One of the first steps towards increasing retail efficiency is identifying the KPI for your business. For many retailers, the success of performance is measured by tracking sales per square foot. Understanding how to apply retail math formulas can help you monitor when the operations are running most efficiently and when they have gone off track. Using the space available effectively can help gene[...]
Whether your merchandising looks attractive or not is typically the primary factor driving sales in the retail sector. Some of the challenges you'll face are inherent with the products, while other issues can be sourced to a faulty approach. Following the five fundamentals detailed below will help enhance visibility at your store and help your merchandising appear more attractive to visitors.
The National Retail Federation found that over 75 percent of consumers are likely to research a product online and compare similar offerings before their purchase. As the number of consumers operating primarily online increases, successful retailers need to capitalize on digital applications as much as possible.
Driving a sales team towards success starts with paying close attention to the factors that matter the most. Providing adequate compensation, support, competition and leadership is essential for motivating a retail sales staff throughout all of the sales cycles. Many of the strategies fundamental in motivating these sales employees also result in improved revenues for the business.
Industry experts will tell you that in 2016, the challenge ahead of retailers is figuring out how to distinguish the in-store customer environment from the online experience and other competitors. Providing a physical experience that is just as well streamlined, seamless, easy to use and as fast as checking out online is vital to success today. Retailers should also focus on making going to the [...]
Building trust is essential to develop a successful brand. If people don’t have confidence in your business, it will be much harder to convince them to buy from you in the first place – let alone share your brand with their friends.
Last month’s sales were low, and you simply assumed it as a fluke. However, it’s a month later and things haven’t changed. In fact, they’re getting worse. What you thought was a minor setback is starting to look like a trend – and a bad one.
One of the most valuable KPIs for any retail business is the sales index. Yes, getting customers in the door and leaving with your product is important. However, one of the easiest, and often overlooked, ways to increase your sales is to sell more to your current customers – through increasing the number of items acquired with each purchase.
Every business knows that social media is a valuable way to grow your online engagement – but few retail businesses recognize the value of using social media to increase in-store customer engagement.
When competition for customers is fierce, it is more important than ever to attract repeat customers. According to Sarah Robinson, author of Fiercely Loyal, it is “7 times less expensive to keep a customer than to acquire one. So naturally, brands turn to rewards programs that deliver value to their customers, and provide actionable data for future marketing efforts and product optimization. Howev[...]