Gift shops are among the most iconic brick-and-mortar businesses that have stood around for several years now. It may not sound as quite obvious but this type of business has a high demand and even generates a significant amount of revenue.
Let’s be honest here. We all like the idea of getting presents occasionally! Therefore, as long as the gifting spirit remains among people, gift shops will always be around – thriving.
One of the many reasons entrepreneurs choose gift shops as a business is because it has the ability to survive even with low-investment. Gift shops may also bound to grow if complemented with apt guidance that is rendered by efficient tool kits and other research resources available in the market.
Despite all the rewarding advantages that the industry has in store for gift shop retails, cases of store closing and bankruptcies may potentially occur if the business is not managed properly. Just like any other business niche, gift shops also need to find ways to separate themselves from the crowd and gain the upper hand. But it’s not like the crowd stops from getting bigger every day. So, allow us to guide you with our powerful strategies that will help your business stand out among others.
Find your niche.
Every business, even street-side SMBs, should have its own niche. Choosing the right niche to your business allows you to identify and focus on the targetable portion of a broader market. This way, your business can cater products to the unique demands from both potential market and largely-overlooked audience. Choose from the following product inspos or experiment with your own creative ideas.
Offer items that are typically catered toward tourists.
Tourism is now considered as the world’s fastest-growing industry, which greatly contributes to the economy of each nation. With tourism rates continuously growing, take this opportunity to offer items that the tourist market would often demand. Keep in mind that most consumers are tired of seeing the same things in every gift shop so you need to surprise them with wholesale gifts and additional trinkets that they will be excited to bring home to their families and friends.
Offer brand and novelty merchandises.
Just because your business is a small street-side venture doesn’t mean you can’t create your own brand and logo. Do not be afraid to give your business a brand, something that will make you more distinctive than the others and something that will make you more recognisable to your audience.
Take some inspiration from a small cafe that’s been a popular resting spot for mountaineers back in my first hike. The business was slow until the cafe owner decided to offer a free cup of brewed coffee to every mountaineer which paved the way to the cafe’s fame and victory. Now, the cafe is also offering memorabilia items and the iconic Civet cat coffee produce.
Offer last-minute essentials.
Most tourists are travelling from far from home, often for several days and even weeks. Many of them may forget to bring an everyday essential or two. If you want to be successful in this field, you need to keep the pace with the market’s demands. Expand your gift store into a one-stop-shop for every tourist in the area.
Upgrade your marketing, promotion, and display strategies.
Use technology to improve your marketing by integrating mobile gift store POS system that can improve your customer’s experience. This technological advantage provides convenience to customers by keeping your lines fast and short. Moreover, upgrading your gift shop into a web-based retail store allows you to garner a wider reach of target consumers online just like any modern retail store these days.
Add value through basic services.
Another strategic way to push your store to another level is by providing a few additional basic services to your product. These basic services may include:
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