The retail industry is booming like never before despite the turmoil caused by the COVID-19 pandemic. In fact, the National Retail Federation estimated that retail sales exceeded $4.44 trillion in 2021.
In 2022, global retail sales are expected to reach $26.69 trillion. And according to Score, small retail businesses, which account for 98.6% of all retailer firms in the US, have an average gross margin of 51% and reported monthly revenue of $22,341.
If you’re considering starting a retail business in 2022, you have every chance of succeeding as the industry evolves and as more and more people shop at physical retail stores. And the boom in eCommerce aside, nearly 80% of shoppers still go to the store to buy an item they need.
If you’re already a retail business owner, chances are one goal of 2022 is to grow your business and improve your revenue. At KORONA POS, we have compiled ten must-read blog posts of 2021 that can help you run and grow your retail business. From inventory management to retail marketing strategies, find the most important blogs you need to read to transform your business in this guide.
Table of Contents
- Labor Management Technology
- Handling Credit Card Declined Codes
- Automated Inventory Management
- Driving Foot Traffic to Your Retail Store
- Factors to Consider When Using Overseas Suppliers
With the great wave of resignations that businesses currently face, employee retention has become much more important and essential for the smooth running of business operations.
A high staff turnover will cost you an arm and a leg, which the average business cannot afford. In addition, the customer experience largely depends on the service your employees provide.
Therefore, it is crucial to opt for a labor-management platform that can help you recruit the candidates that fit best for your business, train your staff, and involve them in the very heart of your business operations.
Credit card declined codes are all too common headache for retail store owners and managers. They can be due to several reasons. The most common include invalid card numbers and security codes, insufficient funds, expired card, and activity limit exceeded.
That’s why it is imperative to know the most common decline codes that your customers may encounter and, instead of losing a sale, help them find a solution to their problem and help them make their payment. You can also learn more specifics, too, in our blog dedicated to listing all major credit card decline codes.
7. Automated Inventory Management
Even though inventory management is hardly necessary for a newly established small retail business, it becomes a must as it grows. Spreadsheets give way to automated inventory management software to handle critical operations such as replenishment, supplier relations, shipment tracking, inventory management notifications, and much more.
KORONA POS is an inventory management software ideally suited for retail businesses and equipped with features that allow you to have a holistic view of your business management. Moreover, KORONA POS is a cloud-based POS system, meaning you can track all business-related items in your inventory even without being on your business premises. You can start a free trial here now to see how it works.
Finding the right business location is crucial in starting a small retail business. Choosing the best location means that you get regular foot traffic to your store. However, if your business location isn’t convenient for your business or you want to get more customers, there are several ways to drive more foot traffic to your retail store. Increasing the foot traffic to your will boost your sales and, of course, bring in more revenue for you.
Buying wholesale from suppliers has a considerable advantage for your company. Not only does it allow you to buy your items at wholesale prices, but you get exciting discounts with excellent profit margins if you manage to have an excellent relationship with them.
Sometimes, local or national suppliers may be out of stock, and the only solution you’ll have is to turn to overseas suppliers or reach out to them when looking for specific products.
However, working with overseas suppliers can go south if you don’t consider certain factors. You must first ensure they’re trustworthy and get testimonials from other retailers. Also, ensure they ship good quality products and meet the deadlines. If you are considering using an overseas supplier, read this article to discover the other essential aspects to consider to avoid unpleasant experiences.
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