It is no secret that the retail industry has undergone massive changes in recent years. With the rise of e-commerce, many Singaporeans now prefer to shop from the comfort of their homes. So does this herald the death of retail that some analysts have predicted for years? Not so, if recent statistics are anything to go by.
Nonetheless, the hyper-competitive market does indicate that retailers must make more of a concerted effort to continue growing and find new ways to appeal to consumers to survive and thrive. As a retail owner yourself, how can you achieve this goal? Read on to learn more.
1. Re-evaluate your business plan
A solid business plan lays the foundation for your brand to get off to a good start, and it will only become even more crucial further down the road when you plan to expand and scale your business. So if your business is not heading in the right direction, it might be time to re-evaluate your plan.
Revisit your brand purpose and vision established at the beginning. Are you closer to your vision? Have you stuck with your purpose? If the answer is no, then it is time to re-strategise and reconsider your approach to allow you to move closer to your goals.
We also recommend referring to your financial plan regularly to ensure it measures up to your day-to-day expense. Do not hesitate to make adjustments when necessary. Updating your plan along the way allows you to have a better understanding of your financial situation. As such, you can prepare contingency efforts and secure more funding accordingly – if things should come to that.
Remember, when you fail to plan, you plan to fail. Accounting for any and all potential failures allows you to consider every scenario. Hence, you can better identify the correct path to success. In the worst-case scenario, you still ensure your business will survive should your expansion plans fail.
2. Target the right audience
This strategy is a no-brainer, and it is even more vital in the face of shifting consumer habits. Ask yourself this question, “What problems are my business uniquely placed to solve? The answer to this will help you align your business purpose, brand, and target market and allow you to offer the most attractive products to the right customers.
Do not neglect to brush up on your customer service too. Customer experience is a vital part of the retail experience, and it is something most customers take into account before purchasing or recommending a store. It is also an opportunity for you to distinguish yourself from your competitors.
You may find that a reliable retail POS system can help significantly with this goal. It can speed up checkout times, ensuring customers spend less time waiting in line – something every shopper dreads.
A POS system with built-in customer relationship management (CRM) features can also help you identify your loyal customers and make implementing a loyalty programme a breeze. This way, you can show gratitude towards your customers and reward them with special discounts, enticing them to continue patronising your business.
3. Embrace technology
Some entrepreneurs in Singapore are hesitant about new technology due to the initial investment costs. However, we will posit that not taking advantage of technology is even more costly. For example, a robust POS system can do wonders for a retail brand and is more than just a check-out point for transactions.
In fact, a reliable retail POS system can help you manage your inventory smoothly. After each transaction, your POS system will automatically update your inventory database. This gives you a real-time record of your inventory levels, allowing you to know when stocks are running low. As a result, you can schedule the optimal time to restock to ensure there is always sufficient supply to meet consumer demands.
The transactions recorded in your POS system can also provide insights into how your business is faring. You can compile the data into a sales report, allowing you to glimpse which products are more popular among your customers. This gives you a better idea of the type of products your customers seek, letting you tailor your stock accordingly.
We hope what we have shared has provided you with a better insight into how you can expand your retail business. If you are excited to begin growing your brand, do not hesitate to contact Suntoyo Technology! Our team will be happy to assist you with selecting the ideal retail POS system suited to your expansion.