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5 Proven Methods To Grow Your Own Retail Business

Summary

Intro Recognizing the opportunities via e-commerce, I conducted a very successful online store selling customized platforms for luxury home audio gear. But after a couple of years, I just lost interest, regardless of the exceptional income. The difficulty was that […]

Intro

Recognizing the opportunities via e-commerce, I conducted a very successful online store selling customized platforms for luxury home audio gear. But after a couple of years, I just lost interest, regardless of the exceptional income. The difficulty was that I had no link to my clients aside from an occasional email. There was no engagement, no interaction, and certainly no customer loyalty. I immediately learned that e-commerce could never replace the personalization, enjoyment, and experiences of working on Main Street. Seeing the regional stores around me quickly get more success (and happiness), I realized that owning a local business is still very, very possible if done with the appropriate procedures. Among the best ways to get your sales moving is via using a suitable POS system for retail companies.

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Chapter 1: Compete Not Competing

After customers have completed their research on the merchandise the want to purchase, they will become a physical store to buy their merchandise. There are two reasons why they will visit your brick-and-mortar store rather than getting online: they need to touch the merchandise and they want customer service – a professional who will educate them about their merchandise. Cool info, but how can you act on it? Well, because you know that customers are more inclined to come to local shops to buy their products, you can begin by not cutting your prices simply to compete with online retailers. Rather than slashing prices and diminishing your margins, use the prices charged by online and big-box retailers because the price point which you could work off of. Consider it this way: consumers are coming into your physical store as they want the hands-on buying experience, your experience, and the ability to readily receive an exchange or refund. This justifies your higher price. Making use of a suitable POS system for retail businesses is a excellent way to boost your customers’ shopping experience and add value to your shop.

Chapter 2: Manage Inventory

Poor inventory management is the fourth largest killer of small companies, says the SBA. Knowing exactly what you have available, at any given point in time, is essential for retailers. In my experience, I will tell you 3 reasons why:

1) Catching Theft Easily
Just as we do not want to acknowledge it, theft happens. 75% of worker crimes go unnoticed while 10 percent of workers are responsible for nearly all the theft that happens on your shop. You will need to understand exactly what you have at any given time so you can identify discrepancies.

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2) Having Adequate Insurance
Natural disasters can happen to anybody, whether it’s flooding or fires. If you know what stock you have in any given time, you will be able to have sufficient insurance to keep you secure.

3) Avoid Getting Over-Taxed
Inventory represents 45% to 90% of all of the expenses for a small business. Knowing the value of your stock will prevent over-reporting and supply credible documentation in the case of an audit or dispute. And trust me, when disputes happen, they have energy, time, and expensive professional services such as lawyers and accountants. You don’t need to go there.

One of the simplest methods to immediately address the problems of inventory management is to obtain a strong retail POS system that could offer the ideal features and tools to integrate your inventory and point of sale procedures.

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Chapter 3: Understand Your Customers

As a merchant, you will need to understand your clients like the back of your hand. You will need to spit out statistics such as,”The vast majority of my clients are from women between 30 and 40 years old and reside in Town B.” Sure, a few characteristics, such as sex, are easy to guess but other information might require some digging around- particularly when nobody likes to only hand out private data. I have seen this done very creatively. By way of instance, getting information in exchange for a one-time reduction or offering a loyalty program- these are all ways to get customer information, and may be eased by a business POS system. And needless to say, also ask your client to follow you in your shop’s social media platforms. Folks like to over-share on Facebook, Twitter, etc. so having them follow it is possible to let you find more info on them. You can not stop at just knowing who your customers are. As soon as you start making your customer list, you will have to collect data on what they do and how they behave. You will have to be aware of their purchase histories and purchasing behavior. Hopefully, your point-of-sale will do this for you, especially if you pick a system designed with retail companies in mind. Otherwise, this will take a little work- however, it is going to be well worthwhile in the long run.

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Chapter 4: Increase Sales

In the modern hyper-digital planet, you absolutely require a site; but not only a site for the sake of owning one. Your website has to be an extension of your shop’s identify, resembling the exact same vibe that you depict when somebody visits your shop. A contact number, email address, place, absolutely must be on your site. It seems obvious but I have seen so many shops neglect this, partly because of the apparently complex process of setting up an online storefront. With Bindo POS however, you have access to an internet Bindo Storefront to help enhance your electronic presence. The last thing I wish to say about moving online, is that you must also be mobile-friendly. Hopefully, your point-of-sale system will pay for this for you. Otherwise, I can not emphasize how important it is to make this a priority. 55 percent of mobile shoppers take action of their searches over a hour while 70% of mobile shoppers will instantly leave a store’s site if it’s not mobile friendly!

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You will also need to use product reviews to engage with clients. If they’re saying something positive about you, thank them! If they’re criticizing your product, use this as an chance to tell your side of this story in case the disgruntled customer had unreasonable expectations, therefore decreasing the review’s impact. By resolving their problems, the client might even alter their inspection and re-visit your shop because of just how much you care. Sounds really ideal but I have seen this multiple times.

Attempting to sell a larger assortment of goods is always a choice when seeking to increase sales. But, shelf space has its own limits, and stock is a financial investment that includes risk. Today’s economy is a whole lot more service established than it had been several decades back. Considering services that match your market may reveal some services which you could provide to generate extra revenue. The reporting and analytics tools offered by a comprehensive retail point of sale system is a excellent starting point for figuring out these opportunities for expansion and growth.

Chapter 5: Save Money, Time, & Anxiety Through Technology

Since SaaS is available in the Cloud, you have complete freedom for accessing your store’s information and applications. This can save you a great deal of time because you’re not required to be at your shop to run your company. And in terms of reducing anxiety, using a robust small business POS software via SaaS provides you instant access to your store’s action, letting you check-up on sales, stock, and even track your employees’ activity.

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The applications intended for tablets are also super easy to learn and use. Well-designed point-of-sale platforms (such as Bindo) mirror the appearance, work, and feel of regular applications, almost eliminating the learning curve. There are no longer”special” commands to force your applications to work how you want it too- no longer pressing some odd concoction of keys such as Alt, Ctrl, F3! Due to the simplicity of tablet applications, you and your workers already know how to use the software, even if it’s your first time using the program. This saves immense amounts of tension and frustrations and radically reduces the time required to train future and current employees.

More money, time, and stress can be saved using a strong, retail POS platform which manages gift cards, loyalty programs, and credit card processing. You will also need a software that could integrate and display your inventory online, and is capable of automatically tracking all of the data necessary to control inventory, clients, suppliers, reporting, etc.

Conclusion

It’s with my greatest hope that the data inside this e-book will spark your imagination as a company owner in finding ways to cultivate your business. This document isn’t the be-all and end-all, nor can it be a easy recipe which can be followed to grow your bank account. Rather, consider these hints, ideas, and recommendations as a base to assess your current business practices, inspiration for what you can achieve, and as a starting point to implement the changes required so that you can develop your retail enterprise.

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Chavellenge is one of our integration for Pos for magento . You can take a look at the Retail Cloud pos system software on our site and see other pos extensions like : shopify posbigcommerce pos for retail stores, woocommerce point of sale. Our Pos system is trusted by 2000+ retailers around the world. ConnectPOS integrates online and brick-and-mortar store through advanced POS features.