Keeping this in mind, consider how the below 5 tips can help you kick start the New Year right and strengthen your retail efforts to make 2018 your best year yet.
Tip #1. Aim for High Margins
Mastercard SpendingPulse recently released numbers which showed that sales grew 4.9 percent over the 2017 holiday season. Know what this means? It means no more blaming the “retail apocalypse” for low sales numbers. It also means no more blaming the category you sell in, either. Jewelry sales grew by 5.9 percent this holiday season and both department stores and specialty retailers alike saw a significant sales increase compared to years prior. Even home furniture and home improvement saw a solid 5.1 percent growth rate. Collectively, this data confirms retail is in fact alive… as well as that there is money to be made for those who are willing to evolve along with the retail industry.
To be among the retailers profiting this year, focus on finding high margin items to boost your business sales. A key factor in identifying high margin items begins with sourcing them from the right vendors and at the right tradeshow, such as ASD Market Week – your Affordable Shopping Destination. This influences your margins considerably because it allows you to connect with vendors who offer as high as 300% margin on the items they sell – directly impacting your profit opportunities. Ultimately, it’s your wholesale price comparative to your retail price that will set your business apart from making high margins or not – so when looking ahead to your 2018, make sure this is among your top priorities.
Tip #2. Incorporate Omni-Channel Sales Efforts Into Your Retail Business
Mobile shopping is on the rise, with Recode reporting that 54 percent of online shopping will take place on smartphones or tablets. This means that mobile spending is officially eclipsing desktop purchases… and that retailers who have yet to design a mobile-first website are already late to the game. After all, online sales are growing faster than any other shopping category in retail, with Mastercard SpendingPulse having reported an 18.1 percent online spending increase over last year’s numbers. Reflecting on this, it is imperative you optimize your website to be mobile friendly – including for merchants who have physical stores and are looking to gain online sales and attention beyond their traditional storefronts.