Here's Part 2 of whether Retail is still a suitable strategy for businesses.
I shared the following insights below. Hope it helps you also.
Retail is still a critical channel for a business because it allows for:
1. Enhancing Brand Visibility & Building Trust ✅
Retail stores serve as a tangible representation of the brand, playing a crucial role in enhancing its visibility and credibility. Through careful design and strategic location, it can significantly enhance brand recognition and awareness among both local customers and international visitors.
2. Opportunity for Cross-Selling & Up-Selling ✅
Gives the brand the potential for increased average transactions per customer, and businesses can ultimately increase sales.
3. Community Engagement & Exclusive Events ✅
A retail location is ideal for launching new products, hosting exclusive events, conducting workshops, and showcasing product demonstrations. This fosters a dedicated customer base, inspiring them to return for more.
Over to you->. Is expanding into retail a viable strategy today?
What challenges stand in the way of your retail expansion?
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