Today’s retail landscape is competitive; sites like Amazon have a large piece of the pie and it’s hard to compete with the low prices and wide range of products of stores like Target. Despite this, independent business owners need not fear industry giants.
One of your biggest strengths that you may have overlooked? As an independent retailer, you have complete control of your business in ways that a large-scale retailer does not. You’re capable of testing out creative ideas and can quickly adapt them to your customers’ wants and needs.
Via https://newsapi.org online business online marketing online business opportunities Read our 5 actionable tips on how you can compete with big-box retailers.
1. Offer a killer in-store experience
Brick-and-mortar retail is far from dead, it still accounts for86% of U.S. retail sales. This being said, it has evolved. Today’s shoppers expect more from the in-store experience than they may have a decade ago so go the extra mile and make it extra special.
2. Have an online store
An online store is a must if you want to survive as a brick and mortar business: 53% of all purchase decisions are digitally influenced. Not only do today’s consumers do their research before they pay you a visit in person, but they also want flexibility in terms of how they shop. For example, browse online and pay in-store and vice versa. If you don’t have an online store, it’s difficult for shoppers to compare products and prices between your store and the competition.
Worried about the time commitment required to set up an eCommerce site? Luckily, there are many out-of-the-box software options available these days, so you can build a site that’s true to your brand without hiring a developer.
3. Build relationships with your community
Do you think big box stores know their customers by name or recognize whose dog is tied up outside their shop? Probably not, but you do. Use these relationships to your advantage and get lots of face time with your community in and outside of your shop.
4. Make data-driven business decisions
Don’t make decisions based only on your gut instincts. Big box stores crunch data to figure out how to serve their customers better and you can too. There are tools out there that are intuitive and accessible no matter how tech-savvy or comfortable with numbers you are.
5. Be authentic
This is what consumers want more than anything, especially Millennials. According toresearch, 91% of customers value honesty in the companies from which they buy and 63% of customers choose authentic brands over those that aren’t as transparent. Authenticity is what builds trust, and this trust affects your bottom line.
The main draw for large retail establishments is the convenience, competitive prices and a sense of consistency that makes people feel comfortable. While you can’t beat out the big guys on everything (for example, your prices can only go so low), use your strengths to your advantage to stay competitive: Take the in-store experience to the next level, help shoppers discover your store online, engage with your community, be data-driven, and keep it real.