It’s become pretty cliche to say that the pandemic has changed the face of retail but, as is always the case, it’s cliche because it’s true. Admittedly, in-person retailers that have been struggling for years at this point will tell you that the switch hasn’t been as extreme as it might seem from the outside, but with even slowly developing trends accelerated by as much as 10 years almost overnight, it’s hardly surprising that many retailers are still reeling.
Enforced closures and lost profits aside, finding points of difference in a market where difference has become the norm is especially proving problematic. Of course, doing the things that everyone else is doing particularly well can help here, hence why there’s now more call than ever to bring interior designers into physical stores or to work with companies like WebX360 for the development of competitive eCommerce sites. But, true points of difference in the market right now require even further effort than these prerequisites. And, we’re going to take a look at what form those take.
1) Exceptional customer service
The customer service narrative might seem like it’s a little old at this point, but as sales move ever-more online and chatbots take over colleague representation, quality customer service is once again a fantastic way to set your retail business apart. This is especially the case as 86% of consumers continue to state their preference for conversations with real people, and it doesn’t look set to change anytime soon.
Admittedly, this is by no means to suggest that there isn’t still a place for chatbots and automation in your retail business. After all, these trends have taken over for a reason, and the convenience that they offer is certainly great for consumers looking for a quick answer. But, to continue facilitating complaints or more in-depth queries, you should also provide clear contact information for real-life members of your team, as well as online chats that are hosted by real people if bots are unable to offer an answer.
2) Subscription-based models
First started by retailers like Costco, retail subscription models were no secret even before 2020 and its repercussions hit. However, with traditional trade taken off the table, subscription-based services that included everything from personal shopper insights through to self-care boxes and beyond became one of the only ways for companies to continue advancing their services. And, with a pretty decent consumer reception, it’s a trend that countless companies are continuing to utilize to give them that much-needed point of difference.
Luckily, the great thing about a subscription is that it can take any format you like and that it provides reliable, ongoing profits that you’d struggle to see from any other sales model. Even better, the ability to now outsource everything from your packaging to its storage and delivery means that it’s possible to see the full attention and profit benefits of this move, without necessarily having to increase your hours to achieve it.
3) The personal touch
Travel restrictions, a fear of accepting packages from overseas, and general concerns about the state of small business, have all worked together to see significant pushes towards smaller retailers and independents this past eighteen months. Unsurprisingly, then, adding a personal touch is another significant way to stand apart in the modern market.
In some regards, customer service plays its part here, but product scarcity and a more homely, small-scale approach to shop decor/product design can all provide an advantage. It’s also worth adding small touches to increasingly popular eCommerce sales, such as handwritten notes, personally wrapped products, or even wax seals on certain packages to provide that homemade vibe.
4) Collaborations
As retailers have taken a hit, there’s also been a significant rise in the number of collaborative efforts that can be seen across the industry. By this, we don’t just mean collaborations on products themselves (although these have also increased), but rather collaborations within specific retail spaces.
As retail real estate values drop, especially, more companies are realizing the collectively beneficial power of pairing up with companies who aren’t direct competitors, making it far more likely that we’ll soon start seeing more in-shop cafes, as well as further additions such as in-shop gyms or even entertainment offerings.
A final word
Finding a point of difference in retail now is by no means easy. Yet, even when the rest of the crowd is also straying from the norm, these pointers and others like them ensure that your difference shines that bit brighter.