With a little insecurity about the economy, people have tightened their budgets and kept splurges to a minimum. This has been great for our bank accounts but not so much for many retailers.
As of February 2021, the Consumer Confidence Survey showed that 39.9% of consumers felt business conditions were “bad,” which improved from 42.4% the previous month. With consumer confidence bouncing back, retailers need to get creative now and encourage consumers to spend some of their hard earned cash. Here are some retail tips showcasing how successful retailers will respond and the part their employees have to play.
Online sales finally surpassed in-store purchases. Reports show that online purchases grew by 44% year over year as more and more people came to rely on online stores for everything from the essentials to the extra things that make life a little more fun.
On the other hand, brick-and-mortar stores felt the squeeze in 2020. Foot traffic disappeared from malls across America, contributing to the closure of close to 12,200 big and small retailers. In most cases, the pandemic only sped up the demise of faltering stores, but the long-term effects of the pandemic will continue to be felt by retail stores if their owners and leaders fail to get creative.
So how can you and other retailers respond? Here are a few retail tips:
Customer experience is key to retail success and it’s essential for vendors to hire hard-working team members who can juggle different roles and provide an exceptional experience to each and every customer that walks through their “doors” (in person or virtual). But just like running your business in 2021, your hiring process needs to evolve to find those ideal team players as well. A few things to consider:
Creating flexibility and safety in the hiring process may involve hosting a socially distanced hiring fair, setting up a one-way video interview experience, enabling automated interview scheduling, or creating a fully virtual onboarding. Admittedly, which tools you can provide may depend on the capabilities of your current team (but don’t worry, interviewstream can help a bit with some training there as well).
When you are able to efficiently find and recruit the right people for your retail business, you’ll be able to avoid employee turnover and consistently wow your customers, keeping their business as the market changes now and making sure that they come back for every fabulous Friday in the future. After all, people buy experiences, not products. So make that experience priceless.
Want to learn more about using online video tools like interviewstream to help you find, hire, and retain the right people? Chat with an expert today.
Drew Whitehurst is the Content & Implementation Specialist at interviewstream. He's been with the company since 2014 working in client services and marketing. He is an analytical thinker, coffee enthusiast, and hobbyist at heart.