Did you know that global retail sales grew to $26 trillion last year? By the end of 2022, we expect to see a further $4.9 trillion in growth. This is clearly an industry that has exponential opportunities, but to take advantage of them, you need to manage your retail store effectively.
There are many different elements that come together to ensure an impressive and profitable retail store that everyone loves.
With that being said, in this post, we are going to take you through some of the things you can do to manage a retail store successfully.
1. Schedule shifts effectively
There is only one place to begin, and this is by scheduling retail store shifts effectively. This means creating work schedules that make sense in terms of organizational constraints, employee availability, and staffing needs.
This is not easy, which is why you are advised to use a scheduling solution to automate this process. The last thing you want to do is end up leaving your store short of employees because you have made a manual error during the scheduling process.
With scheduling software, you will be able to prevent payroll-related mistakes, reduce lateness and absenteeism, track employees clocking in and out, optimize labor expenses, and create and manage work schedules for a number of locations.
You will also be able to enable shift swaps with quality software on your side. The software makes it a lot easier to do this, and it is a great way of keeping your employees happy as well. Flexibility is key, and shift swaps won’t hold your business back when they are done effectively.
2. Initiate outreach and marketing campaigns
A critical part of taking your retail business to the next level is expanding your current customer base and retaining your existing consumers.
Achieving both of these goals depends on effective customer outreach and marketing. Retail marketing helps you to reach new audiences, foster customer loyalty, and drive your bottom line.
Some of the different ways you can market your retail store effectively include:
- SMS marketing – Let’s be honest, we’re all attached to our smartphones, right? This reason alone is why SMS marketing makes sense. Consider sending special deals and discounts via SMS.
- Consider influencer marketing – Indeed, while many retail store owners may overlook influencer marketing due to concerns over cost, it’s crucial to focus on engagement rather than sheer follower count. Opting for influencers with real and active TikTok followers, who closely align with your brand’s target audience, can result in more authentic and effective promotions without necessarily incurring high expenses.
- Use your in-store assets – In-store retail marketing is all about taking the in-store experience to new heights to promote product and brand awareness. Some of the different things you can consider here include loyalty and referral programs, virtual or in-store events, collaborations and partnerships, staff training, curbside displays, window displays, and in-store merchandising.
- Email marketing – Email marketing has a 4400% ROI, meaning it is still the most effective marketing channel. This will help to keep your customers engaged without relying on an algorithm. We would recommend segmenting your non-customers first. You can also ensure emails are effective by showcasing your values and story.
- Start a referral campaign – A referral campaign is a great way of capitalizing on word-of-mouth marketing. Incentivize your customers to bring their friends and family members on board with a voucher or some sort of monetary benefit.
- Leverage your social media channels – Image-centric social media platforms, such as TikTok, Pinterest, Instagram, and Facebook, are popular amongst those looking for products online. An excellent social media strategy is a must.
3. Prioritize leadership
An imperative part of managing your retail store is setting the ethics and work environment for your space.
Your employees and their performance will be massively impacted by how you present yourself every day, the care you take for your store, and how you interact with shoppers.
Furthermore, leadership in retail store management includes making sure that your employees are enthusiastic about being part of your team. They should be respected and feel heard.
An effective leader is someone who sets a strong example and creates a positive environment, which inspires everyone.
Lead by example
Use your actions to show your employees what you expect from them. You set the overall tone for everything that happens within your store. The way you lead has a considerable impact on how employees perform and their job expectations. You need to be the most motivated person on the shop floor.
Listen to your staff proactively
Make sure you are an advocate for your employees. Be open to questions, discussions, and even complaints. As an owner of a small company, you will also probably play the role of an HR person for your team members. Make sure you generate an environment that is positive where your employees feel they can speak to you and any issues they have will be addressed.
Use rewards to motivate your staff
Creating a commission or rewards structure for your staff is a great way of motivating them and ensuring a positive work environment. Using a blended approach that rewards both individual and team performance is often the best idea. Make sure you spend some time finding out about your employees and the sort of rewards they would appreciate the most. You want to give them something that actually adds value to their life.
4. Put processes in place to ensure an organized and clean store
There is nothing worse than walking into a store that looks like a jumble sale. Instead, you need to make a dedicated effort to ensure your store is clean and organized. Not only is this pivotal in terms of the impression you make on your customers but in making the job easier for your employees.
This means implementing a cleaning routine so that all parts of your store are sanitary, putting products away whenever you use them and have suitable storage solutions, and maintaining any store design and merchandise elements.
One thing we highly recommend is using daily task lists. If you have a list of tasks to do every day of the week, this ensures you do not need to spend more than 30 to 45 minutes cleaning per day. It is an easy way of keeping on top of everything and dividing tasks up in a fair manner.
You should also create an opening and closing procedure. These are basically lists of everything you or your employees need to do before opening the store in the morning and closing it in the evening. These tasks should ensure your store is prepared for customers coming in every morning.
When looking for ways to successfully manage a retail store, it’s essential to pay attention to the layout and presentation of your products. Consider incorporating high-quality retail display fixtures to enhance your store’s appeal and functionality.
5. Create data-driven sales objectives
The most effective way of ensuring your retail store is on track and managed effectively is by setting goals.
Granular objectives are highly recommended here. You can establish yearly, monthly, weekly, and daily goals for you and your staff members to achieve. Ensure that everyone is able to see these goals, and don’t forget to place emphasis on them either. This is a great way of ensuring everyone is on the same page and motivating your staff members.
If you are just getting started and do not have any sales data available to base your objectives on, you can utilize your yearly retail budget as a guide.
Make sure your budget incorporates all of your outgoing expenses, providing you with a picture of how much stock you are going to need to sell to turn a profit.
Otherwise, your past sales reports will be excellent for establishing your sales goals and objectives. You can set your goals in any manner you like. However, you typically want to see yearly growth, so setting your sales goals between 5% and 10% higher each year is a wise choice.
Stay on track with weekly sales reports
Keeping weekly sales reports is an effective part of generating and monitoring sales objectives. It is a good idea to take a detailed look each week. If issues arise, you will be able to address them with ease.
Weekly sales reports can also be beneficial should you make the decision to take a step back and bring a manager in.
As your retail store grows, you may discover that hiring a manager is best so someone else can oversee the store, and you can concentrate on your role as a store owner. With weekly sales reports, this means you can maintain oversight of your storefront and ensure everything is on track.
Manage your retail store successfully with these tips
So there you have it: some of the things that you can do to manage your retail store better. If you follow the tips that we have mentioned above, you can ensure that your retail store is organized and productive while delivering a great experience for your customers.
Kerry Leigh Harrison has over 11+ years of experience as a content writer. She graduated from university with a First Class Hons Degree in Multimedia Journalism. In her spare time, she enjoys attending sports and music events.