Starting a small business and establishing a running retail store is the hardest part. There are so many risks and unknown factors that come with this territory.
That’s why around 50% of businesses fail in their 5 years. Not just the process includes lots of work but being an owner, you need to take tons of things on your plate.
Well, if successfully passed the stage and running your retail business successfully, now it’s time for expanding it.
Growth keeps your business in the race and also you can improve along with better success. Also when your business is settled, and you plan to expand the retail. Well before you do, here are some ideas to go with.
Ideas For Your Retail Business Expansion To Considering
Once you get your business steady and ready for expansion. There are lots of questions that might be bugging you.
No doubt, expanding your business gives you more opportunity for success but with this, you get more customers to target.
Growth in retail also allows you to bring more ideas to life as you have a platform ready for the launch and customers to sell.
When you are expanding your retail store, here are some ideas that you can consider :
1. Add More Channels For Selling
One of the ways that can help you in getting to expand your retail business without needing the locations. You can choose different selling channels since there are lots of options it gives a range to sell.
Some of the options that you can consider :
Start Online Store
You can consider starting your online store. Take your retail business to online platforms to target more customers. Depending on the range where you can deliver the services, you can limit your business or expand as per your liking.
Similar to Bundle Boutique in Christchurch, NZ as they started their business targeting the moms and children.
They kept their business running for six years before they took it to the online platform. Offering childrenswear and maternity clothes to more people.
Bundle boutique used the opportunity by targeting the wider audience and growing the business, as result they received more customers over the night.
According to Eneka Burroughs, the owner of Bundle Boutique said that within 72 hours after launching the store, they received around 46 orders which are 80% of their new customers
Switch To Mobile
People are looking for a more convincing way to do shopping and today, mobile is playing the biggest role in that. Expanding your business to mobile can give you more access and connectivity with your audience.
If you have an online store, you can simply switch to your website for the mobile. And there are lots of eCommerce platforms that offer the mobile capabilities to sell your items on go.
Also when you are switching to mobile, it’s important to keep your website light and accessible to support the multi-devices.
Using online marketplaces such as Etsy, Amazon and eBay can help your business to add more streamline to the revenue system.
Consider the example of Carrot Tomato who is selling giftware and home stores. They are selling their products in their retail store but also added the business on the eCommerce site.
Carrot Tomato also sells its products on eBay. The founder of the store, Mai Wog said that they selected eBay as it was the most preferred platform by their customers.
With this, they are having more sales and driving traffic for their store. Also, they added the business cards along with their eBay order when they do the shipping.
Expanding your business to social media gives you an even larger audience and along with that, you can explore more opportunities.
Most of the platforms like Facebook, Instagram, And Pinterest have direct purchase options. It gives the right options so the buyers can do shopping as well as follow your page.
2. Increase Your Product Line
One of the effective ways and ideas you can consider is expanding what you are selling. It can help you increase the opportunities for the business.
Also, it boosts the brand image and you can use this for introducing a new line for the products as well as services.
You can consider options in products that relate to what you are offering. Also, you can add the ‘ extra’ so the shoppers can purchase when they are about to do their shopping.
For example, adding last-minute items targeting kids can increase the purchase especially when they are with their parents.
It also encourages impulse purchases.
Along with this, you can add something that can benefit your main product. For example, if you are selling outdoor equipment or products, you can sell environmentally friendly products. products too.
When you do the expanding of your product line here are few things to check :
- Make sure you check the new items and test so it adds more value to an existing product
- Add the POS system to keep the products to make this easier.
- Keep the product detailed and have a performance report for checking the overall results.
Do a survey and ask for feedback from your customer to understand how it’s affecting them.
3. Add More Locations
The most obvious idea to go with expanding your business by adding a new location. You can expand by taking your business to another area, block, or even a different state.
However the idea includes tons of work, it requires the same amount of effort like you did with your main retail store along with a good amount of investment.
It’s not simple like copying your business to another location. But also it gives you a new location and a new base of customers.
Keep your procedure, policies, and other services on point. Along with that, you are going to make new strategies, ideas, and plans as you consider the new environment.
There is no doubt, adding location can increase your business, and it’s an ideal example of expanding the retail store too. But it’s important to keep it in the right way.
4. Set Your Pop Up Shops
Pop-ups are one of the ideas you can choose if you are looking for fun and keep your customer excited.
Also, it’s affordable and relatively much easier to start right away for expanding the retail business. Apart from these benefits, there are lots of reasons why you can choose this.
With the help of pop-ups, you can help in getting better interaction with your audience.
- Pop-ups are a simple and easier option to get the attention of local media, influencers, and outlets.
- If you are planning to start a new product, pop-ups are ideal for trying out how the people will respond to it.
- With this, you can move slowly and use inventory to clear as much as space you require from the warehouse.
However, the pop-up is not considered as the growth but you can consider this as the first step that you can take towards better success and expanding the business.
5. Partner With Different Business
To introduce your product in a much safer way, you can consider the partnership with different businesses. You can consider it for expanding the market, services, and starting with the new establishment.
Partnership with different businesses allows you to bypass the majority of parts that includes investment. Also, you get more resources, infrastructure, and reach to target the audience.
You can find some other local business but make sure you are not in competition with them.
Also do not choose a business that is doing a totally different thing or have an audience.
You can use the partnership for establishing your brand in a new environment or locals. Also, you can pair it with other strategies so you can save the hassle and investment risks.
6. Focus On How You Are Selling
It’s almost impossible to find a product that is nowhere else. So what if you are selling something that no buyers are looking for? Focus on what you are offering first and how you are pitching the customers.
Make sure to differentiate how your brand is not similar to the competitors? And keep your services top-notch.
There are always more people who are coming to the market and offering new substitutes. However, still, no one can replace the great good and services.
You always get the space if you are looking for offering customer services and quality products.
7. Work On Shopping Experience Improvement
Well in a market where customers have tons of options and they can switch to any other options anytime they want. It’s important to improve their experience when they are doing business with you.
Creating a smooth shopping experience can help your customers will keep your business in the right direction.
For that, you can consider these points too :
- Offer samples if you are launching new items in the form of products and services. People are more comfortable trying the samples before committing to purchase.
- Using eCommerce for selling the product but also make sure to optimize efficiency and speed.
- Focus on improving the first impression of your product
- Start by offering a training program to help the business to learn team about product
8. Invest In Modern Way Of Marketing
There are a lot of ways that retailers have to market their business. Also apart from traditional options. You can consider a lot more options expanding for the business.
- Start with building the website and go with boosting the organic search
- Set your google business account to find more about the business and also it’s free of cost.
- Start with an email campaign to understand more about the contact related to promotional stuff.
- You can do the advertising online, and use it or google bing, and more social media stuff.
9. Keep Your Research On Point
For a small business, it’s crucial to keep the research on point. No matter where you are starting your business, you are going to need to do the research before.
Also with this, you are going to research how your competitors are working and what other options are there for the market to expand your business.
The strategy you can adopt is to keep your research going so you know where you have the opportunity and grab the points where you successfully grow your retail business.
Also, keep your focus on going trends and consider all the possibilities that can help the business. It’s important to understand the area before you search to expand.
Frequently Asked Questions ( FAQs)
The business expansion helps your store to get more options for having opportunities and having a broader audience. Apart from this, you can increase your revenue and sales to grow your retail business.
The business should expand if you think you have more to handle. Also, there are chances you are running out of space and you want more to grow. More customers want your services and maybe your current business is putting limitations on that.
The important point that includes here is understanding the new environment and educating your team according to that.
It’s not possible that your strategy and plans give you the same results, so you have to start with the beginning.