Getting Out Of The Retail Sector Crisis

Getting Out Of The Retail Sector Crisis

Nowadays, it is impossible to go out without stumbling across stores, and unique boutiques. In the words of Madonna, “we are living in a materialistic world”. Shopping, therefore, plays a significant role in our economic and cultural environment. We shop, therefore we are, to paraphrase Descartes’ infamous cogito ergo sum – aka, I think, therefore I am. There’s something deeply appealing about using our favorite activities as a way to define your role and function in society. Buying, as it happens, is detrimental to the economic stability of each culture.

However, high street shops remain empty. The retail sector is facing today its most significant crisis since the last financial crisis. Indeed, people tend to visit brick and mortar stores less frequently than they used to. Their busy lifestyle has forced them to replace the weekly browsing in shops with a digital alternative. Indeed, people continue to shop, but they prefer online retailers. Does it mean that retail owners should pack their stocks and consider opening an e-commerce site? Of course not! Most high street shops already have a digital branch to their business. Unfortunately, a visit to the shop tends to drive a higher cost per purchase than online conversion. In short, brands can’t afford to ignore the potential of physical stores. The key to reviving the high street is not to turn to the digital world. Indeed, it’s time to revive the dying retail with exciting and engaging ideas.

Attract them to you with a gift

Who doesn’t love a free gift? Retail customers are the same as everybody else. You can be sure that offering a little extra to everybody who purchases in your shop is guaranteed to attract visitors as long as you choose an appropriate freebie. Beauty stores can appeal to their target audience with branded merch; a sample from Estee Lauder, for instance, can dramatically boost your sales. Even clothing brands can gain a few new customers by offering merch with a logo. Something as inexpensive as a branded pen or notebook can go a long way towards acquiring new retail customers. You can try a few alternatives, starting with a sign outside your store to promote your offering. Popular mottos such as “Get your sample with each purchase” can already drive curious visitors in the store. You can boost your footfall by also promoting a discounted item with each purchase – you’ll need to set strict terms and conditions to ensure that nobody abuses your goodwill.

Make sure it’s the coziest place around

Cool in summer and warm in winter, this is exactly how shops should be. You’d be surprised to know that most impulse purchases in shops are the result of someone seeking shelter from the weather. Therefore, if you haven’t yet invested in commercial air conditioning, now’s the time to ditch your electric fan for a scalable solution. Additionally, it’s always beneficial to add a few cozy chairs in the store. Your visitors can relax and often spend the extra time surrounded by your products. The majority of them will end up buying a few additional items too!

Have a display that blows customers away

According to research, people rely on their five senses to process information with a strong focus on sight (83%) and hearing (11%). We are, ultimately, visual creature by essence, and therefore, the display of your shop can not only convey the right information to your customers but also encourage further purchases. The best way to impress your shop visitors is to create an immersive display, that takes them at the core of your products. Think beyond hanging the clothes on racks; you need to stage the scene to make your products stand out as the most logical solution. Don’t stop people from interacting with your products; on the contrary, they should feel and touch as much as possible. This is where street retailers differ from online shop: Bring the physical connection they miss online. Your display needs to include an area where customers can interact with your items.

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Make sure your team knows how to handle customers

Nobody wants to feel harassed by the retail staff as soon as they enter the shop. Intrusive behavior is the first cause of basket abandon in the high street. Unfortunately, in the retail sector, many teams are told to provide active support and guidance to shoppers. As a result, customers can sometimes feel like prey waiting to be “attacked” by one of your team members. If you want to drive sales in-store, you need to focus on a service attitude that encourages empathy, patience, and adaptability. Every customer is different, and while some might need a retail employee to help them every step of the way, others want to be left in peace. The combination of empathic, patient and adaptable attitudes can get you to hit the sweet spot!

Get noticed with an event

How do you get people to come to your shop when the website sells the same products? It’s simple. You make sure the shop brings something new to the shopping experience. Organizing an in-store event is one way of creating a meaningful and lasting impression. Indeed, an event lets you run an experience that shoppers can’t have online. You need to start your event strategy with a thorough demographic survey to identify your target audience as well as your competitors’ events. It’s also a good idea to invite local celebrities and industry influencers to create a buzz. Ideally, if you are going to appeal to local media, you should consider turning your event to a good cause, such as working with a charity to show your commitment and build a positive impression.

Stop time for a moment

Last, but not least, we live in a fast-paced world where everything should happen quickly. Build your interior decor in such a way that your visitors will forget about time while they’re in the shop. Focus on relaxing elements, such as using a green wall of plants to build a soothing statement piece. Choose also a playlist for the shop that encourages relaxation – in other words, your favorite hard rock songs may not keep shoppers in!

People love to shop. However, many have turned online to fulfill their shopping needs. For retailers, it’s time to revive the high street with sponsored events, smart decor tips and unforgettable offers!

 

 

 

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