Tips for Brick and Mortar Investors

Although people have embraced online retailers, brick and mortar stores are not dying out. They are evolving and changing to better meet customer needs. Brick and mortar retailers need to give consumers a reason to visit stores instead of making online purchases.

 

Anyone looking to invest in a brick and mortar business should look at its business model and practices. This will help you choose a retailer whose odds of succeeding are high.

 

Customer service

 

Delivering good customer service is critically important. It can help businesses retain customers. Make this message part of employee training. Aim to give your customers positive experiences. This goes hand in hand with good customer service. It’s smart business to work at retaining customers rating than trying to get new ones.

 

Offer convenience

 

People value convenience tremendously today. Stores who offer this have a better chance of succeeding and growing than those who don’t. Make it easy for customers to shop and make purchases. Consider offering free shipping of products to store. Customers can pick up purchases there.

 

Niche business

 

Classic business advice is to find a need and fill it. Niche businesses have products that people either want or need and are not readily available elsewhere. They offer services and products that will appeal to a narrowly defined customer base.

 

Shopping perks

 

Discounts, loyalty rewards and price matching are popular features to shoppers. They will help attract customers. People love to save money. Offering a price-match guarantee means people won’t feel they overpaid for something. Have product samples and demonstrations. They can enhance the shopping experience.

 

Hybrid option

 

Successful retailers will offer customers the in-person shopping experience as well as an online shopping option. In this situation, stores can offer sales on products in store only as a way of bringing in customers. Have an order pickup station to expedite purchases.

 

Knowing target market

 

What’s the best location for this type of business? You want the location of the business to suit the type of customers you want to attract. This can be an effective way to grow your customer base.

 

Some brick and mortar businesses have adapted to consumer wants and needs. If people run out of certain products that they use daily they will go to the store to get them. These include drugs and personal care products. Waiting for an online purchase would take too long. Pet supply stores also have continued to do well. Many have become pet-friendly and host in-store events. These are just a few examples. There are many more.

 

Many people enjoy shopping in brick and mortar stores. They like to browse, try on possible purchases, and discover new products. Creating positive experiences for them can help a business succeed.

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