7 Retail Facts you need to know
The retail industry is big and bustling; there are tons of products you can buy from suppliers and sell for a profit. Cars, clothes, furniture, food – the types of retail stores open to the market is insanely huge and varied.
No matter how different one retail store is from the other, they often share the same traits and operations. Therefore, you need to be well-equipped with facts and figures. Here are a few retail facts you should know:
1) Customers are more likely to purchase something from an emptier shelf
That does sound strange – but it’s true! An emptier shelf induces a feeling of urgency. It gives a customer the impression that a lot of people have bought that specific product, making them realise its apparent importance. That way, they’re compelled to buy it before it runs out.
You can take advantage of this probability by arranging your products on shelves with adequate spacing. Cramped arrangements can make the browsing experience cluttered – so give your products space to breathe. Customers will automatically be reeled in.
2) Warm, comfortable temperatures can increase willingness to pay by 36%
Nobody wants to enter a store that’s steaming hot, or frigidly cold. Attaining the right temperature (depending on the weather) will automatically set your customers in a comfortable mood. Warmer temperatures induce a feeling of comfort and relaxation, improving the overall customer experience.
3) Point-of-sale terminals have made retail stores more efficient
That is the staggering truth; modern POS systems are now able to record sales, gain access to debit and credit payments, handle customer relationship management and carry out a lot more back and front office operations. POS software in Pakistan like Oscar stand out more because of its ability to manage inventory, create and analyse smart reports, and handle tricky accounting for you.
Investing in such a software will surely keep you on top of your business.
4) When surveyed, 40% of respondents said they feel smart when they find the best deals
This is all about customer behaviour. When you give them the power to make a positive choice, they immediately link your retail store with emotional satisfaction. After that, the equation is simple: satisfaction for customers = profits for you.
Therefore, start offering discounts, deals and gift cards to customers on a timely basis so that more people find satisfactory experiences in your store. Using customer profiles like the ones Oscar provides helps you create and share offers that your customers want – adding just the right flair or personalization.
5) 10% of commercial value of a brand comes from the way their stores look
The next time you hear someone say, “The first impression is the last impression”, pay close attention to it. No matter how much you invest on billboards or digital advertising, a part of it will be thanks to how your store looks.
Invest a good portion of your money, time and energy on your store layout; make sure it’s spacious, unique and carries the aesthetic that suits the entire tone of your brand. It can be rustic, traditional, modern, minimalist – the choice is yours. Check out how to pick the best layout from your store.
6) Shopping is a learned skill assisted by things like POS displays, product packaging and in-store signage
When people say shopping is a skill, they’re not wrong – it requires people to process information to get exactly what they need. That is no easy task.
You as a retail store owner can make an expert shopper out of anyone by aiding the entire experience. Create interactive, simple product packaging to attract customers; using signage in stores can help guide customers to the right product. Even tablet-based POS displays like Oscar make this task ten times easier by giving an impression of a tech-savvy era.
7) Retail heavily relies on trends, demographics and seasonal ups and downs
You could run a beautiful store with the best customer service all you want – no one will want to buy your products if they’re not interested.
This shows just how unsteady retail can be if you don’t make the right decisions – you just might fail if you don’t follow trends and meet customer demands. Therefore, stay updated with the latest trends; check the internet, and find what’s popular among your target audience, and find ways to merge that with your products. The more dynamic you keep your store, the more people will be automatically attracted.
With these key facts in your mind, you will have surely gained the right tools to run your retail store the right way.