Nowadays, with the growth of online marketing and e-commerce businesses, the retail business market is showing some percentages of loss. But, whatever it is, the retail market always has a vital role in the regular life of the people. Still, now, many people believe in buying a product only by directly visiting and seeing it in the market. Basically, in the retail market business system, the buying and selling of products go with the exchange of money face to face. If you are planning to hold a retail business or holding it presently, then you should find for certain steps through which you can keep on growing it. Here are some tips for growing your retail business:
1. The location of the market plays a great role in establishing the growth of the retail business market. You need to be very specific while selecting the location. If you extend your shop in such an area where there is no such locality or inhabitants or similar shops in the same area, then you may not find profit. Try to create demand in such locations where people need it.
2. Another most important factor to take care of is the selection of the products which you are willing to sell. If you are planning for an all in one supermarket, then it is a fine option. But if you are willing to keep specific products, then research well whether similar shops are present in the same area or not and how much the product is being demanded among the people.
3. Take the help of almost all sorts of marketing tools like online business pages, pamphlets, websites, web browsers, etc. to make people know about your business.
4. Let your customers get great discounts and offer as they are important factors to attract customers. Publish the advertisements for these discount offers in advance so that people may know about it.
Retail is nothing but selling the products and services directly to the end user, i.e., customers. A retailer is the last in the line of the multiple channels used for the product to reach their potential customer properly.
After a particular period, a retailer must think of taking his/her business to the next level. The factors that one should keep in mind before taking a step is whether your business is making a suitable profit or not? Are customers satisfied with your products and services? To make retail business more successful, some steps should be taken by a retailer like:
Choosing the path of the digital world - The 21st century is all about being updated, being digital.
Your target audience is prone to use social media- You could promote your products online by making a page of your business. All you need to do is to create a page of your business online, share some pictures with the cost-plus adding benefits of purchasing online. Ask your acquaintance to promote your page and with little patience, you will observe the success. It is also beneficial concerning cost, as no money is required to use social media.
By making a website of your page- By doing so, people will be able to keep a track about products available at your store, quantity of it and what location.
Turning window shopping into actual shopping – Everyone loves to do window shopping. But this liking for window shopping could make a profit by just having a high display a window. It could work more when you add some provoking words like “What are you waiting for; maybe you won’t get this chance again.”
More varieties; more opportunities – It is not like adding a new and different product. It is adding a product which is similar to your current product. The outcome could be something that your customer will buy most probably. E.g. your retail business is of footwear, and a customer wants to buy school shoes, then the probability of obtaining new socks is also present. So why not add new products like socks, shoe polish, etc.
Asking the advice of customers – In every business, some loyal customers will buy the products only from you. Those customers will tell you all the pros and cons of your product. It will help any retailer in overcoming the problems faced by their customers.
Other factors on which growth of a business depends is its locale, competitors, advertisement done by the manufacturer, seasonal factor, etc.
According to the Statistic Brain Research Institute, only 47% of new retail businesses remain in operation in their first four years. This research explains that many new business owners don’t understand how to run and grow a profitable retail business because many retailers stick to the old-fashioned way of doing business.
A little touch of software and technology can automate the boring stuff and bring your business on the fast track. With the technology development, manual tasks like billing, calculating the final bill, adding discounts, etc. can now be automated with POS software.
To understand how POS software tackle today’s business needs, let’s see some of the major benefits of POS software for retails businesses.
Time-saving can be considered as the top benefit of POS Solution. No one likes to stand in a queue waiting for their turn. Therefore, POS solution facilitates transactions in much less time than the manual method of billing.
Regardless of the size of your retail store, POS solution has all the data of stock inventory. It also shows real-time inventory. With its scan feature, POS solution adds all the product data to the database.
3.Increases Customer Satisfaction
Previously, while loaded with manual work, staff members were exhausted doing it constantly. Staff members have had to memorize prices, names of products, size, qty, etc. However, POS can reduce such burden of memorizing things from staff and helps them to pay more attention to customers, ultimately increasing customer satisfaction and staff productivity.
4.Maintaining Consistency for multiple stores
If you own multiple stores across different locations and you want to streamline your product portfolio in all the locations, then POS solution is highly beneficial. The number 1 problem that multi-store businesses face is maintaining price consistency.
5.Better Customer Relationships
Ever thought of some retailer gives offers on a customer’s birthday or marriage anniversary? It is possible with POS software. POS solutions allows the retailers to save the customer data including date of birth, marriage date, etc. Retailers can further refer to this data to generate new offers and discounts for the customers and invite them for shopping on such special days.
The retail industry has always been driven by ever-increasing customer demands and their unique choices. Even in this current pandemic situation, most retail businesses are thriving and taking advantage of digitalization. Companies are focusing on maximizing their retail sales online and establish a wider reach in the longer run.
Another significant transformation witnessed across the industry is the shift to digital commerce. Leveraging this imperative can help retailers in planning for future-ready on-demand servicers providing strategy. On the other hand, the adoption of technology can surely create a bigger difference for startups, aggregators, SMEs, or any other established company.
Here are a few tips to help you grow your retail business.
Digital Retail - Build a customized business website and mobile app for your retail store. Make sure the platforms have an easy-to-use UI and deliver customer-centric services.
Multiple Payment Options - One of the most important things to consider is flexible payment options. Your business should prioritize it by all means.
Multilingual Features - Backing your online retail app with multilingual features shall help your business in satisfying existing users and engaging more customers.
Proper Inventory - Digitizing your retail business shall help you in maximizing your inventory management and having a considerable amount of products for purchase.
Promotion and Advertising - Make sure you promote and run advertisements of your retail business on various social media channels and other offline platforms.
Demand Forecasting - Going digital shall help your business in being future-proof. You can access detailed data and statistics to forecast the continuously changing customer demands.
Omni-channel Distribution - You need to keep your business flexible in terms of demand distribution. Focus on online and offline channels equally to grow your business.
Personalized Approach - Understand the unique demands of your customers and offer customized services to boost your brand positioning.
Taking your retail business online is the need of the hour and the above points can surely help you in building your successful digital presence. As a retailer, you also need to stir an efficient employee engagement strategy to be at the forefront of operational efficiency and a positive brand reputation.
There are some downloadable items for you to fill in for your own reference - a business plan and a marketing plan. The course will take about 7 hours to complete. If you are thinking of starting y...
This course is designed to train the student in the role of an executive search consultant. It is designed to be a basis upon which any bright individual with the right (Do It Now) attitude can be...
Welcome! Learn directly from International life coach and trainer Mayur Pangrekar. Mayur Pangrekar has taught more than 3000 people in training programs and more than 5000 people through video c...