With the new decade getting into full swing already there are a number of things to consider if you want your business to be a success in 2020. Here are some tips to help your retail business succeed this year
First things first, you have to review 2019 to pinpoint exactly what worked well for your business and what didn’t work. Make use of all the data available to you via your Point of Sale software to analyse trends and customer behaviour to see if you pick up any patterns in order to make specific sales predictions for 2020. Consequently, based on your reflection of 2019, you can also start to set new goals to accurate combat some of the major challenges that you faced in 2019.
Making use of the data mentioned above you can review which of your staff worked well the previous year and who still needs some more motivation. A strong team is often at the core of a successful business so make sure that you show appreciation to those employees who contributed positively. Whether in the form of encouragement or incentives. On the other hand, remember to motivate or reprimand those who underperformed. You should also evaluate if there were any resource gaps in 2019 so that you sort out your staff planning in 2020.
Focus on Marketing
If you want to stay relevant in 2020 you have to ensure that you take an omnichannel approach to marketing a business. Combine traditional marketing with digital marketing approaches to speak directly to your target market. Go where your customers are and in 2020 they will most definitely be on social media. Retailers must decide which social media platforms best apply to their brand and target audience in order to begin to use them consistently. Social media allows retailers the opportunity to increase both sales and awareness of their businesses.
Research industry trends and competitor behaviour
It is very important that you keep your finger on the pulse of what is going on in your industry. Make sure that you keep track of industry trends and especially what your competitors are up to. This kind of research can help you evaluate which trends to follow and which ones to avoid. It may also give you insight into areas not yet explored by the market. Visit competitors’ websites or visit their stores for inspiration. Bare in mind that you shouldn’t directly copy what your competition is doing. Rather take inspiration from what they are doing and accordingly cater it to your brand.
Invest in the latest technology
It is likely that the busy festive season has put your hardware to the test and it may be time for you to invest in new technology. Start fresh in 2020 by investing in brand new software and hardware equipment to help your business run efficiently. The rapid increase of innovation in the business technology world has greatly disrupted they we do business. If you are not embracing new technology into your business then you may already be left in the past. Think about for example replacing your old Point of Sale software system, such as TallOrder POS. A quality business like yours should start the year with a quality POS. TallOrder is a fully-integrated Cloud-based Point of Sale Solution that is built for speed and accuracy. A fast and efficient Point of Sale increases business revenue lowers costs and provides customers with a satisfying experience.
In view of what we saw in 2019 it is clear that the state of business and retail has been rapidly changing and adapting for the modern customer. Make sure that your business is not left behind. We know that the retail industry can be very competitive but if you follow these tips your 2020 may just be a success.