Las Vegas is home to many things- some of them questionable in nature. Although, one that is not is ASD Market Week! We just kicked off the first day of the most expansive B2B trade show, the “Affordable Shopping Destination.”
ASD, in conjunction with the Independent Retailer Conference, brought together a series of educational seminars to round out our trade show experience. Megan Brophy, the editor of Independent Retailer Magazine shared how to market to two of the largest retail markets-Millennials and Gen Z. Terry Hawkins of Progress Retail taught us the value of a people-centric approach to leadership. And, Steven Tucker of Springboard Retail, talked about throwing out the traditional retail mindset. Here are the TopTen retail lessons we learned at ASD day one.
- To have a thriving business you must hire right. Find people who are passionate and independent workers, those people you can train to love your business.
- Leadership who cares is what creates success. When you care about your employees they will care about your company and you can train them to love your business.
- Terry Hawkins stated, “We generalize compliments and specify the negatives.” Giving positive feedback is imperative to keeping employees motivated. Don’t push a loyal employee to the point where they no longer care.
- Beware of slow and inefficient websites and apps. Millennials will wait around 5 seconds for your website to load, Gen Z only has an attention span of 3 seconds.
- Gen Z responds the least to traditional marketing: sidebars, popups, in your face ads. Respond best to advertising with real people and campaigns that are diverse.
- 85% of Gen Z uses social media to learn about new products. They spend on average 10 hours a day online. You’d be wise for your brand to have a strong social media presence.
- Just as you set business goals, you should be creating social media goals. This is everything from number of followers, engagement, sales, etc.
- The store owner should not be the one managing social media. You simply don’t have time to take all the pictures, create art work and graphics, drive engagement, post, etc. You have to run a business, hire someone who has expertise in this field.
- An agile retail mindset is key. Business owners should be looking at performance of product and allow employees access to the knowledge as well. Be willing to change up your strategy. Is one product flying off the shelves at one store location, but you’re being forced to mark it down? Send the stock there! A lot of time there are creative solutions to problems.
- Retail isn’t dead, but it is changing. In fact, 77% of the younger generations actually prefer shopping in-store. But, they look for the experience shopping your brand evokes for them. If you do not create that, they will look elsewhere.