A market stall is a perfect way of getting your business off the ground. Did you know that some of the most successful global companies were started as a market stall? It’s among the best ways earning short-term cash. However, running market stalls can really be a hard task, especially for beginners. The following are the top 10 tips for running market stalls.
Determine the suitable product for a market environment
This is very crucial especially if you’re new to the market. You, therefore, need to conduct some research before settling on the ultimate products you’re going sell at your stall. You should offer variety in terms of styles, color and price range. Market stalls attract customers from varied diversities and you need to satisfy most if not all of their needs. For example, if you’re stocking fruits, you should ensure that you have almost all types of fruits.
Divide your Price Points into various categories
Dividing your product price points into categories enables you to attract various clients. The three recommended pricing categories include;
- Bread and butter items- These are entry point products that are likely to generate higher customer turnover and should be priced quite higher to achieve high-profit margins.
- Mid-Range Items – These are special but affordable items that should generate an even profit margin and, therefore, should be evenly priced.
- Highlight items- These are products that attract people to your stall. Though they may generate fewer sales, they are likely to lead to higher profits.
Typically, there is nothing annoying like an empty stall. Of course, you don’t want your customers to come for a particular product that you deal in and miss it. Always ensure you package all your products and alternatives a day before. It is more appropriate that you predict the items that are likely to sell so that you do over compensation such items.
Create unique and authentic displays
Your stall should actually be an inviting and welcoming space for clients. There are several ways of creating your space to be attractive. The first thing you should focus on is ensuring that your items are displayed in such a way that they are visible even to customers far away. Make the products eye-catching and pleasant to view. You also need to balance your display space so that customers standing away can easily see them.
Develop a good attitude towards your buyers
Even if you’re not achieving the expected sales, always have a good attitude towards your buyers. Try your best to accommodate all kinds of customers and you should always wear a smiling face and greet your customers whenever they visit your stall. Customers are the reason for the existence of your business and without them, you can’t make any profit. A customer satisfied is likely to make frequent purchases from your stall or even spread a word of mouth to other clients. Always be ready to explain to the customer about your products when they ask you. This may involve product features, uses, side effects and much more.
Provide market specials and incentives
There are several ways of providing offers and incentives to customers such as gift packs, 2 for 1 offers, goody bags, and others. As much as you strive to achieve high-profit margins, incentives are great means of winning customer(s) loyalty. You can introduce some market deals and offer it as special to your clients. Always make sure that the incentives you offer will add value to your business.
Create a brand recognition for your stall
Brand recognition is crucial for any business because if a client is exposed to your label, he or she is likely to remember you whenever they want to buy your item. Ensure your brand name is labeled all over your stall so that it’s visible to all clients visiting you. You can also give out business cards, promo materials and postcards bearing your brand name.
Report early to your stall
This will give you an opportunity to interact with more clients and, therefore, make more sales. When you report early, there is a likelihood that you may finish your stock early. This, in turn, gives you sufficient time to prepare your next stock for the following day.
Avoid being too pushy on your customers
As much as you should try to convince customers to buy your item, don’t be too pushy. Give them sufficient time to browse through your displayed products and make their decision. Customers hate being pressured to purchase a given product and if you push a customer so hard, he or she may decide not to come back to your stall.
Include multiple payment options
Though cash is the most common payment method, there are other methods that are more convenient and makes the buying process very simple. You can include online payment methods like PayPal or mobile terminals. Actually, the main advantage of offering multiple payment methods is convenience. You can easily lose a potential buyer if you force him/her to go a withdraw money from a bank before he/she can make a purchase of your product.