For most businesses it’s sales that drive revenue and, consequently, growth. No matter how forward thinking your retail management approach, or sturdy your financial goals, without sales conversions there’s little to work with. So, how do you generate more results in this crucial area?
1. Enhance customer experience and engagement
Clear store layouts, easy to find products, enticing displays and smart store design opens the door to better sales. With more attention on the details of store layout and customer experience, you can convert browsers to buyers, capitalize on impulse purchases and boost average transaction values. Plus, a higher quality customer experience will increase loyalty and drive future sales. Mystery shopping can be a valuable tool to help you gain insight into in-store experience.
2. Be tech smart
In-store technology is now a baseline for sales generation, and operating without it puts your business at a distinct disadvantage. Cameras and people counting sensors provide invaluable insight into customer behaviors, peak hours and staffing need. Bluetooth beacons for product location, smart shelves, self service checkouts and retailer apps are just a few of the other in-store technology options that can create insight and improve the customer experience to boost sales.
3. Use seasonal promotions
This is probably the oldest trick in the book when it comes to increasing sales. It’s also one of the most effective. Thanksgiving, Christmas, Valentine’s Day and summer holidays represent a perfect opportunity to attract new sales. 38% of consumers look for coupons (Ipsos Retail Performance) before shopping, so seasonal discounts and promotions represent a strong opportunity to attract new business and incentivise existing customers to return and buy.
4. Drive loyalty with incentives
It’s not just new customers who drive sales but repeat business too. Loyalty schemes and cards have proven value when it comes to bringing customers back in-store, whether you’re offering the opportunity to accrue points or access discounts for membership. Customers feel rewarded and understand that you’re willing to offer genuine value to keep them. Identifying loyalty opportunities can be done by analyzing your existing customer behaviors and preferences to ensure incentives are effective.
5. Staff training
If you’re investing in technology, such as footfall counting systems, you must ensure that you maximize their use in your business with comprehensive retail performance training. Tailor your staff training to gain a deeper understanding of the data provided against your key business KPIs, focusing on how you can use insights and information to drive new sales and establish positive repeat business patterns. Empowered teams can help to maximize results for an individual store or an entire chain, and the smallest increase will have a big impact.
For more information on how to drive footfall and sales, this page may be of interest to you.