Page 67 - Demo

LESSONS IN LOCKDOWN: WHAT SHOULD VICTORIA’S RETAILERS BE DOING? How to alleviate the physical closure of your store and recover to prosper in the retail spring. BVy Vend Vice President at APAC Gordana Redzovski. ictoria’s renewed lockdown they don’t have to choose between represents a significant ecommerce and bricks and mortar blow to the state’s retailers, when they can seamlessly integrate blocking their return to both as an extension of one and other. provide enticing retail experiences So, take this opportunity to develop an across the state. Data from more than 14,000 Australian retailers using Vend shows that, as of the first week in August, weekly retail revenue outside Victoria had climbed to within 1.7 per cent of early March’s pre- lockdown levels. But in the state hardest hit by Covid-19, as of early August, weekly revenue was still a sizeable 40.9 per cent lower than in March. Yet while the renewed restrictions will undoubtedly impact Victorian retail, the industry is defined by innovation, resilience and dynamism. Here are ways the state’s retailers can use such positives to adjust, survive and even thrive. Keep communicating Even if the ‘closed’ sign is up in your shop front, it doesn’t mean your customers don’t still have a need for your products. All that’s changed is how they buy them. Prioritising honest, open and regular communication is imperative so your customers know exactly how, when and where to engage with your business. Online marketing tools such as Marsello that let you maintain communication with your customers – via email, SMS, social media or any channel they use – will help you stay top of mind. After all, even if your physical store is closed, that’s not to say customers shouldn’t still be kept up to date with important information about your business. Ecommerce and omnichannel In the current climate, every sale or lead matters. But even while your physical store is closed, that’s not to say your customers have any less need for your products, especially if you sell, for example, home sports equipment, loungewear or board games. Today’s savvy retailers understand online offering, and when things open up, you have two outlets to sell from, your physical and online store. When your online and offline strategies synchronise, you’re able to provide a truly convenient and sophisticated experience that caters to increasingly tech-savvy shoppers. To help, for example, Vend recently announced an integration with Pointy to help retailers turn online searches into in-store sales. Retailers can list their in-store products online, so when a shopper is researching a product online during lockdown, they’ll know exactly where it’s stocked, enabling them to buy it when restrictions lift or arrange a click and collect. A helping hand Don’t, at any stage, be afraid to ask for help. The retail industry is a close, connected community, and in times of crisis it comes together to help everyone connected to it. The federal and Victorian governments have introduced or extended relief packages to help businesses cope with the financial reverberations of lockdown for the coming months. Speak to your network, your industry body or even your local politician. Help comes in all shapes and sizes. We’ve also collated a retail resources library full of guides, insights and tools that could help during this period. Consolidate and get ready While your store is closed, it’s the perfect time to implement processes or carry out the stock checks that were always shunted down your to-do list when you were busy. Lockdowns will lift, stores will reopen and customers will return – even though it’s still too soon to know exactly when – so prepare behind the scenes so that when your local retail precinct is ready for its grand reopening, you’re ready to hit the ground running. Whether it’s a thorough stocktake, refreshing your digital marketing strategy or thinking about your next new range, do it now while you might have a little more time on your hands. The good news is that, when you reach the reopening stage – sweeping the floor, polishing counters and rearranging window displays – your ecommerce store and all the work you did behind the scenes should stand you in good stead to get going again as seamlessly as possible. The retail industry in Victoria is a resolute and dynamic community possessing the retail smarts and tech savvy and the business innovations needed to overcome challenges. While we don’t have a crystal ball that tells us when lockdown will end, we do know that a bright retail spring will dawn, with busy high streets, beautiful shop fronts and delightful retail experiences once again. PRODUCTIVITY About Gordana Redzovski Gordana Redzovski is Vice President for APAC at Vend, leading the cloud retail productivity and intelligence platform’s presence across the region, including in New Zealand, where the company was founded, and Australia, its largest market. About Vend Vend lets retailers run their business in-store, online and on the go. Used in more than 25,000 stores in 140 countries, Vend integrates with business applications including Afterpay, Square, Shopify, Commonwealth Bank of Australia, MYOB, BigCommerce and WooCommerce. For more information, visit vendhq.com/au. SEP, 2020 RETAIL WORLD 65