Online retailers stand to sell more, to more people, more often, when they engage with customers using multiple channels. Hello Paddy's.
How do we know? A study of just over 46,000 customers by Harvard Business Review found that only 7% were online-only shoppers and 20% were store-only shoppers. The remaining majority, or 73%, used multiple channels to shop even from the same retailer. The study also showed these "omnichannel" customers to be worth more to the retailer as they spent more money, more often, with their retailer of choice. Even more compelling was that they spent more with every additional channel used.
So, there's the financial incentive for you as an online retailer to get out from behind the computer screen and engage with real customers in person at the markets. You can also gain from getting direct customer feedback, seeing an opportunity to target a new segment of the market you may have not previously considered, and refining your product range to match what the market can tell you they want. You'll also get a great sense of your pricing strategy, and whether or not you are charging too much - or even too little. Now we know the idea of getting out and among your customers may seem daunting if you have built success so far online only. So here are three tips our team can give you to make the process easy - and productive.
1. Keep it Simple
Setting up a physical stall may seem daunting to online retailers. So we suggest a starting simple to get you selling as quickly as tomorrow. Consider selling only a selection of your total range to make transport and the focus of your selling simpler at least until you get an idea of what will by hot and what might not.
Plan everything from the space and weather through electricity and insurance too. This is especially important if you are at suburban markets. As Sydney's leading market's, Paddy's makes it a bit easier with all-weather capability and everything you need to get started included in your fee and service including site selection, parking, electricity, insurance, and an easy process to "bump in and bump out". Signing up is simple too. Click here for the booking form if you are ready to get started.
We also have an experienced Account Management Team who are here to help you as a business customer answer any questions you may have as you evaluate the markets as a sales and marketing channel.
2. Listen and Learn
The markets provide a chance to effectively research your customers and those who choose not to buy as well. Granted, an online retail business has loads of benefits. However, one key ingredient to long-term success that cannot be achieved via a singular online strategy is the true interactive engagement with real customers face to face. Market stall holders gain that vital customer contact and the feedback loop that comes with it.
This can ultimately make the difference between success and failure online. Abandoned carts online tell you very little. Abandoned sales in person tell you everything. People considering your products and then not buying and walking away is a chance to understand what you can change to meet the market and sell more - way more. You get a chance to see the behaviour directly, talk to the prospective customer, and develop a real knowledge bank to help you adapt and innovate faster than your online competition.
3. Open Up Your Market
There are thousands of online businesses opening every month, and they are spending spending spending on Facebook and Google search advertising to try and attract and convert online shoppers who can flick you in a click. This one channel leaves your business vulnerable as it becomes tough to build a brand and real customer base.
A stall at the markets is an opportunity to minimise this risk by diversifying revenue across a second channel. Now your eggs are in more than one basket - and you are attracting an additional different type of shopper.
The "market's shopper" is a destination shopper who wants to reward themselves with a purchase. Their mind is open, and ironically, they are often more inclined to pay more for a product that an online shopper who are very price driven customers often "second screening" for the cheapest option - anywhere in the world. At Paddy's our customers have intent to buy- and that gives you a chance to open up your market to sectors and profiles that you may not have considered before - which is an opportunity to grow your business in multiples.
Paddy's is the leading market's environment for traders in Sydney. When you trade at Paddy's your; trading with some of the most successful retailers in the country. Learn from them. Build your sales skills. create merchandising skills. Compare your approach to product selection and pricing. This is real world knowledge that no university or online experience can provide you as a business owner looking to grow your business. And with over 150 years experience, and hundreds and thousands of customers through our gates, we are happy to share what we know with you - and get your business growing at Paddy's.