How Shopping Small Can Win Big in 2021
Using Agility and Diversity to Reclaim Mainstreet
During the pandemic, big business got bigger while many of the little guys struggled to keep their doors open. Now that the pandemic is lifting, will large corporations continue to monopolize the market, or will consumers return to shopping in their own communities? According to recent research, a shift back to Main Street is on the horizon – and even a small investment can create a significant impact.
In the paint industry, the struggle between Wall Street and Main Street plays out on multiple levels. On the surface, independent retailers are competing directly with national brand retail outposts. Underneath the surface, growth support programs from national paint brand vendors are frequently offered in exchange for diminished independence and control.
Independent retailers feel intimidated by large manufacturers’ implication that you might face retribution if you expand your product offering or deviate from their brands. These corporate giants have an unquenchable appetite for increased revenues and profits. So, while national paint brand vendors are looking for an increased share of wallet and control, consumers, who are now accustomed to choosing from a catalog of products online, are expecting a diversified product offering.
How do independent retailers differentiate in this environment – while remaining solvent and independent?
“More exposure of predatory practices by big retailers, like Amazon, and governmental policies that favored the majors while slighting the minors, can only help raise consumer awareness of how important shifting some of their dollars to local businesses can be to help not just their businesses but their communities at large.” (Forbes, May 2021)
Momentum for Main Street
There are early signs that consumer help is headed to Main Street retailers. “News from a wide variety of fronts – consumer sentiment and small business surveys and a coalition of 20 independent small business organizations – suggests that the tide might be turning. A new study among 2,000+ U.S. consumers finds 40% say they’d like to reduce their reliance on Amazon. And the shift is most notable among younger consumers, citing better choices, higher quality, and supporting their communities.” (Forbes, May 2021)
The economic shift will be determined by consumers who have been trained to expect immediacy, accessibility, and deep discounts referred to as the “Amazon Effect.” It’s imperative to educate consumers that by making even a percentage of their purchases with local businesses, they can dramatically affect retailers and the community at large in a positive way.
Supporting the local economy supports the backbone of America.
So, how can retailers capitalize on the post-pandemic momentum? By focusing on what you do best: being local.
Maintain the Shop Local Message - small independent retailers need to keep the “shop small, shop local” message in front of customers to spread throughout their communities, to their local civic leaders, city and state governments, and onto the federal level.
Be Agile – maintain the ability to try new things, learn (and fail) fast, and quickly pivot.
Be Precise – you have the gift of knowing who your customers are and living amongst them. Be precise when selling to them. Get hyper-local; get personal and reach out to them in authentic ways that build long-term relationships.
Differentiate – it takes big companies years to add new products to their portfolio. Disrupt the market by carrying unique products that outperform others. Customers are looking for options that offer quality and performance. If you carry something no one else has, you become a destination.
Create an Instore Experience – this allows you to nurture your customers in a way an online retailer can’t. Many customers have been lonely and are looking forward to returning to retail. From free consultations to hot coffee and donuts, it’s the little things that make a big difference.
In addition to visits with family and friends or holiday get-aways, the chance to go shopping in person is high on many peoples’ wish lists. – Forbes (March 2021)
By offering unique products and experiences, you can carve out your competitive edge. Provide customers with exactly what they can’t find online and in big box stores: YOU, your expertise, and a friendly face that remembers their name. It’s local love at its finest.