Full-Body vs Partial-Body Mannequin: Which One Should I Choose?

Mannequins have been used in retail apparel stores and businesses for centuries. While their construction and design has changed, their overall objective remains the same: to provide a realistic human form for displaying garments and accessories. If you plan to use them in your retail store or business, however, one of the decisions you'll have to make is whether to choose a full-body or partial-body mannequin. Both are fully capable of displaying garments on a human-like form, but there are some nuances between the two that shouldn't go unnoticed.

What's The Difference?

Full-body mannequins, as their name suggests, feature a complete human form. A typical full-body mannequin contains the body, head, legs, feet, arms and hands. partial-body mannequins, on the other hand, are more basic and consist of just a torso.

Function

Let's first talk about the different functions of a full-body vs partial-body mannequin. The primary benefit of choosing a full-body mannequin is its ability to display garments and accessories anywhere on the body. Since full-body mannequins feature an entire body, you'll have more options when it comes to displaying garments and accessories.

Does your store sell accessories like handbags, hats and necklaces? If so, you'll probably want to choose a full-body mannequin for the simple fact that you can display these items and more. Thanks to its complete design, you can transform a full-body mannequin into the ultimate in-store product display.

Space

Space is also something that retail store owners should consider when choosing between a full-body and partial-body mannequin. Full-body mannequins naturally take up a greater amount of space than their counterpart. Sure, they offer a more complete display of the human form, but their space requirements is a disadvantage that store owners should be fully aware of.

If you haven't done so already, use a measuring tape to determine exactly how much free space is available in your store. You might be able to free up some space by moving around and adjusting product, but it may still not be enough for a line of full-body mannequins.

Price

The price of a mannequin varies depending on a number of factors, but full-body mannequins typically cost more than partial-body mannequins. If you're on a budget and looking to launch a new store without a large amount of capital, stick with partial-body mannequins. The cost-savings it offers allows store owners to display their garments without sending them into the financial red zone.

Common Pitfalls of Operating a Retail Apparel Store And How To Avoid Them

Thinking of opening a retail apparel store? It's an exciting and lucrative industry that allows you to connect with customers on a daily basis. If you have a knack for fashion and enjoy building relationships with new people, this is the industry for you. But like all retail industries, there are some unique hurdles that new owners need to be aware of. In this blog post, we're going to reveal some of the most common pitfalls of operating a retail apparel store and how to avoid them.

Pitfall #1) Not Selecting a Niche

Arguably, one of the biggest mistakes new apparel store owners make is not selecting a niche. Unless you're a massive retailer with an established and well-branded business, chances are you won't experience much success -- if any -- taking the 'general' route.

A more effective approach to the retail apparel industry is to choose a niche. You can read more about retail apparel niche selection in a previous blog post here, but some ideas to consider include:

• Teen apparel
• Swimsuits
• Men's big & tall
• Baby clothing
• Suits
• Trend

Pitfall #2) Not Creating a Business Plan

Launching a successful retail apparel store begins with the creation of a structured business plan. Regardless of your store's niche, you should take the time to create a business plan which details your goals, objectives, finances, and overall strategy. If you need help with your business plan, don't be afraid to seek assistance from a professional CPA.

A business plan is important for any business, but it's especially important for the retail industry. Having a written business increases the chance of approval when applying for loans. If you need a capital to help get your apparel store up and running, bring your business plan to banks and financial institutions. Doing so shows lenders exactly how you plan on running your business, which ultimately makes them feel more comfortable lending you capital.

Pitfall #3) Too Much Shrink

Shrink is defined as the loss of product between the manufacturer and point of sale. For instance, if a shirt gets knocked under a shelving unit or some other fixture where it's ruined by dirt and dust, it's counted as shrink. Allowing your store's shrink to spiral out of control can take a huge toll on its profits, which is why it's important to constantly work on identifying and reducing shrink in apparel stores.

Customer Retention 101: What You Should Know

Customer retention plays a key role in the overall success of a retail store or business. Once you make that initial first sale with a customer, you need to go the extra mile to encourage future transactions with them. Relying strictly on one-time-purchase customers isn't a sustainable business strategy, and it will ultimate allow your competitors to weed you out of the market. So, how you keep customers coming back to your store for future purchases?

Why Customers Leave

The first step towards improving customer retention in a retail store or business is to understand why they leave. Unfortunately, determining the answer to this question isn't always an easy task. Each and every business is unique, so there are different elements that affect customer retention. However, we've compiled a list of some of the most common reasons why customers leave a retail establishment listed below:

• Poor customer service
• Dissatisfied with the product and/or service
• Lower prices offered by a competing store
• Bad location
• Bad store hours
• Strict or non-existent return policy

Note: the single most common reason why customers leave a retail store is poor customer service. Employees with unfriendly or aggressive attitudes can send shoppers packing in the other direction. This is a serious issue that all retail businesses need to address, as it can send an otherwise profitable business spiraling into the red zone.

It's easy to overlook the importance of customer service in a retail store when you're busy counting inventory, placing new orders, creating layouts, etc. However, allowing your store to suffer from poor customer service will negatively impact its customer retention. The bottom line is that shoppers want a friendly, welcoming environment, and if they aren't receiving it from your store, they'll head towards one of your competitors.

Keep Customers Coming Back With a Loyalty Program

Loyalty programs are becoming more and more commonplace in today's retail industry. These programs 'reward' customers for their 'loyalty' -- hence the name. An example of a popular loyalty program is the Kroger Plus card, which offers steep discounts on both grocery items and gas.

Implementing a loyalty program in your retail store will encourage customers to come back to your business for future purchases. Each time a customer makes a purchase, they'll feel like they are getting something extra for being a member of your loyalty rewards program.

5 Tips For Taking Better Pictures of Your Merchandise

Merchandise pictures are an essential tool in a retail store's overall marketing campaign. Store owners post them on social media, send them out in newsletter, mail advertisements, magazines and more. High-quality pictures will naturally encourage your target audience to make a purchase, but poor, low-quality pictures can have the opposite effect by discouraging sales.

Tip #1) Learn Your Camera

You can't expect to take professional-quality pictures of your merchandise without first learning and understanding your camera's functions. Unfortunately, it's not as easy pointing and clicking the button. In order to take truly remarkable pictures that convey all of the positive features of your merchandise, you must learn things like shutter focus, viewing angle, etc.

Before you begin photographing your store's merchandise, spend some time reading through the user manual for the camera. It's not a bad idea to perform some test photos to help you get used to it.

Tip #2) Backdrop

Have you thought about what type of backdrop (if any) will go behind your merchandise? Rather than leaving your store as the backdrop, consider setting up an actual picture backdrop that's white, green or some other solid color. Doing so brings more attention to the actual product by removing 'normal' background elements.

Tip #3) Natural Lighting

I can't stress enough the importance of using natural light for your merchandise pictures. Even if your camera has a flash, natural light offers better clarity while minimizing glare and reflection. So turn off the flash and set up additional light around your merchandise.

You can try using an additional floor lamp around your product, or you can set up an actual studio light kit.

Retail apparel store: photo by jheffryswid™ d e s i g n.

Tip #4) Close-Up

A fourth tip that's worth noting is to focus on close-up photos of your merchandise. There's certainly nothing wrong with experimenting with distance photos, but the bulk of your pictures should be close-ups. Doing so will highlight the small details and features of your product, which in turn translates into more sales. Just remember to set your camera to the close-up mode/function; otherwise, you'll lose some of the image quality during the process.

Tip #5) Editing

Last but not least, run your pictures through a photo editing program to perform some basic touch-ups and optimization. Whether it's removing glare, cropping unwanted objects out of view, rotating, etc., subtle editing procedures such as this can have a drastic impact on your merchandise photos.

Visual Merchandising 101: What You Should Know

Visual merchandising is defined as the creation of three-dimensional product displays to encourage higher sales. Nearly every retail business has at least some type of visual merchandising display. Apparel stores, for instance, typically use mannequins styled and fashioned to look as realistic as possible, while grocery stores use cardboard cutouts to market their products. Visual merchandising is a highly effective way for retail stores and businesses to market their product without spending a fortune on traditional advertising mediums. To learn more about visual merchandising in the retail industry, keep reading.

The history of visual merchandising dates back to the 1800s, when the nation's leading apparel stores shifted their focus from wholesale production to direct-to-consumer. Since this was such as competitive industry, these companies needed an edge to win customers over, and visual merchandising gave them this edge. Companies like Marshall Field & Co. set up full-scale displays depicting 3D mannequins and other objects to display their goods. This proved highly effective at capturing shoppers' attention, at which point they continued to experiment with visual merchandising with their competitors following closely behind.

The most obvious goal of visual merchandising in a retail store is to encourage more sales. When a flowing dress is placed on a life-like mannequin, shoppers are more likely to purchase it. Numerous studies have shown a direct link between increases sales and visual merchandising. However, there are other 'secondary' objectives that shouldn't go unnoticed. See below for a brief list of visual merchandising objectives:

• Helps customers locate a particular product or type of product.
• Helps customers see exactly how a garment looks when worn on the human form.
• Moved product faster.
• Creates a more aesthetically pleasing store environment.
• Helps customers make smarter decisions regarding their accessories.
• Highlights key areas within a store.

Of course, there are some potential disadvantages to performing visual merchandising in a retail store, one of which is the space requirements. Because it consists of 3D elements, visual merchandising takes up a greater amount of space than using standard posters or banners. If you're struggling for space in your store (which is an all-too-common problem), you may not have the extra room for large, complex visual merchandising displays.

The pros of visual merchandising tend to outweigh the cons. Even if your store has limited space, chances are you can still make room for a couple small-sized visual merchandising displays. Once these displays are set up, you'll reap the benefits of higher sales along with 'secondary' benefits mentioned above.

Retail Strategies For Moving Seasonal Apparel

One of biggest mistakes retail apparel business owners make is allowing out-of-season clothes and accessories to take up valuable real estate in their store. There comes a time when shoppers are no longer actively looking to purchase certain types of clothes, and keeping these items in your store is a waste of space and ultimately a waste of money. This is why it's important for retail apparel stores to move seasonal apparel in a timely manner. But when should you begin to move seasonal apparel? And how do you encourage shoppers to buy it? To learn the answers to these questions and more, keep reading.

Let's first talk about winter clothing, as this oftentimes gets left behind in retail apparel stores far longer than it should. Scarfs, heavy jackets, sweaters and hoodies are just a few of examples of 'winter clothing.' The problem with allowing these items to remain in you store is that customers no longer want them after a certain time of year. Typically, a few weeks before spring should be the cutoff period for winter clothes. This doesn't mean you should stop selling them, but you should take a different approach to marketing them.

Spring 2014, as you may already know, falls on March 20th; therefore, you can expect shoppers to stop paying full price for winter clothes around the first week of March.

Retail apparel store owners can move their seasonal products by marking them down to clearance. Chances are you've seen or purchased a marked-down garment that's out of season before. This is a highly effective marketing strategy that's a win-win scenario for both the store and its customers. The store benefits from being able to move out-of-season product while generating sales revenue, and customers benefit from receiving exceptional deals.

The lower you mark down your winter apparel items, the faster they will sell. Even if shoppers aren't looking for these items, the rock-bottom low prices may seem too enticing for them to pass up. Ideally, you should mark down out-of-season clothes just enough so you are able to turn a profit. Going any further could result in you losing money on the transactions.

Of course, spring/summer clothes works in a similar manner; the best time to start marking it down is a couple weeks before fall, which is September 01 next year.

Setting Professional Goals For The New Year

With 2013 drawing to a close, there's no better time than now for retail business owners to start making some professional goals for the upcoming new year. Whether your retail business is centered around apparel, sporting goods, pet supplies, groceries, electronics, jewelry, convenience items, or any other business-to-consumer industry, chances are there's room for improvement. Even the world's most successful retail store's are constantly working to improve their numbers. The new year offers the perfect opportunity for retail business owners to look back and reflect at the past 12 months, while setting objectives and goals for the next 12 months.

Looking Back...

Before you begin setting objectives and goals for the upcoming new year, you should first look back at the previous 12 months, analyzing both the good and the bad. You can't expect to overcome your adversaries unless you know exactly what your business did wrong. Depending on the size of your company, you may want to sit down and discuss problematic issues with other managers and executives. Perhaps sales tanked during a specific month, or maybe there was an influx of customer complaints. These are just a few instances that need to be addressed before moving forward.

Of course, retail stores should also recognize their accomplishments throughout the year. Did the store successfully meet or exceed their sales quota for the quarter or fiscal period? If there are certain employees who stood out with excellence, then maybe you can reward them with a personalized trophy, gift card, or company-branded gear.

New Year's Goals

Professional goals for the new year will vary from business to business. With that said, there are some general goals that work for most. Here's a short list of some top new year's goals for retail stores and business:

• Reduce shrinkage
• Reduce employee turnover rates
• Improve sales
• Reduce overhead
• Expand into new markets (or maybe even opening a second store)
• Perform renovations
• Implement a new return policy

Let's face it, most professional goals for the new year remain buried where they are never seen or heard of again. Business owners may initially create these goals, but unfortunately very few owners actually take the necessary action to reach them. If you're serious about reaching your goals and objectives, print out a sheet containing them and display it somewhere in your store. This will remind you and your employees of the company's objectives for the 2014 year.

Why Retail Apparel Stores Should Invest In a Garment Steamer

A garment steamer is an accessory that each and every retail apparel store should own. As you can see in the image to the right, it's a relatively small and simple device that's not going to take up a ton of room in your store. But don't let this fool you into thinking it's a 'luxury' item that your business can do without. There are several different reasons why apparel stores should invest in a garment steamer. If you're still on the fence about purchasing one, keep reading to learn more about these devices and why they are such a critical tool for running a successful retail apparel store.

Safely Removes Wrinkles From Garments

The primary function of a garment steamer is to remove wrinkles from clothes and fabrics. Let's face, most garments are riddled with creases and wrinkles once they arrive at your store. Suppliers and manufacturers pay little attention to wrinkles, passing the buck over to store owners such as yourself. Unfortunately, customers are less likely to purchase a garment if it's wrinkled, which is why you should store owners should remove them before attempting to sell them.

I know what you're thinking -- why you should I use a garment steamer when an iron is just as effective at removing wrinkles? Traditional clothes irons can certainly be effective at removing wrinkles, but they can also permanently damage garments. Their fluctuating temperatures may literally burn a garment's fabric; thus, ruining the garment. A safer, more effective way to remove wrinkles from a garment is by using a steamer. The device is ran over the surface of the garment where the steam pulls out the wrinkles.

Another reason why garment steamers are preferred over irons is because they are easier to use. Let's say you had 100 shirts hanging on rolling racks that needed to be de-wrinkled. It would probably take hours to remove each shirt, place it on an ironing board, and then run a clothes iron over it. Sure, it could technically be done, but it would take an incredibly long time to finish. A much faster method for de-wrinkling 100 shirts is to use a garment steamer like the one shown above. You can leave the shirts hanging in place and simply run the device's wand attachment over each of them.

The bottom line is that a garment steamer is a versatile accessory that will make managing your retail apparel store easier. So, go ahead and pick one up today!

Taking a Brick-And-Mortar Store Online: What's The Best Approach?

Thinking about taking your brick-and-mortar business online? Some people assume this is a relatively simple and straightforward transition, but this typically is not the case. Whether your brick-and-mortar store sells groceries, electronics, apparel, jewelry, sporting goods or any other consumer product, there are certain hurdles you must face when selling these items over the internet. And not preparing for these hurdles could lead to disaster. Here, we're going to reveal some key tips and tricks on how to transition from a strictly brick-and-mortar business to going online.

Bump Up Inventory

One of the biggest mistakes store owners make when taking their business online is not purchasing enough product inventory. With an entirely new medium for sales available, you can expect to go through product much faster than before. Unless you want to tell customers "Sorry, we are currently out of X product," you should prepare for the increase in sales ahead of time by ordering a surplus of your 'hot' products. Depending on the current size of your store, you may need to rent an additional store, garage or storage facility to house this surplus.

Shipping Logistics

Another area of online sales that's oftentimes overlooked is shipping logistics. After a customer purchases an item online, how do you plan on shipping it to them? Choosing the wrong form of logistics could end up costing you thousands of dollars per year in unnecessary costs. On the other hand, the right form of logistics will make your online business run more smoothly.

Assuming you are selling strictly to the U.S. market, you can always count on USPS for your online business's shipping logistics; they're fast, reliable, and usually have the lowest rates. Other companies you may want to consider include UPS, FedEx and DHL. Find out the shipping rates, guarantees and terms of each delivery company.

Building an E-Commerce Website

Arguably, the most difficult step in taking a brick-and-mortar business online is building the actual e-commerce website. To help you get started on the right foot, we've compiled a few key tips:

• Use a clean website design with easy navigation.
• Make sure the purchase form on your website is secure (SSL).
• Include your company phone number and physical address for greater transparency.
• Use discount and promo codes as an incentive for customers to purchase products online.
• Offer 'standard' and 'expedited' shipping options.

Risks of Starting a Retail Business

Unfortunately, there's no guarantee that a new retail store or business will succeed. According to StatisticsBrain.com, only 47% of retail businesses are still in operation four years after opening. This is the third worst sector, only behind Transportation Communication / Utilities and Information. Does this mean you hopeful entrepreneurs should give up on their dream on opening their own retail store? Absolutely not, but it's important to fully understand the risks of starting a retail business. Once you've identified these risks, you can make better decisions on how to safeguard your professional investment from failure.

City Planning and Zoning

One common risk of starting a retail business is new city planning and zoning that reduces the number of customers walking into your store. For instance, if the city approves the construction of a new highway that's located on the opposite end of town, your retail business may suffer as a result. Or even if the city decides to re-route traffic in a different direction, the end result could harm your sales. To make matters worse, there's very little business owners can do to prevent this from happening. The best approach is to remain active and vigilant on matters such as this. If there's a town meeting on new road proposals in the vicinity of your business, make sure you voice your opinion here.

Consumer Trends

Of course, consumer trends is another risk of starting a retail business. You can research current trends all day long, but something that's 'hot' today may be gone tomorrow. It wasn't too long ago when the baseball card industry was thriving. If you lived in or around a large city, you probably remember seeing half a dozen or more baseball card shops open. Although there are still some baseball card shops open, most of them have closed down over the years due to lack of consumer demand. This is just one example of how consumer trends affect retail businesses.

So, what steps can you take to ensure your retail business remains relevant and popular in the eyes of consumers? One helpful tip is to stick with industries that are constantly in high-demand, such as apparel and jewelry. Consumers are always looking to purchase new clothes and jewelry, so retail businesses focused around these niches are 'safer' than other niches.

Overhead

Retail business owners who aren't fully prepared for the expenses of overhead may find themselves in financial hot water. Overhead includes (but not limited to) leasing a building, electricity, gas, water, security system, insurance, payroll, advertising, taxes, phone, and other business-related operating expenses.

Boost Your Online Sales With 'Cyber Monday' Promotions

Today is the official start of the nation's busiest shopping day -- Cyber Monday. If you own or manage a retail store that sells product online, you should leverage this massive consumer shopping day to boost your sales. The fact is that it's not too late jump on the Cyber Monday bandwagon. And with a little bit of work and the right promotional material, you can skyrocket your online sales. For some more pointers and tips on how to maximize your Cyber Monday sales, keep reading.

Cyber Monday: How Did It Start?

While millions of consumers purchase products, good and services on Cyber Monday, most people remain in the dark as to how this shopping holiday started. Cyber Monday is a relatively new holiday that began in 2005 when Scott Silverman, CEO of shop.org, made a press release saying that the Monday following Thanksgiving was one of the biggest shopping days of the year. The term "Cyber Monday" seemed appropriate for this consumer shopping holiday since it was based around online sales. Retailers, companies and news outlets followed suit and the term has stuck ever since.

Offer Sales and Promotions

If you're looking to boost your sales on Cyber Monday, you should offer steep discounts to drive customers. Remember, there are thousands of other companies dropping their prices during this 24-hour stretch for the sole purpose of attracting more customers. Even if your net profit is reduced, offering special sales and promotion will build a larger, stronger following that ultimately helps your business in the long run. Some of these first-time customers will visit your company's website in the future to make additional purchase at 'normal' price.

So, how much should you discount your product for on Cyber Monday? Some apparel store retailers are offering discounts of 30-40%, while Amazon.com is offering up to 50% on select toys. These are just a couple of examples, however. Retailers should create a customized sale that's tailored towards their goals and objectives.

Cyber Monday Tips For Retailers

• Offer steep, competitive discounts.
• Add a banner or header saying "Cyber Monday Sales."
• Send a newsletter out to inform customers about your Cyber Monday sale.
• Don't limit yourself to the 24-hour time frame; many companies run sales throughout the entire week.
• Snoop around on your competitors to see what they are offering.

These are just a few tips to help businesses maximize their sales on Cyber Monday. Above all else, though, make sure your customers know about your special deals and promotions.

How To Identify Counterfeit Money

Counterfeit currency is a serious problem that retail store and business owners need to be aware of. It's estimated that $3 billion of fake bills are currently in circulation, and with all of the recent technological advancements in computer software and printing, this number will likely grow. Retail stores are responsible for spotting fake bills when used by a customer to purchase goods. Overlooking this step or simply turning a blind eye could leave your business in legal 'hot water,' which is why all retail store owners should educate themselves on how to spot counterfeit money.

Feel It

Real money has a very distinct texture and feeling when you run it in your hands. Experienced federal agents are oftentimes able to determine whether or not a bill is fake simply by feeling it. This is because U.S. currency is printed on a very specific type of paper (25% linen and 75% cotton) that feels quite soft yet equally strong. Counterfeit currency is typically printed on cheap paper before being tumbled in an attempt to 'mimic' the feeling of authentic currency. Spend some time rolling around real money in your hands to familiarize yourself with this feeling. Just remember to wash your hands afterwards, as currency is germ haven!

Border Lines

When visually inspecting currency, pay close attention to the lines defining its borders. If you compare a counterfeit bill with an authentic U.S. currency bill side-by-side, you'll probably notice the real bill has stronger, cleaner lines that really stand out. On the other hand, counterfeit bills have almost mottled border lines that blend into the background. This is just one of the many nuances between real and fake bills that retail store owners should look for.

Treasury Seals

Of course, you should also closely inspect the treasury seals on currency as it passes through your store. Authentic currency possesses clean treasury seals with straight, non-bleeding lines. If the seal is uneven, misaligned or bleeding through to the background, the bill could be fake.

Other Tips For Identifying Counterfeit Money:

• Look for the embedded security thread by holding the bill up to the light (not present in $1 bills).
• Look for the watermarks.
• U.S. currency is printed with color shift ink which causes it to change color when moved around in light.
• Real money contains small individual fibers which are also noticeable in the light.
• Use a counterfeit marker on large bills.

Retail Insurance 101: Is It Really Necessary?

One of the most common questions new retail business owners ask is whether or not insurance is necessary. No matter how much time you spent preparing and planning for your business, disaster can strike at any given time, without prior notice. This, of course, is where retail insurance comes into play: while you may never use it, insurance will give you the peace of mind knowing that your business is financially covered in the event of a disaster. But is this reason enough to purchase insurance for your retail business? And how much coverage should a good policy include? To learn the answers to these questions and more, keep reading.

Liability

While retail insurance policies vary in terms of coverage, you'll find that most of them offer premises liability. If a customer happens to injure themselves in your store, your insurance company will take the financial burden of the accident. Of course, liability isn't limited strictly to customers; some policies may also employee, contractors, and freelance workers. Talk with your insurance provider to determine what forms of liability are covered.

Protect Your Store From Counterfeit Currency

You might be surprised to learn that some retail insurance policies actually protect businesses from the use of counterfeit currency. While local police and federal agents have stepped up their action against counterfeit currency, the problem continues to grow as a result of the advanced software and printing technology of today. It's estimated that over $300 billion of counterfeit currency is currently circulating within the U.S. And if some of this currency happens to pass through your store, is could take a significant chunk from your net revenue while forcing you to spend time contacting the authorities.

Natural Disasters

Natural disasters are a real threat to retail businesses, especially new businesses trying to lay the foundation for their success. Tornadoes, earthquakes, floods and hurricanes (in coastal regions) can leave retail stores and businesses is shambles. While there's no way to prevent natural disasters from striking, retail business owners can purchase insurance to protect themselves financially.

Other Coverage Offered In Retail Business Policies:

• Loss of revenue from power and/or utility interruption
• Sewer backup
• Renovation damage
• Fires
• Theft
• Accounting or financial errors

The short answer is that yes, retail insurance is necessary to run a successful business; however, you should take the time to create a plan that's customized to fit the needs of your business.

3 Ways To Move Product Faster In a Retail Store

Allowing product to sit unsold on your store's shelves for several months is a poor business strategy that will ultimately hurt your sales in the long run. If a customers aren't purchasing a particular product in your store, then you'll need to use some creativity to help push it out the doors. In turn, this will allow you to fill the space with product that is selling well. But how exactly do you move product that customers don't seem to purchase? Keep reading to learn 3 incredibly easy ways to move retail product faster and more efficiently.

#1) Mark It Down To Clearance

Arguably, one of the easiest ways to move product in a retail store is to mark it down to clearance. Shoppers are naturally attracted to the clearance rack, so use this to your advantage by placing old/hard-to-sell products here. Whether your store sells apparel, electronics, groceries, sporting goods, pet supplies or basic convenience items, you can always toss up a clearance aisle to move stubborn product faster.

Of course, you can't expect to sell clearance product for full price. In order to keep it moving fast -- rather than wasting valuable real estate in your store -- you need to mark it down to an attractive price. Don't be afraid to discount your clearance products by 30, 40 or even 50%.

#2) Display on End Caps

Another simple yet highly effective technique retail store owners use to move product is displaying it on end caps. If a particular product is currently being stored/displayed in some obscure location that doesn't receive a lot of attention by shoppers (if any), there's a good chance this technique will work. By moving the product to the end of aisles (fixtures known as end caps), shoppers will notice it more when they are browsing through your store, and this translates into more sales. Just remember to mix your end cap displays up on a regular basis, as using the same product here over and here will reduce their effectiveness.

#3) Advertise It

A third solution to moving product faster in a retail store is to invest some of your time and resources into advertisements. For instance, you could send out a print advertisement through the mail showcasing product that you're having a difficult time selling. The increased exposure gained through advertisements such as this will draw in shoppers with the sole purpose of purchasing it.

How To Encourage 'Retail Therapy' In Your Store

Looking to boost your store's sales but don't know where to start? While there are hundreds of different marketing and promotional techniques businesses use to attract more customers, understanding the psychology behind shoppers will allow you to make business smarter decisions, which in turn will boost your sales numbers. Retail therapy is one such term that's frequently used when discussing shopping psychology. But what exactly is retail therapy? And how can you leverage it in your business? To learn the answers to these questions and more, keep reading.

Retail Therapy 101

In short, retail therapy is the act of shopping with the goal of improving the shopper's mood and disposition. By purchasing new products, the shopper's mood is instantly uplifted, which is the fundamental principle of retail therapy. It's literally a form of therapy that helps soothe emotional distress.

The truth is that each purchase has a 'trigger' that's causing the shopper to say "Hey, I have to buy that item." Some shoppers buy items because they're a necessity for everyday living, while others purchase them because they improve their quality of life. As a retail business owner, it's your responsibility to identify these triggers so you can encourage more sales.

According to a study performed by TNS Global survey, approximately 52% of all American engage in retail therapy. With that said, it's important to note that retail therapy is more heavily geared towards the female demographic, with 64% of females engaging in this activity and only 40% of males.

Top Purchases For Retail Therapy:

• Clothes
• Food
• Jewelry
• Electronics
• Fashion Accessories
• Movies
• Music
• Games
• Toys
• Books
• Magazines

Focus on Impulse Buys

One technique that's helpful for generating more sales through retail therapy is to focus some of your efforts on impulse buys. Just as the name suggests, this is a spontaneous, spur-of-the-moment purchase that shoppers don't 'intend' on making. Shoppers with the goal of achieving retail therapy will see these items and hopefully make a purchase.

Nearly all successful retail stores and businesses display impulse buy products around the front of their store and/or checkout lanes. When shoppers are standing around waiting to check out, they'll notice these items. Assuming they are visiting your store with the purpose of performing retail therapy, there's a good chance they will purchase some of these items simply because they are conveniently placed here.

Tips For Throwing a Re-Grand Store Opening

Throwing a 're-grand opening' is a simple yet highly effective way for retail store owners to attract new customers while notifying them of any new changes to their business. Some store owners throw them after performing major renovations, while others throw them for no reason. In any case, they are almost certain to have a positive effect on the business as a whole. To get the most benefit from your store's re-grand opening, however, there are a couple of things you should know.

Identify The Goals of a Re-Grand Opening

The first step in throwing a re-grand opening is to identify your goals. Ask yourself -- what do I hope to accomplish from throwing this event? In most cases, you'll have a primary goal and secondary goal. Perhaps your primary goal is to attract more customers and sales, while your secondary goal is to notify customers of a new layout or decor in your store. These are just a few examples of common goals with re-grand openings in retail stores.

Identifying your goals for a re-grand opening will give you a better idea of what's necessary for success. Assuming your primary goal is to attract more customers and sales (always a positive goal to have), you should probably run some special discounts and promotions to maximize revenue.

Re-Grand Opening Setup

With your goals clearly defined, you are now faced with the task of setting up a re-grand opening. If you need a little inspiration, don't be afraid to check out re-grand opening events of other retail stores and businesses. While the exact details vary from store to store, you'll find that most successful large-scale businesses throw celebratory re-grand openings with lots of balloons, confetti, streamers, etc. This creates a fun, laid-back mood that shoppers enjoy.

Don't be afraid to ask friends, family members or even some of your store employees for help setting up the re-grand opening event. Just a couple extra set of hands on deck can prove immensely valuable during this process. And besides, they will provide constructive criticism over which decorations are attractive and which ones aren't.

Market Your Re-Grand Opening Event

Of course, a re-grand opening event is only successful if people actually know about it. The sight of a large 'Re-Grand Opening Event!' banner in the front of your store is bound to attract some shoppers, but ultimately you'll need to spread the word through in-mail advertisements, social media, flyers and word-of-mouth to truly generate the most revenue.

5 Ways To Grow and Expand a Retail Business

It's easy for owners of retail stores to grow complacent in their current business setup. Once you've garnered a loyal customer base and have made a name for your business in its respective industry, you might not see the point in trying to expand it any further. Regardless of your store's current level of success, though, there's always room for growth. To learn more about how to grow and expand a retail business, keep reading.

#1) Perform Renovations

Physical store space is a factor that oftentimes limits the growth of retail businesses. When you're forced to consolidate and selectively choose your products, you'll naturally leave some untapped business on the table. This is why it's important for store owners to perform space-saving renovations. If you haven't done so already, consider hiring a professional contractor to open up more space in your store. Something as simple as tearing down a non-load-bearing wall could yield a ton of additional store space.

#2) Take It Online

If your retail business relies strictly on local sales and not the internet, you're missing out on one of the easiest and most effective ways to grow your business. The fact is that nearly all retail stores and businesses can benefit from having an active web presence. It will give you the chance to reach out to an enormous amount of customers. Of course, there are some logistical hurdles owners must tackle if they plan to take their business online, but it's still relatively easy when compared to running a local retail store.

#3) Open a Second Store

A third way owners can expand their retail business is by opening a second store. After running a successful store for 1-2 years, you should look into expanding your business into a second store. By replicating your business model elsewhere, you can create a chain of self-sustaining, profitable stores that continue to generate revenue.

#4) New Products

Adding new product lines to your retail store is a simple way to grow your business. Let's say, for instance, your store sells women's apparel. By venturing into handbags, scarves, footwear and other accessories, you'll attract more customers; thus, growing your business. Customers looking for fashion accessories rather than actual pieces of apparel will visit your store instead of your competitors.

#5) Market Aggressively

A fifth and final technique for retail store owners to expand their business is to market aggressively. I know this probably sounds like common sense to most entrepreneurs, but you would be surprised at how many stores fail to realize the importance of marketing.

5 Questions To Ask Before Opening a Retail Apparel Store

Are you a fashion fanatic who loves to meet and interact with new people on a daily basis? If so, then you might want to consider launching your own retail apparel store. Since people are always in need of clothes, this is one industry that's considered "recession-proof." Launching your own retail apparel store will give you the opportunity to earn a living while helping people achieve greater self-confidence through fashion.

Question #1 - Is The Store Location High Traffic?

If there's one thing you shouldn't try to save money on when opening a retail apparel store it's the location. Sure, there's a good chance that you'll save a couple hundred dollars or more by leasing a store in a hidden part of town that no one knows about, but unfortunately this will hurt your customer base. Spend the extra money to lease a store in a high-traffic location next to a major road or highway.

Question #2 - How Am I Going To Find Employees?

Even if you plan on doing most of the work yourself, you'll still need a couple of employees to run a successful retail apparel store. Perhaps you can place a classified ad in the paper stating that you are looking for hard-working employees for a new retail store. Another option is to place a "help wanted" sign in the front of your store. The bottom line is that you need to find hard-working employees which are dedicated to helping your store succeed.

Question #3 - Are Loans Necessary?

The cost of opening a retail apparel store from the ground up can easily place a heavy burden on your finances. Thankfully, banks and lenders have numerous loan options available for hopeful entrepreneurs looking to launch new businesses. If you don't have 100% of the necessary cash on hand, do some research into the different types of business loans.

Question #4 - Do I Have a Reliable Supplier?

Of course, you can't expect to run a successful retail apparel store without a reliable supplier. And by "reliable" I mean someone you can always count on to deliver the product on time. Some store owners spend countless hours networking with factories and dealers overseas. Having a strong relationship with a good supplier is essential to running a successful apparel store.

Question #5 -  What Kind of Fixtures Do I Need?

A fifth question you should ask yourself is what type of fixtures are required for your apparel store. Setting up half a dozen or so mannequins is an excellent way to show customers exactly how a particular garment looks when worn on the human form, but it's not an effective method for storing large quantities of product. Instead, consider using something like gridwall, slatwall, gondolas, or a combination of the three.

3 Ways To Expand Your Retail Business

Expansion is the key to improving revenue in the retail industry. Only running your business from a single 'local' location will ultimately limit your store's earning potential. If you wish to create a successful long-term business, you must constantly look on the horizon for ways to expand. Expanding your business will open up a whole new world of possibilities, allowing your business to grow into a larger, more successful entity.

#1 - New Store

Of course, one way to expand your retail business is to open up a new store. Don't get me wrong, this requires a fairly large amount of capital and resources, but opening up a new store can prove to be well worth it in the long run. Just think -- you could be earning twice the revenue, if not more, by having an extra store in place.

The most important thing to remember when opening a new store is to choose an appropriate location. The location of a retail store can either make it break it. Ideally, your new store should be located in a populated area that's near a highway or major road. If customers have a difficult time locating it, your sales will suffer as a result.

#2 - eBay / Amazon

Another highly effective way to expand a retail business is to sell your products on eBay and/or Amazon. These are two of the hottest marketplaces around for selling goods and products. Taking advantage of just one of these marketplaces can yield a huge increase in sales.

There are a couple disadvantages associated with eBay and Amazon, one of which are the fees. You can expect to pay around 5-9% in selling fees. If your profit margins are small already, the fees along can make selling on eBay and Amazon not worth your time. Do the math ahead of time to determine how much profit you'll actually pocket from selling on these marketplaces, and then decide if it's worth it.

#3 - Website

A third idea for expanding a retail business is to launch your own e-commerce website. You won't get the same amount of traffic as eBay or Amazon, but you also won't have to cough up 5-9% of your sales in fees either. Even if you have little-to-no experience in web design, you can outsource a company to create an e-commerce site for you. The cost of a site will depend on a variety of factors, but it shouldn't cost more than $750 for a fully functional e-commerce site for your retail store.

Laying The Foundation For Long-Term Success

Most entrepreneurs start a business or company hoping that it will achieve not only immediate success but long-term success as well. Once you've invested a large portion of your time, energy and financial resources into a starting a business, you probably don't want to start all over again. This is why it's important to always keep one eye looking down the road at the future of your business. Owners who remain shortsighted by focusing only on the immediate needs of their business will likely suffer as a result.

Setting Goals For Your Business

Laying the foundation for long-term success of a business starts with clear professional goals. Ask yourself what you hope to achieve with your business. Using a pen and paper, write these goals down and hang them in a visible area to serve as a constant reminder. If you happen to lose focus or drive, you can look up at your goals to get your business back on track. Revealing these goals to your employees is also helpful at encouraging and motivating them to work more efficiently.

Set both short-term and long-term goals for your business. Short-term goals will give you and your employees something to immediately strive for, while long-term goals will act more as a roadmap for the future success of your business.

Grow With The Times

Businesses must keep up with the times if they wish to succeed later down the road. We live in a high-tech age where people use Google and social media sites to locate contact information for businesses more than phone books. If your business lacks an online presence, you are missing out on one of the key tools for any modern-day business. Launching a website and a social media networking page for your business takes very little effort but will pay off huge.

Of course, this is just one example of "growing with the times." Don't be afraid to adjust and modify your business according to recent trends and technological advancements. Complacency is a killer for businesses and companies, so don't allow yourself to fall victim to it.

Products and/or Services

Want to know the secret to achieving long-term success with a business? It's offering a product and/or service that's superior to your competitors. This will naturally attract more customers while creating a name for your business through word-of-mouth marketing. Focus on building an exceptional product or service and you will reap the benefits of long-term success.