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Page 14 JUNE 2018 | RETAILERS FORUM MAGAZINE

For Late-Breaking Industry News Visit: www.retailersforum.com

If It Affects Retailing We Report On It!

Navigating The Trade Wars

FOR the most part the Trump administration has averted a trade war with Europe exempting it

from hefty steel and aluminum tariffs but there is a great deal of uncertainty still in the marketplace

for small businesses that use those materials.

YOU wouldn't think of some businesses that will be effected but trade wars and tariffs will effect

many businesses aside from airline companies. Small businesses who sell fencing, steel barbed wire

and the like will see increases that they will have to pass along to their customers. Another victim

could be chocolate makers and companies who need steel tanles, rolling racks and molds that will see

prices raise. These are industries that are not talked about. We think that only the mega companies

will be effected, but that is far from the truth.

MANY small businesses are simply unprepared for the possible disruption that could stem from

a trade war with China. As of press time the Chinese government has done some retaliation on the

policies and it has effected some industries as well as given uncertainty to the stock market.

JUST because your business does not import raw materials or machinery from China does not

mean that your suppliers don't. This is the trickle down. They will pay more and the end result is that

you and your business will pay more. That is just the way things work. No one is going to absorb higher

prices - they are going to be passed along to you and eventually your customers.

LOOK for alternatives. Try to find other sources for items and materials that you may need for your

business. Countries like Vietnam and India are growing rapidly as world players and producers. Many

suppliers who may be affected by the tariffs will partner with their competitors and peers to create

buying groups to negotiate better pricing and develop new resources.

SO stay on top of things and seek out alternatives in order to have the competitive edge that your

business needs.

Millennials Not Influenced By Retail Ads

IT is getting tougher every day for retailers to bring millennials into their stores. While over the

course of retail history every generation has shopped differently, there is no time more confusing to

marketers than the current.

GENERATION X and baby boomers are more closely aligned with each other when it comes to

shopping. They will go to retail stores, they will use the internet and have specific expectations of their

experiences.

HOWEVER when it comes to millennials they appear to be less focused on or impressed by basic

retailing than Gen Xers or Boomers who emphasized checkout wait times, inventory availability and

simple returns as their top priorities. Compared to these two groups Gen Xers do not put reasonable

checkout time at the top of their retail must-haves. Only a third indicated that this was important to

them. They're also not overly motivated by a reasonable return and exchange policy (again about a

third) compared to over half the boomers and Gen Xers.

MILLENNIALS are more likely than other groups to use multiple channels, including social media

to communicate with brands. They embrace virtual assistants as shopping tools and communication

by a wide margin over others. And while boomers and Gen Xers were more inclined to respond to

advertising or targeted promotions this is not especially true of millennials. They are more tolerant of

email marketing and less likely to unsubscribe than other groups. Selling to this group is not a one-size

fits all. We've got to be more adaptive when we are marketing to this crowd.

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