The Retail Survival Guide: How To Thrive In The Amazon Era
We live in a world absolutely dominated by the infinite space known as the internet. Social interactions happen on the internet, playing games happens on the internet, and shopping happens on the internet. The latter has become a force to be reckoned with, and the reason why speciality retailers now need to think more carefully than ever before.
Getting customers to come to your shop, through the doors that remain fixed in your bricks and mortar, that is a challenge, but it is not mission impossible. Not if you follow our guideline to surviving and thriving in this Amazon-owned era.
It Is All About Customer Experience
Amazon and all online stores focus on one thing and one thing only; ease. They offer an easy experience. Buy with one click, save your card details, all of these things are designed to make the experience quick and painless. That is why you need to give the shopper an experience. That is where your retail prowess lies. This means having a store that is designed to give an experience. The lighting, the layout, the displays, the smell, the sounds and the interactions; all of these things add to the experience. So make sure you have friendly staff that are willing to engage in real conversations, conversations where they are genuinely interested in the customer. Have a playlist that represents local bands. Why not go with a coffee machine or popcorn maker in the corner; not only is this a cheap thing to make it also produces an aroma that is pleasing.
Do Your Research On Everything
The more research the more knowledge you will gather and, well, knowledge is power. So research all you can, because staying informed is only going to help. Research what the latest sales techniques are and what the latest consumer trends are. Know what technology is coming out that could boost your operation, and have an idea of what the best merchant cash advance rates are. Research your competitors and their consumers and decide what you could be doing to better yourself. Look up staff training, and interior design psychology, and what is working in terms of window displays. Research only requires an internet connection and time these days, and if it is the latter you are struggling with then why not have your shop assistants take on the role whenever the store is quiet?
Always, Always Buy Intelligently
The thing that always cripples a retail store is mis-buying. Store owners and/or store stockists always seem to stock up the things they believe will sell instead of listening to what the consumer says will sell. This is an error that could cost you really very dear. The stock that doesn’t sell is dead cash. You need to remember that. The best way to do this is to forget you are buying your stock as a company and start buying it like you are spending your own money. Let’s say you have a cycle shop for instance. You naturally believe it is a good idea to stock up on every type of bike to fit every kind of need. You’re throwing you know what at the wall and seeing what sticks. But consumers don’t do well with options. It is overwhelming, especially in a small space. So look at the trends, see what is selling on the market and attack that niche. That is where a quick turnover will come from. That is how to buy intelligently. That is how to be a success.