‘If you don’t find a way to make money while you sleep, you will work until you die.’ - Warren Buffett
Depending on a single income is never a wise idea. Make investment-find a second source to make money. After all, a wealthy person is one who has learned the trick of making money even when he or she is not working!
These are the words and thoughts of some successful investors and they hold true for every individual including retailers. As a retailer, if you think running a brick-and-mortar business for eight hours a day is the only option you have then think again! You can generate revenue even after bringing down the shutters on your iconic store. There are many retailers who are doing smart work to see an upward sales graph of their business in the next quarter or coming years.
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Here are some of the proven options by the retailers & for the retailers to increase sales in retail outside the business hours:-
- The e-Store
The e-commerce industry is growing at an unprecedented rate across the globe. From 2014 to 2020, it is expected to grow by whopping 200%. And why wouldn’t? It helps you in running a business 24*7. Your business is no more restricted to a geographical area, and you can reach masses with an e-store. Also, an online store doesn’t demand huge investment, especially when you running it along with your offline business. You already have a ready stock to showcase online and a set of loyal customers to begin with. These are few benefits that a retailer enjoys apart from multiplying retail revenue when the business goes online.
You can start with a non-complex e-commerce website and list all your products there. These days getting an e-commerce site isn’t a rocket science. Open source Content Management Systems like WordPress has made things easier. After all, it is nothing but a side income, initially.
If you think once you move online, managing things will become difficult. No, that won’t happen. Thanks to retail erp software like Zopper. Retail POS by Zopper will help in better inventory management. Zopper retail POS has powerful features to ensure automatic re-ordering, along with notifications for low inventory. This way, you can ensure that customers get what they want from you anytime.
E-commerce is the future. Therefore, if you do not come up with an e-version of your brick-and-mortar business anytime soon, you will lose on potential opportunity to augment the retail revenue eventually.
Moreover, the rate at which an e-commerce industry is growing, you never know when your side income becomes permanent.
Influencers are the new version of brand ambassadors. This is the digital era - Sales take place online and so does marketing. Retailers collaborate with people with a high number of followers, known as influencers, on different social media platforms like Instagram for the promotion of their product. Influencers enjoy a reach to millions of people around the globe. They can spread the word about products round the clock, before business hours and after that as well. Each influencer has his or her T&C. While some of them work on commission basis, others prefer the barter system. Influencers agrees to promote your brand using their social media profile and in return you can give them your product or service instead of money.
The concept of influencers is relatively modern and mostly approached by online retailers. However, it works equally well otherwise as well.
Also, direct-selling is a good option. Many big brands like Amway, Tupperware, Oriflame follow this approach where a chain or distribution network is created. In such a case, you can adopt a localized approach where you can contact your existing or to-be customers to promote your product.
- Lend Space
Another method to increase sales in retail beyond business hours is keeping your store doors open even beyond the time when your shoppers arrive. If you are running your business within four walls and there is some extra space, inside or outside, which is worth sharing, do it right away! You can rent out a portion after business hours to pop-up shops. Charge rent or commission and there you go, your after-business hours revenue is on its way.
Why restricting this option only to pop-up-shops? Open them to musicians, artisans to display their creativity. Let them host workshops, classes, private events, etc.
Sharing your store space is equivalent to turning it into a space for the community. It will also help you in establishing a stronger connection with other people. Moreover, it will uplift the brand image and might lead to increase in foot traffic.
- Self-Serve Shopping
This concept resembles the idea of self-help service adopted by food giants such as McDonald's, Dominos. Customers place the order and receive the same at the order counter, instead a waiter serving it on the table. The concept of self-serve shopping is a bit advance but is picking up really well. Here, a customer receives the product without any help from the sales associate. From placing the order to making the payment and receiving it, everything is done without any administration.
The vending machine is the epitome of self-serve shopping. It’s widely used for packed food, canned drinks, lottery tickets, phone or laptop accessories, beauty products, etc. In fact, there are special vending machines as well which dispense, hot french fries, pizza, life insurance policies.
There is another advantage of using a vending machine. It can be placed at any location as per your convenience and not only outside your store. And by locating it beyond your store, not only you can increase sales in retail but also build reputation even with those customers who haven’t heard of your brands.
Retailers, this time is for smart work. And above options are a few smart ones which can help you in minting money beyond your business hours.