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Running a Retail Business in KSA can be a lucrative opportunity if done right.
Luckily, we now have Retail Analytics services that can help with all 5 of the following strategies to ensure the success of your business:
1. Retail Mix
Retail Mix refers to the different elements and components that business owners use to sell products. Following are the 4 key factors of a retail mix:
• Type of product or service
• Price set up in relation to the competitors
• Location of the store and accessibility (online or physical)
• Marketing and Advertising
If managed rightly, these elements together have the potential to curate a well-rounded shopping experience and drive sales.
2. Retail Strategy
Retail strategy, like retail mix is an extensive plan consisting of the following elements for long-term retention and improvement of a retail business:
• Target Market (Customer segmentation)
• Unique selling proposition (To stand out from competitors)
• Operations (Customer service management, store management, supply chain management)
• Financial Planning and Management
Any strategy that proves to be beneficial can be included in the long-term plan and improvisations can be constantly made to keep improving the business.
It is important to note that setting shopping offers, discounts and deals come under Retail Strategy as well as they help to both set USPs and with the resource management.
3. Inventory Management
Retail Inventory refers to the stock of goods and products that a retailer holds for the purpose of selling. It consists of raw materials, finished and unfinished products.
There are special inventory management tools that you can on-board.
Effective inventory management can be achieved by monitoring and forecasting sales and trends.
It helps with theft tracking, product and offer tracking, spot low-selling products, etc.
4. Customer Support and Loyalty
Customers are the most important part of a business. It is essential to promote attractive offers in KSA on a regular basis because although the growing middle class has a high disposable income, they are also very conscious about saving money. The more competitive your prices and deals will be, the happier the customers will be with your services.
Customer feedback forms and questionnaires along with tracking customer behavior to make improvisations can lead to higher levels of customer satisfaction and loyalty.
5. Constant Upgradation and Improvisation
In the age of digitization, a powerful online presence can do wonders for a business. May it be social media promotions and campaigns, easy to use e-commerce websites and apps or notifying customers on a regular basis, it takes in-depth analysis and sales channels and customer tracking to keep improving a business.
Analytics tools like the ClicFlyer’s Analytics Dashboard make it convenient to scrutinize real-time data, making sure that businesses stay up-to-date with current practices and trends.
Customer behaviours keep shifting and so it is important for retail to keep up.
Digitization of flyers and having optimized websites are two of the greatest steps in the direction of upgradation.
ClicFlyer specializes in curating and measuring digital flyers and providing BI Tools that help track campaigns and customers with real time data. Our Analytics dashboard provides actionable insights and recommendations for optimization.
For more information, reach out to sales@cfcorporate.azurewebsites.net
