The retail market is highly competitive, and greatly influenced by advances technology. With the rise of the internet, the retail market was forced to adapt. The traditional brick and mortar stores are slowly being replaced as people are purchasing more and more online. Despite the internet’s reach, traditional stores will continue to exist if they remember these keys to success.
1. Human Connection
When dealing with a human audience, the field of psychology has taught us that people desire a connection with other human beings. The term to live by in tradition retail is engagement. Talk to your customers, show your customers that they are appreciated and help guide new customers through their needs. This will help maximize market share.
2. Positive Atmospheres
People prefer a positive atmosphere over a negative one. To create a positive atmosphere keep the store shelves organized, the area clean and the store well lit. It is important to keep a store uncluttered. People like to move around, so if there are too many displays or a poor store layout, they will keep people from coming back.
3. In Store Signage
Signage drives foot traffic to areas and items. Using signage to mark areas, highlight sales, and successfully navigate through a store will improve revenues and maximize sales.
4. Sales and Deals
People like the perception of obtaining a deal. Studies show that people will purchase items based not just on its sale price, but on the idea that they are getting an item cheaper than its normal value. This is true even if the item is not on sale. Highlighting on sale items, and marking highly desired items in a way that creates a positive perception will lead to larger revenues.
These four items are the most important parts of running a competitive retail store. All of the major corporate chains emphasize these values, and it has led many of them to succeed.