A retail business can be very exciting. Retail entrepreneurs are contributing a lot to the community through their products and services.
As one of the fastest-growing segments of the economy, retail has also provided jobs for a lot of people. Moreover, there are still plenty of business opportunities in this industry.
Evan Streusand, CEO of Fortress of Inca, shared three top tips for those who want to be a part of the manufacturing industry. Streusand and his team produce handmade shoes.
First, Streusand advised aspiring retail entrepreneurs to use materials that are durable. These materials should be able to last a long time. This will help your future business gain a loyal customer base by ensuring that your products are sturdy and of good quality.
"I would not feel right about making something that's just going to get thrown away in six months," he told CNBC.
Second, be good to your employees. Treat them well. It is a well-known fact that a company is much more than a product or service - it is also about the people working there. Compensate your workers fairly and provide a safe, fulfilling work environment for their career growth.
"We like to think that the people who make our shoes are just as important as the people buying our shoes," he said.
His third advice is to avoid products that need different sizes. "Everyone's foot is different. It makes things very, very difficult," he added. "You have to keep the whole run of sizes for everything; it makes life a lot harder."
Nowadays, retailers are suffering dismal earnings as customers are opting to shop online. According to TimeTrade, though, there are still people who believe that e-commerce cannot replace retail shopping.
This is why retailers such as Macy's and Nordstrom, as reported by Entrepreneur, are stepping up their game. They have new gimmicks that can enhance the customers' shopping experience by engaging them with customizable items and even dance parties.