Date added: 04/02/2016 7 Ways to Survive as a Specialty Retailer with the Rise of Online Shopping
# 7 Ways to Survive as a Specialty Retailer with the Rise of Online Shopping
As a retailer, you are probably very aware of the competition that comes from online stores, like Amazon.
With their ability to deliver nearly any product to a person's house, you need to figure out how to stay in business and encourage customers to keep returning to your brick-and-mortar location with its traditional displays.
That's particularly challenging for specialty retailers, since you probably have a smaller yet incredibly loyal customer base.
If you lose some of them to an online retailer, you may feel the effects pretty harshly. You can, however, prevent this from happening by doing a few important things. Skipping any of them can lead to failure.
## Provide Top Customer Service
Make sure that your staff works together to provide the best possible customer service. In addition to engaging customers through technology, do so in the store when they visit. Make them feel appreciated and give them personalized service that will bring them back.
## Market Customer Needs
While advertising sales and discounts can lead to some profit, you will do better if you appeal to the needs of your clients. Let them know what challenges your product will solve and how they let them live their life better.
## Train Your Staff Properly
Your store can make it even with online competition if your staff is well-trained. If they know the right processes to follow, you won't have to spend all days resolving issues with clients.
## Manage Your Retail Correctly
Instead of stocking up on merchandise, carefully plan your inventory. It is better to offer a few options that will appeal to most of your customers than every single option in the world.This is true of cosmetics, bikes, shoes, and other items. Having too much inventory just makes it more stressful for your shoppers.
## Manage the Money
Money is a crucial part of any business and to be a successful retailer, you need to make sure that out of sight is not out of mind. Make sure you get automatic weekly updates that let you plan out the week financially and have a set schedule for paying your bills.
## Use Visual Merchandising
Take that empty wire slat grid display fixture you have lying in the storeroom and use it to create a visually appealing display right at eye-height in your front window. Or use the other display tools you have on hand. Remember that the best merchandise should be in the front with clearance in the back, since customers lose interest as they keep walking.
## Make a Long-Term Plan
While the here and now is important in business, you need to be planning for the future. Step back and look at the entire playing field so you can reach your long-term goal. To do this, you will need to analyze sales and marketing data.