Small Retail Business Risks > Recessions
No business is immune to some ups and downs, especially retail. While the overall strategy of retail has shifted from in person to online in recent years, your store needs to focus on another major factor: being recession-proof. There’s no one-size-fits-all solution, but heeding the following advice can give your store some competitive advantage and some cushion during slow seasons. In addition to reading on, protect your operation with an iron-clad Miami Retail Insurance program.
Customers want to know they’re getting some bang for their buck. “Specialty retailers should offer incentives and discounts for customers to prompt purchases. Ideas that we’ve seen work well include frequent-buyer programs, special sale-of-the-day or sale-of-the-week programs, two-for-one specials, sales specials geared to holidays, scratch-and-win-a-percentage-off cards, buy-in-bulk-and-save programs, merchandise add-on programs and bounce-back coupons that offer discounts on future purchases,” says Jerry Jones, district specialty retail manager for CBL & Associates Properties to Specialty Retail.
Focus on aesthetics.
If customers are walking by your store, are your visuals grasping their attention? Focusing on visual merchandising and telling a story with your products is a key feature in attracting more business. Ask yourself the following questions:
- Do I have ample signage?
- Do people know what I’m selling?
- Is my store name easily visible?
Motivate your employees.
Offering competitive commissions are the number one way that retail businesses motivate their employees to sell products. Research what a competitive base pay is in your area, then tack on additional bonuses for reaching sales goals. Be up front with your employees about what they need to sell to reach their bonus if you choose to implement this strategy.
You can’t sell what you don’t know you have. Utilize technology to track inventory effectively and to get ahold of how much product you’ll need to move to turn a profit.
Modern POS systems serve additional purposes, as well. Automated payroll and commissions modules, the ability to manage multiple locations, automatic reports on sales and productivity, customer buying histories – all of these are aspects of a good POS system are designed to give the retailer a selling edge, explains Liad Biton, chief technology officer at CSS Live POS.
About Advanced Insurance Underwriters
At Advanced Insurance Underwriters, we offer specialized programs to safeguard retailers like you. For more information about our products, give us a call today at (800) 660-7734.