Going to the next Market? Independent retailers who regularly attend home improvement events have seen the industry change in the past four years. Various functions once performed manually, are now digital to enable transactions to be completed in real-time. The options for attending events have greatly expanded. Rather than flying or driving to conventions, store owners can purchase products at virtual events hosted by their co-ops or wholesalers. In this virtual world, they interact with vendors, review products, make deals, and stock up for the upcoming season. It’s all about buying and selling.
Some retailers may be hesitant to attend in-person markets when things are busy at the store—especially owners who have never gone to Market. However, those who are “pros” at working the floor tend to feel the positives outweigh the negatives. Conventions are full of interesting people who are eager to share information you need to know. Plus, you gain access to thousands of products you can see, feel, try, and buy. Yet there are other compelling reasons it’s worthwhile for retailers to participate in markets and industry shows.
Compete on the highest level
It’s best to stay on your toes to win in today’s retail environment. That requires researching new products, technology systems, and trends to compete at the highest level in your territory. Bringing your team exposes them to new ideas and concepts they can apply to your business. Training your staff to work the floor requires dialoguing with vendors, merchants, and marketers to accomplish tasks essential to your business. It’s also a way to discover new business trends and get firsthand insights from co-ops and convention personnel about new initiatives.
Compete on the highest level
It’s best to stay on your toes to win in today’s retail environment. That requires researching new products, technology systems, and trends to compete at the highest level in your territory. Bringing your team exposes them to new ideas and concepts they can apply to your business. Training your staff to work the floor requires dialoguing with vendors, merchants, and marketers to accomplish tasks essential to your business. It’s also a way to discover new business trends and get firsthand insights from co-ops and convention personnel about new initiatives.
Discover new products
Not surprisingly, 92 percent of people who attend tradeshows come to check out new products. Markets are an ideal place to compare similar products and to converse with vendors about industry trends and the growing consumer demand for certain products and categories. Spending a few days exploring the market floor can be tiring. But interacting with products to learn how they perform will ultimately benefit your customers by enhancing your service level.
Networking on a Large Scale
One of the best results of attending conventions is making lasting friendships and valuable connections. Networking enables retailers to meet new people and reconnects with old friends. These relationships are typically created at lunch or a post-show dinner that may include a drink or two. It’s an opportunity to share experiences and expertise that can help businesses operate more effectively. It’s easier to build trusted connections with vendors when you can put a face to a name.
Compressed Training Sessions
Conventions tend to offer high-level seminars and training sessions conducted by industry leaders or recognized experts. Sessions are designed to impart knowledge without overwhelming attendees with non-essential information. Successful retailers consider learning to be a lifelong process. Attending small group panel discussions enables attendees to interact with thought leaders who can answer questions about specific challenges faced by their organization. It’s also common for retailers to receive certifications within a particular area of expertise after completing seminars held throughout several markets. Statistics indicate 66 percent of people attend trade shows to increase their professional knowledge.
Essential resources in one place.
Conventions are an opportunity to leverage the resources you require to support your business in one place. Due to time limitations, retailers tend to focus on the fundamental elements offered by tradeshows. However, it pays to look closely at the wide range of services provided. These options include teams that help finance the expansion of your business. Or develop a plan to relight your store to make it brighter and more energy efficient.
Whatever reasons you attend markets and conventions, invest your time wisely. Work the floor during the day and have fun with family or friends in the evenings. Make it a positive experience.
