Retail is a tough industry to crack. Here are five mistakes to avoid at all cost if you want your retail company to be a success.
Selling What You Want, Not What Your Customers Want
Don’t waste your money stocking up on products that people don’t want to buy. You may like these products, but at the end of the day it’s all about generating an income so that you can put food on the table. That isn’t to say that you can’t stock a few novelty items and show off pieces to display in the shop window and get people through the door – just remember that these items aren’t the ones that are going to sell. Instead, prioritise products that there is a demand for. Try to stay abreast of trends and take note of which products sell the most in your store so that you’re always stocked up on these.
Ignoring The Competition
It’s important to keep tabs on your competitors so that you can find ways to stand out. You don’t want to lose customers because your competitors is offering cheaper prices or has managed to tap into a demand that you didn’t consider. Whilst you shouldn’t get too caught up chasing the competition, you should occasionally take time to research what they’re doing so that you can borrow ideas or potentially find ways to separate your service.
Focusing On New Customers, Not Return Customers
Whilst it’s important to keep attracting new customers, you shouldn’t neglect the power of return customers. These loyal clientele can keep a steady stream of income coming in so that you don’t have to market as hard. You can encourage return customers by introducing loyalty cards and advertising future deals. Simply getting to know customers could be enough to inspire loyalty.
Not Accepting EMV
What is EMV? EMV is basically a technology used in most modern card payments whether it be debit card or credit card. Smartphones are also capable of using this technology. All in all, EMV can be a lot more convenient than cash. Fewer people are carrying cash around, so you could be losing out on impulse buys by not accepting card and phone payments. EMV payments are also often quicker than having to handle cash, which can result in shorter queues for customers. On top of this, there are likely to be less errors as the result of miscounting change. Invest in a card reader so that you can start accepting this form of payment.
Not Investing In Help
Running a retail business alone is not advised. Even a relatively small company can come with a large workload. Hiring employees could allow you to stay open longer hours as you won’t always have to be manning the store. You may also benefit from outsourcing professionals to help with aspects such as marketing and accounting. Yes, you could save money by going at it alone, but it’s not worth the stress of working all hours and juggling all responsibilities.
