You are successfully running your retail business in North America, and you've gotten to a place where your company is stable and profitable. Congratulations, that's a huge accomplishment! But now you wonder what's next.
If you are looking for inspiration on how to take your business to the next level, you are in the right place. We have explored various ways for business owners to grow their retail businesses. So, what your retail expansion strategy should be like?
1st Step for Retail Expansion – Analyze New Sales Channels
When you start planning your retail expansion strategy, one of the first things that cross your mind is – to test out a new sales channel. And it is a great start to getting to know your customers even better.
Especially now, when there are so many options where you can place and present your products. The most popular platforms at the moment are:
- Online stores,
- Online marketplaces,
- Instagram,
- TikTok, and
- Physical stores.
Be creative, listen to your audience, and discover where they love to spend their time to make sure you are connected with them on all relevant platforms.
Promote Your Retail Business – Move Around to Find New Locations
If you already have a store, you might consider opening another one elsewhere. This is a great retail expansion plan to promote your brand, create awareness, and reach new customers. When you are feeling ready to balance your local retail expansion strategy and develop a new one – go for it.
Businesses that are not in that phase yet have other solutions. Partnering with other players in the retail industry will help you promote your products.
Grow Retail Business – Broaden Your Offer
Constantly adding new items, services, and lines to your retail store can only help with retail expansion to grow your business. But make sure that whatever you add is valuable for your clients and meets their quality expectations.
To learn more, you can always do a customer survey that will help you identify whether something is worth investing in or not.
Plan Retail Expansion to Delve into New Markets
When we are successful in our market, we tend to get in a comfort zone, but retail expansion to new markets might be just the opportunity you’ve been looking for. You never know where the potential might be.
For example, Birchbox, the subscription service, started by being focused exclusively on female consumers. Once they tapped into the male market, they discovered that they have room for launching Birchbox Man.
How did they grow their retail business?
Not without the risk, that’s for sure. But they were listening to their clients and the feedback they were getting. Everything started with a small, limited-edition test product. And from the results, they discovered that people are interested.
You might not be successful the first time you try a new market, but keep your eyes open, and the opportunity will appear.
Assistance With Retail Expansion Strategy for Your Europe Expansion
Do you think it's the right moment for your retail business to grow in Europe?
If you are mainly selling your products in North America, you might want to test the retail & e-commerce market in Europe. With the great potential and enormous base of potential customers – Europe might be the way to go for you.
However, with many different languages, countries, and cultural backgrounds – the European market is not easy to penetrate for any North American company. To be successful, you will need boots on the ground in Europe and a successful retail expansion strategy.
That is where EuroDev Sales Outsourcing expertise in retail can help you out!
