The retail industry is one of the most fast-paced and competitive industries around today. Retail business owners not only compete with similar stores near them, but they also have to go up against businesses all over the world who offer online shopping. To step up their game, retail business owners apply for New Orleans business loans and use the funds to improve the overall retail experience they provide to customers.
By improving the customer experience, you’ll be able to generate more business, retain customers, and eventually thrive in a very competitive marketplace. Here are 6 tips that can help you do just that:
1. Create a Local Connection
To differentiate you from your competitors you may want to consider selling locally made products or merchandise, such as artisan chocolates, candies, and other goodies, as well as shirts, hats, fans, and more. For example, if your shop is located by the beach, you can sell swimwear, tees, or slippers printed with the name of a popular local area or hangout. Better yet, selling items that aren’t easily found elsewhere, can be the competitive edge you need.
2. Research, Research, and Research
Even if your shop is doing great, you should never stop researching for ways to grow. You need to stay updated with your customers, leads, competitors, as well as your competitors’ customers. It also helps if you research your inventory sell-through and vendor sell-through. At the end of the day, you want to consistently research for ways to improve your sales, customer service, products, services, and marketing.
3. The Off-Season is Your Friend
Off-season swings are a part of running a business. A successful business owner takes advantage of down times to prepare for peak seasons. You can clean the entire store, restock inventory, market your business on social media, think of new products or services to offer, or offer specials and discounts. Whatever steps you decide to take, be sure they are ones that will improve your business.
4. Ensure Clients Remember You
Stay in the mind of clients and prospects by doing things that will help them remember you. You can do this by sending emails to them (with their permission) regarding sales, discounts, events, and specials. Additionally, you can also create an online store to improve shopping convenience and to encourage your customers to purchase more.
5. Make Use of Your Window Display
Try creating a window display that tells a story, especially if your shop is located in a crowded area. Your window display should ideally catch the attention of passersby, encourage impulse buying, and not only peak, but retain their interest.
6. Hire the Best Staff
When hiring employees, make sure to exercise discretion and due diligence. Before you employ someone, be sure you ask for references, conduct thorough background checks, and request related documents that ensure the people you hire are assets to your company.
New Orleans Business Loans – Small Business Loans for You
Growing your retail business takes an enormous amount of patience, time, and money. Fortunately, New Orleans business loans can help business owners improve and grow your business. The finance experts at SMB Compass can direct you to any number of available small business loans. Our specialists will also help you determine the best type of loan that will help you reach your business’ goals and meet your needs.