5 Methods to Boost Your Retail Sales This Year
It is inevitable if you are a retailer that your sales will slump at times. Whether it’s due to factors which are beyond your control like a reduction in foot traffic due to stormy weather, or a change in consumer preferences, all retailers will experience a slump in sales at some point.
The reason for any business’s existence is to get clients, and it must be cultivated through marketing. In the event that your money registers don’t ring, something isn’t right and you would do well to discover what’s up quick. In the present, highly competitive retail world, getting results is what matters.
Every business faces competition from somewhere, and we understand how competitive the retail industry can be. No matter how specific or unique your business, or how well-developed your unique selling point (USP) might be, the retail world is harsh.
In today’s modern digital age, businesses are able to connect with their customers anywhere in the world.
It is important that you have an ace up your sleeve that will put your business ahead of your competitors. Below are 5 simple methods to help you gain an advantage over them:
Provide a Personalized Experience
These days, faced with more options to choose from than ever before, customers are increasingly looking for a more personalized experience.
Providing a personalized customer experience means providing offers, promotions, marketing messages and other packages that are tailored specifically to meet the needs of one particular customer.
You can target customers with ads specific to the types of product that they usually buy.
No matter what your approach, the end goal is the same: to provide the customer with value that is specifically relevant to them and their specific needs and wants from your brand(s).
You need to acquire a significant amount of information and data on your individual customers – which can be a challenge – that will enable you to design a personalized experience for them.
To this end, you will need a POS software capable of tracking your customer behavior and other sources of customer data.
Create Your Own Holiday
Many retailers make use of holidays such as Christmas and Valentine’s Day in order to boost sales. People love to celebrate holidays. They love excitement. So instead of waiting for the big holidays, why not create a holiday of your own? Take into account some fun activities that you can do at your store, or the products that you sell, and build a holiday around that. It doesn’t necessarily even have to be related to your product or service, as long as it successfully draws people to your business.
Encourage repeat business through a loyalty/rewards program
It’s great to make a sale. However, improving retail sales performance in the long run will require you to convert that one-time sale into a long time relationship with the customer.
A great way to encourage repeat purchases and generate loyalty is by having a loyalty program through a POS system.
The goal of the loyalty program is to keep customers coming back by offering them better deals the more they spend, or the more times they visit your business.
There are a number of ways to design a loyalty program, with the same end goal in mind: keep customers coming back. If done well, customers will also be willing to spend more thanks to your reward system.
Understand Trends and Learn About Customers via Reporting
Consumers are prone to behavior changes, almost overnight. Sometimes strategies which worked the day before are no longer helping. In order to run a successful retail store, you must be able to keep track of these changes and adapt as quickly as possible. You cannot give the impression that your marketing practices are out of date.
If you don’t keep up with the times, customer experience may suffer greatly.
You need to carefully monitor customer data acquired through your POS system, and be able to deduce from the information if there is a change in consumer behavior.
The more reports you can generate from the data you collect, the better your understanding of consumer trends will be.
Trends can be caused by anything from timing, new technology, changes in social dynamics or other factors. For example, you can figure out seasonal trends by looking at which product sells most during each season.
Therefore, when summer comes around again, you know which items to promote and discount, improving your sales performance significantly.
These days more and more people are seen shopping on their mobile devices. You could take advantage of this trend by making your website mobile friendly or even developing an app for your customers.
Social media is perhaps the most cost-effective, and a comparatively easy way to engage with customers and boost your sales. You need to make sure you have an active presence in social media. If customers are exposed to engaging and creative content from your page, they will be more willing to trust your brand. Social media can be a great tool to position your brand ahead of your customers and drive up sales.
Basically, your marketing mix should include social media, and outline the objectives of your marketing strategy. Creating a publishing schedule and posting regular content can help you better your brand.
Contributed by Henry Chen, the digital operation at Syncoria, a Canadian based business transformation solution. We have been providing digital business solutions to our customers for over 14 years. Odoo is one of our digital business integration partners that specializes in marketing automation. Your websites, sales, operations, CRM, POS, inventory everything can be automated using Odoo. Odoo POS is based on a smart interface that any retail company can use without difficulty. Because it’s extremely flexible, you can configure Odoo POS to meet your precise needs. Visit us at https://www.syncoria.com/ to schedule a consultation any time you like.