Since the UK General Election earlier this month, the Brexit debate has reared its head again. What’s going to happen? What will consumers do? What should retailers do? The questions really are endless when thinking about Brexit and how to make the best of it.
Consumers and retailers alike are worried that we’re going to have the same levels of uncertainty that we did when the vote for Brexit first occurred, and the results of this snap election may not have helped to stymie those concerns.
Although we’re not convinced there is a way of stalling that uncertainty completely; we do think it’s possible to beat Brexit with our latest retail tips.
Tip #1: Capitalize on domestic tourism
Due to increases in exchange rates, vacationing families and travelers may opt to reduce the frequency of overseas trips and focus more on domestic travels.
You could try capitalizing on this rise in domestic tourism.
Maybe you want to get out on the road with a pop-up shop? You could revel in the art of the Great British Summer by hosting your own event or getting involved with other events throughout the Summer months. These could include picnics, festivals and seaside events that could help increase footfall and sales for your business.
Tip #2: Look after your best buyers and be a trusted brand
With all this uncertainty around, it’s expected for consumers to stick with their local and convenient stores or buy from the brands they trust the most.
Look after your best buyers with loyalty programs, personalized marketing and maybe even some special offers. This will improve the relationship you have with your customers, increasing your chances of great customer satisfaction and increased sales.
Don’t forget to use your customizable sales reports to help you find your best buyers!
Equally, consumers are now more likely to buy from a brand they can trust. Whether you’re offering excellent customer service, eco-friendly products or expert knowledge; ensure you focus your attentions on showing consumers just how much they can trust you, by bringing your best services and offerings to the forefront of your marketing strategies.
Tip #3: Focus on business efficiency
Exchange rates are constantly fluctuating, but this could be dramatically affected when Brexit does happen. This in turn could make buying your products from overseas slightly more expensive than before.
A focus on business efficiency and optimized retail operations could help mitigate rising costs elsewhere.
As soon as you get more efficient, costs decrease (at least those you have control over).
Tip #4: Plan product pricing strategies carefully
If your import costs are going to increase, then you need to be planning your product prices carefully to ensure your profits don’t take a hit.
Use your various sales and product reports to help calculate your profit margins and understand what your limits are when it comes to how much you can afford to spend on your products.
And whilst we’re on the subject, don’t forget about your landed costs, which can include money spent on transportation, container charges and insurance fees, among others. These costs can sometimes be overlooked, but are crucial in determining the true costs of your products.
Tip #5: Increase overseas custom
On the flipside of the changing exchange rates, now is the cheapest time than ever for overseas customers to buy from you.
Whether you’ve been hoping to expand overseas for a while now or are already making it big across the world, harness your skills for international expansion and get more overseas customers buying from you.
Successfully selling your products overseas isn’t just about copying your website into a foreign language.
You should learn what your global audience really want and what excites them about a product. Part of your global research should include language differences (including popular slang in other countries), cultural differences and what your competition are doing.
Always stay on top of global trends and keep international expansion at the forefront of your mind in all of your retail practices.
We like to think Brexit isn’t all doom and gloom for global retailers – there are always ways to make light of a situation, get systems working in your favor and make the most of what you can. And with reporting and efficiency in your control, the world really is your oyster on how you’re going to beat Brexit.
Have you got any other tips you’d like to share? Let us know in the comments…