3 Reasons to Buy Inventory Specifically for Your POS Area
POS – or point-of-sale – is often an overlooked category of an independent retailer’s store when buying inventory. However, these areas within larger retail spaces, such as Target or your local grocery store, are rarely overlooked. Instead, there areas carefully planned for, allowing merchants to capture additional sales from their customers. Which makes us wonder – why aren’t you applying the same strategy for your store?
Below, gain 5 reasons why specifically buying for your POS (or cash wrap) area can help your store sales strategy in reaching it’s money making goals.
1. Customers like to shop impulse, affordable items
Depending on your overall store assortment, your idea of affordable may vary. However, traditionally speaking items that make impulsive purchases are priced around $1, $3, $5 or $10. Once you go over $10, customers give more thought to their purchases. Generally speaking, though, if you introduce items that don’t require much thought from your customers – such as asking themselves if they really need it – you will be more likely to capture quick sales from them. This is why you see gum, candy and drinks often near cash wraps. They are fairly cheap and quick, impulsive buys. But don’t be fooled – lots of $1 price points add up!
2. Customers love seeing a wide variety of items
Candy and gum are obvious choices, but earrings, mirror compacts, pens, sewing kits, kids toys, magazines, novelty goods and other items only make sense if they are items your specific niche customer would enjoy. Consider who your customer is and if the item and the price point combined would equal quick buys for your customers. You may just find you enjoy this unique buying strategy for your store, as well, since often this varies greatly from other inventory selection processes.
3. Customers love engaging with merchandise while waiting to make a purchase
There’s nothing worse than buying items intended for one area of your store only to find they won’t fit there – literally. To avoid this, make sure you purchase small enough items to fit your cash wrap space. You’ll want to also use appropriately sized display fixtures to help you merchandise your products, as well, including counter top bowls, table top display racks or stand alone fixtures. A box of mints, for example, tossed in a decorative bowl or an assortment of earrings in a counter top display fixture both welcome customers to touch, engage and hopefully add to their purchase.
BONUS TIP: Customers need an extra “push” sometimes
When your customer has already decided they plan to spend money at your store, why not use this as an opportunity to have them spend MORE money at your store? There is no better time to do this then when they are standing in front of you with their credit card in their hand. To help make this happen, train your team – including yourself – to use suggestive selling techniques to help increase each purchase made in your store. This may include, “Do you need a bottle of water today?” or “Those earrings are a great match for nearly everything!”.
Finally, remember that this is an area of inventory in your store to make some quick cash. But that doesn’t mean you can’t have fun with it! Mix your items up often, consider introducing seasonal buys, offer surprising finds and introduce items that are both necessary and fun for your customers to choose from. Your reward? Increased sales, plain and simple.