It’s inevitable; all retailers will witness low and high seasons. At times, this could be due to circumstances out of your control. These circumstances could either be a decline in foot traffic or city construction work in front of your store. Irrespective of what the forces might be, your retail sales are bound to experience a slump one point or another.
You and your staff can change the tide in 2020. However, it will require some creativity, forward-thinking, and willingness to take on some risks. Hence, here are some creative ways to show you how to increase sales in your retail business for this year and beyond.
10 Creative Ways to Increase Retail Sales
Initiative a Holiday for Retail Sales
Usually, the national holidays are the only holidays retailers celebrate. Some of these are Christmas or July 4th. However, we all love celebrations. So your customers will surely get excited about any celebrations you announce. So we recommend you don’t wait for a big holiday. Instead, create a holiday for your retail sales.
With your holiday, you want to think about fun activities for your store and its customers. It should be about your customers instead of how to increase sales. Sure the ultimate goal is to increase retail sales. However, you want to use other means to make the entire initiative attractive both to staff and customers.
If you were planning on reducing your marketing budget for the first quarter of 2020, then this recommendation might seem counterintuitive. However, this is a wise measure for those slump retail sales periods. The reason behind this is that, you can expect your customers will be doing whatever is in their power to gain a competitive edge over you.
Hence, you want to emphasize your ad efforts on magazines, newspaper ads, and other forms of marketing that are effective in your business. Remnant advertising is quite useful when used for this purpose. Implementing this is easy. You design a branding ad for your newspaper of choice to place in any available slot.
Create a Buzz
Shoot a press release to the media anytime anything remarkable occurs with your retail business. The idea is to generate as much buzz as possible and gain lots of free coverage. These will result in increased retail sales for your business. Therefore, you want to focus on community events too.
Some good places to begin are meetings, networking events, and classes. These unique promotional events have the collective effect of creating a lot of buzz about your business and its products. Believe it or not, many successful retail businesses used this approach, and you can also learn how to increase sales with these techniques.
Analyze pricing strategy
When pricing and buying products, always remember to take into account the wholesale and retail cost of the product. Thus, you can be sure of the kind of profit margin you will get on your goods. However, though profit is important, you don’t want to overemphasize it when pricing.
Hence, your prices must also be competitive. Else, you will find your customers choosing more affordable options. Irrespective of how much you examine your pricing strategy, the customers will always tell you the right price for any product. And that price is the amount they are willing to pay for the product.
Design Store for Sales
Deploy impulse sales opportunities and cross-merchandising strategies. You can increase customer attraction to your store and its products with creative displays and lighting techniques. Also, you can entertain a customer with videos, and several other promotional or upsell tie-in.
Remember, the more sense you engage with your visual merchandising, the more results you will get. Finally, always bear in mind that the more energetic your store looks, the more magnetic it will be. And so on. It all boils down to generating more retail sales.
Touch Base with Your Customers
Excellent customer service is one of the first marketing tools for increasing retail sales in retail businesses. Hence, your business will benefit greatly from a system that helps owners track customer behavior and provide insight based on collected data. For instance, the retail POS system does an amazing job of simplifying the customer service and payment process of many businesses around the world.
You can keep track of the mailing list, customer information, purchasing history, etc. Also, having freed up time to focus on the clients, you can educate them about products. As such, they make more informed decisions. Show appreciation to every single customer is any way you believe they would appreciate it.
Finally, always remember that customers in 2020 aren’t only looking to buy products but also want memorable experiences.
Social media is one of the simplest and cheapest platforms to use on the internet. Hence, you would be doing your retail store a great disservice if you fail to maintain some activity online. Use social media extensively until customers know your business as the ideal place to shop.
Manage Your Money
Sure this sounds obvious. After all, who doesn’t know it’s vital to manage your income and expenses when operating a retail business? However, one too operators become too preoccupied with the details that the financials are all but forgotten. Hence, you want to avoid this misstep by creating a budget. This budget should help you account for every single dime that comes into and out of your business.
By doing so, you know the moment retail times are slowing and when they increase too.
Launch an Event
If you’ve ever participated in any sales fair or sales event, you know these days can be the most successful. Even if the fair is held at the worst sales period during the year. You can still accomplish higher retail sales by partnering with local institutions to initiate in-store events.
For instance, you can create a weekend event for your local charity to help orphaned babies with baby products. Usually, such activities would donate a stated percentage of the proceeds to the involved institution. In this case, your local charity. Such occasions will build the credibility of your business brand and endear your business to the general public.
Take it Outdoors
Generally, we all love to check out that store that has a lot going on, even on the outside. Hence, sidewalk sales are very effective, if you care to know how to increase sales in retail business this first quarter of 2020. Though it’s a new year, this idea has been around for a long time. Thus retailers have used it to increase retail sales for as long as history can remember.
Therefore this approach is time-tested. The main idea is to create the sensation of something going on. When done right, many people who passed by your store many times before will take a second look or even draw closer to get a second look.
Increasing your retail sales is a journey that requires creativity, positivity, and motivation to achieve. As opposed to relying solely on hard work. These ten approaches have helped other retail businesses and should make a lot of difference for your business too. Follow this blog to learn more ways of making this year one of the best years for your business. If you have any other ideas about how to increase sales, we are eager to learn. Please do leave us a comment in the section below.