myRetailer.ca

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Currency fluctuation is difficult for some businesses to manage, but it can make work for you

As retailers, we are all subjected to foreign exchange, whether we realize it or not. As retailers, foreign exchange does not affect our sales like it does with manufacturers and exporters, instead if affects us on the other side – our purchasing.

Whether we realize it or not, our cost of goods are directly influenced by the exchange rate of the day. This is obvious if we’re purchasing goods out of the U.S. or in other countries. However, even if we’re only selling Canadian goods to sell in our Canadian stores, we’re still being affected, because Canadian manufacturers in large part set their prices based on what they can sell their products for in other markets, including the U.S. And that demand is influenced a great deal by the exchange rate of the day. I know as a retailer, I enjoy a strong Canadian dollar, even though it’s bad for the manufacturing sectors and most of the Canadian economy in general.

So as a businessperson and a retailer, we need to be concerned about foreign exchange because it does affect our business and our profitability. You can check out the Bank of Canada site for current exchange rates. There are also sites such as RatesFX, which tracks Canadian dollar predictions and volatility data. You can also talk to your bank about hedging opportunities if you purchase a lot of goods from outside Canada.

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Cashing in on rewards

Mr. Suleman’s premise is backed by in-house experience. Since 2007, he has nearly doubled the number of employees at his Toronto-based headquarters from 18 to 34, and they collectively achieved savings of $106,000 in 2008, for which they were rewarded.

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Chasing elusive work/life balance

Can you have it all? Do you have to be there 24/7 for clients? Three entrepreneurs weigh in

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How to find the right talent

Focus on the future but delve into prospective employees’ experiences, HR pro recommends

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In an effort to make this blog more relevant for my readers, I wanted to have everyone vote and comment on what kind of features/options they would like to see. I value all your feedback so please, dont be shy. You can choose (2) boxes in the poll or have you say in the comments box.

Andy Buyting

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Create line-ups at your door by offering amazing deals to your customers. This concept is possible, even for smaller independent retailers.

Years ago, I used to offer a down and dirty deal on a timely popular item every week. This Amazing Deal of the Week was a limited offered to our customers on a first come first serve basis starting every Saturday morning at 9:00 a.m. sharp, no exceptions! This created excitement and caused line-ups at our door every Saturday morning. It also created a flood of phone calls and inquiries every week from customers asking; “What are you guys giving away this week?” To choose the item, we would anticipate one of our top SKU’s for that time of year and offer a deal that saved them between 50% and 75% off the regular retail price. Customers were usually limited to 3 or 5 units, which only added to the excitement. Most of the time, we would even leave them on the skids, or the transportation racks that they came on to again add to the excitement and show that it was such a great deal that we didn’t even have a chance to display them on our regular shelving. Again, adding to the excitement.

We moved away from that strategy, thinking we were being smarter by protecting our margins more. We dropped the deal of the week strategy for a few years, this was a mistake that I believe cost us quite a few customers over the years as we started to gain a reputation of only stocking higher end items and not offering any great deals to our customers any more. But, we recently started to move back in that direction with our Weekly Feature Promotion.

We’re slowly changing this perception and are starting to see a return of customer excitement again to the stores. We haven’t seen the line-ups yet, but I fully expect that they will come back.

~Andy

Interesting Articles:

• Using Special Promotions to Generate Business
• Marketing Ideas for Small Business

Cash in on Changing Seasons and the Back to School Rush

As retailers, we need to take advantage of opportunities every chance we get. This means exploiting the change of seasons and the change of mindsets in our customers.

At least once a month, you should be asking “What’s on my customer’s minds right now?” Right now, it’s back to school time for most Canadian families. With back to school in mind, take some time to think of what can your business do to tap into the existing mindset of your customers. Staples Business Depot probably does this better than any other business. Their “It’s the Most Wonderful Time of the Year” advertising(seen above) jingles that play on TV and on radio stations across the country are taping into what’s top of mind right now on all parent’s minds. This is clever marketing.

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