“The retail space is such a dynamic and ever changing industry; and that's why I love it because it's never the same any day, any week, any year,” explains Reina vanDelft, founder and CEO of RVD Solutions Retail Consulting. Although the basic rules of retail do not change, the overall landscape changes frequently and requires business owners who are able to pivot with the business. Currently, business owners are facing challenges like the recession, supply chain disruptions, competition from e-commerce, and a bigger push toward sustainability. Today, Reina draws on her over 30 years of experience in the retail industry to share her top tips for scaling a retail business.
When you are considering scaling your retail business, there are a lot of pieces to consider, starting with understanding your customer. Thanks to the myriad of data analytic tools available now, you can clearly identify nearly everything about who your customers are and use that information to your advantage. In addition to creating and maintaining a seamless customer service experience, you will also need to form smart connections with vendors and distributors, engage your target customers on social media, and build a supportive team of employees who are just as passionate about your products as you are.
There is a lot to keep in mind when scaling your retail business including vendor relations, customer experience, and product optimization. Even with a clear plan in place, it is important to keep in mind that retail is a fast-paced ever-changing industry. Be prepared to pivot when needed and don’t let your own fears hold you back from chasing the life you want.
“The retail space is such a dynamic and ever changing industry; and that's why I love it, because it's never the same any day, any week, any year.” (1:57-2:06 | Reina)
“The basic rules never change, have the product when they want it, quickly deliver it to them, and make it seamless.” (4:27-4:34 | Reina)
“When you're looking at the negotiating piece, it's really bringing it down to that cost analysis and using your opportunity of how many units you're buying and comparing it to those different manufacturers and making sure you get both the quality, the price and bringing it in.” (7:08-7:26 | Reina)
“Damages are a key piece that if it comes back to your store at a higher rate than the average, you need to have that covered by the manufacturer.” (14:09-14:17 | Reina)
“Get out of your own way, make a plan and go get it.” (36:28-36:32 | Reina)