How Retailers Can Tackle Three Business Challenges
All businesses – both large and small – face unique challenges, and the same goes for retailers. Retailers have specific obstacles other companies do not, including data management, brand management across multiple channels and competing with large scale retailers. Here’s how retailers can survive and tackle these three challenges:
Sales metrics, web analytics, customer information and email analysis abound in today’s retail market, which can serve as an asset to small business owners. However, managing this data in an organized and efficient fashion can be challenging for retailers who lack access to the best business equipment for their operations.
Matt Winn, senior marketing communications manager at Volusion, an ecommerce resource, recommended that retailers explore the data at hand and decide what information is most important to their business. In that same vein, retailers need to decide which metrics do not have a large bearing on operations, which can then be shifted to the periphery.
Branding is about more than having a well crafted logo affixed to each product – if business owners want to achieve marketing success, they need to invest in brand management across multiple channels.
“As consumers continue to shop beyond the traditional ecommerce site, online retailers are faced with the challenge of providing a seamless brand and customer experience across channels, including mobile, shopping engines, marketplaces, and of course, their bread and butter ecommerce site,” Winn said.
Companies can focus on expanding their brand by adopting mobile technology and streamlining their websites to be as user friendly as possible. Additionally, retailers should examine customer service techniques and satisfaction and adjust practices accordingly. These tactics can help retailers bridge the gap between products and consumers.
Competing against large retailers
Big box stores and ecommerce giants aren’t going anywhere, which is why it’s vital for small retailers to offer things huge corporations can’t.
“With market share continuing to move to mega retailers like Amazon, the smaller players are having to find new and innovative ways to keep up,” Winn said.
For example, small businesses can focus on excellent customer service, improving brand loyalty and launching unique marketing campaigns to draw in new customers. None of these tactics – improved branding, marketing and data management – come cheap, which is why many small business owners approach National Funding to gain access to small business working capital and equipment leasing options.