Working smarter

With the recent news about the collapses of giant financial institutions and the media reporting new casualties every day, it is difficult to think about anything else but recession. Preparing for hard times by tightening the belt as much as possible is what every prudent organisation is doing at present. However, for an independent electrical retailer not all retrenchment measures are sound.
For example, cutting prices and staff training are not particularly smart strategies, especially in recession. Even for retail giants, such as the DSGi group, cutting prices wasn’t a good remedy.  A smarter idea would be to team up with other industry players to negotiate better prices, by joining buying groups, such as CIH, and industry associations, such as retra, which ceaselessly champions the interests of independents to government bodies, legislators and trade partners. These steps would also help reduce stock levels and marketing expenditure.
I think that the word ‘smart’ is particularly appropriate for recessionary times, when we will have to use wisely the resources at our disposal. In the retail context, it means getting closer to customers to offer them exactly what they want and making additional revenue on accessory sales. It is perhaps not coincidental that Alphason Designs has named its new retail programme teaching retailers to make an attachment sale every time – ViewSMART. Trading smartly is a skill after all.
Anna Ryland, Editor
aryland@datateam.co.uk