Looking to launch a retail business? This can be a rewarding and potentially lucrative sector to work in, but it can also be difficult to stand out from the crowd with so many other stores vying for consumers, especially when you are up against household names. There are a few insider tips and tricks that can be used to get off to a strong start and to compete against the big brands in your market – employ a few of these and it will put you in a strong position to find great success down the line. Read on for a few retail startup tips that are sure to help:
In addition to having an excellent brick and mortar store, every retail company must also have an attractive website, be active across social media and be highly visible online. Being able to sell your products online is also a massive benefit as it will enable people to shop from your store, no matter the time or where they are in the world. Internet marketing companies can help startups to create a strong online presence and compete against large names through increasing visibility online.
Consumers will decide how long they will stay in a store as soon as they enter the shop. If they find it difficult to walk around, there are too many products and there is a generally stressful atmosphere then they will quickly turn around and walk out. Spend time thinking about store layout so that it is not cramped and it is easy to show off your stock. Product positioning is key so make sure that the store looks inviting from the outside.
Additionally, it should be a calm and enjoyable experience for everyone that enters the store. You can create a calm and welcoming atmosphere with ambient music, soft lighting and a pleasant fragrance. The purchasing experience should be fast, efficient and smooth with friendly staff and a high-quality retail EPOS system. EPOS systems enable fast, safe and secure transactions which are beneficial for both the retailer and the consumer. This is also a great way to keep track of sales and taxes.
Establishing your store and getting noticed is challenging when you first start out. Get people through the door and aware of your brand by hosting regular events in-store – this could be a launch party, a workshop, guest lecture or a screening. This is particularly effective if you operate in a niche market as it provides a location for people of similar interests to come together and bond.
Launching a retail business can be challenging in today’s market with so many huge names to compete with as well as the rise of online shopping. It is possible to thrive, however, and particularly when you follow the above advice when first starting out. It is crucial that you do not neglect the digital platform, but you must also make sure that the store itself provides a pleasant and easy shopping experience and that you are catering to your target audience.