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A Retailer's New Year Checklist
16 January 2024
In the dynamic landscape of the retail industry, staying ahead requires more than just embracing change. It demands a strategic and proactive approach to your year. As the calendar turns to a new year, you might find yourself at the threshold of fresh opportunities and untapped potential.
To set the stage for a successful 2024, we've put together a comprehensive New Year checklist. We'll delve into key strategies and best practices to build up your retail business. From optimising in-store layouts to setting clear business goals.
Reflect On The Past Year
First, it’s important to reflect on the past year. Look at what went well and what didn’t and where areas of improvement could be made. This will lead you to create an all-important strategy that you can build on over the coming year.
Look at market trends, consumer behaviour and the economy in general. These may have played a part in the less than successful aspects of your year. Identify any unforeseen challenges that emerged. Reflect on any disruptions or bottlenecks in your supply chain. Consider how these issues affected inventory management, production timelines and customer satisfaction.
Get your strategic plan in place as early as possible. Whilst you might be recovering from the holiday period, it’s still good to go into the New Year with a clear mind set of what you want to achieve.
Set Clear Goals For The New Year
Once you've looked at the past year, you can define specific and measurable objectives. Identify your business goals. These goals could be increasing sales, expanding market share or improving customer satisfaction. Or all three!
Try to align your goals with industry trends and consumer preferences. As we've already mentioned, looking at the market and industry trends will help you with this. Look at your competitors. In the gift packaging industry? Use social sites such as Pinterest to find trending products. Remember to think about how you could incorporate these into your offering.
Once you've established goals, break them down into specific, actionable components. Regular monitoring of objectives allows you to stay responsive to changing market conditions. Ultimately, leading to business success and customer retention.
Enhance In-Store Experience
Refreshing your layout and shop space is an easy way to encourage interest. If you're a shop, cafe, deli or similar then think about how you're displaying your merchandise. Does it still reflect your brand? Does it look dated? Does it offer customers the best possible shopping experience? If it doesn't, that's where Gadsby can help.
Our retail display stands are suitable for a variety of retail environments. Crafted from a range of materials, the stands feature attractive and innovative designs. If in stock, they're available for immediate despatch from our UK warehouse.
Choose from our new metal freestanding units, CrateWall, wire display stands and more. Your display doesn't have to take up a lot of space either. Our display units make the most of vertical space, not just horizontal. Utilise this by adding your slow-moving products at customer eye level to try and get rid of some old inventory. Which brings us onto our next tick box...
Once your shop floor is looking new and exciting, it's time to think about stock. As much as you'll want to buy new products. It pays to look at what you already have ready to go in your stock room.
Identify your slow-moving items and put those into a sale if you can afford to do so. Or, as mentioned before, place this at the eye-level to the customer to try and increase sales without the need for discounts. If you're offering hampers, fill them with merchandise you want to get rid of. A filled hamper will make customers think they're getting more for their money. At the same time, you'll be letting go of stock to make way for new pieces.
Your restocking strategy doesn't have to be extensive. Make yourself aware of National and UK holidays so you're able to use up leftover stock you may still have from Christmas. Learn more about how to adapt your range for key holiday dates in this recent blog post.
Updating your retail space doesn't have to be expensive or time consuming. Ensure you follow our simple steps and have a clear strategy in place with what you want your business to look like at the end of the year. As well as setting goals and inventory management, utilise social media and Google ads if you're an online business as well.
Taking these points into account with your planning means you will be celebrating a successful year come next January.
Retail Display & Supplies
Products to create and maintain effective, customer friendly in-store environments.
Hamper & Gift Packaging
We've got everything you need to build, sell and send hampers and gifts.