The independent retail sector can be a tough business, with companies up against some of the big global brands who can offer customers better value for money and more choice. However, independent retailers also have benefits for consumers and, by working together with partner companies, they can provide customers with exactly what they want and at a price that works for everyone.
Engaging With Consumers
Today, consumers are becoming harder for retailers to find and engage with and this is providing a challenge for businesses, especially those in the independent sector who are working on tighter budgets than the bigger names.
This is also true in the independent flooring sector, where companies that sell a range of products, including engineered wood flooring, can struggle to make consumers aware of the services and products they can provide.
Collaboration is the Answer
As in other parts of the retail sector, the independent flooring market, can benefit from collaboration, where they can work in partnership with similar companies to share information about consumers and help to exceed their expectations. This is particularly important to ensure that one company is not left with lots of unsold stock sitting on the shelving. Equally services can be shared with other professionals in that an Electric Underfloor Heating Gloucestershire company such as https://parsonsflooring.com/services/electric-under-floor-heating/ may work with a local electrician in the case of issues with the wiring in a home they are installing the flooring in.
There are a number of benefits to collaborative working and this can have an impact on all aspects of the business. There have been instances of retailers seeing a 10-15% increase in their topline performance once these collaborative ties are in place and these results only improve further as the partnerships become stronger.
Collaboration Can Grow Further
As a working practice, collaboration is still in its infancy and there is much more that can be achieved as more businesses take the concept on board.
There are still retailers that are failing to adopt the idea of collaboration, but this is not always because they lack the desire. Some companies have barriers to starting these partnerships in the first place, including limitations on their time or systems, a lack of automation and a culture that doesn’t see the huge benefits that are on offer.
One of the biggest issues that need to be overcome before collaboration can be a more common occurrence is trust, as many retailers are struggling to bring these partners closer into their business practices. Once this has been overcome they will be able to share data and information more openly and create joint strategies that will benefit both parties.