How retailers can come out of 2023 better and stronger than ever

We’ve talked about the benefits of building resilience in retail through omnichannel selling, increased efficiency, and catering to emerging consumer trends. But how exactly to get started?

Stay ahead of the curve for the rest of 2023 and beyond with these predictions and practical tips for the future of retail.

Efficiency gains and then some

Times may be tough, but that doesn’t mean retailers are ready to roll over. Quite the opposite. This next phase will be all about rising to the challenge by “looking for ways to level up and work more efficiently”, predicts Jarrad Brownfield, Square’s Retail Product Marketing Manager in Australia.

It could be by building new revenue streams and starting to sell online or via social media, or by turning to automation technology to do more with less. Of course, efficiency savings aren’t the only benefit retailers stand to gain through automation.

“For retailers, any investment in tech—like purpose-built retail software with automation features—means removing time-consuming workflows, reducing errors, and gaining better visibility in their business,” Brownfield says. “So that if they’re hit by tough circumstances, they have the confidence to act with certainty.”

See how you can power your retail business with Square

“Good value” doesn’t mean cheap

Square’s Future of Retail report reveals that people are shopping more consciously than ever and looking for good value from purpose-aligned brands.

But “good value” doesn’t necessarily mean low-cost, Brownfield says. Rather, “it could mean that the customer feels confident and assured about the quality of a product and the benefit it offers to their lives.”

As consumers start to tighten their belts, he recommends retailers “use sales and marketing channels at your disposal to illustrate the value of your products and your brand so you can stand out among competitors—even if discretionary spending is limited.”

Practical steps to get started

Going forward, the keywords for savvy retailers will be “adapt” and “diversify”. But how and where to start, exactly? Here are Brownfield’s top tips:

1.       Reflect. First, take a step back and ask yourself:

• How is my business performing?
• What areas are taking up too much administrative burden?
• Where could I invest more time to grow the business?
• What tools can help me free up that time?

2.       Revisit the data. Go through your reports to see last year’s inventory performance and profit across different products and use this information to inform your strategy for the next 12 months. (Pro tip: “If you can’t track your transaction, inventory and customer information in your current system, it’s time to look for a new solution that’s purpose built to fit your needs,” Brownfield says.)
3.       Review your CX (and shipping). “At a time where customers are potentially cutting back their spending, make sure you’re providing them the best possible experience to keep them coming back,” Brownfield advises. “Look at fulfilment integrations to scale your business, such as Shippo or Easyship that can automate your shipping and delivery operations, improve customer satisfaction, and reduce overhead costs.”
4.       Reach out to your customers. Experiment with new selling channels, customer loyalty or marketing tools to grow your business.
5.       Reduce admin time. “Look at processes to optimise and features that’ll enable you to work smarter, not harder,” Brownfield says. For example, “the Bulk Edit on Square gives retailers an intuitive tool that allows you to select multiple inventory items and make mass changes to details such as name, size, category, price and description, allocate a store, or add custom attributions. It’s an incremental efficiency gain, but it all adds up.”

Last but not least, remember that you’re not alone. Your tech partners often have a wealth of subject matter and industry expertise, and many offer free coaching and advice to their retail clients, as well as other handy resources and tools to help give your business a boost.

Read more: Retail reimagined: Embracing tech to boost efficiency and delight your customers