How to increase sales of retail business?

In this communiqué, YRC's team of retail consultants addresses the business community in general to share an updated perspective on improving the prospects of increased revenue in retailing. YRC stresses that opening more stores is surely an option but not the only one. So, retailers seeking same store sales growth options or solutions might want to have a look at the points discussed ahead.

Competitive Pricing with Retention Strategy
Lowering prices is an effective strategy to enter new markets or give a push to plummeting sales. But while choosing to go for lower margins to increase sales, retailers should seek to ensure that they are able to retain customers. Otherwise, the pricing strategy will only prove to be a short-term and one-sided success.

Social Shopping
In retail business consulting ( https://www.yourretailcoach.in/retail-business-plan/ ), YRC has observed that most local retail businesses are yet to harness the potential of social shopping. Despite the usage statistics, social media remains a highly underestimated avenue in terms of leveraging business. There may be no market data to show that social shopping is popular or even emerging. But if the same or a similar set of conditions exist in two markets and social shopping has worked in one, there is a high likelihood of success in the other. In delivering retail business consulting services ( https://www.yourretailcoach.in/set-up-retail-store/ ), YRC always recommends that relevant market research is conducted before making any important business expansion decision or investment.

Online selling via website or mobile application
Sometimes it is all about opening up the avenues for every potential customer segment. There may be only a handful of customers in a locality who would opt for online shopping. Some of them may become new customers. Sometimes customers who prefer offline shopping may opt for the online option because of varied circumstantial reasons. Having that extra avenue open and functional could only bring more business.

Using analytics for merchandising strategies and decisions
In the routine course, merchandising is demand-based. The better retailers know the customer demand and related consumer behaviour, the more effective their merchandising decisions become. With thousands of products including variances in size and type, it is not possible for retailers to analyse data and churn out insights manually. Analytics could make the difference of day and night in merchandising decisions.

YourRetailCoach
Pune, India-411016
Phone: +91-9860-426-700
Email: consult@mindamend.net
Empowering Retail & E-commerce businesses worldwide.

YRC is a Management Consulting Firm with its presence across India & Dubai.

Get advise for Retail Business Consulting : https://www.yourretailcoach.in/contact/

This release was published on openPR.