In order to have more profit, the idea of opening another store, may seem lucrative but there is an element of unsurety attached to it.
With opening of a second store, the expenses that you have now in your store will double. Besides, there is no guarantee that the new store is going to be bring enough profit so that the all the costs will be covered. Overall, it is going to be a gamble.
In business, there should not be any scope for gambling or unsurety. You need to hit the bull’s eye every time you take a decision.
Try multi-channel retail and ensure that your profits rise
Multi-channel retailing refers to the idea of serving customers from a host of different media like internet, mobile, telephone and so on. This type of retailing offers advantages to the retail chain owners. For instance, you may have a single brick and mortar store but if you adopt multi-channel retail then you will have the opportunity to reap the profits of multiple stores.
Every customer is different: Integrate your store with the web
With multi-channel retailing, you will be able to hold on to your customers. Not all of your customers like to visit your brick and mortar store. Some prefer to shop from home or while they are vacationing. Integrate your concrete store with the web and let your customers shop online.
Develop better relationship: Give your special touch at POS
Loyalty plans ensure that the customer retains your services. Multi-channel retail lets you offer loyalty points on different platforms. The loyalty points that your customer has have to be used properly so that he does not feel neglected or cheated.
Did you know personal messages like birthday and anniversary wishes could actually make your store special in the eyes of the customer? Your customer would be happy to receive special treatment on his special day.
How a retail system can help, you add profit to your business
A retail system is software that can ease every aspect of your business. Multi-Channel retail poses certain challenges. One of the major challenges includes coordination between the channels. For example, a customer, who has purchased a product online and earned some loyalty points, visits your concrete store. How will you determine that his loyalty points are used? How will you access his account fast?
Secondly, multi-channel brings to you so many customers that customer -retention becomes a challenge in itself. How will you let know a customer that his favourite cotton shirts are now available in your store?
Thirdly, how can you make a seamless integration of your E-commerce, M-commerce and concrete store?
In the view to tackle the above-mentioned challenges, a compact retail system is required. You will be able to streamline all your multi-channel retail tactics. No matter by using which channel the customer purchased a product from your store, his account is accessible at all times. Track preferences of your customers and accordingly let them know about your products.
Moreover, back end operations like accounts, risk analysis and customer preference data educate you about your popularity in the eyes of the customer. Which products sell more and which ones are just crowding your warehouses, you can get answers to every question.
A retail system can keep you ahead of your competition and can firm your position in the market.