Quiz: Who is your Retail Tribe?
Retailers, in common with all business owners, want different things – some are in it for the flexibility retail can provide, others start small and are determined to go global – but one thing they all have in common is that they are part of a retail tribe. Knowing the kind of business that you have, can help you decide what success looks like and how to achieve it.
Determining your ‘Merchant DNA’ depends on a number of factors, such as the life-stage of your business, level of customer focus, the role of technology, your relationships and your transaction profile. While every business is different, researching from across the Tasman by Paymark and insights company TRA, has grouped retailers into six distinct categories. These “tribes of retail” range from businesses with a small number of high value sales through to those mass market brands with slim margins and massive volumes.
Answer this quiz to find out which Retail tribe you belong!