3 Retail Business Ideas to Build Your Business Potential

Running a retail business comes with challenges, and standing out in a crowded market may be an essential focus for many. To create an effective strategy, understanding your customers is key. In this article, we’ll explore why understanding your customers can impact your business and share three retail business growth ideas that may inspire new strategies. 

Understanding Your Customer 

Exploring Ways to Connect with Customers 

Understanding your customers may help you provide better service, build stronger relationships, and encourage long-term loyalty. Listening to feedback lets you gain insight into what your customers value most and adjust your approach to serve them better. This may also highlight opportunities to offer more accessible shopping options. (1)  

Offering a payment solution outside of financing could help more of your customers with less-than-perfect credit get what they need by using simpler eligibility requirements. Providing flexible transaction solutions may also strengthen your market position and help you serve a wider customer base. (2)(3) 

Adaptation to Changing Needs 

Your customers’ preferences change, and your business should consider adapting to stay relevant. Nearly half of U.S. consumers are considered non-prime and may be looking for ways to shop without using credit* due to their circumstances (4). Others may prefer alternatives to financing when they need a more flexible shopping option. Life events such as job loss, divorce, or medical emergencies can unexpectedly impact shopping behavior. By offering adaptable solutions like lease-to-own, you can help meet these changing needs and provide an alternative way for customers to access the products they want. 

Ideas for Building Business Potential 

Understanding your customers is a crucial foundation for success, but it's just the beginning. Here are three key retail ideas that may help build your business potential: 

1. Strategic Partnerships 

   • Why explore: Strategic partnerships may help you expand your services and improve customer experiences. By working with the right provider, you may gain access to new resources, increase efficiency, and serve more customers. (5) 

   • How Acima Leasing fits: Acima Leasing, a sub-brand of Rent-A-Center, Inc., provides retailers with an opportunity to connect with a broader customer base. By working with a brand with a strong business growth history, you may expand your reach and offer an alternative to financing for underserved customers. 

2. Technology Integration 

   • Why explore: Technology plays a key role in modern retail success, and integrating it into your business may help you stay competitive. As customer behavior shifts toward digital and mobile shopping, adopting tech-driven solutions could make it easier to meet customer expectations and streamline operations. You may enhance efficiency, improve engagement, and create more growth opportunities by leveraging mobile shopping and digital tools. (6) 

   • How Acima Leasing fits: With the Acima Leasing mobile app, you can connect with more customers and make it easier for customers to discover your business. The app also allows your customers to shop using lease-to-own on your website from anywhere. 

3. Employee Empowerment 

   • Why explore: Your employees play a crucial role in shaping customer experiences. When they feel empowered, they engage more positively with customers, leading to better interactions and stronger relationships. Encouraging employee development could contribute to better customer experiences and business performance. Small steps, like offering training resources or encouraging engagement, may help employees feel more prepared to serve customers effectively. (7) 

   • How Acima Leasing fits: When you partner with Acima Leasing as a retail provider, you can access informational materials designed to educate your employees about lease-to-own. This knowledge can help them feel more confident when assisting customers, enhancing engagement and service. 

Unlock More Retail Opportunities – Partner with Acima Leasing 

By understanding your customers and exploring these retail business ideas, you may find new ways to strengthen your business potential and create growth opportunities. These strategies could help improve customer experiences, encourage loyalty, and support your ability to compete in a changing market. If you’re looking for ways to offer more flexible shopping options and connect with a broader audience, consider working with Acima Leasing! Apply today to explore how lease-to-own can fit into your business strategy. 

1. Forbes Coaches Council. (2022, March 17). How customer insight and understanding can improve your business.

2. Koksal, I.. (2019, August 31). Why businesses need diverse payment options.

3. Acima. (2024). Inclusive shopping options white paper.

4. Consumer Financial Protection Bureau (CFPB). (2021). Consumer credit card market report.

5. Vitasek, K.. (2024, April 5). How strategic partnerships can help your business deliver exceptional customer experiences.

6. McKinsey & Company. (n.d.). The tech transformation imperative in retail.

7. Harvard Business Review. (2023, April). Engaged employees create better customer experiences.