As an Indie Retailer or Maker, where do your largest priorities stand? Right now, with the inventory or raw materials you already have on hand? Or in the future, with the new products and designs you’d like to offer to your customers as soon as you’re able to?
With the holiday shopping season just months away, it’s the perfect time to examine gift cards and their benefits for small businesses.
Field Guide For Retailers & Makers: Context & Insights from Retail Charm School Interviews7/16/2020
"If you want to go fast, go alone. If you want to go far, go together." This African Proverb has been displayed throughout this season of interviews on the Retail Charm School video show.
The question I get asked time and time again is — “What should I charge for my products because I need to make more money?”
I hate to be the bearer of bad news but you need to know that making more money does NOT start with pricing. Here’s the thing to keep in mind about slow-moving stock — not every item you bring into your store or that you sell is going to be a winner.
Unfortunately, this is a reality of merchandising and selling. Some items are top-sellers, star performers. Others are slow-sellers, dogs. Blame it on the human condition. Despite retail art and retail science, there’s no accounting for taste. Even within your narrowly-defined customer demographic.
Green business practices are more available to independent retailers than ever, providing new opportunities to build value. Decreasing material consumption is good for its own sake and many customers like to see businesses acting responsibly.
On top of that, reducing waste also cuts operating costs, which increases bottom line profit. For small businesses, this method to improve experiences, operations, and finances is too important to ignore. This week’s trend report highlights current practices and tools that you can use to optimize customer experience, grow profits, and strengthen brand equity.
How is your business year shaping up compared to your goals and expectations? Any time of the year is a great time to assess the most pivotal areas of your business and take action. Learn how to think long-term about your business success today and every day.
What value do you place on the in-person customer experience? It may be time to consider how you set prices and if they should vary by sales channel.
This week’s trend report, Pricing In-Store vs. Online: The advantages and disadvantages of offering the same prices answers a question submitted by one of our Merchant Method retail trend report insiders. Our insider asks, "Do you have ideas on best practices to retail both in a brick-and-mortar and online?" Her business is 21 years old and already retails online, so I'm headed straight for her bottom line and talking about price. |
#1 THE FUTURE OF RETAIL
#2 HOW TO DESIGN A FOOLPROOF BRAND EXPERIENCE #3 5 STEPS TO SELL SLOW-MOVING STOCK #4 CREATING A COMMUNITY (AND LOYAL CUSTOMERS) #5 LEARN WHY SHOPLIFTING HAPPENS AND HOW YOU CAN PREVENT IT ARE YOU LOOKING FOR MORE? When you do, you'll get insightful how-to resources, retail inspiration, and time-sensitive deals.
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BUILD RETAIL PROFIT IN SIMPLE, ACHIEVABLE STEPS
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HI, I'M CHRIS GUILLOT!
I made my first sale when I was eight years old and started teaching retail business classes at 20. Now, 23 years after guiding my first clients, I'm here to help you build more profit.
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