Most painful issues of retail business
If you’re struggling to keep your retail small business afloat, know that you’re not alone. Here are top five obstacles facing retail small businesses, along with some encouragement to make your business the best it can be.
It’s a hard time to own a retail small business. With ever increasing competition from online businesses, it can feel impossible to keep up with consumer demands. And with so much information readily available online about any product under the sun, even the most knowledgeable of retailers can easily get schooled by their own customers! Add to that financing pressures and marketing challenges, and it’s a wonder small retailers ever manage to stay in business.
Creating and Maintaining an Online Presence
Online marketing is crucial to a retailer’s success. Social media marketing and a strong, user-friendly web presence help your company reach a wide audience for your products. But many small business owners lack the experience or the time to run effective marketing campaigns online.
Dashboard tools like HubSpot and HootSuite can help you easily create and pre-schedule marketing campaigns across several different social media platforms. Also, if you lead you website by yourself then you might need a user friendly admin panel to solve faster your retail business challenges. Here we can come in handle with our service. Check our works and choose what kind of web management you need.
Balancing Online and Brick-and-Mortar Sales
Many consumers now expect 24/7 shopping access and a very fast turnaround on delivery. Smaller retailers may not have the staff or the web functionality to make this possible, and may lose customers to big retailers who can.
Add to that issue the rise of omni-channel or multi-channel retail — the concept of providing an integrated shopping experience, whether customers are shopping in-store or online. An omni-channel approach can lead to more online sales, increased branding opportunities, and better customer satisfaction.
Also, you should think about return management system. Do you know how to make your client stay with you longer? Such obstacles are faced many retail small businesses since they haven’t considered the case of returns. Few years ago we were asked to create a SaaS app for Ecommerce stores and companies that allows exchange products for other versions, use returned goods as purchase-value for new products, or re-convert to store-credit. All through an easy and intuitive interface. This system can make you clients consider other options than return the buy and make them stay longer.
Meeting the Expectations of Highly Informed Customers
While all small businesses face their own challenges, retailers face major problems of the retail industry, and those obstacles are only getting more complex as e-commerce expands and as customers rely ever more on internet research before committing to purchases. But by staying informed and making educated decisions, small business retailers can meet these challenges head-on.
There are lots of services now that offers to create email campaigns and inform your clients, such as MailChimp, Stamplia, Beefree and others. All of them have their own pros and cons. Our team also decided to create or own email builder Stripo that allows to create professional and responsive email templates quickly without any HTML skills. Build you own email campaign and let your clients know about the latest news of your store.
America built way too many malls
There are about 1,200 malls in America today. In a decade, there might be about 900. That’s not quite the “the death of malls.” But it is decline, and it is inevitable.
The number of malls in the U.S. grew more than twice as fast as the population between 1970 and 2017, according to Cowen and Company’s research analysts. By one measure of consumerist plentitude—shopping center “gross leasable area”—the U.S. has 40 percent more shopping space per capita than Canada, five times more the the U.K., and 10 times more than Germany. So it’s no surprise that the Great Recession provided such a devastating blow: Mall visits declined 50 percent between 2010 and 2015, according to the real-estate research firm Cushman and Wakefield, and they've kept falling every year since.
So this is a heavy point to move your business into digital world to eliminate high competition, save on renting your store and attract way too wider audience than one that could visit you locally. And you already know who can provide you such a retail IT solution.
Lengthy Delivery Times
We live in an “Get it to me right now” culture. Thanks to the rise of the Internet, smartphones, on-demand streaming services, and other technologies, the average consumer - especially millennials who know nothing else - has been conditioned to expect immediacy in their purchase decisions. When it comes to purchasing physical products online, immediacy isn’t an option.
The reverse showrooming trend that was previously referenced involves consumers doing research and price comparison online, then visiting a brick-and-mortar store to make the purchase. Typically, the logic behind reverse showrooming is that shoppers don’t want to wait the three to five business days it takes for the product to arrive in the mail.
While Amazon has been using two-day shipping with overwhelming positive results, the truth is that most retailers can’t afford to implement this option. And, if they can, most shoppers won’t be able to afford the option. This is one pain point that needs to be solved in order to continue propelling the industry forward while simultaneously enhancing customer satisfaction.
There is a pillow that could simplify their waiting. Offer them a system that allows tracking the order. At least your clients will know where is the buy now and how much it takes to bring it to their door.
While the ecommerce industry is obviously thriving - all you have to do is look at the numbers - it’s also clear that there are a number of pervasive consumer pain points of that need solutions. In the coming months and years, the growth of the industry will be restricted by these challenges of retail marketing. It’ll be interesting to see how individual businesses respond. It’ll also be intriguing to keep an eye on brick-and-mortar, as this sector of retail has shown that it’s not willing to go down without a fight.
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