Retail and business is ever-changing and evolving, and anyone in the industry can easily fall behind if they cannot upgrade, adapt, or learn. In our “Why Startups Fail” post, it was explained that many new and smaller businesses may have products and services with all the markers of success and rich market opportunities, but many of them fail because they didn’t recognize or prepare for the worst-case scenario. You may have all the right tools and resources to start and run a retail business, but if you can’t brush up on your skills and keep learning, you’ll have a hard time picking your business up in challenging or changing times.
Regardless of your experience in retail, continuous learning and skill-building are necessary for keeping up. Whether you’re an employee or a business leader, here are three ways you can upskill your retail capabilities:
Seek out and read resources
Though the fundamentals of retail may be timeless, constant learning and updating your knowledge is paramount to improving your retail skills. Fortunately, it’s easier than ever to gain access to resources from reputable sources and experts regarding retail and business aspects you may be lacking in.
The internet and the digital world offer a wide range of information and education on retail, like articles, social media posts, and research reports. Digital libraries also host a massive amount of books and documents you can read on any device. You can read business and retail ebooks through subscription platforms like Everand. Titles could include “The New Rules of Retail: Competing in the World’s Toughest Marketplace” by Robin Lewis and Michael Dart, as well as “People Buy You: The Real Secret to what Matters Most in Business” by Jeb Blount, among others. These resources from experts can offer a better understanding of the industry and how to improve as a retailer.
Consider mentorship
Whether you’re a business leader or an employee, mentorship plays a crucial role in developing and upskilling retail capabilities. Forbes’s insights on mentorship highlight how mentors can set an example and offer support, encouraging mentees to think independently and build positive learning strategies to boost skills.
Seasoned veterans can impart their knowledge gained from years of retail experience to newcomers in the industry. You can upskill your customer service skills, sales techniques, leadership abilities, and more by taking advice from leaders in the field. Mentoring someone else can also be an opportunity for growth. You can gain a fresh perspective on the retail world and what’s changed since the start of your career, and it allows you to boost your leadership capabilities.
Attend retail conferences
There are many ways you can improve your retail skills through attending a retail conference. These events provide a place to exchange information and resources and opportunities for networking with industry experts.
Some conferences may provide general insights on retail, but there are also ones that focus on a specific concern or aspect to increase awareness throughout the industry. For instance, the World Retail Congress held in early 2023 brought worldwide fashion retail giants—like Shein, Mango, and Primark—together to tackle sustainability—a growing consumer demand. Learning about new sentiments in the markets and what other retailers have to say about these topics can provide a jumping-off point to refresh your retail know-how and skills by keeping you updated on the landscape.
Final words
Even with these efforts, you may need help upskilling your retail capabilities. In that case, Cansulta’s consulting solutions for retail companies can guide you through business strategy, vendor selection, talent management, marketing, and more, ensuring you get the best guidance for running your business.
On Cansulta, we believe no business leader should have to face any challenge alone. Our online platform lets you find and collaborate with pre-vetted consultants in minutes, and at a fraction of the cost of traditional firms.
