Who does not wish for his/her business to grow? But not all businesses are successful. Same is the case with the business of retail.
Look around you. Your area is likely to be surrounded by retail shops of all kinds. You have the familiar mom-&-pop stores that have been frequented by your family since decades. Then you have juggling alongside the new retail format stores – the super market, the stand alone brands, etc…You want a taste of all yet not all businesses will get your attention. If you are a customer, you will not only go to that retail shop that meets your requirements but which also offers something more – an experience that you would want to have repeated in your next visits as well.
Ask yourself – as a customer, why do you still prefer your friendly neighborhood kirana store first? What makes it the place of choice for your daily necessity items?
Various studies have shown that consumer behavior is heavily guided by not only what is available at the store and its price point but also by cultural factors. A successful retailer if he/she wants the business to prosper needs to have his/her pulse on the consumer. So, if you are a retailer, what is it that you need to keep in mind to have a successful business?
Here are some tips to becoming successful in your retail business and for ensuring the customer visits your shop more frequently.
- Know your market – keep an eye on the latest products available and beat the competition by ensuring its availability at your shop first.
- Know your customer – understand who frequents your shop more and for what products. What is the age group that your popular customers belong to? What are their tastes? What matters most to them? New quirky products or pricing? Or is it something else? Find out. Be curious. Ask. Study your consumer behavior and purchase pattern.
- Know how to build and maintain relationships – knowing your customer is also about building and maintaining the relationships. Do you inform your customers when you have a new product to offer? Do you update them with new offers and discounts available in your store?
- Know your products – customers frequent a store where the store manager can explain A-Z of the product. Look around your shop and see the products that you have displayed. Ensure you learn everything there is to learn and know about the products in your shop. A well-informed retailer is always an asset.
- Offer after sales services – this is one sure key to retaining your loyal customers and also to expand. Customers crave for a loyal after sales service. By being courteous to your customers and being accessible and available, you are sure to win over their trust.
- Be technology savvy – today’s generation prefers to learn about the latest through social media. Social media is also a great influence is setting trends. Become technology savvy to connect with your customers. Reach out to them via social media. Promote your store. It sounds frightening at first especially to retailers who are technologically challenged but once you learn the basics, you will realize how simple staying in touch can be. And fun too!
Be sure to give your customer an experience that can be valued and cherished. Ensure they spend less time for billing and payments. Digitization of payment procedures is a great way of ensuring customer value! Get in touch with Pay1 today to know more about digital payments that can be processed by joining its digital platform that is specially designed for retailers.