Owners of specialty retail stores are keenly aware of the rapid changes taking place within their industry.  Retailers are faced with the challenge of incorporating new ideas and technology while remaining authentic.  Carving out a niche in this industry is largely dependent upon providing a great product and offering a unique customer experience.  While technology is becoming central to the retail industry as a whole, there are some advantages small businesses have over their larger competitors.  With the ability to adapt and change rapidly small businesses fit a quickly changing industry perfectly.  Here we’ve come up with a compilation of trends that are beginning to catch on in specialty retail.

Payment Options

Payment method flexibility and security is at the top of the list when it comes to customer satisfaction.  With so many payment options now available it’s important that small retailers take steps to be able to accept all forms of payment.  Accepting mobile, online and EMV payments will be a necessary addition in order for small businesses to compete.  With identity theft and financial security in the news daily it’s imperative you offer payment options that your customers are comfortable with.

Automated Shopping

Amazon has developed one touch shopping options and although it’s mostly relegated to big business at this time, independents stand to profit significantly if they are able to adapt.  Setting up customer accounts with ability to set up recurring orders and one touch reorders is a great way to lock in long term business.  Making the buying process easier and more automated will continue to grow in importance to consumers.

Personalized Rewards

Traditional rewards programs have fallen short by offering rewards that don’t provide much value to their customers.  Personalized programs that allow customers to choose from a wish list as they accumulate credits ensures the desired effect of your program.  Many companies focus on giving away general discounts and coupons.  Providing a tangible goal for your clients to work towards will encourage consistent business.

Social Selling

Expanding marketing efforts into paid social media ads is proving to be very beneficial to small businesses.  Perhaps more prevalent than paid ads is the push of ecommerce through social channels.  Offering links directly to a product page where a visitor can quickly make a purchase allows small business to capitalize on the type of impulse buys their bigger competitors depend on.  Utilizing a solid social reputation as a marketing and sales tool provides increased product reach and higher profit margins as you do not need to pay a salesperson a commission for each purchase.

In Store Classes

Regardless of your industry focus there is always something you can teach your customers.  Taking this a step further and offering in store classes that allows customers to learn the tricks of your trade can be a great supplemental revenue source.  This will also bring attention to your lesser known product offerings and help to increase sales of your traditional offerings.  Teaching your craft and how to use your products is a surefire way to develop relationships and grow a loyal customer base.

Unique Atmosphere

The customer experience is what sets small businesses apart.  Creating a unique atmosphere that meshes with your company’s style and product line will serve as its own marketing campaign.  As the owner of a specialty retail store you have greater flexibility and insight into your customer base.  This allows you to easily gather client input and adapt quickly.  The goal is to have your location become a destination for those seeking a unique shopping experience.

Specialty retail requires strong differentiators that encourage people to take a chance with a small business.  Keeping up with industry changes and trends is what will allow you to remain competitive.  Through the use of merchant cash advances Quikstone Capital Solutions provides owners a convenient way to invest in their business.