What’s more inspiring than a business story which shows a concrete result that truly works?
It’s hard to think of something, isn’t it?
So, let’s get right to some fascinating ways American retailers are making huge pivots and turning themselves into winners in the current market:
1. Reposition Your Products with Smart Marketing
Of all the product niches, clothing has been hit the hardest. Some data shows as much as 50% of that market has disappeared.
…But what if nearly 100% of your market disappeared?
That’s what happened to iHeartRaves. Obviously, raves have been shut down totally across the nation. And it’s uncertain when consumers will feel comfortable in such close quarters with others again.
It could be a year, or several, before raves and music festivals become a normal thing.
In response, iHeartRaves decided to pivot and market their products as loungewear and lingerie. They also launched a new product line called “Cute and Cozy,” with products designed specifically to be worn at home.
They also decided to design and sell new face masks. And so far, they’re tiding the rough waters of the current market.
2. Shift Your Supplier Strategy
What if your main suppliers are overseas and you’re not sure if they handle your product in ways that protect consumer health and safety?
That’s the position Ashley Metoyer, owner of women’s fashion store Creole Couture Boutique, found herself in.
She decided to make a quick shift and go with a single US-based supplier. Previously, it would take her 10-21 days to get a product to a customer. Now, she can ship products to customers in 3-4 days.
While this has increased her costs, she’s also experienced a nice boost in sales.
How can you innovate with your suppliers to keep your sales consistent?
3. What about Virtual Product Demos?
Consumers would like to ideally touch every product they consider before buying. Since consumers will be hesitant to come to your store even after businesses are allowed to open, take your products to them.
Canadien Home Leisure, which sells pool tables, hot tubs, patio furniture, and barbeques opted for that route.
And while they have been hit hard by the pandemic, they’ve also created a new income stream with these product demos.
Simply go to YouTube and research your favorite brands to figure out how to create effective product demos that sell.
You can make it through these challenging times. And you may even come out much better than before.
You simply have to figure out how you can best adapt to the current market. Do that, and you’ll make it through just fine.