The past year has highlighted the need for small business owners to be more self-sufficient, flexible and diverse. As we continue to move through the pandemic, retail owners should focus on which changes are going to be permanent and how they can best future-proof their business. Here we take a look at five smart investments for retail owners.

Ecommerce And Online Ordering

As the world continues to do the majority of their shopping online, it is important to note that this is not simply a trend that will end with the pandemic. Ecommerce allows retailers to reach a worldwide audience and leverage drop shipping services to greatly diversify their product offerings without the need for additional storage space.

Digital Marketing With Paid Advertising

Most large companies have shifted the bulk of their marketing dollars toward digital channels and small businesses are wise to follow suit. Digital tactics such as blogging, social media marketing and pay per click advertising are essential components of your marketing plan. Visual content including videos, infographics and memes are well worth the investment.

New Suppliers And Flexible Inventory

One of the biggest advantages that small retailers hold over big box stores is their ability to pivot quickly. When trends emerge, having a variety of suppliers that can offer diverse inventory options will allow you to capitalize. Being flexible with product offerings helps to future proof your business by allowing you to focus on the demands of your customers.

Health And Beauty Products

The health and beauty industries have dominated the retail market over the last decade and that trend is not showing any signs of slowing down. With the focus on health only being amplified by the pandemic, stocking your shelves with items that promote well-being is a must for small retailers. Beauty products like nails and face masks are also very popular right now.

Handmade And Locally Sourced Items

Bringing something unique to the table has always been important for those in the specialty retail industry. Since competing with large stores on price can be difficult, offering something that no one else has is a major selling point. Making your items yourself and sourcing from local vendors allows you to remain operational regardless of what’s going on in the world.

Click below for more smart investment ideas for your retail business!