With retailers across the nation adjusting to business during COVID-19, many are feeling the hit financially. If you’re a retailer looking for ways to cut expenses in both the short- and long-term, here are a few suggestions to get you started.
Consolidate Your Subscriptions
One effective way to streamline expenses is to take a hard look at the subscriptions and services you are paying for. Are you getting what you pay for? Can you negotiate for a lower rate or shop around for a more economical package? Perhaps instead of several subscriptions, you can find one or two that offer more functionality and bang for your buck.
Raydiant’s Experience Platform is a multi-functional business tool that offers digital signage, custom background music, video conferencing and tech for virtual events, and more. With a focus on helping retailers and other businesses stay competitive through customer experience, it also offers several back-end uses, like employee communication tools and easy POS integration. Plus, Raydiant offers subscriptions for businesses of all sizes, including ones for single or multiple screens at one or more locations.
A Raydiant subscription includes access to a comprehensive library of some of the best apps on the market, including PosterMyWall and Soundtrack Your Brand. The platform’s easy functionality means you can create gorgeous digital signs, custom music playlists, and much more—without having a design or IT background. As a cloud-based platform, Raydiant is also easy to manage from anywhere and from any device.
Partner with Surrounding Businesses
The best way to save money is to make more of it, and this includes finding low-cost but high-impact ways of marketing your business. Need help letting people know you’re still open for business? Why not team up with surrounding businesses, including other retail stores and restaurants, to offer package deals to patrons. Get together and collectively create a promotional flyer, postcard, or even YouTube or Facebook ad showcasing special promotions at each location. Not only does that increase overall foot traffic to the shopping area, but you can also split your marketing costs for these campaigns to make it more affordable.
Want a no-cost, high-impact form of advertising? Digital signage is proven to increase sales and drive more foot traffic. With Raydiant’s PosterMyWall app, you can create digital posters and videos from over 150,000 designer templates. Put these HD, full-color animated displays in your windows and entryways to grab the attention of passersby and increase your brand awareness.
Host Virtual Events, Webinars, and Workshops
Special events are a low- to no-cost way of engaging with your customers and creating a positive association with your brand. Customers love special events—even virtual ones. It gives them a fun and zero-pressure way to learn about your products and services. For example, if you’re a clothing retailer, you can host a virtual runway show. A kitchenware store may want to offer a free virtual cooking class. If you’re a sporting goods retailer, you might do a virtual comparison of fly-fishing rods or explain how to find the right fit when shopping for athletic shoes. The possibilities are endless!
If you’re a Raydiant customer, we make it easy to host virtual product launches, Q&A sessions, webinars, steam and broadcast live to Facebook, and more with your customers using our HD video conferencing app BlueJeans. With BlueJeans, you can virtually visit with attendees and enjoy two-way, face-to-face conversations with current and prospective customers, giving them a chance to engage with your brand in a personal way.
Offload Leased Equipment
Fleet vehicles, printers, cash registers—if you lease some or all of your equipment, it’s time to take a closer look at what you need and what you don’t right now. Most retailers are seeing some type of lull in their business, which means they can think about cutting back—temporarily or permanently—on their leased equipment. First, can you re-negotiate your lease? If you’re on a fixed rate, can you offload some of your equipment? For example, maybe you can survive using four or five company vehicles for delivery instead of ten. Or perhaps, since you’re operating at less capacity and shorter business hours, can you function (even temporarily) using two or three cash registers instead of four or five? Some leasing agencies even let you return or renegotiate payment on rarely used or unused equipment.
Reassess Utility Expenses and Recurring Supply Orders
As a retailer, you’ve likely cut your operating hours and streamlined your staff, at least temporarily. Can you also do the same with your utilities and other expenses? Consider switching to energy-efficient lighting and lowering your use of the A/C and heat. Next, it’s time to look at your supplies.
Shorter operating hours and less staff means your retail store won’t go through supplies as quickly. Now’s the time to assess those automatic recurring orders for items like printer toner, toilet paper, mailing supplies, kitchenware, water delivery services, and more. Consider ordering significantly less, pausing your automatic orders for a time, or even cancelling them altogether and getting as much as you can from local dollar stores. What seems like a small amount of money-savings from supplies adds up over time, and cutting these costs will provide immediate financial relief, even if just a small amount.
Get More with Raydiant
There’s no question that retail is changing, and savvy retailers are focusing on cutting costs without sacrificing their customer experience. Did you know that 8 out of 10 customers enter a store because of its digital signs? And digital signs are known to increase sales by upwards of 70%. But Raydiant isn’t just a one-trick pony: it’s called an Experience Platform because it elevates the customer experience on multiple levels. Vibrant, easy-to-read digital signs and menus provide an interactive experience customers love. Custom music playlists create just the right ambiance for your store. Fun social walls engage customers as they shop and wait in line. And virtual store events help customers connect face-to-face with you and your brand. Find out what else Raydiant can do with a risk-free trial.