Increasing Retail Sales
Steps You Can Take Today
The stakes for retailers today are higher than ever. Physical stores are closing every day as online shopping gains, and the industry struggles to find its rhythm with Omni-channel shopping.
So what is a key element of increasing retail sales in brick and mortar stores today? Honestly taking inventory of what your store does well and what it doesn’t. Also, take inventory of what you deliver online (if you are also an e-commerce retailer) and what might translate to improvements made in your physical location. Then play to your strengths.
Even if you look past the hyperbole fueled headlines screaming that retail is dying, you will see that some companies are indeed growing, and opening new physical locations, despite the news. Brands and companies that know the value of physical space; and how best to leverage every square foot of it, are still successful.
Brands that know touching and seeing a physical product is critical to the sale, are ensuring that their brick and mortar locations are successful. They are delivering in-store experiences that combine the best of what online retail has to offer but in a more personalized way. Want more proof? You don’t need to look much farther than to the fact that e-commerce retailers like Warby Parker and Amazon are now opening physical stores.
Because the stakes are even higher in this new are for retail, Windsor Marketing Group’s expertise has been in high demand. Since we specialize in increasing average transactions through effective in-store marketing we can assist with deployment of an effective omnichannel marketing strategy.
The Simple Version
Increasing retail sales is done through in-store marketing. Which is essentially having a deep understanding of:
- Consumer Behavior
- The Path of Purchase
- The Hierarchy Of Signage
- Purchasing Psychology
and using it to get customers already in your store to spend more. We use our understanding of the above to bring solutions to our clients on how to get shoppers to purchase a premium item over a basic item or get shoppers to add one more item to their basket. We also help ensure that your in-store experience is positive; consumers can find featured goods easily and are guided toward goods that you need to sell.
As the title says, this is the simple version of what we do, but developing our expertise has been anything but simple… We’ve invested millions in research and proprietary technology that allows us to bring effective and efficient solutions to our clients.
How Can YOU Increase Retail Sales?
Even without investing millions into research and technology to improve your in-store marketing there are still some small things you can do to increase retail sales.
- Place high performing or high margin items on the wall to the right when immediately entering your store. 90% of customers turn right when entering your store.
- Coordinate with your eCommerce team to get data on what items are grouped together online. Think of the “customers also purchased” suggestions. Use this to get ideas of effective item pairings.
- If you have not done so already, experiment with appealing to consumers senses. Sensory appeals are effective in altering the mood of the customer. You likely have a corporately approved music playlist. Propose the use of different scents in categorically different areas of your store if you don’t already have a trademarked sent.
- Empower employees to participate in breaking trends. An example of this is the classic funny chalkboard outside the city bar. If you can ensure employees can do this without jeopardizing the brand it will go far with the customer experience and even raise brand loyalty.
As a general rule; your store should be easy to shop! Take some time to make sure everything is laid out as intuitively as possible. Make sure your category signs are visible and in good condition.
Consistently work to improve your other signage to ensure it is inspiring customers to buy (a lot of what we do), encouraging purchases of premium items, etc.
Stay tuned for more tips on how to increase retail sales and most importantly remember that retail is not dying! The industry is just adapting to the Omni-channel age and the prepared will most certainly come out even stronger than before.
About the Author
Justin Lincoln – Digital Marketing Manager
Justin translates organizational objectives and business needs into marketing campaigns, social media strategies, and communication plans. When he’s not gathering insights from piles of analytical data, Justin is training soldiers on SATCOM equipment or reviewing commercials on Twitter. Connect with him on Linkedin!