4 habit of successful retailers

Customer is the most important thing for a retail business. If retailers keep customers satisfy, the retail business will be satisfy because of grow on the business. Customer satisfaction is an art. So, how to keep customers satisfy in today competitive market?
There are four habits that is common between all successful retailers and these habits are the main reasons for their success.

Habit 1: They analyze their business

As a retailer with huge daily tasks, who has time to check the past? It is really easy to fall in this habit of ignoring when you are falling or missing opportunities, but it is very important to learn from this moments. Most of the retailers have poor inventory investment and have slow sales. However successful retailer analyze these situation as an opportunity to learn and grow. One of the best ways to analyzing these situations is to focus on data. The more data retailers have from their sales and inventory, the more analytical the retailer would be. The retailers can get help from Point of sales software, in order to have an automated analytical tool for data analysis.  

For example, Polaris Point of sale software (Polaris POS) is great tool for automated analytical data of retailers. This software not only tells about sales and revenue, but also, it acts like an analytical tool and even calculate the speed of selling of each product.

Habit 2: Successful Retailers train their staff

Some shops spend huge amount of money to keep their business up, but when you talk with their sales people, they can’t even support customer in the store. It is a surprising fact about many retail business. While the successful retailers accept that fact and often train their staff especially new recruits. They don’t stop there, they train their staff about wide variety of topics from work procedures, customer service, and products knowledge to sales skills with seasonal meetings.
An employee or sales staff represent a retailer business. The better the staff acts, the better is for the retail business.

Habit 3:  They know “knowledge about competition” is the key

Successful retailers always aware from their competitors. The Competitor maybe a big brand or a local street store, successful retailers always know their competitors. They always spend time to visit the competitor’s stores to analyzing their products, customer service experience, in-store displays, store packaging, visual displays and everything can affect the customer experience. This type of analysis would aware them from industry trends, missed opportunities and new strategies to compete in market. They don’t ignore the competition and they analyze the market and competition consistently.

Habit 4:  Shifting inventory is not bad Idea

Often, Retailers open a store because they love a certain types of product and they buying inventory because they love to buy. But, this way is no going to work always. Successful retailer and specially those who stay successful willing to shift their inventory plans to accommodate their consumer not themselves. It means retailer removes a product category from inventory or adds new product category. Successful retailers always listen to their customers, react to consumer trends and work with their suppliers to supply what customer want. They are able to buy product more efficiently.

Finally, there is one more common thing in successful retailers, they know they can’t run the business alone. Some of them hiring right and talented people and some of them get help from consultant, or service provider companies to help them to serve customers better. Final note, these habits may not exist without willing to accept the change.