Posted on: 27 September 2019
What you can learn from the biggest companies?
In the world of retail, there are many large companies that you can learn from to help you grow your business and become a specialist in the industry.
Take a look below at some of the examples below.
The large retailers you can learn from
Customers service from Asda
Supermarket giants, Asda, have come a long way since their humble beginnings in the 1920s as a family butchers in West Yorkshire. The company has been through mergers, expansions and near bankruptcy, before finally being bought by US retailer, Walmart, and becoming part of one of the biggest supermarket chains in the world.
Asda prides itself on providing great customer service, which is a vital part of all staff training. Training is targeted at making customers feel valued and happy with their experience at Asda.
Learn from Asda by offering outstanding customer service to your clientele. This could be taking the time to show a customer where to find a product, thanking your customers, listening to your customers’ needs and showing how you have used their feedback.
Market research from Tesco
It is no secret and something that they haven’t hid away from, that Tesco was involved in some nightmarish scandals earlier in the decade.
Despite this, in 2017, Tesco reported a 30% growth in their operating profits. So how did they do this?
Tesco didn’t shy away from their scandals and invested in a marketing campaign that understood the needs of their customers and how they saw Tesco as a business. The research showed that customers were no longer interested in hearing about offers and discounts, and reacted better to adverts that were relatable.
Use this in your own business to show your customers that you understand their needs and that you are there to support them in their lives.
Convenience from Amazon
Online shopping has contributed to the decline of the UK high street, with Amazon being at the top of the e-commerce market. Online shopping is seen as cheaper and more convenient, especially with Amazon Prime offering next day, or even same-day delivery.
Convenience is key in making sure your customers keep coming back to your business because their shopping should fit around their daily lives. If you can accommodate for the needs of your customers, you are sure to keep their custom.
Employee engagement from Savers
A big name in the retail health and beauty sector and part of the Superdrug retail group, Savers are the highest placed retail company to work for on the Sunday Times Best 25 Big Companies, in 4th place as of 2019. Working for Savers, staff can enjoy a discount card that works in Savers and Superdrug, a partnership with Retail Trust who can offer financial and emotional support for staff, staff awards and a generous holiday allowance.
Your employees are the front line of your business, who deal with your customers, so keeping them happy and engaged is a must to have a productive business. You may not have the capacity to offer support or staff awards, but you can keep your employees happy by showing your appreciation and be considerate of their needs.
Efficiency from Aldi
Aldi became the butt of an internet joke, as shoppers claimed that you need to prepare yourself before going through the tills due to the speed in which your shopping is scanned. However, this speed is to make the scanning and payment process as fast as possible to improve efficiency and cut down on queue lengths.
Efficiency is a huge part of retail, where time is money and every second counts. Learn new processes, implement new technologies and train staff to keep your business running efficiently, which will, in turn, help you pass savings on to your customers.
Retail insurance with Premierline
As you can see from above, there are a wide range of businesses in the retail sector. From clothes retailers to e-commerce stores, no two businesses in the industry are the same, but will all have one business need in common; shop insurance.
At Premierline, our insurance advisors are trained to assess your business’ needs to find retail insurance bespoke to your business. We work with some of the UK’s most well-known insurance companies so get in touch to speak to one of our insurance experts today.
Compare business insurance
The information and tools contained in this guide are of a general informational nature and should not be relied upon as being suitable for any specific set of circumstances. We have used reasonable endeavours to ensure the accuracy and completeness of the contents but the information and tools do not constitute professional advice and must not be relied upon as such. To the extent permitted by law, we do not accept responsibility for any loss which may arise from reliance on the information or tools in our Insight Hub.