How to make your independent retail business stand out
Did you know that July is Independent Retailer Month? Make your retail business stand out against competitors by checking out these five tips.
Do you want to set your retail business apart from the competition? Luckily, July is Independent Retailer Month, which means it’s the perfect time to consider these retail sales tips. Running a boutique or retail store requires hard work, attention to detail and the highest level of customer service. In honor of Independent Retailer Month, check out our five suggestions for making your retail business stand out:
1. Quality over quantity – Don’t purchase low quality items, thinking your customers won’t notice. Think about your audience and what will appeal to them; don’t just purchase a bunch of cheap merchandise thinking that you’ll render the same results. As much as you’d like to try and cut costs by buying cheap merchandise in big quantities, this won’t attract customers. Also, overbuying merchandise can put you at risk for wasting money and not selling the excess inventory you have. Wait and see what sells, then order additional inventory, or similar items, that will meet your customers’ needs.
2. Pick a popular location – Many independent retailers struggle to find a space where they’ll receive a lot of traffic, but are also able to make rent. While it is wise to try and save money as an independent retailer, sacrificing location is not the answer. Setting up shop at a popular location will help you bring in more customers, and if your business is at an inconvenient spot, there is a likelihood that your sales will suffer. If you’re worried about being able to afford rent, consider applying for a retail loan, you’ll thank yourself later!
3. Marketing matters – If your retail business has a big presence on social media, you’ll be able to keep up with your current customers while potentially reaching new ones. Post merchandise pictures on Pinterest, hold contests on Instagram and tweet about upcoming sales and events. There are many ways to utilize social media marketing; and many won’t cost you a dime!
4. Collaborate with local businesses – Form friendships with local business owners; having each other’s support can make a huge difference! Is your retail store near a café? Hold a customer appreciation event, and have them provide catering. See if a neighboring salon is interested in selling some of your merchandise at their establishment. There are many ways to collaborate with other small businesses that can be beneficial to all parties involved.
5. Get personal with your customers – As a small independent retailer, you may think you have a disadvantage when it comes to big-name brands. They are able to reach customers on a large scale through expensive advertising campaigns and other efforts that an independent retailer may not be able to afford or maintain. But big retailers can’t have a personal relationship with each of their customers, which is why you should take the time to get to know your customers, and you’ll earn their loyalty. Read up on retail customer service tips; it will help you grow your customer base in the long run.
Running an independent retail business can be an exciting venture! Make the most of it by ensuring that you’re trying these retail sales tips. Have tips of your own? Share them in the comment section below.