The challenges facing health shop owners are constantly evolving as the market for supplements, vitamins, and related products changes. Things can be especially difficult when competing with big box retailers. Running a small business with such a diverse inventory can be a complicated and challenging task, but it really doesn't have to be. By implementing effective systems and strategies, you can simplify processes and increase your profitability.
In this post, we’ll explore some expert tips for managing a health shop while showcasing the benefits of using a specialized point-of-sale (POS) system to make managing a health shop much easier and compete with the big box stores.
Dealing with a large and diverse product range is one of the main hurdles for a health shop. Your products can range from vitamins and sports supplements to natural roots and herbs. It can get really time-consuming trying to manage all of those products if you don’t have the proper tools. A health shop POS system will let you track inventory levels, set reorder points, and avoid over and under-stocking. Some health shop POS systems—like VitaHealth POS—even allow you to track expiries on your product to prevent spoilage. With strong inventory management at your disposal, the risk of inventory going to waste is significantly reduced. This way, you can ensure your customers can get what they need, your losses can be minimized, and your sales can increase.
To compete with the big box retailers, you’ll need to develop a local, loyal customer base. Loyal customers means repeat sales which will ensure revenue. There are a couple of approaches to building customer loyalty.
One way is to set up memberships to your store along with specialized promotions for those customers. Building personal bonds and interpersonal relationship with people who enter your storefront is another excellent way to create loyal customers.
Health shop POS systems sometimes have a built-in customer relationship management (CRM) tool. A CRM lets you keep track of your customers and their purchasing habits so you can build personalized promotions for them. VitaHealth POS, specifically, has a tool to create subscriptions for products so customers keep coming back to you for their supplement refills. This is a powerful way to ensure customer loyalty.
Just like you, your customers are busy and don’t want to spend more time than necessary in a store. That’s why a fast and accurate checkout experience is so important. You want to make it convenient for your customer to come into your store, grab what they need, and leave.
A good health shop POS system should have quick barcode scanning/product lookup, fast and secure payment processing, and an easy-to-understand interface. Some point of sale providers, like VitaHealth POS, also offers self-checkout options to expand your checkout stations without hiring more staff.
Fast and convenient checkouts in your health shop will lead to satisfied customers. And if your health retail shop becomes known for it’s quick and efficient service and checkout this will lead to an increase in repeat customers and new customers through word-of-mouth referrals.
As we mentioned earlier in the article, building relationships with your customers and delivering an exceptional experience is crucial to competing with big-box health shops. Big brands tend to struggle when it comes to providing top-notch, human-to-human, customer service. This provides a significant opportunity for you as a small health shop owner.
You should be developing a solid understanding of your products and training employees to do so as well. Understand what situations your products are useful for and take in customer reviews on products to see how they affect consumers. It also helps to sign up for newsletters, ready industry publications, and follow reputable influencers regarding health products.
Once you build rapport with your shoppers and understand their problems and lifestyles, you can begin recommending products to them. This goes a long way in a customer making a strong emotional bond with your store. When someone feels like the store they frequent cares about them, they will shop there even more.
As a health shop owner, you can gain many useful insights into your store operations by analyzing the sales data. Once you start to understand your store’s data, you can make better-informed decisions. A robust POS system should have a variety of prebuilt reporting and analytics features as well as allow you to create custom reports.
Sales data can help you understand:
Now that you know the importance of tracking your sales and inventory, you can make better, data-driven decisions! This way, you can begin optimizing your inventory, enhance your pricing and marketing strategies, and improve your store's profitability.
It’s crucial to choose the right POS system that is uniquely designed for the needs of a health shop so that you can succeed. By implementing the tips discussed in this article, you can begin streamlining your operations and become the go-to local, health retail space. VitaHealth POS offers the best solution to health retail-specific needs. Our POS system has a robust payment processing system 100%-based in North America support and a bucket load of features designed for a health shop like yours. Would you like to take your health shop to the next level? If so, sign up for a free demo today.