The retail business is a tough and competitive one. The competition is fierce because the customer demand is high. With so many retail stores available to customers, people are spoilt for choice and, consequently, they are able to shop around and look for the best product or best deal possible. What does this mean for retail stores? Retailers are still big players, and here are six tips on surviving in this industry.
- Offer a product that is unique and different to what other retailers are offering. Whether it is a brand or design that is exclusive to your store, you need to have something different to offer customers. A select number of customers want to own something that is exclusive, unique and interesting. Focus on this market and drive it in your marketing campaigns.
- Run attractive promotions that will bring customers into the store. It could be a buy one get one free promotion or a competition that brings people into the store. Offering a free gift is also a good way to attract customers. If they have to choose between a product from your store or another, they will go to the one that gives them more value for their money.
- Focus on a stylish window display. It doesn’t matter what product you are selling, make the window display stylish and attractive. A quirky approach will also draw attention as long as it is done tastefully. The window display needs to be able to grab the attention of the customer passing by within a few seconds.
- Speak to your staff about ideas that can bring in customers. Never underestimate the power of an employee’s ideas. They know your business and understand the customers because they deal with them directly. They may have very good ideas which you could implement.
- Get better prices from your suppliers. If you have to, make some changes. Find a wholesale supplier that can offer you discounts on products that you buy regularly. Also find out how much of a discount they can give you if you buy products in bulk. If you can cut your cost price, you can cut your selling price then you can be more competitive. This will draw in more customers.
- Tell people about your cut prices. It’s no use you cut your prices yet no one knows about it. Announce it with flyers and in social media. Spread the word so that customers are drawn to your store.