By: Randy Hernandez | Chief Marketing Officer
Retailers live in a complex network of selling in the 21st Century. The art of retailing has been completely transformed in recent years as bricks and mortar locations start websites or even launch a mobile-based sales option. Luckily, obtaining working capital has also experienced a wave of innovation because in the fast-paced world of retailing, waiting around for a traditional retail loan might not be an option.
Here are 4 make-it-or-break-it times a retail business might need business funding quickly:
You Need New Inventory - Faster than a Retail Loan
No retailer wants to lose customers because they can’t satisfy a need. When a new trend is suddenly everywhere or a change in the weather takes customers in a new direction, retailers need to be able to react quickly. By the time a retail loan goes through the bank, the opportunity to make sales may be long gone...and customers may very well have discovered your competitors.
There are also times when you might need a little extra cash to take advantage of a bulk ordering discount or a special promotion from a vendor. Missing a chance to save now could cost your business margins in the long run.
New Hires Are Needed Now
Customer experience is becoming more and more important as physical stores leverage their service against the convenience of online retailers. According to inReality’s 2016 Reality of Retail Report, only 27% of shoppers said they would give a physical store a second chance after a bad customer experience.1 Clearly, retailers need a winning team to keep customers returning!
Retailers need a team of warm, friendly professionals that can answer questions, help curate products, and navigate the sales process with your customers. This is especially true during busy seasons. It is all too easy to lose a sale to a giant online retailer if your in-store customer has to wait for help. Consider the additional lost revenue from shoppers who might buy additional items with the help of a great salesperson, and it becomes clear that having enough staff to handle traffic relates directly to your profits.
When you need cash quickly to grow your team or hire seasonal staff, consider the options outside of a retail loan. A merchant cash advance can get funding to your business within just a few days.
Investments in New Technology
Retailers are investing in websites and are transforming their business from “bricks and mortar” to “clicks and mortar”. This opens up a whole new opportunity to make sales, but getting started requires investment. Even if a business has a website, it might be time for a new design and a check-up to make sure everything is secure and following the most recent regulations and best practices. For example, are you taking advantage of mobile marketing tactics like geo-targeting to serve up special promotions to your customers or, even better, to your competitors’ customers when they are near your store, or online looking for products you offer?
Innovative new Point of Sales systems available to retailers are a critical technology that can have an immediate return on investment. Many POS systems offer software to help manage inventory, market your business, and even manage scheduling and payroll. An investment in this technology could also bring additional security to your payment processing by accepting EMV-chip cards and contactless payments.
A smart investment in technology can boost profits quickly, streamline your workflow, and even give your business new opportunities to sell. Waiting around for funding to get started could cost your business valuable time.
Timely Marketing Requires Timely Funding
Retailers know that successful marketing is almost always a matter of exact timing. When your marketing reaches a potential customer at the right time, it can be a powerful sales driver. Seasonal marketing means getting the message out when customers need to hear it. You might not be able to wait around for the cash you need to get started.
Perhaps you’d like to host a special event and need a little capital to get started. You might wish to send out invitations, a few targeted email blasts, or social posts. A special event can get customers in the door, but you might need to invest in a marketing push to get the word out first. And if the time is right for the promotion, you might need to act quickly.
When you do need to find retail business funding quickly, Jet Capital can help with fast, flexible merchant advance funding tailored to your business. To learn more about how our merchant advances work click here.
Apply online today or give us a call at 866-845-9674 to learn more about our merchant advance funding.
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