by Board Retailers Association | Sep 28, 2021 | Associate Members, Resources, Retail Strategy
It would be easy to start this article by talking about how we’ve all been through the craziest times in our lives. But you already know that. I could also talk about how challenging things can be now, with the extreme difficulties in the supply chain causing many to struggle to keep up with increasing demand. On top of all that, we’re dealing with mask mandates and all kinds of political noise that affects retail. But you know about that too, and you’re already navigating that. So let’s get down to something important. In times like these, the winners are those that can become hyper-focused on the truly important things. It’s very easy to get distracted by the problems that exist in our industry, to throw up your hands and just hope that things work out. You could do that, but you’re also better than that. At this moment in time, my most successful clients are focused on 2 things, and 2 things only: Their customers and their inventory. It could be argued that staying hyper-focused on those 2 things has always been the key to retail success, and that’s true. That said, it’s especially true today, given everything I wrote in the first paragraph, the fundamentals of focus are more important today than ever before. But how do you do that? The nature of our business is such that there seems to never be enough time to get everything done, and lots of small details seem to block our ability to focus on the things we want to focus on. There is only one path out of this. ...
by Board Retailers Association | Sep 27, 2021 | E-Commerce, Resources, Retail Strategy
Photo Credit: Getty Images With the holidays right around the corner, retail brands will be looking for ways to stand out in a crowded marketplace. They’ll have to look hard, because they’ll be facing unprecedented competition. Over the past year, many B-to-B-to-C businesses battered by the pandemic shifted their infrastructure to eliminate the middleman, creating the most saturated direct-to-consumer (D-to-C) market ever. The following strategies can help businesses succeed in such a highly competitive environment. 1. Prioritize customer experience through integrations and infrastructure. A great front-end experience is a must-have for any web retailer. Speed, performance, and stability are essential to keep visitors engaged, but that’s just for starters. Consumers expect a personalized, easy-to-use site and a seamless user experience (UX) that’s dynamic and relevant. The right digital partner can give even the newest of businesses a competitive advantage over bigger competitors that have been doing it for years. Focusing on customer experience and overall functionality of the website can not only help your company now, but set it up for success in the future. Ensure that the customer experience is as simple and intuitive as possible. 2. Strive for scalability and flexibility. Scalability and flexibility sound great, but it takes a solid technical platform and a lot of behind-the-scenes work to manage, monitor, and continually update everything that’s happening across a multitude of systems. For many companies the internal staff doesn’t have the time or advanced technical skills to do it on their own, especially as the business grows. It’s also a challenge to respond quickly to fast-paced, ever-evolving markets and customer demand. Scalability and flexibility must be baked...
by Board Retailers Association | Sep 26, 2021 | Resources, Retail Strategy
Online retailers and discounters have taken their toll on many brick-and-mortar stores. Macy’s, JC Penney, and Kohl’s have each closed locations, and Lord & Taylor closed all physical store locations. You might be worried that you are next, especially if you are seeing fewer customers walking into your store. The fatal mistake you can make in a retail store isn’t that you don’t have an app or a Big Data strategy. It isn’t that you don’t have an endless aisle of online products, magic mirror kiosks, or robots that talk. The fatal and most common mistake retailers make is staying beige, and that big mistake is losing them customers. When your store is beige, customers leave without any impression of your brand whatsoever. Shoppers are fickle and busy. They have too many places they can buy too much of the same thing. If you don’t make a remarkable impression, all traces of the visit to your store will have evaporated from your shoppers’ memory before they get in their car. The always-on consumer isn’t always on the search for stuff. But when they are looking for products you carry, they have to be able to remember you so they can come back to your store or website. You can’t just take customers for granted. I was in Des Moines recently and came across a store with “The Greatest Store In The Universe” emblazoned on the side of the building. I had to go in. Once inside, I discovered all kinds of cheeky, urban, Made in Iowa merchandise such as greeting cards, notepads, sweatshirts, you get it. The store had about a dozen shoppers and you know what? The crew was...
by Board Retailers Association | Sep 16, 2021 | Associate Members, Distinguished Retail Members, News, Resources, Retail Strategy
Push play to learn more about PartnerShip (BRA Supporting Vendor Partner) and how you can benefit BRA strives to be the definitive resource for active sport retailers and we’re always looking for ways to help your business be successful. We’re excited to announce a brand-new benefit available to BRA Distinguished Retail Members that will save you money by spending less on shipping. With the BRA Shipping Program, managed by PartnerShip®, you save 50% on FedEx Express and 30% on FedEx Ground. If you’re receiving inbound freight shipments from your vendors, you’ll also have access to competitive rates with UPS Freight, YRC Freight, XPO, and many others. To take advantage of this free benefit, enroll now. To learn more about the BRA Shipping Program, call PartnerShip at 800-599-2902 or email sales@PartnerShip.com. If you are not yet a BRA Distinguished Retail Member, please complete the super simple join form (choose the Distinguished Retail Membership option). Shortly after we receive your join form, we will email you an invoice with payment instructions for the $99 Annual Dues as well as the link to access the BRA Office Depot Preferential Pricing Program and summary of additional Supporting Vendor Partner benefits for BRA Retail Members. Once your payment is received, we will notify the good people at PartnerShip who will approve your enrollment and enable you to take advantage of the savings in a timely...
by Doug Works | Sep 14, 2021 | Resources, Retail Strategy
Retailers’ profit margins have been more relevant than ever lately … It all started with curbside pickup, the only way many stores could sell their products during the Covid-19 pandemic. Now, some experts are suggesting retailers add similar programs: “You should really offer social shopping.”“Why don’t you ship and return for free?”“Can’t you deliver to trunk like Amazon?” This advice is well-intentioned but misinformed. If you’ve got the same resources as Amazon, Walmart, or Target, great! Add as many bells and whistles to your retail sales strategy as you like. But if you’re anything like the retailers I know, you don’t have unlimited capital from stockholders. And programs like these take funding — additional costs you’ll have to compensate for elsewhere. The truth is, improving your retailers’ profit margin is a two-step process: Step 1: Know your average profit margin (and a good margin to shoot for.) Don’t worry. I’ll make this process easy for you, even if you’re not a “numbers person.” Step 2: Implement my 15 proven ways to increase your retail profit margin — no complicated programs or freebies required. Ready to get started? Good. Let’s dive in. What is retail margin? “If you don’t know your numbers, you don’t know your business.” – Marcus Lemonis So, what is retail margin? If you’re an accounting whiz, feel free to skip ahead. For the rest of us who could use a quick refresher on some bookkeeping fundamentals, here are the numbers you need to grow your business: Gross retail profit margin is the percent of revenue that remains after deducting the cost of goods sold. It doesn’t account for additional operating expenses...
by Board Retailers Association | Sep 7, 2021 | Educational Opportunity, Industry, Kiteboard, News, Resources, Retail Strategy, Skateboard, SUP, Surf, Trade Shows, Wake Skate, Wake Surf, Wakeboard, Women's Market
Surf Expo is the largest and longest running watersports and beach lifestyle tradeshow in the world. Since 1976, retailers from around the globe have relied on Surf Expo to identify new trends, new brands, and to get business done. Don’t miss your chance to be a part of this vibrant, award winning marketplace! Surf Expo is excited to welcome our board specialty retailers back to forge new relationships and celebrate old ones with Vendors and each other. The Surf team is committed to creating an event experience at the Orange County Convention Center’s West Concourse where their customers, partners and employees can safely and effectively conduct business. Show Dates: September 9th through 11th, 2021 (Waterfest Sept. 8th)Location: Orange County Convention Center, West Concourse, Orlando, FL | View Map Show Hours: Thursday & Friday: 9 am to 6 pmSaturday: 9 am to 4 pm Register for the Show: Click HereMake Your Hotel Reservation: Click HereTo view the Exhibitor List: Click Here BRA Specific Events at Surf Expo: BRA Retailer Roundtable Panel Discussion on The Stage (Thursday, Sept. 9th at 2 pm). BRA Retailer Gathering/ Happy Hour in The Neighborhood Lounge (Thursday, Sept. 9th at 4:30 pm). HEALTH + SAFETY GUIDELINES AT SURF EXPO Updated: August 27, 2021 In line with CDC guidelines, everyone is required to wear a mask, regardless of vaccination status while at the show and all show functions (this includes the show floor and registration areas). Masks will also be provided at the event if needed. Surf Expo is excited to welcome our buyers and vendors back to forge new relationships and celebrate old ones. Our team is committed to creating an event experience...
