Most people aren’t aware of how the retail industry truly works and that’s why there’s so much confusion and misconceptions about it, and with the relatively recent impact the internet has had on the retailing industry many things have evolved and changed. In this list we’re going to go over the most common misconceptions about retail.
There’s little planning involved. The most successful businessmen know that planning is the key to success. If a retailer doesn’t know which market it is in, how much they should be charging for their products or which products could bring them more customers then they’re not doing the right thing.
A retailer that researches their customers and the currents trends will be more likely to be more effective at selling. Having good data on the expectations and needs of their customers is the best way to make proper calculated moves and having a well thought marketing and selling strategy will also protect a retailer from future complications.
Marketing doesn’t matter much. If someone wants to bring more customers to their retail store then they have to start a good marketing campaign. A good advertising plan will help a lot, this is because the more a retail store is known the more clients it will attract.
There are a lot of simple marketing campaigns that are truly effective, here are some examples:
- Distributing pamphlets
- Email marketing
- Social networks
- Radio and TV ads
If a retailer isn’t actively advertising their business then he isn’t being competitive enough, this is because they can lose clients to other retailers that do make use of marketing campaigns.
The internet is killing retail stores. While this is partly true as most of the trade has shifted to the internet, brick-and-mortar retail is still alive and kicking.
Contrary to the popular belief, physical stores are not closing, in fact, their numbers are growing. The reason is that they learned that their customers wanted a better experience when buying, this means better parking access, improved interior design and even good acoustics. Brick-and-mortar shops aren’t dying, they’re just evolving. Online and physical stores must complement each other, and both should offer a top-quality personalized service.
A retail store doesn’t need skilled workers. This might be one of the most common misconceptions, but skilled workers are wanted everywhere. Good workers in retail stores can make the difference between good and bad customer service as they will know how to treat their customers, they can also have product knowledge which will help when selling.
If you want to open a retail business then you should get rid of the thought that retailing is easy and simple, because that is a misconception that will prevent your business from growing. If you don’t plan enough your selling strategy then you will end with a store that doesn’t attract clients, but don’t be afraid, as long as you offer a good service coupled with a nice marketing strategy then you’ll end up directing a business that your customers will love.