Five Habits of Successful Retailers
There’s a saying in retail that the “customer is always right”. While this motto is often relevant for retailers and other business owners alike, letting customers call all the shouts won’t make a retailer successful. And while every merchant is different and every store has it’s own demands and goals, the following habits are repeatedly observed among many successful retailers.
Habit One: Prioritizing is Key.
Retailers are busy folks, with those not in the industry often misjudging just how much is on their to-do-lists. From ordering inventory to researching market trends to merchandising displays to training staff and planning in-store events to scheduling online marketing and more, running a retail business means constantly having something to do. With this in mind, successful retailers recognize the value in scheduling what is necessary to do and eliminating what is not. This also means recognizing that while some responsibilities are more enjoyable than others, all responsibilities must be prioritized to effectively run a successful retail business. Scheduling time limits and deadlines – even as your own boss – can help make retailers stay focused and on schedule, eliminating extra time spent where it shouldn’t be.
Habit Two: Letting Go Is a Must.
With a lot on a retailer’s to-do-list, who has time to dwell on the past? Sure, it’s easy to fall into this habit when mistakes are made or opportunities are missed. But more importantly, it’s better to learn from these scenarios. Retailers are bound to make poor inventory investments or have a slow month; however successful retailers analyze these situations as opportunities to learn from versus beat themselves up over. It’s important for retailers to move forward since after all, their customers already have. One of the best ways to do this is lean on data, which successful merchants implement into their store operations through a variety ways. This often includes incorporating a point of sale (POS) system, using social media monitoring software and tracking customer loyalty. The more retailers know through hard data, the better they are in supporting their customers.
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