How your small retail company can compete with the big dogs
You don't need to be an industry expert to know that now is not an easy time to be an independent retailer.
While multinational chains have seen their profits soar, smaller, independent retail companies have had to work harder to remain competitive.
However, your small retail business can still thrive, especially as business picks up in the following months, and many SMEs are feeling optimistic about future earnings.
So, here are some tips for small retail companies looking to compete with the big chains.
Fine-tune your online presence
If you want to compete in modern retail, you'll need an online presence to match the likes of Amazon and Tesco.
If you are a smaller retail company, you must make sure that the online shopping experience you offer is easy, enjoyable, and accessible.
Take the time and money to invest in striving to create a flawless e-commerce store. This is probably the single most effective thing you can do to retain customers and stay competitive in contemporary retail.
Offer a personal touch
People like big box stores because they are cheap and offer an abundance of products. Smaller companies might be less able to deliver on this.
However, you can offer the kind of personal touch that keeps valuable customers coming back. At all of your retail locations, make sure that the shopping experience feels personal.
Communicate with your customers, encourage staff to remember names, and go the extra mile to make shoppers feel valued and welcome.
Retain top talent
If you are a small but growing retail company, you will need the best talent possible to succeed. You'll need coders for your website, razor sharp business strategists, marketing whizzes, and more.
While you might not be able to offer the top level salaries of your big box competitors, that does not mean you cannot offer eye catching compensation packages.
You can implement a share options scheme with the help of a specialist service like SeedLegals, which allows you to offer your best employees equity in your company. This way, they have one more powerful incentive to choose your company over your competitors.
Your niche is everything
For smaller companies, trying to be a jack of all trades is a losing game.
You will not have the resources or the supply chains to offer an all in one service. Instead, focus on your niche and go all in. What is it you have to offer that competitors don't?
It is hand-crafted, homemade items? Is it a commitment to sustainability that big box stores cannot offer?
Perhaps your niche involves the role that your retail company can play in your local community or city? You have something special to offer, so leverage this to compel customers to shop with you.
With these essential tips for small retailers, you can compete with the titans of commerce and carve out a valuable niche that customers will keep coming back for.
