The retail landscape has changed drastically since the introduction of the internet and the influx of online stores. Remaining competitive as a primarily brick and mortar retailer can be difficult, but not impossible. Here we’ve outlined five ways to compete in today’s ultra-competitive specialty retail market.

Focus On A Particular Niche

Focusing on a niche market will allow you to tailor messaging, marketing campaigns and inventory purchases to a refined audience. This enables you to be more personalized and will make you stand out among those who blanket a larger audience. Consumers seek out businesses who specialize and speak directly to their persona. Taking this approach will make your marketing campaigns more efficient and, in all likelihood, cut down on the amount of surplus inventory you have in stock.

Offer Better Pricing

While this may not be an option for every retailer, offering a better price on a particular item is certainly a key selling point. There are ways to get creative with this so you don’t hurt your margins.  Bundling complementary products together and even increasing prices on high ticket items to showcase their exclusivity can help to make up for any loss of profit. Holding sales outside of the typical sales heavy holidays and events can also draw in new customers. With the proper treatment, these people could become a permanent part of your customer base.

Be Customer Obsessed

One big advantage that small businesses have over their larger competitors is their ability to interact with customers on a more personal level. Getting to know the people that come into your store and taking time out to chat with them can aid in gaining repeat business. Loyalty rewards programs that are personalized based on previous purchases and provide true value to your customers is another great way to keep them coming back.

Corner The Local Market

There is likely a great deal of opportunity that lies within your local community. Many consumers prefer to support local small businesses rather than giving their money to big box stores.  Contributing to the community through volunteer work, sponsorships and donations can endear you to your local market and increase business dramatically. You can even go as far as offering special pricing to those that live in your local area during the holiday season and other sales events.

Create An eCommerce Store

Online giants such as Amazon and Walmart have been largely responsible for the decline of small retailers. While they may offer the same products, where they differentiate themselves is with convenience. Setting up your own eCommerce store and allowing for a variety of payment methods can help you to level the playing field and reach new markets. You’ll need to make sure your social media profiles and website are up to par and continuously updated with educational and entertaining content, as this will be your primary means of promotion.