Increase sales as a retail business
Increasing sales in retail has not become easier, for many even impossible. There are many reasons why retail sales decline. The shutdowns of the Corona crisis, price-aggressive competitors, online shopping and better-informed, critical customers who compare prices hard as nails make it difficult for retail companies to achieve an increase in sales … not to mention high margins and a positive return on sales.
But even if increasing sales is difficult, it doesn’t mean that increasing sales is impossible. If one looks more exactly, there are several fields in those retailers turnover-increasing measures to seize can. These often come at little cost.
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Attracting customers
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Retail pricing strategies
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Retail sales strategies
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Promotional measures retail trade
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Increase customer frequency retail trade
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Marketing in retail trade or also Sales actions
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Retail business ideas
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Sales training retail trade
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Customer loyalty retail trade
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Presentation of goods in retail trade
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Retail sales
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Additional sales in retail trade
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Sales promotion measures
… to name just a few areas.
How to increase sales? - 6 effective sales-boosting measures for retailers
In the following article, I’ll reveal 6 effective sales-boosting measures that retailers can use to generate an increase in sales and - more importantly - also significantly increase their earnings and margins.
By the way, you can find more suggestions, ideas and tips on the topic of increasing sales in retail by following us on Facebook or Instgram. Although the title of the article is “Increasing sales in retail”, I would like to state quite clearly, especially in retail (with its many price promotions): Selling successfully in retail means generating sales AND profits!
Increase sales in retail - Tip #1: Additional sales / Cross Selling
Additional sales in retail are old hat, you would think. At the same time, as a consumer I am constantly experiencing first-hand how much potential there is in the topic of cross-selling / additional sales in retail. Double-digit sales increases are possible simply by consistently pursuing these sales strategies in retail.
Additional sales in retail often fail because the sales staff simply do not think about it. Those who fail to practice add-on sales in retail lose out on valuable incremental sales. Add-on sales are the dessert of the sales conversation. Therefore, make it difficult for your sales staff or even yourself to forget about it. Measures to increase retail sales Measure not only customer frequency, sales per employee or average retail sales, but also additional retail sales on a daily basis (see also key figures retail). Train your employees consistently on the subject of “additional retail sales Talk to your employees permanently about cross selling and upselling - and they will achieve an increase in sales Present and group products in such a way that employees and customers automatically think of additional sales in retail and thus generate more turnover
Define “products of the day, week or month” in terms of additional retail sales - this will automatically be more in focus - the basis for additional sales
Make packages suitable for occasions. The advantage is not only that this makes it easier for you to achieve additional sales at retail, but at the same time makes it harder to compare prices and thus achieve higher margins. Take a cue from this fruit seller and do it like Amazon.
Increase sales in retail - Tip #2: Assortment composition
In the right composition of your assortment lies not only a lot of potential for increasing sales, but above all for higher margins and more profit. You should pay particular attention to two retail metrics: the rotation of a product and the absolute level of margin (Ultimately, there are few basic strategies to increase sales in retail.
Margin x Rotation = Success
The higher both - rotation and margin - the better for increasing sales.
What retail sales promotions and can you derive from this?
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Capture and measure these two retail metrics as well, so you know exactly which screw to turn for the best sales increase
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Create assortments / products with (extremely) high margins - even private labels are feasible for small retailers nowadays
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Align your product presentation with these two retail metrics and focus on products with high retail margins or fast turnaround Combine this sales strategy with tip #1
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Do specific retail sales training for your salespeople on this topic and also measure each employee’s sales against these two metrics
Advertising and marketing retail is often still done much too classically. Advertisements are placed in local newspapers, posters are put up and flyers are distributed … although those entrepreneurs who do retail marketing / retail advertising in this way are already among the professional ones.
But the possibilities for retail advertising have changed and expanded dramatically in recent years. Even smaller retail companies with the goal of increasing sales in retail are now available tools in the field of advertising retail / marketing retail, which a few years ago only large companies could afford. What specifically can you do as a retailer?
Put massively on Facebook! Currently, there is little you can do as a retailer, especially in the local area, to target your potential customers like Facebook Ads. Prices for Facebook ads are on the rise. Therefore, do not wait too long. It won’t get any cheaper!
Consider using Instagram as a local business to post really high-quality photos that show off your products in the best light possible. You could also try using hashtags to reach a wider audience, and doing sponsored posts to target potential customers in your area. Another idea would be to run giveaways or contests on your page, which would help to get people interested and engaged with your brand. And finally, I think it’s important to just be active on the platform and interact with your followers as much as possible.
Google Adwords can also be used very effectively - depending on the industry and product - and still make financial sense, although this channel for retail advertising has also become much more expensive in recent years.
Build a community - e.g. in the form of a fan page on Facebook or in the form of a local group (e.g. using Meetups.com). This way you can stay in close contact with your target audience and it’s very inexpensive or even free. Hire a specialist and outsource your online advertising. To do it is easy, to do it really well and generate the multiple effect needs a lot of special knowledge. I myself work with the experts from it helps.
Increase sales in retail - Tip #4: Sales promotions retail ideas
Leave the fingers of banal sales actions retail like “We pay you the VAT” or “10% on everything”. This can be done more creatively and, most importantly, more profitably. The problem with many reduced price promotions is that, in the better case, they increase sales at retail, but profits fall by the wayside. You don’t need a marketing department for a “10% off everything” promotion. An apprentice is all you need for that.
Increase sales in retail - Tip #5: Close the sale
The last tip is one about sales strategies in retail. In principle, this tip is quite simple: If the salesperson closes the sale while the customer is in the store, then the customer cannot buy elsewhere. However, I very rarely experience a retail salesperson pushing me too hard towards closing the sale (which is a common fear of many salespeople). Quite the opposite. I often walk back out of the store without having bought and am dissatisfied because I actually wanted to buy and not keep looking.
Often customers want to buy, but salespeople won’t let them! Many salespeople then console themselves with the hope that the customer will come back. However, practice shows that the likelihood of the customer buying drops significantly as soon as he leaves the retail store. After all, he could meet a salesperson in the next store who is a master of his trade and brings about the conclusion of the sale. Or he might buy online because it’s cheaper there. But as we all know, hope dies last.
Increase sales in retail - Tip #6: Create an online store
E-commerce is a tool that many use, maybe even your competition. Platforms like SoTrusty make an online store fast, easy and affordable. You can try it out here and enter the world of digital entrepreneurship in just a few minutes.
When we take advantage of the opportunities technology gives us to grow, we ensure our business success. With partners like SoTrusty, you can do that for free, with no coding knowledge, and at your own pace.