There can be no denying that retail is a harsh industry. With plenty of challenges come from all angles, maintaining a consistent position within traditional retail can seem almost impossible. The current political landscape throws up a great deal of uncertainty, while the lessons of the last recession still loom large over the entire industry. The internet is bringing continual change to the sector too, and shopping trends and heavy discounting have brought about cataclysmic shifts in customer expectations.
Yet, despite this, every year, more retail businesses appear, each hoping to find a new niche, or grow an existing market. If you are considering opening up your retail business, there are some success stories out there that have really created an impact on the marketplace in the last few years. With the right retail chemistry, you too could be making your mark on the industry soon.
Here is a checklist of all the essential elements of a retail business. Once you know all of the rules, only then can you manipulate them into something new and exciting.
If You Have Something To Sell; Shout About It
You’re business needs marketing. There are no two ways about it. That can be a mixture of internet marketing, social media, and local SEO techniques. But it also needs to be good old fashioned signage. Use event displays offering the opportunity to catch passing trade. Footfall comes from your local area, and you need to pull people into your store.
If You’re Going To Sell Something; Make It Worthwhile
There is nothing more important than your product. You can have excellent service and a beautiful shop fit, but if you are selling something that breaks in seconds, or that nobody wants, you are not going to last for two minutes. Buy smart. Think about getting good quality, on-brand products that sell themselves. Get them at a reasonable price, and don’t be afraid to haggle with suppliers. Once you have tested the demand for a product, commit to buying more at a cheaper cost price. Don’t overstock an item that has not been sales tested. You don’t want to be left holding too many units of a line that does not sell.
Eye-line is buy-line. And the front third of your shop is where all of the action happens. You need to know where your customers buy from and put all of your high-margin and quick selling lines there. Make sure your displays are shoppable and keep them looking neat and aesthetically pleasing. Great merchandising should never be an afterthought
The ability to engage one-on-one with a customer, or to create a sense of retail theatre by demonstrating a product are two of the biggest things that traditional retail has over shopping online. You need to make sure that your customer service is always doing both of these things. You cannot afford to be apathetic when it comes to the way you deal with your customers. Wow them with your service, and keep them coming back for more.