As a retail business owner, you’re certainly in one of the most competitive industries around. Retail has always been a tough business to crack and you need to do everything you can to succeed. Before we jump into how you can do so, let’s first take a look at some statistics on the retail industry.
According to CBRE’s Q2 2016 Retail MarketView report, Sydney’s retail rent growth rate for the year was the highest in Australia, increasing 28.4 %. This strong growth is a result of low vacancy rates and heavy competition from foreign retailers looking for a prime location in the CBD. As a result, landlords are looking to reconfigure the floor space of their buildings to increase their retail footprint. This in turn, will allow them to capitalise on current retail demand and increase their retail rent.
Whether you’re a landlord or a retailer, one thing’s for sure; you need to make the most of the space you have to increase your returns. This is where shop fitters in Sydney, such as Xtreme Shopfitting & Joinery, can help.
I’ve been involved in shopfitting for over two decades now. As such, it’s only fair to say that I know how to make the most of a retail space. Continue reading this article as I explain how your retail fitout can help your business succeed.
1. What do you want to achieve with your retail space?
In order to make the most of your retail space, ask yourself what you want to achieve with it. Remember – your retail space is not just a place for you to sell merchandise. Rather, your space is a physical expression of your brand, your business and your personality.
Your primary aim will certainly be tied to your commercial interests. You’ll want to encourage repeat sales, sell high value items and convert all visitors into customers. However, your aim should also focus on adding value to your retail space.
It is very important that you make your retail space relaxing, welcoming and trendy for customers. Moreover, every aspect of your retail fitout should express your creativity and reinforce your brand value.
To ensure that your retail space reflects your objectives, your best option is to get in touch with a reputable team of Sydney shop fitters. Professional shop fitters have the necessary knowledge of how to convert any retail space into a thriving business hub.
Here, at Xtreme Shopfitting & Joinery, we’re experts at installing retail fitouts. We follow some proven strategies to make the most of a retail space. Making use of shop windows to display attractive and high value items is one very successful strategy. All essentials and low value items are placed well inside a store. This way, customers are lured into a store and they are forced to walk all the way into it to make purchases.
Talk to your local Sydney shop fitters to do the same with your retail fitout.
2. Define the customer journey in your space
Every retail space shares the same customer journey. First, the customer approaches a store without knowing much. Then, the customer enters the store and learns more about the retailer. Finally, the customer knows enough about the store and ends up making purchases. Customers in your retail store will also follow this very journey.
Now, you must look to define this customer journey in your retail store. First of all, you must make your visitors aware about your brand and give them an idea of what your brand does. Then you should look to make them consider buying from you and increase the desire of making a purchase. Finally, once you invoke the intent of purchase, you should convert them into customers.
You can easily define this customer journey using your retail fitout. At Xtreme, we use different zones to do this in our retail fitouts. To create awareness, we use outdoor advertising, signage and window displays. We then invite potential customers through a warm and welcoming entrance and show off the best products. In order to increase the desire of making purchases, we install specific product areas with display cards. Finally, with the help of in-store signage which include MasterCard and Visa logos, we invoke the intent of purchase. We create a clear path for customers leading to the point of sale.
It is important to divide your retail store into different sections, use signage and provide a clear path to purchase. When speaking with shop fitters in Sydney, ensure they follow these steps to define the customer journey in your retail store.
3. Address customers’ needs
Once you have defined the customer journey, you have to address customers’ needs. Here, you’ll need to clearly communicate to the customer. For starters, you will need signage to make people aware that your business exists. You’ll also need display stands to showcase your products.
Remember – when you’re addressing customer needs, you have to remove all barriers. Your retail store layout should be optimised and you should use lots of in-store signage. Pay attention to product placement and ensure that customers can sample or touch products physically. Every aspect of your fitout should make it easy for customers to progress to the counter to make a purchase.
This is where professional shop fitters in Sydney, such as Xtreme Shopfitting & Joinery, can help you out with this. Thanks to our vast experience in retail shopfitting, we know just how to install fitouts that address customers’ needs. The fundamental approach is thinking like a customer and making it as easy as possible to find and purchase products.
4. Give customers what they want
Once you’ve taken care of the points mentioned above, the next thing to do is give customers what they want. Again, you’ll have to think from a different perspective. Ask yourself what a customer wants and not what you want. Understand that your store is not about you, rather it is how your customer can help you achieve business goals.
The number one rule here is to make your store as relaxing, welcoming and as comfortable as possible. This will make customers want to enter and shop at your store. As mentioned, product placement, accessibility and smooth traffic flow are crucial. Nobody wants to enter a cluttered and confusing retail store where things are not arranged properly.
Secondly, your sales staff should be knowledgeable enough to offer personalised service to customers. They should observe customers and learn what works and what doesn’t. At times, customers ask for help from a sales staff while at other times they prefer to shop on their own. By watching your customers, you will get a better idea of how to place products and how to give them what they want.
I often ask our retail clients to pretend being a shopper at their own store. By doing so, you’ll get a first-hand experience of what a customer feels like. You can also ask some trustworthy friends to do the same and then take feedback from them. When your shop fitters are almost through with your fitout, go through this exercise. This way, you’ll have time to make any shopfitting changes if required.
To succeed in the retail business, you must make the most of your retail space. Ask yourself what you want to achieve with your space and focus on adding value to it. You must define the customer journey in your retail store and address the needs of your customers. Finally, you should make it incredibly easy for your customers to find what they want in your store. All of this follows from your retail fitout, so make sure that you invest in shopfitting services.
To make the most of your retail space you need to hire the best shop fitters in Sydney. Xtreme Shopfitting & Joinery are just that! To get more bang for your buck, give us a call on 07 5564 7525 and together, we’ll ensure you’re doing all you can to maximise you retail space.