3 Major Mistakes to Avoid in Retail Business
The contemporary digitalisation has modified the dynamics of the retail industry as we are witnessing that the consumers are saying adios to the conventional means of shopping for mobile and online ones.
Truth be told, nearly half of the retail businesses survive longer than four years and which can be something to ponder for a newbie before stepping into the industry. However, this being said, it is also true that you can excel in the industry if you learn from others’ mistakes.
The increased digitalisation has changed the dynamics of the retail industry as we saw customers moving on from the traditional means of purchases to mobile and online channels.
To make things better for retail businesses, there can be so many variables to consider such as location, capital, and pricing strategy to name a few. Meanwhile, some of the mistakes can make things worse for you and eventually lead to failure.
The question arises at this point is that what are the most common mistakes that should be avoided by the retailers to save themselves from landing into hot waters.
Following are some of the retail business mistakes that should be avoided to excel in the industry and reap the benefits in the long term.1. Poor Location
As they say, location is everything; it stands more than true for the retail sector. While keeping in view the fact that poor location is part and parcel of the retail business, a poor location will impact your in-store foot traffic, and henceforth sales and revenue will dwindle. Meanwhile, the domino effect won’t stop here and fewer customers at your location will negatively impact the morale of your employees.
Among other factors, poor location is among the major causes of business failure. While choosing a retail location, make sure that your target consumer is more in number in the locality. Let’s say, you are launching a high-end fashion boutique that targets upper-income consumers, it won’t be a better idea to open a location near a college campus.
Moreover, accessibility also comes into play as you should make sure that there’s enough parking or convenient access to public transport. It should also be taken care of that your location must be highly visible and mostly in the main area.2. Lack of Diverse Payment Options
If you really want to show your customers that you care a lot about them, try to make things easy for them and not create hassles. When it comes to payment options, try to offer them different ways to pay, no matter what they want i.e., tapping, swiping, or inserting a card.
Despite the above-mentioned reality, many merchants may get annoyed with different modes of payment processing, and up to some extent is comprehendible. As far as the traditional means of payments are concerned, third-party payment processors can come with so many shortcomings such as volatile pricing, unnecessary delays, and cryptic agreements that are not that easy to understand. Henceforth, it becomes quite difficult for the merchants to avail of diverse payment options.
How a Point of Sale System Comes into Play?
If you want swift, reliable and economical payment processing that not only works you but also for your customers, a POS System would help you out in a more efficient way. Moreover, the point of sale providers such as JeM Point of Sale offers integrated payment processing with transparent pricing.
The coolest thing about this till system is that you will have full visibility in your point of sale while tracking your money from the time a transaction accomplishes to the time it gets deposited in your bank account.3. Not Paying Heed to Customer Satisfaction
The majority of retail businesses focus mainly on generating and maintaining a significant volume of in-store sales. However, it also remains a reality that by doing so, retail businesses ignore a crucial aspect of business i.e., customer service. Not paying attention to customer service will disappoint your customers, and finally, they will skip you for someone better.
The foremost thing to ensure the best quality of customer satisfaction is employee training. Make sure that you put in place a standardized process for your staff dress, greet customers, and helping them through the purchase process. Meanwhile, you should also have a customer-friendly process that can handle complaints, disputes, and returns in the most professional way possible. Restaurant management should be well aware of the fact that the most influential type of marketing is word of mouth, and professional customer service is something that folks often appreciate more when retailers over-perform.
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