The world of retail is an ever-evolving business. Retail giants are going into liquidation wherever you look. High-street shops are closing down due to rent and rate hikes. Even the nature of online retail is constantly changing. Payment methods are being sleeker. The way that businesses interact with their customers is completely different from a decade ago. Making sense of the new retail landscape can be tough. Here are some tips on making the most out of your retail startup in this ever-changing world.
A Multi-Channel Approach Offers Greater Security
Customers like to shop on their terms. With so much choice out there, why would they not? For that reason, it is worthwhile making sure you are giving your customers the options to do just that. A multi-channel approach means that you are not just putting your eggs all in one basket.
Think about creating a brick-and-mortar offering, a professional website, but then maybe open up alternative selling channels through services such as Etsy and Amazon Fulfilment.
Don’t be afraid to try pop-up shops in untested areas. Look for very low rent deals and minimize the requirements for your store fits. Using movable fixtures, you can set up shop anywhere. You just need a card machine such as the ones at TMS and you are good to go anywhere. Try opening in fayres and niche markets. The more avenues you can explore, the safer your business will be.
Find New Ways To Engage With Your Customers
It is a difficult marketplace. Customers are very savvy and they know how to shop and find the items that they want, for less money. They have high expectations and poor customer service does not wash anywhere.
When it comes to face-to-face retail, this about creating an experience for your customers. Make everything as memorable as possible for the visitors to your stores. This means engaging with customers, using open questions to start genuine conversations, and demonstrating your products as much as possible.
The online experience also needs to be exceptional. In the first instance, make sure your website has as much information about your products and services. This needs to be displayed in the most user-friendly way. Using chatbots will allow visitors to your site to get an immediate response to their most commonly asked questions. Where chatbots cannot help, having a way of managing income questions is vital and you need to quick and friendly when it comes to responding.
Provide Something Different In Terms Of Product
Your products need to have their own unique selling points. If you are selling the same items as hundreds of other different companies, then you are competing for scraps. However, if you have exclusive products that offer a real point of difference compared to similar items, then you will start to stand out.
Be innovative when it comes to buying or developing products. If you are prepared to take risks instead of going down a tried and tested route, you will reap the rewards.