With M&S announcing 20,000 new jobs and the hugely popular Ikea set to make its high-street debut in London this month, the high street is making a comeback – especially as workers return to the office.
Recent reports actually indicate that the high street has continued to grow in spite of rampant inflation and the cost of living crisis. While sales only outpaced inflation by 0.4%, this is to be expected in a time of financial crisis and uncertainty.
So, what can retailers do to make sure their business stays competitive and capitalises on increased footfall? Harminder Randhawa from UK Shopfront, shares 7 ways smaller retailers can compete with big High Street brands.
“Big names making an appearance on the high street, like Ikea, can be intimidating to smaller retailers or businesses. However, there are several ways you can maintain the loyalty of your consumers whether by offering something unique or keeping your prices competitive.
Studies have also discovered that UK consumers prefer to purchase from small independents rather than large chains, especially after the pandemic. You can easily capitalise on this by offering great products, services and customer service to ensure your spot as a high street favourite.”
7 Ways Smaller Retailers Can Compete With Global High Street Brands
1. Meet Customer Needs
“Offering accessible parking, accommodating opening hours and retailing consumer-centric products and services are all great ways to ensure your business remains a competitive edge in the local area.
Visitors are much more likely to return if they feel your business caters to their needs. Doing so can also foster loyalty and customer satisfaction, making it essential for both attracting and retaining shoppers.”
2. Reward Loyalty
“Maintaining a relationship with your customers is essential for not only the longevity of your business but to make sure you excel in your market. Whether in the form of repeat purchases, word-of-mouth referrals or even leaving positive reviews, rewarding loyalty has a knock-on effect of making your business more attractive to both new and prospective customers.
You can do so by offering small discounts or exclusive offers, with small incentives helping to guarantee larger purchases.”
3. A Neat & Tidy Shopfront
“A clean and attractive shopfront is essential when standing out on the high street as this makes a strong first impression. A well-maintained, tidy and visually appealing shopfront conveys your attention to detail, high-quality offering and the level of professionalism that your business will provide.
In addition, a messy shop can lead to negative comments from customers, which may impact their referral to your shop, especially if your competitor’s shop is kept tidy.”
4. Offer Several Payment Options
“Following the pandemic, many retailers and businesses have decided to go cashless. Unfortunately, this movement towards a cashless society means that some individuals, such as elderly people who are comfortable paying with cash, are excluded.
The flexibility and convenience provided by offering mobile payments, cash and credit or debit cards means you can accommodate any needs, no matter how diverse. As customers will always favour a stress-free shopping experience, this can help ensure you retain sales against the competition.”
5. Perfect Customer Service
“No matter how great the products are, or how beautiful the shop, if a customer receives bad service, they are unlikely to return. Treating your visitors with respect and warmth is essential when you operate on the highly competitive high street. With consumers having more choices and options when shopping than ever before due to technological advances and the digital world, perfect customer service is crucial for continued sales.”
6. Collaborate
“Forming a partnership with other local businesses and influencers is a great way to promote your business while supporting a fellow retailer. You can use your resources and knowledge to create a special, one-of-a-kind product or even suggest that you both advertise each other’s products in your respective stores.
This mutual support within the independent retailer world is a great way to form alliances and improve the shopping experience for your customers, leading to increased footfall and sales for all.”
7. Gather & Utilise Customer Feedback
“Knowing your customers’ wants and needs is a vital way of improving their shopping experience and driving sales. The insights provided by surveys, social media and online reviews allow you to make informed decisions about pricing, key products and other areas that require improvement. Doing so allows you to remain competitive and offer your consumers exactly what they want, meaning your shop stands out on the high street.”
