5 Ways Small Retailers Can Increase Revenue In 2020 And Beyond

Posted by Karen Erdelac on Jul 7, 2020

5 Ways Small Retailers Can Increase Revenue In 2020 And BeyondAs the retail world begins to open up, safety measures have been the primary focal point, as well it should be. However, it is still important to strategize about building revenue for today and the future. The approach needed to do so will be a bit different than in the past. Here we take you through five ways small retailers can increase revenue in 2020 and beyond.

Strengthen Your Online Presence

A strong online presence allows you to build your brand and gain the credibility that you need to attract more customers. Along with making your business readily accessible, online presence also gives your customers an easy way to find out more about what you have to offer.” Some things to consider when looking to build your online presence include:

  • Rebuild your website
  • Create social media profiles
  • Launch an ecommerce store
  • Create a company blog
  • Get listed on Google
  • Claim profiles on review sites

Social media in particular has become essential in building your online presence and marketing your products. Building and optimizing profiles on each of the major social media platforms and posting educational, funny and entertaining content will help to build your following and increase the reach of your brand. Visual content is big on social media. High-quality original photos and videos perform the best through social channels and can also increase engagement on written posts.

Offer Purchase, Pick-up And Delivery Options

“People will want to feel safe when they shop, and as such, will search out retailers with services like curbside pickup, BOPIS (buy online, pickup in store), and free local delivery.” Catering to your customer’s purchasing preferences has never been more important than it is today. Offering a variety of options will allow you to reach more of your audience. Ecommerce shops can also help you to expand well beyond your local market and open you up to a much larger customer base. There is likely to be some hesitation from consumers in regards to visiting physical stores for quite some time. Being flexible will be necessary for retaining current customers and drawing in new ones.

Use Technology To Make Your Store Safer

Options like contactless payments will be critical, but stores need to do more. For example, electronic doors and foot levers to bathrooms and entryways may make hesitant shoppers more comfortable about entering, and you could use digital signage to replace menus and other paper items.” Foot traffic and in-store purchases will still be important regardless of the steps you take to move your business online. As customers begin to trickle in, being seen as going above and beyond to look after their safety will encourage more people to come out. Make the precautions you’re taking well known through online channels and physical signage. People will be seeking out retailers who put their customers first.

Reward Customer Loyalty

“There’s no reason why your reopening can’t also be a marketing opportunity. Social distancing is an opportunity to offer “exclusive access” to some of your most loyal customers.” Take this time to truly cater to your most loyal customers. Allow them to schedule visits when they’ll be the only ones in the store. Offer special discounts and bundles and go above and beyond to provide them a memorable experience. If you happen to have customers that are big spenders, reach out to them via email and social channels with an exclusive invite. Exclusivity sells in the retail world, and this a chance to leverage that with your most vital customers.

Take Time To Build Relationships

Successful specialty retailers understand that retail is primarily a people, rather than a product business. Their customers can buy just about anything they want from Amazon or other online sources, but they come to your special destination for the special experiences and services that only you provide. It is you and your staff that give them what they really crave: a sense of community along with the products they may buy.” Personal relationships with their customers are the primary advantage that small retailers hold over bigger brands. Taking time to cultivate these relationships both in person and online is an important step in building loyalty and creating advocates for your brand. Strong relationships with your customers will encourage them to spread the word about your business, and word of mouth advertising is essential in retail.

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Topics: Retail