Consumers are increasingly seeking more and more unique merchandise, and small business retailers are riding that wave to success. In fact, data shows that small retailers performed exceedingly well this Small Business Saturday. So where is this interest coming from, and how can entrepreneurs work to keep it going? Read on for some helpful guidelines.
It seems the Millennials have more money to spend than their parents did when they were their children’s age. And with more cash comes more freedom to purchase what you want. Millennials are finding in their circle of friends, on social media, and in the retail world is sameness, which is prompting a desire to seek out unique products that stand apart from the norm. This may help explain why specialty retailers are outperforming their much larger, chain counterparts during this holiday season. Catering to the Millennials is a great way to get your retail business going.
Fewer Discounts, More Uniqueness
The strategy of most small businesses in years past was to discount, discount, discount. Many entrepreneurs thought offering an incredible price was the key to gaining a loyal customer. But more and more business owners are learning this game doesn’t work anymore. What customers look for from small businesses is uniqueness – something different that the larger big-box stores just don’t offer. Differentiate your product; that’s the path to retail success.
Support for Community
The aim of supporting your local community has been on many shoppers’ minds, especially with a recent campaign from American Express encouraging consumers to shop their local businesses. Even big-box stores and well-known national retailers are catering their products at individual stores to reflect local offerings. Customers are craving the opportunity to help small business owners and support them. Economists expect this trend to continue rising.
Cut for Time
As a society, we’re busier now than we were 10, 20, or 30 years ago. Time-starved shoppers are looking for a quick shopping experience that will lead to great deals and unique purchases. Even national retailers are jumping on this opportunity, by opening small stores that are much smaller than their usual locations. If you can deliver a shopping experience that is quick and effective, shoppers will flock to you.
The same old Christmas gifts are getting old. People are seeking out small brick-and-mortar shops and boutiques for unique gifts that will surely be treasured by the recipient. People are thinking more creatively in their gift-giving, and small businesses offer the perfect option for unique gifts. Those one-of-a-kind products that can’t be found anywhere else really appeals to shoppers who have seen the same old big-box products year after year.
Things are looking up for small business retailers, and this trend is just going to continue improving. If you own a retailer, keep these guidelines in mind as you set up your plan for 2016. Take advantage of this trend to get your business noticed! For help with financing inventory, contact Biz2Credit.