Do you have a successful business and want to expand your empire even further? At Displaysense, we have some tactics for you to employ to take your business to the next level and expand to new heights. The strategies outlined are designed to help you to secure authority in your chosen market, expand your customer base and grow your business in the retail sector.
Grow your product offering
Expanding your product offering and services is a great way to step into new arenas without taking too much risk. You can start by assessing your current product offering and considering related products and services. Another way to grow your product offering is by asking customers what they want to see from your business. Are customers asking for products or services when they enter your store?
Some products feel like a natural fit and make sense for expansion. An examplecould be a children’s clothing store branching out to sell children’s footwear. Alternatively, you could provide a service for your customers – if you sell children’s footwear, why not offer a shoe sizing service?
Enhance Customer Service
To encourage repeat customers, ensure your customer service is the best it can be. Customers are more likely to recommend a retail store if they feel welcome and feel like the staff within the store can help them with useful information regarding their purchase.
Give your staff insightful product training and regular training sessions on delivering excellent customer service. This will ensure that your staff are well-equipped to handle customers in-store, and as a result, you will be able to secure repeat customers and recommendations for your retail store.
Expand by optimising a range of sales channels
If you are looking to expand your retail store, one of the best ways to do so is to diversify your sales channels. This minimises the risks of opening a new store and can help you create new revenue streams for your retail business. But what are the sales channels you can expand into?
E-commerce Online Store
If you don’t already have an online store, you should consider setting up one as a priority. An online store can help you reach new audiences, establish a following and exposure, and increase sales. Online stores are easy to set up, and if you integrate your stock levels with your POS system, you don’t have to worry about keeping track of your inventory online. Once you have established this, you can promote your online store through marketing channels or leave it to run and let your in-store customers know that you have a website through noticeboards and pavement signs.
Utilising an online presence and creating an Instagram store can help you expand your sales and presence online. Showcase your products through lifestyle imagery and help your customers imagine what your products could look like in their homes, wardrobes, etc. The built-in shopping feature on Instagram allows users to tap on products and be taken to your online store to shop. Expanding this way will allow you to be creative with imagery and potentially increase your online presence and sales.
You can expand your sales by adding your stock to online marketplaces like eBay, Amazon and even Etsy. Some customers prefer to shop on marketplaces, and creating an account on these platforms to sell your products is a way of expanding and tapping into those customers.
If you want to create brand awareness, you can place cards in your orders that give your online address and any social media profiles you may have for added exposure.
Expand Locally and further
Expanding your business by opening stores in another location is a common expansion tactic for successful retail businesses. This will allow you to have more offline presence in another location. A physical presence in another location will expand your reach and increase your potential customer base.
If you are looking for advice on opening a new store, check out our article How To Open A Retail Store On A Budget which includes tips and tricks on the most economical ways to branch out into opening more locations.
For specific information on how to open a fashion clothing store, our guide, How to Start Up a Fashion Clothing Store, includes handy strategic tips and a full list of equipment needed to open a fashion retail store.
Set up a pop-up store
If you don’t think this is an option you can afford, you can always test your desired location with a pop-up store. To do this, take a sample of your products, rent a temporary store, or go to a market stall and set up a stall there. Check out our guide on Market Stall Display Ideas to Grab Attention for a checklist of the different types of equipment you need. Setting up a pop-up store allows you to test the demand of your business in a new area before taking the jump and establishing new premises.
Expand through partnerships
Expansion opportunities exist with competitors and local people with influence. You can expand your business by partnering with local businesses to extend your reach and cross-promote through their influence.
Identify affinity-based customer groups for your store with other local businesses and collaborate with them to promote one another. An example is a sports clothing retailer partnering with a gym or fitness supplement store. Association with brands that sell complementary products can be successful. Be cautious when opting for this tactic; you don’t want to draw attention to a competitor without receiving anything in return.
Expand your retail business with Displaysense
At Displaysense, we have everything you need to set up a new business, and we help eliminate the hassle of creating a new retail store. Discover everything from clothes rails to display cabinets within our range of retail equipment. The collection of retail display products features display and merchandising products such as clothes hangers, steamers and more to ensure you can deliver a premium shopping experience for your customers.