4 Techniques to expand Retail Business
If you run a small scale or even a relatively larger retail, it can become easy to succumb to the temptation of only following routine without innovation for decades on end. On the surface, it even makes sense: fixed format running services ensure that profits keep coming, mostly from fixed customers and business runs on the motto of "if it isn't broke, don't fix it". But capitalism dictates that those who don't upgrade their services will often face stiff competition. In the retail industry, there is always an abundance of ways to improvise.
Prabhkiran Singh, Co-Founder & Director, Bewakoof.com answered on expansion of retail business, "Focus on online. Internet is the greatest game changer of our generation and we're responsive to change! When we started out, web was picking up, but now it's a business must. In a few clicks, you can shop anything from the comfort of your house. We believe that consumerism is shifting towards web faster than ever. Shopping will soon become a totally digital experience. The future is online. So, we found our compatibility with the future!"
If you are the owner/entrepreneur running your own retail chain, here are five of the best practices to follow to exceed goals this year:
Social Media is an important aspect of all businesses, even if you don't think your customer database would ever look up your retail store through it. Having a strong active social presence gives you a catalogue of products to choose from and updates customers sitting at the convenience of their home to remember to shop. The free publicity also ensures a constant reminder to customers.
Customers need an excuse to visit your store- and only your store – from the hundreds of options to choose from, including large corporations that can afford massive discounts on the goods. Try holding an event that celebrates a local day, a social cause of support for community welfare. Well marketed these events can leave impressions on families and customers as being an honest truth worthy retail option which customers won't mind not getting a discount from either.
Add mobile wallets and move away from cash
Cashless transactions are now very popular and involve only minor adjustments to your business model, from mobile wallets that work by scanning QR codes and e-transactions, NFC devices and online shopping, the possibilities are endless. Cashless payments encourage young users to trust and seamlessly integrate into your business.
Ask for Feedback
Nothing makes customers feel more valued than directly asking for feedback. Using simple, sample rating questionnaires, or word of mouth, or even an elaborate SMS/web based feedback mechanism you can check with customers about the store policies, ambience, services and goods, staff behavior, ease of access and areas of improvements.
How do you upgrade and expand your retail business? Let us know in the comments on our official Facebook page Entrepreneur India