Considering opening up a retail store? This can be a rewarding line of work to enter but it is also one which is incredibly competitive, and it can be hard to succeed especially when competing with online retailers. That is not to say that you will not be able to thrive however, and there are a few key areas to address which will help to attract people through the door to your business. Provided that you are willing to put the work and effort in, your retail store could prove to be a huge success and an enjoyable industry to work in.
Know Your Market
First, you need to make sure that you have extensive knowledge of your market. This can be achieved through market research which can help with many areas of the business, including:
- Whether it is a smart move?
- Who your target customer is?
- What products you need to stock?
- Who your competitors are?
- If there are any gaps in the market?
Offer Online Shopping
Quite simply, in today’s digital landscape every retailer should be providing their customers with online shopping. Brick and mortar stores remain important as people like to touch and feel products (especially clothing), but people also like to shop online so make sure that you have an e-commerce store set up as well (this will also open your business up to a much larger audience).
Carefully Consider Store Layout
The success of the store will depend on much more than what products you carry. The store must also have an intelligent layout which allows the customers an easy and enjoyable shopping experience. This should involve:
- Making all of the products easy to find
- Having enough space to move around with ease
- Putting your best products front and central
- Window displays & merchandising
It is also important to think about the ambiance in the store as this will need to be relaxed. You can achieve this through relaxing music, welcoming staff, a comfortable temperature, and fragrance (scented candles, air fresheners, etc.).
EPOS System
All good retail stores are powered by an intelligent EPOS system. The
Marketing
As with any type of business, marketing is incredibly important particularly when first starting out. Internet marketing is essential in today’s digital world especially if you have an e-commerce store, but you should also think about offline marketing to try and get people through the door. Think about promotions, hosting events, leaflets and referral programs to attract customers to your store.
Setting up and running a successful retail store is a huge challenge but it is also one of the most rewarding business ventures as it is hands-on, and you get to interact with different people every day. These tips should help to build a platform for you to go on and find success in this industry.
