When it comes to the retail industry, one of the most important aspects is storage. Not only does storage assist with holding stock, but it also helps companies prepare for changes in market demand and the ways in which customers want to shop retail.
Forward thinking and preparation is key for any business, but this is especially the case in retail when an influx in attention and a reliance on the supply chain could lead to unfulfilled orders.
Here, we will explore how storage and preparation are vital for retail success and how a storage container can change the retail industry.
Stock
The storage solutions you choose are key for retail as they can help with inventory management. Not only does having storage solutions for your bricks and mortar shops help maintain the store front, but correct storage for your stock can also assist in ecommerce businesses.
If you buy your stock from another provider, storage can help you get the best deals on your stock purchases. Buying in bulk is often cheaper than buying the units as and when the demand asks for it. Making sure you have adequate space means you can store these larger quantities of stock.
Supply chain issues
Preparing your stock in advance can also help you survive some of the supply chain issues that many industries have been facing recently. Anything from adverse weather conditions to industrial action can cause a delay in your deliveries. Having reduced stock can cause further problems for your shop. Not only will it give your customers less choice, but it can also appear unprofessional.
You can also use storage as a means of fighting against inflation. As the costs of raw materials increase as does the price of the stock we buy. Being able to buy and store stock before a price hike can mean you are able to offer your products for a cheaper value than competitors, or you can make a larger profit margin from them.
Competitive advantage
Preparation is necessary to maintain business. A lack of stock can cause frustrated customers – leading to a loss in business over time. In an industry where the competitive edge is crucial, you will want to be able to meet the demands of your customer base. If not, another business might gain the competitive advantage.
The competitive edge can gain you a higher profit, as well as a better reputation with customers as you offer valuable stock that another competitor doesn’t. Making sure you maintain your stock levels is important for the upkeep of happy customers.
How storage containers are changing the retail industry
Portable storage solutions
A main benefit of storage containers for retail businesses is the portability of the stock. Not only can the stock be easily accessible to your business if you keep your container on your premises, but it can also mean your stock can be transported between locations if you have multiple properties.
Stock rotation
Storage containers are useful for the retail industry as they can be used to continually rotate stock. If your business specialises in seasonal stock, such as Christmas to Halloween party decorations, then you might want to store your additional stock until the next season – reducing both material and financial waste.
Pop-up shopping units
Another advantage of storage containers for the retail industry is the success, and popularity, of pop-up shops. In fact, 80% of global companies who have opened up a pop-up store during their time have reported success on the investment. These are not only novelty locations for shoppers, but it can also mean you can bring your products to a new location without the need to invest in a new property.
Change is common in business – whether it is a change in market demand or a diverted route in the supply chain, being able to adapt and prepare for these situations is key for a good business. In retail, it is essential that the customer receives good service and can find what they are looking for, so preparing your business for the best success can involve finding adaptable storage arrangements.
Sources:
https://www.indeed.com/career-advice/career-development/what-is-competitive-advantage-and-why-is-it-important#:~:text=The%20purpose%20of%20having%20a,and%20make%20a%20higher%20profit.
How does inflation impact the Supply Chain? (zurich.co.uk)
How does weather affect the supply chain? | Noatum Logistics
https://www.poundwholesale.co.uk/information-support/an-introduction-to-wholesale/why-is-wholesale-cheaper
https://www.businessinsider.com/pop-up-shops-are-an-effective-retail-tactic-2019-6?r=US&IR=T
