As a retailer, you know that seasons have an impact on your revenue. One slow season isn’t the end of the world, but when they occur one after another, it can really affect your business and your bottom line. When this happens, it’s important to adapt to changing circumstances to keep your business moving forward and make sure your business still runs smoothly, instead of slipping backward. Here are some tips to help you survive the slow months in retail. Practice Sales Discipline Consistently What is sales discipline? It’s doing what you do best every day—even when you don’t feel like it because you know your efforts will pay off later. We’d all be rich if it were easy to start a new relationship with a customer and turn that person into a long-term client. But starting relationships isn’t easy, so sales techniques are so important. So what can sales disciplines do for your business? A lot! If your company has been growing steadily at 20 percent per year over four years and then suddenly growth begins to slow dramatically, something has changed; usually that something is one of two things – either your competitors have caught up or you’re not following good sales discipline anymore. Always Check Your Numbers If you’re trying to keep track of your business’s growth, don’t just rely on a hunch. The problem with hunches is that they often reflect what you want to see happen rather than what actually is happening. With that said, you need to take a serious look at your business numbers over time if you want a reliable idea of whether or not your business is growing. Reviewing your monthly sales can be tedious but it will help you figure out how different strategies play out over time and allow you to make informed decisions about where and how best to spend resources. Be Proactive in Loss Prevention You should already have a process for handling missing or shoplifted merchandise. It’s recommended that you follow industry best practices when it comes to security and store exit procedures, as well as how you deal with a patron who tries to get out of paying for something. If you know that there are more shoplifters during certain times of the year, be proactive about adjusting your loss prevention efforts. For example, if a product that is popular during one season is also prone to shoplifting, make sure that your team knows about it and stays on high alert during those times. Work on Customer Service If you have a brick-and-mortar store, your focus during slow months should be on improving customer service. Most stores have training for handling things like solving customer complaints or making sales, but far fewer train their employees on best practices for connecting with customers on a more personal level. Even if you’re not directly interacting with customers, you must work on fostering a friendly atmosphere within your store. Greet everyone who comes into your store or shop, and make sure that other employees do as well. This can help encourage repeat business—even when it’s slow outside. Stay Positive According to new research, people who are pessimistic see their real-life experiences through a darker lens. Negative people tend to weigh their unfortunate circumstances more heavily than those around them—they remember bad events more often than good ones, for example, and discount happy moments as flukes. Plus, these brooding folks have a harder time regulating their moods, so even when something positive does happen, they’re less likely to be affected by it. These tendencies can put a damper on your business. For example Every small delay or setback makes you that much more frustrated and negative; employees who are prone to pessimism are less likely to seek out solutions on their own and need more direction from you, and your team members will feel less motivated because they don’t feel supported by you. Whether you work in retail, as an artist, or as an entrepreneur of any kind, slow months can truly be difficult to keep your business afloat, let alone find the resources to take your business to the next level. However, those months shouldn’t cause you to lose hope or motivation—instead, they should teach you how to survive and thrive during slow months in retail, no matter what industry you’re in. The post How to Survive (and Thrive) During the Slow Months in Retail appeared first on POP FUEL. from http://clipstrip.com/pop-fuel/how-to-survive-and-thrive-during-the-slow-months-in-retail/
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When it comes to inventory management, businesses need to be as efficient as possible while also remaining profitable. This means minimizing the time and money spent on inventory management, while also making sure that they do not lose too much money if inventory runs out before being sold. The economic order quantity model helps businesses achieve this balance through the use of mathematical formulas and algorithms. What is EOQ? EOQ is a strategic purchasing technique that businesses use to minimize their inventory costs while ensuring they have enough product on hand to meet customer demand. It determines how much inventory you need to keep on hand based on factors like customer demand and lead time. While manufacturers determine EOQ through a calculation of their own, there are some basic guidelines to follow when determining your EOQ for your specific business. Here’s how it works. First, find out what percentage of your sales revenue comes from repeat customers. For example, if 40 percent of your revenue comes from repeat customers who buy again within 30 days of their last purchase, then that’s good news: It means you can count on steady sales each month without having to worry about huge spikes in demand (and corresponding spikes in costs). If repeat customers make up less than 10 percent of your sales revenue—as they do for many startups—then you probably want to order more frequently than once per month. Why calculate EOQ? If you’re buying products in bulk and selling them individually, EOQ can be a great way to save money. For example, if you’re an ice cream store that buys half-gallon containers of milk from a dairy co-op, EOQ will help you calculate how many units of milk to order at one time. You should be sure to buy enough milk so that you have enough product on hand (say four containers) to meet customer demand for about a month without having to replenish your stock. In other words, if it takes 10 days for customers in your area to consume four containers of milk, then order 12—you should have a full month’s worth available on hand. How to calculate EOQ The formula for calculating EOQ is pretty straightforward: It is the ratio of annual demand for a product, multiplied by the product cost, divided by its average inventory level. For example, if you wanted to figure out how many boxes of widgets you should order each year to minimize your costs, you’d do something like this: (Annual demand) x (Cost per unit) ÷ (Average inventory). Let’s say we had 25 orders per year and it cost $1 to stock a widget and we had an average inventory of 100 widgets. Our equation would look like: 25 x $1 ÷ 100 = 5 units. In other words, we should order 5 units of widgets every year—our EOQ. Limitations of the EOQ model Although EOQ is a very useful inventory management tool, it is not without challenges linked to it. First, it is difficult to factor in demand fluctuations. Using the EOQ model would be relatively easy for a business that has consistent demand for inventory items throughout the year—but not for those with seasonal demand. To stay on top of demand fluctuations you would need to recalculate your EOQ regularly, and if you have a large number of SKUs to manage, this could become a time-consuming and impractical task. Second, the EOQ model treats all inventory items the same, regardless of their value to the business. It assumes you need to stock every item with equal importance and assumes that every item has fixed costs that never fluctuate. As a result, you may end up wasting valuable space on items that you don’t need to have in stock at the expense of running out of your best-sellers. Lastly, the EOQ model does not take into consideration supplier lead times and minimum order requirements. Conclusion By using EOQ for your business, you can improve your overall inventory management process. By ordering the right amount of inventory instead of guessing what to order, you can reduce costs, prevent stockouts, and keep your supply chain operating smoothly. The post Economic Order Quantity (EOQ): A Retailer Must-Know appeared first on POP FUEL. from http://clipstrip.com/pop-fuel/economic-order-quantity-eoq-a-retailer-must-know/ With pop-in shops becoming more and more common, more and more entrepreneurs are starting to take notice of how beneficial they can be. However, many of these same entrepreneurs are hesitant to jump into the world of pop-in shops because they don’t know how to set up one or because they don’t have the funds to spend on making their pop-in shop possible. But with the right guidance, creating your pop-in shop can be easier than you think, and it doesn’t have to cost you an arm and a leg! What is a pop-in shop? A pop-in shop is when you rent out a space and hold an event in it for one or two days. During that time, you sell whatever products or services you have to offer, from clothes to tickets. Many local retailers will let you use their space for free if they get some of your sales—which is technically called shop-in-shop. There are two ways to set up a pop-in shop: Either ask for permission from existing businesses in your area and hope they say yes, or find small businesses who might be interested in joining forces with your business. For example, if there’s an independent restaurant that sells only ice cream, maybe they’d like some more traffic and income at certain times of the year? Plan your pop-in Pop-in shop events are intended to increase foot traffic and gain exposure for your business. They’re also really fun, if you like making impromptu decisions! To host one, you must first determine what type of pop-in shop will work best for your brand. There are generally two types: stationary and mobile. Stationary shops have set locations with long hours while mobile shops tend to be more spontaneous and move around throughout a day or week. Think about how much time you have available, as well as your target audience’s preferences, when deciding which type of pop-in will work best for you. Run the event Before your pop-in shop event, you’ll want to prepare as much as possible. Make sure that your display is set up, your merchandise laid out, and all of your supplies ready to go—and Clip Strip® Retail Display and Shelving Systems provide a wide range of options on how you can make this happen. Ideally, you’ll have someone help you run a day’s worth of sales (or more!), but even if it’s just one person helping out they can assist with customer service while you keep an eye on stock. At least one person should be responsible for handing out receipts and change—but ideally it wouldn’t be the same person who is keeping an eye on stock and dealing with customers. That way there is always at least one set of hands available for helping customers or restocking inventory if something runs low. What will you get out of pop-in events? Even if your customers don’t shop at your brick and mortar store, running pop-in shops can be incredibly effective. By hosting an event that draws people into your physical store, you’re creating an environment where you can reach new customers—even if they aren’t actively shopping. Plus, inviting local influencers or well-known brands could inspire people who attend to then make purchases on their websites and help spread awareness about your brand. If none of these is your primary objective for holding pop-in shops, just remember that events help build relationships with customers and positively impact brand awareness—which will benefit your business in more ways than one.
A pop-in shop is an awesome way to grow your brand, generate excitement about your product, and attract new customers. When your customers can’t purchase from you online, they’ll come visit you at your store front! A pop-in shop can work in lots of different environments, whether you’re selling clothes or art supplies or even music albums, and the guide above will help you take the right steps to capture existing foot traffic with a pop-in shop. The post Pop-in Shops and How to Maximize Their Benefits appeared first on POP FUEL. from http://clipstrip.com/pop-fuel/pop-in-shops-and-how-to-maximize-their-benefits/ While Google Maps may be used primarily as a navigational tool, it’s also an incredibly powerful platform for advertising. Whether you want to reach users in your local area or across the globe, you can create an effective Google Maps advertisement with just a few clicks. Google Maps Ads (now known as Google Ads) are one of the most cost-effective ways to reach local customers online, but many business owners aren’t taking advantage of this channel. If you’re one of them, you’re missing out on the ability to increase traffic and sales from your brick-and-mortar location through Google Search, YouTube, and more. With the right keywords and business information, your ads will reach thousands of potential customers who are searching for exactly what you have to offer! In this guide on Google Maps ads for beginners, we’ll walk you through everything you need to know to get started with advertising on Google Maps. What are Google Maps Ads? Google Maps Ads are very simple to set up and manage. These ads allow local businesses to show listings directly on their map cards when someone is looking up directions. It’s an easy way to get your business noticed by potential customers searching for local products or services. As with any paid advertising, there are pros and cons to using Google Maps ads. It all depends on how much time you have available and your marketing goals. With just a few simple steps, anyone can create Google Map Ad campaigns without any coding knowledge required! How does it work? Google Maps ads are placed within Google’s search results. Your ads appear as sponsored listings, so they’re easy to spot. When someone searches on Google and clicks on a Google Maps ad, you’ll be charged based on a cost-per-click (CPC) model. You set your own budget, so you only pay when someone engages with your ad by clicking on it or searching for a certain keyword that’s related to your business. Within each geographic location where your ad appears, people who are interested in buying products similar to yours can see them when they search online or use Google apps like Search and Chrome. What should you know before getting started? Before you jump into the Google Maps advertising platform, make sure you have a good idea of what you’ll be advertising to attract users. Without an idea of who your target audience is and what they need, your Google Maps ads could end up costing a lot of money for little to no return. It’s important to consider what keywords you should use to reach that target market and how long it will take them to find you when they search online. To start, Google has a number of articles on how best to structure your ad copy using correct grammar and punctuation so that potential customers can easily understand exactly what it is that you do. Don’t be afraid—just jump in! What’s next? Even after you’ve found a promising ad group, it can be difficult to know when you should start your next campaign. The general guideline is to wait until your last campaign has had enough time to show results. However, there are ways to get around that if you have extra money and aren’t interested in growing slowly with each new campaign. If you haven’t already, try adding negative keywords to your current campaigns and then use some of that extra money to set up another ad group. That way, instead of waiting months before spending more money on ads, you could be growing two groups at once without affecting your ROI too much. Google Maps Ads are one of the easiest ways to advertise your business online and in front of potential customers that are near you, based on their location and searches they perform on Google Maps. Following the steps listed here will help you get your ads set up so you can start getting more customers to your business, no matter where it is located. The post Google Maps Ads for Beginners: A Step-by-Step Guide appeared first on POP FUEL. from http://clipstrip.com/pop-fuel/google-maps-ads-for-beginners-a-step-by-step-guide/ The way consumers pay has evolved immensely over the past decade, with many people now opting to use their credit and debit cards rather than cash or checks. While it’s much more convenient to swipe your card at the cash register than to dig through your purse or wallet for loose change, it’s also important to keep in mind how this convenience affects your bottom line as a retailer. Learn how card-not-present transactions impact you as an online merchant and/or as an in-store retailer, and how you can take steps to protect yourself from potential fraudulent activity by taking advantage of preventative measures that are available to you. Why are CNP payments increasing? The popularity of online shopping and eCommerce has risen substantially in recent years. As more customers browse from their computers or mobile devices, retailers need new ways to accept payments without actually handling any goods. One common method is a CNP transaction where consumers enter their credit card details directly into an online form, rather than swiping it through a terminal. However, accepting CNP payments comes with unique risks that many small businesses may not be aware of and can often result in fraud costs equal to or exceeding profit margins. How will this impact retailers? Since online sales continue to grow at a fast pace, it’s not surprising that CNP transactions are increasing as well. But while CNP transactions—those occurring when a consumer doesn’t physically present their card during checkout—are becoming increasingly common, there are still many retailers who don’t accept them or don’t take certain precautions. More than half of all eCommerce sales still occur over a mobile device, so it’s vital for retailers of all sizes to take the steps necessary to safely process these payments. If they fail to do so, they run multiple risks, including the inability to fulfill an order because they lack information about where and how the money will come from their customer. How can retailers adapt? With CNP transactions, a physical credit card is not used at the time of purchase; rather, a virtual account number or virtual payment card number is given by an individual with authority to complete transactions under that account. Cardholder verification is one of several important ways retailers can adapt. The vast majority of stolen card data comes from online transactions, which means retailers will need to start verifying cardholder data more often when a customer uses a credit or debit card in their store. In fact, if you’re going to process online transactions in addition to physical ones, it’s recommended that you take as many steps as possible to validate and verify your customers’ identities when they use their cards in person too. That said, there are different methods and technologies retailers can use for identifying cardholders – you may not have time or resources for all of them. How can banks work with online marketplaces? Online marketplaces have become increasingly popular with consumers as they provide a convenient way to shop and compare prices. These marketplaces are popping up everywhere; Google and Amazon both offer online marketplaces for merchants, while sites like Shopify allow you to create your own marketplace. The proliferation of these marketplaces has presented banks with an opportunity: they can engage directly with merchants in order to expand their reach and boost sales, but there are some risks that should be taken into account. How can mobile wallet providers partner with merchants in-store? Partnering with a mobile wallet provider can help merchants facilitate fast, secure, and easy CNP transactions. Both parties benefit from each transaction, as well. Mobile wallets provide customers with extra convenience for in-store purchases, and merchants get a cut of every sale that’s made using these wallets. If you run an online store or brick-and-mortar business, it’s important that you’re prepared for cashless payments. What are the important security considerations? As increasing numbers of consumers choose eCommerce over retail shopping, businesses must adapt in order to survive. Making your website safe, secure, and cardholder-friendly is crucial. CNP transactions are growing at a rapid pace – with increased risk for retailers that don’t employ proper security measures. Understanding where you fit in when it comes to acquiring funds from customers will help safeguard you against cyber-attacks while fostering trust with your customers. Since CNP transactions do not involve the consumer handing their card over to the retailer in person, opportunities to commit fraud are much easier and more prevalent if there are no security controls in place that monitor and prevent fraudulent transactions. As a retailer, if you accept CNP transactions on your website or through your business, make sure that you are taking the necessary steps to reduce your risk of fraud, including implementing anti-fraud software and training staff on how to identify and prevent fraud. The post Card-Not-Present (CNP) Transactions and What Retailers Should Know About Them appeared first on POP FUEL. from http://clipstrip.com/pop-fuel/card-not-present-cnp-transactions-and-what-retailers-should-know-about-them/ You’ve worked hard to establish your brick-and-mortar business, and now you’re ready to reap the rewards of all your hard work. So how do you get those rewards without working even harder? Local marketing can help you do just that by growing your following and converting those followers into customers who will keep coming back time and time again. And best of all, local marketing doesn’t take a ton of time or money to set up and maintain. Here are powerful ways to drive local shoppers to your brick-and-mortar store. Use Search Engine Optimization (SEO) and other digital marketing techniques Small businesses should think about local SEO as one of their most important digital marketing strategies. Small businesses that focus on SEO early can reach more local shoppers and establish themselves as a leading source of information about their products or services. You should use your website to target high-traffic searches with common misspellings, optimize your site’s internal links, and optimize your pages based on time of day (popular searches are often different in the morning vs. afternoon). By staying up-to-date on local SEO news, techniques, and trends, you’ll be able to take advantage of new opportunities when they come up. Create a relationship with your neighbors It’s not enough that you open your doors and hope a steady stream of customers will find their way in. You need to get out there, meet people, share your story, make some connections and build relationships. People don’t shop at stores they don’t know; they may not even know where your store is located. It’s up to you—locally—to make them aware of your location, what you offer, and how awesome you are. Deliver freebies in exchange for reviews Research has shown that positive reviews increase sales. Giving away free stuff, such as clothing or a small gift, can help you gather more reviews. To get a lot of reviews, you’ll want to give away lots of products — that’s where giveaways come in. There are multiple platforms for hosting giveaways, and they’re an effective way to generate lots of reviews from your target market. Send samples for influencers to try out Influencers are often a great source of marketing ideas. They likely have a large following of consumers who trust their judgment and respect their opinions, so send them samples and ask for their feedback. This will help you find out what works and doesn’t work in your marketing efforts, plus, it can be a good way to establish relationships with influencers who can be invaluable down the road. For example, if you open up your own pop-up shop, later on, they might want an exclusive preview or special deal just for them—that could lead to great word-of-mouth advertising. Make your business accessible 24/7 People can easily use your website, especially if you have a great presence on social media. But when it comes to driving foot traffic into your store, there are things you can do. Make your hours visible with a digital reader board outside of your business. If it’s not possible for customers to get in touch with you on short notice, make sure all of your contact information is clearly displayed inside and outside of your building as well. Also, consider offering Wi-Fi service; more and more people expect businesses to offer Wi-Fi these days. Collaborate with other local businesses in the area One way you can drive local shoppers to your brick-and-mortar store is by collaborating with other local businesses in your area. For example, a coffee shop may have an arrangement with a local restaurant where they deliver all of their food orders. Or a nearby mechanic could refer customers to your car body shop when needed. Even if you aren’t located next door, there are ways you can collaborate and form partnerships with others in your community, too. For example, you might partner with a nearby studio that offers yoga classes for customers or partner with another business in town for a charitable fundraiser event or cause marketing campaign. As long as it benefits both parties and is mutually beneficial, these kinds of collaborations are great ways for small businesses to work together and increase profits. As more and more people shop online and switch from brick-and-mortar stores to the convenience of buying from their homes, it’s becoming increasingly important to have solid strategies in place to make sure your business stays alive. The post Powerful Ways to Drive Local Shoppers to Your Brick-and-Mortar Store appeared first on POP FUEL. from http://clipstrip.com/pop-fuel/powerful-ways-to-drive-local-shoppers-to-your-brick-and-mortar-store/ When you’re running a retail business, it’s easy to get overwhelmed by the sheer amount of tasks that need to be done every day, particularly when you are just starting and aren’t yet sure what your customers want from you. Rather than waste time and energy on doing things that don’t directly impact your bottom line, hire an outsourcing company to handle some of the more routine aspects of your business so you can focus on the tasks that will help drive your success. Here are some of the main benefits of retail outsourcing, and keep on reading to help you improve your business practices. Free up some time. If you’re a small business owner, you’re likely balancing several roles and responsibilities. While working as your ‘own boss’ has many benefits, it can be incredibly exhausting and time-consuming. Freeing up more time in your schedule will give you more time to focus on growing your business and making strategic business decisions that help you progress to new levels of success. You don’t have to work 24/7—retail outsourcing allows you to leverage technology by delegating menial tasks that eat away at your day-to-day efficiency. Consider outsourcing retail management and support services like cashier training, payroll, customer service, marketing, and merchandising efforts. Focus on your products more. By outsourcing these necessary yet tedious tasks, you can focus more on what really matters: making sure your products are as high-quality as possible. Once they’re ready to ship, let your shipper handle storage, picking, and shipping out of your warehouses so you can stay focused on building more and better products. Improve cash flow. Larger retailers have more wiggle room than smaller shops, but for all businesses, it’s important to watch cash flow. If your company is constantly behind on bills or payroll, you might have a problem with cash flow. There are a few things you can do to improve your cash flow, including cutting back on inventory and increasing credit terms with suppliers (yes, they will give it to you if you ask!). Another simple fix is to become more strategic about when and how much inventory to order. Make sure you know when items go on sale so that you don’t end up spending extra money on items that aren’t moving quickly. Enhance customer service. One of your top priorities should be to ensure that your customers are getting excellent service. Unfortunately, not all employees are created equal and it’s easy for your business to suffer when one particular employee isn’t pulling his or her weight. When you aren’t available in person to manage every aspect of your retail business, you can use retail outsourcing to give yourself more time to focus on big-picture decisions that could ultimately boost sales or even help you attract better talent. Hiring a dedicated customer service representative allows you to handle customer concerns from anywhere in the world at any time. An experienced outsourced assistant will also likely have insight into how best to handle customer situations and improve overall satisfaction levels so you can focus on what matters most—growing your company and boosting revenue. It can be tough to run your own business, particularly if you’re going into it by yourself. If you want to bring in extra income without starting another business, consider retail outsourcing as an option that can help you grow your business and simplify your life at the same time. The post Retail Outsourcing and Why You Need It appeared first on POP FUEL. from http://clipstrip.com/pop-fuel/retail-outsourcing-and-why-you-need-it/ The holiday season is the busiest time for retailers, ergo, profits are at their highest. However, even the most successful businesses can fall victim to line-busting – a phenomenon that causes customers to abandon their purchases and often their loyalty to your store. What’s the best way to handle line-busting and keep your customers coming back? We’ve got some of the how’s every retailer needs to know about line-busting strategies. How busy seasons affect your bottom line Busy seasons can take a toll on retailers, both in terms of the bottom line and customer service. When the store is busy, employees are generally rushed, which can lead to mistakes. Customers may also be less likely to find what they’re looking for, or they may have to wait in line for a long time. In order to maximize profits and ensure customer satisfaction, retailers need to have a plan for handling busy seasons. This includes having enough employees on staff, ensuring that lines are moving quickly and that stock is well-organized. How to handle increased traffic When foot traffic spikes, retailers need to take some preventative measures to ensure that customers have a great experience—and keep coming back. Make sure you have plenty of staff on deck to handle the increase in customers. You might also want to consider staggered shifts so that you can be fully staffed during peak hours. Keep your displays neat and organized, and make sure you have enough stock on hand so that customers don’t have to wait too long for what they want. Finally, always be polite and friendly to your customers; after all, they’re the lifeblood of your business! How to maintain a happy customer base and make them come back for more There’s no question that the key to a healthy bottom line is keeping your customers happy and fulfilled. Happy customers are more likely to return, spend more money, and recommend your business to others. At the end of the day, word-of-mouth is still one of the most effective marketing strategies out there. It can be tough to keep customers coming back, especially during busy seasons. But it’s not impossible! Here are a few line-busting strategies that every retailer may put into play:
Busy seasons are an unavoidable part of any retail business, but retailers can take measures to ensure that they stay ahead of the game and keep their customers happy. By implementing some line-busting strategies, retailers can ensure that their customers have a positive experience, even during the busiest times. Happy customers are more likely to return, so make sure that you do everything you can to keep them coming back for more. The post Retailers: How to Handle Busy Seasons and Retain Customer Loyalty appeared first on POP FUEL. from http://clipstrip.com/pop-fuel/retailers-how-to-handle-busy-seasons-and-retain-customer-loyalty/ While online shopping has been around since the ‘90s, it’s only become popular recently with the introduction of more advanced e-commerce platforms and social media tools. And when the Covid-19 pandemic hit the world, it seemed like it was the only available way to shop. To avoid losing out on sales due to customers visiting your competitors’ websites first, you need to make sure your business is implementing virtual shopping best practices, including easy navigation and payment functionality and fast, reliable shipping methods. Learn more about how to stay competitive in the digital age from this guide on virtual shopping for retail stores. Understanding Why This Trend is Growing The recession forced many people out of their homes and into more expensive rentals, making them think twice about buying products that may not be used often enough. In addition, a significant amount of shoppers from the Baby Boomer generation are now in retirement. This demographic was very prone to making impulse purchases at physical shopping locations. However, as they move on into their golden years, physical retail spaces can’t compete with online stores when it comes to convenience—they are open 24/7/365 and shipping is quick and free for most purchases. For retailers, it’s no longer necessary for all customers to come into a store. Examples of Successful Adoption When they first came on the scene, virtual shopping was mainly used by larger, multi-channel retail chains. From Walmart and Target to Neiman Marcus and Nordstrom’s, these brands have proven that virtual shopping can be a moneymaker when done right. However, many small retailers have also shown that smaller businesses can use virtual shopping as well. By offering customers an easy way to buy products online at any time of day or night while still doing most of their shopping in-store or through catalogs, small business owners stand a better chance of keeping their customers satisfied, which leads to increased sales and greater profit margins for everyone involved. Challenges to Overcome Retailers have come a long way from relying on foot traffic from physical locations to make sales. It’s now easier than ever for retailers to offer customers an online experience that keeps them coming back, even if they never enter a store. That doesn’t mean there aren’t challenges, though. For example, customers always like to make an informed decision based on their physical check-up of the products. If everything is virtual, they may become hesitant to buy if they feel they don’t know enough about the product. To address this, make sure that you give them everything they now about the items — be as descriptive as possible, and provide photos from different angles. While some might consider this as a barrier to entry steep, others consider it another opportunity to be creative with new technologies like augmented reality (AR) or virtual reality (VR). Whatever your business goals may be, remember that getting creative with your products or offerings is key to staying competitive as a retailer. Even at home improvement stores like Lowe’s and Home Depot who have successfully integrated VR into their service offerings – it pays off big time. Considerations in Choosing a Platform A large portion of small businesses sells their products online. The advent of e-commerce has meant that they can reach consumers around the world at a fraction of the cost and time it would take them to open a brick-and-mortar store. Although virtual shopping is convenient, not all platforms are created equal. Consider your options carefully before selecting one. It’s best to try out different types of sites before settling on just one. Look for customer service or product reviews to help you narrow down your selection. Why You Need This To date, hundreds of companies have successfully adopted virtual shopping. As users are increasingly driven toward online shopping portals as a means of convenience and a better browsing experience, stores that do not adopt such techniques will continue to lose revenue—and there’s no guarantee they’ll be able to make it up elsewhere. The post Virtual Shopping: How to Stay Competitive in the Digital Age appeared first on POP FUEL. from http://clipstrip.com/pop-fuel/virtual-shopping-how-to-stay-competitive-in-the-digital-age/ Many business owners try to streamline their operations by cutting back on customer service staff, limiting store hours, and closing on certain days of the week. However, these measures can have negative effects on store traffic and sales. Fortunately, there’s an easy way to increase your customer traffic while simultaneously enhancing the shopping experience: appointment shopping! But like many other retail sales-boosting strategies, there are several ways to approach appointment shopping. Here’s what you need to know about successfully implementing it. What is appointment shopping? While it may seem like an oxymoron, appointment shopping is one of those retail activities that are good for both customers and retailers. The idea is simple: Retailers give their best customers a heads-up on new arrivals or special sales by requesting they set up appointments in advance. Customers enjoy exclusive access to limited-time goodies, retailers get loyal shoppers off their busy store floors (and out of traffic) while boosting customer satisfaction. It really is a win-win situation! It’s just one more way savvy retailers can be creative in ways that meet customer needs. Benefits of appointment shopping More than 67% of shoppers report that they’re more likely to buy from a business if it offers appointments, making appointment shopping one of your best weapons for boosting sales. It’s also a great way to show off your expertise by showing shoppers how you can provide customized solutions tailored directly to their needs. When done correctly, appointment shopping can help strengthen customer relationships, improve staff morale, and increase your overall revenue. A strong appointment program isn’t easy—and it doesn’t happen overnight—but it is possible! Ways to make customer appointments A quick Google search for appointment scheduling software will give you a number of different options, from which you can choose one that meets your needs. From there, you can integrate appointment scheduling into your site (which is easy if you have an e-commerce platform) or have customers book appointments through an interface on your mobile app or via a direct link on your site. Whatever option you pick, make sure it’s integrated seamlessly into your sales process so that customers don’t feel like they’re navigating two separate systems. A little inconvenience up front could save a lot of headaches in future shopping experiences. Things you can do for your customers during appointments A few tips on what you can do for your customers: 1) Give them a gift card, one that is redeemable at your store. This will lead to impulse purchases. 2) Consider giving a coupon or discount for their next visit. 3) Ask if they have any close friends who might be interested in purchasing what you’re selling as well, then tell them you can have that person contact them or you can hand out business cards during your appointment! That’s it! You’re already doing great, especially if you were able to follow all three. Now, try adding more services or products of your own when you meet new customers in-store, so that when they come back for another appointment in a few weeks, they’ll want to shop again for additional items too! There’s nothing wrong with in-store appointments. In fact, they can be a great way for a store or salesperson to connect one-on-one with a customer who isn’t looking for a specific product but wants to explore options and find what works best for them. But there are ways you can use appointment shopping effectively so you don’t waste time on customers who aren’t serious about making a purchase—which means more time spent helping people who actually want your services. Not only that, but an effective appointment-shopping process also boosts your chances of converting these shoppers into actual customers. The post How to Save Time and Money with Appointment Shopping appeared first on POP FUEL. from http://clipstrip.com/pop-fuel/how-to-save-time-and-money-with-appointment-shopping/ |
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