Retail is detail and the eye-line is the buy-line. These are some of the popular phrases that retailers all over the world use to ensure they are converting sales.
There are many different facets to success in retail, but if you are just starting out running your own retail business, you’ll want to know how you can scale up so that your company will become a booming success.
So, how can you guarantee success in retail?
In this article, we’ll talk about everything that you need to do to ensure your retail business is allowed to flourish.
Develop a Buying Strategy
The products that you buy in your business can make or break it. If you invest heavily in a product that doesn’t sell, you may end up losing money when you need to sell at a heavy discount. Slow sellers are costly because they take up valuable space that a top seller could take up.
Always ensure that you consider your target market. Who are you selling to? And who is the product for?
Identify the features and benefits of the products that you are buying in. If these are not obvious to you, then they certainly won’t be obvious to a customer.
Work out a budget for your buying and stick to it rigidly.
Create and Standardize Processes And Procedures
Whether you have two stores or two thousand, consistency is essential. A customer entering any one of your stores should get the same high-quality service regardless of which branch they visit.
The way to do this is to standardize all of your processes and procedures. Find the most effective way of completing every task that needs doing and then write down step-by-step how to do it.
This should be done with everything from the way that you process your paperwork, handle deliveries, merchandise your stock, and perhaps most importantly the way that you deliver the highest standards of customer service.
Train Your Team
One of the best ways that you can develop a successful retail business is through the people that you choose to hire to work with you. Not only should you be looking at talented communicators who are passionate about what they do, but you should be looking for people that are keen to learn and who seem adaptive to the needs of your business.
You should devote a great deal of time and effort to training your team once you have hired them. The more that you can invest in your team, the more they will give back in return.
Create a training plan so that you can consistently train all of your team using the same techniques. Use a mixture of training activities so that you can appeal to varying different learning styles.
Training should be an ongoing process. It shouldn’t just happen when a member of staff joins your team. Carry out catch-up training throughout the employment of all team members.
Once you have a team that is fully trained up, don’t be afraid to delegate areas of key responsibility. Delegating does two things; it lightens your load, and it motivates the team. Make sure you delegate wherever possible as it will make your organization that much more efficient.
Information At Your Fingertips
Keeping an eye on the numbers will ensure you are always making commercial decisions. Whether you are looking at how many customers you are getting through your doors and comparing it with how many sales you are getting to find your conversion rate, or looking at other key performance indicators such as average basket value or size, or product-specific sales data.
All of this information can be found on your saas dashboard. Once you have obtained access to this information, then you should make sure you act on it.
Obviously, it is easy to get bogged down and make everything a numbers game and spend all of your time looking at data rather than making sales, however, if you are not checking this information, you are likely to be blindly missing your potential.
As previously mentioned, products that are situated in eye-level positions will sell better. Similarly, products that are situated toward the front of your store will also sell better.
Look at the products that you have committed heavily to- that you have bought in greater quantities. These should be well represented in each of these prime locations.
When merchandising your products, try and think about making the display as appealing and eye-catching as possible. The idea is to draw customers into the product. It should be clear what the product is, what its benefits are, and how much the product costs from the display.
If the product has eye-catching packaging, make sure that you use this to your advantage. Depending on what the product is, you may wish to display the product out of its packaging.
Think about using a striking point of sale graphic that includes information about the product or shouts about a promotional price. You may also want to think about incorporating audio and video elements into the display to really enhance the product’s chances of selling.
Group similar products together and try and make a logical flow around your store.
Know What Great Customer Service Looks Like
It is essential that you understand how to deliver great customer service. Customer service should be the bedrock of your retail strategy.
All problems can be addressed with great customer service and you should work hard to cultivate the best experience possible for anyone that visits your store.
When selling, make sure that your team uses open questions. This will lead to a conversation in which you can assess the needs of the customer. Try to not be pushy, instead, make sure that you approach every customer in a polite and friendly manner.
All customers should be made to feel welcome in your shop, but remember you are there to sell your products so find ways to naturally suggest products that are relevant to your customer’s needs.
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