Retail Merchandising: Top Tactics for To Help Your Store Thrive
By Siobhan Scott of shop4pop.com.
The world of retail is fast-moving, and competition can be fierce.
It’s one thing to attract customers into your store, but maximizing their in-store spend can make all the difference to your profit-margins.
Increasing customer satisfaction goes hand in hand with successful store sales, which is why in today’s post, we’re looking at the top tactics for retail merchandising.
Place products strategically and conveniently
Paying attention to important events can be a valuable way of improving the customer’s shopping experience. For example, BBQ equipment will be in high demand during a sunny holiday weekend, so placing these products near the front of the store will improve the convenience of the customer’s journey. Similarly, grouping together products which complement each other is a great way of prompting your customer to keep on spending.
Provide additional services
Up-selling by offering a service which is specific to the product is a great way to motivate customers to keep spending. Whether you offer an extended warranty upgrade or provide free delivery, it’s these services which will improve customer satisfaction and encourage return custom. Offering the customer a service which is too good to miss will set your business apart from the competition – so going that extra mile really will end up paying off.
Maximize sales with POS displays
Congratulations, your customer’s shopping experience was so successful that they’ve reached the till to make their purchase. But why stop there? Up-selling is a great way to maximize on the customer spend. The customer may have entered your store with the intent of purchasing a specific item, but strategically placed impulse buys can boost store sales as the customer makes their way to the till point. Incorporate visual promotion into your customized POS display stand to catch the customer’s eye so that they won’t be able to resist adding those fast-moving products to their basket.
Count your stock regularly
Stock counts not only tell you if you’ve been subject to theft, but they’re also an integral part of successful retail management. How often you carry out a stock count will depend on the size of your store, but it’s vital that they’re carried out regularly. By managing your inventory, you’ll be able to assess which products are performing well, and see why others aren’t. You may need to develop a new marketing strategy to boost these low-selling products – whereas by determining the high-performers, you’ll be able to adapt future orders to your supplier to ensure you never run out of the product. Good stock control means happy customers – and repeat business!
Never underestimate the power of a bargain
Regularly reviewing prices can be one of the most lucrative ways to boost purchases. Discounting products on the basis that the customer buys a greater quantity gives the impression that it’s a great deal – even if the customer didn’t intend on spending that much. Revisiting price breaks for low-selling products should make them more appealing, and they’ll soon be flying off the shelves. Likewise, changing the range of discounted products regularly will encourage the returning customer to stock up on a variety of different products.
With these tactics added to your retail arsenal, you can start planning for the future success of your store.
Written and contributed by Siobhan Scott, a marketing executive at shop4pop.com, which offers more than 40 years’ experience creating and producing full event and retail campaigns for large clients in a variety of industries.
Photo Credit: Shop4Pop with permission to use.