Successful retailing: Retail is detail

successful retailing

Are you satisfied with your retail sales? It’s an important question, since retail sales can add to your bottom line, ranging anywhere from five to 30 percent of your revenue.[1]  While COVID certainly had its impact on retailing, brick-and-mortar already was going through a transformation with the popularity of online shopping. It’s not only the convenience of sitting in the comfort of your own home and making purchases that draws people to shopping online. Customers have come to value the choices available when shopping online; the reviews; the history of their purchases, making reordering convenient; and at-home delivery, sometimes same day.

Brick-and-mortar retailers need to step up their game to make the in-store shopping experience as customer centric as shopping online. That’s why we say “retail is in the detail,” starting with gaining as much information about each of your customers purchases at point-of-sale order to ensure you are offering the right products backed by the most effective merchandising and marketing to ensure a satisfying buying experience.

Focus on the 4 Ps

When it comes to the right products, don’t forget the 4 Ps: Product, Price, Place and Promotion.

Product: Make sure your products are what the customer wants to buy. Products must satisfy customer’s needs, wants and desire, as well as providing you with a profit.

Price: Products need to be priced at a level that makes it possible for customers to buy them and gain value at the same time. You’ll have to decide on the type of products you can offer therefore. Some you’d like to offer may be too high for your customer base.

Place: Today’s place may be in-store and online for the most convenience for customers. You also can enable customers to order online but pick-up merchandise in store.

Promotion: Make sure your customers know about your products through your website, social media channels, email mail marketing, and signage throughout your establishment.

Make the experience informative and “fun”

That retail experience also needs to be informative. Shoppers want more information about products in the store to help them make the best buying decision and that information must be consistent with information they can source online.

Shopping also now is entertainment aided by attractive displays – and windows – lively background music and an upbeat staff. Changing displays and always featuring new products can help boost sales.

Work closely with your team

Your team is critical to the success of your retail effort. Work closely with team members to ensure that:

  • Focus is always on the customer: Meet their needs and expectations
  • Ensure quality: Strive to give the best service all the time
  • Communicate your vision: Have a plan and share it with your team as well as the vendors you do business with.
  • Keep emotions in check: Manage your team with facts and information. Make decisions based on information and analysis.
  • Reward and incentivize: Listen and look after your team. A motivated team is the first step to ensuring happy customers.

Retail isn’t rocket science. Successful retail requires focusing on the details to provide a rewarding and satisfying customer experience.. With the potential for retail sales to boost revenue, it’s worth revisiting your retail strategy to make sure all the i’s are dotted and the t’s crossed.

 

 

 

[1] Schweder, Ingo and Stadnyk, Krystyna, Horwath HTL, “Spa Profitability Handbook,” January 2020. https://www.globalwellnesssummit.com/wp-content/uploads/2020/02/INDUSTRY_REPORT_SPA-PROFITABILITY.pdf
successful retailing
successful retailing