Leading a retail clothing business can get a bit tough at times. You feel like you have nothing new to offer and sales start going down but don’t worry there is a way for your store to recover. These 8 tips might be able to help you get your sales back up in a matter of just a few weeks.
Examine Your Pricing Strategy
As a clothing store owner, you need to be very careful with how you examine your pricing strategy. It is crucial that you’ve considered the cost of goods that your retail shop will be able to make a profit of when you are purchasing and picking products for your store. You should aim to have a competitive price point, but also make sure that it is profitable. The perfect price would be the price that any customer is willing to pay for the product.
Provide Customers with a Unique In-store Experience
Every retailer is pretty much aiming to set their store apart from the rest. They try to implement new and innovative ideas in order to drive more sales. For instance, Urban Outfitters decided to introduce in-store pizzerias, while Club Monaco introduced libraries, floral shops, and cafes in their shops. All of these new and original ideas are there to give customers a completely new in-store experience. Try coming up with something creative and unusual to create a whole new atmosphere in the store and customers will be waiting in line to check out what you made.
Build Your ‘Brand’
Also, in order to stand out from all the other retail stores, you need to create your own brand. For example, try using a common theme for your products, your eCommerce promotions, or your store design. That is how you build your brand. Be creative and develop a brand that people would like to invest in. Build a brand that you can be recognized by.
Create Your Own Holiday
Most retailers usually only celebrate national holidays such as Christmas or July 4th. However, people really love to celebrate because they love the excitement that surrounds these holidays. So, instead of waiting for the next holiday to arrive, why not make your own? Take some of the fun things your customers love at your store or pick a certain theme and then create a holiday around it. People will enjoy the festivities and will most likely end up buying something.
Contact Suppliers for Quotes on Merchandise
Knowing how to stock up your store is also a key factor if you want to help your sales rise. Try to find reliable suppliers that can guarantee high-quality products and avoid overstocking. What you need to do is find the best items that fit your brand and the theme of your store for the best price possible. For instance, finding wholesale clothing online is one of the best options for discovering reliable suppliers that will get your store equipped with good-quality products. Also, consider buying items in bulk to save costs, but as we already mentioned, try not to overstock.
One of the easiest and most effective ways to get your sales up is to simply use social media. You need to find a social media platform that suits your store’s needs best and make sure you have a steady stream of activity online. Being consistent is the key. If customers see activity from you for a while and then suddenly there is a longer period of silence, they will know you are online only when the sales are down. Using social media can really help you grab people’s attention, so use it to your advantage.
Manage Your Money
Though it sounds obvious, being involved and well-informed when it comes to finances surrounding the store is very important. It is important that you don’t lose track of your store’s financials. You need to create a budget, know where every dime is being spent, control inventory, and keep an eye on cash flow.
Create an Event
Lastly, you can accomplish some of the best sales for your store by partnering with a local charity to organize a charity event in your store. This way you will be bringing people together for a good cause and raising awareness about a certain charity. A great idea would be if you gave, for example, a 20% discount for every donation. You’d be doing this discount when the customers bring their donation into the store and not as a ‘bunce back’ coupon for later. This is how you build credibility with your local community while increasing your sales and helping a good cause at the same time. It is a perfect combination of creating a unique event and doing something right for the community.
In conclusion, there are many ways you can increase sales for your retail clothing business. It mostly comes down to being careful about the finances, finding a way to make your store stand out and giving your customers what they want. Hopefully, these tips will serve you right so that you can bounce back into the successful business really soon.