Much has been said about the so-called “death of retail”, but despite a number of larger retailers closing stores, the market is actually expanding. According to the National Retail Federation, for each company closing a store, 2.7 companies are opening stores. In many cases it is small businesses emerging as they are competing in a slightly different market than larger box stores. The term “specialty retail” infers that your business has a specialization, and whatever that is needs to be nurtured and marketed properly. Additionally, an emphasis on innovation and originality is what can set your store apart from your competition.

Online Convenience Is Becoming Essential

Small Business Trends reported “just 29 percent of retailers in the United States offer click-and-collect, or buy online and pickup in store, as an option.” Ecommerce has become an intricate part of  small business success and taking it a step further can help your company truly prosper. Shipping costs are always a concern and offering in-store pickup is a great option for local buyers. In addition to shipping options, shopping should be made easy and the fewer clicks to place an order, the better. If ecommerce is already a large part of your business, upgrading your website to make it more appealing and user friendly should be a goal for small business owners in 2018.

It’s All About The Customer

A recent Forbes article states, “Long-term customer loyalty builds the business – but the mandate now is to create emotional – not just transactional – loyalty.” As is widely known, and frequently stated in our articles, loyal customers are the lifeblood of small business. Creative marketing and engaging with your customers will help to create an emotional connection with your brand, rather than just a product. Trends come and go, as do products. This makes it that much more important that your customers connect with you, and not just an item in your store. Long-term customers not only bring in revenue through purchases, those that truly connect with you can become brand evangelists and help you grow your customer base.

Integrated Marketing Works

Business News Daily predicts, “there will be growth in small business cross-channel marketing.” Cross-channel marketing involves merging those running your marketing campaigns into one entity that works together across multiple marketing channels. Many companies have separate people handling individual social media accounts, content, email and other marketing tasks. Integrating your marketing channels to work together will be a big goal of small business owners in 2018 and many will turn to outsourcing to maximize their results.

A New World Of Personalization

Vend HQ notes that, “retailers that enable shoppers to build and customize products will prosper.” Giving the customer what they want has long been a credo of business owners and that is moving to the next level in the coming years. Personalization has long been a buzzword in marketing circles and that trend has moved to the products themselves. Obtaining input from your customers on issues and deficiencies with your current lines can give you valuable insight on where to steer your development team. Additionally, this will make your customers feel like they are a part of your team, which helps to build brand loyalty.

With over 12 years in the business, Quikstone Capital Solutions has proven to be a trustworthy and knowledgeable lender specializing in small business funding. Over 60% of our clients are renewals looking to continuously grow their business. Whether you need cash for emergencies, cash to cover unexpected costs, or if you’re looking to make long overdue improvements, Quikstone Capital can help. 

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