Retailer’s guide to increasing sales. - Amazon S3

[Pages:34]Retailer's guide to increasing sales.

10 proven tactics to increase sales in your retail store.

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Table of contents.

Introduction .......................................................................................................................................... 3 01 Know your sales numbers inside and out. ......................................................................... 4 02 Know your products and customers inside and out........................................................ 7 03 Optimize your store design for sales. ............................................................................... 10 04 Differentiate yourself. ............................................................................................................ 13 05 Implement value-added selling. ......................................................................................... 15 06 Incorporate games or competitions. ................................................................................. 19 07 Encourage impulse buys. ..................................................................................................... 21 08 Optimize your prices. ............................................................................................................ 23 09 Leverage the power of scarcity. ......................................................................................... 26 10 Use retail technology. ........................................................................................................... 29 About Vend......................................................................................................................................... 34

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Introduction.

Selling in retail has gotten a lot more challenging over the past few years. Between the fierce competition and the emergence of gadgets and services that are making it easier for consumers to find lower prices or product alternatives, many merchants are now finding it more difficult to win over shoppers and get them to choose their products over the many options in the market. Simply stated, modern retail is a whole new playing field. And with consumers being savvier and more well-informed than ever before, retailers need to arm themselves with the knowledge, skills, and tools to get customers' attention ? and their business. To help you accomplish this, Vend has put together a thorough guide for ramping up your sales efforts. Below you'll find 10 effective, non-sleazy techniques for connecting with, and converting today's savvy shoppers so you can close more sales and increase your bottom line.

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01

Know your sales numbers inside and out.

The first step to increasing your sales is to know your numbers. What's your conversion rate? Who are your best salespeople?

Simply being aware of these things can be quite powerful. Why? Because they'll show your sales strengths as well as the areas that need improvement, so you can take action accordingly.

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Collect the data you need to make better decisions.

For example, if you know who your top sales associates are, then you can come up with ways to reward or motivate them. Or, if an associate isn't doing so well, you'll be able to provide them with additional coaching to meet their performance needs. Were your sales numbers particularly high last month? Figure out the reason behind it and see if you can replicate the results.

Start collecting the data you need to evaluate your store's sales. We recommend generating reports for certain time periods (i.e. monthly, weekly, hourly) so you can figure when customers are buying from you. From there, you can drill down on what they're purchasing, and then stock up accordingly.

That's what Adrienne Wiley, Owner & Operator of chic fashion boutique Covet, did in her business. Adrienne looked at her store analytics using Vend, and derived insights on which products to carry in her locations, as well as how and when to sell them.

"I actually determined what I should be stocking more of in my new location based on sales by category and then fine tuned the hours by looking at the sales by hour," she said. Doing this helped her improve how she ran her stores, and she's advising other retailers to do the same.

"Start taking advantage of the data right away, because it can really help grow your business."

Adrienne Wiley, Owner and Operator, Covet

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Turn information into insight.

Another thing you can do is track sales according to each associate. Getting this information should be fairly easy, especially if you're using a modern POS system. In Vend, for example, you can create different logins for your staff so you can easily monitor their sales numbers and performance.

Once you have the info you need, analyze your numbers and glean actionable insights from them. Does your staff need additional training? Should you implement new offers and promotions? Use the information you've gathered to answer such questions, then take the necessary steps to improve.

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02

Know your products and customers inside and out.

Sales increase 25%-50% when customers are assisted by knowledgeable employees.

That's what respondents from some of the retail industry's most respected brands believe according to TimeTrade's Retail Executive Survey.

Clearly, having associates who know what they're talking about can have a direct impact on sales, so see to it that you and your staff have a complete understanding of your merchandise and customers.

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Be a product and industry expert.

To ensure that everyone in your team is a product expert, develop an employee training program that teaches your staff everything they need to know about your merchandise. Tell them all about product specs, features, and benefits, and make sure they're aware of what your best sellers are, which items go well together, and what products to recommend to certain types of customers.

Also teach your staff how to sell your products through stories. As you'll learn below, telling a story with your products, rather than listing features or benefits, is far more powerful and engaging. Equipping them with this knowledge will help them sell your merchandise more effectively.

Note that your training program doesn't have to be a rigid experience or chore. You can make it more interesting by holding it off-site or by creating an event out it. Why not invite your suppliers to give talks or hold lessons over food and drinks?

And in order to be truly effective, your employee training program must be a continuous effort. Don't just hold one session and send them on their way; help associates stay on top of things by having regular catch-ups, weekly team member product summaries, or even customer meetups.

It also helps to know what's going on in your industry. For example, if you're selling mobile devices, then you and your associates need to be aware of the latest tech and gadget news and have some idea of what's coming out in the near future.

Knowing these things will allow you to provide richer product descriptions and recommendations to customers. You'll also come off as being more credible. Shoppers tend to trust (and buy from) people who know what they're talking about, so being a product or field expert (or having them in your staff) can help you increase sales.

Share your industry knowledge and experience.

Just check out Whole Foods, which has in-house experts within the company (as well as in some of its locations) who provide product and, in some cases, nutritional information to customers.

These individuals not only help people make better purchase decisions, but they also cement Whole Foods' image of being a leader in the natural foods space.

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