A recent press release from Walmart looked into their fortune-telling minds. In fact, Walmart Leadership suggests that in the near future, the buying trends of Americans will veer towards one thing.
Because of the “challenges” that the Walmart shopper is enduring, Bill Simon, the President and CEO of the World’s Largest Retailer, says that most people will turn their gift-giving choices to ones of practicality. Like “socks and underwear” (for adults) and “hot toys and electronics” (for children).
What does that mean to you the business owner? Here are 3 thoughts:
- Become a Fortune Teller. In your attempt to please your customer base now, you haven’t even considered thinking into the future for your audience. What do you think will be the buying trends based on the economy, their demographic, their wants? In order to be successful, you must. Even if it’s an educated guess.
- “Practicality” to you? What if Walmart is right. How does this apply to you? Do you have a practical side? How can you change your marketing and direction so you become more on the practical side? Walmart represents a HUGE portion of the marketplace, they tend to be right with their projections.
- What if they’re wrong? What if you are? Make sure you have a “plan B”. And the joy of making predictions (and writing them down) is the same joy of setting goals. You’ll have a benchmark to tell if you’re right, or if you’re wrong. And the more you’re wrong, the more you’ll be able to determine WHY you’re wrong; and hone the strategic planning process so that you’re right more times than not. You’ve got to start somewhere!
So, I guess I don’t have to put undergarments on my Christmas list this year. According to Walmart, I’m going to get them any way (grin). Maybe if I have the heart of a child, I’ll get some cool electronic device that I can play with. Or maybe this will be the year for scaling back the extravagance of gift giving. I’m sure I’ll talk about that later…