Not so long ago, many neighborhood stores were all but assured of captive markets since many of them maintained a unique presence in communities where they often had no competitors. This is no longer as true today, as the increasing popularity of e-commerce shops and low-cost courier services now means that the retail landscape has become more competitive.
If you’re starting a neighborhood store or you have an existing one, don’t let this discourage you. Many Filipino buyers still prefer the convenience and emotional connection that only a neighborhood store can provide. But to thrive in the current hypercompetitive retail environment, you need to leverage the unique convenience and the emotional resonance associated with local businesses and adopt solutions that drive efficiency without compromising what makes neighborhood stores special. Here are a few things you can do to become an irreplaceable go-to spot in your area:
1) Accept All Payments
In the Philippines, transactions with digital wallets, bank transfers, and payment cards are steadily gaining ground over cash, with Filipinos increasingly preferring these payments when paying for their purchases. Using the Maya Terminal device will allow your business to effortlessly handle these emerging transaction types, ensuring your store can appeal to a wider range of local customers. Check out the Maya Terminal price comparison table to see the different transaction fees for a selection of payment types accepted by the Maya credit card terminal.
2) Be Authentic
Authenticity is so important for driving customer loyalty that many online businesses may even open a physical store simply to appear more “real” to customers. However, there’s more to being true other than simply existing as a physical store. To be truly authentic, your business also needs to exemplify a win-win spirit that is centered around the well-being of your customers. This involves not only providing high-quality products but also fostering genuine connections and maintaining transparency in your operations.
3) Offer a Simple Loyalty Program
In the Philippines, the traditional suki system, while excellent at drawing repeat business, can be a double-edged sword for entrepreneurs who are not comfortable with enforcing collections. Fortunately, you can reduce the risk of non-payment while still enjoying the benefits of customer loyalty by implementing a simple loyalty program.
While there are many ways to do this, loyalty cards where customers can get cash discounts after completing a certain amount of purchases are a good start. If you notice a repeat customer or recognize someone local, offer them a loyalty card and explain your offer to encourage them to come back to your store.
4) Make Customers Feel Safe
Some neighborhoods may not inspire confidence in customers, consequently limiting the amount of foot traffic your store gets. Having bright lighting, a clean store, and sufficient security measures like CCTV and visible personnel can go a long way in ensuring your customers feel safe when they’re at your establishment.
5) Hire Employees with Good Customer Service Skills
Word has a way of quickly getting around in tight-knight neighborhoods, so your store must offer exceptional customer service even when you’re not behind the cash register. Hiring friendly employees and training them on proper customer service will ensure stronger customer loyalty and strengthen your business’s place in the community.
6) Manage Your Inventory Closely
Inventory selection and sourcing are major challenges for smaller retail operations. You not only have to offer a good mix of items but you also need to price them fairly enough that the customers will choose you over competitors that may offer much lower prices. And since you may not have the scale of larger competitors, you need to be strategic with your inventory decisions.
One thing you can do to streamline your inventory management is to integrate an ECR (electronic cash register) into your system. An ECR linked to a compatible inventory management system will allow you to update your inventory as purchases are made. The Maya Terminal also integrates with most ECRs, enabling seamless inventory updates and other useful automation functions when using the device.
Become a Neighborhood Institution with a Maya Terminal
A Maya POS terminal can help your business become a part of the next generation of successful neighborhood stores. Leverage the capabilities of the Maya Terminal or its ultraportable counterpart, the Maya Terminal Lite to accept a full range of contactless payments and cultivate stronger community relationships. Create a Maya Business Manager account today to activate your own Maya Business terminal and facilitate any payment at your neighborhood store.
Once you’ve created a Maya Business Manager account, you’ll unlock the benefits of the Maya 1-2-3 Grow business growth bundle. Maya 1-2-3 Grow gives you a 1% MDR discount on all QR Ph transactions for 3 months after signing. This translates to PHP 14,600 in savings for every PHP 1 million in QR Ph sales, giving you more funds to beef up your neighborhood store operations. As part of the Maya 1-2-3 Grow bundle, you can also enjoy the benefits of using Maya Business Deposit as your settlement account. With a generous 2.5% per annum interest rate for supercharged savings, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. Signing up also qualifies you for a Maya Flexi Loan offer of up to PHP 2 million in only 3 months, which means you can get even more funds to grow your neighborhood store into an irreplaceable community institution. Set up your Maya Business Manager account today for effortless payments and unbeatable offers like Maya 1-2-3 Grow.
