Questions You Need To Ask Yourself Before Starting A Retail Store

With the advent of smart technology and phones- buying and selling of products and services online, has been one of the hottest topic since quite a while now. But, that does not mean you need to curb the idea of investing in a brick-and-mortar store.

Unlike online shops, a traditional store does not only allow people an ability to feel and touch products, but also, offers them an inviting and engaging shopping experience. Considering the fact, there are many people who still prefer to shop from a brick-and-mortar store. However, not doing your homework prior to the launch- may not bring you results as per expectations.

Things that you need to consider before starting your brick-and-mortar store

Q1- Is your product line capable enough to drive sufficient traffic to your store?

The foremost thing, you need to ensure your product line is capable enough to impact visitation level. With almost every product available online, it is very important you offer product assortments that can automatically encourage people to visit your store, even if they are available online.

For instance: Of late, handmade products are creating a buzz online, but art lovers feel more comfortable to purchase them offline. The reason behind it- allowing people an ability to feel the such product gives them an idea about the quality, which is still considered to be an important factor for making better purchase decisions on-the-go.

Selecting product line that gives a reason for people to visit the store, will ensure continuous traffic for your retail store.

Q2- Do you have the right demographics for your brick-and-mortar store?

After you have selected a niche product line for your store, next, you need to keep a tap on the demographics. Will your product line allow you target the right age-group, which plays a major role in store’s profitability?

For instance: If you are selling high-end electronic products, you need ensure a demographic of middle or upper income levels, as they will be ready to spend more than school groups and teenagers.

Before you open a retail store, make sure you have a market who are likely to visit your store and become loyal ones.

Q3- Have you selected a location and interiors that would attract people?

With the popularity of e-commerce, your store location and it’s interiors can be winning factors to attract people and encourage repeat purchases. Simply selecting a place and displaying products on the shelves, is not enough to encourage passerby drop-in your store. Instead, offering them a personalized welcome and engaging in-store experience will entice more and more people to step in your store.

For instance: Selecting a shop on the main road, designing an attractive board and entrance makes it easy to divert people’s attention and encourage them to walk in. Similarly, allowing an engaging shopping experience with the use of technology, will create a unique impression and attachment among people every time they visit your store.

Selecting a location and working on its interiors, will determine on how many people it diverts and turns them into loyal customers.

Q4- How can you differentiate yourself from competitors(if any)?

Apart from location and interiors, it is important to keep a tab on the competition. Take time and analyze ins-and-outs of your competitor’s tactics, to you differentiate yourself from them.

For example: If you learn that Amazon or one of the shops near to your store location is having the same product line as yours, how will you encourage customers to visit your store? Understanding your competitors well, you can experiment unique tactics and entice people to keep them coming back to your store, regardless to the competition.

To research about competitors prior to opening your retail store, is must to ensure you always target people with offers that are hard-to-deny.

Q5- Do you have an inventory management system in place?

E-commerce accommodates a wide range of sellers, making it easy for people to shop for almost every product over the web. Opening a retail store, and unable to fulfill customer’s order due to stock issues, even for once, can reduce overall business for your store. Investing in inventory management software that allows you to track and update inventory levels, is what you should consider to avoid stock outs.

For instance: Many online shoppers still prefer to visit a store before they make their final purchase decision, especially for the ones that are costly. Offering a personalized experience to customers, you can increase the chances of them making a purchase in-store. However, not having stock in hand will create a bad impression for your brand, as well as, people will not like to visit your store anymore.

Investing in an cloud-based inventory management system will ensure your products levels are up-to-date and you can easily track your inventory to eliminate stock-out scenarios for your retail store.

Godspeed!

Savio Fernandes

Savio Fernandes

Savio Fernandes is a writer who influences. Writing for over three years at Orderhive, he is currently focused in offering eCommerce and retail solutions for start-ups and medium business owners.

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