Struggling to keep up with the ever-changing aspects of your retail business?
It’s hard to own and run a successful retail business. It’s even harder to keep up with sales, product ordering, inventory, payments processing, and the like.
It’s a competitive world out there. In light of all this, we’ve created a list of things your retail location can do to assure that your retail store is setup for success.
Location & Layout
Do you know how many studies and how much money has been spent researching how stores are laid out?
Mega retail giants like Walmart and Target have spent millions researching the best floor plans, displays, and arrangements; all to sway more customers into buying what’s in front of them.
There’s some pretty interesting psychology involved in the research, and retailers take advantage of the human brain to sell more.
Take the time to maximize your space and get the best layout for your store. Figure out what is most appealing to your customers, and lay your store out accordingly.
Organization is key
Your store must be organized, or you will lose possible repeat business.
Do you have products clearly labeled? Is your store dusty? Are there boxes everywhere making it difficult for customers to navigate your isles?
It may seem like a minor thing, but having your store clean and organized will go a long way to keep your customers happy.
If you have that POS system (at least, we hope you do), you’d better be using it.
Tracking your merchandise will let you watch for shrinkage, and also let you know what you have on hand for better future planning.
A good POS system will quickly let you have real time data to show you when you need to order more hammers and screwdrivers if you’re a hardware store, or cute boots for winter if you’re an upscale boutique.
Be flexible with your merchandise
What you love to stock, may not be what your customers love to buy.
Sometimes you’ll have a product that just doesn’t seem to sell, no matter how many times you’ve tried to advertise it.
It may be time to stop carrying that product. We’re not saying drop it immediately, but if you’ve tried to sell it multiple times and it just isn’t bringing in revenue, you need to let it go.
Watch for fraud
Fraud losses from the register and stolen merchandise can be one the most devastating forces to hit a small retailer.
Fraud can come from customers or employees. Keep your employees honest with security cameras and your point-of-sale system.
Don’t give up
If you’re struggling and need help with technology services, talk to our experts.
We can help you maximize your point-of-sale system, and ultimately help you grow and improve your retail shop.