Top Trends in Business Retailing
Small businesses have a significant influence on the retail sector. In the age of technology and globalization, business trends are constantly changing and retailers need to follow them in order to stay successful in the industry. For small businesses to survive, they must be aware of these trends and plan according to their advantage.
Below are some of the trends that small businesses are aiming towards:
For small businesses, the goal has always been to “personalize” a customers experience to ensure their loyalty. With the help of technology, customers can order products online, enjoy fast checkouts and easier refund policies. Small businesses are at an advantage if they follow this trend as they are more flexible and tend to know their customers individually. They are more apt at personally interacting with their customers and it ensures long term loyalty. Since customers want to feel special when they walk into a store, small business owners can make use of this trend to increase their market value.
- Value for money
Customers are always looking for good quality products for lesser prices. Small businesses can use their resources on certain high quality products to save costs and price for less; customers always look for quality rather than quantity. Instead of selling a huge variety of products that, perhaps, might never be bought by customers, small retailers can focus their capital on a few products to make sure customers keep coming back. Better prices + good quality = satisfied customers and increased revenue.
- Increased competition
The retail industry has grown more and more competitive because of globalization. Competition is a tough reality that small businesses tend to face and mostly odds are stacked against them. Small business owners find it hard to fight off the competition set by large scale businesses and multinational companies. The reliable recourse for small businesses to survive is to find a gap in their product offering and fill it. The key is to become a specialist at something. The real strengths of successful small independent retailers revolve around specialization, differentiation and finding profitable yet sustainable niches.
4. Community service
More often as giant retailers move to new geographical locations, certain communities find their presence troublesome in terms of pollution, noise, unwanted traffic etc. However, small retailers are at an advantage since they don’t take up too much of the community’s space, they don’t pollute nearby areas and most certainly they do not disturb on going traffic. Certain communities prefer that shops and retailers cater to their customers needs and provide them with the products they demand; small businesses can provide such efficiency to a local community while respecting the laws.
5. Social networks
Social networking has become a significant driving force in the retail business. Small business owners need to learn how to incorporate social networking sites like Facebook and Instagram to build relationships, engage in conversations and help people out – in order to bring more revenue and customers. Creating a presence on social media channels has become fundamental for small retailers to stand out from the competition and attract customers.
Harnessing these skills and trends is paramount for small businesses to make certain that the competition does not drive them out of the industry. Small independent businesses have the potential for growth and influence; with the right amount of skills and planning they can become very successful.