Reed Gift Fairs Speaker Series: Marguerite Bell

How can the retail industry prepare for a recovery from the short and long-term impacts COVID-19?

Marguerite Bell, Retail Life

The road to recovery will be challenging for the retail industry. There will be no quick fixes but rather the need to develop a strategy for short and long term survival. It will be important for all industry members to take action in the short term but at the same time strategise for the longer term.

Now is the time for retailers and wholesalers to remain connected to their customers. This is a far greater need than ever before. Businesses need to optimise all channels – including channels that may be new to them. The future is unknown, so it is important for businesses to maximise an offline and online presence and prepare for the challenges that they face currently and the rollercoaster rides that the future may hold. The number one priority will be to commit to being customer centric. Be determined when it comes to understanding, solving, and delivering what you need to keep your customers loyal.

Start now. Ask yourself ‘How can we create new ways in which to...’

Make it easy for our customers to continue to shop with us

Stay connected with our loyal customers

Attract new customersSolve our customers problems

Deliver what our customers want and need

Adapt to our customer’s changing needs and wants?

The effects of COVID-19 see many businesses facing challenges when it comes to inventory, supply chains, cash flow, rents and many more. Be bold and face these challenges head on. They will not go away so take control and determine strategies to assess, plan and act. It will change your mental approach from panic mode to action mode and allow you to control your actions. Be open and find ways to collaborate and innovate and find avenues to reach out and engage with other businesses navigating this challenging landscape. As an industry, we need to unite to recover and thrive post COVID-19.

Despite the current climate, are there any success stories you have seen during this time?

Out of adversity always comes opportunity. There are many examples of businesses pivoting to survive. There are bridal dressmakers making masks and creating gowns for doctors, bakeries pivoting their business to become wholesalers rather than just retailers, restaurants offering inhome personal chefs, gyms and fitness providers turning to virtual workouts, classes and online events, distilleries making hand sanitisers, event staging companies turning to manufacturing and retailing work from home desks and accessories, along with acrylic counter guards as well as retailers creating virtual shopfronts. Retailers have no choice but to adapt to the impacts of Covid-19. Those that can tap into their customer’s needs and wants, activate an omni-channel presence, stay connected to their tribe and evolve their customer experience will be gaining a head start for the next era of retail.

Are there any resources you recommend our community could utilise as support tools?

There are many resources available and a number are available free of charge. I think the biggest challenge for business owners is to take the step towards action, support, and change. It may be as simple as Googling what you are wanting assistance with and researching the options available to you to find suitable support tools.

Retail Life is a key partner in Wodonga TAFE’s Retail Connect project which was afforded a $1.99 million grant from the Victorian Government’s Workplace Innovation Fund to transform retail education. I currently have the privilege of delivering the ‘Emerging Leaders in the Retail Sector’ Pilot Program. The program being designed to support retailers to build and futureproof their businesses. I am always looking for solutions to the challenges facing our retail participants or to extend their learning through podcasts, articles, blogs, resources, and webinars including...

What is the number one strategy any business owner should be thinking about right now?

Develop your Retail Reset Strategy. Use yourRetail Reset strategy to combat the challenges not only for your day to day existence but strategise to ensure your business recovers, survives, and thrives in the future retail landscape. We urge businesses to be focused on the Retail Reset Pillars of...

It is essential that the 6 RetailReset Piers are included in the strategy which include: Team, Customers, Product, Marketing, Processes and Performance

The Retail Reset Strategy should be divided into two timeframes – NOW and FUTURE. This allows you to pivot where needed in the short term as well as assisting you to determine and navigate your business future.

What is the number one piece of advice you have for our community?

Be action oriented. Accept that change is the new normal and get busy defining what changes you need to make within your business and the subsequent actions required to implement the changes.

There is no time for complacency, only time for swift action and planning your way forward.

Resources

Safe Work Australia COVID-19 Small Business Hub which also offers a range of resources available for download including posters and signage, checklists, templates, and infographics.

RETAIL LIFE: Retail Ready Tactics Free Podcast

Listen as Marguerite shares tips, ideas, and actions to support retailers drive and maximise their business performance. Join the Retail Life Podcast community of Retail Ready Tacticians as we collaborate, innovate, and navigate the new and ever changing retail landscape.

Retail Reset Virtual Bootcamps

Do you need help to reset your retail business? Kickstart change and book a Retail Reset Virtual Bootcamp to help you become a sustainable retail business.

Virtual Bootcamps include: 1 x Retail Reset Masterclass 1 x Retail Reset Tactic Session 1 x Retail Reset Mentoring Session

Subscriptions

Inside Retail

Inside Small Business

Smart Company

Services

Business Commissioner Get guidance for your business with the Business Concierge service.

Business Australia providing free advice on how to access government support.