To grow retail business you might not set-up a shop in another location (just do that if it makes sense for your business). Innovations in both technology and business now enable merchants to increase their presence without shelling out funds on real estate. In this post, we will explore some of the ways that how you can grow your retail business. If you’re looking to invest in growth, the following options could be right for you.
Retail Expansion Idea 1: Expand to other sales channels
Many retailers can widen their reach by selling on new channels, rather than new locations. Have a look at the following options:
ONLINE MARKET PLACES
Other retailers choose to open up additional revenue streams by selling on online marketplaces such as Amazon, Flipkart, Jabong etc. Doing so enables them to not only increase sales, but also drive traffic to their branded eCommerce store.
More and more consumers are shopping on the go. Expanding to the mobile realm gives you ability to keep up.
Fortunately, if you already have an online store, going mobile may not be that difficult. Plenty of eCommerce platforms these days offer mobile capabilities. So, you should be able to sell to your on-the-go customers with ease.
So you think you have covered mobile and eCommerce ? Consider expanding to the social media realm as well. If you have a large and engaged social following, it may be worth exploring social selling opportunities.
Retail Expansion Idea 2: Expand product and service offerings
You can add new items or services to your catalogue to help you grow your business. A great way to go about this is to think about any related products or services that you can sell. Do shoppers request anything in particular? Is there anything they really need, but you aren’t selling yet?
You could also look into offering services on top of the products you already offer. Think of ways to help customers make the most out of what you’re selling and see if you can provide those services to them.
Retail Expansion Idea 3: Expand to other markets
Some retailers diversify their products and services even more, by moving into new markets. Of course, to venture into a new market comes with risks. So before diving into a whole new customer base, do thorough research and test your ideas. It also helps to know that that there is already an existing demand in that particular market.
Retail Expansion Idea 4: Pop up in other places
If you are really set to expand into other geographic markets, but don’t have the funds (or the confidence) to set up a full-fledged retail store, consider setting up a pop-up store instead.
In addition to helping you minimize spending (up to 80%), pop-up stores allow you to test the waters in a particular location so you can determine whether or not it’ll be worth it to set up a more permanent store.
Hope these ideas turn out to be good enough for you to grow retail business.