Five Things That Can Slow Down Retail Store Performance
- Apr 04, 2019
Businessmen now days particularly retailers are looking forward to enhance their business and for this purpose, many in-store KPI’s and analytics help them.
In the competition of retail business, many retailers are not satisfied with the performance. Poor retail performance or it would be better to say that the performance is not coming up with some extraordinary results in sales.
The retailers who do not take flagging sales at face value are the ones who are able to correct the problem and ensure that they are doing all they can to control lost sales in the future.
If you are not using any people counters in your retail venue I will suggest you buy people counter and analyze its data for better customer behavior understanding. If you already made up your mind or have any questions in your mind visit Xcentric Services to get answers to your questions and people counting camera.
If your store’s performance is less than you planned, the following factors may be to blame:
You Are Targeting The Wrong Market
One of the most common reasons businesses shut up shop is because their product is not aligned with their target market. Their price point may be out, the market may be saturated with competitors or their offering is entirely irrelevant to the market at hand. If you are located in an area with a limited market, you might need to move in order to tap into the buying power of a market that is aligned with your product or service.
If you are located in a major urban hub that boasts a multitude of different target markets, boosting your retail store performance might be as easy as tweaking your marketing or sales strategy to align with a market that needs or wants your product or service.
Not Suitable Business Location
The saying location does not just apply to the property industry, it has relevance to your retail store performance, too. If your store is located in an area where there is no constant flow of foot traffic or where parking or transport is lacking, your store performance could suffer.
Tying in with point number three, if you are located in an area where the majority of the local market is inconvenienced by having to go out of their way in order to access your store, you will run into cash-flow problems sooner or later.
Your Product Is Not Aligned With The Local Market
The secret to a successful retail operation lies in your ability to fulfill a need or want of your target market. For example, opening a bespoke handbag boutique in a neighborhood that is populated with cash-strapped students is a classic case of offering a product that is misaligned with the target market at hand. Opening a thrift store, however, would be a viable business idea, appealing to the eclectic tastes and limited budgets of students.
Your Product Does Not Solve A Pain Point Or Need
Everyday essentials, such as petrol, milk, or nappies aside, people only buy what they need and if your product does not fall into one of these categories, you will have a hard time turning a profit. The moral of the story? Get to know your customers and potential customers: they will dictate the products and services they need (or want), as well as the best ways you can tailor your offering.
The demand for the products or services you offer to depends on the customers if your products are services are not relating to your targeted audience your business will flop. If you target an audience of the working class and they always have less time for other stuff you can say laundry.
You can provide them laundry facilities, that will help you in business growth plus your targeted audience will be convinced to be your customer. This was just an example, but there are many more such options that are helpful for both the businessman and his customers.
Your Sales Staff Are Not Performing Well
Your sales staff can be the difference between a satisfied customer and hence, sale and stock that gathers dust on the shelf. Poor retail store performance is often due to unskilled or unenthusiastic staff, which means that prioritizing staff training and staff motivation programs should be an essential aspect of your business processes. As mentioned before, customer experience now outweighs price point as a brand differentiator for customers, and if your staff is slacking, your retail store performance will suffer.
The good news is that poor retail store performance can be rectified, but only if you are making use of the right in-store analytics. The first step towards improving your store performance lies in identifying the cause. Xcentric Services people counting solutions can help you to do just that. By monitoring your store’s foot traffic, you can establish trends in visitor flow, walk-bys, repeat customers, dwell time and more.
If you are willing to get people counter for your retail store, you are welcome to visit Xcentric Store to get the best people counting camera price.