Make no mistake, brick-and-mortar stores are struggling in the current climate. With the continued rise in popularity of online shopping, more and more traditional retailers are closing their doors.
However, it’s not all doom and gloom. Statistics suggest that 82% of millennials still prefer in-store shopping as opposed to buying online.
Despite these favorable statistics, there is still a lot of work to be done to get customers through your doors and spending their money. People can so easily browse your products, compare prices online with their smartphone, and buy from whichever retailer is the cheapest, and it’s usually the online option.
To ensure your brick-and-mortar store is a success, take into account the following four methods:
1. Improve inventory efficiency
With a standard brick-and-mortar store, you will be dealing with a lot of inventory. While you might believe your current process of receiving and distributing stock is fine, when was the last time you assessed this part of your business?
This is because specialist inventory management software has changed the game. Thanks to automating many processes, your inventory turnover ratio can be greatly increased. The software allows you to track inventory, stay up-to-date with stock numbers, automate orders when stock levels need replenishing, and so much more.
2. Open an online store
If you can’t beat them, join them?
While this is what this point may initially suggest, it is simply a case of maximizing your reach. With a brick-and-mortar store, you are restricted to just local trade. Get online, however, and you instantly have a global audience.
As well as having an e-commerce entity, you should also take the time to build your general web presence. Rather than simply sticking with a Facebook business page, take the time to utilize social media to your benefit. It can be a great marketing tool for your company if used correctly.
3. Draw customers in
As a physical entity, you have certain advantages over online retailers when it comes to marketing. To start with, there’s the potential to create a memorable, bold sign that grabs the attention of those passing by. Then you have the storefront which opens up even more possibilities to get creative.
Other physical marketing methods are also beneficial for brick-and-mortar stores. You could have someone distribute leaflets around the local area, which could entice potential customers with an exclusive discount. For a more light-hearted effort, you could have an employee dress up in a costume and hold a sign promoting your business.
4. Service is king
Once you have customers in your store, it is all about service. This is the one aspect that traditional brick-and-mortar retailers have over their online counterparts. As a result, it should be maximized to its full potential.
To ensure your customer service skills are up to the job, there are various points to consider. Firstly, you and your employees should be well-versed about the products and services your business offers. Then it’s a case of having a friendly and approachable demeanor at all times, providing clear communication, and being willing to adapt to a customer’s demands.