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How to create a business strategy in retail

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estrategia comercial en retail

The success of the shop will only be possible when you have a very well thought out business strategy in the retail sector. In this post we give you the tools to design it.

As a retailer it can be easy to suffer a fall and feel frustrated when sales are low or if you simply are not getting enough foot traffic in the store. In difficult times like this, it is important to seek the help of experts to develop a business strategy in retail.

Either you try to enter the market with a new store or have experience in the sector, it is worthwhile to pay attention to the following recommendations that will allow you to take into account all of the details to achieve more sales and satisfy your customers.

Designing a business strategy in retail

To design a solid business strategy in retail we have set up 9 steps to follow:

1. Give people a strong reason to visit your store

What retailers can do to better market in their physical stores is to offer people a reason to go to your store. In addition to traditional strategies of quality and low prices, it is advisable to add some new ingredients to the formula.

For example, it is recommended to offer exclusive events, articles limited and only available in stores, as well as the use of online coupons that can only be used in store, all with the aim of encouraging the visits.

2. Motivate customers to act

Make sure that the customers feel that they are limited by time and the inventory, so that they are motivated to take action. When you send a clear message of urgency to the customer, it will be possible to improve the experience, making them feel that they need to get those products immediately or you won't have the opportunity to buy them.

3. Be locally relevant

To the extent that they can do so, retailers must be connected and familiar with the communities in the area in which they operate. This gives rise to ideas of marketing and outreach that organically make sense to the people in those areas.

4. Apply the Shoppertainment

It is important to run a monthly event, and two or three smaller events in your store in search of generating a greater relationship with the client. An important event is the one that generates traffic, don't confuse an important event with something that takes a lot of time to plan.

A minor event could be a weekend full of demonstrations and mini-classes. The smaller events attract customers to your store, but should not take much time to plan or implement.

estrategia en retail

If the concept of events and promotions is new to you, start running a major event, and a minor event for each month of the year. If you are already running events on a regular basis, you can add as many as you feel comfortable.

5. To connect with the customer both Online and Offline

With the entirety of human knowledge available at your fingertips, the buyer of today is much more intelligent than ever. Then, in order to meet these customers empowered to information and to facilitate the purchases are not planned, it is critical environments from retail to provide access to information-rich on the products.

While more than half of shoppers now use digital tools to decide which to buy before you buy, the vast majority still want to complete the transaction in the physical store.

When retailers think about their digital marketing, should not only think in terms of capturing online sales, but also provide an excellent store locator, give you access to the inventory in real time in the shop and to have a plan in local SEO well executed.

It should be noted that thanks to the boom of e-commerce has made it mainstream the use of two trends that involve both trade online as well as in the physical store: this is the Showrooming and Webrooming.

6. Features a visual history

If the shop is located in a popular destination, with great foot traffic or at a shopping mall, it is interesting to create a great showcase that tells a story and that the count well, which translates into a direct invitation to the passer-by.

A showcase of well-designed promotes sales and impulsive peaks of revenue from customers out of curiosity, for this it is advisable to make use of the strategies Visual Merchandising .

7. Never stop to investigate

Other business strategy in retail it is the ongoing research on the movement of the inventory, of the competition and of course the customers.

Investigates both your clients, and to those who you want to win, as well as to your employees before hiring them, and investigates also sales techniques and customer service to help them succeed.

It is very simple, it is to investigate what you can do to improve your sales, your marketing, your employees and even yourself.

Conclusion

The best business strategy in retail will be thinking of the customer, because, in sum, are the buyers the engine that makes possible the growth of the store, it is for this reason that every effort separately made in terms of ensuring for them, the best experience will result in business success.

For this task it is essential to have the tools of the digital retail depending to be able to measure the activity of the customers in the store and their other channels of interaction, as well as to understand their needs and behavior.

For this reason it is advisable to make use of the package of solutions that provides the startup, Latin american Intelligenxia Data Driven Solutions.

Comments

Arnold,

09 Mar 2024

Wow, awesome weblog format! How lengthy have you been blogging for?
you made blogging look easy. The whole glance of your website is magnificent, let alone the content!
You can see similar here ecommerce

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