5 Tips for Amplifying Your Retail Business's Earnings

The modern retail industry is a bustling, highly competitive landscape brimming with challenges for startups and smaller enterprises. On the one hand, the presence of abundant competition means such businesses will need to manage their limited resources carefully in order to survive. On the other hand, however, rapidly evolving consumer demand also requires businesses to employ tools and strategies that boost their adaptability and agility.

The key to thriving in such a dynamic environment lies in strategic planning and smart decision-making. Retailers today can compete on more than just products and prices—they also have the chance to distinguish themselves from the herd through the customer experience they offer. In this context, businesses stand to benefit from leveraging modern digital technologies, particularly in the realm of financial management and customer service. Tools like online business banking solutions, payment gateways, POS systems, and the like afford startups and SMEs the power and flexibility needed to level up their operations—and, by extension, drive greater profits.

If you’re an entrepreneur only just beginning your journey in the retail sector, rest assured that you’re not alone. We at Maya Business are deeply committed to providing you with cutting-edge financial tools to help you maximize your earnings, as well as expert advice expressly tailored for modern retail environments. Read on for our top tips:

Switch from Traditional to Digital Banking

Embracing online business banking can be a transformative step for your retail business. Digital banking is rapidly gaining favor among modern businesses for being fast, accessible, and user-friendly—all benefits that stand to directly impact your bottom line. More tangibly, many digital banks will also work with lower fee structures than traditional institutions. This can result in significant cost savings for you, especially considering the frequent transactions typical in retail.

Another important benefit to taking your business banking online is that many digital banks will provide you with enhanced tools for managing your cash flow. In particular, solutions that enable you to access and analyze your financial data in real-time can give you a game-changing advantage. Having these tools at your disposal empowers you to make swift, informed decisions, adapt quickly to market changes, and seize opportunities as they arise.

All of these make it easy to see why, when it comes to business banking, Philippines’ businesses are increasingly choosing to go digital. And if you need a more in-depth perspective on the many advantages you can reap for your businesses by choosing to make this critical switch, look no further than our own Maya Business Deposit. This digital banking solution is tailored to the unique demands of the retail sector.

With a high interest rate of 2.5% p.a.—significantly above what most traditional banks in the Philippines offer—Maya Business Deposit exemplifies how digital banking can directly enhance your earnings and financial growth. Furthermore, Maya Business Deposit comes with no minimum balance requirements and all-in-one payment capabilities that allow you to pay multiple suppliers at once. You’ll enjoy significantly simpler, hassle-free money management with minimal administrative burdens, which in turn will enable you and your team to focus more on business growth and sales strategies.

Choose the Right Banking Partner

Of course, you’ll need to choose only the best bank once you decide to do your small business banking online. You’ll want a bank that does more than just handle your money—one that understands the ins and outs of the retail industry and can help you thrive in that specific environment. The best SME business banking partner will offer solutions specifically designed to meet your unique challenges and goals. This means looking for features that facilitate secure transactions, provide insightful financial data, and offer competitive interest rates to boost your earnings.

Maya Business Deposit provides a prime example of what you should look for in small business banking solutions. Beyond providing traditional banking services, it offers you plenty of innovative features that can directly enhance your overall profitability. Besides our aforementioned unbeatable interest rate, for instance, we also facilitate free transfers via PesoNET and InstaPay, which will bring down your overall transaction costs. Over time, these reduced costs will accumulate into significant savings and thus improved earnings for your business.

Conduct Market Research

The best retailers invest time, effort, and resources into investigating and understanding their target market. After all, it’s through comprehensive market research that you can gain insight into your customers’ needs and desires. This is critical information you’ll need when customizing your product offerings, marketing strategies, and customer service. Furthermore, the value of market research is only growing in the modern retail world, where trends and consumer preferences are in constant flux. You’ll need to be constantly tuned into your audience and ready to adapt if you want your brand to survive and thrive in the future.

Market research also requires you to do more than simply keep up with current trends. You’ll also have to work on foreseeing future shifts. Analyze data on consumer spending habits, demand, and feedback to make more informed business decisions. You can apply the insights you collect across many facets of your business’s operations, from back-end processes such as inventory and pricing to more customer-facing aspects such as staff interactions and even store layout. Moreover, these insights can guide you in creating targeted marketing campaigns that can help you reach your ideal customers more effectively.

Optimize Your Online Presence

The internet has become a nearly indispensable part of the modern shopping experience for many people, and this doesn’t look to change anytime soon. Hence, it’s in your best interest to craft an online presence that resonates with your customers. For example, your website and social media platforms are often a customer’s first points of interaction with your brand. By investing in making them appealing, easy to navigate, and reflective of your brand's values and identity, you present the best possible face to your audience online.

An optimized online presence helps you reach a broader audience, provides customers with easy access to your products or services, and significantly enhances your brand's visibility. The key is to make your online platforms as informative and engaging as possible. Now that more and more customers are shopping from their smartphones, you’ll need to optimize your website for both desktop and mobile to cast as wide a net as possible. Running your store out of a dedicated e-commerce platform is another quick and easy way to give your customers a seamless shopping experience.

Explore Cross-Promotions and Partnerships

Other businesses in your niche can be more than just potential competitors. Complementary businesses or brands can also serve as helpful collaborators with whom you can nurture synergistic relationships. These partnerships can be highly effective ways to extend your reach and tap into new customer bases. Collaborations and cross-promotions can take various forms, such as co-branded products, joint marketing campaigns, shared events, or exclusive offers for each other's customers.

The key to successful cross-promotions and partnerships lies in finding the right match. Look for businesses or brands whose values align with your own and have a customer base that would be interested in your products. This alignment ensures that the partnership is mutually beneficial and resonates with your customers. For instance, if you run a boutique fitness apparel store, partnering with local gyms or fitness influencers could be a great way to reach fitness enthusiasts who are likely to be interested in your products.

Take Your Retail Earnings to Unprecedented Heights with Maya Business

Maya Business is the best possible financial partner for small retailers in the Philippines looking to achieve sustainable growth. Sign up for Maya Business today to gain access to a host of cutting-edge solutions and exclusive perks that can help you earn more than you ever have before.

Signing on with Maya Business gives you the chance to unlock the benefits of the Maya 1-2-3 Grow bundle. This special offer lets you enjoy a merchant discount rate (MDR) discount of 1% on all QR Ph payments for 3 months upon onboarding. This translates to PHP 14,600 in savings for every PHP 1 million worth of QR Ph sales. Availing yourself of this bundle means you can also take advantage of opening a Maya Business Deposit account and using it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. As mentioned above, you’ll also enjoy free transfers via InstaPay and PESONet, which will allow you to send money to your suppliers and partners without having to worry about transaction fees adding up. Furthermore, a Maya Business Manager account also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, which grants you even more capital to invest in improving your retail operation. Just use Maya as your primary processor for all wallet and card payments. The more you use Maya, the better the loan offer. Apply for Maya Business today and enjoy the benefits of the Maya 1-2-3 Grow bundle.