How To Boost Sales Through Better Merchandising Strategies
By refining their merchandising strategies, growing retailers can boost their flagging sales figures throughout the year. But most managers and storeowners simply don’t have time to commit to merchandising research. That’s why they rely on their merchandising teams at home office or turn to 3rd party specialists. In this latest post, we present our guide to boosting sales through better merchandising strategies.
Improve Impulse Purchase Areas
The areas closest to the cash register are critical locations for building sales in the retail sector. It’s important to present customers with a full array of low cost items as they make their way to the cash register. Also consider options for configuring the cash register queue system to maximize exposure to a broader offer of impulse items. Companies can further incentivize purchases by highlighting short-term sales in this area, as a way to stimulate the buyer’s sense of urgency.
Put High Margin Products in the Spotlight
Critical purchase locations within the store should be stocked with the highest margin products to increase sales figures. Locations closest to the entrance of the store and toward the end of aisles provide clear visibility to all customers, whether they’re simply shopping for one item or conducting their weekly shopping for their family. Remember great merchandising is the art of giving products relevance in a shopper’s mind. Higher margin merchandise warrants more effort in this regard.
Remember to Focus on Seasonal Campaigns and other Novel Features
Stores should be designed to take advantage of seasonal rotations. To create an optimal shopping experience and to ensure customers have a reason to return, store managers should offer products that are relevant to the season and the time of year.
- It’s always important to feature products related to holidays or upcoming events
- Focus on merchandise that is trending or novel in some way
- Never underestimate the power of a visual story
- Offer new twists or complementary presentations as a way of making your store memorable by embracing the concept of “Shoppertainment”.
Cross Promote Bricks and Mortar to Online Offers and Vice-versa
Great retailers understand that shoppers are not one-dimensional; they don’t confine their shopping to one channel. Use your web presence to promote your in-store experience, giving compelling reasons to see what is available in the physical location, using service or unique offers as a motivator. By the same token, encourage your in-store shoppers to visit your website for exclusive online offers and make sure they are mobile friendly. Remember that in order to be successful, a retail brand has to be responsive to the terms set out by the customer.
Commit to Transaction Building
Transaction building is the process of increasing the amount per customer transaction. Companies can harness this strategy by offering larger units for purchase. They might also bundle products in a way that is desirable to the customer and offers them a small discount on the overall value of the products.
In the same way, stores can cross promote complementary merchandise through the use of color, texture or scale. This can be a great way to boost the sales for low-selling items.
Try New Ideas and Stick with Successful Strategies
Companies often find their sales numbers begin to slow when their merchandising becomes stale. The techniques that worked several years ago might hold little value in today’s marketplace, where buyers are becoming savvier. There’s very little you can sell that can’t be purchased elsewhere so it’s especially important that your offer makes a connection with your core customer in a differentiated fashion. Try to implement new ideas and maintain pinpoint data on merchandising performance to ensure successful strategies are retained.
Expert merchandising is the foundation to strong sales figures. To learn more on how to make the most of merchandising techniques and apply powerful deployment strategies, speak with our trusted team today.