Four Keys to Success in the Retail Industry

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(Alexas Fotos, Pixabay)

21 September 2018. People often say that main street is dead. Online shopping has taken over and most people don’t want to have to go out to a physical shop to get the stuff they need. While that is true, there is still some value in traditional retail and there are some shops that are doing well. However, you are up against a lot of stiff competition from the online world so if you want to start your own retail business, you’re going to have to do something pretty special and make sure that you get every aspect of it right. These are the 4 keys to success in the retail industry.

A good location

This is absolutely essential. A lot of your business is going to come from foot traffic. You’ll get a certain amount of customers that come out with the intention of visiting your store, but the majority will be people that are just passing and decide to come inside. That’s why you’ve got to be choosy when you’re picking a business premises. Obviously, you need to consider the space itself and whether it meets all of your needs. But, more importantly, you need to think about the location. Does it get a lot of passing foot traffic? Is it close to public transport links? Are there any other competing shops nearby?

If you open a shop in the middle of nowhere, you’re never going to get any customers. Equally, if you open your shop right next to a major competitor that is already established in the area, you might struggle to win their customers unless you offer something a lot better.

Window displays

Now that you’ve found the perfect location and people are walking by all of the time, you need to do something to catch their attention. A window display is essential here because that’s what will grab their attention and get them to come inside for a look. Take all of your best products and arrange them in the window and use a lot of eye catching signs to draw people in.

A quick payment service

Buying stuff online is so quick and easy, that’s why people like it. That means that our expectations are a lot higher when we’re shopping. For example, if you can’t pay with card or the shop has a dated machine that takes ages to connect, it’ll put people off coming back. It’s best to use a modern payment service that works off your phone; you can accept credit cards with the Pay Anywhere app which is a lot quicker and easier than a traditional card machine. If you give your customers a hassle free shopping and payment service, they’ll come back again in future.

Good staff

The one thing that shops have that online retailers don’t is the personal touch. You might get an online chat feature but that’s not the same. A lot of people go into a shop because they like having an employee to help them find things. That’s why you’ve got to focus on that benefit and make sure that you’re hiring good staff with excellent customer service skills. It’ll make all of the difference.

It’s not true that the high street is dead but it is a lot harder to make it with a traditional retail business so make sure you nail these 4 aspects.

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