In 2017 the repair industry saw a revenue stream of $4.0 Billion and since, has experienced a steady growth of 5.5% since 2012. At a glance, it appears that the booming repair industry isn’t going anywhere but up! And this shouldn’t surprise you; we’ve heard of more and more business owners wanting to add repair to their operations, add to their existing repair services, or open a new store all together; if it’s repair, they want to be involved and as a retailer, you may be considering the same! But, before you jump head first into repair industry, there are some key factors you need to consider and pay attention to.
1. The Realtors Are Right
First and foremost, location is key! There are several things on the laundry list when it comes to picking your retail location (in any industry) but repair takes that concern to a whole new level – especially with understanding the basis of your customers. For example, in areas that consist of households with a higher disposable income, your customers may be more inclined to purchase a new device, rather than bother repairing their current one. However, this area could also produce high profit margins due to the disposable income. When you look at areas with poor economic conditions, customers are more likely to repair their existing phones than shell out more money for a brand new one. Both of these scenarios have pros and cons associated with them, and these socioeconomic factors are definitely something to look into when thinking of the physical location of your repair operation.
2. Up Your Online Game
Once you have established your physical location, you need to now make it known; this is where your skin in the e-commerce game plays a huge part in securing your success. Think about it, when you need something and don’t know where to start, the first thing most people will do is research it, by that I mean “Google it”. If you don’t have an online presence your name won’t be coming up in searches, meaning you are losing customers right off the bat.
Another online offering you should consider is the ability to book appointments with your sales staff and repair technicians online. The customer experience in-store can be made even better with streamlined appointment booking to determine in-store traffic and ensure that every interaction ends in a sale, whether for a device upgrade, purchase of a new phone, or a repair. Having the ability to book a quick appointment online to drop off their broken device offers even more freedom to customers – something they’ll be sure to thank you for!
3. Who’s Who?
Knowing which vendors to order from can be a daunting task in the repair industry. From regular wireless vendors to back-alley black vans, it seems like everyone and their dog offers products in the wireless industry, so knowing who to talk to is huge! Ensuring you have strong relationships with key, reputable vendors will make your ordering life so much easier than sourcing it all yourself. As well, you have the possibility to use solutions like Repair Inventory Management to make that ordering process even easier. There are several big-hitters in this area of the industry such as Injured Gadgets, MyCoolCell, Mobile Sentrix, ReVamp Wholesale, and Sourcely; all great alternatives to doing the leg-work yourself. Leave it to the experts who will have your back! Finally, having an integration between your POS and these vendors is the icing on the cake that will help to simplify and speed up the part ordering process for your company.
4. Customer Experience
So, you have a store, your online game is strong, and your inventory is good to go…now what? Your next step is to ensure the customer has the experience they want and need when they’re dealing with your stores. This is one area in the repair industry that hasn’t been fully established and creating a positive experience for someone who is looking for repair services can make a world of difference. From start to finish, the customer should be at the heart of all considerations – don’t just be worried about time! Rushing through a process might seem like the best option because after all, “time is money”. Contrary to what you may believe, that isn’t always the case. Customers should feel like they are being given a 5-star treatment, even if it’s just for a screen replacement. This can be established in many ways such as offering them options that enhance their experience with you, including warranty model while their phones being fixed, offering to browse through your drop ship fulfillment catalog while they wait, or simply capturing their information and following up with them a couple days later; showing you care more about their money and making sure everything is going well with their repair. These little changes can make a world of difference for a customer.
While these 4 areas are key considerations when you want to add to, open, or revamp your repair services, there are so many more pieces of the repair puzzle your shop needs to generate revenue.
See how your peers are using repair to grow their business!
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