Boosting your independent retailer business

Running an independent retail business is great, but it can come with challenges — especially now, with many of us still feeling the trickling effects of the pandemic, the recession, the ongoing cost of living crisis and geopolitical upheaval.

You’re not alone though.

A 2024 survey from the ONS (Office of National Statistics) shows that more than 22% of businesses reported decreased turnover, naming financial volatility as the biggest culprit. And let’s not overlook the likes of inflation, fluctuating consumer demand and cost increases all contributing to this uncertainty too.

Amidst all this, you might ask how to give your independent business a much-needed leg-up and increase sales. Well, here are some tips to help boost your independent retail business and stay ahead of the curve.

1. Get to know your customer

Ever notice that customers go wild for one product while another just sits gathering dust?

Understanding your customers is the foundation of any successful business. Look at buying trends and tailor your offer to meet demand.

Try getting to know your clientele better through surveys and feedback to give them exactly what they want.

2. Establish and promote your unique brand identity

Your brand is more than just your logo and store design. Your identity is what sets you apart from your competitors, like how you provide services and the experience you offer.

Use your research data to develop a strong, consistent brand identity that reflects your values and resonates with your target market.

Think about what’s important to you and your customers. Are you both driven by price? Are you both keen on ethical and sustainable trade? Or are you passionate about exclusivity and luxury goods?

Once you’ve identified your ethos, you can start sharing this message in your marketing and across social media.

3. Unleash the power of social media

Whether it’s Instagram, Facebook or TikTok, social media is a powerful tool for connecting with customers.

Use your platforms to showcase new products, share behind-the-scenes content or simply use it to engage with your audience through the comments and messages functions.

Updating regularly with useful and interesting information, news or sales and promotions, while interacting with customers can help you build a loyal customer base.

4. Optimise your online presence

As well as social media, you’ll want a decent website that’s both professional and practical to help enforce your online presence.

You don’t need much beyond a home page, your contact details and perhaps a place to share your blogs and news features.

But you want to make sure you have the likes of a Google Business profile.

Your details will be integrated with Google, making you and your business easier to find on the internet.

The best bit — encourage your satisfied customers to leave positive reviews to boost your online reputation.

5. Always give exceptional customer service

Excellent customer service sets you apart from competitors. Knowing your stuff, combined with a friendly and helpful attitude will go a long way to boosting your retail business.

When problems come up, be mindful to disarm the situation promptly. Be honest and upfront when things go wrong, addressing customer queries and issues promptly. It’ll go a long way in building trust and loyalty.

If you’re sending items to customers, consider including a thank you note or a discount for when they shop again. If you’re greeting them in-store, consider drafting a script you and your employees should follow to ensure everyone gets the same great level of service.

6. Diversify your product range

Keep your inventory fresh and exciting by regularly introducing new products.

You might want to consider seasonal items or work with local artisans to regularly provide something different.

Additionally, think about exclusive lines that can draw customers to your store because they can’t get them elsewhere.

7. Host events and promotions

Speaking of exclusivity: create buzz and attract new customers by hosting in-store events, workshops or special promotions. These activities not only boost sales but also strengthen your community ties.

Coincide them with experiences like tasting sessions for food and beverage or style consultations for fashion or interior businesses.

And don’t forget to shout about it on your social media or email newsletters afterwards!

8. Build partnerships

Collaborating with other local businesses to create mutually beneficial partnerships is another great way to grow your independent retail business. Working together and providing joint promotions or cross-selling opportunities is a great way to expand your network.

Go a step further with your business partner and host shared events to widen your respective market reach and each attract new customers you might not have otherwise attracted.

9. Embrace technology

Invest in technology to streamline your operations and enhance the shopping experience.

A good example is where retailers only accept one type of payment method. To optimise your sales, upgrade your point-of-sale system and make life more convenient for customers.

Beyond that, consider your inventory management software or customer relationship management (CRM) tools to help be more efficient when doing your stocktake or sending marketing newsletters.

10. Let people choose their own labels

Stay informed of the latest retail trends and what experts are saying about the latest consumer behaviour.

Adapting your strategies to capitalise on emerging opportunities and address potential challenges will help future-proof your business.

11. Don’t forget insurance

While insurance won’t guarantee an initial boost in your retailer business, it can be a reliable safety net when things go wrong.

There are a host of covers that you could consider, depending on the type of business you run and the risks you face as a retailer — from misplaced stock to staff mishaps, shop insurance can help cover the associated costs of claims when you’re in a pickle.

Maximising your independent retailer business

Running an independent retail business comes with its own set of challenges, like the impact of financial downtime. But with the right strategies, you can thrive and grow.

It’s important to understand your customers, leverage technology and embrace being adaptable. Do all this, and try to stay prepared by mitigating mistakes with insurance and you’ll be on your way to running a competitive and successful independent retail business.