How to Adapt Your Retail Store to New Market Conditions

Retail Store

The arrival and rise of electronic commerce has also brought significant changes to the retail market. The most important novelty for retailers working nowadays is that their customers have become choosy and more aware of their consumer rights. While this makes shopping easier for consumers, retailers have to devise unique strategies to adapt their stores to those new conditions.

Expensive location justified by high revenue

Although it might sound odd, retailers should not escape from higher rents for their stores. One of the key elements that ensure success in business of a retail store is the right location. You should treat your retail store like a living organism. It has to be nurtured in a proper way. Moreover, since people need a social life, too, retail stores have to be exposed to people. Otherwise they will not be noticed by customers and fall into oblivion.

According to an analysis in Entrepreneur, a location can either skyrocket your retail store or bury your retail effort. This is why you should go for a better store location even if it is a bit more expensive. If the business does not take off properly, you should change your marketing strategies, but keep the location.

Spoil your customers

The cult of a local store owner is something that cannot be terminated by commerce trends. However, every store owner has to make some adaptations to meet their customers’ new needs. The thing is that people like to stay within their comfort zone when it comes to shopping. Buying at a local store, where you meet your neighbors can also serve as some sort of socialization in a world in which people are getting more and more alienated. In line with these aspirations, retailers should treat their customers in a friendly way. From cordial communication to flexible payment options, retailers can make their retail store a real local hub, like one of those bazaar stores in the Middle East.

Special product selections

One of the most interesting trends in the modern commerce is the level of expectancy that consumers have. Influenced by ecommerce websites, where they can choose products from dozens of categories, shoppers count on such comfort when they buy in retail stores, too. While goods in supermarkets and other stores are also grouped, this selection has to be diversified, to meet customers’ expectations. That is why a retail POS display can do a lot for your retail business. If it is a smaller store, only one will do, given that the selection of goods on it is changed as often as possible. On the other hand, larger stores should always have several displays installed in strategic positions. They will nudge the customers to choose more items from such well-selected groups of products.

feedback

Continuous analysis

Evaluation and self-assessment is the dominant trend in many fields of work these days. If you want to see what makes your customers happy and what they think about your retail store, you need to conduct regular surveys. However, do not be pushy to get their answers. The feedback has to be obtained in a subtle and kind way. For instance, the customers can be asked to fill a short questionnaire when they are offered to buy products at a discount. Such actions need to be followed up by serious analyses and proper reactions, to correct the mistakes you make with your retail strategies.

Although it is harder and more demanding than before the Internet era, retail trade is still a relevant niche. What retailers need to do is to realize that the world is changing and play their retail game in accordance with the new rules.

Kamlesh Mourya

Author: Kamlesh Mourya

Kamlesh Mourya is the director of 7eyetechnologies; an India based IT Company that provides services web development, designing and online marketing. Kamlesh occasionally blogs about social media.

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