4 Tips For Making A Good Retail Business Even Better

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One of the benefits of retail is that it’s something that practically anybody can get involved with. All you need is a good business head and merchandise on the shelves and you’re ready to go.

But the biggest benefit of retail is also the major problem. The fact that just about anybody can start up a business in the sector means that the competition is fierce. If you’ve made it past the first six months and you’re still going strong, it means that you have a sound business. But in the world of business, you can’t afford to rest on your laurels. That’s why I’ve put together a list of things that you can do to make a good business even better.

Make Payments Seamless

One of the biggest frictions while shopping is making payments. For one, customers sometimes have to queue up for a long time before making payment. Then when they get to the till, the retailer might not even accept their preferred form of payment.

Making payment better will improve customer experience. Yet many retailers still haven’t cottoned onto the trend towards contactless payments. What they don’t realise is that there are easy ways to solve this. Payment terminals, like Terminal One from Groovv, accept all forms of payment, including contact less.

If you have contactless installed, it means that you can process people faster and avoid the queues that customers hate.

Hire The Keen

Great retail employees need two things. They need to be motivated and they need to have excellent customer service skills. That’s why you so often see younger people who are keen in retail stores.

Now, admittedly, this isn’t always the case. But kids who are fresh out of school are new to earning money and having financial independence. And that in itself can be a great motivation.

But younger people can also be motivated just by what you sell. Perhaps you sell electronics and that’s something they’re interested in too. Look out for these people and get them in your stores. They might know more than you!

Have A Place For Sale Items

Good retailers know that to turn a profit, they have to shift stock. Sometimes that means putting it on offer at a cut price. But often price cut items are sold alongside regular items and they don’t sell as fast as you’d like.

One way to shift stock faster is to dedicate a section of your shop to sales. This means having a regular area that customers can go to where they know they can pick up bargains.

Make Yourself Distinctive

Retailers often have the right idea when it comes to displaying their products well and organising their store. But they underestimate the appeal of having a store theme.

Having a distinctive brand feel immediately places the customer at ease. They should know from the moment that they walk into the store that this is a place that is set up to meet their needs. In other words, the theme should reflect what the store sells.

An engineer by education and an entrepreneur by choice. Asish is a TCS Best Student Awardee, NDTV featured student entrepreneur and International School of Entrepreneurship Education awardee. He also worked with many startups and big companies for their business development and strategical growth. Asish has been heading The Startup Journal since its inception in 2014.