The small retailers brief guide to survival!
Retailers all over the world are facing a tough task with high street rents, and general running overheads eroding profit margins.
The biggest growth area is online shopping, the niche market retailers are all finding its difficult competing and getting physical customers through into the store.
There is no magic answer however “clicks and bricks” (online and a physical store) seem to be a very good solution to gain a much wider potential audience, there is nothing stopping the store selling to anywhere in Australia and beyond removing the uncertainty of a small town populations needs and requirements.
Firstly the store needs to identify what unique or signature ranges they carry, and try those products online in the first instance as people will be looking for and recognise these quality products plus the manufacturer will be able to supply excellent images which is key to success here.
The search engine optimisation, getting a database collated and generally promoting your ecommerce site via social media etc is vital to get the name out there
This will take time however in the long term should secure the business and allow you to add more product ranges to your online offer.
The 80/20 rule (paretos law) is a very good guide for any business, 80% of your turnover comes from 20% of your lines and the same for profit.
Find that 20% from sales data and you will go a long way to a successful business model.
Small retailers need some form of commerce to survive, putting the successful and profitable products for sale in this fashion will be the way forward for most, its not difficult or expensive and your store is open 24/7