Setting yourself apart from your competitors and winning over shoppers so they choose your new store is hard. That’s why 80% of the new shops that open every year end up closing.
How to be part of the 20% that survives
At StockAgile we go over the 5 essential factors to keep in mind so your store makes it into the remaining 20% that stays in the market.
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The place. The store’s location, its accessibility, décor, lighting, climate control… At the end of the day, the store and its look define who we are. It’s also important to map out the path the customer will follow, so take a look at how to organize your store.
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The product is the differentiator. Make sure it’s what customers are looking for and that it meets their expectations. Keep in mind that shoppers get tired of always seeing the same thing. It’s important to innovate and create different products, staying on top of trends and the exclusive products we can source.
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Customer service. Offering great service in the store is essential, so look after and pamper every customer. By being in constant contact with the shopper, you’ll learn their main needs and, based on their concerns, you’ll be able to bring new ideas to the business.
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The buying process. It’s very important to analyze the customer experience closely, from the moment they walk in until they leave, so you can put in place action protocols for different types of customers.
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Price. Whether something looks expensive or cheap depends solely on each customer’s perception. On top of that, your brand’s positioning plays a big role in price. Take into account your competitors’ prices, your level of customer service, quality, technology and other factors when setting your prices. And remember to run promotions on your less successful products too.
Remember that with StockAgile you’ll save time to dedicate to these aspects of your business. Our software, ideal for small and medium-sized businesses, will make managing purchases, sales and inventory as easy as possible.