Retail is such a competitive environment that to be the best, you need to embody those successful traits every day. Here are 5 things every good retailer knows;
Happy customers spend money
There's some debate whether the customer is always right, but ultimately it’s not important. What’s important is how they feel. Customer satisfaction has become increasingly important and to ignore your customers only serves to drive them to your competition. Online help desk forum, Help Scout, has found that on average, loyal customers are worth up to 10x as much as their first purchase.
Listen to your customers, read their reviews and even solicit information from them with a view to improving your retail offering. Rewarding loyalty is a huge incentive to secure further visits. Why not set up a professionally branded loyalty and marketing scheme in your retail store?
You’re only as strong as your weakest employee
They’re your front line, your representatives in the field, it’s your responsibility to make sure they have the tools they need to help your customers solve their problems with your products. Effective customer training, strong product knowledge and a personable attitude make for a great customer-facing employee. Autonomy, recognition and opportunity make for a happy employee who are the best brand representatives you could ask for.
Never underestimate the power the of communication. The more your business grows the more you’ll need to delegate. Giving your employees regular feedback ensures they have the confidence to effectively engage with your customers and drive sales.
Knowledge is power
Do you know the innermost workings of your business? Can you accurately forecast what stock items you’ll need next summer? Why were there so many refunds last month? It seems obvious, but without accurate data you are running your business blind.
Implementing EPOS technology into your business affords you ownership of your own data, providing you with a holistic view of all your moving parts, such as; sales, inventory, staffing, marketing, accounts, e-commerce and even customer satisfaction. This insight allows you to spot trends, predict and prepare for periods of high and low footfall and identify opportunities to drive revenue and cut costs.
Cash flow is critical
When going into business, you might find ‘expect the unexpected’ to be a vague and unuseful sentiment, but more often than not, it proves to be right. We’ve all heard the shocking stats that 50% of business fail after their fifth year, poor cash flow management is often the crux of their problems.
Managing cash flow is key to avoid running into difficulties when dealing with the unexpected. What if your pipes burst and you need to call an emergency plumber? What if your supplier unexpectedly hikes prices or the weather's bad and you have to close early? Limiting costs where you can, not sitting on excess stock and accessing credit if and when you need it are simple ways to ensure you are always in the black.
Be loud and proud
Many businesses experience success because their customers buy into them. Having a clear idea of what your brand stands for, who you represent and what customer problems you can solve will allow you to create clear marketing messages that draw the right people to your business.
Once you’ve clarified your marketing message, choose what platforms you think will be most effective at promoting your products and services. A clear and engaging website is a non-negotiable must-have, operating as a 24/7 brochure of your business. Think email marketing, social media and even traditional advertising like newspaper, radio or leaflets. You can also create your own in-house app, or push notifications through a POS loyalty integration! You need to be the one shouting about your business because no one else will!
Being your own boss is difficult, so you should look for ways to make life easier. Implementing POS into your business is one way to do that. Epos Now’s cloud-based system is infinitely scalable, allowing you to create a bespoke POS experience which is perfectly tailored to your business needs. Get in touch with one of our specialist EPOS consultants to help you evaluate your needs and find the right solution for you.