Technology is changing the way that we shop, providing us with more and more options as to how we can purchase goods. And with new technology being released continuously, the challenge is growing for retailers to restructure their businesses to cater to this desire for an easier and more convenient shopping experience.
The consumer of the 21st century has a greater influence and more control over their retailers than ever before. Even the most modest of small family-owned shops need to realise that modernisation is essential for their survival. Technology has become key to business growth, and that requires investing additional time and money to ensure that they adopt the most appropriate system. Those that get it right will reap the rewards, while those that are slow to join in may very well see themselves becoming obsolete. More than this, retailers … Read More »
A retail manager’s job is to maximise productivity, and often it’s only after years of vocational learning that these managers become truly effective. Unlike managers in some other industries, comparatively few retail managers have degrees in management. Nevertheless, they face a variety of challenges in a fast-paced, competitive environment. At the most basic level, every successful retailer must know how to display merchandise, schedule staff and take inventory. But those basic retail skills are only part of the picture when it comes to owning or managing a retail business.
A retail business’ staff often includes inexperienced, part-time, or seasonal employees. For them their hours are long and their sales targets may seem unreachable. Yet, in this setting, good retail managers thrive. Many successful retail managers possess an array of personal attributes that transform employees into top performers. By focussing on building … Read More »
If you’re considering opening a second location for your retail business, then congratulations are in order – your current location is doing great! If it’s not, then perhaps expanding isn’t the answer to your problems.
You should only consider opening a second location if you have the capital saved to do so, and if your first location has already proven to be successful. You should also make sure that the second location is currently underserved by your target market and that it will be easy for future customers to access. If the market is large enough at the new location for supporting your new location, then why not?
Each new retail location should be approached with the same thought and careful planning that went into the first location – if not more. As with everything, it’s going to take time. Once you’ve expanded, … Read More »
Attracting a new customer can cost five times as much as keeping an existing one, so companies need to pay as much attention to retention as they do to acquisition.
Shoppers want to be your top priority when they walk into your shop, and they want it as soon as they step inside. Retailers need to have a plan in place, not only to keep customers in the shop, but to keep them coming back time and time again.
Below are some helpful tips for retail shop owners about how to keep customers in the shop, and wanting to come back for more.
If a customer has stepped into your shop, the chances are that they’re already actively looking for something that you sell – and they want it then and there. Is your shop laid out in a way that won’t … Read More »
In November 2015, online retailer Amazon.com opened up its first physical shop in Seattle. Chinese ecommerce giant Alibaba also opened its first physical store in North China last year to boost sales of its imported products. These new forays into the physical world signal the start of the latest trend in the retail sector. If you run a successful online business, then it may be time for you too to follow suit and open up your own retail shop. Or at the very least consider a pop-up.
Amazon Books is currently the only physical Amazon shop. Located at the University Village mall in Seattle, where it’s headquartered, the store gives shoppers the option to test out its proprietary devices such as its Kindle e-reader and Fire Tablet. The move has been a success and reports suggest that Amazon is looking to … Read More »
A combination of customers and cashflow is the lifeblood of any enterprise. But even if your company has a strong customer base, it’s always sensible to keep cultivating new relationships to maintain business growth and to defend your operation against being vulnerable in the future.
Too many SMEs depend on a small number of clients for their livelihood, and if one of these valuable building blocks suddenly crumbles then a business can find itself in trouble very quickly. Necessity has driven many companies to look for new customers in recent years. Since 2008, three out of four SMEs have lost money as a result of an entity they work with going bust, according to recent research from credit agency Experian. Not only are these small firms left out of pocket, but they must also fill the gap where the failed business … Read More »
It’s all too easy to get caught up in everyday events, and never stop to think about what you’re doing and why. Running a small business can involve so much day-to-day stress, admin, and fire-fighting that planning for the future gets put off indefinitely. But setting goals for yourself, your team, and the company overall can ensure you progress, develop better working relationships with your staff, and help your enterprise to grow.
SMEs that have clear, and articulated ambitions are more likely to experience business growth, Government research suggests.
What is your long-term business goal?
Think about what your vision is for the business. Is it increasing sales? Do you want to operate in a different market? Have you thought about developing a new product? Whatever your overarching aim is, make sure everybody in the company knows that’s what you’re working towards. A … Read More »
Two heads are better than one. There’s safety in numbers. The clichés about the benefits of working together rather than alone – whether in love, life or business – are manifold. But is a business partnership a sensible way for a smaller company to innovate, grow, and increase its influence? You might be able to share ideas, contacts, stresses, and success, but a good number of business partnerships do fail. What are the potential pitfalls, and challenges of this kind of professional marriage?
What is a partnership?
A business partnership is a legal entity registered with HMRC, which has the advantage that the business’s details don’t have to be filed at Companies House, which itself means less paperwork. But many people don’t realise that simply by going into business with someone in England and Wales you’ve effectively set up a partnership, according … Read More »
There are so many leaders out there, but how many are truly great? The general consensus is that great leaders don’t just build great companies but they innovate; and they do one thing that the others don’t: he or she will make the people around them and below want to be better.
One way of thinking about different leadership styles is through the four-quadrant concept of leadership.
The Four-Quadrant Concept Of Leadership
Dominators. Leaders who fall into the top left quadrant are dominant leaders – they’re highly assertive and lack empathy. Leaders like this motivate by their sheer force of brutish personality, the “either you do this or get out” style. Some companies, particularly those on the verge of collapse, need this kind of leader because they get results, though the results tend to be short term.
Avoiders. Leaders who fall into the lower … Read More »