Conventional wisdom says that brick-and-mortar retailing is either already being disrupted by the digital sales channel, or about to get crushed by it. The way people shop has recently undergone massive changes, and how consumers shop has evolved since the advent of e-commerce. Fortunately, physical spaces will always be the cornerstone of retail, and this is affording excellent opportunities for retailers to strike gold.
No matter how quickly retail is evolving, there are timeless rules when followed, might give you the edge to keep going. Here, we give you four important reminders that should serve as a guide when starting a new business.
Location, Location, Location
Where you choose to locate your shop is crucial. Do you want to be near office spaces? Singapore’s commuting systems provide many opportunities for businesses to interact with people, especially the working crowd. This is not just about foot traffic though – you have to set up shop where your market is. For example, a salad eatery will be busier if it’s within walking distance from a cluster of office buildings. A healthy worker is a happy worker!
Make Your Shop Interesting
Shops shouldn’t just contain plain racks of goods. They must offer an immersive experience that customers can appreciate. Play music that goes well with your brand and create special display areas like “Best sellers” or ‘Deals of the Week’. It’s also a great trick to put in-demand products at the back of your store. This way, people will get the chance to explore your store and see your other products as they pick up their staples.
Look for trends in your customer’s purchasing habits and respond to them. Stock up on many options for popular items and always try to bring something new to your customer. Knowing that there’s always something new to try is what will make people come back and patronise your store.
Become a Retail Destination
With competition from online shops, standing out in the retail arena is a tough job. One great way to do just that is to become a local hub for your target market. For example, if you’re an accessories shop, you can host small gatherings for jewellery enthusiasts. If you’re a music store, why not invite up-and-coming local acts to perform at your store? Becoming the resident expert on the goods and services you offer will have your customers flocking to you for advice. Make your retail environment one that showcases your superior expertise, and that will differentiate you from your competitors.
Being in the retail business has its unique challenges, from capturing the customer’s attention to waltzing them towards the checkout counter. With the tips above, you’ll have more chances to succeed.