As a retailer your daily key business issue is how to grow sales?
A retailer’s business life is leveraging the value of your store location and inventory. The path to doing so is sales. Sell more, make a profit. Sell less and your investments in product, place and promotion are re-defined as negative cash flow!
So the top question I get in one form or another from retailers is how to grow revenues?
The most obvious best practices are the ones good retailers know by heart:
- Offer a quality product and service
- Price your products so the customer sees it value
- Provide a safe and clean place for a customer to shop.
This emerging research offers two new best practices for growing revenues:
- Green Products
- Community Engagement
BUY LOCAL is my spin on what this research is saying as a retailing mega-trend. Consumers are looking for “in me, on me and around me” product and service solutions that contribute toward their well being and their community’s economic and environmental well being. Look no further than Walmart’s commitments to sourcing from local and green suppliers for an example on how to grow green revenues.
Bill Roth is the founder of Earth 2017 that focuses upon the emerging smart, healthy and green economy. His book, The Secret Green Sauce, profiles best practices of businesses making money going green.