I'm Sara Stonecipher, founder of MISRED and the voice behind howtorunaretailstore.com. Today, I am thrilled to share with you our latest journey and how it has revolutionized our store. We have evolved into a complete Lifestyle brand for the modern Bohemian, and it all started with a simple observation about our customers' changing behavior.
From Clothing to Home Decor: When MISRED first opened its doors, we primarily focused on clothing. However, as the retail landscape shifted due to the impact of the pandemic, we decided to diversify our product offerings. We began incorporating handmade jewelry and accessories into our store, catering to the evolving needs of our customers. Witnessing the positive response, we realized the potential in expanding further.
The Revelation: Home Decor as an Opportunity: One day, while observing our customers, I noticed their fascination with home goods and decor items. They were drawn to the displays, particularly those from popular retailers like Target. It struck me that we were missing out on an opportunity to capitalize on this growing trend and increase our revenue. With that realization, we embarked on a new venture to incorporate home decor into our offerings.
Becoming a Lifestyle Brand: To redefine MISRED as a Lifestyle brand, we scoured great wholesale marketplaces and procured accounts with outstanding suppliers. Within a span of two weeks, our store underwent a remarkable transformation. The non-sale items that once adorned our walls were replaced with a carefully curated selection of home decor pieces. The objective was to create an immersive and experiential shopping experience for our customers.
Engaging with Customers through Experiences: At MISRED, we believe in the power of experiences. To ensure our customers could engage with our products, we introduced unique features such as the foliage bar. Customers could create their own custom foliage arrangements, choosing from an array of vases and succulents. We also added an art bar, where customers could curate their own Gallery walls by selecting prints and frames. Additionally, a basketball display allowed customers to choose baskets and create stunning wall displays.
The Success of the Transformation: The decision to expand into home decor has been a resounding success. Beyond tapping into the growing market for home decor, we've attracted a new customer base. Not everyone may resonate with clothing and accessories, but home decor appeals to a wider audience. The addition of home decor has not only increased our revenue but also elevated the average ticket sale price, resulting in a positive impact on our bottom line.
The Benefits of Home Decor: By incorporating home decor into our store, we've provided customers with more options for add-ons. Items such as vases, candles, and bath bombs, which make excellent gifts, have become popular purchases. Additionally, home decor products typically offer higher profit margins, further boosting our financial success. We've even witnessed an influx of male customers exploring our home decor offerings, expanding our market reach.
The transformation of MISRED into a Lifestyle brand has been an exhilarating journey. By embracing home decor, we've created a store that caters to the modern Bohemian's complete lifestyle needs. Our customers now spend more time in our store, enjoying the immersive experience we've curated. We've elevated our average ticket sale price and opened up new revenue streams.
At MISRED, we're excited to continue sharing our adventures with you. Whether you're a new business looking to enter the retail game or an existing retailer seeking to uplevel, we invite you to visit howtorunaretailstore.com. Our website offers a wealth of resources, from free tips to intensive courses, designed to help you become the best retailer you can be.
Stay tuned for more exciting updates as we redefine retail at MISRED, your go-to destination for the modern Bohemian Lifestyle.