5 Factors That Make Specialty Retailing Unique
As a specialty retailer, you have unique needs and special considerations that mainstream retailers don’t. Below are 5 special factors that specialty retailers should consider in their planning, budgeting, and merchandising operations:
- Work orders – Many specialty retail shops get a great deal of their business from work orders. These could be repair and maintenance work orders or special orders that require your craftsmanship. If you are a custom furniture maker, for instance, most of your business could come from work orders for your customers. You need a way to track your work orders and monitor your progress for each client.
- Exam results – Eyeware retailers and sellers of medical devices may need to schedule exams and track results. If exams are a routine part of your business, your retail management solution should include tracking and monitoring for exam results.
- Warranties – Specialty items often come with warranties. If you sell appliances, for instance, your customers want the piece of mind that comes with warranties and extended warranties. You can provide that easily with the right retail management solution.
- Insurance claims – Luxury, expensive, and high-end items usually require insurance to protect from damage, loss, or theft. If insurance is a large part of your retail business, you’ll need a way to track insurance sales, claims, and payouts.
- Store events – If you sell arts and crafts or other specialty items where you draw in a community of like-minded individuals interested in similar products and services, you may do a large part of your sales at special events. You may even offer promotions at these events. If that is the case, then you need an easy way to manage your events and track your promotions so that your retail operation is successful and profitable.
Specialty Retail is Still Retail
Even if you manage a specialty retail store with special operational needs, you still have all the same needs as other retailers. You have to track inventory, manage your merchandise, build strong customer relationships, and price your products for maximum profitability. Use a retail management solution that handles all the needs of a traditional retailer and the special needs of a specialty retailer.