Archive for the ‘Retail’ Category
Retail Businesses: Learning How To Compete
Consumers tend to be creatures of habit. They find something they like, something that meets their needs and they usually stick with it.
They tend to only change when something really, really compels them to do so – and that is not always price.
Retail businesses face a lot of competition; from similar size stores, online marketplaces and big box stores. These entities, if not managed for, can easily drive your retail company out of business.
But, all businesses lack something. And that something is shelf space.
No business can carry every item or even every style, shape or flavor of every item.
What this means is that these businesses or any business for that matter can’t satisfy all customers. And, if a customer cannot be satisfied, that is an opportunity for another business – namely your business.
Is retail on its way out or can it still compete? Keep reading this article at Go Articles.
Black Friday Sales Hit Record, Says Report
Preliminary reports for Black Friday indicate that retailers may have seen their strongest sales ever during the all-important kick-off to the holiday shopping season.
Retail sales on Black Friday climbed 6.6% this year to an estimated $11.4 billion, according to ShopperTrak, which tracks foot traffic at malls and stores. Last year, sales climbed just 0.3% to $10.7 billion, which was a record one-day sales amount at the time, according to the company.
“This is the largest year-over-year gain in ShopperTrak’s National Retail Sales Estimate for Black Friday since the 8.3 percent increase we saw between 2007 and 2006,” said ShopperTrak founder Bill Martin. “Still, it’s just one day. It remains to be seen whether consumers will sustain this behavior through the holiday shopping season.”
Great news – will the spending continue? To find out go to this article at CNN Money.
Retail Businesses: Learning How To Compete
Consumers tend to be creatures of habit. They find something they like, something that meets their needs and they usually stick with it.
They tend to only change when something really, really compels them to do so – and that is not always price.
Retail businesses face a lot of competition; from similar size stores, online marketplaces and big box stores. These entities, if not managed for, can easily drive your retail company out of business.
But, all businesses lack something. And that something is shelf space.
No business can carry every item or even every style, shape or flavor of every item.
What this means is that these businesses or any business for that matter can’t satisfy all customers. And, if a customer cannot be satisfied, that is an opportunity for another business – namely your business.
Have you ever gone to a store to find a certain brand or a certain quality only to find that they either don’t carry it, quit carrying it or just are simply out of it (shown by the big empty space on the shelf where the item use to be)?
I know I have. If you have, then you understand that feeling. The feeling that you either have to go somewhere else (big waste of time) or settle for another item; an item that you either don’t want or that does not fully meet your needs.
Knowing that any one store (online or off) cannot be all things to all consumers opens up several ways in which retail businesses can compete – even against those big box stores; here are three of the top ways:
To see some ways that your business can compete go to Business Money Today.
