Is My Retail Business a Fad? What Should I do if it is?

(Image source: stocksnap.io)

 

In the recent years, there has been a sudden influx of numerous retail fads especially when it comes to the food and beverage business. From desert shops, to burgers joints, to coffee places and food trucks, etc. and with such a good crowd of customers following the fad, it is normal for anyone to want a share in the business. However, as fast as fads rises, they fall equally as quick once people fail to see the novelty in it any longer, and if you suspect your business might fall prey to it too, here are 3 things you should do to prevent your business from going down with it.

 

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(Image source: pixabay.com)

 

1)     Be Different
The last we need is another ice-cream shop selling vanilla sundae. Well, metaphorically speaking. But the point is, there are so many stores out there selling the exact same product that it is hard to justify which is better than the other. In the end, the lucky ones or the pioneers will have a better chance of survival as compared to the rest. Being different allows you to stand out from the rest, brining customers something different to the table and a reason to choose your store over the other. Be it a signature menu, a unique ambiance, or even a one of a kind experience, find something that speaks to your niche and not follow the crowd.

 

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(Image source: fancycrave.com)

 

2)Find a Sustainable Factor
Sustainability is key in every business. Relying on a fad product that would eventually fade off will not bring you anywhere in the long run. Analyze your market behavior and identify items that are a staple in their needs and incorporate them into your business to keep your business running even after a fad fades. For instance, if you are an ice-cream shop, pairing your ice-cream with a menu that compliments it such as waffles, brownies, and coffee and tea is a great way to offer your customers more selection and also keep them coming back for other items even if they are not craving for ice-cream.

 

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(Image source: pixabay.com)

 

3)Constant Innovation
It is important for a business owner to constantly challenge themselves to come up with new and exciting products. Relying on one product for your entire business might not be healthy in the long run as the people are constantly craving for new and exciting adventures. Even popular viral baker Dominique Ansel, creator of the cronut, is constantly innovating in his bakery every couple of months to keep things fresh. He does not believe that just because you did something good once that you should stop improving yourself. (click here to learn more about Dominique Ansel) Innovation allows you to move ahead with time, keeping you relevant with constant fresh ideas for your customers. Without it, your business becomes stagnant and customers may get bored, and those who fail to see the signs will eventually be driven out of business.

 

Over the past years, we have seen numerous businesses opening up and eventually closing down due to their inability to innovate and stay relevant to their customers. While it can be rather confusing and hard to identify as to what items are a fad and what would last, it is always important to innovate to keep things fresh and not getting too comfortable just because something seems to be working for now.

 
 

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At Visata Creative, we work together with our clients to Design Profitable Spaces.
To us, a bigger space is not always better, what matters most is the profitability of the space. What matters to us is “helping our clients to achieve the highest profitability possible within their retail businesses”. #Viscreative #DesignProfitableSpaces #VisRetailTipsIf you have any burning questions on retail, email us at tim@viscreative.com