7 months ago

4 Ways to Increase the Profits from Your Traditional Retail Store

Although it is likely that you also have an online store that is offsetting any shortfalls your brick-and-mortar store is suffering, you should still be trying to increase its performance and, consequently, the profit you make from it. This is because there are many individuals who are still not overly confident or happy shopping online – and would prefer to visit a more conventional store.

Concentrating solely on your online presence will mean turning your back on these important customers, and in reality, you should be able to make both parts of your business work together and, therefore, gain financial benefits from each.

#1 Make your storefront more welcoming

Of course, this can be easier said than done, especially if your store frontage is frequented by gangs of youths with nothing better to do than loiter and intimidate your potential customers, and they hurry on past.

Confronting these individuals could put your store at risk of vandalism or damage due to retribution. However, seeking a less confrontational and anonymous solution, such as a sonic deterrent, could be much more appropriate.

#2 Use marketing to create curiosity

Once those passing by can see your store, you could choose to use marketing tactics to create curiosity from any potential customers when they are in the store. This can be done by using large and attractive banner stands to provide teasers for up-and-coming products or to highlight and promote certain items that are already available in your store.

Bringing attention to these products could see them fly off the shelves as you may find that shoppers have easily overlooked them.

#3 Move stock around to ensure visibility

With this in mind, it is a good idea to use the age-old tactic of moving your stock around your store from time to time and showcasing different items in your most prominent areas. Although this tends to annoy some customers – especially when they are used to going to one location to purchase one particular item- it is a good idea to boost sales.

#4 Detach customer services from your checkout area

You may find that your store is suffering due to the fact that you have one queue that not only goes to your checkouts but also includes customers requiring some customer service advice. Separating the two areas can actually help with the running and flow of your business. Should your customer service area find that their queue is non-existent, they will be able to organize their time better and either help other areas of your business or catch up with any paperwork they may have.

Final thoughts

In order to increase the profitability of your store, you can embrace some quick and easy marketing tactics, such as product promotions to draw more focus to your ranges and move your stock around so that your regular customers get to see more of the items that you stock.

Moving any exterior barriers from the front of your store, such as loitering youths, could also make your store more accessible and attractive to potential customers. Addressing the layout and separating your checkout and customer service areas will improve the flow.

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