All retailers will follow a similar path to profit. Sales need to be increased, you need more customers, and your marketing has to be on point. While the end goal is the same for all retailers, the methods you used to get there may come at different times. Therefore, we have ten great ways by which you can improve your business, and get to your individual goals.
1. The Customer Is Always Right
Your customer service has to be on point. The best way you can do this is to train your employees to give great customer service. This will make your customers more loyal and more likely to spread the news through word-of-mouth.
2. Seize Any Sales Opportunities
Opportunities will come and go, but there are many you can take today. Whether you’re upselling or planning to expand, doing your research and knowing where your opportunities lie can help you seize them.
3. Minimise Shrinkage as Much as Possible
No matter how good your security is, and how well you stop shoplifters or theft, make sure your employees are not making costly pricing mistakes. It all adds up.
4. Always Have A New Product Line in Mind
You don’t want your business to go stale. Therefore if you’re a retailer, it’s a good idea always to have products that are new and exciting on offer.
You don’t need to launch a completely new product line; you can simply expand it. But do remember there must be supply and demand, as your new product or product line has to be profitable.
5. Cut Out Any Unneeded Expenses
Learn more about your business and look into it, so you can see where any small costs can be cut. It’s also key to get all the necessary protection to make sure your business is always up and running, no matter what happens. Investing in this now will save you money in the future, should something go wrong.
6. Have an Amazing Marketing Scheme
You don’t need to have the money to start marketing right away. There are a lot of different ways you can spread the word, including on blogs and social media. If you have a business website, make sure it is optimised for search engines. You can do all of this for free.
No matter what you’re doing, however, you need to know what your target market is and focus all of your efforts towards them.
7. Use the Best Value Vendors
Good value doesn’t necessarily mean something is cheap. Value means something is fit for purpose.
So, there’s a lot of things to take into account, such as shipping, the quality of the product, and the terms of sale, so that you can better assess the value of a vendor.
8. Train Your Staff, and Train Them Well
Communication is always going to be key, so when you know what you’re doing, and have an amazing business plan, talk to your staff about it. If they know exactly what you’re implementing, they’ll know how to act and react.
As well as this, training your employees properly will make them feel more fulfilled in their work, and improve their work environment. A better-trained staff is a staff with better customer service skills, which also means more sales.
9. Don’t Do All of this In Your Store
You need to be networking. There are a lot of conferences or retail shows that you can attend. Not only will you be able to show off your new products, but you’ll also be able to see what other businesses are doing. As well as this, you will be able to see what’s fashionable, meet vendors and suppliers, and network with the top tier of retail.
10. Invest in Time or Money Saving Technology
You don’t need to buy all the new technology at once; you can simply buy things one at a time, and see how much it helps. New technologies are an incredible investment when it comes to creating a more efficient workspace and business.
You may want to find one piece of technology to implement this year, such as a POS system instead of a cash register. Then, if it’s working, aim at something else that’s new next year.