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Business Cents: Technology is the key to future profits

 31 May 2021     Michael J. Knell 

BOWMANVILLE, Ontario – The adaption to and adoption of the right technology will be a critical part of the independent retailer’s drive to improve profitability, especially in the new post-pandemic reality, which is only now beginning to take shape. That’s the basic message in the second episode of the current season of Business Cents, a series of conversations between the author and Albert Marrache, president and co-founder of Phoenix AMD International. 

Click here to sit in on the complete conversation. 

If the pandemic has done anything, it has accelerated the consumer’s acceptance and adoption of technology has a shopping tool.

Albert Marrache talking technology during the latest episode of Business Cents.“There are people out there that never thought they would buy online,” Marrache observes, “but all of a sudden they’ve discovered there’s a whole new world out there that’s available to them. There’s an older generation that never thought they could go online and order something but {because of the pandemic} they had no choice so now they know they can do it. The retailer is facing a completely different dynamic with a population that wasn’t really interested in buying online, because they thought it was too much of a hassle, but the pandemic forced online. And now that they’ve gotten comfortable, they’re saying, ‘I kinda like this’.”

This in turn, puts new pressure on the retailer. He has to ensure all the computer on his sales floor are not only up-to-date in terms of their capabilities and performance, he has to make sure his sale staff is able to meet with a customer on Zoom or Microsoft Teams.

Marrache also believes this means that even the smallest independent furniture, mattress and appliance retailer must have a web site with two key features: a shopping cart to conduct transactions and a chat service. Retailers have to get away from the ‘cookie cutter’ web site. They need to have web sites with interesting and ever-changing content. They need to have more and better videos to attract interest and attention – all the while ensuring the experience offered to the consumer online is mirrored by the experience they enjoy after walking through the door of their store.

“Technology plays into everything,” he enthuses, but future profits, particularly for the independent retailer, will depend a great deal on how well he or she learns how to use and how effectively the store trains its team members to exploit it potential.

We hope you enjoy our discussion.

Stearns & Foster
Phoenix AMD
This HGO article was written by:
Michael J. Knell
Michael J. Knell

Michael is the publisher and editor of Home Goods Online. A seasoned business journalist, he has researched and written about the furniture, mattress and major appliance industries in both Canada and the United States for the past three decades.

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Home Goods and its accompanying newsletter - HGO This Week - covers the furniture, bedding, appliances, consumer electronics, accessories, lamps and lighting and floor coverings product sectors of the big ticket home goods market in Canada. HGO is also a forum for the dissemination of market research and hard-hitting articles on best practices for Canadian retailers.

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