Store Owner Hack:
Surviving Recession

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Store Owner Hack

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During a recession, consumers often cut back on their spending and become more price sensitive. As a result, stores need to find ways to remain competitive. Here are some operational hacks that stores can use to survive during a recession:

Optimize inventory management to reduce waste:

Stores can reduce waste by ordering right quantities, especially perishable items or items that follow a trend cycle. With the automated inventory management available in ShelfPerks Store OS, stores can run in a more efficient order cycle. The timely prompt on the stock at the shelf, at the back of the store or at the warehouse would give sufficient lead time to re-order or trigger an automated purchase call to the vendor. When it comes to optimizing inventory, timing is everything and ShelfPerksOS will not let you miss a beat.

Negotiate better prices with suppliers:

Stores can negotiate better prices with their suppliers by ordering in quantities that offer better pricing options or by agreeing to longer payment terms.

Increase efficiency & Streamlining operations:

Identify areas of your business that are less efficient and streamline your processes to improve productivity. Stores can increase efficiency by using technology such as a ShelfPerks store operating system to streamline the checkout processes by adding self-checkout, Tap to Pay in smart phones and integrating with a chain of processes such as inventory, vendor management, expense monitoring and all other allied functions.

Gift Cards:

Gift cards are one of the best advocates for your store. Offer gift cards at different price points and with different bouquet of products. Gift-based events, occasions, and themes attract new audiences. It also gives your current customers a reason to gift them.

Offer promotions:

Grocery stores can offer promotions on products to attract customers and increase sales. This can include discounts, contextual deals such as cherishing the local traditions, or loyalty programs. Since ShelfPerks Store OS has a built-in feature that makes it easy to create promotions and discounts.

Build Customer Loyalty:

Focus on building strong relationships with your customers by providing excellent customer service, personalized recommendations, and rewarding loyalty programs. Happy and rewarded customers are more likely to return to your store and recommend it to others.

Focus on value:

During a recession, consumers tend to prioritize value over luxury. Therefore, stores should focus on offering competitive prices, value packs, and promotions that provide significant savings to customers. This also increases the chance of making a customer regular and loyal.

Emphasize store label brands:

Store label products are typically priced competitively than their branded counterpart, and consumers may be more willing to purchase store labels. Grocery stores can increase profitability by promoting their private label brands and expanding their product offerings.

Enhance customer experience:

Creating a positive shopping experience can differentiate a store from its competitors. Offering personalized customer service, creating a comfortable atmosphere, and providing convenient services such as curbside pickup and home delivery can improve customer satisfaction and loyalty.

Utilize data analytics:

Analyzing customer data can provide insights into consumer behavior, preferences, and purchasing patterns. Stores can use this information to tailor their marketing strategies, optimize product offerings, and improve profitability. The dashboard built in ShelfPerks Store OS is designed to give you all the necessary data in an easily understandable format.

Expand Your Product Range:

Offer a wider range of products to attract new customers and retain existing ones. Consider adding highly sought after products to cater to the customers who are willing to pay for the quality.

Remember, the key to surviving a recession is to remain flexible and adaptable. Keep an eye on the market trends and adjust your business accordingly. Surviving a recession requires stores to be agile and adaptable. Use ShelfPerks Store Operating System to implement these operational hacks and streamline all the processes from payments to inventory, vendor management, shipment and promotion coupons.

Get started for free.
Your premium plan is on us.

Get started for free. Your premium plan is on us.