shopping experience, conversion and average basket size. Specialty retail in particular will be expected to know both the intricacies of personal preferences and the unique ties into their product assortment.


Be unique Ask yourself, why would someone purchase from you vs. buying online? Be able to differentiate while keeping convenience and impulse buying in mind.


Improve customer experience This is a key way to differentiate yourself from your competitors. By offering an engaging customer experience, the opportunity is endless, especially when incorporating up-sell and cross-sell. “It’s important to consider both your product and consumer to best understand how to create the most personalized customer experience and maintain a loyal following,” Guy says.


Evaluate your plan Once you set a strategic plan, don’t just simply be happy with it and forget it. In setting a strategic plan, determine not only your goals but also how to measure them, and be prepared to adjust them along the way. Think of the plan as an ongoing, living thing. Evaluate how things are going after you put


78 Specialty Retail Report n Winter 2017


the plan into effect and never be afraid to change course if something doesn’t work the way you wanted. Make a plan to schedule time to take a look at what’s working and what might need tweaking. Most important, make sure everyone on your team is clear about your goals and what needs to be done. Remember, physical retailers have two immediate


advantages, the power of impulse and convenience. If you sell something that people need, or perceive they need, right away then you are set up to win against the e-commerce players. Another advantage is that shoppers can get a closer look at your merchandise. “While many say retail is on the decline, there is a huge


opportunity for specialty retailers,” Wong says. “That said, with that great opportunity will come increased competition both from new specialty retailers and traditional larger multi-brand/category retailers who will look to capture those retail dollars. A strong strategy is key in making sure that specialty retailers are deploying resources that most effectively target their specific customer demographic.”


Keith Loria has written about business, entertainment and sports. When not writing, he enjoys spending time with his daughters Jordan and Cassidy. He can be reached at freelancekeith@gmail.com.


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