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Learning to make time before there is no more time

By Chris H. Petersen 

“The lion roars tonight” Photo Courtesy of Chris Petersen

When I started writing blogs some 10 years ago, I had no formula. Other top bloggers suggested starting with a scope or purpose. The purpose of IMSResultsCount was stated as “Exploring the trends and best practices of retail, and sharing some insights on the business of life along the way.”

In searching through the blog archives, we have published 600+ posts over the last decade. I think we have done a credible job of exploring trends, best practices and issues related to the business of retail. However, I only found a handful of blogs sharing “insights on the business of life along the way”. I did find one particular blog that stood out. The blog was titled: “A Case for Simplicity”. The central theme of that blog parallels this one – we need to make time for who and what is important.

Why this is important: Technology is not inherently good or evil. However, if we succumb to an always-on existence we are in danger of losing our soul. Each of us must make the time where we can evaluate our journey and write new chapters. 

How small retailers can thrive in a world of retail giants

How do you compete with Amazon? The simple answer is you don't.

By Chris H. Petersen

Imagine the following retail scenario. You discover beautiful piece of furniture only to find that it is a "one of a kind". You discover where you can order one only to find out that it could take 4 to 6 months to receive your order. So, how does this retailer manage to survive in the age of free two day shipping? Salt Creek Farmhouse is an example of a vertical furniture retail shop that has found ways to develop customer relationships to thrive in an omnichannel world. Retail survival requires transformation to new paradigms. Lesson 1 starts with focusing on doing what the giants are not doing.

Why this is important: When you don't have the resources or infrastructure, the best way to compete with Amazon is do something different. Some of the smallest retailers are deploying strategies that other retailers can leverage for differentiation.

The secret sauce for increasing store conversion - ASK

What do successful store managers do differently from all the rest?

By Chris H. Petersen

Image Credit: Nenetus; Freedigitalphotos.net

I have had the opportunity to work with some great store managers in my retail career. As a group, they are the most underappreciated of all staff in retail. They are responsible for every aspect of running the store, recruiting and supervising the talent, and being the coach that trains and motivates. In major retail chains we have studied with 100 or more stores, the top selling stores out sell the bottom tier on a per square foot basis by a factor of 10x. Certainly, location can be factor. However, when you statically adjust for the store variables, the most powerful predictor of store success is the store manager and the culture they establish.

Why this is important: All too often senior management view staff as a "cost center" instead of an asset. Investing in store managers can pay many dividends in a store's financial success, as well as making stores stand out with customers.

Symbiotic partnerships for survival in an Amazonian world

New ways of collaborating to differentiate value and remain relevant

Image Credit: Pixabay.com

By Chris H. Petersen

In the nature, there is a fascinating phenomenon called symbiosis. Symbiosis occurs when organisms "live together with benefits". For example, ants protect aphids from predators and aphids supply the ants with honeydew. Today's retail ecosystem is getting increasingly complex. Competing with Amazon requires infrastructure and resources that many independent retailers simply do not have. To remain relevant they are collaborating with organizations that did not typically work together. As customers increasingly expect even higher levels of service, many retailers are collaborating with new partners as an essential strategy to differentiate and thrive.

Why this is important: A couple decades ago, retail was literally a standalone business. Few retailers today have the resources to compete head to head with Amazon. In order to remain relevant, retailers are collaborating with new partners.