The ONLY Way to Make Money in Retail

Note: This transcription has been generated with AI and there may be errors present. 

So we’re here in Chris treat market in Poplar. And the project we’re working on at the moment is to help the existing traders to grow their businesses. The entire market is being knocked down and redeveloped in a roundabout two years time, there’ll be a new cinema, there’ll be supermarket, the whole area is changing. So what we need to do is help the traders to increase their business to be able to thrive in a new economy with more competition in the area. So we’ve got 10 traders that we are helping to grow their business, and their biggest complaints is a lack of footfall in the market, and not enough sales. So those are the two targets we’re going to be looking at today. How can we bring more people into the market? And how can we increase sales? So we’re here with Shahina, from the flower boutique London, we’re working with sheen on her business she know what do you focused on most at the moment,

marketing leafleting and word of mouth. And basically, I’m advertising through up through my social media like Facebook, Instagram, Pinterest.

So the most important thing in the moment is promoting the business and getting customers in. Yeah. And which one of those is working the best for you at the moment,

and social media, social media and promotion as well. And word by mouth, it’s all about my work. Because because of my customers, they feel satisfied. And the work I’ll do is live. And I’ll make them very happy. And it’s a feel good effect as

well. What are the big events, you’re doing flowers for in the future?

Wedding events, I’m focusing on wedding events and business clients as well. I do indoor plants as well.

Well, thank you very much for taking the time to talk to us today. I love what you’re doing with the business. And we’re going to put some links for you. If you’re ever in London, and you need flowers, this is your lady, this is who you need to speak to. So click on the links and follow Shahina and have a look at what she’s doing.

So we’re here in the crib street market. And today we’re focusing on two primary things. One is how do you get more customers to come and visit you at your store. So I’ve been meeting with a curry heart this morning, and the London flower boutique with Shahina and talking to them about bringing customers in. But once you’ve got them there, how do you then make sure that they know what products you’re doing, they can see clearly the prices, there’s a whole piece of work that you need to do around signage, and branding so that the customers know what they’re getting when they arrive to you. So I think what really surprised me about this project and Chris free market was that 11 Out of the 12 traders we’re working with, didn’t even have a website, and only one of the traders we’re working with actually use social media to bring customers in. So what we’ve been focusing on doing is helping them to get online and digitally communicate what they’re doing. So by using Facebook, Twitter, Instagram and Pinterest, depending on what the product is, we’ve been able to help them reach customers that would not have traditionally walked past and bring them into the market in retail, there are only two ways to make more money. And when I say retail, whether that’s an online store, whether that’s a real physical shop, the same difference, and a lot of these strategies are quite often the same for both. So the only two ways to make more money in retail is number one, bring more customers to your shop, to your website to your physical shop. And number two, when they arrive at your shop, increase the amount of money they spent. So number one is promoting your business. And yesterday we did a video entitled five ways to promote your business for free. You’ll see a link to that below, or search for it on YouTube on our channel. The idea is that you’ve got to bring more customers into your store or to your website online. So whatever you can do to find people and bring them in. That’s the number one way to get your business to grow. To increase your profit and grow your customer base. That’s the first way in retail to make more money. So the number two way to make more money in retail is once you’ve got customers to visit your store your shop your website, is you need to increase the amount of money per transaction. So if you’ve got 500 customers come in, how can you increase it from 10 pounds a customer to 20 pounds per customer One of the best ways to do this is called upselling. McDonald’s are the kings and queens of this. Whenever you go into McDonald’s, they’ll your order your dish, and they’ll say, Would you like to supersize that? Would you like to add fries? to that? There’s always a question, the upsells what you’re going to next? Same if you go to an Indian restaurant, they’ll always ask, Would you like naan bread with that? Would you like rice with that any vegetable sides, there’s always an upsell to increase the sale per customer. So what can you add into each purchase to increase the amount of money per transaction and per customer, so the only two ways you can make more money in retail is bring more people in and increase the amount per transaction that you’re doing. That’s the two key ways to increase your income as a retail someone sells to real people in the public. So we’re here at Canary Wharf on the way back home from poplar, after a day working with the traders and helping them grow their businesses. And today’s video is all been about the two ways you can grow retail business. Number one, bring more people into your shop or to your retail website, the number two when they’re increased the trade per customer. So if you’ve got 50 customers in buying 10 pounds, can you increase that to 20 pounds. And if you want to see a Masters of doing that online, have a look at Amazon. They’re incredible. Every time you buy something, they say people who’ve bought this may also buy this, people have bought they’re also interested in this and that constantly on the cross sell and the upsell. So that’s what today’s video has been about. It’s been great having you here. We’ve got more daily videos coming up for you all about entrepreneurship and business. So click subscribe on the YouTube channel, or like on Facebook and make sure you stay in touch for the upcoming videos. And we love hearing from you. If you’ve got a question that you want us to answer or you want help with for your business. Please comment below. Leave us your questions. We want to engage with you and help you to grow businesses, making money doing what you love.