10 Secrets to Creating a
Successful Retail Business
Worldwide, total retail sales were more than $22 trillion last year. Total annual U.S. retail sales increased an
average of 4.5%.With 76 of the largest retailing
companies in the world based in the U.S. and over $5 trillion in annual
revenue, it is the undisputed retail industry leader.
To reach the epic success of these retailers, there are several success
factors to consider.
And, while the retail industry’s success factors vary widely
depending on the type of business, the following practices are
repeatedly observed among many successful retailers.
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Choosing a location is one of the most important factors for retailers. The following factors should be considered:• Potential traffic • Demographics• Accessibility• Visibility • Competition and proximity
Determine the Best Location
Analyze the competition’s product and service offerings, packaging and visual
displays in order to recognize new industry trends, missed opportunities and new
strategies to compete for sales.
Know Your Competition
Curate Great MerchandisePresent a collection of products customers can clearly see have
advantages over the competitors. Source products that your customers want to buy and a product range that will satisfy your customers’ needs and desires. The products must
also deliver a profit.
Keep on TrendKeep abreast of fashion, technology, product and service
trends. Attend tradeshows and wholesale marts to preview upcoming trends and new products.
But, make sure the products fit in with your brand, budget and your customer base or they won’t sell.
Offer Products at the Right PricePrice must be consistent across the
marketing mix and meet all requirements for your business. Price your product range
at the correct level so that you attract customers and provide value.
Hire the Right TeamWhen hiring people, ensure they
understand your business plan and their role in your vision.
Expect employees to dress appropriately for work and respect
customers. Check all management applicants'
references, require a resume and at least one year of management and two
years of retail experience.
Provide Exceptional Customer ServiceCustomer service is key to any
successful business. Each customer should be treated the same and given equal attention. Treat customers with respect, and always go the extra mile
for them. Doing this each time will win them over and make them loyal over a
long period of time.
Manage Inventory Always be up-to-date on your
inventory so that you have enough products in stock for
potential purchases. Keep a close eye on which
products are most popular and most profitable.
Garner Repeat CustomersOnce you get customers, you want to keep them coming back. Utilize promotional offers, incentive programs and
special sales to gain loyalty and lure customers back.The goal is getting customers to buy from you again and
again and again.
Target Your MarketA top priority is to target a specific base of potential customers – and then to market to this group using appropriate marketing strategies. You need to determine:• Who would want to purchase the items
you sell• Where these consumers reside• The amount of money they are willing
to spend
In summary, these are the 10 things to do to ensure your retail
business succeeds1. Determine the best location2. Know your competition3. Curate great merchandise4. Keep on trend5. Offer products at the right price6. Hire the right team7. Provide exceptional customer service8. Manage inventory9. Garner repeat customers10.Target your market