Independent hardware stores are successful because they have learned to adapt and change in these uncertain times. With rising inflation and potential tariffs looming overhead, most businesses must carefully flex and adjust to move forward profitably. While some stores continue to treat their e-commerce business as an ancillary business, it’s essential to make growing online sales a high priority by fully leveraging your online store’s capabilities.
Sometimes, store owners compete like their physical stores and online businesses compete. At the same time, investing more time and effort in the physical store is understandable since it is the “bread and butter” of the operation. The two channels must co-exist in harmony to offer consumers the seamless shopping experience they now demand. Home improvement retailers can thrive by connecting the branding of traditional retailing with the digital capabilities of e-commerce. Customers want to control when and how they shop. The ball is now in the consumer’s court and will be passed to agile retailers who understand how to play the game.
Pivot to Think Like Consumers
Consumers are no longer predictable, and retailers can’t afford to make assumptions based on their past experiences. Store owners should be prepared to sell and fulfill demand wherever consumers are willing to buy—in-store or online—and create a plan that goes beyond focusing on generating sales in a physical store, which limits possibilities and future growth. It’s critical for retailers to view change management as a continuous process to minimize disruptions and gain buy-in from employees. Retailers should also review the capabilities of their suppliers to ensure they remain innovative and incorporate new technology.
Tap into Technology
Smaller operations often have limited budgets, and investing in new technology can seem out of reach. However, every store has a point-of-sale system that has valuable information that can help store owners identify their best customers and provide details of their purchase history. This data plays a critical role in developing personalized marketing that reflects the shopper’s buying habits.
Visibility to out-of-stock. Consumers have little tolerance for empty shelves and sale merchandise that is out-of-stock. Checking inventory levels frequently will alert retailers when merchandise levels are low and it is time to replenish them from the warehouse or another store location. Promoting online and physical stores lets customers know they have more options and a broader merchandise selection. Stores that are members of a co-op, franchise, or warehouse can create a more robust shopping experience by encouraging shoppers to access the thousands of products stocked in the warehouse and have their purchases shipped to the store.
Facilitating Returns. Modern POS systems can also streamline the return process and keep track of inventory to ensure that it does not fall between the cracks. Stores should have a process to account for goods purchased in the physical store and merchandise purchased online since they can either be restocked or returned to the warehouse.
Apps Improve Customer Service
Phone screens can be relatively small, and reviewing merchandise in its optimum presentation can be challenging. Mobile Apps are one way that retailers make it convenient for busy shoppers to place orders and pick up merchandise. Associates can process the request in real time while the shopper is on their way to the location. By the time the person arrives, the package is waiting, and the store association is prepared to make recommendations for add-on sales. Consumers have embraced buying online and picking up in-store (BOPIS) and consider it an essential service.
- 114 percent increase in revenue when click-and-collect is implemented
- Ship-to-store orders generated a 60 percent increase in revenue
QR Codes—The New Silent Salesperson
Manufacturers and Retailers like QR codes because they deliver the brand’s unfiltered message and offer access to product information in-store or online. Customers can often make the selection and complete the purchase without the assistance of a store associate. QR codes complement the digital and in-store experience and connect both channels to benefit consumers.
Every store is different. Owners must decide how they will connect their traditional physical stores with their e-commerce operations to optimize consumer experience. Understandably, this process can be filled with trials and errors. However, committing to build an omnichannel connection across platforms will position your organization for long-term growth.
