Owning and operating a brick-and-mortar retail business today isn’t easy.
Especially for independent community pharmacy owners.
You’re already faced with pharmacy-specific issues like declining reimbursements. On top of that, you compete with a growing population of online retailers, national chain pharmacies and big box stores.
Many independent retail pharmacies feel forced to close their doors.
And they’re not alone. Even larger retail stores are feeling the squeeze.
Why Retail Stores Are Failing (And How Your Retail Pharmacy Can Prevail)
You’ve probably seen it in the news. Big name stores are going bankrupt or slimming down because of poor sales.
J.C. Penney, RadioShack, Macy’s, and Sears have each announced more than 100 store closures this year, according to the Atlantic. Payless and Toys “R” Us filed for bankruptcy. And, Sports Authority has liquidated.
Most would point to the rise of online shopping as the source of retail stores’ difficulties. E-commerce websites are finding fresh ways to attract new customers and encourage repeat visitors.
As a retail store, your pharmacy faces the same challenges. And you may not realize that these challenges apply to the retail side of your business and the prescription side.
After all, patients looking for convenience may choose to get their prescriptions through mail order or through the convenience of online refills and free delivery from your competitors.
So, what can your pharmacy do to overcome these obstacles and continue to thrive?
Strategy 1: Improve your pricing strategy
Consumers want to save money.
But your independent retail pharmacy likely can’t compete with the low prices offered by online platforms and big box stores.
Don’t worry. You can still improve your retail pricing strategy to attract more patients.
What you can do:
- Get to know the types of patients who shop at your pharmacy
- Update your front-end pricing regularly
- Offer coupons or loyalty discounts for front-end items
- Promote seasonal sales
Strategy 2: Watch the competition
Patients today face a lot of options when it comes to choosing a pharmacy.
Independent pharmacies, national chain pharmacies, big box stores and online pharmacies are all trying to win patients’ business.
For your independent retail pharmacy to succeed, you need to keep up with the competition.
What you can do:
- Offer unique products and services, such as local front-end products or a diabetes education program
- Create an app for your pharmacy that offers online refills and medication reminders
- Use pharmacy automation equipment
Strategy 3: Add convenience for patients
Consumers value convenience.
So, make shopping at your pharmacy as quick and easy as possible.
What you can do:
- Offer a delivery, drive-thru or curbside pick-up service
- Implement a medication synchronization program
- Streamline the checkout process to avoid long wait times
- Set convenient pharmacy hours
Strategy 4: Provide top-notch customer service
Many retail stores lose customers due to bad customer service.
But your retail pharmacy can excel in this area.
Unlike national chains and big box stores, you can offer the personalized experience that many consumers are looking for.
What you can do:
- Build meaningful relationships with patients
- Solicit and respond to patient feedback
- Offer a patient loyalty program
- Communicate often with patients
Don’t let declining retail sales push your retail pharmacy out of business.
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