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The Meaning of Value
What you sell might not be as important as how you sell it.
RetailWire and Dechert-Hampe & Co. conducted a series of research studies analyzing emerging trends in retailing, gathering 228 composite responses to various questions about the industry.
Participants ranged from vendors and retailers to consultants and agencies, with an overall feeling of cautious optimism expressed by the members of the retailing community. For example, half of the survey respondents expect “modest or better growth” in overall retail sales over the next five years. They also added that those that are successful would create new and different formats, setting themselves apart from the competition.
Being a frequent consumer myself, I found one response particularly interesting, as I think it reflects the current customer demand for more of an “experience” than just a purchase.
Survey respondents made “value for the money” the single highest rated factor in driving the success of retail formats in the future. This isn’t a surprise in these economic times, but the idea seems to be that a consumers’ definition of “value” is changing and consists of more than just promotional pricing and price point gimmicks.
What consumers are looking for now is “value” that includes price, quality, service and utility. In other words, it won’t be so much what you sell as how you sell it. Because your store is part of a destination — be it in a museum, zoo or resort — people already have an interest in your general theme. And if they enjoyed themselves, why wouldn’t they want to at least take home a small token of their adventure?
It could be a T-shirt or it could be a pencil, but it’s up to you to make them think that their experience would be incomplete without that souvenir. The value may not be in the tag on the product, but in the experience you attach to the purchase.
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Sherry Jonckheere,
Montana Historical Society & Museum
hat makes your store unique?
The Montana Historical Society & Museum Store (MHS) offers a distinctive variety of items specific to Montana and Western history. Additionally, the store’s unique “pioneer cabin” interior made with hand-hewn logs and chinking, complete with a granite-stone fireplace creates a warm and inviting atmosphere for our customers’ shopping experience.
What is your retail background?
I have owned and operated a variety of businesses including a small advertising and marketing company that I co-owned with a partner. I established an online store to market my hand-stitched embroidery/craft patterns, as well as traveled to trade shows around the country to promote my patterns to a wholesale market. I owned and operated a coffee shop and café, currently run a home-based photography business and work full-time as the Museum Store supervisor/manager at the Montana Historical Society & Museum.
What is the most popular product you sell?
Our collection of original Charles M. Russell artwork that is on permanent display in one of our museum galleries is a big draw for our customers. Our sales of collection-related Charles M. Russell prints, books, framed canvases and other Russell items are very popular.
What is your favorite part of working in this industry?
Because I have a personal interest in Montana and Western history, I thoroughly enjoy being a buyer for the store. More specifically, finding those special items that my customer base will “have to have” and continuing to make their experience so unforgettable and unique that they keep coming back to see what’s new. I have many customers from all over the world that continue to come back year after year, whether in person or ordering from our online store.
What advice do you have for other retailers?
I think you have to love what you do, or at least have an active interest in the products and merchandise that you buy for resale in your store. Customers are looking for unique shopping experiences, and if you can provide a fun, interesting and enjoyable atmosphere coupled with unique items that they wouldn’t easily find in other stores, you create lasting customer relationships (not to mention great sales).
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Do you use a social networking
site to promote your business and
increase professional connections?
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Online Registration Open for August 2009 NYIGF
Retailers can register online for the summer edition of the New York International Gift Fair (NYIGF), which takes place Saturday, Aug. 15, through Thursday, Aug. 20, at the Jacob K. Javits Convention Center and Passenger Ship Terminal Piers in New York City.
IGES To Celebrate 10-Year Anniversary
This Nov. 6-10, the International Gift Exposition in the Smokies (IGES) will celebrate its 10-year anniversary at the Sevierville Events Center in Sevierville, Tenn.
Denver Merchandise Mart Set for August
The Denver Merchandise Mart will hold its Gift, Home, Jewelry and Resort Show Aug. 13-18 for permanent showrooms and Aug. 15-17 for temporary exhibitors.
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A Portable Masterpiece
ChemArt’s custom keepsakes let you create a unique collectible that reminds customers of their visit. Each is gift boxed and finished in 24kt gold.
ChemArt
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Ornamental History
Celebrate each presidency since Washington and brighten a tree with a gift of history by adding this hand-crafted ornament from ChemArt.
ChemArt
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TEXT-ONLY ADS ARE AVAILABLE!
Call Gavin Cribbs to find out how you can advertise your product or business in this special text-only ad area! 800-825-0900, ext. 109 |
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