The last 18 months have changed the retail world. Businesses of all sizes in all sectors have been struggling to keep up with changes in day-to-day operations and to anticipate what is next. Consumer spending has rebounded and the consumer behaviour has changed, not to return to pre pandemic norms.
In this disruption, opportunities exist for innovative business owners. As consumers are behaving differently, retailers are racing to adapt through digital transformation and by diversifying their sales opportunities . New consumer demands are forcing us to constantly re-evaluate strategies. Here are 3 trend that have emerged that we think our network should be aware off to be successful in the retail space long-term.
1. No need to increase physical space, but do increase product assortment:
Retail’s physical presence has morphed into new shapes, sizes and experiences. Retail is still very important, in face you might argue the profit from retail is even more important than pre-pandemic. In salon retail should still be your number one goal, however don’t leave money on the table. If you client can see it, like and want it, they will buy it, regardless if it is online or offline. #Salonlove offers the perfect solution for hairdressing professionals to increase product assortment without taking up more space in the salon.
2. Environmental, Social and Sustainable credentials:
Sustainability and to be seen ‘doing the right thing’ is becoming more important than ever. Pressure comes from conscious shoppers, pushing this up the priority ladder. Are you telling your sustainability story? What roles are you playing for the environment in your community?
3. Updating business models:
New and updated business models will be required to navigate the ongoing and future disruption. Businesses will require to continually monitor, asses and react to the fast changing business environment. Evolving consumer behaviour will need addressing, especially as permanent changes take hold. Physical stores, in our case hairdressing salons will need to play a more flexible role. As rapid strategic changes are needed to meet ongoing challenges, additional investment might be needed, think: IT, product offering, service offerings and specialisation, digital consultations.
Reserve your place on a ‘Drive Your Business’ workshop. Hosted by P4H CEO, Debbie Digby. Book your place here:
