access to information from other top retail executives.

One Step’s objective is to bring top level retail executives together in a forum for pursuing excellence in their own retail business. Believing that these executive’s opinion measures heavily on the retail landscape, One Step plans to make strides in gaining more insight into what current challenges retailers face and what they are doing or not doing to boost their bottom line.

A new monthly newsletter publication, The Retail Executive, will get mailed out primarily to REAP members, providing another form of sharing articles and knowledge from top retail experts and REAP members about the retail business. The publication will also distributed to retail CEO’s, CFO’s, CIO’s and other top level executives in the industry who are not a member of REAP but wish to subscribe to the newsletter.

Information about joining REAP and subscribing to the newsletter is at the One Step website: http://onestepretail.com/OSD/REAP/

Recent article by Peter Pishko:
"It's Over and Done But The Heartache Lives On"

Consumer confidence is up once again, albeit a small increase attributed to the Cash for Clunkers program initiated by the Federal government.

We have gone through all of the hard decisions during the past 12 months, cutting to the bare bones of our organizations, jettisoning some staff and operations that should have been cut from our organization long ago, but also letting go of some talent and expensive endeavors or plans for expansion that in these economic times are not cost effective; all very smart moves for survival, but now where do we go?

The decision to cut staffing levels at our executive levels have made for some grateful employees who are 1) very happy to be employed, 2) loyal employees because the loyalty thing goes both ways, 3) over worked because they are picking up tasks and functions their former colleagues, bosses, underlings used to perform.

Our store level employees have been cut to bare bones, staffing is at a minimum, affecting customer service and loss prevention. One employee reported to me that they have no security in their building on a regular basis, maybe two or three times a week for 6 hours.

The decision to terminate employees is not an easy one; it has been shown that it is often more stressful to let staff go than to actually be the one being let go. Yet our employees carry on and they are asking the same questions we do: where do we go from here?

The defensive moves have been made, but the game is not won on defense alone. Time to return to our playbooks and take a look at the offense and who to put into the game, evaluate the whole playing field. We have survived but the game is not over...

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Watch our latest recorded Webinar, "Social Networking for Retailers" about the social media revolution and how retailers can utilize these channels to increase sales.

The Webinar discusses Web 2.0 strategies in the 21st Century and the shift in the way businesses communicate with their public. It shows how we've moved from "push" marketing to "pull" or "engagement" marketing.

Find out how to best use social media in your retail business, how to select the right social media channels, set boundaries, and establish a game plan to implement these social channels in your retail business.

Watch Webinar

New product release! One Step Retail Analytics!

One Step Retail Analytics is a solution that includes a new Retail Pro 9 Appliance with the new exclusive reporting engine.

One Step Retail Analytics provides the capability to build, modify, pivot, sort, rank, drill down, and process the data from your business.

• Increase efficiency and sales by quickly investigating hunches or changes in trends using a pre-built data mart and drill down analysis
• Manage using key performance profiles like turn, GMROI, sell through, days of supply or stock to sales by vendor, dept or merchandise
• Pivot, sort, rank data to get the view of your business you need to make the right decisions
• Build reports specific to your needs and your business

Read all about the new Retail Analytics!

The Smart Retail Web channel will be premiering Season Two of Smart Retail on October 12, 2009.

The webisodes, hosted by retail expert Scott Kreisberg, is a production of One Step Retail Solutions that broadcasts on SmartRetail.tv every Monday. The show features independent specialty retail stores and how these retailers stand up in the new era of retailing.

The new season revamped its format to add even more entertainment and lively interaction with specialty retail stores.

Watch new trailer of upcoming season!

One Step Retail Solutions is presenting a complimentary event for their Retail Pro customers called "Reaching Vital Milestones" at their annual Roadshow on September 15, 2009 at Dave & Buster's in Irvine Spectrum.

The Roadshow focuses on using technology and social media to increase profits and efficiency in a retail business. Highlights of the day include:

• Retail Pro User's Panel
• Social Media for Retailers Workshop
• Learning More About PCI Compliance
• How to Make the Most from e-Commerce
• WebCCTV Security Systems
• Retail Pro 9 and Business Intelligence
• Retail Pro Training Session
• Q & A with Kevin McAdam and Charles Wood

Sponsors of the event are:
The Bart Group, Retail Dimensions, Quadrox, Network Video Management, Retail Pro

Internet TV Focuses on Smart Retailers

In a recent featured article in CA. APPAREL NEWS, it reviewed Smart Retail, the new Internet TV series hosted by Scott Kreisberg.

"Scott Kreisberg, chief executive officer of Glendale, Calif.-based software distributor One Step Retail Solutions, grew frustrated hearing all the doom and gloom coming from the retail sector over the past several months, so he decided to do something about it.'

"Scott talks about technology and what can be done with it, but none of it is a sales pitch. You have to be smart to get through this recession. Technology enables you to be really smart and strike better deals with vendors and manage inventories better. It becomes vital, and we'll be seeing some amazing things that retailers are doing to attract new customers and see why they are doing well even during these tough times."

Smart Retail broadcasts a new episode every Monday. Visit the Internet TV channel for latest episodes and to stay tuned for upcoming shows. http://smartretail.tv

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As the old saying goes, "more is better" and this is truly the case for retailers who need to make profit-enhancing decisions quickly and with ease. That's where Retail Pro Business Intelligence (BI) comes in.

The BI module is designed to bring Retail Pro 9 users a distinct advantage for managing their business whereby they can monitor and analyze vast amounts of data in a snapshot view, enabling them to respond quickly to changes in their business conditions.

Since retailers need to be alerted to potential problems and make better, more informed decisions, BI is a tool that will provide valuable insight and actionable information to allow fast response in business conditions.

With independent industry research indicating a ROI of up to 2,000%, a business intelligence application should be a key component of a retailer's architecture.

Read article "Does Business Intelligence Give a Retailer Insight Into The Future?

For more information, contact a Sales Representative at One Step Retail Solutions and see how Business Intelligence could help your business. Send email to sales@onestepretail.com or call (800) 266-1328.

New episodes of Smart Retail are broadcast every week. Watch the latest episode "Building Your Store Around Your Community" featuring Bailey's Bedding & Bone - a new eco-friendly pet supply and dog boutique that opened with a big splash in their community and rapidly carving its niche and becoming known with the use of events, promotions and free publicity.



If you missed Episode 2 "Adding Value Using POS" featuring the Body Factory, a health and beauty supply store that opened 16 years ago and now has 3 stores draws a celebrity crowd and hooks its customers on their healthy drinks, then manages its customer base with POS.



Leave a comment on episodes at http://smartretail.tv/!

Resourceful retailers are finding creative ways to reinvent themselves and transform their business into something that entices and keeps customers. The more creative a retailer is, the more that business is going to last. Even in an economic down-turn, 50% of consumers will often pay more for a better customer experience.

While filming Smart Retail™, I saw some pretty clever retailing and it brought to mind all the opportunities that are out there for independent specialty retailers in this threatening economy. What it all boiled down to was unique customer experience and exceptional customer service.

Times have indeed shifted and retailers had to cut back to basics. Interesting that basics included customer service, isn’t it? This means that, in many cases, retailers had once dropped out the fundamental action of servicing their customers in better, more competitive ways.

The days when retailers could just sit back and watch customers come in because of location or brands or nice merchandise are over. Now retailers need to get on the ball and drive customers in with offers or gimmicks and keep them coming back because of something exceptional.

That something exceptional falls into customer service.

I once came across “the Japanese way” of customer service, which is giving customer-service representatives time for long conversations with targeted customers and tuning into the customer needs.

One time I was at an electronics store and was being serviced by an employee who was interrupted by another customer needing assistance while helping me. The employee got on his walkie-talkie and got another service representative over to assist the other shopper without making either one of us feel ignored. He then proceeded to give me his full attention again showing me this and explaining that and taking the time to make sure I could make the right decision on a product.

Servicing a customer is similar to how we want to be treated by our friends and family. We like the fact that our friends and family know us, know what we like, and treat us with more warmth than a stranger might treat us. It feels good to know they care and, in turn, they earn our loyalty and love.

When a wife prepares a gourmet meal for her family, sets the table nicely, and presents the food in a lavish manner, this is an over-and-beyond way of preparing a meal. It expresses that she cares and this transmits to her family who are experiencing something other than an average meal.

One of the retailers we filmed put on a party event, which they do every Thursday night at their store. Elaborate bouquets of flowers were arranged on tables, tasty snacks were laid out, wine was poured in nice wine glasses, and employees were greeting every guest as if they knew them for years. You would watch people walk in and stay for hours browsing around, talking, and just enjoying themselves.

Many of those people were already loyal customers who showed up as if they came to visit friends. Others had never been inside the store before and it was pretty certain that they left as a new loyal customer.

That came about because of customer experience.

And then there’s a specialty sports shop that specializes in skate boards which holds regular skate board events in their store, making the customer’s experience a fun one. Most of their customers are the type that wouldn’t think of shopping elsewhere and many of their younger clientele even tell the employees that they work to shop there.

One café turned their struggling business around based strictly on kindness. As local businesses closed down, their patrons vanished, until the owner promoted a campaign around kindness. Soon, the café was filled with people who came from all over town to experience participating in acts of kindness.

I myself have dined at particular places because of the experience I get when I go there, even though I may prefer another food menu choice. The employees that serve me treat me like a good friend has just come to visit, and we’re on “How’s the kids?” terms.

Many hair salons have loyal customers coming back for years and years. One salon cut her prices to a customer who suffered a pay cut at her job. She would never have known this happened to her customer if they didn’t get on a personal level with each other.

A suit shop really had an over-and-beyond approach for helping customers who hit hard times. They promoted that they would give money back to their customer if they lost their job, and let them keep the suit.

I keep finding and reading stories every day about exceptional service and care. An apparel store irons a shirt for a customer who needed it for a meeting that day. A hand-written note was sent to a customer thanking them for shopping there and commenting on the outfit they purchased. A dress was sent to a tailor to make it fit their customer better. Drinks were offered at an upscale men’s store while they shopped. A foot massager was positioned at a comfortable chair for a shopper’s companion.

I could go on and on but, bottom line is to get to know your customers, know what they want, treat them with exceptional service and show you care. The way you do that, the way you provide an experience for them when they come to your store, is the way you’ll bring them back.

By Scott Kreisberg

Follow him on Twitter: http://twitter.com/scottkreisberg

Smart Retail, a new Internet TV series hosted by retail expert Scott Kreisberg, premiered June 19, 2009 to an eager audience who have been following the show updates via Twitter and Facebook from pre-production through post-production.

New Strategies for Retailers that get New Customers and Keep Them Coming Back to Your Physical Store

Tuesday, April 28, 2009
Time: 11:00 AM - 12:00 PM PDT

Reserve your Webinar seat now at:
https://www2.gotomeeting.com/register/238260659

Leverage market conditions and new opportunities. Hear about strategies to optimize the marketing mix and build a competitive advantage.

Learn:

• Some specific exciting in-store promotions that draw customers in
• How to target your most profitable existing customers
• How some pricing rules may be obsolete and limiting your revenue or profit potential
• How to know if your traffic drivers actually yield profitable traffic or if they encourage cherry-pickers
• The buy online/pick-up in-store' model
  And much more!

Kevin McAdam, author, speaker and Vice President of One Step Retail Solutions will present this idea-inspiring webinar to really get your creative imagination working on how you can attract new customers and maximize return on existing customers.

It makes sense to maintain or actually increase marketing spend and sales resources during a recession. Over the past 50 years, companies that have been aggressive in these regards experienced a 275 percent growth rate improvement during the first full year of recovery. Whereas, those that pulled back on their marketing and sales spending increased revenue by only 19 percent during the recovery period.*

But how to spend your marketing dollars and on what? One of the most famous cliches in advertising is the one from retailer John Wanamaker: "Half the money I spend on advertising is wasted; the trouble is I don't know which half." But with the advent of technology systems, this is no longer true. Find out how to know the return on investment of your advertising dollars, how many new customers it brings in and how many old customers it motivates to buy more.

Attend this free on-line webinar and find out new strategies for acquiring new customers and keeping existing ones. After registering you will receive a confirmation email containing information about joining the Webinar.

*Nielsen's Predictive Macroeconomic Impact System (PMIS).

One Step Retail Solutions has embarked on an internal campaign with its employees to shift focus from economic doom and gloom to higher, positive energies.

What started with an executive order to the marketing department instructing them to start promoting “good news” to its staff, clients and public soon took on new dimensions at One Step. The initiative started with broadcasting regular and frequent emails about good news in the retail sector, expanding its reach using the Blogosphere and Twitter.

The Marketing Dept. searched and compiled good news relating to the retail industry from various resources on the Internet and distributed the news along its various channels. While most of the news resources were still mostly promoting gloom about retail, there was one source that provided the bulk of good news; and that was on Twitter.

Twitter led to many sources with messages of encouragement and success in retail, despite the recession. One source led One Step marketers to get a daily dose of inspirational stories from DarynKagan.com which also pumped positive fuel into good news pipeline.

It was one of those stories that sparked One Step’s next campaign: the Live to Give campaign, based on a story of a woman whose life turned around by putting her attention on outreaching to people and giving something each day.

Today, One Step launched its new campaign effort in an email inviting employees to participate by performing one act of caring each day for a one month period of time, stating it was strictly on a voluntary basis.

The campaign promotes that employees can do this by giving something to another person (a gift) or doing something for another (like a pay-it-forward act of kindness). They can do this on a fellow co-worker, a client, a stranger in the street, their friend, a family member, or anyone.

Each staff member participating in the campaign can keep their own log of what they did (doesn’t have to be to whom they did it to necessarily). They can choose to share their deeds daily, weekly, at end of campaign, or not at all. The idea is to enable them to look back at things they did, if they so desire.

The company believes that the Live to Give campaign will put the focus on where it should be: outward instead of inward.