Brick-and-mortar retail was supposed to be dead. But while many legacy retailers have had a rough go of it, modern retailers, including boutiques, aren’t just surviving. They’re finding ways to thrive. Research shows that for every company shuttering its stores, more than five other brands are opening new stores to fill that space.
Today’s retailers can’t survive without at least some elements of omnichannel retail at work in their stores. This is especially true for businesses operating multiple store locations.
Your biggest purchasers and most vocal brand advocates play a huge role in growing your customer base, so it makes sense to try to attract as many of these ideal customers as possible. Here are some tips to get the ball rolling.
Launching a boutique is hard work, and growing the business is even harder. But there are great tools out there that will simplify your workload and help you accomplish more in less time—even if you’re starting out as a one-person operation.
Starting a retail business during a recession might not sound like the best idea. But for Nicole Whitesell, it was a logical next step following years of successfully selling products online.
Fast-forward to today, and Nicole’s business has grown into one of the top boutiques in the Portland, Oregon area with four locations and a thriving online store.
Marketing a small business means making tough choices when it comes to dividing your budget across campaigns.
It’s tempting to focus only on what you think will be the highest-ROI strategies, but it’s important to diversify your approach to make sure you’re reaching your target audience.
Want to increase customer satisfaction? Make sure you have a great return policy in place. Though some businesses think of returns and exchanges as a necessary evil of the retail world, there’s plenty of evidence that a customer-friendly return policy can improve customer satisfaction and even improve your bottom line.
You can’t help but love seeing a familiar face walk into your store. As you build your business, your most important customers are the ones who become your biggest fans and keep coming back.
The 80/20 rule is alive and well for retailers: Successful brands can expect to see roughly 80 percent of their sales from just 20 percent of their customer base. Just don’t trick yourself into thinking that low prices are key to building customer loyalty.
You want your customers to love your brand, regardless of how they shop. In-store? Online? Who cares, as long as they keep coming back!
In reality, it’s not a question of whether to prioritize in-store or online shopping; it’s all about creating a magnetic shopping experience. Most shoppers are using both channels on a regular basis, as well as mobile and social media. You need to be sure that wherever they go, they’ll have the best possible shopping experience.
It can be tough to separate fast-burning fads from meaningful trends that deserve your attention. But while “phygital retail” might sound like a punchy buzzword invented by marketers, it accurately represents a new—and better—way to build a retail business.