Whether we like it or not, the world economy is in recession, a Covid recession. While each country fares differently, the recession is global.
While small business retail is vulnerable, it is well positioned to trade out of the Covid recession. Here is our advice for small business retailers on combatting the Covid recession, or at least on guiding trading in your business to be against trend.
Our advice is based on decades of work with many different retail businesses across multiple retail channels. It also drains on our own experience running several different types of retail businesses.
- Get shoppers buying more. Increasing your average visit spend value can be done through smart loyalty lever engagement as well as intelligent product location on the shop floor and with appropriate encouragement for multi-item purchases. Our POS software helps with all of these. It offers facilities through which you can systemise your approach to these and retailers activities.
- Bring shoppers back sooner. You can do this with targeted emails that are based on past shopper behaviour, financial encouragement to shop sooner than they otherwise might and by offering items people collect and add to. Our POS software can support each of these activities in a consistent and easy to manage way.
- Improve retail floorspace performance. Outside of inventory, labour and retail space are the highest costs to any retail business. maximising return from retail space and from labour engageed in managing retail space is key to success. Using our POS software you can stock more of what does sell and less of what does not sell – thereby improving the return on labour and retail space investment.
- Broaden your shopper reach. While opening the doors is considered a marketing activity in many small retail businesses, for a small effort and investment you can be online connected to your POS software and selling products to shoppers far away, shoppers =not in your current reach … thereby improving the efficiency of the business.
Much of what a small retail business can achieve in trading against the trend of a Covid recession comes down to decisions made in the business, decisions about products, people and marketing that can be leveraged through smart POS software.
We’re here to help!
Tower Systems is grateful to serve thousands of small and independent t retail businesses in Australia and New Zealand in service of profit and enjoyment.