Posted by Laura Hills, Vice President of Marketing, Dydacomp
The Sporting Goods industry generates close to $40 billion in annual revenue and covers a wide variety of activities from individual to team sports and from archery and biking to yoga and ziplining. Sporting goods retailers are starting to see a rebound in consumer buying habits as more people of all ages are becoming active for the health and well-being benefits while continuing to support local recreational sports and their favorite professional teams.
Local and online retailers are challenged to remain competitive despite pressure exerted by cost conscious consumers and price and inventory competition from department stores and big box stores. Critical to success in retail sporting goods is awareness of market trends, product mix shifts, customer needs and preferences. Sporting goods retailers need to have the ability to collect, analyze and be responsive to consumer demands, sales trends and changes in sporting equipment to be successful and score sales with their customers.
Sporting goods retailers need to implement effective market strategies to:
- Offer the right mix of equipment, accessories and sports attire
- Continuously analyze consumer preferences, shifts and sales trends
- Manage inventory levels to stay ahead of seasonal sports and identified trends
- Effectively time promotions, sales campaigns and special events to increase visibility across multiple channels
- Provide special services, such as personalization, team outfitting or sports instruction clinics, whether in person or online
Small to medium sporting goods retailers need to find ways to differentiate themselves from what is available through mass market channels or to extend their business through online channels. On a local level, they can stock unique or hard to find items, support local sports teams, provide extra services, and offer quick delivery with hassle-free returns to develop customer loyalty. To sustain a multichannel business model, sporting goods retailers need to seamlessly integrate all business processes across all channels of business to capture data, manage inventory and shipping and create the best experience for their customers. Dydacomp’s whitepaper “On Your Mark, Get Set, Go! Order Management Best Practices for Sporting Goods Retailers,” addresses the technology needed to capture, integrate and utilize data across multiple channels to level the playing field with larger retailers. Click here to access this special report.