Merchant Method Retail Trends

The Science of Inventory Management: How to Up-level Your Business with Simple Retail Reporting

7/19/2018

In the search to study and learn from the success of others in our industry, you’ll be hard pressed to find a merchant who willingly ignores the growth potential inherent in understanding their financial results.

Even the most intuitive retail buyers — ones that lead with gut and instinct — look to key performance indicators to evaluate the choices they’ve made around customer experience.

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The Art of Inventory Management: 14 Ways to Sell Slow-Moving Stock at Full Retail Price

6/12/2018

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The Art of Inventory Management: 14 Ways to Sell Slow-Moving Stock at Full Retail Price with Merchant Method | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

Retailers highlight new or key products through well-planned and shoppable merchandise presentations in order to promote full price selling.

Sale merchandise and slow-moving stock, on the other hand, are rarely romanced the way new or popular products are. As a result, the desirability and profitability of that inventory plummets.

But what if it doesn’t have to? What if you could sell slow-moving stock at full retail price by doing more of the things you’re probably already doing?

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Growth Hacking for Retailers and Makers

6/6/2018

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Growth Hacking for Retailers and Makers from Merchant Method | Visit merchantmethod.com/retailtrends for more information.

When I come across a blog post, podcast episode, or event invitation with the words "growth hack," I assume the intended audience is in the tech space. I'm certain that I'm not the only merchant who feels this way.

However, as I took the time to answer interview questions from Stitch Labs, an inventory management software provider, one thing rang out loud and clear:

I've been growth hacking retail and manufacturing brands for over 20 years. It's likely you've been growth hacking your own business too.

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the future of retail

5/31/2018

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The Future of Retail with Merchant Method | Visit merchantmethod.com/retailtrends for more resources.

I spend much of my time thinking about the future of the retail industry and how independent merchants can thrive in a competitive market place.

In fact, all of my teaching is related to this topic.

This month I was asked to predict the future of retail along with 13 other retail experts. Here's what I'm confident will continue to unfold in the months, quarters, and years to follow:

The barriers to entry will continue to lower while success standards continue to rise.

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Take Stock of Your Business Year-to-Date

5/24/2018

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Take Stock of Your Business Year-to-Date with Merchant Method | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

The speed of retail — as a universal truth in our industry — is more closely associated with the volatility of customer spending than it is with the speed of production. It’s no wonder that taking stock of business results on a frequent and consistent basis feels like yet another task on a long to-do list.

Conducting a business review does take time but, when it’s done well, the value gained with each review compounds over time.

So it’s a wonder this practice isn’t a quarterly ritual within every business from coast to coast.

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Priming Your Business for a 90-Day Turn Around

5/17/2018

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Priming Your Business for a 90-Day Turn Around with Merchant Method | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

There is no one universal ruler to measure real business progress. Using just profit, revenue, or cash flow to evaluate a multi-faceted, values-based business like yours can’t provide a complete picture of where you’ve been and where you’re going.

For proof of progress you need meaningful goals individualized by brand, project, and person.

Yet for how unique an experience goal setting and achieving has to be, there are an awful lot of resources that claim to be the exact solution you’ve been looking for. Including my own.

While it’s aspirational to believe that a one-size planner, calendar, or project tool fits all or even most business needs, we know it’s not true.

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A New Way to Sell More: Think Like a Writer

5/10/2018

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A New Way to Sell More: Think Like a Writer from Merchant Method | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

Before you opened your doors, your soon-to-be customers inspired and motivated you. Regardless of whether you debuted as a confident or uncertain seller, your customer’s happiness — measured in sales — was hitched like a wagon to your happiness.

For merchants it’s always been this way and will always continue to be.

As you’ve worked to grow your revenue, you’ve worked proportionally to connect with your customer-base, driven by the adage that more customers means more sales. Yet, many business owners struggle in the relentless pursuit of understanding the profitable relationship between sales and customer-base.

Entrepreneurs intellectually know the quantifiable and qualifiable benefits of narrowing the focus, niching down, and clearly differentiating the ideal customer from the impostor customer. However, with more tangible things to focus on, many owners sweep these branding basics under the rug.

Therein lies the actual barrier to selling more — the absence of brand positioning.

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Secrets to Making Profitable Decisions

5/3/2018

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Secrets to Making Profitable Decisions from Merchant Method | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

Have you ever wanted to make more money while working less? The concept may seem lazy, but it’s actually a common goal.

I’m continually asked by merchants as well as the retail media about how to achieve this goal. Everyone in our industry wants to know how to growth-hack and here’s the answer:

Stop worrying about revenue.

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How to Overcome the Self-Sabotage That Keeps Success at Bay

4/18/2018

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How to Overcome the Self-Sabotage That Keeps Success at Bay from Merchant Method | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

Self-sabotage is a sneaky thing.

When it comes to getting out of our own way, there are a number of resources that can help us with our mindsets.

Overcome impostor syndrome.

Escape the comparison trap.

Start before you’re ready.

None of these are wrong. Yet, there’s far more to self-sabotage than just confidence, courage, and charisma.

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How to Sell With Ease When You’re Shy

4/11/2018

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How to Sell With Ease When You’re Shy from Merchant Method | Visit merchantmethod.com/retailtrends for more.

We already know that selling is an important skill set.

Not only does this critical activity help us achieve a healthy cash flow it but also allows us to connect with and serve our customers.

Yet, for how critical an activity that selling is, there isn’t much sales training available for small inventory-based businesses.

As a result many of us are left to think that success on the sales floor is influenced by personality types like extroversion and introversion. In fact, the opposite is true.

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THE Four Phases of Your Revenue Journey

4/4/2018

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The Four Phases of Your Revenue Journey: Relying on the Advice of Other Business Owners. | Visit the Merchant Method blog at merchantmethod.com/retailtrends to discover more business resources and training for retailers, small-batch manufacturers, and makers.

As a small business owner it’s challenging to find the time to work on strategic pieces of your business.

Yet every once in a while a critical decision needs to be made quickly even though your choice won’t impact the day-to-day business for months or even years.

Without having the time to really roll up your sleeves to explore the opportunity — whether you’re considering opening another location, doubling your current square footage, or exploring a design and development collaboration — you start looking around for answers.

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Four Pillars of an Inventory-based Business

3/28/2018

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Merchant Method Four Pillars of an Inventory-Based Business | Visit merchantmethod.com/retailtrends | Retail, Small-Batch Manufacturing, Maker

Earlier this week I sat with a small cohort of merchants eager to step away from their businesses, roll up their sleeves, and dive into the true hard work of understanding the breadth and depth of factors that impact profit.

Anyone can dive into this discovery process.

The first step is to raise your level of awareness about operating an inventory-based business so that you can see through the distracting, symptomatic pains to the core of the real issues.

To better understand what contributes to your business challenges or those opportunities that remain out of reach, you need to understand the four pillars of operating an inventory-based business.

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How to design a foolproof brand experience

3/22/2018

I have a podcast episode you have to listen to!

The podcast is called Design Goggles, produced by the multi-talented architecture and design firm Board & Vellum. This one is fun and full of business advice for retailers and makers!

This week’s podcast episode is about how to design a foolproof brand experience.

The episode is The Seattle Retail Experience but don’t let the title fool you. I work with brands throughout the United States (and beyond) and here’s what I know to be true:

The challenges with designing an irresistible retail experience and positioning a brand are the same regardless of location.

If you’re interested in growing your business, you’ll find this interview valuable.

As you listen, I want you to pay attention for some very important topics:

The shop local movement, what “local” means, and growing your business beyond your neighborhood.
4 things that have changed the retail landscape for small to medium-sized businesses and how to respond to these changes.
Barriers to entering the retail industry, the role of modern pop-up shops, and the rising threshold for success.
Integrating opportunities for social media engagement in your retail space.
Brand Loyalty = Brand Narrative + Brand Behaviors + Belonging
Effective organic advertising through promotional merchandise and customer loyalty programs.
Shaping customer expectations with brand-focused employee training.
Price sensitivity and helping customers accept rising price points.

After you listen, leave a comment and tell me how you shape your unique experience.

Thanks for tuning in!

valuing the customer relationship

3/7/2018

Merchant Method Retail Trends | Valuing the Customer Experience | Visit merchantmethod.com/retailtrends

Lately I’ve been spending a lot of my creative time thinking about relationships — all kinds of relationships, in fact — to better understand the most precious, prized, and valued relationships we merchants have:

Our relationship with our customers.

The hard truth is that how we relate to customers and, more importantly, how they relate to us is directly reflected by our cash flow.

Our cash flow is the score card of the dynamic, responsive, and empathetic way we act in relation with our customers.

So I ask you this — “Are you playing the long game or playing the field?”

That’s a big question, and one way you can start self-assessment is by focusing on your special events:

How do in-store events fit with your guiding principles and core values?
Are your event goals driven by an outcome goal (like gaining revenue from the event) or a process goal (like driving marketing for the store)?
What could change in your business if you treated in-store events as a way to move your brand — its mission and its values — forward?

You know me, I like to make things attainable, actionable, and aligned with my own mission.

Naturally I was thrilled when Storefront, an online marketplace for renting pop-up retail space, asked me to share my insights on pop-up events. I was ready to share a plan for playing the long game, building brand loyalty, and nurturing valuable customer relationships.

You can read the feature here — I hope it will help you plan for the long game.

The Breadth of Consumer Spending During the Holiday Season

11/27/2017

My first act of holiday gift giving was already complete by Cyber Monday. A few weeks before, I had selected a wish list from a charitable holiday giving tree and over Thanksgiving weekend I dropped off the wrapped presents. This early practice left my heart feeling gratified, satisfied, and ready for plenty more shopping and sharing in the weeks ahead.

The holidays present a series of obligations and celebrations. We shop, ship, and celebrate throughout the season in phases. Don’t forget, we talk about ‘the holidays’ in plural for a reason!

Holiday shopping comes in phases. As shoppers we know this — but what are we doing with this information as sellers?

The Subtle Art of Modern Pop-Up Shops

10/24/2017

I can’t remember my first pop-up shop experience, but they were a fixture of my childhood. They ranged from a vendor at an open air market who sold just one product to my very own Tupperware-selling mom hosting a sales party in our living room.

No matter how you “slice it, dice it, cut it, or chop it,” — classic sales copy to this day — temporary retail shops have been around since the birth of retail. As a modern retailer, you should think about how best to take advantage of this sales model to help drive your business.

Pop-up retail is not just a fad, it’s a sales channel.

Modern pop-ups shops are a subtle art, and you can unlock incremental sales by really understanding this strategic channel.

5 Steps to Sell Slow-Moving Stock

10/17/2017

Here’s the thing to keep in mind about slow-moving stock — not every item you bring into your store or that you sell is going to be a winner.

Unfortunately, this is a reality of merchandising and selling.

Some items are top-sellers, star performers. Others are slow-sellers, dogs. Blame it on the human condition. Despite retail art and retail science, there’s no accounting for taste. Even within your narrowly-defined customer demographic.

5 Things Everyone Needs to Know About Retail and Manufacturing

10/10/2017

Photography by Janette Casolary

Last week over 100 people gathered to listen as a group of talented professionals and committed volunteers shared their views on what everyone needs to know about retail and manufacturing.

We attracted leaders from many other fields — tech entrepreneurs, educators, multi-passionate creatives, attorneys, restaurateurs… you get the idea. We were also lucky enough to hear from like-minded professionals in retail — shop owners, designers, professional craftspersons, and many more.

After gathering feedback, synthesizing the conversations, and pulling together the insights and resources from our presenters, five things jumped out to me as principles everyone needs to know about retail and manufacturing.

Merchant Method Double Feature

9/29/2017

As we count down the days to Seattle Startup Week, the content-rich presentations and discussions aren't the only things on my mind.

Though it's been quiet here I've been answering interview questions all summer long. I still don't like talking about myself but I do enjoy talking about my first love: shopping!

Each interview felt like a business retreat, an opportunity to revisit the places, products, processes, and people that inspire me and my work. I also got better acquainted with some of my favorite brands like Shopify, Vend, Big Cartel, and Dôr.

This week two of these interviews published back-to-back. Though one's about me (I did mention I don't like talking about myself, right?), they both have you, dear Merchant, at heart.

Click on a headline to read along:

Behind the Counter: Chris Guillot, Merchant Method (Dôr Technologies)

Don't forget to join me for Seattle Startup Week. I'd love to introduce you to the talented, passionate folks from Dôr. Joanna Rutter is joining me in a conversation about the state of the retail industry. Sean Lakind is sharing much needed information about the importance of understanding how weather impacts your store foot traffic and what to do about it.

Serial Events: How to Build Community and Customer Loyalty (Shopify)

I'm thrilled that our community event series has been featured by Shopify three times! This month I sat down with writer Alexandra Sheehan to explore what makes serial events sticky and why you should get your hands "dirty."

Creating Community (and Loyal Customers)

8/22/2017

Being well-connected can mean different things. For some, it means having influential and powerful friends. For others, it might mean having a large number of casual contacts. As independent retailers, our focus should be on finding our tribe and doing what we can to connect with them authentically.

However you choose to connect with others, when you can create and nurture your community, you will build more loyal personal and professional connections. This is the fundamental value of customer relationship management (CRM), which is focused on automation and software tools for enterprise businesses. Unfortunately, those tools are cost prohibitive for many small businesses.

So, in the absence of a robust CRM system, how do small businesses create community, loyalty, and repeat customers?

Ensuring a Successful Holiday Season

8/15/2017

Raise your hand, Merchant, if you’re already thinking about November and December. There remain plenty of summer days and nights to enjoy but we both know that now is the time to plan your most successful holiday season yet.

This holiday season will be full of inspired and creative merchandising as well as customer-friendly price points, but only if we do our work now. The best of the best beloved shopping experiences, those with execution tactics that appear just right and that produce effortless customer experiences, are born from great effort followed up by disciplined execution.

Craving a New Direction

8/8/2017

As creative entrepreneurs—that’s you, that’s me—we recharge our creativity with more creative endeavors. It’s important to keep this in mind, to honor this aspect of ourselves, and to connect with others who need and support this practice.

Selling the Job

8/1/2017

Interviewing is a two-way street. Candidates are selling themselves and you, as the hiring manager, are selling the role, your leadership capacity, the company culture, and the value of the brand. Interviewers are being interviewed by candidates. They study your words and your actions. How you make them feel is an important part of the recruiting and hiring process.

In this week’s episode I share how to sell the job while you’re interviewing potential employees! Have a listen as I speak to the seller inside you.

Making Your Most Important Hire

7/17/2017

My forte is working on experimental retail projects. I love using my skills in innovative ways, stretching and growing along the way. Most of these projects have gone well, but not all of them. Looking back, in the projects that fizzled, I was trying to do too many things that were out of my wheelhouse. By focusing a bit more on my strengths and getting a little complementary help, those ventures could have accelerated faster.

In this week’s episode I share how to make your most important hire as the leader of an entrepreneurial venture—yourself! Have a listen as I speak to the recruiter and hiring manager inside you.

Most Likely to Become a Teacher

7/10/2017

Merchant Method Mostly Likely to Become a Teacher | Leadership | Small Business | Retail | Management Strategies | Visit merchantmethod.com/retailtrends

When I graduated high school I was voted Most Likely to Become a Teacher. Back then it seemed like a bad prediction. I was bound for business school and focused on becoming an entrepreneur and a retailer. It took me years to realize that the most beloved retailers (of all sizes) are just that—teachers.

In this week’s episode I share how my skills as a teacher and as a retailer are interdependent. Have a listen as I speak to the teacher inside you.

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