How to Increase Retail Sales
Looking for ways to boost your retail sales and attract new customers? The answer is pretty straightforward. You must embrace all aspects of the customer journey and work towards providing a stellar customer experience. Unfortunately, implementing this is not as straightforward.
But don't worry, we've got you covered. In this article, we'll discuss some of the best ways to grow your retail sales. Keep reading!
1. Have A Customer-Centric Approach
“Engaging people is about meeting their needs – not yours.”
- Tony Robbins, motivational speaker
The key to a successful retail business is having a long-standing relationship with your customers. Customers love a good shopping experience, especially one that caters to their specific preferences and needs. In fact, 80% of consumers are more likely to purchase when brands offer experiences personalized to them.
Apple has incredibly profitable retail stores because it engages its customers like no other brand. It focuses on what people do with their products and not what their product does. The company's retail chief, Ron Johnson, stresses:
"People, not profits, are the secret of Apple's success in retail."
But an excellent customer experience doesn't need to be as grand as employees handling iPads with detailed retail softwares installed. Instead, a well-envisioned customer-centered approach can include things like a customized thank you note with every purchase.
Recognizing your return customers and individually following up with them after their visits can also go a long way in making them feel valued and appreciated. Customer retention is just as, if not more, important as gaining new customers because existing customers spend 67% more than new ones.
You can analyze customer behavior trends to empathize and understand what brings in new shoppers and what converts shoppers into lifelong buyers.
2. Capitalize On E-Commerce
With the meteoric rise in the last decade, e-commerce is swiftly and steadily becoming as popular as physical retail stores. There were more than 2 billion online shoppers in the world in 2021, almost 28% of the world's population, and this number is only increasing. Online shopping is becoming the norm, especially amongst younger generations who are the first to adopt new trends.
There are many advantages of making your products available online, ranging from reaching a whole new audience to meeting your customers exactly where they are. E-commerce provides businesses and buyers with the perfect mix of convenience and accessibility.
Businesses have a much broader potential customer base, and customers don't have to travel to your store every time they want to avail your services. E-commerce improves your brand's visibility, and you might even find it easier to sell and distribute your products online.
To make things easier, many platforms like Amazon and eBay take care of the logistics for you, so all you need to do is create an account to start selling online. However, the growing popularity of e-commerce also means higher competition for businesses that offer e-commerce services. There are over 9 million e-tailers globally, of which 2.5 million are in the US alone. This makes it all the more important to stand out in a sea of competition.
3. Do Not Underestimate The Power Of Reviews
Reviews are an essential part of building social proof for your brand. While you may offer exceptional quality and services, the best way to relay this information to potential customers is through your existing customers.
Most shoppers consider reviews and recommendations a massive factor in deciding whether to purchase something from a particular company. In fact, 90% of consumers think reviews are more important than any information provided by a salesperson, so having positive reviews is a great way to boost your retail sales and revenue.
Asking your customers to share their feedback and reviews also contributes to providing an excellent customer experience, as it shows them you value their opinion. Not to mention, online reviews can boost SEO.
So, to top it all off, reviews are also a great form of free marketing!
4. Leverage Your Loyalty Programs
Loyalty programs are a proven incentive for customers to frequently come back to shop with you. A well-mapped-out loyalty program can do wonders for your sales as loyal customers are more likely to repurchase, refer your business, and try out new offerings. 'Earning rewards' is also a significant motivation for most customers to spend more than they otherwise would, especially if they already trust your business.
Loyalty programs work because they make your customers feel recognized and valued, which leads to retention. Loyalty programs are based on rewarding your customers for positive behavior, i.e., their loyalty and frequent engagement with your brand. The more creative your loyalty program is, the better.
A classic example is Nike's mobile loyalty program, which offers members benefits like access to exclusive products, event invites, birthday rewards, and more. It has millions of members and has been incredibly successful in boosting Nike's sales. According to the brand, their members spend around three times more than guest customers on the website.
If this sounds interesting, you should consider setting up a loyalty program. We can help you get started in as little as 10 business days. So what are you waiting for? Sign up now and start boosting your business.
5. Build A Prominent Social Media Presence
Social media has changed the way businesses operate. Engagement is one of the most powerful marketing strategies to boost sales. Social media makes it easier than ever to interact with your audience, even in real-time.
From building a brand personality and connecting with your customers to purchasing social media ad space and directly selling your products on your profile, there are many tools to help you build customer relationships and drive sales.
Social media also helps you get more attention through promotional and visually appealing content, which can rapidly boost your leads while allowing you to showcase your brand in a fun and positive way. In addition to you sharing your business story through your social media profile, it also provides a space for customers to share their experiences and reviews about your brand.
6. Some Other Tips
“Always deliver more than expected.”
- Larry Page, co-founder of Google
Consumer consciousness has never been higher, and shoppers are constantly looking for more environment-friendly options when picking a business. Imbibing sustainability in your operations will help you establish a responsible brand image while providing an exceptional customer experience.
Additionally, having a customer-centric approach means meeting your customers where they are at every stage of the customer journey. This includes providing quick and friendly customer service and continually improving the quality of every interaction customers have with your business. A pleasant store environment and helpful staff add the feel-good factor most customers are looking for!
Increase Your Sales The Right Way
Remember, the key to increasing retail sales is successfully differentiating yourself from competitors and standing out to your existing and potential customers. So take time to identify your strengths, recognize your customers' needs, and determine what strategies work best for you. Making the most of the tips mentioned above will increase customer engagement, strengthen your online presence, and help you stay ahead of the competition.