Shop: Monetize Your Retail Business

 Photo by Shattha Pilabut

Photo by Shattha Pilabut

People LOVE to shop! They shop because they're bored, hungry, fascinated, impulsive, depressed, happy- there really is no limit as to why people decide to spend money. For me, it's like therapy. I get to browse through items on my wish list, indulge in trying new products, and immerse myself in chic atmospheres. On the other side, I've also worked in retail and it's not always a pretty picture. Stay tuned on the Her Naetion Millennial Podcast because I'll be releasing an episode on my adventures in retail.

Here are 7 ways to monetize your retail business:

ONLINE BOUTIQUE

If you have a physical location and you aren't online, you are missing out on tons of money. In fact, even if you have a website, when people realize you don't have a shopping cart option they may become frustrated if they have to drive to your location. Online business is all about convenience. Make it convenient for customers to buy from you.

POP UP SHOPS

If your strictly online, host pop up shop days where you can connect with your tribe in person, and provide an instant gratification buying experience. Turn it into an event by incorporating music, food, and entertainment.

STORE APP

Create an app for customers to build their dream closet, or assemble the perfect computer. Then give them the option to order those items to make their dreams reality. Brainstorm how to make an app work for your business.

SPECIALIST SERVICES

If you're in furniture, have interior design specialist on hand to help your customers create beautiful spaces for their home or office. If you're in automotives, have a detailing service. Some people don't feel confident in their abilities to execute some things or just don't want to do it themselves. Specialist services makes your customers feel cared for and can add luxury to an otherwise average experience.

NEWSLETTER/MAGAZINE SUBSCRIPTION

This works great for niche and huge markets. If your customer's hobby relates to your business, providing a monthly subscription services that gives them more of what they love is perfect. You can feature new advances in your industry, interviews with notable people from the field, event recaps, and feature your solutions again and again. Pay for most of it by selling ad space to other vendors.

RENT OUT YOUR VENUE

Physical locations spend most of their hours closed. If you can create a way to protect your assets after hours, you can rent the space out and make money while you're closed. People are always looking for unique and intimate places to host meetings, small gatherings, and birthday parties. Your location could provide just the right atmosphere!

YOUTUBE CHANNEL

Add fun and personality to your business by featuring videos that give your customers new reasons to try and buy from you. Don't turn it into an infomercial channel, unless you enjoy having no subscribers. Take your viewers on an adventure and incorporate your products and services. Show them what it would be like to work with you and respond to their comments and requests.

Gernae AlexanderComment