Tourism presents an amazing opportunity for retail business owners. CNN reports that the travel retail industry has grown at a rate of 8.4% from 2006 to 2016. And it’s estimated to be worth $85 billion by 2020. If you’re operating a retail storefront in a location with a booming tourism industry, you have different considerations than the average business owner. You’re serving a completely different type of customer. They’re not local. They may or may not know the area. Their shopping needs are different. And that means the opportunities for retail are different.
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This season of giving to others is quickly becoming the season of giving to oneself — largely with the goal of self-improvement via New Year's resolutions.
After weeks or even months of purchasing items for others, it’s time to treat yourself. And if it’s for the betterment of health, happiness, or overall well-being, there’s a better chance for retailers who fit within related verticals.
Almost half (45%) of Americans usually make New Year’s resolutions. And though most of those ambitious resolutions fail, that doesn’t mean that consumers aren’t putting their best foot forward — at first.
GoBankingRates conducted a survey to see what resolutions people plan to make for 2018, and they found the following to be the most popular:
- Save more, spend less
- Pay down debt
- Enjoy life to the fullest
- Live a healthier lifestyle
- Increase my income
- Spend more time with friends and family
Many of these resolutions support one another. For example, losing weight may help one to enjoy life to the fullest. Saving more may offer you the opportunity to spend more time with friends and family.
And developing these self-improvement goals doesn’t just benefit those making those ubiquitous New Year's resolutions — these objectives can lead to higher demand for products and services in specific retail niches. If a product can help a consumer reach their goal, you can bet they’re willing to invest in it.
So as 2018 approaches, retailers offering the following products have a unique opportunity to capitalize on some of our top resolutions.
According to data from Cisco, 96% of consumers prefer to shop at stores that have free WiFi, and they’re also more likely to return. And Oracle found that almost 60% of shoppers actually demand in-store WiFi.
When retail changes as quickly as it does in today’s market, it’s more important than ever to constantly innovate and look for the next opportunity. One way to do that is through brand partnerships.
While collaborating with other businesses can certainly expand your reach and build buzz, it can also expose you to new ideas and tactics. You can test these new concepts before doing a full-blown integration into your business. And when it works, early adopters are seen as innovators.
Check this list of seven innovative retail partnership examples to find inspiration for your next collaboration.
For retailers, relationship-building is essential. Relationships build trust, and without trust, retailers have an uphill battle to making sales.
Nearly two-thirds of global consumers consider brand trust to be of great importance, and when retailers build that trust, they’re empowered to do much more than close a sale.
Brick-and-mortar retailers have the opportunity to create physical communities of those loyal customers. These communities provide tangible value that keep customers in stores longer, bring them back, and spread your brand story through word-of-mouth referrals.
92% global consumers trust recommendations and imagine the amplification if you had a whole community of word-of-mouth marketers recommending your store to their friends and family.
But building community takes more than just building trust. It takes the right physical space, the right cause and dedication from your entire team. And here are some ways retailers can move forward with creating a community around your brand and building an engaged customer base as a result.
Selling at events offers a wealth of opportunities for all kinds of retailers. Whether you have a brick-and-mortar store or not, numerous of product lines or just one, it can be a way to generate awareness and conduct sales in a new environment.
But when it comes to choosing events to sell at, it can feel like you’re shooting in the dark. What if you don’t sell anything? Does that mean it’s a failure? What does success even look like? Those are questions that are hard to answer if you don’t analyze the event afterward through a true post-mortem process.
Not sure about conducting a post-mortem? To help you move forward, we’re examining how you can dive deep into your event sales. Here, you’ll learn how to reflect on each event, analyze your sales and engagement data, and implement your learnings to bolster future event sales.
Consumers are no longer solely concerned just with price point. Purchase decisions are now being made with more factors at play, things such as brand differentiation, reputation, and customer-centric return policies.
But it’s hard to read a customer’s mind, and it’s also a challenge for retailers to figure out where they fit when compared with their competition.
Especially for retailers just starting out, it may feel like a lot of decisions are made on guesswork or instinct. Market research can remove much of that uncertainty, by helping you understand your industry, your target customer, your competition, and your product. And when you understand all that, your chances of success are a lot greater.
There are many agencies that you can hire to conduct market research for you, but if you’re on a budget, there are ways you can do it yourself.
Online and offline retail sales no longer work in silos. The Harvard Business Review published a case study about the role of websites in the modern-day retail industry. That case study found that many retailers are struggling to convert shoppers in-person — instead, consumers browse in real life and opt to make the purchase online at a later date (a phenomenon referred to as showrooming).
It’s an interesting dilemma, and it brings up the importance of a retailer’s in-person and online presence. And whether customers are browsing in-store or online first, those multichannel shoppers present a lot of value and opportunity for retailers. Why? Well, customers who purchase both online and in-store have a 30% higher lifetime customer value.
And more consumers are finding your website first. Almost all (96%) of online shoppers search for local businesses online. If you don’t have a website, you’re missing out on a lot of potential sales, whether you want to open an ecommerce store or not.
So, how can retailers capitalize on those website browsers? Here’s what you need to include and how to promote your brick-and-mortar shop on your store’s website.
Search engine optimization — SEO — is an important way to make sure people are finding your brand and your website online.
And though many might think SEO is just about using the right keywords, it’s actually much more complex.
Backlinks, page speed, keyword density, product ads — SEO encompasses so many things. If used effectively, it can make a major impact on both your ecommerce and brick-and-mortar retail sales.
Many SEO pros are still mourning the loss of Google’s Keyword Planner, but there are other tools available that pros and novices alike can use to up their SEO efforts, drive more traffic, and boost sales. So, here are 10 tools that can help retailers on their journey to optimizing your site.
The age-old question for most business owners is how to reduce expenses.
It’s an important, but not necessarily straightforward, issue to tackle. On one hand, there are endless ways to cut costs. But the flipside is sacrificing quality.
For many retailers, product quality is non-negotiable, even when cutting costs is necessary. And that’s a fair philosophy to stick to, considering customer satisfaction and loyalty are highly dependent upon product quality.
In fact, product quality is actually one of the biggest concerns for business managers across North America. But higher costs are often associated with higher quality, so retailers need to look at other facets of the business to reduce expenses that don’t affect their product.
Fortunately, there are cost-cutting methods retailers can lean on that don’t require a sacrifice in product quality. Here, we’ll round up a few of those methods for retailers to consider.