Hardware Retailing The Industry's Source for Insights and Information
As an independent retailer, competition is everywhere. Whether it’s an online retailer, a big box chain or a luxury department store, customers expect more out of the retail experience than ever before. In order to compete with companies like Amazon, Nordstrom and Walmart, consider taking specific elements from each.
Patrick Lafferty, president of advertising agency Translation LLC, recommends in an article from Forbes that businesses looking to scale beyond a niche should narrow down needs into three distinct team approaches.
“These teams’ approaches to partnering with customers and executing on deliverables should mirror those perfected by three famous retailers: Nordstrom (high-end service), Walmart (value, speed, scale) and Amazon (innovation),” the article says.
For an independent home improvement retailer, focusing on these features of Amazon, Nordstrom and Walmart may build and strengthen business.
Nordstrom: The Luxury Shopping Experience
Ask any consumer what they like about shopping at Nordstrom and you’ll likely hear about the luxurious experience. And while high-quality brands are part of the experience, customer service is one of the biggest areas of focus at Nordstrom.
In the independent home improvement sector, customer service is a cornerstone to standing out against big box retailers. Lafferty suggests an effective customer service team should be made up of people who are able to devote “time to interact with your customers and who are intuitive enough to figure out what a client wants.”
Walmart: Providing More for Less
Walmart does a great job at delivering products and services for the lowest possible prices, Lafferty says.
To expand on Walmart-like strategies, retailers should consider pricing signage, endcaps and floor displays that highlight deals. By doing this, retailers can draw the deal-seeking customer’s eye. On top of that, customers will receive quality customer service they would have a hard time finding at Walmart.
Amazon: Seeking to Change the World
Independent home improvement retailers can apply lessons from Amazon to brick-and-mortar businesses by meeting customers’ needs in real time.
To attract forward-thinking customers, Lafferty suggests tapping into creative employees who can provide innovative ideas. Whether it’s personal shopping or delivery services, they think outside the box to best serve the customer.
