Smart, sophisticated strategies for independent retailers in 2021

The retail industry is fast-paced and dynamic, and in 2021 many Aussie retailers needed every ounce of that dynamism and adaptability to pivot, survive and succeed. As a new year begins, it brings by using it a renewed sense of optimism.

For local, independent retailers now is a good time to reflect on the lessons learned in 2021 and identify an approach to help them stand tall in 2021. If you are an independent retailer creating your strategy for the year ahead, here are some considerations to assist your business kickstart the new year.

Review your 2021
operations

Following a frightening year, take some time to review how your business performed and identify any successes to build on, or pivots or improvements that are necessary to help continue to recover and grow. First, take a look at business’s financial performance, and use that insight to determine where you stand, where you want to be and how you ought to get there. With a solid understanding of your finances, ask yourself questions such as, “What went well?”, “What did I learn about my business and customers?”, “What changes did I make last year that I want to continue?”, and “What can I change for future?”. Once you have looked at your 2021 performance and determined what went well and then any areas for improvement, it's time to start your 2021 planning.

Flexibility to remain
key

One
of the biggest takeaways from 2021 is the importance of flexibility. Instead of
rigid, detailed planning, you may want to consider creating a business plan
that maps out key moments, goals and milestones, but retains some
flexibility. Key pillars could include goals just like a new product launch, but
remains flexible when it comes to timing, delivery and logistics. After all, you
wouldn't want to over commit to releasing that new product on the specific date
according to your strategy, but wind up rushing or cutting corners to satisfy the
deadline.

Review your core
customer base

If
your company experienced change – big or small – in 2021, most.
Many consumers have also been influenced by the pandemic, changing spending
habits as well as the businesses they interact with, and how. Therefore, it's
important to make time to review your core customer base and how you can best
serve them this year. Start by looking at your return customers, then determine
their needs and what your business can do to meet and exceed their
expectations.

Develop your digital
presence

With lockdowns and ongoing concerns about health and safety, eCommerce boomed last year and should be a key focus for the business this year, too. GoDaddy research reveals that certain in four of the (27 percent) Aussie small-business owners surveyed are budgeting more money for building an online presence, highlighting how important it is to appeal to consumers who rely on the internet to shop and research. Using a website and using effective and efficient internet marketing should be central to getting the term out about your business, particularly via channels for example email marketing and social media. Collectively and individually, these channels are cost- and time-effective ways to reach both new and existing customers. If you're not yet utilising them, consider the benefits of doing so in 2021.

While many plans
were adapted or abandoned entirely in 2021, you need to take time to
re-set following the festive rush and set yourself up for success within the new
year. With a flexible plan, deep knowledge of your customer base and an
effective digital presence strategy behind you, your retail business could be
better positioned to recover and further grow in 2021.