Running a retail business in the economy isn't easy. While brick-and-mortar stores are experiencing a comeback post-COVID pandemic, it's still not the easiest sector to thrive in. This complexity can leave many retailers scratching their heads as to how to improve things and boost sales and profits.
Because when the usual strategies aren't working, you need to dig deeper and find new methods to embrace for your future success.
Rethink Layout and Merchandising
First impressions matter in any business, and if your store is messy or cluttered or doesn't have the best displays capturing people's attention as they walk through the door, chances are you'll miss out on important sales.
Take a walk through your store and put yourself in the customers' shoes. How easy is it to move around? What is stopping people from browsing? And are you able to navigate the products with ease? You need to have a smooth flow through the store that maximises high-impact areas, i.e., promotions at the door when people walk in, and you need to utilise end-of-aisle displays and locations that can nudge people towards making impulse purchases, such as till points.
Improve Customer Service
If your customers don't feel happy shopping in your store or are not appreciated, they won't be back; that's a given. However, good customer service is hard to pin down and implement consistently across retail stores. You need knowledgeable, approachable staff who are happy to be there and engage with customers. You need to implement regular training sessions and ensure all standards and expectations are adhered to in relation to customer service, so you're finding the sweet spot that works for your customers - use customer feedback here to help guide you to improve on what you're already doing.
Increase Payment Options
Nothing kills a sale faster than limiting how people can pay. These days, the majority of shoppers prefer flexible payment options, and more people than ever are opting to use digital transactions to complete the sale. This means you need to incorporate payment options that work for your customers. So remove that "cash only" sign and bring in credit card equipment that allows you to accept payment methods such as chip and pin, contactless and mobile wallet options for purchase.
Promotions and Loyalty Schemes
Special offers are proven ways to get people in the doors and the checkouts ringing. Multipurchase offers, loyalty rewards that bring down the cost of next purchases or giving out freebies when a certain threshold of sales is met, are all excellent sales drivers and great ways to encourage repeat custom and deliver extra value to your regular customers.
Work with your team and customers to see what would work for them. Would collecting stamps to get a free purchase or a certain item be more enticing, or would a discount code when they've spent a certain amount work better? It might take a bit of time to find the right offers for your customers, but it's definitely a great way to build a loyal customer base.
