image Source: pixabay With e-commerce on the rise, retailers are facing even higher competition than ever. In the past, shops only had to compete with competitors around their area, but with the world wide web currently in play, they are now required to compete with a much larger range of retailers from all over the country, […]
Category Archives: Retail Thoughts
(Source: pixabay.com) We have all been guilty of falling prey to the array of loyalty programs available out there in the market. But what exactly are loyalty programs for? Are they really beneficial? Loyalty programs are basically a reward system to track customer’s preference and keep them coming back. Often times customer’s information are […]
Retail Success, Retail Thoughts
5 Steps to Building a Profitable and Successful Retail Business (Part 5)
(image via freeimages) In part 5 of our post, we talk about the 5th Step in Building a Profitable and Successful Retail Business. If you missed out on the previous articles & videos you can find them here: Step 1: Who are your customers? Step 2: Its all about location. Step 3: The right Budget. Step 4: […]
Retail Success, Retail Thoughts
5 Steps to Building a Profitable and Successful Retail Business (Part 3)
(image via Morguefile) In part 3 of our post, we talk about the 3rd Step in Building a Profitable and Successful Retail Business. If you missed out Step 2, click here and Step 1 is here. The 3rd Step is all about setting aside the right Budget to ensure that your retail vision is fully executed. The 3 […]
Retail Success, Retail Thoughts
5 Steps to Building a Profitable and Successful Retail Business (Part 1)
(image via istock) I was asked to share this topic at a franchise event last week and thought it would make a great post this week. How do you build a successful & profitable retail business? I believe it starts with understanding who your customers are and where are they hiding? These are […]
(image via freeimages.com) Have you ever wondered how Uber and other car sharing apps came to dominate the transportation industry? One simple word, “Value”. The old taxi services were just charging too much for their services and providing too little value. People got tired of them (i.e. taxis) charging too much and being rude to their […]
(image via freeimages.com) As we are now in the midst of Chinese New Year and a time for celebration, I thought it would be a good time to reflect and plan for the year ahead. What determines the success of a retail business? I believe it fundamentally boils down to 3 things which I call […]
(image via shutterstock) Was extremely disappointed with the service received from a certain runner service in Kuala Lumpur today! Did not get my package picked up and was not even informed that the packaged was not picked up. Had to do a lot of digging to get the customer service number and then was only told […]
image via pixabay Last week we talked about the challenges of running a retail business and why almost half of all retail businesses end up closing. The main reason is the brand’s inability to stick in to the mind of the consumer (i.e positioning). We also talked about how we could use the ladder […]
image via pixabay The retail business is a challenging industry! Don’t let anyone tell you otherwise. In a study conducted by the University of Tenessee (read more here), only 47% of retailers continue to operate after 4 years! That means a whopping 53% failure. If that is not challenging, I have no idea what is. […]