4 Retail Resolutions to Help Businesses Become More Profitable

Whether or not New Year resolutions are your thing, I think it’s fair to say everyone would like their year ahead to be more profitable. How they aim to accomplish that may vary, but the simple goal of making more profit when operating your business rarely – if ever – escapes a professional’s wish list for their year ahead.

 

As you look into 2024, consider how becoming more profitable can also be achieved with more efficiency, more business clarity and even more time on your hands. To help, consider the four, Retail Minded approved resources below.

 

Resource #1: Faire

 

If diversifying your storefront – whether it’s digital or brick and mortar – from marketplace competition is among your 2024 goals, then look to Faire to help. This online marketplace of independent brands is the perfect destination to truly elevate your inventory assortment in an effort to notbe like every.other.store.

 

Of course, the reality is, there will be favorite brands and products that are easily recognized and loved by consumers always – which we value – but there is also value for many consumers in discovering products and brands that are lesser known. In fact, this is a huge appeal to customers across the generations and has opportunities that appeal to many categories that include home decor, beauty and wellness, accessories and fashion, paper goods, pet products, kids and baby goods, and jewelry. Another perk of exploring independent brands is knowing you are supporting small businesses – which, for many of our Retail Minded followers, you are, as well. This makes for a winning partnership and the confidence in knowing you are supporting a small or mid-size business, just as you with others often did more routinely, as well.

 

Kickstart 2024 by kickstarting new, independent vendor relationships. Begin your search with Faire now.

 

Resource #2: Refund Retriever

 

As an ecommerce based business, a traditional brick and mortar store, a marketplace seller or even a vendor, shipping is a big part of your business operations. So that makes us wonder… are your shipping strategies as seamless and as reduced in overhead as they can be? Do you offer a multi-carrier shipping strategy? Why or why not? Are you satisfied with your parcel overhead expenses or would you prefer to save more money?

 

Incorporating a multi-carrier strategy can help companies enhance their overall shipping efficiencies while reducing parcel overhead. Through data, the most favorable carriers based on transit time, pickup locations and more can be identified – ultimately helping shippers to reduce unexpected fees and meet shipping expectations. Often, companies settle for quick strategies versus the right strategies that can best support their unique shipping needs. Yet, when you take the time to evaluate your current parcel overhead you can identify ways to save money. But if you’re like most business operators, you have no idea how to do this or where to start. You’re not a parcel expert, after all! But that’s okay.

 

In 2024, one of your Retail Resolutions needs to be welcoming external support when external support can help you save money, make money… or both.

 

Introducing a parcel auditing strategy into your shipping efforts, such as Refund Retriever offers, allows you to analyze FedEx and UPS invoices, detects issues with your shipments, apply for refunds identified that the carrier may not do otherwise and ultimately confirm those refunds once they appear in your account. The best part? Refund Retriever simply charges a percent of the value of the refunds which are detected and verified – helping your business save money which translates to making money while also eliminating a responsibility from your undoubtedly long to-do-list. Curious? Explore more here. 

 

Resource #3: Simple Texting

 

A recent report from Constant Contact identified that 91% of consumers are interested in signing up for textsand 80.5% of consumers check their text notifications within five minutes of receiving a text. This same report also revealed that when combining SMS marketing (that’s texting in fancy terms) with your other marketing channels, businesses can boost their company’s average user lifetime by 76%.

Which makes us wonder… do you prefer texts or emails? Or possibly both for different reasons? Keeping this in mind, what do you think your customers prefer?

Looking ahead into 2024, it’s time to keep up with how consumers trulyprefer to engage. There is so much value to text message marketing, and among the favorite reasons we love texting is because it offers immediate, engaging and – quite simply – simple engagement with customers. In other words, don’t over complicate it. The basics of marketing include communicating effectively without cluttering a consumer’s mind with unnecessary information. From a texting perspective, it almost forces you to keep things clear and concise – a winning duo when it comes to customer communication.

Explore how texting can boost your customer engagement, customer loyalty and customer sales by introducing simple texting – literally, there is a great company called Simple Texting – into your 2024 marketing goals. Learn more here.

 

Resource #4: Sellfy

 

Have you dreamed of selling online but dreaded the process? The fees? The time involved in setting a website up?

 

We hear you. And now we challenge you.

 

Thanks to Sellfy, businesses of all sizes are easily creating additional revenue streams through Sellfy websites that allow you to sell products via website or even social media. With template based websites easy to create in as little as ten minutes – for real – and no fees attached to transactions, it has become a turn-key solution for retailers looking to reach more consumers. Costs involved are monthly, with packages as little as $19 a month to begin making your online presence a big deal. Plus, we love the digital stretch Sellfy offers for those businesses looking to also sell via social media and other digital platforms.

 

With the path to purchase rarely a straight line for consumers, make sure your 2024 Retail Resolutions include being where your customers are… and that includes online. Explore Sellfy to help you achieve this goal.

 

Finally, don’t just say you want 2024 to be more profitable. Take the actions and do the work to make 2024 more profitable. Begin by implementing these 4 Retail Resolutions and refer again and again to Retail Minded to get more actionable insight in the year ahead!

 

Please note Retail Minded’s recommendations do not guarantee success if you implement them. They are resources suggested by Retail Minded that you should review on your own to decide if they are right for you. Retail Minded does gain an affiliate commission for users who choose to work with them via links provided by Retail Minded. We wish you as much success as you dream of and work for in 2024 and always!