Gas prices have long leveraged dynamic pricing, but you can use price and cost analytics, and track competitor or online pricing to apply similar strategies for your retail goods and products. Look for peak periods during the day where prices can be lowered or discounts can be given providing an opportunity to increase customer loyalty, minimize food waste, and target price-sensitive customers. Providing food and essential discounts during the slowest periods of the day can drive additional foot traffic and customer loyalty.
Keeping a closer ear to your neighborhood will help you find creative ways to collaborate with your local stores, suppliers, and businesses. Wawa capitalized on its signature peach tea and collaborated with a local brewer for a summer hard tea beverage. Krispy Kreme partnered with Good Humor to create summer favorite flavors. Listening to your customers, keeping an eye on local social conversations, such as on Nextdoor or local Facebook groups, and tracking Google Trends can uncover opportunities to maximize your partnerships and delight your customers.
The traditional view of rightsizing is that it is a fancy word for closing stores due to budget reasons. However we can learn from Albertsons and other retailers, the approach should be centered more on optimization. The first step is to examine whether the store products are optimized. Is there one least profitable product that takes away from higher profitable ones? Are there any gaps that could present interesting opportunities? Stores can think about reaching the right product mix and their space more effectively. Sometimes this data is hidden in the store sales, so analytics tools can help uncover these types of insights to help you right-size your business.