Boosting sales in the retail sector can seem like an impossible dream. Retail, as an industry, has suffered during the economic downturn. This has happened on a global scale. Now, there are more people spending as they have disposable cash once again. There has never been a better time to monopolize on this. You need to ensure that you are boosting sales within your retail outlet. After all, you don’t have to suffer at the behest of the credit crunch any longer.
Sales can be increased in a number of ways. As the CEO of your business, you can use a broad range of different methods for boosting sales in a positive way. You don’t have to keep afloat any longer. Now, it is time to see a positive ROI and ensure that you are running a profitable venture. Not just one that keeps its head above water.
For many retailers, December is a great time to start flexing your muscle and start seeing a lofty return. But, it’s all about keeping on top of your game, post-December. There are some killer ways that you can boost sales within any retail outlet.
Here is how.
Invest in Technology
When it comes to technology and retail, there seems to be something of a gap. Many retailers don’t believe that they need to have technology within their venture. This is a fantastic way of making sure that you are reducing sales. Yes, really. Technology is not just necessary for offices and corporations. Technology is shaping all industries and sectors. What is more, it can help boost sales in a very real way. EPOS software can assist retailers with inventory management, customer service and speed of transactions.
Providing robust customer is vital. This, of course, results in sales. It’s almost too easy and obvious. But, if you want to own a store with a loyal army of adoring fans, providing customer service is vital. This is where technology comes into play. You can assess delivery times more precisely. You can strategically monitor and track customer lead times. You can ensure that your customers buy their goods from you, not your competition.
Technology, in the form of EPOS cloud computing systems, allows you to manage your store in a more detailed way. With this, come increased sales and higher profits. Due to the nature of cloud computing and technology your store becomes a well-oiled machine that puts the customer first. Technology is not just a luxury; it’s a mainstay for the serious entrepreneur. After all, if you implement technology in your venture, you will be able to access a varied range of different payment streams. This benefits you and the customer. And, of course, this feeds into your sales funnel.
Photo Credit: Dave Dugdale
Mind Your Stock Levels
Achieving the perfect balance when it comes to stock levels can be risky. You need to ensure that your business has just enough stock. Yes, that does seem like a copout. But, think about this logically.
If you have too much stock, you are losing out on cash. You need to sell this quickly to recoup costs. Too little stock means that your customers will seek products from elsewhere i.e. your competition. So, achieving the perfect, yet delicate, balance of inventory levels is vital.
This can be done via inventory management systems and technology. One of the easiest ways to boost your sales is to ensure that you are fully stocked. No shortfalls, no excess. A full complement of stock can easily see you on the fast track to riches. Or, at least, higher sales.
Re-Think Your Store Layout
Thinking about your store design is vital. While it may seem commonsensical to some, rearranging your stores layout is one of the best ways to help boost sales. Whether you run a fashion outlet or a haberdashery store, you need to think about the plan and layout of your shop.
So, what do you have at the front of your store to entice customers in? Do you have POS in place to ensure that they are aware of offers? Do you have loud and proud sales signs? Having a sale or discounted goods is a great way of getting people through the door. But, if you put discounted stock at the front of your store, this can result in you only selling promotional items. Make sure that your discounted lines are at the rear of your store, with huge signage pointing to it. Why? Because customers will have to walk through full-priced items to get to the sale goods. This could result in higher sales of your fully-priced lines. It’s that simple.
Simply rethinking the overall layout of your store is critical. This can see a positive and honest boost in sales.
Have You Considered the Power of Social Media Marketing?
Social media marketing is a powerful tool in the retailer’s arsenal. You don’t have to become a social media or marketing guru. But, simple yet effective Facebook and Twitter pages can ensure sales. It’s that simple. Highlight offers on your page. Make sure that you are advertising sales and discounts. Give coupon codes and printable vouchers.
But, aside from this, make sure that you engage with your customers. This is one of the best ways to increase sales. Conversing with your clientele is one of the best ways to ensure that people come flocking through your doors. You need to engage with them on a personal level. You don’t have to hit people with the hard sell. Ask them how they are. Get them to review your services. Ask them about their likes and dislikes. Use this is a customer focus for your store. Once you have ascertained this information, you can provide a tailored service to your clients within the shop.
Photo Credit: Sean MacEntee
Understand Your Customer
When it comes to making your business a resounding success, it’s time to get to know your customer. What do they want? Your products and services should be a reflection of your customer’s needs. It’s time to put them first. So, check out your social media page and start to dig around for what they want.