PMA Australia 2007 Imaging Technology Expo: “Top 10 Retailing Trends”session

At the PMA Australia 2007 Imaging Technology Expo Peter James Ryan discussed in his session (sponsored by Canon) the "Top 10 Retailing Trends."

1. The world does not need another…

• No category of retail is under saturated.
• Shopping patterns are narrowing.
• Another store of the same won’t draw the lines of consumer you desire.

2. Profit through volume vs. specialty retail.

• GP$ vs. GP% means lower margin per transaction needing higher volume.
• Many times margin erosion not made up by increased volume.
• “Mass-tige” paradigm shift – mass market pricing matching prestigious allure.
• Lowest cost of doing business could win this race.
• Humanless customer service using individualized screens that educate customer about products and accessories at point of sale.

3. Time is the new gold.

• If we want it, we can find the cash.
• Consumers want ROT -- return on time.
• You must value your customers’ time – make your transaction processing slick.
• Customers want to spend time shopping, not doing routine transactions.

4. We sell visually.

• Visual appeal determines interest.
• Visual comprehension leads conversion to sale.
• Photo specialty retailers need to understand “less is more” -- focus is the key.

5. Commoditization is not customer led.

• Cheapest price is the most rational & provable attribute.
• Customers do seek best overall value not “cheapest price”

6. Productivity rules.

• More important than top line results.
• Leads to productivity shifts.
• Consolidation -- 80/20 rules.
• Landlords think the same way.
• Focus on key performance indicators (KPI)
• It’s a new world, no longer sales or locational expansion at any cost.

7. It’s all about the people.

• Specialty retail is all about human interaction.
• Self-service or low service is owned by Profit Through Volume retailers (category 2).
• People who are engaged, passionate, evangelists are successful.
• Retailers have to look at payroll as a productivity driver, not as a cost.
• Treat your staff as the first customer.

8. Cheap, fast or immersive.

• ROT (Return on Time) demands fast payback.
• Where can you be efficient and immersive in customer’s head you can win.

9. I love stories.

• Storytelling is the oldest form of selling.
• Mass retailers sell other people’s stories, specialty retail leaders create stories.
• Make stores human and believable.
• Make it mean something so the light bulb goes off and they want to buy it from you, the storyteller.

10. Communities are back.

• Depending on where the customers passions lie, she will shop where she is personally immersed.
• People immersed in photography are turned on by photographic images.
• Build an environment that encourages dialogue, relationships and storytelling between staff and customers.
• Not everyone should be allowed into the inner circle, not everyone should belong to the club.