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How to Get a Competitive Advantage in Your New Retail Business

Despite the rapid growth of e-commerce ($740 billion projected in 2023 in the U.S. alone), traditional retail continues to dominate. According to the Small Business Administration, the retail trade industry in the U.S. includes more than 2.6 million small businesses. So, if you’re thinking about starting a retail business, you will have many competitors. Here are three things you can do from the start to get a competitive advantage for your new retail business: 1. Develop a consistent, reliable multichannel brand. Even if you’re running a brick-and-mortar retail store, your brand needs to be in all the places your customers are. Today’s customers expect a dual online/off-line experience for all companies. And a failure to deliver that will reflect poorly on your business. Here’s how you can develop a consistent, multichannel brand presence: • Survey your customers to gain their invaluable insight. And be sure to reward them for their time with a discount or gift certificate toward a future purchase. • Maintain a consistent brand voice and user experience everywhere your customers are. Customers should experience your brand consistently whether they’re on social media, a mobile app, your web site or in your retail store. • Make it easy to communicate with your business through various channels. Provide

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