Tag: Retail Store Business Funding

3 Ways to Achieve Success In The Post-Pandemic Retail Market

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.

Provide 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.

Offer an elevated store-shopping experience

Stores 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.

Update e-commerce technologies used

The 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.

How To Make The Best Use Of Retail Store Financing?

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.

Invest 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.

Make 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.