Running a retail business in the current highly competitive market can be a challenge. So here are some tips that will allow you to improve the efficiency, productivity and ultimately the profitability of your business.
Invest in High-Tech POS Software
If the point of sale systems of your business is not up to the task, it will hurt your sales directly. So, you will need to upgrade your system to reduce as many paint points as possible. There simply should not be anything discouraging your customers from making a purchase at the final stage of the process.
Speed Up Your E-Commerce Website
If your retail business has an online counterpart, which it most likely does, you need to make sure the website loads fast. Nothing can kill business for retailers like slow loading websites. Make sure customers can access the website under 3 seconds regardless of the device they are using.
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Pay Your Employees More
If your sales are hurting because of dirty and disorganized stores, have you considered the wages your employees are receiving? Popular American retailer Wal-Mart manages to attract more customers and increase sales over competitors like Target by paying store employees more. Higher salaries motivate workers to perform optimally to retain their job. Also, bigger salaries tend to attract more competent job candidates.
Build Emailing and SMS Lists
Your marketing team must focus considerably on building emailing lists and texting phone number lists. These are paramount to customer outreach and improving the retention rate. Use your emailing list to find out what the customers think and what sort products and promotions most attract them. Use the texting list to reach customers at the crucial time of making a decision to buy something.
Create a Mobile App
Mobile apps are great ways to reach modern day consumers. Market research strongly indicates that modern-day consumers do a majority of their pre-purchase research using smartphones and tablets. Customers are also more likely to make impulsive purchases on smartphones. Therefore, if you want to boost the conversion rate, you can do it with an interesting and attractive mobile app.
Focus on Promoting One Product at a Time
Do not push multiple products at once on your website and advertisements. Promote only one product at a time. This gives customers something to focus on. Brand association is also much better when the company is actively promoting a single product. Later, you can expand the available product range by introducing tie-in products, rather than separate products.
Profusely Gather Customer Feedback
Do not hesitate to profusely gather customer feedback online, by phone and offline. These feedback forms contain all the information you need to improve your business.
Switch Over to Cloud Storage
You can cut costs and increase the overall efficiency of your store and offices by going paper free and using cloud storage, Cloud storage makes files ways to access, share and edit. It’s also a lot cheaper compared to storing physical files.
Last but not least you must focus your business on building trust with the target customer base. You can do this by allowing customers to post genuine reviews and by getting relevant certification.