The world of retail is booming. The retail industry in the UK is worth £151 billion alone. The retail industry had seen something of a slump during the recession, but now, it seems to be recovering slowly. The world of retail is said to be thriving. After all, not everyone wants to buy their goods online. There is nothing quite as therapeutic as a good old fashioned shopping trip. For retail gurus, they are keen to make sure that their business is not only surviving, but thriving going into 2015.
With Christmas just around the corner, it is crunch time for many retail businesses. As any retail CEO will attest, Christmas is a busy time for all retail outlets. A traditional bricks and mortar shop thrives during the Christmas period.
But, after Christmas is where the retail industry can see something of a slump. It’s time to look at ways that your retail business can prosper in the coming year. After all, devising a clear strategy on making your business better is an excellent way to ensure long term growth.
Here are six fantastic tips that you can utilize in your business to ensure long term success.
Table of Contents
1. Invest in Technology
Technology has paved the way for many businesses to become bigger and better. The retail industry as a whole seems to be lacking in fantastic IT solutions. Why? Many retailers believe that implementing technology in their business is expensive. It seems that all retailers are counting the pennies. Of course, this is vital. Splashing out on IT technology can seem like something of an unnecessary expense. But, this isn’t good for long-term growth. On the contrary, technology is only as expensive as you need it to be. Think about the long term gain. Utilising amazing IT till solutions is an excellent way of ensuring that you are giving your customers a more robust service. Customer service is critical to your success. They are your bread and butter. Enhancing the customer experience is vital. Computerized till solutions can ensure that queue times are cut down. Highly specialist IT tills also ensure that you can deliver positive sales solutions. If a customer asks if you have an individual item in stock, you don’t want to spend half hour wandering around your stock room.
A computerized till solution can give you and your customer the answer to their query instantaneously. Not only does this streamline your processes, but this results in happier customers. After all, happy customers will return to your store time and time again.
2. Start Looking at Your Location: Is it Time to Move?
This is hammered into business owners from the moment they decide on opening a store. But, is it time to revise your business and its location? Are you getting the most from your location? Are you getting a good deal on your rent? It’s time to reconsider your current location and whether you can achieve more from your business by simply moving.
3. Merchandise: Less is More
Having a shop that is crammed full of goods can confuse the customer. What is more, this can make your store look messy. You don’t want your store to be akin to a jumble sale. Take a look at your shop. Could it be improved in some way? Could it benefit from a merchandise overhaul? It may be time to consider the less-is-more approach when it comes to your stock. A clean, airy space with fewer items could be the key to your success.
4. Keep to a Theme
Having a theme in your store is vital. You want to assert your brand onto your customers. Having a theme can feed into the branding principles that are applicable to all businesses. Think about the stock that you carry. Who is your core demographic? Having a clear theme that resonates with your customers ensures a loyal army of fans. But, it also ensures that you have a presence. Your theme should be a reflection of your company ethos. Incorporate a tagline onto your carrier bags. Include it on your signage. Decorate and theme your shop accordingly. If your store has the same decor as the previous occupants, it’s time to rejuvenate your brand and overall look. Branding is essential to any business. Building a theme around your brand is a great way to appeal to your demographic. It can also ensure that your store looks exclusive.
5. Consider Your Layout: Keep Your Customers Happy and Your Profit Margins High
What is the layout of your shop? Do you have a jumble of things all over the place? This can have an adverse effect on customers when they come into your store. You need to consider the overall design. Some retailers choose to colour coordinate. This is great if you run a fashion outlet. But, it may be worth considering how you present your stock.
Having a definite sale items area is good practice. Ensure that you have adequate signage so that your customers can see where the sale items are found. But, do make sure that this is located at the back of your shop. Customers will have to walk through the full priced items first. They may even find something that takes their fancy. Your customers will be happy as they will have grabbed a bargain. But, your profit margins will remain high as they may see other full priced items that have taken their fancy. It’s all about being clever with your layout to maximize profits.
6. Use Social Media
Social media can have a positive effect on your business. As an increasing number of people take to the internet to find retailers, having a strong social media presence is critical. This will ensure that you get more customers than just passing trade.
You can promote offers, new stock lines and opening hours. Converse and engage with your prospective clientele. Build rapport. Share interesting and relevant content. Enrapture your online audience and watch them come flocking through your doors.
Author Bio. :- Priya is a Technical SEO at Hopinfirst, a leading mobile app development company which provide best ios app development and Android app development Services.