4 PRACTICAL STRATEGIES FOR GROWING YOUR RETAIL BUSINESS -
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Last updated on July 21, 2020

4 PRACTICAL STRATEGIES FOR GROWING YOUR RETAIL BUSINESS

The exponential growth of the white-label manufacturing industry has paved opportunities for aspiring entrepreneurs to open their own retail businesses. Its capacity to provide products of any type without a default branding made it easier for entrepreneurs to customize and sell items as their own unique product.

Starting a retail business is just the beginning and is also the easiest part. The real challenge lies in maintaining stability and growth for the business. Scaling and growing a business becomes especially difficult now that the world is currently facing an unseen enemy, in the form of a deadly virus.

When a business fails to keep up with the dynamic norm of customer demands, it often leads to bankruptcy and failure. As such, it is important for business owners to gain a heads-up on the entailing consequences brought by the failure to meet the expectations that come with being part of the retail industry. 

Here are four effective ways to help businesses stay afloat and consistently grow their retail business:

1. INTENSIFY THE BUSINESS’ MARKETING EFFORTS

Thanks to the wide-ranging capability of the internet, implementing marketing campaigns is now easier.

Maximizing the use of different social media and internet platforms can help businesses reach their potential clients seamlessly. Posting content aligned with the preferences of the business’ target audience can be a strong foundation to entice more site visitors and gather a significant amount of website traffic.

However, conversion through content is not enough. It is important to pair promotional content with word of mouth.

To achieve this, it is advisable to use more personalized content when engaging with customers. A business needs to devise a strategic approach that can penetrate a customer on a more personal level. Some effective examples would be sending personalized emails to new and loyal customers, as well as phone calls.

Remember that calls and emails are more powerful when paired with enticing content, so it is the business’ job to have the right mix and match of these elements to make this as effective as possible.

2. IMPROVE USER EXPERIENCE AND USER INTERFACE

Although the terms user experience and user interface are more applicable for business websites, both can still be associated with a brick and mortar store setting. A business should always take user experience into full consideration.

Every business should be able to provide an easy way for customers to learn about and relate more with their products especially if they are first-time customers. The business should be able to have an enticing, easy-to-navigate website as well as storefronts for physical stores. Are the products arranged in an orderly manner? Does it have a fast payment system? Is the website user-friendly?

User experience also includes the way employees and personnel serve the customer. Were they able to assist them accordingly? Did they greet the customers the moment they entered the store? Was there an invitation for the customers to return after they made a purchase? These factors should always be in check.

It is best to provide customers ease-of-access when they are shopping. The less complicated the shopping process is, the higher the conversion will be.

3. EXPAND YOUR STORE THROUGH MOBILE

More and more customers tend to rely on their phones when it comes to shopping. Extending the reach of the business into the mobile landscape can help them leverage not only their marketing efforts but also conversion rates.

The availability of different online shopping platforms makes it less of a hassle for businesses to expand their influence and introduce their brand to other potential customers. Setting up online extensions of the store or business through eCommerce websites such as eBay, AliExpress, and Lazada allows businesses to gain higher visibility and interaction with their target audience.

4. CURATE YOUR PRODUCTS

Another important factor to consider is the variety of items available in the store (both online and offline). Curating for the best stock means there should be more models and better choices for customers to choose from.

Try categorizing products based on their use and quality. Businesses can even arrange their products according to levels, separating flagship items from entry-level variants. This way, the business will be able to address all the needs of its customers, aid in tracing pain points, and prove that they are worth choosing among other brands.

JUST KEEP MOVING FORWARD

Growing one’s business can be very challenging, given the restrictions in audience reach, sales, and marketing caused by the consecutive global crisis that all businesses and consumers are experiencing today. Even more difficult is the transition towards the so-called “new normal” way of living. Businesses should be as flexible as possible in order to adapt to appeal to a wider demographic and retain relevance amid increasing industry demands and unpredictable trajectories of customer preferences. Should they be able to trace the weak points of their business, it will enable them to foresee what is bound to happen and make the necessary adjustments in advance. There are still several other strategies that businesses can use, but the four tactics mentioned above will serve as a starter guide that will help entrepreneurs gain consistent growth in their retail business.