Retail stores, whether relatively big or small, present a lot of challenges but often deliver a box full of innovation as well. If you are thinking of opening a retail outlet in the neighborhood, there is not just the usual ebb and flow of buying seasons you need to worry about. Starting up a retail store opens doors to an umpteen number of problems. Days are gone when brand loyalty used to be a thing and customers preferred a certain brand to others. Shoppers are today gifted with choices they can research and eventually decide on which product/brand to buy.
The digital age has almost taken over retail stores. Customers often want to shop from the comfort of their homes but there are enough buyers even today who want to go to the store, look through a range of different products, and find the best one — those without the patience to scroll through websites or wait for products to be delivered.
Having said that, any size of a retail store can counter pressures of sudden competitive price drops or slow days with the 10 easy methods mentioned below.
1. Choose the right sales channel for expansion
Finding the right sales channel is the first step you need to take to grow your retail business. It is obvious for a retail brand to advertise more to increase its sales, but what is more important is to find the apt channel to conduct it.
● Online- A lot of retail stores have now launched their exclusive online store — it throws away problems like seasonal sales dips or big retail stores taking over in the location. Your online store would effectively take care of these and the moment you start delivering to doorsteps, your customer base grows automatically and exponentially. Get your business online with a web development company.
● Online marketplaces- Ecommerce has not only made buying easier but has also made selling easier. The one thing you need to do is get on online retail companies like Amazon and make huge profits even when your store is closed.
● Social Media- Social media is free for everyone. And, it has become the place where the world shares ideas, sells them and earns enough while they are just browsing and networking. Social media works through followers, the more followers you have, the easier it is for you to sell any/every product from your store.
2. Examine your products/services and pricing strategy
Are your customers asking for something that you are not selling yet? If you aren’t, then you should or else you might lose them. It is always good for retail stores to offer more and different products or services as customers demand. Along with that, it is quite significant to have strategies/offers/deals that can develop curiosity in the locality and invite more customers.
Retail stores have to make changes in their pricing strategies according to the needs of the target audience and it is, with no doubt, inevitable. One thing retailers need to understand is that the right price is, without exception, the price that customers are willing to pay.
3. Ask for feedback
Being social never goes out of style in the retail world. There is no way your business is going to make money if your customers are not happy or satisfied. Talking to your customers not only helps you build a connection with them but also lets you know what they like and what they don’t.
Make your customers feel important by interacting with them. Today!
4. Advertise More
Driving more traffic to your store is something every retailer thinks about. The best way to do it is advertising as much and whenever you can. Advertising in today’s world comes with several options that you can choose from:
● Store-level events- Store traffic comes with your creativity and just having a good number of products is not enough to attract customers. Set up a huge signboard in front of your store and once they are in, they are all yours!
● Social media- Offer a deal on Facebook or Instagram. It is easy and has a high success rate.
● Be relevant- Conduct a survey near your store. Do email marketing and let buyers know you are selling their favourite products at the best price anywhere.
● Make it seem urgent- Buyers always go crazy when something is running out. Take advantage of that! Announce “Limited offer”, “bestsellers running out of stock”, etc.
5. Temporary retail
Temporary retails stores which are opened in a location due to a relative increase in demand for any product/service or to make a name of your brand. Why do it?
● New and pop-up stores always attract more customers— they are fascinating.
● Drives more sales during busy seasons
● Gets traction to your permanent store
● Sell off old stuff from your store. The pop-up trend is taking over retail stores. So, why not take advantage of it without disrupting your usual sale at your current store?
6. Add mobile wallets at your store
You’re indeed in the digital age— where people do not carry cash. So, while you may have enough products at your store, people might still prefer the next store that has a Paytm facility.
It’s always clever to give multiple payment options to customers and let them buy stuff without worrying about the unavailability of cash in their wallet. Not to mention how the world is crazy about cashback!
Incentives introduce new customers and make your store relevant. It’s ideal that you go through your sales data and give your customers reason(s) to dump the other stores.
7. Expand to other locations
The most real thing to do to expand your retail business is opening a new store in a different location. While doing so, many retailers often make the mistake of choosing the wrong area/locality. Demographics, the kind of customers there, competition, signage, planning, location, etc. play an equally important role in determining which location would be ideal for your products and services.
After your store is all set, generate a buzz around it and your products. Also, launching a new and popular product pays off pretty well.
Make sure you optimise the design of your store — a pretty-looking store always brings in more customers than a store that looks and feels boring.
8. Improve customer service
Customer service is the one thing you can’t do away with when you are handling a retail store. You have to always keep your customers first.
● One smile goes a long way and it can help retain even new customers for as long as possible.
● If you don’t have the product one is asking for, provide similar options that you do carry..
● Try and remember their names — it makes the experience personal.
● Always say, “Thank You”.