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I will keep talking about quality to my customers. My products are the highest price point in my industry and I justify that price through quality. We have survived other tough times and will this one as well by not focusing on pricing.
Retailers that sell both online and through physical stores should coordinate their Web and brick-and-mortar strategies, especially in anticipation of "Cyber Monday," the post-Thanksgiving shopping day that's been deemed the online equivalent of Black Friday. Many people browse in stores the weekend after Thanksgiving and then make their purchases online. "If you have a Web site and do business online, you want to make sure you're cross-promoting your Web site with your in-store traffic and vice versa," Butler says. Still, retailers may not be able to count on strong Internet sales. While TNS Retail Forward predicts Web sales will grow 9% this year, that's down from 19% in 2007 and the first single-digit growth rate since 1999.
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We are not that far away from the start of the holiday shopping season. It's hard to believe, but in a month or two holiday shopping will be in full swing. With the economy in the shape it is now, most consumers will be cutting back considerably. So, have you decided how your small business will attract those much needed customers?