Social Media and Its Impact on Retail - DLAignite

Starting a retail store can be a daunting process, especially due to the rampant expansion of ecommerce, but brick-and-mortar stores still have a place in today’s commerce industry. By creating a unique in-person shopping experience and offering unique or useful goods, a retail outlet can experience success. These are a few tips to help you as you plan your retail store.

Find a Location

Your location should be in a high-traffic area. Many stores choose buildings or spaces with other retail stores, while others choose spaces with other complementary businesses or office spaces. For example, you may choose a location near a beauty shop if you are selling women’s clothing, accessories or body products, near a grocery store if you are selling coffee or other specialized food products, or near offices if you are selling office supplies. Strategically placing your business where it is convenient for your customers gives you an advantage over your competitors. Your store will also be more convenient than online stores that make your potential customers wait for an item to be shipped.

Plan Your Fixtures

After you purchase or lease your retail space, you should start looking for fixtures, such as shelving, display cases, hanging racks and other furniture. Although you may start out with a mix of used fixtures, unless you are going for an eclectic, mix-match design, you will eventually need to invest in Store Fixtures that match and enhance your store’s ambiance.

Invest in Customer Service

Your customers should feel valued as soon as they walk in the door. Therefore, consider personalizing their experiences. Offer your customers things they cannot get at other stores or online. For example, offer free samples or trial periods, assign them a personal shopper to help them choose their products, or create specialty products just for them. You may also offer classes, such as cooking classes in a kitchen store or crocheting classes in a homespun yarn store. Get creative and offer your clients something no one else can.

Build Relationships

Your business relationships can make or break your retail business. Therefore, it is vital that you spend time building relationships. Not only should your customers feel like friends and family, but your vendors should feel valued and important. Strong vendor relationships allow you to provide your customers what they want when they want it. Vendor relationships are influenced by your on-time payments, how you speak to their representatives and your planning capabilities. A great vendor will help you with product sourcing and logistics and may reduce your product and sourcing costs.

Owning your own business may be a lifelong goal. Creating a detailed business plan and novel service strategies can improve your success and reduce your stress as you open your new retail business.