Monday, February 27, 2012

Quick tips to increase your stores revenues

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.

  1. 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.

  1. 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.

  1. 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.

  1. 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.

  1. 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! 

  1. 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 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!

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