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5 NEW YEAR’S RESOLUTIONS FOR RETAILERS TO KEEP IN 2019

Posted by Sureswipe on 5 November 2018

MANY OF US HAVE A LIST OF PERSONAL NEW YEAR’S RESOLUTIONS, BUT HAVE YOU EVER THOUGHT OF TAKING SOME TIME TO DO THE SAME FOR YOUR RETAIL BUSINESS? READ ON TO DISCOVER SOME SIMPLE WAYS TO SET YOUR BUSINESS UP FOR SUCCESS IN 2019.

As the busiest period in your store winds down, your customers are looking to trade the holiday season’s indulging, overspending and overeating for better and more efficient habits in the new year. Typically, from 2 January, shoppers begin looking for the things they need to match the new, improved lifestyle they’re planning for the year.

Don’t you think it’s the ideal opportunity to do the same as a retailer? The decisions you make today (not just on 1 January) will impact your business over the next 365 days. So, learn from the past year and ensure you’re setting goals and achievements for the coming year – not just making resolutions – and taking positive steps to accomplish the goals.


DID YOU KNOW?

“Setting New Year’s resolutions for your retail business not only forces you to think about how you want it grow,” says retail expert at Shopify, Michelle da Silva. “But it also requires you to consider what steps you need to take in order to get there.”

Self-improvement is a necessity for every business to thrive. So, while reflection and planning ahead may seem clichéd now, it could pay off if you’re realistic and determined. These New Year’s resolutions are for retailers just like you and will help you boost your sales while achieving your business goals:


  1. Embrace multichannel selling

    Yes, even your small, successful shop needs a technological element to draw and retain its customers. Today’s shopper doesn’t just walk into your store because they were driving by and liked your signage and storefront. Consumers are now using multiple platforms to make informed purchases. If they come to shop, it may be because they saw information about your store (or your products) online.

    87% of Millennials use two or more tech devices daily, driving retailers to adopt mobile commerce and provide a seamless multichannel experience.

    54% of Millennial shoppers would prefer to pay for a purchase using a smartphone or mobile wallet over any other method.

    Providing a multichannel experience is therefore essential to ensuring your business is available to every shopper. To be even more successful in 2019, be accessible to your customers on whatever channels they choose – whether online or mobile.


  2. Aim for more personal interactions

    While technology has made sending a quick email or SMS an acceptable form of communication, sometimes social media and an online presence can’t replace personal, face-to-face

    interaction. Forge real relationships with the people that keep your business going – your suppliers.  

    Make every effort to meet face-to-face with vendors and suppliers when possible. These encounters allow you to get to know the people behind the product, enabling you to relate to your in-store customers better through stories that give deeper meaning to what’s being offered.

  3. Introduce automation to streamline your processes

    It may not be what you signed up for, but as difficult and time-consuming as inventory management is, it’s a crucial element in a retail business. Automate and streamline your business by considering the aspects in your shop that could run more smoothly or faster and find the tools and apps to help you automate these processes.

    Go paperless by converting invoices, timesheets, or inventory checklists into digital files, to eliminate the time your employees spend digging through filing cabinets and boxes. A quick search on a computer will give you immediate or even remote access to documents, should you choose Cloud-based storage.

    Adopt a Cloud-based POS system to future-proof your shop. Not only does this free up time and energy for more important things, such as spending time with customers and family, but you’re also well on your way to adopting a healthier work-life balance.

  4. Optimise your shop floor

    How much space do you have to work with on your shop floor? It doesn’t matter, as long as you know how to maximise the space you have. Stage your store effectively and you could attract additional customers, simply because of a furniture upgrade or clever visual merchandising.

    You don’t need to completely overhaul your shop to achieve a refreshed and more inviting space for customers. The important thing is to establish beforehand the look you’re aiming to create. “Know what you’re looking to accomplish and have a plan going into your redesign,” says ShopKeep’s Sara Sugar.  


  5. Reward your loyal customers  

    If you don’t already have one, a Loyalty programme is a great item to add to your New Year’s Resolutions list. A good customer Loyalty programme will help you with more than just making money – with a strong programme, you can build and maintain healthy and long-lasting customer relationships with your business.


    More than 80% of customers buy more products from businesses that offer a Loyalty programme to which they belong. Loyalty programs make customers feel wanted, special and generally happier to shop at your store. –
    2018 Customer Engagement & Loyalty Statistics


    Remember that a good Loyalty programme offers rewards that aren’t difficult to earn. If you make it too challenging to obtain points, punches or cashback, you won’t have as many customers signing up as you would like. The easier your Loyalty programme is to be part of, the greater participation you’ll see – and the happier your best customers will be. Now that’s a great start to the year.


    DO YOU WANT TO FURTHER ENHANCE CUSTOMER SATISFACTION AND DRIVE LOYALTY?

    Talk to Sureswipe about a cost-effective Loyalty programme. We can assist in customer retention through a platform that helps you communicate directly with customers through email and SMS. Call 0860 200 111 or fill in your details here and we’ll call you in the next hour.



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Topics: retail, strategy, tips, Growing Your Retail Business