The impact that the pandemic has had on businesses across all industries is clear to see – especially with the high street reign of Sir Phillip Green coming to an end with the collapse of the retail giant Arcadia Group, including brands such as Topshop, Topman, and Dorothy Perkins.
It is undeniable that businesses are operating in unprecedented times, with companies having to adapt and evolve to stay afloat, and therefore feel a little on edge.
But, what can the fenestration industry learn from the failings of Arcadia Group? Are there lessons to be learnt?
In this article, we will take a closer look at the collapse of the Arcadia Group and, more importantly, what the fenestration industry can learn from the mistakes of the retail legend.
Learnings from the Arcadia Group collapse
If the current pandemic has shown businesses anything, it is that we are living in a digital world, and an increasingly digital world at that.
With physical stores being unable to open at times, it has been more important than ever that businesses embrace digital so that they have a virtual presence in place of their physical one should the need arise.
For Arcadia Group, the neglect of digital and a failure to impose a dominant digital presence was a crucial error and a significant factor in the collapse of the retailer – losing out to competitors who have harnessed the power digital obtains.
So, what can the fenestration industry do differently?
It sounds simple but, in short, by investing and dedicating attention to digital.
Digital presents countless opportunities and possibilities for the fenestration industry. For example, through social media businesses are able to reach a larger client base, not possible offline, and establish a stronger brand identity.
For double glazing specifically, previously your business might have a showroom and local people will likely find your business through signage on your vans or leaflet drops. But now, people are searching online. Having a strong website is essential.
Not only that, but physical premises generally limit you to your local area. A website, on the other hand, enables the opportunity to expand further afield and reach customers in neighbouring areas, potentially where competition is lower.
In a time where more and more business is being conducted online, digital provides stability in an unstable climate, and for some, can even prove to be a real opportunity for growth.
Thanks to online tools such as online quoting and digital appointments, this means double glazing companies are able to provide customers with a quote without having to visit their homes. Even better, customers can generate the quote themselves, instantly.
Tools such as this can help convert more people into customers and provide a better quality service all-round.
In business the landscape is ever-changing with new crazes, trends and technologies constantly coming and going. Therefore, it is important that companies change and evolve with the industry that they operate in.
Sir Phillip Green has been criticised as being an ‘analogue man in a digital world’. This refusal to change with the retail industry no doubt contributed in the downfall of the Arcadia Group.
Therefore, it could be argued the best way to keep up with the industry is not only to always adapt and evolve but also to be an industry leader.
At TruFrame, we are dedicated to innovation and heavily invest in research and product development in order to stay ahead of the competition.
We believe that there is no substitute for craftsmanship, that’s why all of our products are hand-finished by our expertly trained team, allowing you to supply and install high-quality products that you can be assured will leave a positive impression on your customers.Take a look at what makes TruFrame different and how we work alongside businesses like yours to help you be an industry leader in your area.