Highlights from Retailer Roundtable held at CHFA NOW Vancouver 2024
By Vibha Shukla
Retailers were encouraged to participate and share their experiences in an “idea exchange” during a retailer roundtable at CHFA NOW Vancouver 2024.
Attending retailers were split into five groups and each group was asked a question about a pressing issue impacting the natural health retail industry. After a 15-minute brainstorming session on their respective topics, participants presented their thoughts, experiences, anecdotes, and solutions to the broader group. The conference room was abuzz with spirited chatter, and it was evident how much love and dedication retailers have for our industry.
Rent-flation
Group 1 discussed the effects of inflation on their stores and how they were navigating the new challenges. Specifically, the topic prompted this group of retailers to think about commercial rent inflation and the ways retailers could offset costs while retaining affordability, quality, and outstanding service to their customers.
Vendor relations
Vendor relations have always involved cultivating partnerships and business alternatives that benefit the retailer and supplier alike. With inflation affecting all areas of business, vendor relationships and smooth supply chain operations are more important than ever. Group 2 discussed vendor support initiatives they found useful and brainstormed ways that vendors could further support retailers. This included fixed pricing on produce for a set period of time, vendor loyalty and exclusivity deals, and additional purchasing options for small retailers. In particular, retailers in this group suggested organizing large buying groups so that smaller retailers can take advantage of bulk pricing.
Customer education
Group 3 focused on the other aspect of retailer relations—the customers. With consumers being more informed, conscientious, and connected than ever before, this group discussed how these shifts in consumer behaviour and preferences have affected their stores. An important point of discussion was educating misinformed customers about the actual benefits of natural health products.
Retailers agreed that the most effective way to promote customer education was by investing in employee training and education and bringing professionals (such as naturopaths and nutritionists) into the fold.
Supply chain
Group 4 was tasked with discussing what supply chain challenges they face on a regular basis. As the natural health industry is navigating through a complex web of supply chain issues, retailers in this group were asked how they mitigate issues of shipping, scheduling, and prioritization.
Remote-area and small-scale retailers seem to face the most challenges when it comes to supply chain as they often end up being deprioritized in deliveries or lose vendors and distributors who prefer large-scale, bulk, and online retailers.
While this topic was popular and the discussion was passionate, there didn’t seem to be any easy solutions. Participants at the roundtable suggested creating a forum for all retailers to come together and help each other out.
Ethical practices and sustainability initiatives
As consumers become more informed, they are no longer focusing on only the quality and price of a given product. Now, a company’s ethical practices and sustainability initiatives are just as important to consumers when making these purchasing decisions.
Group 5 addressed this shift and presented strategies that they successfully implemented to adapt. Retailers agreed that customers were more likely to support a brand that is driven by a cause and suggested that stores needed to lead by example to foster consumer trust. By setting out and fulfilling their social responsibilities, the group agreed, retailers could ensure their store’s continued success. Specific suggestions included transparency at each stage, critical accountability to justify price points, and open support of non-profit organizations.
Overall, this 45-minute session was a lively and rewarding experience for all participants, and it generated valuable insight into the problems that the natural health retailer community is currently facing. More importantly, these retailer working groups were able to outline potential solutions can be immediately put into action.