5 New Year's Retail Goals For Your Store

Posted by Timmy Wong on 1/14/2014

January and February are often slower months for stores, with customers recovering from the holiday buying season and other seasonal festivities. For retailers, this is a perfect time to reflect back on 2013 and start setting goals for the upcoming year.

This article by Stephanie Braun lists 5 goals that you as a retailer can set for 2014 to ensure that you are drawing new customers to your store and increasing your sales for the upcoming year.

As a side note, if you are interested in learning more tips to increase the prosperity of your business, check out the Retail Success Circle!

1. Think global, act local

With the resurgence of interest in “Main Street” shopping and locally-sourced products, your independent store can become a pillar of the community. Get involved with initiatives such as a small business themed shopping day, or start one with your retailing neighbours. Give back to your community by donating small gifts from your store to use as door prizes, or partner with a local charity.

2. Start a relationship

As you might already know, a key advantage of shopping brick-and-mortar is the personal touch. Getting to know your customers by name is not only a rewarding personal experience, but results in first-hand market research. In 2014, spend more time on the sales floor learning about your customers and observing shoppers’ habits.

3. Get the tools

Shoppers might be attached to brick-and-mortar, but that doesn’t mean they aren’t super-savvy online shoppers too. With the right mobile payment technology and integrated POS systems, a store can become like a website-come-to-life, with many of the advantages of online shopping, such as swift transactions, digital receipts, and detailed product information. If that isn’t incentive enough, here’s another reason to update your payment and inventory system: your competitors are doing it.

4. Get creative

A store’s decor and overall atmosphere alone can be enough to draw crowds and become a destination. Keep in mind that many folks shop for entertainment’s sake, even for basic necessities. The right amount of auditory, visual, and aromatic stimuli can create lasting memories for consumers – something your competitors can’t easily duplicate.

If you're looking for inspiration on decorating your store, check out the Nature's Expression Pinterest page - it's full of cool and unique ideas to display your merchandise!

5. Get online (if you haven’t already)

Customers expect immediate access to your store across various touch points. Even if you don’t have an online store, consumers must absolutely be able to easily find information about your store from a desktop or mobile device. A website is the new business card, and it allows your brand to be instantly and widely accessible and shareable. Remember social media, as it can provide an exciting platform for customer reviews and again, shareable information. If you think your social media game is downpat with a Facebook page, think again; consider expanding your presence to services like Twitter, Google Plus, Pinterest, Instagram, and Tumblr.

We certainly hope these tips help as you set goals for 2014. Whether it's in big changes or small tweaks, the new year can be a source of inspiration for retailers to improve on current practices. Happy selling, and best of success for you and your store this coming year!

Want to learn more tips and strategies to improve your store? The Retail Success Circle features unique insights, effective tools, and special tips designed to help you further expand your retail store. Join now to receive FREE tips on topics such as visual merchandising, marketing, pricing, business strategy, buying & planning, inventory management, internet, and social media.

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