Retail industry is one of the major and progressively growing sectors in US. Statista predicts a whopping 246.15% increase in the worldwide ecommerce making the US with $340 billion, the world’s second largest eCommerce market. This year the purchasing power of US shoppers is at its peak. However eMarketer, a market research company, predicts a growth of 32.7% in US retail sales from cell phones in 2018. The retail industry will grow by 3.8% and the sales will grow by 17% this year.
As the holiday season is fast approaching, many retail businesses are still struggling with their cash flow problems, diminished revenues and employment issues. They need fast access to working capital in order to finance their operations before the holiday season. The demands of people have changed quickly, making it difficult for retail business owners to anticipate the inventory needs. And having insufficient amount of cash in hand can ruin your ability to fulfill the demands of your customers.
As a retail business owner, you’re likely focused on providing products to your customers. You want them to shop, but it is hard to get an influx of sales without first investing in the quality of your products, marketing efforts and retail store.
Retail business loans are made specifically to help with the funding requirements of retail businesses such as purchasing inventory, funding seasonal expansion or hiring seasonal help.
Fund the Holiday Season
As the holiday season is fast approaching and you need to arrange things before the time comes, retail business loans can help you to cover the expenses which normally include;
You have 3-4 permanent employees in your retail store, but you are looking to hire more staff to handle the rush hours during the holiday season, but the capital insufficiency restrained you from hiring, how can you handle the customers on holidays? With retail business loan you can hire more employees for help during holiday season and handle the rush hours.
Expand Your Store Premises
Many retail business owners opt to use their retail business loan to expand their store premises or open a new location. If you have a large customer base and sales and demand hold over time, a new or added location can generate the cash to repay the loan as well as helps you in generating more profits.
There are many supplier trade shows held just to help retailers to purchase the inventory in bulk. Retail business loan can help retailers to lock in better pricing in larger quantities rather than picking one or two lots. The words “out of stock” can make your customers turn away, therefore it is good to have enough inventory that can cover your holiday season. Retailers can also use the loan to add a couple of more things to their product line.
Win the Tech Game
The old school methods of conducting and running a business are now gone. Technology has changed everything. Therefore staying up-to-date in technology can make a real difference in the success of your retail business. With retail business loans, you can purchase the latest equipment, machines POS systems and inventory monitoring and management systems.
If you are a retail business owner and looking for business loans to fund your retail business for holiday season, a retail business loan from Merchant Advisors can help. For more details, please give us a call on our toll free number (833) 827-4412. Alternatively, get your free online quote by filling our online application form, if you’re ready to apply for a retail business loan.