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HomeBusiness StrategiesSmall Business5 Tips For Managing A Successful Retail Store

5 Tips For Managing A Successful Retail Store

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It is no secret that retail stores are dealing with more competition than ever. The range of opponents is no longer restricted to the store across the town – you have to focus your efforts on online shopping stores from all over the globe to build effective analysis and survive. Still, when asked for preferences, many customers will choose brick-and-mortar stores as long as they can find a positive and worthwhile experience.

Providing a great experience is the key to attracting and retaining more customers at your retail store. You have to focus on a few important areas to guarantee successful retail store management and a great customer experience. Have a look at them to help yourself manage and grow your business.

Establish A Data-Driven Analytical Process

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The performance of a retail store vastly changes when it is driven by data-based actions. Establish goals for different areas of your business and measure progress accordingly. You need to especially pay attention to time and money.

Your goals have to be specific, measurable, attainable, and relevant – made for the company, senior leadership, each department, and individual employees.

Always document and share the business goals with the responsible employees so that your store can achieve them. Employees feel more accountable and invested when they face the results, both good and bad.

Use Line Sheet 

Disorderly arranged products can cost you a sale. This is why you need to utilize a line sheet. Having a tried and tested line sheet template on hand for listing products, including photos of the items along with every color they may come in, detailed descriptions about the materials used as well as the sizes they may be manufactured in, and the pricing information can help you grab customer attention every single time. There are endless ways to create one, but you should focus on some key elements while making it for your retail store:

Use An Image For Your Product

Deciding what type of photos to include in the line sheet is a tricky part. There are no right or wrong methods, but consider the brand and the audience (your buyers, in this case) while picking the images. Make sure the image you use is clear and shows your product in detail so the customers can get a clear picture of the item that they’re buying.

Include Numbers and Descriptions

Product style numbers and descriptions help buyers identify what type of item they are looking for. Assigning style numbers to all product designs also helps personnel in the supply chain. Make sure you have arranged a unique numbering process to ID each unit. Keep numbering to 5 digits tops to make it simple. You can also code the categories based on gender or target customer as well.

A product description is highly preferred. A brief description with references to the key elements of the product is a must for grabbing attention. You should avoid using extremely creative copy as it can only serve to confuse the customer. Rather, use something short and to the point.

Mark The Price

Saying this is a no-brainer, but you do want to show the price you will sell the product for. You could list the manufacturer’s suggested retail price (or MSRP for short), or the wholesale price, or both. 

At the end of the day, integral tools like the line sheet will allow you to communicate necessary information about the product to the customers. Unlike lookbooks, a line sheet will provide on-point references and simplify the decision-making and ordering process for your buyers.

3 Keep Things Simple

Retail stores have finally come to know that pushing so many products to the customer will not necessarily bring success to the business. People are already flooded by many choices, they do not want to dig through piles of generous products to find one item. Always remind yourself of the KISS method – keep it simple and straightforward.

Humans fail to choose one when given too many choices. This has been proved through many experiments. In theory, the presence of more choices sounds more fun and appealing. From a practical perspective though, it overwhelms people and causes reduced sales. Conclusion: more doesn’t always mean greater!

Likewise, the theory applies to your presentations, emails and newsletters, digital media posts, and online/offline product shelves. You do not have to put samples of everything you sell at the front.

4 Develop Customer Loyalty

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Customer loyalty is like a hot cake for retail stores, and it starts by grabbing customer data. For example, in the U.S., nearly half of all citizens are now Amazon Prime members. Sales to Prime customers are about twice compared to those of non-Prime buyers, and physical stores are finding it hard to keep more customers coming in.

Another good example of the customer loyalty program is the RH Grey Card by Restoration Hardware. If offers 25 percent off in every department, 10 percent additional off on sales merchandise and design services, and early access to clearance- all for a $100 annual fee.

Loyalty programs, also commonly known as frequent buyer programs, are now a household word for retail businesses. The secret ingredient to this tactic is that the customer knows they are getting a better offer than everyone does, and it sounds credible. That being said, you are required to be cautious to make sure how much the loyalty program may cost your business, both in the long and short term.

5 Deliver Heroic Customer Service

Shoppers tend to feel frustrated when during shopping they encounter an issue that gets discarded as just another card in a sales representative’s list. They are eager to pay higher for a better shopping experience. According to a recent study, Americans spend 17% more with the company that they consider a superior service provider.

Final Part

Retail stores are a dime a dozen these days and it can be extremely difficult to make sure that yours stays afloat and actually thrives among the sea of competitors. But it is actually doable. Make sure you wield every bit of data available to cater to your customers and while still managing to be profitable. Find the best tools to help you in the process, simplify the selling process and listen to what your customers have to say in order to improve and reward them for being loyal to your brand. In no time you will see the change and witness your retail store thriving. 

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