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3 Tips to Grow Your Retail Business

Retail Store

It is challenging to run a retail business, especially since the industry is constantly expanding and evolving. Here are 3 of our top tips for retailers looking to grow.

1. Maximize Your Retail Space

For some small businesses it can be hard to work with the retail space they currently have. Luckily, there are a several ways to optimize your space while simultaneously improving your store’s atmosphere.

Layout

Being creative with the store layout is a great way to reorganize and show customers that you are unique. Try creating a flow that tactically guides customers through your store so they are exposed to as much product as possible.

Shelving

Reducing clutter and creating innovative product displays can be achieved by investing in shelving, which will also improve the overall layout of the store.

Lighting

Dim or harsh lights can negatively affect the number of visitors you get and the average time they spend in your store. For this reason, good lighting is of the utmost importance. It also provides an opportunity to show some flair and individuality with different light fixtures and lighting methods.

Music

A nice Spotify playlist that is consistent with your brand can add to the store’s ambience and make the space feel even more inviting to prospective customers.

2. Utilize New Tools/Technology

New technologies continue to revolutionize the retail industry by providing simple and affordable solutions.

Payment Processing

In our increasingly cashless society, technologies such as Square and Stripe allow small businesses to accept credit and debit card payments without having to be part of a larger, more expensive merchant option involving traditional credit card terminals. These apps also make it possible for you to use your smartphone to accept payments.

Inventory Management

Tracking your inventory is a vital step towards managing your product, understanding your business’s needs, identifying what’s selling, what isn’t, and then using that information to make informed decisions. Deciding how much product to order will involve less guess work and it will be easier to avoid having money tied up in inventory when you manage your inventory properly. There are now many solutions to help manage your retail inventory, including free options such as inFlow.

3. Take it Online

Another effective way to grow your retail business is to open an online store. Not only will you sell more product, but it is also an opportunity to advertise your store location, tell your businesses story, and sell people on your product.

Online Marketplaces

By establishing a store on a popular marketplace you have the potential to access millions of shoppers across the world. AmazonEbay and Etsy are some of the most popular options for retailers.

Your Own E-Commerce Store

There are many different services available to help you easily and affordably launch your own online store. Shopify is a popular service in Canada and has packages starting at only $29 per month.

How We Can Help

Lendified offers retail business loans to help take your company to the next level. Whether you want to stock up on product, renovate your retail space, hire staff, invest in technology, or even open up another location, we’re here to help. Our simple online application allows you to qualify for up to $150,000 in minutes and you can have the funds deposited into your account in as fast as 48 hours.

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About the Author

Lendified

Lendified

Lendified is Canada's premier online lender for small businesses. The company was founded by former bank executives dedicated to provide businesses with fast, easy, and affordable financing. The Lendified team regularly produces blogs and guides to help small business owners succeed.

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