Hey, retailers: did you know you had a great month in May? Well, according to the stats you did. In the US, monthly retail sales went up by .8%. Doesn’t seem like much, but it was the best result since last November. And it wasn’t just America. Retailers in the UK saw a 1.3% increase and in Australia in April, there was also a slight uptick.
Great news, right? Well, maybe. You’re not a statistic. Besides, much of what impacts retail sales is out of your hands. The best any retailer can do to improve their chances to boost sales is to stick with the basics.
Be in the Know
Retailers must know three things: their industry, their competition, and above all, their customers. When you know what your customers need, and what the market already offers, then you’ll know how to boost sales based on a unique value proposition.
Blow Your Horn
Retail is no place for wall flowers. So you have to invest time and money in marketing and advertising in a way that suits your brand and your customers. Good website content and the right social media platform are must-haves. But so will be paid channels like digital advertising.
Bring the Love
Retail can’t thrive on transactions anymore. Today, it’s all about how a brand makes the customer feel. Do they love your product? Do they love going to your store and visiting your website? Does your customer service and fulfillment make them feel love?
It’s easier (and less expensive) to boost sales with loyal customers than new prospects. Loyalty programs can help foster that ongoing relationship, but retailers have to make it worth their while. Consumers, after all, only take advantage of some of the loyalty programs they belong to.
Be Stock Savvy
Nothing erodes customer experience quite like disappointment. When a customer sees something they want on display or on a website, they expect to be able to buy it. A retailer risks losing a sale, and even a loyal customer, if there’s an unexpected stockout. Simply having the right stock information at the retail POS or online goes a long way to avoiding that problem.
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