If you own a small retail business or convenience store, you understand the struggle of keeping up with the competition. Setting yourself apart from your competitors is crucial to the success of your business. By offering walk-in financial services, you can provide valuable services that your competition doesn’t offer. Becoming a one-stop shop for your customers will allow your business to earn more profits and retain a loyal customer base.
Becoming a One-Stop Shop
A one-stop shop is a business that offers a range of services or products to customers. The one-stop shop
model succeeds because those businesses create repeat customers who bring more of their spending to a
given location. This increases not just the number of customers, but how much each customer spends per
visit creating a multiplier effect.
As you work toward becoming a one-stop shop, there are a few questions to consider that can keep you on track:
- What do customers get from your business that they don’t get from your competitors?
- What types of customers does your company serve best and why?
- What breadth of products and services can benefit your customers?
Smaller retail businesses are naturally better at tailoring their services to suit their customer’s needs. If you own a small retail or convenience store, offering walk-in financial services can easily set you apart from your competitors while providing value to your customers. These services are easy to set up at your point-of-sale area and require minimal counter space yet they can make a huge impact for both you and your customers.
Neighborhood-anchored retailers in areas that are predominately unbanked or underbanked tend to be the most successful areas for offering walk-in financial services.
When customers walk into a convenience store or small retail space, they often want to purchase everything they need quickly and in one place. That’s why it’s important to carry an array of everyday items like food and beverages, household cleaning supplies, and financial services that allow your customers to turn their cash assets into digital.
How Will This Benefit Your Business?
There’s no doubt that offering walk-in financial services can benefit your customers, but how does it benefit your business?
Your customers don’t want the hassle of running around to several stores to make all of their necessary transactions. If your store is located near a neighborhood or apartment complex, chances are your customers are looking for a convenient place to shop near their home where they can buy money orders for rent, pay their bills, and top up their mobile phones, often with cash.
It is also convenient for your business because you’ll be able to earn more revenue and maintain customer loyalty easily. Make sure you use a provider like Fidelity Express, whose software is easy to use for both you and your customers.
A high level of trust grows when a consumer frequently visits a particular business and builds a personal connection with it. Businesses with a high level of customer service also gain a correspondingly high level of customer trust. Walk-in financial services help your business with both. Not only will your customers appreciate the quality of service you provide, but they are also likely to return frequently to top-up their mobile phone, add money to their prepaid debit card, Make sure you use a provider like Fidelity Express, whose software is easy to use for both you and your customers.
Becoming a one-stop-shop for your customers also has several benefits for your business. One of the most obvious is that it will allow you to generate higher revenue with the same customer base.
If you offer walk-in financial services, you have the opportunity to earn money from both the physical goods in your store and the additional services you offer. If your customers can get everything they need from your store, not only will they have a bigger basket, but they won’t hesitate to choose your store over any other competition.
Grow Your Business With Fidelity Express
If your store is located in an area that is predominantly unbanked or underbanked, neighborhood-anchored, or within an ethnic diaspora, walk-in financial services will be the perfect way to offer everything your customers need. With convenient, affordable, and reliable services, Fidelity Express can help you increase revenue, boost customer retention, and become a vital part of your community.