Many retailers are struggling right now as increasing fuel and food prices leave shoppers with less to spend on other goods. This is a buyers’ market and if you want your retail business to survive and thrive, it may be time to reassess how you do business.
There are several simple steps that you can take to put your retail sales in the spotlight to grow your business and your bottom line and it won’t take a great deal of investment. Here are a few ideas
Recruit and develop people who care
Your people will make or break your business. Unless they are enthusiastic about your product and committed to the business success, at best, your sales will be average. If you want to put your sales in the spotlight and grow your business, you’ll have to invest in your staff.
It is crucial that you teach your employees that selling is all about identifying customer needs. Then, filling those needs with a product that they won’t regret buying. It’s all about retaining customers and making sure that they quickly return to your retail outlet.
Take a long hard look at your window and in-store displays
Your store front is your window to the world. Make sure that you have an appealing display that piques the interest of the passers-by. The in-store displays will help them to decide whether to venture further into the store or lose interest and leave.
Your store must be neat and organized. There should be focal points to draw the attention of the visitors to your store. Combine multidimensional displays to add visual interest. Evaluate the best locations for stock that is likely to attract impulse buying.
Don’t make your customers wait
If your customers have to wait in queues, they will eventually walk out without making a purchase. The only way that you can avoid queues is to make sure that you have enough staff to quickly deal with the needs of your customers. Point of Sales systems offer retailers a great way to ensure that check out is quickly achieved. This technology is relatively inexpensive and it really personalizes the checkout process.
Use social media
We live in a world where almost everyone uses social media on a daily basis. Use it to communicate with your clients. Show off some of your best merchandise, run promotions or let the community know about your charitable and other socially responsible activities. Social media is a powerful marketing tool so get online if you want to shine the spotlight on your product.
Consider online sales
During the pandemic more and more people turned to mobile sales. Mobile sales are not just for online stores. As people migrate to using mobile, you may lose sales unless you’re ready to offer sales and delivery for mobile users.
There is also nothing stopping you from selling your products on Amazon. The retail giant has access to a marketplace with millions of buyers, looking for products like yours. You can also make use of Amazon’s powerful advertising tools and data analysis to communicate with potential customers and grow your business.
Use data analysis to keep abreast of trends
It is vital that you understand your product assortment and that you stay abreast of what sells well and where the best profits are made. You must also ensure that you have enough inventory to cover the needs of your customers or you will lose them to your competitors.
Computer software which can provide you with all the trends and sales analyses is relatively inexpensive and easy to use. Sales reports that provide insight into historic sales and current trends can help you to forecast future stock requirements allowing you to plan ahead so that you have just enough stock of your best-sellers to keep the customers coming.
The bottom line
After reaching a 40-year high in June, inflation has started to come down. Still, retail conditions remain tight. For your business to thrive in this environment, you will have to re-evaluate your strategies and make sure that your retail sales take center stage.