Research studying customer behavior post-pandemic reveals that 64% customers still prefer placing orders online, 33% prefer placing orders online but picking up their products in person, and the remaining 27% would much rather shop for products from stores physically. Retail shop owners must adapt to the changed market or close shop, for good. Given below are 3 ways to achieve success post-pandemic.
multiple shopping options
The above-mentioned statistics make it clear that unless multiple options of shopping are provided, retail shop owners stand to lose the allyship of a significant portion of their customer base. At the very minimum, an e-store, a convenient pick-up provision and a safe shopping space have to be ensured to customers in order to gain their confidence and get them shopping with you again. The capital required to set up multiple channels can be secured through retail store business funding solutions like merchant cash advances.
an elevated store-shopping experience
have been at the heart of the e-commerce boom. Customer spending in “store
pick-ups” account for around $37 billion in the year 2020. Retail shop owners
can maximize their profits by offering customers a little extra, when they come
to pick up their orders. Provide them with expert help, a warm ambience,
strategically displayed products that are in demand to capture the attention of
the customer and draw them into your store when they come to pick up their
order. Ensure that your store is also safe with appropriate thermal screening
and sanitization booths provided, so the customer is confident to enter your
store. Retail store financing is the best way to
source the funding for this strategic move.
e-commerce technologies used
biggest obstacle for small retail businesses during the pandemic was that they
were not equipped with the funds to manage the logistics of an e-store
effectively. With retail store business funding,
this obstacle can be overcome and you can invest technologies and resources
that will help run a successful e-commerce store which can stay open come
lockdown or nay.
The retail industry is rife with competition and one must be smart in investing money into the business in order to succeed. Retail store business funding can help small retailers implement business strategies. These strategies should ensure that the cash flow remains positive, i.e., the revenue should be greater than the costs incurred, to achieve success. Here are a few such strategies that will help you make the most of the merchant cash advance you secure.
the most in what sells the most
As mentioned before, the retail industry is highly competitive. The key to gain success in this competitive market is pretty simple. Sell what the people want. Analyze the point-of-sale reports to identify the products that sell the most. Avail merchant cash advances from retail store financing agencies to invest in those products that sell the most. This way, you will not have unsold stock, nor will there be a shortage of products – both detrimental to business.
sure your fixed expenses are paid
Salaries, rent, etc. are some
examples of fixed expenses. These expenses are a pre-requisite to the
functioning of the store and should therefore not be avoided. During slow
seasons, retail store business funding can be
availed to ensure that the business stays afloat. Only when your store is open
for business, come rain or shone, can you withstand the competition.
Take insurance out
Taking out insurance on your retail store should not be avoided because of how costly it is. Merchant cash advances from retail store financing agencies can be used to pay for insurance. This will cover the costs that might be incurred in an emergency and save you from having to empty out the income from the store itself.
E-commerce is a booming industry today and has opened up many opportunities for retail store owners. The market for a retail store is no longer restricted to one city or neighborhood but extends to the whole world. However, along with its wide reach and new opportunities come new challenges which is why retail store business funding is essential. Virtual businesses also have the same amount of expenditure as a physical store would have. For example, to compete in the global online market you may have to set aside substantial publicity and advertising budgets, and shipping costs. Take a look at some options that will help your retail business.
Retail Store Financing
A quick cash advance for a retail store can help you deal with immediate expenses such as keeping the supply chains ticking and also making sure your employees are paid on time. You can fund your retail store business without any worry of keeping up your credit rating. Small businesses usually rely on working capital that can be used for various cash requirements such as the purchase of inventory, furniture and fixtures, business expansion, and other urgent needs. Funding from a reliable retail store financing provider will help with all these requirements.
Make The Most of Your Retail Store Funding
Have a clear idea why you require retail store business funding, to prevent unnecessary spending. Calculate the exact amount you will need, rather than requesting a rough estimate to avoid having either too much or too less capital to work with. If whatever you originally planned does not pan out as expected, be prepared with an alternate plan. This will ensure that your sales remain steady and repayments are not affected.
With a trustworthy cash advance provider, you can take care of all
the requirements of your online retail store business.
Small businesses most often than not rely on working capital that is borrowed for various business cash requirements like the purchase of inventory, fixtures, expansion of business, filling up of seasonal gaps in cash flow, etc. Here are 3 ways you can make the most of your retail store funding.
Know the purpose
Identifying the purpose for which the financing of your retail store is required will make it easier to locate the right cash advance providers. Once the cash advance is obtained, remember to remain focused on the purpose. Use the cash advance for the purpose that was identified. This will check unwanted spending of the cash advance.
exact amount required
Calculation of the exact amount of cash required depends on the purpose for which financing of your retail store is sought. Once the purpose has been identified, set to calculate the exact amount of cash that will be required. This will also improve the chances of getting the cash advance as quickly as possible. Merchant cash advance providers can best help applicants when the exact amount required is stated in the application. There is a tendency to seek more than required. However, this will only increase liability and prove detrimental to the ROI of the business.
Formulate a plan
Retail store funding is sought to meet cash requirements in business that will increase future sales and revenue. A wise store owner will always have a plan B worked out, in case the original purpose for which the cash advance is sought, is not reaping the benefits it was purported to make. This will ensure that future sales stay steady and repayments aren’t hindered even if the first plan did not work out.
A retail store needs a team of well-trained and experienced staff to ensure that customer needs are met professionally and in a timely manner. Having disgruntled staff can impact the work environment and will not help sales in the long run. However, investing in staff can be expensive unless you opt for retail store financing. Let’s look at ways in which this can help.
Whether there’s a pandemic going on or not, employees expect to be paid on time. As individuals, they have personal goals and bills to meet. Delaying your payroll due to working capital shortages can lead to unhappy employees who may not be in the right frame of mind to push your products and generate sales. With retail store funding, you can apply for extra funds that you can use to clear payments, especially during slower months.
As a business owner, look for training programs to improve your
team’s technical and soft skills. Whether it is communication, leadership, or
customer service, these are skills that are vital to marketing and sales. When
you invest in timely training programs, your team will be motivated to use
these skills in real-life situations. Further, they can be trained in conflict
management, stress management, and basic computer literacy. Having a
well-trained team will improve overall efficiency in the workplace.
Bonuses and benefits
Retail store financingcan also be used to encourage or compensate employees for a job well done. You can also offer bonuses or rewards during the festive season or towards the beginning of the year. Benefits can also be non-monetary. For example, you could organize in-house competitions or take your team on a short weekend break. This will motivate and keep them loyal to your store.
These are just some of the ways how you can use retail store funding to help your team.
Whether you run a retail store selling designer apparel or high-end electronics, every business requires a good flow of funds for a variety of reasons. Not all business owners have a large business bank account to meet day to day bills or to keep aside funds for growth and expansion initiatives. However, with retail store financing, you can meet your needs without the stress of having to apply for funds through a bank. Let’s look at how your business could be affected by limited finance.
Unless you seriously consider financing your retail store, you may not be able to keep your inventory stocked and updated. While you can predict high traffic seasons to a certain extent, your store should always stock popular items that fly off the shelves. If customers don’t find the products they need at your store, then they will visit other stores and you may lose their loyalty in the future.
Retail store financing can help pay off employee payroll. This is one expense that should not be ignored. Unhappy staff could lead to lower sales as they will not be motivated to interact with customers and push your products. Similarly, getting a cash advance can also help you hire new staff, so your existing team does not feel overworked and pressured.
Apart from financing your retail store in a brick and mortar form, a cash advance can also be used to design and develop an e-commerce store. This will introduce your products to a wider audience and increase your revenue. With a virtual store, you can tap into new markets and demographics and even advertise specific products based on the season.
Don’t limit your business to your financial constraints. Get a merchant cash advance and take advantage of every business opportunity that comes your way.