Retail is one of the toughest sectors to make money in, it is very fickle, it moves on quickly and if you stand still then you will be left behind by the rest. It is important to ensure you are at the cutting edge of all trends and fads. There are very few types of retail store that can make money whilst continually selling the same products, you would have to look at supermarkets (who still move on to a certain degree) and antique stores. Within this article we’ll continue to discuss the importance of keeping up to date with the competition and current techniques you can use to get ahead of the game.
Latest Trends & Future Trends
The biggest retail chains have a major advantage in that they can determine trends and actually create them. Unfortunately if you are a small to medium sized business you don’t have this luxury and need to be able to react quickly if a seasonal trend establishes itself. Always ensure you have sufficient cash flow to be able to react and order new stock, a week is a long time and can be the difference between missing out on thousands of pounds. Whether you are involved in clothing or electronics try and keep abreast of the latest developments and visit some conferences/shows to make get a good idea for what is coming along next. Try and make small orders to test the water and have a small area of your store to exhibit the products, keep a close eye on sales and if you believe it is selling well then take a chance, you don’t make millions by playing it safe, you have to take chances.
In Store Changes
The single most important aspect of a retail store is how the interior and exterior looks, it has to attract a customer’s attention and make them want to go in to the store, the worst bit is that it has to continually change. If a store starts to look dated or never changes then people will get bored of it and stop going, it is the fickle world of retail so it is important to get shop fitters in regularly to fit new slatwall or whatever the design of your shop it. If you are interested in doing you store up then visit a professional and get your slatwall today. Aside from cosmetic changes one thing you need to consider right now is integrating technology in to it; tablets, touch screen panels and digital signage are all things you should consider especially if you are selling electronics. Many sites are now beginning to offer collection in store after purchasing online as well which is a major bonus from the customers point of view and from the stores point of view you are getting guaranteed sales as well as a person in your store so look in to implementing it.
Use Social Media & Online Marketing
Social media is a dream for retail stores, it is ideal for PR, you can communicate directly with your audience and find out what they would change and not change about your company. Aside from PR it can be to actually market and promote your business. You can run competitions, giveaways and promote sales or special offers that you have in store or online. You can get your followers to do your marketing for you by offering the first 10 re-tweeters a free product, it doesn’t have to be anything expensive, and even if it’s a keychain most people on Twitter will still want it because people love anything for free!