Driving more foot traffic and steadily bringing shoppers to your retail store is among the many goals of retailers. However, to make sales, your customers should make purchases.
If you are reading this post, chances are you are looking for ways to boost retail sales. You probably have encountered a sales slump, or perhaps your sales are going well, and you want to keep it going.
You are not alone in an uphill battle of attracting and retaining ready-to-buy customers. It would help to establish an effective strategy to convince customers to spend. Simply opening your doors to your customers and waiting for them to make a purchase is not enough. A strong marketing strategy based on current customer desires can help leverage your retail store sales.
Here are several techniques on how to increase retail sales:
- Determine Your Store’s Peak Hours
To make more sales during peak business hours, you need to determine when your peak hours are.
Half of many retail stores’ total sales stem from around the 20 busiest hours of the week (the 50/20 rule). Many retail store owners observed that sales increase during peak hours as customers focus more on shopping. However, it remains a challenge for retailers to determine the shopping pattern of their customers.
To find out the peak hours of your business, you need to evaluate the volume of people visiting your store and the hours they are most likely to purchase. The retail point of sale (POS) system and employee reports can help you obtain the needed data. Pulling the Sales by Hour of Day report can provide a clear outlook of the total hourly sales percentage.
- Understand Customer Movement
Understanding the way customers move through your store. For instance, startup retail stores in Canada need to monitor which path most customers take and adjust as needed. It helps you lay out and distribute your products effectively to ensure that customers can easily see what they are looking for.
Ask practical customer feedback about the layout of your store and the way your products are displayed. Obtaining customer feedback can help you create an inviting and relaxing space where customers can feel at ease.
- Create an Engaging Environment
Customers should feel comfortable in your store. Using music, beautiful decor, or a lighting system in your brick-and-mortar store can help encourage impulsive spending. Additionally, adding a signature scent throughout your space can boost your retail sales by 32%. Creating an engaging environment helps establish a subconscious connection with your customers while making your business memorable.
- Encourage Recommendations
Offering your existing customers with referral incentives is another way to bring more customers through your door. Encourage them to recommend your business to their family and friends. A referral program is not only beneficial for your business, but also for both customers and the person they refer.
In addition to your referral programs, create a loyalty program that provides incentives to shoppers who frequently make purchases and for referring your friends and family to your business. You can do it through social media, with a “share with a friend” loyalty card, or a special code that they can use at your brick-and-mortar shop or online stop.
- Speed Up the Buying Process
Before the pandemic, peak sales hours were chaotic. Sales associates waited in line for customer checkout and customers lined up halfway through the store. When the customers saw that the store was too busy, they walked back out, even if they needed to purchase something.
Now that shopping is slowly returning to normal, the traffic is steadily increasing again. Luckily, online shopping offers shoppers a more accessible and convenient way to buy without waiting times beyond shipping.
To compete with online stores, physical retail stores must also speed up the buying process. Setting up a mobile POS system provides solutions to in-store delays. Providing each sales staff with a tablet enables them to speed up the transactions. They can streamline the process anywhere in the store without being at the cash register. Also, it allows your staff to serve and check out customers through the store while keeping a safe distance and cutting down the lengthy lines. Using a mobile POS system improves the shopping experience.
- Ensure that Your Products are On-Point
The best POS system for retail with inventory management can lead to more sales. This winning assortment solution can help you stay on top of your inventory to ensure you do not run out of products.
- Know Your Numbers – Keeping track of the right metrics, such as the gross margin return on investment (GMROI), inventory turnover, sell-through, product performance, and lost sales, can help monitor your inventory data. A clear idea of in-demand and slow-selling products can make the right call when ordering and re-stocking products, running promotions, and more.
- Forecast Demand – Analyzing your historical data and current trends and factoring in your intuition can determine your forecast demand. Check your products and sales reports and identify the best-selling items and how quickly they sell. It enables you to determine which items to order, the quantities needed, and the dates you need them.
- Avoid Stock Outs – Products that are out of stock result in missed sales and reduce customer satisfaction and brand perception. When your customers cannot find the product they need in your store, they immediately go straight to your competitors.
Here are several solutions that can help you avoid and resolve stockouts in your store:
- Using an inventory management system with features, including accurate reporting, stock level alerts, and efficient product ordering.
- If necessary, adjust or improve your stock ordering process to ensure that your goods arrive on time.
- Establish strong supplier relationships and community with them frequently.
- Make sure you have sufficient working capital to prevent a shortage of funds when you need to order goods.
If you are looking for a reliable and efficient retail POS system in Canada that provide all the crucial sales, inventory, and customer data, call POSRG Canada at 905-332-8809. Let us help you determine the right POS system to encourage new and existing customers to come to your store and maintain your bottom line.