According to statistics, the global retail industry generates more than $26 trillion in revenue every year. Indeed, retail businesses are some of the most lucrative companies in the world, but venturing into this industry doesn’t guarantee success. On the contrary, there are many floundering retail businesses that struggle to thrive. Whether you manage an eCommerce store or another online business establishment, you can achieve success with the following seven traits.
1. A Clear Identity
One of the most important traits for any business to have — but especially a retail business — is a clear identity for its brand. Customers must be able to distinguish your company from other retailers and easily identify it. You can establish your business’s brand by investing in a professionally-designed logo and developing a unique voice throughout all of your content. Visual elements such as company colors and design details can further reinforce your branding and make an impact on prospective customers. An example of an online retail store with a clear identity is Maplestore – they know who their audience are, and only stock products that suit their niche.
2. A Mission Statement
In addition to a brand, your company needs to have a clear mission statement that guides its efforts. For most retail businesses, the prevailing mission is to make a profit, but you need an objective that transcends financial goals. Think about the bigger picture and envision what you want to accomplish when your company encounters its target audience. How do you want to serve your customers — more importantly, how do you want to make them feel? Questions like these are essential to defining the mission of your company and eventually fulfilling that mission.
3. A Simple Purchase Process
Simplicity is an essential tenet of generating revenue. If you want customers to make a purchase, you must eliminate any barriers that may thwart them from doing so. Implementing streamlined point of sale software is the best way to achieve this and give your customers the tools to checkout with ease. In addition to eliminating customer stress, a great POS system can help you gain insights into your company’s revenue, make payments more secure, and integrate seamlessly into your business’s other platforms. These benefits will likely boost sales and help you increase your retail revenue over time.
4. Great Customer Service
The importance of customer service cannot be overstated. Every customer that you interact with deserves personalized service and acknowledgment. Too often, though, online retailers focus on grouping customers together in order to generate broad insights. It’s important to remember that the top companies offer great customer service by leveraging innovative tools and platforms. Consider using a software system that utilizes an algorithm, for example, to customize communications and give your customers a more personalized service experience.
5. No-Pressure Sales Tactics
High-pressure sales tactics aren’t just a violation of social boundaries — they’re also a professional faux pas in the world of retail. This is just as true online as it is in person. If your online retail business website is littered with intrusive advertisements and offers, customers will likely be off-put. Rather than relying on these tactics, you can exude confidence and generate sales by eliminating any pressure that customers may feel.
6. Products People Want
Of course, it must be mentioned that successful online retailers also offer products that people want. You can’t bank on great customer service and strong branding alone. You also need to develop a selection of product offerings that are genuinely useful and high-quality for your customers. If you need guidance in this area, conduct research to see what kind of products your customers want the most.
7. An Evolving Strategy
Finally, it’s imperative to develop a sales strategy that is constantly evolving. Your customers’ needs will likely change over time, and your business will need to change, too. It’s a good idea to assess your strategy annually or quarterly. Consider what new challenges have emerged and how your brand may need to adapt. This will help you remain relevant in your customers’ lives and continue generating revenue. Most importantly, it will ensure that you gain staying power in your niche.
Following these seven tips can give your online retail business the advantage it needs to succeed. With the right strategy and adaptability, you can launch an online business that meets your growth and revenue goals.
