This year saw online retailers turning higher profits than ever before with an overall increase in sales of around 29%. Yet, conventional stores have had an incredibly difficult 2020.
So, if you’re running a brick-and-mortar retail store, you’re probably searching fervently for ideas to turn your sales around in 2021.
Master the art of profitable retail management with these top tips for smooth operators in search of solid profits.
1. Nurture Your Customers
Customers are everything in any business, but when you’re operating a retail store you’ll have to deal with especially fierce competition.
Apart from other brick-and-mortar outlets, you’ve also got to try and lure customers from online stores.
You’ll face tough opposition from larger operators that can afford to offer cheaper prices and e-commerce sites that don’t need to keep any stock at all. Online operators also offer convenience and big box stores can afford to slash their prices.
The only way to stay afloat when you’re running a small store is to offer something that your competition doesn’t.
Many customers still long for a personal touch when they’re doing their shopping, and this is the one area where your retail store can stand out.
Offering Unique Experiences
Loyalty programs are a great way to give your customers a personalized experience. Get your customers’ email addresses, let them know about in-store specials, and offer discounts on the things they buy often, as well as related items.
You can also set up a calendar of local events and tailor your special offers to suit what’s happening around town at the moment.
You can figure out many ways to go the extra mile for your customers when you make the effort to get to know them.
A Pleasant Environment
One way to draw customers is by making your store an irresistible venue for their shopping outings. Things like music, wide aisles, and quick checkout can really enhance the retail customer experience.
Scent marketing for businesses is a trending topic right now, and scent marketing is a fail-safe way to create a pleasant environment for your customers.
2. Motivate Your Employees
All the marketing, discounts, and pleasant aromas in the world can’t compare with outstanding service when it comes to attracting and keeping customers.
Your employees are the key to creating memorable experiences for your customers. Pleasant, helpful staff can do more for your shop than any other type of marketing.
All people love to feel appreciated and valued. When you treat your employees as part of a team and reward them for their efforts, you’ll create positive attitudes that spill over into their interactions with customers.
When you keep your staff keen and interested, you can count on them. They’ll keep your store running like clockwork and go out of their way to create a great in-store retail experience for every customer.
That way you can delegate more of the mundane tasks to reliable staff members and focus more intently on growing your business.
3. Keep Your Stock Moving
Nothing sucks the profits out of a retail operation like spending money on goods and then not being able to sell them.
Keep strict tabs on your inventory. That way you’ll know how much of each item you need to restock every day of the year. Discount slow-moving items and be sure to order less next time.
It’s important to proceed very carefully when items have a sell-by date. You can lose thousands when you need to dispose of perishable items that nobody’s buying.
Encourage your customers to let you know if you don’t have something they’re looking for and make sure it’s in stock the next time they visit your store. This is the type of personal touch that harks will keep customers coming back time and time again.
4. Set Retail Management Goals
Planning is a key component of success in any area of your life, but it’s vital for retail success. One of the best tips for retail managers is to write down your goals as well as how you intend to achieve them.
You can start by jotting down a few ideas and then working on each one in minute detail. For instance, if you want to sell more sneakers than anyone else in town, your plan should include the following:
- Social media marketing
- A website with a blog
- Flash sales and in-store specials
You should also consider sponsoring a local sports team, or sports event to help customers make the connection between your store and excellent sporting footwear.
Set up a calendar of which tactics you’ll use on a specific date to help you budget for any extra costs and keep the impetus going in your marketing efforts.
5. Use Modern-Day Tools
Technological advancements become more sophisticated every day. Use them to streamline your daily tasks and help you keep up with the rigors of running a retail store.
Some of the nice-to-have technologies for retail stores include:
- Tools for managing loyalty programs
- Employee management apps for managing shift work
- Payroll programs
- Integrated point-of-sale/inventory technology
- Security systems to prevent shrinkage
Data analysis is a key aspect for streamlining your operations and maximizing profits. It helps you keep tabs on your sales performance as well as your marketing efforts.
As a retail manager, it’s vital to stay on top of the latest methods for streamlining your day-to-day operations so you’ve got more time to focus on your marketing and your customers.
Take Steps to Ensure Your Success
Using the tips above, you can turn your retail management efforts into an exciting adventure, rather than a series of time-consuming and stressful chores.
Fresh ideas coupled with a genuine interest in customer experiences will keep the crowds coming back.
For more inspiration and tips on running your business like a pro, keep browsing the business section of our website.