5 Ways To Grow Your Retail Business
With the current retail market, our favorite stores (both online and brick and mortar) are trying new methods to capture more market share. The market has become so saturated and plans for growth have taken them in exciting directions.
- Getting Back To The Roots of RetailOther retailers like Barnes and Noble find themselves closing more and more physical stores each year, it was more than a welcome surprise to know that the tradition of bookstores will continue with the support of an unlikely champion. Amazon has made plans to open three Amazon Books locations and has plans for more stores in 2016. While this is a surprising plan for the retailer with online roots, we are excited to see how their unique spin on a traditional physical retail model takes shape.
- Acquiring the Competition
While it is possible to shop Walmart online, they are still behind retailers such as Amazon and Target when it comes to popularity. In a move that will help them close the gap and learn the ways of a successful start-up, they have acquired Jet.com. Jet is a retailer with a unique price model that allows you to lower the price of an item selected based on factors such as payment method, whether you would like to opt out of free returns and quantity. Even though no official announcements have been made, we are hoping that Walmart will keep and emulate these budget friendly bonuses.
- Taking the Website Out Of The Equation
It is no secret that online shopping is often considered a faster and easier option than running to your local superstore, Amazon is hoping to bring you your favorite products even faster with Amazon Dash buttons. The tiny device features one large, white button that, when pushed, reorders a specific product using your Amazon Prime account. With just a push of a button, your shipment is on it’s way so you spend less time online and more time living your life.
- Reinventing the Store Experience
Even though this method has little to do with technological advances, it is still a proven way to boost profits and generate buzz around your brand. By implementing a new Chobani Cafe in their Tribeca location, Target is partnering with the popular Greek yogurt brand to give New Yorkers a new lunch option that packs a little more punch than their average trip to the bodega. While Target has long been a fan of placing Pizza Huts and Starbucks inside their stores, this bold move has led to the creation of an entirely new yogurt cafe dining experience.
- Letting You Skip The Lines
Starbucks and Nordstrom have always allowed their customers to order online and pick up later, but Staples plans to make the process faster and more efficient with their one-hour app-based order and pickup system. Right in time for back-to-school shopping, their new app lets you find and purchase all your items and collect them in a package an hour later at your nearest Staples. While it may not be the biggest innovation, it’s new to the office supplies chain and we can only hope that others start to emulate this faster and smarter model of doing business.