Retail Business
Tips
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Making Money with Your Retail
Store
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| It sounds real simple to make sales. Just give
the customers what they want. How hard can that be? Well,
if it was as simple as it sounds, almost everyone running
a business would be successful. Many retail owners would say the customers want the lowest price. That is true sometimes, but there are plenty of other things customers are looking for. Customers are looking for value, choices, new, convenient locations, extended hours, and one-stop shopping. They want a hassle free shopping experience. They want the store to be clean with a friendly personal touch. Customers like to shop particular stores for the shopping experience. Customers always want to get the most value for their shopping. This does not always mean the lowest price. It could be free gift wrapping, free delivery, and deals on service and products, warranty or refund policy or having good ad prices. Perception means more than reality to the customer. It doesn’t matter what the reality of the value or anything else in your store. It is the perception of the customer that matters. The customers love to have plenty of choices to select from. It is impossible to carry enough inventory to please all the customers. The retail stores can have enough for the majority of the customers. The store needs to add new items on a regular basis. If customers see the same merchandise every time they visit, they lose interest. All retail stores should liquidate their poor sellers and add new items regularly. In fact, I would suggest getting rid of the bottom 10-20% of your product line and adding new items to replace them. Convenient locations with ample parking matter a great deal to the customers. It is hard to change your location easily, but in some cases, it would be of great benefit to the retail owner. Poor location is a killer to increasing or maintaining sales. Many small retail stores have hours convenient to the owner and employees. Unfortunately, this does not suit the customers. Every retail owner should reevaluate their hours. Closing early could be costing 20% or more of the total sales of the store. Customers are more pressed for time than ever. One stop shopping means more than ever to shoppers. The more shopping a customer can do in a particular location is a plus for that store. Customers do not want hassles in either buying or returning merchandise. Having policies that encourage shoppers to buy is the way to retail store riches. More important is the refund policy of the store. Most owners with small retail stores have terrible refund policies for customers. Liberal refund policy encourages shoppers to spend a lot more money. The increase in sales will far outweigh the returns with the refund policy. Lastly, but not least, customers want superior service. Otherwise, most of them would shop primarily by price. Exceptional service will make customer pay more for the same product at another store. Taking care of customer wants is critical to a retail store owner’s success. Unfortunately, many retail owners are not giving this full attention. | ||||
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 Retail Business Tips
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Secrets to Making Money with Your Retail Store
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