Sales are the end goal of every retail business, but some periods are harder to sustain than others. New businesses typically have a hard time getting customers through the door to make a purchase, especially if they are in a crowded space with established competitors. Older businesses, on the other hand, have the challenge of growing their business either by attracting new customers or retaining previous ones. But regardless, retail businesses must continue to increase sales to scale up and grow.
Read on to learn six ways to increase your retail sales.
Increasing Sales in Retail: 6 Pro Tips
1. Delight Customers with Extra Mile Service
Delivering high-quality products is just half the job in retail. It’s futile to offer the lowest prices or best quality if your customers have an unpleasant shopping experience due to unresponsive staff.
Retail is part of the service industry, so it should go without saying that your customer service needs to be top tier. Ensure that your staff is adequately trained to positively engage with customers, assist to ensure that sales push through, suggest other products or services when appropriate, and build rapport to encourage repeat purchases.
Depending on your type of retail business, complimentary services may help boost sales. For example, clothing brand Uniqlo offers free alterations. This enables them to retain sales from customers who love an item but wish for a slightly better fit. Many businesses these days also offer complimentary Wi-fi in-store.
2. Give Your Customers What They Want
People who come into your store either hope you have what they need, or they have certain expectations that your store carries what’s in line with their interests. If you don’t have what they’re looking for, you lose out on sales for that particular visit.
You also potentially lose future business with that customer as they are likely to return to a competitor who previously supplied what they needed. Make sure to keep your shelves stocked with in-demand items and, when appropriate, seasonal products that are relevant for certain holidays or quarters.
A point-of-sale system helps track sales trends and inventory levels. It automatically updates your store’s data, and over time, lets you monitor purchase patterns. It can show you which items are profitable versus stock that isn’t moving so that you can make smarter re-stocking decisions. It can also help you anticipate certain trends. For example, if the holidays are coming up, you can review which products were in demand last year, as your customers will likely look for the same this year.
3. Make It Easier to Shop with You
In this age of instant gratification, consumers want to get things done quickly and easily. Many brands are leveraging technology to keep pace with the evolving retail trends and consumer preferences. For example, Amazon has auto checkout for both online and physical stores, and eyewear brand Warby Parker uses AR to let customers “try” their products virtually.
One simple way to make things more convenient for your patrons is to accommodate diverse payment methods. Aside from physical money, the usage of alternative payment methods such as contactless cards and mobile wallets is increasing. POS systems are equipped to accept various ways to pay, so you don’t have to worry about disappointing consumers and turning them away at the till.
4. Reward Patrons with Loyalty Programs
Foster a relationship with your customers by making them feel acknowledged and valued. Reward your returning customers and encourage repeat purchases with loyalty programs. They’re a great way to build connections and they let you entice customers with additional value without having to slash prices. There are different types of loyalty programs, but they are all designed to keep customers coming back to you.
A common type of loyalty program is a point system. Every transaction or amount spent gives the customer a corresponding number of points. Depending on the program’s mechanics, the points can be used as cash to spend less on an item or used to unlock freebies or additional services.
Other businesses have paid loyalty systems or membership programs that provide repeat customers with exclusive benefits such as early access to products or special services in exchange for a fee. The value of the benefits typically outweighs the fee, making this type of program enticing for consumers.
5. Anticipate Your Customers’ Needs by Getting to Know Them
As mentioned in an earlier point, people come into your store because they need something from you. While it’s possible to learn their habits and preferences, it’s even better to anticipate and prepare for them in advance. The retail industry is highly congested, so you need to find a way to cut through the clutter and resonate with your consumers. Find a way to get to know your customers and store this information.
A POS system can store and track vital information about your customers, such as contact details and purchase history. This information can give you a peek into their interests, what they are likely to need from you, and what products they may need to supplement or complement their usual purchases.
You can also maximize this information by providing a personalized experience via tailored marketing messages.
6. Engage Your Customers Beyond the Store
Relationship building and engagement do not have to be restricted within the store. Through various forms of media, you can boost awareness for your store to invite new customers or re-engage previous ones. The internet alone offers a myriad of possibilities, such as targeted social media marketing, email newsletters and personalized promotions, and affinity building digital content.
These days, it’s a given for businesses to be present and active on social media to let people know who they are and what they have to offer. Advertising should not be underestimated, as you could very well be wasting your money if people don’t even know your business exists.
One underutilized asset that can be used for engagement and promotion is the receipt. The simple slip of paper is typically just used for the basics, but with the right POS system, you can include custom messages. Promote an upcoming sale, remind them to fill out a survey in exchange for freebies, or invite them to connect with you on social media – the possibilities are endless.
Are you ready to boost your sales and rake in more revenue? True POS is the hub for all your point-of-sale system needs. We offer end-to-end support so that you can upgrade your business without breaking a sweat. Learn more about how we can help your retail business, or get a free quote today!