Merchant Cash Advance Blog

When it comes to launching new products and services, it can be difficult for small business owners to garner the exposure needed to be successful. However, with advancements in technology, there are many affordable avenues to go down when promoting your product launch.

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.

In the retail world, impulse buys represent an important revenue stream that cannot be ignored by small business owners. Paying close attention to product placement and creating eye-catching displays will pay off with an increase in impulse sales. It’s also essential that you identify products that lend themselves to a quick purchase decision. These items are typically smaller and less expensive, but still provide a reasonable profit margin for the store.

Filling a need for niche markets in all different industries, specialty retail caters to a diverse contingent of consumers. While your business model and product line may be unique, there are business principles and ways to improve that can be implemented throughout the industry, regardless of your focus. Even if you currently have a loyal following, it’s important that you do not become complacent. Here are just a few suggestions for keeping your specialty retail company thriving into the future.

Deciding what to charge for their product lines can be a challenge for specialty retail storeowners. Strategically pricing your offerings can bring about an increase in sales along with other benefits such as customer loyalty and brand evangelism. Here we’ve outlined several ways to purposefully price items at your specialty retail store.