19 search results for “Michelle da Silva”

10 New Year’s Resolutions Every Retailer Should Keep

10 New Year’s Resolutions Every Retailer Should Keep

Retailer New Year's resolutions | Shopify Retail blogA new year signals a fresh start. For many people, Jan. 1 offers a chance to assess the past year while looking ahead at the next 365 days. It’s an opportunity to set some goals, whether it’s getting fit, finally taking that career leap, or traveling more. So, while you make a list of personal New Year’s resolutions, why not do the same for your business?

According to a 2015 study conducted at the Dominican University of California, writing down goals and sharing them with others significantly increases the likelihood of achieving them. An impressive 76% of participants who wrote down business goals, set actionable commitments, and sent updates to friends reported reaching that goal at the end of the study. Comparably, only 35% of participants who kept their goals to themselves achieved success.

Setting New Year’s resolutions for your retail business not only forces you to think about how you want it grow, but also requires you to consider what steps you need to take in order to get there. It’s a chance to look beyond the dollars and cents on your year-end report, and take actionable steps to making your business dreams become reality. And it’s a simple step to take when you’re already doing business planning for the year ahead.

So with that in mind, we outline 10 new year’s resolutions every retailer should consider making for 2018.

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5 Strategies to Future Proof Your Brick-and-Mortar Store

5 Strategies to Future Proof Your Brick-and-Mortar Store

Future proof retail stores | Shopify Retail blogSeveral years ago, as ecommerce exploded and more retailers started selling online, it seemed as though the days of brick-and-mortar businesses were numbered. Major online retailers like Amazon were a viable threat to offline retailers, and many large, national chains including Macy’s and Walmart began closing physical store locations.

What seemed like an inevitable fate for brick-and-mortar businesses, however, hasn’t in fact been true. When it comes to the number of sales made overall, only a small percentage are completed online. According to the Harvard Business Review, sales made at brick-and-mortar stores accounted for 92.3% of retail sales in the first quarter of 2016. Even more telling, there was only a 0.8% shift from offline to online sales between 2015 and 2016.

So, despite all the doom and gloom around the industry, the stats actually point to a bright future for brick-and-mortar retailers — at least for those that are smart and adaptable. The truth is, while shoppers will continue to visit stores to make purchases for many years to come, what they expect from stores will be different. Not only will offline businesses be competing for attention against those that are online, but brick-and-mortar stores will need to offer more than just “stuff” in order to thrive.

Here, we’ll discuss what the future of brick-and-mortar stores will look like and how to adapt and make changes in order to keep your business growing.

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A/B Testing: How Retailers Can Optimize Their Sales With Experimentation

A/B Testing: How Retailers Can Optimize Their Sales With Experimentation

A/B testing for retailers | Shopify Retail blogA/B testing, sometimes known as split testing, is the process of comparing two or more variables under the same conditions. In its most basic form, you have two versions of a similar product, and you see how people react to whichever sample they’re given.

This type of experimentation has been around for a while. In fact, some argue that work done by English statistician William Sealy Gosset in the early 1900s was a form of A/B testing. Unquestionably, it has grown in popularity in the past decade, with online companies like Google, Buzzfeed, and Electronic Arts utilizing split testing regularly to optimize for and measure success.

While it might not occur to retailers, A/B testing can be a useful tool to help boost their sales as well. In addition to helping business owners figure out the best course of action for just about anything, there are multiple advantages to split testing.

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Concrete Ways to Maintain Work-Life Balance as a Retailer

Concrete Ways to Maintain Work-Life Balance as a Retailer

Work-life balance in retail | Shopify Retail blogThese days, finding and maintaining work-life balance might seem impossible. While technology has made it feasible to complete work-related tasks at anytime and from anywhere, it also means it’s harder for us to turn it off. Plus, with a million things vying for our attention – online and offline – it’s often difficult to determine what exactly to focus on.

When it comes to blurring the lines between work and life, business owners (retail entrepreneurs included) are notoriously overworked. It makes sense because your input is directly correlated with the success of your business. There’s no safety net, so why wouldn’t you want to give it 110% at all times?

Overworking, however, isn’t just tiring; it can be detrimental to your health. In a recent survey of hundreds of entrepreneurs, the Alternative Board found that 79% of them believed they were working too much, to the point where it affected their health.

The good news is, these symptoms are avoidable, and work-life balance is attainable if you follow a few simple rules. Once you find work-life balance as a retailer, you’ll likely discover that you’re happier, healthier, and even more productive. In this article, we’ll discuss some concrete ways that retailers can maintain work-life balance.

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How To Be More Productive: 10 Hacks For Time-Strapped Retailers

How To Be More Productive: 10 Hacks For Time-Strapped Retailers

How to be more productive for retailers | Shopify Retail blogFor business owners, time is the biggest commodity besides money, and the phrase “time is money” rings especially true for retail entrepreneurs. After all, you only have 24 hours in a day, so how you utilize that time is vital.

There’s plenty of advice on how to be more productive, most of which is geared toward a general audience. However, in this article, we’ve narrowed it down to the 10 most essential hacks for retailers. These are ones that can be adopted right away and will yield measurable results. You’ll learn how to use the hours of your day more efficiently, save time, and hopefully, make more money.

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How To Empower Retail Employees With Technology

How To Empower Retail Employees With Technology

Retail technology for employees | Shopify Retail blogNo one is closer to a retailer’s customers than its frontline employees, and yet, retail has one of the highest turnover rates in any industry.

According to a Hay Group report, the turnover rate for hourly store employees is the highest it has been since the Great Recession at an astounding 65%. Some of that’s due to scheduling, low pay, and bad supervisors, but career advancement and training also contribute to this abnormally high turnover rate.

What if retailers could curb employee turnover by empowering them with technology? Helping employees keep up with tech-savvy customers could be the key to keeping staff members content while making your business run more efficiently.

Here, we’ll explore the benefits to offering employees tech devices, look at a few examples, and offer you some next steps in assessing whether this is a strategy you should explore for your business.

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How To Keep After-Christmas Returns From Taking a Bite Out of January Revenues

How To Keep After-Christmas Returns From Taking a Bite Out of January Revenues

Curb After-Christmas Returns | Shopify Retail blogIf there’s one word retailers hate, it’s “refund.” Not only do returns cut into your business’s bottom line, but they’re a hassle to process — they can take a significant chunk of time out of an employee’s day to determine if the product is even resellable.

According to an article in the NY Post, around $260 billion in retail products are returned each year, and 25% of that happens right after the Christmas holidays. It’s the dreaded “return season,” and it’s in full swing during the month of January.

But refunds don’t have to translate to doom and gloom for retailers. There are, in fact, ways to turn refunds into opportunities and even profits.

Here, we’ll look at ways to help keep January returns from impacting monthly revenues and provide tips on how to strengthen your business’s approach to dealing with them.

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How To Make Your Retail Store Attractive To Business Investors

How To Make Your Retail Store Attractive To Business Investors

Business investors | Shopify Retail blogWe’ve all seen Dragons’ Den or Shark Tank, the show that sees aspiring entrepreneurs pitch business and investment ideas to a panel of venture capitalists. After every entrepreneur’s presentation, the “dragons” or “sharks” debate and deliberate the value of the product and decide whether these acclaimed business investors want to help with financing or partnerships.

Most of the time, entrepreneurs leave empty-handed and disappointed. It’s tough to pitch your business, especially on television. Plus, beauty and value are in the eyes of the beholder. What looks attractive and enticing to one person might be a bore to someone else.

The United States has the largest consumer goods and retail market in the world, estimated at $437.8 billion in 2015. There are 28 million small businesses in the U.S., and overall, retail accounts for around 20% of the economy. Yet less than 10% of venture capital investments go into retail and consumer packaged goods. It’s a tough industry to attract business investors — but not impossible.

In this article, we’ll look at ways to make your retail store look attractive to business investors. We’ll take a look at the biggest hurdles, review retail business basics, and provide tips on how to increasing your chances.

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Proximity Marketing: How to Attract More Shoppers With Beacon Technology

Proximity Marketing: How to Attract More Shoppers With Beacon Technology

Beacon technology for retailers | Shopify Retail blogBeacon technology has been generating buzz since Apple introduced Bluetooth beacons to the market in 2013. This year, they’re expected to drive over $44 billion in retail sales and continue to climb. Yet, despite the initial excitement from tech industry insiders and early retail adopters, beacons have still been slow to catch on.

Beacons are small, battery-operated wireless devices that transmit Bluetooth signals to nearby smartphones. In the context of retail, beacons reach out to customers that have Bluetooth enabled and the right retail apps downloaded onto their phones.

Beacon technology is already used by some of North America’s top retailers, including Macy’s, Target, Urban Outfitters, and CVS. Its continual rise in popularity is expected to help reinvigorate brick-and-mortar retailers, offering customizable shopping experiences to customers that can’t be replicated online.

Here, we’ll explain how beacon technology works, discuss its benefits to retailers, and offer tips on how to implement it in order to drive customers to your business.

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Retail Franchising 101: How to Take Advantage of Franchise Opportunities

Retail Franchising 101: How to Take Advantage of Franchise Opportunities

Franchise opportunities, retail | Shopify Retail blogWhen it comes to retail entrepreneurship, there are several ways to open a business. You can launch your own sole proprietorship, whether it’s an ecommerce shop or brick-and-mortar store, and have complete independence but with little support. Or you can take advantage of one of dozens of franchise opportunities and have the power of an existing brand behind you.

Retail franchising is the method of opening a single store based on the name, branding, trademark, and products of an existing business. Some well-known examples include McDonald’s, Dollarama, PetMobile, and Flip Flop Shops. These businesses are all around us and are often the brands we shop at and trust the most.

Compared to starting a sole proprietorship, opening a franchise comes with a different set of rules, expectations, and skills. But here, we’ll explain how retail franchises work, explore some pros and cons of operating this type of retail business, and provide some basic steps to getting started.

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