Retail is a competitive environment and you need to embody those successful traits every day. There are 5 good things every good retailer knows.
Customers who are happy spend money
The important thing for your business is how a customer feels. Now-a-days customer satisfaction has become increasingly important and ignoring your customers only serves to drive them to your competition. Online help desk forum and Help Scout has found that on an average loyal customers worth up to 10 times as much as their first purchase.
To improve your retail offering you need to listen to your customers, read their reviews and even solicit information from them. Rewarding loyalty is a huge incentive offered to your customer to secure for further visits. It is always good to set up a professionally branded loyalty and marketing scheme in your retail store.
You're as strong as your weakest employee
Employees are your front line representatives in the field. It's your responsibility to make sure they have the tools to help your customers solve their problems with your products. You need to provide effective customer training, strong product knowledge and a personable attitude to make a great customer facing employee.
Communication is the power of an employee. The more the business grows the more you'll need to delegate. Regular feedbacks to your employees ensure they have the confidence to effectively engage with your customers and drive sales.
The ultimate power is Knowledge
Do you know the innermost workings of your business or can accurately forecast what stock items you'll need? Why were there so many refunds last month? It is difficult to run a business without accurate data.
By implementing EPOS system into your business you can provide with data with a holistic view of all your moving parts, such as; sales, inventory, staffing, marketing, accounts, e-commerce and even customer satisfaction. It can also allow you with insight trends predict and prepare for periods of high and low footfall and identify opportunities to drive revenue and cut costs.
Cash flow
It is shocking stats that more than 50% of businesses fail after their fifth year due to poor cash flow management is often the crux of their problems. Managing cash flow is key to avoid running a business into difficulties when dealing with the unexpected.
Try to limit your costs where ever possible and not sitting on excess stock and accessing credit if you need it I simple ways to ensure you are always in the black.
Be loud and proud
Many businesses experience success because of their customers. You need to be clear of what you stand for, who you represent and how and what problems you can solve of your customers will allow you to create clear marketing and draw the right people to your business.
Once you are ready with your marketing message you need to choose the platforms you think the most effective in promoting your products and services. You can have promotions through email marketing, social media and even traditional advertising through news papers, radio and leaflets.
You need to look for ways to make life easier as being your own boss is difficult. Implementation of EPOS system into your business is one way to do that. EPOS Direct provides you with the infinitely scalable, allowing you to create a bespoke POS experience which is perfectly tailored to your business needs.
