The retail business industry has experienced enormous changes in the last few years and the impact of these changes can be traced back to the rise of online shopping.
And even though some analysts predicted that traditional brick-and-mortar stores would become extinct, it’s clear that the death of such stores is not near. On the contrary, retail sales are still doing fine.
This is a strong reason why you need to make an effort to continue growing and meeting your goals as a retail business. This issue is multi-dimensional since you have to cover a lot of different parts of running a business. It’s also recommended to establish an online store if you don’t have one.
But, in order to be able to sell online, you should follow a set of rules and steps. In this article, we will discuss few strategies that you should consider implementing if you want to sell well online while still keeping your brick-and-mortar stores open.
Create a Mobile App
To help you accelerate growth and meet your goals effectively, you should consider creating a business app. An app for your business can do wonders and you most likely aren’t even aware of how great the benefits can be.
To create an app, you either need technical knowledge or a coder that is familiar with mobile app development. But either way, the rewards outweigh the burdens significantly. A business app can be used to interact with your customers. This allows you to amass customer data and spot trends more quickly. With an app, you’ll be able to predict which issues your customers are most likely to face or what they dislike about your brand.
Moreover, an app could help you decrease the need for in-store interactions. For instance, one coffee shop company founded in Denmark has turned its mobile app into a safe touchpoint and a loyalty mechanism during the government lockdown.
Their app now allows contactless ordering and paying. On top of that, they also saw a spike in popularity thanks to the app.
Offer New Products
A good strategy to consider is to offer new products and try to reach your goals on the back of their glory. Of course, you would need great products for this and that’s something you should understand right away.
The new products need to be in line with your business’s higher purpose and its brand image. This is not always easy to do especially when you consider the fact that the new product has to sell well too.
So, begin this with the stage where you will zero in on what it is that your fans want. For example, if you run a liquor company, you may want to consider expanding your product line to include hangover cures. Find out how your customers like that idea and if that appeals to them.
If you have a clothing company, you may want to introduce a new line of clothes. For instance, if you have a strong base of customers that work out, wouldn’t it be wise to create a particular product that appeals to that demographic?
Get creative and understand your customers’ needs and wishes. This may be a great way to achieve some of your retail business goals.
Consider Partnering up With Other Businesses
It is common knowledge that only a few companies are safe from the rising trend of online shopping.
Hence, many businesses have decided to partner up with another retailer just to try and expand their offerings and tap into new customer bases.
So, why don’t you consider this option? For instance, if your business sells sports goods, you may want to look into creating a partnership with a local gym.
Your business could agree to cross-promote in each other’s space. This kind of relationship should benefit both parties and it should be based on a written agreement just to avoid any misunderstandings that may arise.
Again, the goal is to tap into new audiences and attract them to your business and its products.
Identify and Prepare a Special Treatment for High-Value Customers
Keep in mind that high-value customers are the heartbeat of your company. Remember that 80% of a company’s business is sourced from 20% of its customers (Pareto principle).
Such individuals create value for your business either by spending a lot of money or by influencing others to buy your products.
Identify and segment these individuals. They need to receive better treatment for you just to reward them and thank them for their loyalty. Segment them to better understand their motivations and make sure that you start catering to their needs.
To find these individuals, you should rank the spending of all known customers from high to low value for twelve months. Once you do that, proceed to separate the top 20% of spenders.
Show that you respect them and be prepared to reward their loyalty. This will stimulate them to spread the word about your business and their happiness with its products.
Growing, achieving business goals, and scaling is never easy. But it is necessary if you want success in the long run.
So, make sure to take in as much as you can from this mini-guide to increase your chances of success. Good luck!