Running a store can be a rewarding way to interact with your community and earn a living. But day to day, it’s also a series of hurdles. One of the biggest challenges for many small retailers is knowing how to protect what they’ve built – after all, it only takes one unplanned disaster to bring a thriving business to a screeching halt.
With appropriate business insurance in place, unexpected disasters don’t have to mean financial ruin. But how do you know which policies to choose? Every business is different, but the following questions are ones we hear most often from our retail clients. Take a look at the answers to get an idea of how business insurance can help you protect what you’ve built.
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Anyone who’s ever tried to give up chocolate or put in more time at the gym knows that bad habits are easy to form but hard to break. And in the monkey-see-monkey-do world of retail sales, one person’s bad habit could spread to the entire team; bad habits equal lower sales and declining revenue.
Have you identified the top ten worst retail sales habits? No? That’s fine, because we did for you. Here they are, along with a few ideas on how to stop them.
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As a retailer, you are dependent on the quality of your suppliers. If you are manufacturing end product items, the piece is only as good as its weakest part. If a consumer product fails, it will cost your company its reputation, but if an industrial product breaks, it can cost you money and, in the case of criminal litigation, your freedom. Consumers expect that certain standards are met when purchasing a product. It is the retailer’s job to ensure that suppliers are compliant with these standards.
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Showrooming has plagued brick-and-mortar retailers for many years, with e-commerce quickly chipping away at in-store sales. Recently however, experts report the rising trend is actually the reverse - shoppers are now exploring options online before buying in-store. According to a 2014 report from BI Intelligence, reverse showrooming, or webrooming, is actually more common among U.S. consumers, with 69 percent of consumers researching online before transacting in-store.
Though webrooming indicates in-store purchasing behavior may be on the rise, retailers are not yet out of the woods. The act of showrooming and the rise of e-commerce is still a very present threat to brick-and-mortar retailers. The following strategies can help retailers make the in-store experience relevant again and, in turn, increase retail sales and drive customer loyalty.
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How the Right Tech Can Green your Business and Win Customer Favor
The shops and restaurants that line each and every “Main Street” breath life into their communities. On Earth Day, we are thinking about how those businesses can be even better neighbors by going green. With the right tech tools and a little thinking outside the box, retailers can go green while saving a little green along the way.
There are many independent retailers that are making a difference for their customers and in their communities. We’ve put together five easy ways you can “green” your business this Earth Day and be a brand your community is proud to support!
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Sure, extended warranties are often misunderstood by consumers and salespeople, but for retailers they can be used as a competitive advantage that can maximize product sales and build customer loyalty. No matter how careful customers are, the fact remains: products still break or malfunction. If not covered properly, that new fridge or dishwasher could end up costing far more than anticipated – and then nobody’s happy.
By effectively offering extended warranties on big-ticket items, sales associates can ease the perceived risk customers feel when making big purchases. Done effectively, this can reinforce the buying decision and improve the customer relationship.
The effective sale of extended warranties starts first with the right warranty partner and plan. But, with hundreds of warranty partners all claiming to be the right one for your company’s needs, the process of selecting a partner can be a big roadblock.
Sound overwhelming? It doesn’t have to be. Here are three key questions you should ask that will help you select the right warranty partner.
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If you’ve ever bought an expensive umbrella from a street vendor on a rainy day, you’ve experienced dynamic pricing. The vendor sets his price by evaluating multiple factors – his inventory levels and pace of sales, the weather, the customer profile (tourist or local), competition levels, the day of the week (holiday or not), and traffic at the location. These days, dynamic pricing is becoming increasingly prevalent, as consumers experience it when buying everything from plane tickets and sporting event tickets to taxi services and even ski tickets.
It makes sense – there are many factors that go into pricing for all types of goods and services. Take skiing for example: weather and snow conditions can change consumers’ perceived value of a day on the slopes. Likewise, it matters to sports fans which opponent their team will face in any given game, and as a result, they’re willing to pay more for some games than for others.
Dynamic pricing has always existed. Whether it is changing prices based on store location or markdowns, retailers have always used price as a key lever to increase margins. What’s changing now is the availability of vast volumes of data related to the digital “footprints” that consumers leave behind as they interact with retailers, and the ability to analyze that data. This data can help retailers anticipate consumer behavior and determine what elements have the biggest impact on price elasticity.
If you have been in the retail business for many years, you have discovered the simple key to survival: customer satisfaction. A happy customer will become loyal to a retail business for a lifetime and allow you to weather through slow sales periods. However, finding the right way to please your customers is difficult, as every one of your competitors is trying to draw those same customers to visit their stores. About 55 percent of business owners in the U.S. believe that customer service is the top way to differentiate a business from competitorsin an effort to retain customers, according to the Sage's Business Index.
Utilize the following strategies to make your customers happy when they shop at your retail store.
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