Surviving the Retail market

A retail market is a highly competitive place and businesses or retailers who can't keep up with the competition are pushed out in no time. Everyone wants to make sales, make profits and still stay in business at the same time; hence there is no opportunity for dilly-dallying. A retail market is simply a market for buying and selling. Imagine yourself in a marketplace with so many people selling almost the same things and other buyers moving around trying to get a good bargain for their products as well as each seller trying to outshine the other. Yes you thought right; it’s very competitive. But no need to get discouraged if you're planning to start your own UK retail business as I'm about to share with you some survival tips in a retail market. If you are already in the business, this might help you stay relevant as well.

Survival measures in a UK retail market

  1. Be known for something
  2. Like we often advise people to always stand for something, your business should be famous for something; something positive and unique. It might be you customer service, pricing, packing of goods, quality of products, authenticity, even the outlook of your retail outlet. The idea is for you to impress customers with a particular aspect (if not all aspects of your business) that is unique to only you.

  3. Understand why you are in business
  4. What is your brand all about? What do you hope to achieve? What is your target market? What consumer needs do you plan to meet? What are your brand policies? These and more are questions you need to effectively answer if not, you'll find you and your business in the lost in the middle of a retail market.

  5. Always put your customers first
  6. Most retailers know this and even say it more often than not, but do not practice this. What does it mean to put your customers first? Customers are more important than the money you imagine and are a very good tool to keep your business alive. Shocking right!? The more customers you have, the more sales you make and guess who pays you the money you dream about? These same customers. Realize that a large customer base in any business is the key factor for its sustainability in competitive markets.

  7. Never be afraid of change
  8. Times are evolving; your business has to evolve as well. Never be afraid to try new ideas and innovations. Be creative. Creativity never hurts. Instead it opens you up to new beneficial ideas. Be dynamic!

  9. Treat store associates as your biggest assets
  10. Store associates are sales representatives, workers who have direct contact with your customers. They are more like your brand ambassadors. They represent your business. These people should be treated right as well as importantly as one word from them could improve your business or burn it to the ground.

    Always remember that customers always have a reason to visit a store more than once, it is your duty as a retailer to give them that reason and keep them coming back for more.