Every retailer or merchant is unique, and each location has its own challenges and unique customer demands. The habits listed below are ones that the most successful business owners operating retail locations possess and use to attract customers and stay competitive in the industry.
Prioritise
The modern retailer must possess a unique ability to multitask to keep up with customer demands. However, since most retail operators have a lot on their plate, forgetting a critical step or daily task can mean the difference between success and failure. Whether you’re researching trends in the marketplace or ordering new items your customers want, prioritising your daily, weekly, and monthly duties is a critical component to success.
In order to manage a smooth-running operation, they must prioritise each daily task. Simple things, like scheduling deadlines for your own tasks, and accounting for insurance coverage long before potential problems arise, help them maintain focus, stay on task, and operate a successful retail operation. Successful retail owners and operators also understand the importance of prioritizing the needs of the customer over their own.
Don’t Sweat the Small Stuff
There is an exceptional book called ‘Don’t Sweat the Small Stuff – It’s only Small Stuff’ by Richard Carlson which places an emphasis on explaining how successful retailers can move forward from small mistakes. The key is to learn from those errors, determine the root source, and make changes to your operation that will reduce the potential of them occurring again.
Case in point, one of the most common errors made in retail is over-ordering inventory. Whether it’s due to lower than foreasted sales, or due to other situations outside of their control, the smart and proactive retailer realises that mistakes like this are bound to happen. Instead of beating themselves up, they assess the situation, document the facts, and implement changes the next time they encounter a similar situation. This is the critical role that data and technology has in successful retail operations. Using advance point of sale (POS) systems, tracking customer feedback, and social media trends allows the proactive retailer to gain valuable insights into the impact of mistakes.
Teaching Your People is Critical
The staff that work at any retail location are the face of the business and are therefore critical to its operations. They cater to the needs of each customer, help them find the right products, and answer questions as needed. Employees are the key to the success or failure of any retail operation. This is a fact that any manager or business owner must embrace by spending time and resources training and teaching their employees solid customer service attributes.
Training in the retail world is not a one-time event. It’s a continual process, which allows floor staff to evolve, learn seasonal trends, or discover improves customer service skills and techniques. Retailers need to invest money and time into teaching their people the same amazing customer service skills they themselves use to satisfy their customers.
Understand Your Competition
From the local mom and pop store across the street, to the big box retailer who just opened up on High Street, competition among retailers is stronger than ever. Having a strong understanding of the competition you face is another successful habit of leading retailers. The smart and proactive retailer not only knows their competition, but they take the time to see how they operate up-close and personal.
The best retail operations all realize the value of checking out the competition. Some will review their online websites, while others go further by actually visiting the store. They review their POS marketing, product location, employee dress code, and any customer analytics available. It’s important to make local site visits a habit, so you can study areas of opportunity by learning from the competition.
Evolving Inventory needs a middle ground
We all understand how important consistency is to retail businesses. The smart retail owner starts their business by focusing on a niche, whether it’s a product type or specific brands.
However, staying too consistent can lead to customer boredom, reduced sales, or lost opportunities for new customers. Merchandisers always evolve their inventory and product solutions to keep customers interested in their brand.
By listening to the needs and requests of customers, a retail manager can significantly elevate their storefront to levels of success they expect.
Never Forget the Power of Customer Experience
While keeping your store well-stocked, employees well-trained, and not sweating the small stuff is crucial to retail success, one item that is often overlooked is the customer experience.
Today’s modern retailer not only recognizes this trend, they actively integrate it into their daily routine. Creating customer loyalty programs, customer sales or visit incentives, communication platforms, and enhancing onsite service are all vital parts of enhancing the customer experience.
Today’s new customer is becoming more attracted to brick and mortar locations through positive shopping experiences. By providing a memory the customer will want to treasure, instead of just a shopping experience, retailers can attract customers they usually couldn’t attract through traditional means.
The most important habit that good retailers possess is the ability to adapt to change. Realise that implementing improvements is the first step to increasing your customer base and growth levels.
