In The Face of Stiff Competition Walmart Turns Falling Revenue Around
Small business owners would do well to look at the methods much larger retail outlets use to turn lagging sales and profit around. Most recently, the retail giant Walmart has experienced a 9.6% sales surge and is expecting to draw over $112 billion in revenue this year. The chain of discount department stores has faced increasing competition from Amazon, as many shoppers value the mail-order giant’s responsive customer service and competitive pricing.
When faced with fierce competition, what takeaways can a small business owner glean from Walmart’s stunning turn-around? According to US CEO Greg Foran, multiple strategies implemented over time which focused on customer service and employee satisfaction are beginning to reveal positive results:
- Maintaining fully stocked shelves with better selection and pricing
- Investment in employee wages bringing pay to $10/hour minimum
- Store improvements aimed at a better shopping experience and easy to find product locations
- Instigated a two-day shipping program to rival Amazon Prime
- Improved associate’s work-hours and provided enhanced training program
As a small business owner, implement some of these same strategies to increase your business sales, such as regular customer service skills training for your sales staff and paying a fair wage to keep good workers motivated. If in-store improvements are not obvious, a short survey or questionnaire asking the customer about their shopping experience or advice that would improve your product line selection is a direct way of determining possible business changes.
Do not neglect the small things such as packaging that will help to establish your brand personality. Apparel stores that offer reusable bags, candy stores that wrap packages with ribbon or gift stores that use beautifully printed tissue with specially branded boxes, can all make your customer feel special and become a loyal customer. Contact us for customized packaging for your business.