38 As retailers it’s imperative to create a store worthy of the customer you want to attract, and to keep your offering up-to-date and enticing. As consumers historically pull back their spending in January, it’s the ideal time to fine-tune your strategy for getting the most out of the year ahead. Taking stock It goes without saying, but assessing your inventory is key. Are you offering products that aren’t selling but that you have a personal interest in? Now’s the time to cut the emotional cord and adopt the mantra ‘out with the old, in with the new.’ While it may be a heart product for you, it’s what gets the tills ringing that is of most importance. Discounting is a love it or hate it sales tactic, but if you find it works for you, put your dead stock into a well-curated section of the shop and offer it at a lower price in order to make way for more profitable, sought-after goods. Tread the aisles There is no better place to get ahead than trade shows. With the who’s who of gift and accessories all under one roof, trade events are a onestop shop for product discovery. And, of course, that’s not all. Organisers are continually coming up with engaging retail talks, business insights, fashion shows and engaging events. This Spring Fair I will be judging the new Trends Talk stage, where I will find up and coming brands and choose the best new gift product to market. A Dragon’s Den-esque style event, it’s a prime example of just one of many offerings taking place to help put you on the front buying foot. Conscious consumerism Conscious consumerism is no longer just a buzzword – it’s here to stay, and rightly so. Consumers are becoming increasingly intent on seeking out products that align with their ethical and environmental values. A transparent supply chain, low carbon footprint, sustainable production, and eco-conscious story are all considerations when choosing what products to buy, and it will serve your business well to seek out stock that tick all these boxes. It’ll not only better your profit, but it’ll put you on the right side of the fight for a more sustainable world. Drill down on data An ongoing concern for independent retail is how to counter the Amazon effect. Going up against giants such as Amazon and newlylaunched Temu can be daunting, but not impossible. Offering a community spirit, a pleasurable slow-living shopping experience, and a sanctuary away from the digital despair is vital. As is drilling down on the intelligent analysis of data. Tracking customer behaviour both in-store and on complementary online websites can give an important insight into what you’re doing right, and what you’re doing wrong. Using these analytics, you can create a store offering that promotes return custom. Build a community Independent retail is all about the human touch and building a community spirit. Consumers visit independent retailers to get the experience they can’t get online or on the mass high street, and you have the perfect audience in which to build a sense of belonging. Hosting community events help you build brand loyalty while connecting with your consumers, loyalty schemes, competitions, membership programmes, Facebook groups and sponsoring local sports teams are just some ideas of how to get yourself known in the area. Have fun and enjoy building yourself into the community! As we head into a new year, Gift Focus and Attire Accessories Editor, Louise Prance, looks at ways independent retailers can get ahead in 2024 PLANNING AHEAD
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