How can retailers delever value to their customers?
Answers
These are tough times for many retailers. Economies have slumped, consumers are conservative, and competition is cut-throat. But it’s also an exciting time for startup, small/medium and independent retail businesses. There are many innovative ways small and nimble businesses can add value to their products and services to grow revenue, retain customers, and remain competitive.
Heavy or persistent discounting can hurt your bottom line and hinder customer loyalty. As a small business there are smarter ways to offer a unique experience that cannot be matched by larger chain or online only stores.
Here are a few ways Vend customers add value to their products and services, and help their businesses thrive.
1. Customer engagement
Your shop becomes an experience, not a pitstop.
Hoxton Street Monster Supplies
Walk into Hoxton Street Monster Supplies, and it’s like you’ve walked into an actual monster supplies shop. Or – as HSMS staff maintain – it isn’t like that at all. You have walked into an actual monster supplies shop.
According to Neil Grayshon, development manager of HSMS, “Most of our customers are monsters and we invite humans to shop with us at their own discretion. For our monster community, it is one of the safest places to shop in London (and possibly the world) without fear of discrimination and we certainly don’t let a lot get in the way of their experience.”
Great service is one thing, combining it with a novel and memorable experience is another.
2. Community
Cultivate customers’ common interests by bringing them together.
The Bread and Butter Letter
Purveyors of Vintage goods and handmade dainties, creators of The Bread and Butter Letter regularly host weeknight Nana Nights – because who isn’t a nana on a weeknight? Always at a different venue, always serenaded with live music, each Nana Night offers knitting, crochet, board games, and a new activity (like a bushel of typewriters for composing beautiful letters to friends and family).
Though their market might not be the biggest out there, their community is tight-knit and very supportive of The Bread and Butter Letter.
3. Thank you cards
You know. Those amazing hand-written ones.
Madame Fancy Pants
I recently made a purchase from Madame Fancy Pants. I bought a shirt; not even an expensive one. What did I receive? A beautifully wrapped parcel consisting of said shirt, a sweet thank you card, and chocolate.
Will I be shopping there again? I already have. Twice.