For home and gift stores, the retail landscape is much more aggressive than ever. Since these shops sell a good deal of what customers may consider products, it’s easy to miss out on institutions selling the exact items for less.
Fortunately, your business does not need to experience the same fate. With a few innovative and modern tactics, you will have the ability to distinguish yourself and win over customers without competing on price or product.
Read on to learn more:
1. Design a Distinctive in-store experience
Shopping at your present store ought to be anything but ordinary. Do not just put items on your shelves and call it a day; make it a point to look for a customer experience that people will remember.
Oklahoma, an independent shop in Manchester that sells everything from cactus lemon juicers to handmade jewelry, does this incredibly well. The store is often known as an Aladdin’s Cave, since it enables shoppers to discover excellent finds and treasures.
“It is not a conventional retail area,” explains co-owner Yaw Djang. “There are things hanging from the ceilings and the walls. That is important to us, it is not exactly what we sell, it is basically how we market it and the experience that the customer has when they are going around the store. We’re certainly hoping to make more than a place merely to come and get things.”
The goal, says Yaw, is to”offer customers the sort of experience you have when you travel to various countries, searching for those unique sorts of treasures.”
2. Leverage technology
Technology won’t only facilitate many operational burdens, it may also boost your clients’ in-store experience. Needless to say, the kinds of solutions you need to adopt will depend on your organization. Below are a few examples of how other retailers are leveraging technology in their stores:
If you are still using a cash register to manage your retail business, think about adopting a contemporary point of sale system to streamline various business processes and enhance the shopping experience.
Many point of sale solutions nowadays go beyond just letting you ring up sales. A good deal of them include inventory and customer management features that can make running your shop a good deal easier.
In regards to the in-store experience, these solutions enable associates to aid shoppers better. Tablet-based tools let them serve clients from anywhere in the shop and mPOS systems may reduce lines at checkout, so customers can get what they need much faster.
Case in point: Borough Kitchen. The cookware retailer remains on top of surgeries during their busiest hours with the support of the iPad POS. Whenever things get active in-store, they just switch open their extra iPad registers so that they can serve customers faster.
“Within our stores, in peak times, and specifically at Christmas time, we could add a new till immediately by switching on a different iPad,” says creators David Caldana & Justin Kowbel. “That just would not work with a conventional till system.”
Robust analytics and reporting
Having access to the ideal insights can help you make smarter business decisions. This is the reason it pays to invest in analytics and reporting technologies that’ll help you collect and analyze the information you require.
Most contemporary POS solutions include their own reporting features, so if you are already using one, make certain to benefit from your supplier’s data and analytics tools. Ideally, you will want a solution that monitors important retail metrics such as revenue, margins, gain, conversions, and much more.
One great case of a gift shop that is making good use of accounts is Podarok. The UK-based merchant drills down to their earnings data and makes product and staffing choices so.
“My favorite feature has to be the revenue reports. Daily, by month, by period, by hour, but above all, by provider, says Podarok’s Andrey Pronin. “We can predict what’s going to happen next year and for that reason plan our staff rosters and merchandise ordering in advance.”
The above-mentioned technologies are simply a couple of examples of tools which you can embrace in your enterprise. They are definitely worth checking out if you’re trying to update things in your shop.
However, the best way to ascertain which technologies are appropriate for you will be to do a little bit of research yourself. Identify any issues on your shop and start looking into how technology can address them. As soon as you’ve found tools which you could execute, test them out and collect feedback from users to discover if they are right fit for your shop.
Customer relationship management
Arm your company with a customer relationship management (CRM) tool that will permit you to collect customer information, which you can then use to induce loyalty and repeat purchases.
We can see this in action in TheSuperCool, a South Melbourne-based gift emporium The shop has a loyalty program named SuperCoolAmigos, and utilizes Vend and Collect Rewards to conduct the app. In the 3 years that they have been using Vend, TheSuperCool has managed to grow their email list by 750%.
As a result of their savvy CRM initiatives, TheSuperCool now has a good database which they can always market to.
3. Add value through services
Providing services your customers can not get from other homeware or gift stores may be an efficient way to set yourself apart from competitors and add value to the shopping experience. Here are some things you can try:
Gift wrapping — Consider offering gift-wrapping providers on your shop. Not only will it serve as a suitable alternative for shoppers, but it might put additional earnings in your pocket at exactly the exact same time. Even if the service itself is free, you can use boxes and wrappers as upsells to shoppers.
Consultations — based on which sort of store you are running, you can provide consultations to help clients make the appropriate purchases.
Check out what The Container Store is performing. The retailer, which specializes in organizational and storage tools, provides an abysmal organization service named Contained Home. For a fee, a professional organizer will come to your house and offer advice in addition to organizational services to liven up your space.
Courses or occasions — Bring people together in your store for a couple of hours of studying and mingling. Loads of forward-thinking retailers are currently holding in-store courses and events that drive traffic, sales, and client engagement.
Take for instance, Michael’s. To better connect with customers and add value to the in-store encounter, the arts and crafts merchant holds courses on several DIY or art projects. Topics include cake decoration, knitting, jewelry making, and much more.
Serve food and beverages — If it makes sense to your company, why don’t you offer on-site dining choices? It is going to give people more reasons to swing –and-stay–on your shop.
A fantastic example of this in action can be viewed in Sustainable NYC, a shop that focuses on sustainable and green products. Sustainable NYC includes a cafe on-site, which based on owner Dominique Camacho, has been a boon for business.
“We love how folks come in here every five minutes. Just having the visitors it makes a difference,” she advised GiftShopMag.com.
Understandably, using an in-store cafe is not always feasible, but it does not mean you can not apply a couple of food and beverage components in your shop. Why don’t you hold events and function nibbles or hors’devours? Or think about offering some refreshments to your customers as they browse your store.
4. Get out there and freshen up your stock
If your products are not selling, you need to think about freshening up your product. Go out there, speak with your clients, see what is trending, and use those insights next time you purchase new products.
That is what Cat Socrates, a gorgeous design store in Singapore, is performing. According to proprietor Hellen Jiang, Cat Socrates has a great deal of regular clients, so keeping their merchandise assortment fresh is essential.
“We are always trying to discover new brands and products, and we look at earnings reports to find out the quantity and variety of products,” she said. In addition to that,”we listen to comments from our clients.”
You should also consider attending trade shows, because these events can provide insights into the latest trends. If you are in the present and homeware business, notable events you can attend include ASD vegas , the Fall Gift and Home Fair, and vegas Market.
Staying competitive in the present and homeware industry can be hard, but with the ideal goods, tools, and in-store strategies, this job is totally doable. We hope the tips above gave you a few ideas which you can implement in your shops.