Christine Hope, one of our seven expert retailer columnists, discusses the benefits of looking at the little details in your store
So you have staff you trust, with great customer service and products delivered to your store that customers want. So what’s the problem?
Nothing is the problem. Everything is great and you have made huge improvements, but you still want to do more, be better and it seems as if you have exhausted every avenue.
It could be that you’ve exhausted every easy avenue, so now it’s time to find the detail and chase the measly 1% difference.
Around four years ago, I went to the Local Shop Summit in Torquay where a speaker told us about the multiplying effect – making one really small change in your store can actually have a huge impact.
One per cent isn’t measly, because it’s a multiplier into profit. For example:
- 1% less waste could translate to 2% more profit
- 1% switch of brand and margin across the store could mean a 0.5% increase in turnover
- One more loyal customer reducing waste and paying more, could mean the holiday you want!
There’s a website called bigbarn.co.uk, which is all about shopping locally, and it has launched a campaign called #make1change. It encourages people to do small things that could have a big impact. It’s aimed at consumers, but it’s an idea that can easily be carried over into your business.
This year, our 1% is explaining why we stock certain products. We will increase education in store. We won’t just presume that customers know why we stock local products and the impact it has for everyone in our community.
So get your EPoS data, ask your staff what 1% difference you can make to improve profit and share it with other retailers. In your customers eyes you could go from a good shop to an amazing shop. Think of the massive difference that could make to your profit.