The Resilient Retail Game Plan - retail insights, retail trends and best practices

Writing a book has been on my to-do list for quite a while now, and nothing lights a fire under your feet and gets a project moving than telling people you’re working on something - so here I am, sharing an excerpt from the unedited first draft of my yet to be released book! 

My goal has been to make a practical book that covers three main objectives: 

• To allow readers to self-diagnose their businesses and to help highlight the challenges that are unique to product businesses
• To help readers understand and measure the key numbers within their businesses and identify what areas need attention
• And to help readers to use all this information to plan for the future accordingly

I find it’s often the case that people start their own businesses to escape the corporate world and embrace their inner creativity - the last thing you want is for your own personal endeavours and passion projects to be leaving you stressed and out-of-pocket - my hope is that my book will be able to give readers the tools to make a success of their product businesses and for them to feel good whilst doing it!

Please do jump on to the Resilient Retail social media channels and let me know what you think! As I say, this is the first un-edited draft, so it’d be great to hear all your thoughts! 

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In today’s episode of The Resilient Retail Game Plan, I speak to Taymoor Atighetchi, CEO and Founder of Papier, an online e-commerce stationery brand that flips traditional supply chain methods on their head. 

Alongside their own in-house collections, Papier collaborates with bright, upcoming artists, iconic brands and exciting fashion labels to produce personalised journals, notebooks (and more) on-demand for those who are passionate about paper. Selling direct-to-consumer, Papier creates one-off products to order, meaning that the business can remain agile, minimize waste and lead the curve when it comes to emerging trends.

In today’s podcast, we discuss how analogue pursuits have grown as people strive to live a more offline life and how an on-demand business model helps with the test and learn approach all start-ups have to endure. We also take a look at how brand partnerships can help with both customer acquisition and retention and how endless choice is the last thing consumers want.

Check out Papier’s range of products at https://www.papier.com/ and connect with them on social.

https://www.facebook.com/papieruk/ https://www.instagram.com/papier/ https://twitter.com/papieruk https://www.pinterest.co.uk/papieruk/_shop/ https://www.linkedin.com/company/papier/

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If you’re not already feeling the pinch yourself, you’re no doubt aware from the news that the cost of living is increasing across the board. From household energy through to groceries, as well as the seemingly exponential rise of fuel costs, the hike in national insurance contributions and the shift in variable-rate mortgages it’s no wonder that people are looking more closely at their outgoings and are managing their costs more carefully. 

Outside the household, this is of course impacting businesses and retail too. Freight, materials, packaging and duty costs are all subject to these financial shifts, and it can be tough to prepare for and mitigate the effects of increased prices on your profit margins.

In episode 82 of The Resilient Retail Game Plan, I want to help you engage with the numbers in your business to help you to avoid sleepwalking into having your bottom line eroded by increasing costs.

In this podcast, we’ll look at the difference between your in-margin and your out-margin and talk about the profit parameters you’ll want to aim for depending on your type of business model. We’ll also cover numerous tactics for managing price increases, from ‘shrink-flation’ to bundling together low-margin products, as well as why it’s always important to consider where your customers are at right now.

Use the code: 10podcast to get £10 off your first month when joining The Resilient Retail Club.

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In episode 81 of The Resilient Retail Game Plan, I speak to Thalia Caddy. As a theatre manager hit hard by the pandemic, Thalia wanted to create opportunities for the moments of escapism that were all but stripped from the national playhouses by numerous lockdowns. Enter Wild Books, a business with circularity and community writ large from page one, where Thalia bundles pre-loved literature with hand-made candles that immerse you in each book’s location. 

In today’s episode, we talk about getting people to think about their purchases differently, taking people along on the journey and being transparent, as well as what it takes to build a community, how to introduce a subscription service and creating a recycling scheme.

To connect with Thalia and Wild Books head over to:

https://www.instagram.com/wildbooksco/

https://www.botanyandbooks.co.uk/ (changing to wildbooks.co May 2022)

Use the code: 10podcast to get £10 off your first month when joining The Resilient Retail Club.

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Between the ongoing climate crisis, a global pandemic and waves of continent-wide lockdowns, the last few years have seen marked shifts in consumer behaviours and attitudes, with more people considering the sustainability of their shopping habits and the ethics of production and manufacturing, than ever before. Things are moving in the right direction but it’s often the case that we don’t respect or care for products when they’re inexpensive, which inevitably results in a more disposably-inclined mindset and more waste - and this is no more true than when it comes to fast fashion.

So, in today’s episode, I am truly excited to speak to the founder, recent recipient of Dragon’s Den investment, and champion of clothing circularity Charlotte Morley of The Little Loop - the first shared wardrobe for kids in the UK. Renting ethical, fun clothes for your children, The Little Loop is on a mission to help create a world without clothing waste. 

On today’s podcast, we discuss engaging ethically in clothing production, scrutinising supply chains, and paying a fair wage and how resale shouldn’t be seen as the answer to the fast-fashion brand behemoths. We also talk about feeding data back to suppliers in an effort to make better, longer-lasting products and how Dragon Den’s Peter Jones isn’t as mean as he seems.

Check out The Little Loop at:

https://thelittleloop.com/ https://www.instagram.com/thelittleloopclothing/ https://www.facebook.com/thelittleloop https://twitter.com/thelittleloop

 

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In today's episode of The Resilient Retail Game Plan, I speak to the founder of jewellery brand Astrid & Miyu, Connie Nam. Dissatisfied with a market of impersonal jewellery brands sold by uninspiring stores Connie made it her mission to create her own range of innovative jewellery products, delivered via a personal, engaging and empowering experience.

From being stocked in Selfridges to counting Jessica Alba amongst her customer base, it’s important to remember that Astrid & Miyu’s wonderful success hasn’t happened overnight, and in this podcast, Connie shares a number of her observations and tips when it comes to building a fresh and thriving brand and business. 

We talk about the fear of giving up control as growth demands that you delegate more, as well as ‘recruiting hard and managing easy’. We also talk about the importance of creating a differentiation between your online and store offering, leveraging your data to help you make some of your bigger business decisions and how getting your customers to engage with multiple marketing channels makes them 'stickier'.

Check out Connie’s jewellery and connect with her brand at:

https://www.astridandmiyu.com/

https://www.instagram.com/astridandmiyu/

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Charity shops and thrift stores have been firm fixtures of the modern retail space since at least the 1950’s and primarily second-hand product websites like eBay and Craigslist are now both running into their mid-twenties - resale is certainly not a new phenomenon, but it’s in recent years that advances in technology and shifts in consumer habits have allowed the second, and even third-hand market to flourish like never before.

In episode 78 of The Resilient Retail Game Plan, I speak to Wilson Griffin and Karin Dillie of the tech-enabled resale service, Recurate. Recurate’s mission is to look at the whole life cycle of a product and extend it. They aim to build circularity through partnering with brands and retailers by putting the resale capacity of their own products back into their own hands.

In this podcast, we discuss how the perception and culture around shopping second-hand has changed and how conversations around supply chains and materials have become as important to some consumers as the products themselves. We also touch on how harnessing pre-existing resale infrastructure and peer-to-peer behaviour could help you see great returns with little risk or commitment to your bottom line.

Check and connect with Wilson and Karin at:

https://recurate.com/

https://twitter.com/recurate

https://www.instagram.com/recurate.app/

https://www.linkedin.com/company/recurate/

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I’ve said it before and I’ll say it again - there’s no silver bullet when it comes to creating a successful product business, but we can look at industry stories, review the data and trace trends to help us sketch out a bit of a roadmap for each coming year.

In episode 77 of The Resilient Retail Game Plan, there are some key themes that I want to run through that I think are less the “secrets to success” and more a pragmatic approach to ensuring you and your business can weather these uncertain times, for both retail and the world, and come out on top.

In this podcast, I discuss trying to nail down more lucrative profit margins to make it easier for you to take on additional costs and the importance of using your data to learn, review and adapt your business model accordingly. I also touch on how creating additional routes to market can help you to manage risk and how creating a community of loyal customers is one of the best ways to build your retail resilience. 

Don't forget to join hundreds of other product businesses for this free, fun, five-day challenge from 24th - 28th January, held in a private FB group.

https://www.resilientretailclub.com/plan2022

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One question I get a lot, and one that's certainly become much more pertinent in the last few years, is "Why bother making plans when things are so uncertain?" Even without the wildcard of a global pandemic, the retail landscape is constantly changing and does so at a dramatic pace - it's no surprise then that business owners are frustrated and fatigued by making plans that might be redundant by the end of the month, if not week! I've worked many years in the retail industry, through periods of major instability, and this is the oft-quoted motto that has always got me through those times of uncertainty: Plans are useless, planning is priceless. It's always better to plan and adjust as conditions change. In episode 76 of The Resilient Retail Game Plan, I go over the three types of plan you can create to best prepare you and your business for a whole variety of outcomes. We'll look at establishing a 'base' plan to safeguard your finances, we'll discuss making a realistic forecast and the importance of being cautious with your expectations and we'll summarise by designating a stretch goal to keep your ambitions in sight and in check. Join hundreds of other product businesses for this free, fun, five-day challenge from 24th - 28th January, held in a private FB group.

https://www.resilientretailclub.com/plan2022

 

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In the age of Coronavirus, we’re fortunate enough to be better connected than ever. Social media platforms, online forums and community-centric apps have given us the tools to enjoy, learn and share our interests and passions with like-minded people from all around the world - but when it comes to product businesses, it's a surprisingly under-utilised engagement tool.

Online communities can not only extend your reach far beyond a traditional brick-and-mortar store but can help produce organic and long-lasting brand engagement with customers who will willingly champion and support your brand.

In today’s episode, I speak to the founder of the Jewellers Academy, Jessica Rose. Following the close of Jessica’s physical school, the Jewellers Academy now operates online and offers everything you need to learn when it comes to jewellery making and building and growing a successful business.

In this podcast, we discuss making your customer's experience bigger than the product itself, the importance of finding the right community platform for you and your customers and the variety of ways you can foster relationships, keep your brand active and your community engaged. 

Head over to https://www.jewellersacademy.com/ to check out the Academy and connect with Jessica at:

https://www.instagram.com/jewellersacademy/ https://www.facebook.com/groups/jewellersacademy/ https://twitter.com/JewellersAcad https://www.youtube.com/c/jewellersacademy

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