4 easy ways to drive offline traffic to your store

4 easy ways to drive offline traffic to your store

Kwang Wei No Comments

There are many factors that can bring customers to your retail store. However, when it comes to the offline channel, you would want to fully capitalize on the foot traffic passing your store on a daily basis. They make excellent customers because they are likely to work/live in the area, making them more likely to be repeat customers or fans who would recommend your products/services to their friends.

1. Make sure your signage is easily recognizable and professional

Your business signage is an immediate representation of your brand image. Unique signages give businesses a personality that customers can better relate to.  With that said, you should make it attractive and recognizable to your target group of customers. For example, by making the signage of a toy store colorful can probably suggest a fun and exciting shopping experience for the child. What is the message you would like to convey to your potential customer? If your current signage fail to convey that message, you may like to do something about it.

You should never compromise on the quality of your signages. Lightbox signs with visible light tube can be both unsightly and compromises on the signage readability. Besides looking unprofessional, your business may also lose credibility and attention from potential customers.

2. Make A Display Window

Is your store located at a popular destination with great foot traffic? If so, capitalize on it by creating a great window that captivates your audience in order to stop them in their tracks. Your window display is your invitation to the passerby. A well-designed window display encourages impulse sales and peaks a customer’s curiosity. It might even tug at their heartstrings, ensuing lasting fond memories of the shopping experience.

3. Display your best products- don’t clutter

You may be selling a wide range of products and services, but that doesn’t mean you shouldn’t prioritize the promotion of one over another. Overly cluttered shop may deter passer-bys from casually strolling in to make purchases. Identify the most eye-catching and popular products. Put them near the entrance or on racks outside of the entrance to attract customers.

If you can already guess what a typical customer is most likely looking for, ensure it is visible and within reach. Don’t wait for the customer to ask, chances are, they may not.

4. Move Out A Portable Sign

Retail stores do not always enjoy the luxury of being located in areas with great foot traffic. You may use a portable signage to direct potential customers to your shop in the event that your shop is not favorably located. A portable sign should also clearly indicate the business you are in and your offerings.  Once again, you should put up your best front instead of attempting to cramp every single product and service onto your signage.

You may also use the signs to raise awareness of a new promotion that you are rolling out. Run more promotional activities to capitalize on foot traffic; make it known with great portable signages strategically located.

 

It may be difficult to capture the attention of your potential customers in the fleeting seconds. Thus, it is even more important employ all the right strategies to raise your chances of being noticed and given the opportunity to impress your customers.

If you are looking for help on professional signages or strategies to drive foot traffic, feel free to drop us a message below and we would be glad to advise you further.

Product developer at Sol59. Specializes in user experience and processes- particularly in the field of traditional retail businesses.

Greater government support for business loans

Kwang Wei No Comments

approved-1049259_960_720

“More than half of the companies polled in SBF’s National Business Survey 2015/16 faced financing issues. Moreover, SMEs, by virtue of their scale, often face obstacles obtaining credit from banks and financial institutions. Despite their financing challenges, SMEs are keen to expand and restructure. The SME Working Capital Loan offers a welcome relief for some of these SMEs, enabling them to address their immediate financial concerns as they look for growth opportunities.”

Mr Ho Meng Kit, Chief Executive Officer of the SBF

 

spring-logo2

  1. Local SMEs will have greater access to financing starting 1 June 2016 through the SME Working Capital Loan. Administered by SPRING Singapore, the programme addresses SMEs’ cash flow concerns and growth financing needs through unsecured working capital loans. SME Working Capital Loans will be offered by 12 participating financial institutions (PFIs). SPRING Singapore will co-share 50% of loan default risks with PFIs and SMEs can apply for unsecured term loans of up to S$300,000 each. The scheme is expected to catalyse more than S$2 billion of loans for SMEs over the three-year period.
  2. The SME Working Capital Loan was introduced at Budget 2016 as one of the measures to address near-term concerns while encouraging business growth and restructuring activities. The programme provides an additional financing channel to support viable SMEs with larger working capital needs. These companies may have cash flow concerns or wish to continue growing their business in the slowing economy.
  3. Based on Singapore Business Federation’s (SBF) National Business Survey 2015/2016 findings, more local enterprises are facing financing issues, such as rising cost of bank loans, and difficulties in renewing financing. At the same time, the survey found that close to three in five companies have plans to increase their investment for business expansion this year, in areas such as employee training and development as well as technology deployment for productivity improvements.
  4. Mr Ho Meng Kit, Chief Executive Officer of the SBF, said, “More than half of the companies polled in SBF’s National Business Survey 2015/16 faced financing issues. Moreover, SMEs, by virtue of their scale, often face obstacles obtaining credit from banks and financial institutions. Despite their financing challenges, SMEs are keen to expand and restructure. The SME Working Capital Loan offers a welcome relief for some of these SMEs, enabling them to address their immediate financial concerns as they look for growth opportunities.”
  5. “The SME Working Capital Loan is introduced to enhance financing support for enterprises and improve credit availability in light of the current economic situation. The objective is to help viable SMEs continue meeting their cash flow needs, and stay the course in their upgrading journey,” explained Ms Chew Mok Lee, Assistant Chief Executive of SPRING Singapore. “We will continue to monitor SMEs’ financing needs vis-à-vis economic conditions, and adjust our schemes to address situational changes.”
  6. To be eligible for the SME Working Capital Loan programme, SMEs must be registered and operating in Singapore, have a minimum of 30% local shareholding, and a group annual sales turnover of not more than S$100 million or group employment size of not more than 200 employees.
Information extracted from SPRING official site

 

Product developer at Sol59. Specializes in user experience and processes- particularly in the field of traditional retail businesses.

Starting right with a mobile-optimized MVP

Kwang Wei No Comments

Before you develop your solution across different operating platforms, its probably a good practice to validate your concept with an MVP (minimal viable product). This is where you will be able to gather more insights to how well your product performs through actual interactions with your users.

“When the product is finally released, customers don’t like the product, the startup fails – going down with it countless costly work hours and perhaps financial resources invested in full-scale development.”

Startups often begin with an idea for a product that they think people want , in part, fueled by their passion and hence personal biases. They spend months, sometimes years, perfecting that product without ever shipping or showing it to their first perspective customer. When they perform poorly in customer acquisition, it is often because they never spoke to prospective customers and lacked insights to execute the concept effectively.

When the product is finally released, customers don’t like the product, the startup fails – going down with it countless costly work hours and perhaps financial resources invested in full-scale development.

 

Apple or Android first? Its not about the device.

Consider using web applications to reach out to both groups of customers. Modern web applications are responsive, cross-platform and are able to deliver functionalities used to be only available on native solutions such as  real-time communications and push notifications. Rather than deciding on which device to serve, focus on the functionalities and the user experience.

With frameworks such as Ionic and PhoneGap, it is indeed possible to publish ‘wrapped up’ web apps on app stores. Disregarding that, a vanilla web app can be added to homescreen via “Add to homescreen” prompt. This may also imply a less obtrusive workflow as compared with the native applications when it comes to user acquisition. Downloading a native app often requires a higher level of conviction of the value it offers before it happens, as compared to simply accessing a web app from a referral link.

Well- developed web apps perform well across multiple platforms. Designed to be responsive, they would work smoothly across different OS and screen sizes. The pros and cons between web app and native development has been pretty well documented on various articles. Beyond costly development for 2 separate platforms; for the purpose of MVP, allowing users to experience your service before committing to a download should be an important consideration.

Product developer at Sol59. Specializes in user experience and processes- particularly in the field of traditional retail businesses.

Motra: process-driven Point of Sales system

Kwang Wei No Comments

motra-logoMotra was initially developed with the mobile retailing businesses in mind for an effective solution targeting a rather niche industry. Recently Motra has gone through some changes where certain components of Motra has been re-designed to be modular in view of the variability in business processes of other industries.

 

Process-driven POS solution

Motra surveryed different mobile retailers in the market to identify best practices whose activities mainly revolves around sale of mobile device, accessories, performing repair and buying back pre-owned handsets. While the cluster of activities may indeed be unique to the industry, individually they may be useful to other industries.

Amongst them, is a job module that allows repair processes to be closely monitored for parts utilization, cost computation and staff performance. This also enhance accountability in automobile repair processes where costly components are utilized over the course of repair.

The pre-installed modules include workflow for buy-back, job, package, scheduling and rental on top of the standard goods and service transaction on regular system.

 

Unique entity inventory management

Another unique aspect lies in the inventory management. In most cases, homogeneous product (like how one bottle of water is not too different from the next) is grouped by a single SKU, bigger ticket items like phones are treated as a unique SKU with their individual ID number.

For example, if your shop is carries 10 units Iphones 6 plus, with each bearing a unique imei number; they are reflected as a group of 10 items by their name and common attributes (harddisk space or even color ). You may also configure the system to average the cost price across this group or simply keeping to their individual original cost price. When you sell or transfer items, you will be required to select specifically the units by the id/imei number unique to the set.

 

Infinite possibilities

Motra is built to be future-proof. You will be able to perform your transactions and generate reports in a way unique to your industry through customized modules. If you feel that Motra could be of service to your business, we would like to invite you to experience our product. Kindly drop us an email at [email protected] to arrange a product demo.

Product developer at Sol59. Specializes in user experience and processes- particularly in the field of traditional retail businesses.