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Old 09-15-2012, 01:07 PM
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Default Retailer Tips

Retailer Tips

Take advantage of dropship opportunities. Dropshipping is when you offer a product to your customers but you don't actually inventory it. When you sell a dropship product, you send the details of the order to the dropshipper (a wholesaler, distributor or manufacturer) and they ship it to your customer for you. This method takes some of the control out of your hands with regard to the quality of the shipping but it will save you money in that you're not sitting on as much inventory (cash flow). Dropshippers usually, but not always, charge a small fee for this service.
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Old 09-15-2012, 01:10 PM
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Sell what you love! Statistics have shown that retailers have greater success when they sell things they're passionate about. Sure, you can sell anything but when you're passionate about the types of things you sell, you'll have a tendency to spend more time on merchandising and marketing because of your passion for the products.
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Old 09-15-2012, 01:15 PM
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Know your products. Learn your products inside and out and be sure to train your employees thoroughly so that no matter what question a customer might ask, you're prepared for the answer. If there are particular departments for specialized products, for example, an electronics department, make sure you hire people for that department that are experts in electronics. Customers appreciate sales associates that are well-informed and have experience and will patronize your store more often if they feel like your staff "knows their stuff".
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Old 09-15-2012, 01:21 PM
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Dress for success! The way you dress and the way your employees dress makes an impression whether you realize it or not. Be sure that your staff is well-groomed and dressed to kill. You don't want to risk any negative impression that might stand in the way of the sale.
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Old 09-15-2012, 01:25 PM
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Get your hiring right. Hiring employees is one of the most important parts of running a retail store. If you get it wrong, it could cost you hundreds of dollars and waste a lot of precious time (don't forget, time is money). Take your time with the hiring process. Make sure you're well informed on successful hiring practices and get it right the first time.
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Old 09-15-2012, 01:29 PM
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Don't underestimate your expenses. One of the mistakes of many retailers is that they spend too much time looking at the profit they make off of individual products and they forget to look at the big picture. That big picture contains an enormous amount of expenditures and overhead. You must factor that into the pricing of your products or you'll be "giving away the store" and might eventually lose your store.
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