If you are a small business person in the retail industry or a store manager looking to meet the month’s quota, knowledge of efficient retail selling is a must. Even experienced professionals in reputed companies make many mistakes when it comes to retail. To achieve customer maximization, you should always be on your toe-tips and have a keen eye towards what your customers find interesting and it’s not an easy task. However, just remembering a few simple methods may go a long way towards reaching your objectives. Here, is a practical guide to improving retail sales. You’d be surprised to find out how even the simplest of techniques can increase your retail sales by as much as 40-50% or even more.
To maximize your profits via sales promotions, purchase of high-margin products is always a brilliant idea; however, older products that need to be sold will suffice, if it’s a last minute strategy. It is a mutually beneficial solution, where, your customers feel that the deal is so much better. This will also keep them loyal to your store. Some examples of these offers are:
- Buy 1 get 1 free
- Flat 50% off sale
- Up to 50% off sale
Window displays to promote new products
Window displays serve as the first impression of your store. Therefore, effort must be invested to keep your display clean and interesting. Do show off your new products on the mannequins, it’s a great way of promoting them. Change the displays from time to time, preferably once a week or so. Prices should also be displayed clearly, because potential customers may often shy away from the fact that once they get inside the store to ask the price of a certain product, and it turns out to be expensive, it will leave them embarrassed.
Shuffle your stocks
This strategy serves well for regular customers who are already aware where your products are kept. Just changing the location of certain products will add an element of novelty to them and help to get them off their shelves.
Utilize the impulse factor
Customers often purchase products on their way out. Supermarkets utilize this impulse factor and stock up their tills. Some such products may include deodorants, handkerchiefs, chocolates and cookies. This may vary from store to store. It is your job to determine which products best fit the ‘impulse buy’ description.
What compliments a particular product
While selling a certain product, you need to find out what other product may go with it. This is called cross-selling. For example, fries go with burgers, a moisturizer may complement a face cream, and a shoe-polish works well with formal shoes.
Staff training and involvement
Last but not the least, staff training is a very important factor. Your staff may not know as much about the products or they may not be so passionate towards selling them, since, they get paid either way. Although, a sales course may be a relevant advice, you may also involve them in your strategies, and reward them when they perform well. This helps to keep them interested and passionate towards their work.
Now these were some key strategies. Apart from these, you may advertise on social media or send monthly updates to your customers via email. A proper advertisement of your store and products may work wonders. You may also arrange quarterly training sessions from your suppliers. These little things will enable you to get that edge over your competitor’s. Happy retail selling!