Specialty retailers are specialty for a reason, they go deep into a product category, as you would expect from a specialist.
The challenge for specialty retailers is that their specialisation attracts shoppers interested in and buying for their specialty product category. This is good in the usual world. In this corona world with movement challenged, specialisation can be challenging for local businesses.
This is why we think the covid pivot opportunity for specialty retailers can be helpful. We are not suggesting retailers seek to profit from corona or that they are profiteering. Rather, through a covid pivot, we are encouraging small business retailers to broaden the appeal of their businesses, to make their businesses more attractive beyond the community they currently serve.
A covid pivot could see a business remain the same to shoppers who visit and that it uses the back office infrastructure to serve an online only operation in their covid pivot strategy. This can see the business leverage existing overhead of space, labour and accounting infrastructure to effectively open a new business and through this to find new shoppers.
This type of covid pivot move can make the business more resilient through a time of change or challenge, like corona.
We think a covid pivot is a smart move for specialty retail as it spreads the risk, strengthens the foundations of the business and provides learning opportunities that themselves could help the business further evolve.
Using business data, smart tech and POS software connected websites, a specialty retail business can find, through a covid pivot, new customers, new efficiencies and new energy for forward momentum and this is the core goal … taking those steps ahead.
The whole corona situation is challenging. It would be easy to sit and wallow., and we get that for some that is what they choose. In covid pivot our focus is on pursuing forward momentum and doing this through a data driven and tech implemented pivot for the business for a better back half of 2020 and a solid 2021.
Bottom line: there is good news out there for specialty retailers who are making these opportunities for themselves through a covid pivot. We are sincerely grateful to have seen plenty do this, plenty find new shoppers and plenty learn new skills and categories through to expand what are effectively new start up businesses within their specialty businesses.