Expert tips to learn how to grow your small retail business
If you are in dire need of strategies to grow your small retail business you can concentrate on the following expert tips from the leading retailers in IndiaBY Madhushree Chowdhary | May 22, 2018 | comments ( 0 ) |
- A strong reason
The first thing a customer will consider is a reason to visit the store. Why will waste your time when you find nothing new or rewarding at the end? Just try to fit yourself in the shoes of the customers and find out what you need. The physical shop must offer an ideal experience a customer will always try to avail. Bryan Eisenberg, CMO and Founder, IdealSpot, suggest the retailers to offer something new and extremely lucrative to attract the mass.
- Focus on selling
The trend in the last few decades has shown product abundance in the market. It means that every retailer needs to focus on the selling part. This means that sales pitch needs to be reinvented and customers offered a remarkable experience. Doug Stephens, Founder, Retail Prophet, advised the retailers to concentrate on experiential marketing to sell goods and etch the brand in the mind of the customers.
- Numbers do not lie
A collection of data is called information. If you can find out the time spend by a visitor, things bought most, dwell time, amount of footfall versus number of buying decision, repeat customer base, etc, the information will be huge and you can find out the right strategy to improvise your retail shop. The in-store presence and inventory data will be enough to provide ample insight about your store. On the other hand, specific information about the customers’ buying habits will also enable you to create a huge base of loyal customers for your store.
- Local relevance
It is obvious that a reputed shoe company cannot sell a pair in a place where stylish shoes are not considered as a requirement. It means that you have to add local relevance to your brand so that the customers can feel the need and make a buying decision. all you have to do is to make yourself familiar with the present communities in the locality and offer the right products solving the pain points of the probable customers.
- Connecting your store with online platform
Selling online brings a great value to your brand. You can clearly establish well in the locality and can also enhance your business to other specific regions. It is easier to maintain an online store than a physical one. Using the latest e-commerce ideas, you can establish your own territory. Be present in the social media platforms to interact with the customers and share their experience to make your brand better. This is how to grow your small retail business into a familiar brand for the locals as well as in other targeted areas.
- Using technology
The use of smart technologies will also make the shopping experience quite comfortable. The research from the bank of America suggests that nearly 64% of the retailers wanted to integrate technology to make the user experience more suave. The incorporation of new technologies will save ample time of the customers and that of the retailer too.
- Personal communication
Give a homely feel to the customers by training the on-floor staff. The greeting, approach, voluntary help, etc will make the customers really happy. On personally communicating with the customers, you will be able to know your drawbacks too.
Use these tips to grow your small retail business in a proven way. The retail world is changing dynamically and so is the preference of the customers. To ensure a solid survival, you need to change likewise and make yourself stronger every day.
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