Retail makes money selling things wholesale. But that doesn’t mean you should offer everything under the sun to customers. Small business retailers often take inspiration from retail giants like Amazon, which sells just about everything except food online. As a small-time retailer, you should focus on niche products that attract target customer bases. Either that, or you should focus on catering to a highly localised customer base. Overselling or oversaturation of products would kill your branding efforts. Therefore, focus on a niche to stand out among the retail crowd.
One of the biggest problems in wholesale hinges on acquisition. It’s easy to buy things wholesale and sell, but this plan relies on finding a wholesale retailer you can really depend on. Small businesses do not spend enough time researching wholesale distributors. These days there are a handful of wholesale distributors like Alibaba. However, these mega distributors may not sell the products that your business needs. For example, if you have a specific niche like online mens clothing, try to find a wholesale distributor that caters to the specific niche. It’s best if you can find local Australian wholesale distributors as well, especially to avoid expensive international shipping costs and import taxes.
Modern customers certainly expect multichannel buying experiences. That is to say, while people still buy things in-store, they are also buying things online. Any modern retail store should therefore offer either exclusive online purchases, or a combination of in-store and online purchases. The big retailers are investing heavily in offering such multichannel buying experiences. For example, bigger brands are investing in apps that assist people shop in-store. The apps allow customers to browse products online, and then shop in-store if they so desire. Even the smaller retailers should adopt such practises to stay afloat.
Customer loyalty is one of the most essential aspects of staying open as a business. Don’t expect people to make one-time purchases and then continue to do so. The business should focus on the customers that make continuous purchases and keep returning as customers. Building customer loyalty thus should be one of the main focuses for a modern retailer. Companies can use traditional methods like loyalty programs. However, what really builds customer loyalty these days is the unique buying experience. Offering multichannel and seamless buying experiences with a unique touch would make customers come back to your store.
The above problems are the most prominent issues retailers in the online-buying age face. The problems are surely multifaceted, but they can be solved. If you are a new retailer, you should be aware of the above problems from the start. Use the above tips wisely to overcome the most common retailing problems and succeed as a business.