Business – Retail
It can be seen that the retail market has had a strong development due to the economic recovery and is on track to regain a high growth rate. However, many retailers fail because they are unable to respond to changing customer trends: They have not been able to become the best business in any field.
Failure because too trivial
Concentrate too much on production but forget about market research and marketing
A typical feature of the retail industry is the sale of many items and none of them stand out. If there is no strategy, research and choose the good products, good ideas, whether the customer base of the product is large or not. Without answering these questions, the ability to inventory, stagnate revenue and give up in the first place is inevitable.
Many stores and retail centers are managed but all management activities are not effective, possibly due to loose management, lack of concentration or strict management but not in the right place, not sure how to do it. How to operate the store in the most professional way, saving costs, saving time and manpower. In order to resolve these concerns, an integrated business management software such as customer management, supply, inventory management, orders, transportation, etc. is needed.
Find new customers forever
In the retail sector, businesses are often faced with finding new customers, advertising, marketing and pricing efforts are all aimed at attracting customers. These efforts are necessary but at the same time, it can cause businesses to waste their efforts and money when they cannot identify the right customers to have appropriate marketing plans.
The secret to conquering customers in the retail market
- Loyal customers
Although accounting for only 20% of total retail customers, it accounts for 50% of total sales. This shows that businesses should regularly keep in touch with loyal customers, implementing incentive programs to thank them. This group of customers should be an influence on decisions about product design and decor of the business.
- Customers only buy when there are discounts, promotions
These will be the customers to help businesses release inventory the fastest and therefore a major source of additional cash flow of businesses when needed. Therefore, retail businesses should inform by sending sms or email notification to this group of customers when there are promotions.
- Customers buy with inspiration
These are people with no specific needs. They can go for a walk, visit the store, and choose to buy items that interest them without anticipation. Therefore, helping them discover their needs and getting their feedback on your business is essential. Businesses should arrange goods in the store to attract this audience because they will be a group of customers offering many important views and knowledge representing a majority of consumers.
- Customers buy when needed
This group of customers has a clear intention of buying a particular product. When they entered the store, they would immediately check if their needs were met, if not, they would leave the store immediately. There are many reasons for them to buy, but the item they have chosen to buy is almost specified. Satisfying this customer group is not an easy task, but if done, businesses will be able to turn them into loyal customers. Good service will be the deciding factor to drag them to the store.