Staying Ahead of the Curb in Retail 101

Having your own retail store is a dream come true for many people, however ensuring that it is up, running and profitable is not an easy task. Moreover, there is a great chance that you will have a tough competition in your very vicinity which makes everything even harder. When asked about why is it that some succeed in retail and others not, most people believe that things such as luck have something to say here. However, this couldn’t be further from the truth and there are some sales tricks that are known to work.

Turning sales into a game

First thing that a lot of people do in order to increase their sales is to gamify them. The easiest way to do so is to make some limited time only, special prices and instigate your clients to be on a constant lookout for them. Like any other game, there will be a simple reward system apart from getting their shopping cart filled for less money. For example, later on they will be able to boast to their friends and family that they found this particular item at an insane discount. However, you first need to know how to make these discounts work for you.

Strategic organization of store

Every experienced retailer knows that even the position of given items can have a significant influence on whether you make a sale or not. For example, if you have an item you fear won’t sell since it is too expensive all you need to do is place it next to even pricier one and suddenly you will make it more appealing. This is what it called making comparative prices. Additionally, the closer the item is to the counter, the greater likeliness of someone actually taking interest in it. Everyone wants to make that one last great sale before exiting the store. For these two reasons and many more, what you do with your point of sale display can make all the difference.

Being careful with the prices

Now, before we go any further it is important to notice that prices are always the key. For example, even if you have the best organized store and the most pleasant staff, this will all mean for nothing if your prices are not in step with those of your competitors. First thing you need to do in order to solve these problems is find out what these prices are actually. Go around the local stores and look at the product prices while comparing them to yours. Playing the secret customer is only one of the ways to legally spy on your competitors. This will ensure that you are always one step ahead.

Stay in touch with social media

Just because your store is not an e-store doesn’t mean that you should completely disregard social media marketing. What good is having the most quality and cheapest product out there if no one knows that you have it. For this reason alone, you need to announce to the world even the slightest change that appears in your store and what better way to do so than via social networks. You don’t have to do anything complicated (or even costly) here since a Facebook page, as well as Instagram and Twitter profile would do the trick.

Staying ahead of the curb in retail is a 24/7 job and it is not something that anyone can do. Still, not everyone was made for success and this is something that retail requires. The world of stores, sales and discounts is a cold an unforgiving one, but for those who play their cards right all of this could turn out to be highly lucrative in the long run.