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Forbes
26-03-2025
- Business
- Forbes
Opening A Retail Business? Avoid These 3 Mistakes
Brett Beveridge is the Founder and CEO of T-ROC Global. The retail industry has undergone a seismic shift since the 1980s and 90s, as evidenced by the closing of some major retail chains. Technology has completely transformed the way businesses operate—but while that means there is room for growth, many retail businesses still fail. Companies that strike the right balance between investing in technology and managing labor costs and market trends are thriving. However, many entrepreneurs entering the retail space today make critical mistakes that can jeopardize their success before they even begin. In no particular order, here are three of the most common pitfalls and tips for how to avoid them. The retail landscape is constantly evolving. Consumer behavior, economic conditions and industry trends shift rapidly, and failing to stay ahead of them is a recipe for disaster. Some business owners fall into the trap of relying solely on past success—the 'cash cow' approach—without adapting to changing consumer expectations. But brands that ignore trends risk losing relevance and customer loyalty. Brand damage is real, and once customers lose faith in your business, they will go elsewhere. So how can retail entrepreneurs stay on top of trends? • Engage in industry participation. Stay involved in your sector by attending conferences, networking with industry leaders and studying competitors. • Leverage technology for insights. Tools like Google Trends, AI-driven analytics and market research reports from consulting firms can offer valuable real-time data. • Listen to your employees and customers. Your frontline workers interact with customers daily, at the cash registers, in the aisles or online. They see firsthand what frustrates or delights them. Tap into their insights to refine your offerings and improve the customer experience. Take a page from leaders like John Legere, former CEO of T-Mobile, who built a huge brand by directly addressing customer pain points. When you listen to your audience and adapt accordingly, you position your business for long-term success. One of the biggest mistakes retail entrepreneurs make is trying to do everything themselves. While passion and hands-on involvement are essential, failing to recognize where you lack expertise can slow you down and cost you money. Think of your business operations in two buckets: 1. Core competencies: The aspects of your business that make it unique and define your value proposition. These should remain in-house. 2. Non-core functions: Tasks that can be done more efficiently and at a higher level of expertise by outsourcing. For instance, if digital marketing isn't your strong suit, you should hire an agency that specializes in driving traffic and conversions. If inventory management is eating up too much of your time, consider outsourcing supply chain logistics to an expert. This approach allows you to focus on growing your business while ensuring that critical areas are handled by professionals who specialize in them. When something starts to inhibit your growth or starts pulling you away from your core strengths, don't be afraid to seek external help. Partnering with the right team can make a world of difference in your success. The integration of artificial intelligence (AI) and technology in retail is no longer optional—but many entrepreneurs hesitate to embrace it. Fear of the unknown, budget constraints and resistance to change all likely play a role in the hesitation. Even leaders of large, established retailers experience "analysis paralysis" when trying to determine which technologies to adopt. The reality is that AI and data analytics are here to stay. While it's true that whatever you invest in today might be obsolete tomorrow, avoiding technology altogether is not the solution. Entrepreneurs must be strategic, focusing on tools that enhance customer experience, improve operational efficiency and provide actionable insights. If you're hesitant to utilize new technology, start small. Use AI-driven customer service chatbots, implement predictive analytics for inventory management or leverage data insights to personalize marketing efforts. The key is to have a strategy that aligns with your budget while keeping an eye on emerging technologies that can enhance your operations. Starting a retail business can be daunting, no matter where you are in life. Fear is natural, but with confidence, strategy and the right approach, success is within reach. The key to thriving in retail is surrounding yourself with like-minded individuals who share your vision and values. Successful entrepreneurs understand that while the retail landscape is competitive, those who innovate, outsource wisely and stay on top of market trends will always have an edge. If you're thinking about launching a retail business, remember to never stop learning. The future of retail belongs to those who are willing to adapt, and those who take action despite uncertainty. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Associated Press
21-02-2025
- Business
- Associated Press
Brett Beveridge of T-ROC Global Warns of Long-Lasting Business Impacts if CEOs and Retail Leaders Don't Embrace AI Education for Employees
NEWMEDIAWIRE) - Brett Beveridge, founder and CEO of The Revenue Optimization Companies (T-ROC Global), the leading provider of people and technology solutions for the global retail market, is signaling the importance of educating employees at every level about the transformative power of AI by warning CEOs to take action this new year, especially in the retail industry. AI is becoming more prevalent than ever and businesses that do not utilize it will fall behind and potentially be unable to recover. The strategic use of AI aids in gathering and analyzing customer data, predicts buying behaviors, automates routine tasks, forecasts trends, and improves the overall customer experience. Beveridge has witnessed firsthand that for AI to be truly effective, it requires more than just the availability of the technology. It requires a workforce that understands its potential, its limitations, and how to leverage it to improve processes and drive innovation. He cautions that without proper training, businesses could face long-term disruptions, as employees may struggle to adapt to new technologies or miss opportunities to optimize workflows. 'The time to act is now. CEOs and retail leaders must prioritize AI education and adoption, or risk being left behind as competitors gain a technological edge,' says Beveridge. 'AI is not a trend. It is a fundamental shift in how businesses operate, communicate with customers, and make data-driven decisions. Companies that fail to adopt AI solutions may find themselves at a severe competitive disadvantage before end of 2025.' As a leader in the future of retail, T-ROC embraced AI over four years ago during the pandemic with the introduction of VIBA, the world's first Virtual Interactive Brand Ambassador. It's first-of-its-kind in-store customer engagement solution that offers a Facetime-like experience for customers while they are at a store. T-ROC employees joined AI training sessions earlier this year which were followed by a 30-day workshop to explore how Generative AI (GenAI) can transform their business operations, uncover new opportunities, and better serve their customers. Retail CEOs who embrace AI education for their employees are investing in the future success of their organizations. By fostering an AI-literate workforce, they ensure their company remains competitive, efficient, and innovative, while empowering employees to navigate the complex digital landscape with confidence. To learn more about The Revenue Optimization Companies (T-ROC Global), visit Follow T-ROC Global on Facebook, X, Instagram, and LinkedIn. About The Revenue Optimization Companies (T-ROC Global) T-ROC Global is a retail branding and consulting partner that supports companies in navigating through today's retail shopping experience, redefining the power of people and technology. T-ROC Global offers a unique combination of people-based services, applications, technology management, mystery shopping programs, actionable market research and competitive insights that support the complex needs of assisted selling. T-ROC Global's expertise and next-generation technology is delivered by a team that's all in to drive sales, optimize performance and deliver measurable ROI for businesses every single day. JWI PR Tyler Sminkey 786-390-8510
