10 Tips For Successfully Opening And Managing Your Retail Store
In January 2022, 54% of customers searched for their desired products online, but planned to buy them in-store over the next year. This means physical stores will likely see an increase in sales this year, and business owners should be ready for the influx of customers and sales.
But how can you manage this increase successfully as a store owner? You can see that America had 442,000+ retail stores back in 2019, and these numbers are bound to increase. As the pandemic recedes, consumers are more open to buying things in-store.
So, here are a few tips to help you open and manage your retail store in this ever-changing economy:
1. Know Your Customers
Successfully opening and managing a business requires you to know and become familiar with your potential customers. Knowing your customers will help you determine what to name your brand, the locations ideal for business, and the kind of products to sell. So, know your audience before selling to them.
2. Display Your Goods
Remember the ABCs of merchandising, i.e., attractive, branded, and captivating. This is possible only by displaying your products prominently to promote your brand, captivate people’s attention, and attract them to your merchandise. For this reason, you should invest in a custom-built retail cart and kiosk – or even an electric vehicle – to popularize your trademark. These carts and kiosks will let you display your merch so that it appears more attractive to buyers.
3. Attract Potential Customers
A clean, clutter-free, and well-stocked retail store will attract more customers. Clutter drives buyers away, and so does an unfriendly staff. So, improve the customer experience to boost your sales. You can ensure your employees wear badges with their names on them, for example. The success of a retail store boils down to a positive experience. That’s the gamut of retail management.
4. Give Different Incentives
Attracting more customers also involves giving them different incentives so that they are motivated to buy from your store. It’s not uncommon for retail stores to introduce customer loyalty programs – examples include Amazon Prime and Starbucks Rewards – or use marketing tools, e.g., ReferralCandy. Incentives help to make the shopping experience more flexible and lucrative, which will be good for sales.
5. Become a Better Retail Manager
The manager’s job is the hardest as they must lead others by example. As a manager, your dedication, diligence, and skill will motivate others. The biggest mistake retail managers can make is to forget to be a leader. So, know your staff members’ strengths and weaknesses and delegate them different jobs as per their skill levels. You must be decisive, confident, transparent, and ready to take on a challenge head-on. These qualities will make you an effective retail manager.
6. Use Data Efficiently
A survey conducted with retailers suggests that 76% of them considered data-deduced shopper insights to improve their performance. Consider data your best friend when it comes to managing a retail store. Collect customer data, create data-backed policies, and monitor your progress. Leverage customer trends and marketing forecasting to improve your advertising campaigns. That’s how you can make your business flourish. Here are some helpful insights you can collect from customer data:
- What are customers buying?
- What are your busiest hours?
- What are your staffing levels?
7. Hire People Properly
Retail stores are booming, and statistics show that retail growth rose from 5.63% in 2010 to 19.38% in 2021. But this doesn’t mean you should recruit anyone wanting to work at your store. Recruit customer-friendly people with the right personality to reflect your brand’s values. That’s why it’s important to develop a hiring strategy and also train workers after recruiting them. Ensure they understand what working for your business entails.
8. Update Your Staff
Your employees must also have updated product knowledge so they can help customers and explain the benefits of the items they’re buying. Share all the info about your products and train your staff members constantly. Well-trained sales reps will easily achieve their daily goals. You should also create incentives for your store staff so that they are motivated to perform better. Motivated employees tend to be more productive, which will help improve your store’s performance.
9. Use Technology
Automation has infiltrated every aspect of business, and retail sales aren’t an exception. Retail managers can incorporate technology into business operations to streamline sales and provide buyers with a better user experience. This helps takes over boring, manual, and repetitive tasks employees would be better off not doing. But doing so requires everyone working in the store to become more tech-savvy, so invest in user-friendly tech solutions and ensure everyone is trained to use them effectively.
10. Maintain Brand Standards
One of the most important aspects of retail management is maintaining brand standards. Ensure your merch reflects your brand’s vision and employees practice storewide protocols. As a manager, you must ensure the staff complies with the brand image. Your brand image must stay consistent to ensure your shoppers remain loyal to the brand and become frequent visitors to your store.
Experts have been predicting the comeback of in-store retail shopping in 2024. As predicted by Forrester last year, in 2024, brick-and-mortar stores will account for 72% of all retail sales in the United States. So, how do you use this opportunity and improve your retail sales? Know your customers and attract people by offering different incentives. Use data efficiently, recruit customer-friendly people, and embrace tech in your shop. Don’t forget to display your products properly by investing in quality carts and kiosks. Following the tips mentioned above will ensure you’re able to create a pleasant shopping experience for people who walk into your store.
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