For over a year, the COVID-19 pandemic has given businesses in general and the retail industry in particular a really hard time. Social distancing rules are strictly applied in many countries to prevent the Coronavirus from spreading widely. Additionally, people cutting down on spending also leads to the closures of physical stores. All of these have affected the retail market heavily.
Amid the pessimistic predictions for businesses, they need to find their way and manage to maintain proper operations. That’s why we’re all here today. In this series, we’re happy to share the complete guide to your business success, combining many helpful best retail sales tips.
For your convenience, the tips and strategies provided in these articles are specific and unique for each of the 7 different industries.
Fashion & Accessories – How to build a strong online presence
The fashion & accessories industry has always been going strong ever since its beginning. According to statistics, the market is expected to reach the US$3 trillion threshold by 2030 despite the negative impacts of COVID-19. Additionally, fashion is e-commerce’s largest segment with a projected market volume of US$759,466 million in 2023.
Fashion & accessories is such an intuitive industry that getting to know customers has always been challenging. And it even gets harder to create and conduct meaningful online content and intriguing digital appearances to keep audiences engaged. Additionally, the COVID-19 pandemic is also pushing the boundary of fashion & accessories businesses to the digital space. If you’re running a boutique or an apparel store and looking for efficient strategies to boost your online presence and retail sales tips, this article is exactly what you need right now!
Restaurants – Rising from the crisis with these effective growth hacks
Restaurateurs have been negatively affected by the storm of COVID-19 striking through all the continents. According to statistics, about 17% (corresponding with approximately 110,000) of America’s restaurants have already permanently closed this year, due to the pandemic. Additionally, the results from a survey of 6,000 restaurant operators revealed that 87% of full-service restaurants reported an average 36% drop in revenue in the States.
The good news is that with the considerable chance that COVID-19 will be kept under a certain level of control thanks to the successful development of vaccines, the restaurant industry can start making profit again. With that, it’s high time restaurateurs came up with new strategies to recover from the crisis and get ready to thrive. If you’re looking for some growth hacks for your restaurant business, don’t wait any longer and click down below!
Food & Drink Retail – How to make the most out of the holiday season
Food & drink has always been in the spotlight of top holiday retail sales. This period in the year is when people are rushing for family gatherings and year-end parties. Thus, the demand for food & drink increases at a rapid pace. Shoppers are expected to spend US$1,496 per household in the holiday season, with food & drink ranking among the top items for purchase, according to Deloitte’s 34th annual holiday survey. Besides, food & drink also outperforms all other retail categories. These indications are good news for the food & drink retail industry.
In order to seize every opportunity that the holiday season gives business owners and operators like you, here are the 8 best retail sales tips for food & drink retailers during the busiest and most profitable time period of the year.
Hobbies, Toys & Gifts – Boosting sales efficiently with best retail sales tips
The holiday is the time of the year when people are spending heavily on merchandise like toys as presents for Christmas, Lunar New Year, or Valentine to give to their loved ones. Thus, the demand for those types of products increases significantly. Statistics showed that 27% of holiday shoppers with an average spend of US$1,652 are the ones having bought gifts for others. They also outspend other types of shoppers. That’s a good sign for hobbies, toys & gifts retailers in the upcoming holiday season.
All in all, despite the negative impacts of COVID-19 on the general retail industry, merchants still can have solid profitability. It’s thanks to promising holiday spending habits and people’s generous budget for hobbies, toys & gifts during the holiday season. With that being said, to maximize the profits brought about by this once-in-a-year opportunity, we’re presenting you with the 8 best retail sales tips for hobbies, toys & gifts.
Furniture & Homeware – Catching up on profound trends to drive more sales
Furniture & homeware retail is an important part of the global economy. You can find a piece of furniture everywhere – in homes, offices, schools, or even outdoors. This market also includes complementary products like mattresses, curtains, carpets, etc. The global furniture & homeware market is a multi-billion US dollar industry. The market value of furniture was estimated to be worth US$509.8 billion globally in 2020. Furthermore, it was forecasted to reach about US$650.7 billion by 2027.
To make full use of the growth potential of the retail furniture & homeware industry, it’s essential to know what’s going on in the current market and recognize any patterns or inclination. Furthermore, trend and demand prediction let furniture & homeware merchants be on top of the trends and keep being on the right track. If you still don’t know exactly where to start, let us be your guide! The below article acts as a combination of best retail sales tips for business owners and operators.
Sports & Outdoor – Retailing trends that you can’t miss to make your businesses thrive
The sports & outdoor segment in the United States is a lucrative industry that is worth billions of US dollars. This market includes many different product types such as athletic footwear, exercise equipment, licensed sports merchandise, athletic apparel, etc. Regarding reports and analysis, the revenue in the sports & outdoor segment shows an annual growth rate (CAGR 2021-2025) of 6.9%. This results in a projected market volume of US$236,340 million by 2025.
So, the potential is huge, the demand is already there. Your task as a sport & outdoor retail business owner and operator is to seize the opportunity and not to run behind in the race with other competitors. To ensure that, you need to be up-to-date with any new trends and retail sales tips, or on top of that, be ahead of the trends. Click down below to catch up on the latest sports & outdoor retailing trends that will be going strong in many more years to come!
Supplements & Nutrition – Double down on great potentials with these retail sales tips
Rapid urbanization, a rise in disposable income, and growing awareness regarding health issues are the factors that accelerate the supplement & nutrition market growth in the last few years. The global dietary supplements market size was estimated at US$123.28 billion in 2019. And the sales forecast for this segment shows no sign of slowing down with the market CAGR is forecasted to reach 8.2% in the forthcoming years.
The increasing concerns towards health and the immune system amid the COVID-19 pandemic is among the major reasons behind the positive outlook toward the supplements & nutrition segment. Additionally, the prevalence of cardiovascular diseases and the number of weight management programs are also boosting the demand for dietary supplements.
So, the opportunity is already there. The real question here is how supplements & nutrition retail businesses can make the most out of it. Struggling to find the right answer to that question? Don’t worry, you can always count on us with that! Our in-depth article will reveal the 4 best retail sales tips to boost sales for your supplements & nutrition businesses.
All in all
It has been hard for all of us struggling in 2020, but we all made it through together. We hope that with these retail sales tips, ConnectPOS can be your supportive companion on the way to your business success. So, that’s the end of today’s article but will be the beginning of your fruitful journey in 2021. Should you have any questions or need further assistance, don’t hesitate to contact us now. We wish you all the best in 2021!