It is easy for smaller stores to feel overwhelmed by big-box stores and retailers like Best Buy, Walmart, Micro Center, and more. Electronics stores are no exception, and some store owners may feel compelled to throw in the towel when they realize the reach that larger companies have.
The electronic stores that are persistent are the ones that outlast their competition and claim a sizable and comfortable portion of the market. Through price matching, electronic store business loans, customer interaction, and more, there are many ways that you can stand out and do better than large big-box stores like Best Buy.
1. Price Matching Guarantee
By being adaptable, Best Buy decided to try to remove showrooming in all of their stores. Showrooming is a practice done by customers where they visit the store, determine if they like a product, and find it cheaper online.
Both online and local competition is always going to be an issue, but your electronics store can stay ahead of the game by providing customers with a price matching guarantee. Even if a customer attempts to ‘showroom’ in your store, you can offer to match the best price that they can find. You might not get the same margins, but it’s better than losing a sale all together.
2. Find Ways to Get Customers in the Door
Best Buy has been able to reign over electronics stores like RadioShack by giving customers a reason to visit. From friendly staff and great deals to the latest tech and in-store displays, you can create a positive shopping experience for your customers in order to draw them in.
3. Develop Customer Interaction
How a customer feels when they enter the store, how they’re treated, and their mood as they leave will play a huge impact on whether or not they will visit again. Ensure that all of your staff is friendly and knowledgeable. The happier your customers are, the more likely they will visit again and talk about your store to friends and family.
4. Provide Shipping to Customers
Many customers these days are looking for the easiest way to find what they’re looking for. Not only do you need to make sure you have a high quality website, but your store also needs to be able to deliver merchandise to your customers. By providing shipping options, you can increase the reach of your store, even if you only consider yourself a local store.
5. Develop Customer Relationships
Get to know your customers. As a smaller store, you have a huge advantage over larger stores by being able to make one-on-one connections with many of your customers. Even if you don’t receive the same foot traffic as a store like Best Buy, you can create an atmosphere where customers will feel like a friend to you and your store, making them more likely to keep visiting you.
6. Finance New Endeavors with Electronic Store Business Loans
Any small company that wants to go against local competition or big-box stores is going to need additional funding. Getting electronic store business loans enables a company to skip the process of generating a certain threshold of revenue. With outside financing you get the funds you need to expand or test a new venture now, without the wait.
Contact us at Smart Business Funding to get the quick and easy funding that you need to compete against Best Buy and local competition.