According to a study conducted by Colliers International, the number of retail Shop in Singapore increased by 8.3% between 2009 and 2011. Despite the intense competition that the brick and mortar shops face from online retailers, they continue to record significant profit annually. For this trend to continue, the entrepreneurs need to come up with smart ways of marketing their shops in the country.
Understand the Market Needs
The success of any retail shop is dependent on the type and quality of products that it offers to the market. Marketing strategies will not yield positive results if the products on sale are not in line with the needs of the customers. Based on this fact, it is recommended to carry out feasibility market study to gather this information and decide what to sell. This simple step will greatly improve the effectiveness of the various marketing campaigns to increase sales.
Even though you have a physical store that clients can walk in and purchase a particular commodity, it will not hurt to invest in a website. Most Singaporeans use their mobile devices to access information about the products available in a particular store. Therefore, make sure that the site is mobile friendly and always live round the clock. Go an extra mile and include an online ordering platform that allows them to purchase goods remotely. It is this form of convenience that will position your shop on the frontline of success.
Offer Coupons and Discounts
For decades now, coupons and discounts have being used by retailers to attract more customers. They are still effective in increasing sales, and so it is still wise to use them to give your business a higher cutting edge in the competitive Singapore business landscape. Hire an external marketing and financial expert to help you know the amount of discounts that you should offer on the various products to avoid plunging your business in financial turmoil. You can also decide to launch a loyalty program to reward clients and gain traction in your niche.
Finally, you need to put together a team of offline and online marketers to help get the word out about your shop to the target audience. Encourage the two team to work together harmoniously to scale up your shop.