RETAIL 101: Five everyday habits of successful retailers

Success in retail comes from adopting everyday habits that cater to your brand, your offering and your passion for retail success. Let’s look at five habits adopted by many thriving retailers.


1. Don’t sweat the small stuff

First and foremost, don’t sweat the small stuff. With so much on your to-do list as a retailer, getting hung up on small setbacks such as a bad month, a lacklustre window display, or a particularly rude customer is going to make you question yourself and your standing in the retail world.

Instead of dwelling on the past, successful retailers use these mistakes and missed opportunities as leverage to set new goals, learn new challenges, prepare themselves for future setbacks, and mature as a business owner. It helps to make a log of these mini setbacks and evaluate them during a monthly review process. Reviewing them with a clear mind will allow you to learn something from the incident and add that learning to an ongoing strategy.

2. Prioritise, prioritise, prioritise

From ordering new stock to training new staff, organising in-store events, creating new window displays and coordinating sales promotions, retailers sure have a lot on their plate. A trick of the retail trade and another habit of successful retailers is being able to recognise that you can’t do everything.

Prioritising your responsibilities, setting time limits and spending your time where it’s most valuable are integral habits to the smooth running of a retail business. Google Calendars and other automated reminder systems are key to helping you keep on top of your responsibilities.

Prioritise

3. Sussing out the competition

A little competition never hurt anybody, especially in the retail world. Knowing whom your competition is – both online and in neighbouring stores – is a savvy way for smart retailers to stay on their toes.

Taking some time every week or month to examine your competition’s window displays, marketing strategies, inventory, online efforts and even staff dress codes is a great way to assess your retail standing and to try and stay ahead of the curve.

4. Staff training

Spending time and money on staff training is one of the most worthwhile habits retailers can adopt; after all, you’re only as strong as your weakest link. Remember that your employees are the face of your brand, which is why staff training should occur not only when hiring new employees but also on a monthly or yearly basis.

Witchery keep their in-store staff up-to-date on retail responsibilities such as customer service practices, trends in the industry, and new marketing opportunities via a weekly newsletter as well as monthly staff development meetings. It’s a sure-fire way to improve the effectiveness of your store and your brand.

5. Increase shopper visits and sales

If you find that your in-store foot traffic numbers are down, and brand interest seems to be declining, you may be ignoring one vital tool used by successful retailers in today’s market: discoverability. Getting people in-store is the first and most important step! Once they’re in you can focus on creating great experiences, offering excellent customer service and making sales.

Make sure your physical store is optimised online for discovery by nearby shoppers (hello Store Discovery Optimisation). Being on Booodl is key, but also following best practice and making sure online directories are accurate and you list your location details in your social profiles.

Register with Booodl today to start increasing your shopper visits and sales with Store Discovery Optimisation.


Sources:
http://www.storediscoveryoptimisation.com/words-academy-brands-foundercreative-director-anthony-pitt/
http://www.smh.com.au/small-business/managing/the-10-characteristics-of-highly-effective-retailers-20110907-1jx1i.html
http://www.knowledgeissales.com/the-three-habits-of-successful-retailers/
http://www.freshbusinessthinking.com/the-4-habits-of-highly-successful-retail-brands/

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