Retail is hard and sometimes very unreliable. Here are some quick tips to make sure you
maximize all of your opportunities and boost your store revenue.
- The cash wrap.
It’s the oldest trick in the book
and one followed by almost all stores selling all kinds of merchandise. How often do you change up your product
assortment at the cash wrap? Try some
low price but high value/need items such as fashion tape, or your best selling
shape wear line. Special and unique
jewelry also does well such as fun cocktail rings displayed in a way that
encourages the customer to try them on and get attached while they are waiting
to pay. Cards such as birthday, thank
you and any other occasion that your customers might be purchasing a gift for
is a no-brainer. Just make sure you
offer free gift wrapping as well.
- Customer notes.
Everybody loves to be
recognized. Train your staff to do this
as well as keep notes on their size, their likes and dislikes, special upcoming
events, and their favorite brands. When
to new arrivals come in, search your customer database for customers who might
like that item. An excel spreadsheet is
a fast and easy way to organize these preferences if your POS doesn’t have this
capability.
- Team training and rewards.
From time to time, customers may be
reacting to how your staff is treating or neglecting certain product. If you have merchandise that is not selling
and you can’t understand why, tell your staff more info about it. Run a contest with the sales team and reward
the highest selling staff member with a special treat. You’ll be amazed what a little motivation
does to that slow moving item on the floor.
- Mark down slow moving items.
We all make mistakes from time to
time and every once in a while, your customers may not love an item as much as
you did. After you exhaust the avenues
of extra training, incentives, and possibly even a swap with the manufacturer
depending on time, terms, and relationships, markdowns are needed and important. Sometimes inventory turn is more profitable
and important then just looking at straight margin for the long term health of
the store. Additionally, markdowns are
the fastest way to freshen up the store and make everything look new again once
the items are gone.
- Mind your best sellers, always!
It is so important to understand
what customers are reacting to and making sure you have enough of it to fill
their demand. Keep an eye on all your
best selling items and make sure to stock them accordingly. Best sellers are your clearest way to high
profits and a good business as they become almost certain cash. Why wouldn’t you keep them in stock – it’s a
no brainer!
- Automate your reorders.
Being able to react quickly to
customer needs and wants is really important.
With new mobile technology and extensive internet availability, it is
more important now then ever to be able to transact with a customer at the
exact moment he or she wishes to purchase.
If you allow them to walk out of the store without an item they want,
competition is so fierce that most likely, you’ll loose them forever. Check out www.thestockflock.com and sign up to
find out when our automatic reorder system will be available. It will change the way you manage your
inventory and increase sales in the process. Plus it’s FREE!
To higher revenues!
Kate
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