Planning Your Retail Business Strategy For 2022

2020 and 2021 have provided us with the craziest roller coaster ride ever. Now it’s time to look at the lessons we’ve learned, take our to-do lists and create a strategy for 2022 to scale our businesses and plan out the “how”.

You’ll want to offer your customer an omnichannel, personalized shopping experience and a turn time for quickest possible delivery. Post pandemic materials shortages and customer shopping habits will require becoming innovative with your merchandise offering, how you handle the “customer journey” and reputation management.

You’ll need to be agile, flexible and prepared for any unexpected situations that arise in your company, the industry, or the world.

Hiring for these needs will be especially important as the requirement for more technically capable and confident associates are needed to help build a stable company that is organized, fluid and able to pivot quickly.

Having the right people, the right attitude and the right technologies will ensure that you are able to continue to grow while satisfying the current and changing needs of your customer.

The new-normal post pandemic shopping habits may be permanently ingrained in the consumer psyche. As we now know, research is showing that the events of 2020 put us at least one decade ahead of where most small retail businesses were and needed to be. (And many mid to large).

If you have been on the right path with these technologies, now it’s time to fast-track your efforts and timelines with your omnichannel capabilities. Doing this will keep you relevant, which will keep you more fiscally sound and set you up for ongoing/additional growth.

Understand that now more than ever the website represents the first interaction that up to 65% of your customers may have before coming to the store…this is your new front door. What you publish must look amazing, have current information and accurate messaging and merchandising.

It’s also important that as you grow in your e-commerce ability, you can use the store itself as a marketing tool. Offer new services, compliment what might be sold online and ensure that a visit to the store has real value to the customer. Think innovation – what do you have that can create additional revenue for you?

Building relationships online will be just as important as in-store. Connecting to the consumer and developing your brand and customer loyalty are critical and should be a 24/7/365 project.

If you’ve been lucky enough to see business growth in 2021 due to enormous consumer demand…ride the wave! Don’t let up on your marketing. Momentum is so important, keep advertising and make sure that you are using social media to tell your story.

Being able to recruit and hire new talent at the level you are seeking will also require great benefits that are competitive with other companies. Taking steps to increase and enrich your benefits package is also a reflection on the way your company is seen through the eyes of your employees and how you value them.

New initiatives may also enhance the culture of the company, based on the idea that your employees are your most valued asset. And speaking of culture…a great work environment and employees who feel valued builds a great company culture. Positive, productive and engaged employees are the outcome.

Training across all functions should be an ongoing goal, especially as you pivot and create new positions or revise older job roles. Career growth is another “benefit” for employees, it makes them better at their job, makes them feel valued and helps companies become stronger.

Remember that through it all we do it for the customer. We provide experiences in our stores or online, we market to their needs and in a way, we provide for them. Customer Service is a foundational building block. While you take risks in other areas of your business, don’t forget that your customer is who you’re there for!