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Retail industry B&M stores(consumer electronics). Is omnichanneling the way?

Discussion in 'Business Models, Niches, Industries' started by Varun, Nov 8, 2018.

  1. Varun
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    Varun Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    So now B&M stores in my country(India) have started feeling the heat from online players like Amazon and Flipkart. Most of them are unwilling to change and are content to grumble.

    How do I add value to the customer's lives? As it stands, customers go online to shop(especially for cameras and phones etc.) because it is so much more convenient. We only have B&M stores as of now.

    Is omnichanneling the only way? Or are there other ways to add value? I'm new to the business so I'm still learning. Just wanted to gather some ideas for a possible direction as in a few months' time I'll be given a specific brand(for example, Samsung) to manage for our showrooms.

    Edit: I guess the more pertinent question (to take away the action-faking aspect) is - how do I create more sales for my store in a better way than purely online sites?
     
    Last edited: Nov 8, 2018
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  2. Jeff Noel
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    You could use social marketing ads and a business page to raise awareness towards your store.
    On another thread, someone talked about an entrepreneur that brings more customers than his business can handle physically (he doesn't even have enough inventory) simply because he started doing giveaways on Facebook requiring people to share, tag friends and then come to this store to confirm their registration.
     
  3. Varun
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    Varun Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    We actually tried ads, but it resulted only in losses.
    The giveaway idea is interesting, but it seems quite risky. It is also a strategy that can be copied easily/in time... looking more along the lines of adding actual value. Is there any way to do so in a retail system?
     
    Last edited: Nov 8, 2018
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    Are you or other local retail shops already offering repair/technical support for the products you sell ? Perhaps a delivery and setup/installation service for TVs, sound systems and other bigger electronic devices.

    If you sell computers, a setup/ready-to-go service where you install a decent anti-virus/internet security bundle, make all the updates, optimize boot time and remove pre-installed bloatwares. You could also offer SSD installation or migration services after purchase to speed up older laptops.

    I'm just throwing up quick ideas.
     
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  5. Varun
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    We sell almost every mainstream electronic gadget that consumers use - TVs, laptops, fridges, washing machines, microwave ovens etc. We sell to both other retailers and consumers. So basically go product by product and offer end-level advantages is what you're saying? I appreciate you taking the time out!
     
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    Exactly !

    Just don't sell services that will put you in trouble, like a "if you have trouble with the microwave in the first year, we will replace it, no questions asked!". Don't do that.

    I remember ASUS did that with their laptop back in the days: 2 year full warranty on the laptops. 23 months later, people would throw the laptops on the ground and get the latest model, since the one they had was discontinued.

    You could offer some kind of worry free service for appliances like a fridge or a dryer/washing machine: You offer the delivery and make sure there's no weird noise, you make sure the washing machine is level with the ground (most newer models do that by themselves I think? still, marketing !).

    I'm sure you could find better ideas, since I'm an IT guy who's not dealing with those items daily. What do customers complain about from their old electronic devices ? Try to find the most common issues and make a general service offering peace of mind to your customers.
     
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  7. Varun
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    Varun Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Thanks for the tip. Yeah, have to be wary of customers trying to find loopholes around these things. I'm in India, so it happens often! The installation(with some payment) etc. already happens, but this is a good direction to go in.
     

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