At the end of the day, retailers are trying to do their best to stay in the black and keep their doors open. Driving more sales is always a concern, so staying on top of how to promote a store, a brand, or even a sale is vital to retailers’ bottom line.
Creating time-sensitive in-store promotions and having a solid understanding of target demographics and psychographics can lead to incentivizing the right actions. Customers will be more apt to respond and business will have good chance of growing in the process. If a retailer is circling a sales event there are a number of ways to impact sales goals.
According to Shopify, 71% of shoppers believe they’ll find better deals online, but 94% of retail sales are still credited to brick-and-mortar stores. Customers can always benefit from running across the right promotions in-store. There are a few ways retail businesses can enhance their sales total and drive more traffic including:
- Markdowns: These are price reductions that cover a wide range of products for all customers. These are really effective when backed by a wide-reaching advertising campaign.
- Loss Leaders: Certain products can be promoted at a steep discount, like electronics or day-to-day products, so new customers can be drawn in to a store. Known as loss leaders, these products are perfect for selling overstocked items, in turn increasing traffic and creating brand awareness.
- Bundle Pricing: Bundling items together for a great sales price is always a crowd favorite for shoppers who are looking for more bang for their buck. From buy one, get one free to three-for-one pricing, consumers are always primed to pay a little more so they can get what they want.
When customers are waiting to check out they are still available to reach out to for more sales. Like convenience stores and grocery stores, point-of-purchase displays promote impulse buys that tick daily sales numbers up little by little. Depending on your retail store there are many different items to include on an end cap such as gum, candy, soft drinks, socks, bags, notepads, etc.
Almost 66% of all decision to buy something are made while customers are shopping inside a store, and 53% are made from impulse buying. Stores need to take advantage of upselling smaller, more grab-friendly items and set up dump bins or themed end caps.
Great customer loyalty programs will entice not only new customers, but keep previous customers coming back for more. Feeling valued inside a store and by a brand pays off in dividends for stores looking for reliable consumers.
One way that stores can do this, whether it’s a craft coffee house or kids’ clothing store, is email marketing. It’s an effective way to drive customer retention and promote loyalty. Customers can sign up in store and be kept abreast of promotions, deals, and coupons. This will incentivize them to visit a store again while also cementing the value of creating a mailing list.
About McClain Matthews Insurance
At McClain Matthews, we specialize in providing comprehensive insurance solutions for Indianapolis residents, business owners and beyond. For the last 69 years, we have established relationships within our community and pride ourselves on tailoring coverages as needed by our clients. For more information on how we can serve you, contact a friendly Marion County insurance agent today at (317) 298-7500.