The days when the head of a department could say “I want to improve retail store sales” have gone away. With the introduction of E-commerce and the internet, the challenge of improving retail store sales in this tough economy has become more complex.
Many large retailers have outgrown the small or medium-sized stores they used to do their shopping in. And now they must contend with smaller outlets that can offer the same or better prices than those stores they used to serve. While it is hard to imagine a world without retail, that doesn’t mean that it can’t be done.
There are several ways to combat the problem of having too many dead malls. One of them is to get bigger, more in-stock stores to compete with the dead malls. But then the problem comes up of having too many dead stores. What are the solutions?
Perhaps the best solution for improving retail store sales is not to open up new locations at all but to close existing ones. If the owner is able to continue the business for at least a few years the benefits of adding another location will pay off.
Adding a second outlet lowers inventory costs, makes the stores appear more attractive to consumers, and attracts new customers who were not there before. You don’t want to sell products to people who aren’t buying them in your own store. It’s hard enough selling to the average buyer.
And then there is the question of whether the product will be purchased from one of your outlets or from another retailer. That may make you consider adding an outlet. But you need to know whether the additional competition from a competitor will actually cause your store sales to go up.
Sometimes it pays to buy an outlet from someone who already owns the store. This works better when the owner has little experience owning retail stores. This also gives you an opportunity to pick up a proven system that works.
Once you’ve got a few new customers this way, you can test the business opportunity and see if it is indeed worth opening another outlet. The third way to improving retail store sales is to add new and different products to the mix.
For example, instead of offering just-bottled water, try to offer a variety of other bottled water options such as purified water, sports drink, or a specialty product like bottled fruit juice. Try including some natural or organic items. Some natural items such as coconut oil, olive oil, or other healthy fats are especially attractive to a new customer base.
And of course, the biggest secret of improving retail store sales is not really a secret at all. It’s called the “leverage factor.” If you have a big store then you are going to be able to offer more products than someone with a small store. So, take advantage of the size difference between the two stores and offer more products.
For example, a hardware store has a very limited amount of room and so they need to sell the most things they can on any given day. So there you have it. Those three simple and easy tips should help you in the quest for improving retail store sales. Broaden your knowledge on how grocery store resets differ from other retail stores if you aren’t sure which type to build your business around on.
You should definitely keep them in your mind next time you find yourself trying to figure out how you can increase your profits. Have a customer survey. Ask customers for their opinion. Do you know anyone who likes to shop at an unknown retail store?
Most people do. So by asking for their opinions, you’ll learn what types of products they are interested in. Do something special and unique. Make an effort each day to offer a unique product or service. For example, when I’m running out to the store I always make sure that I leave some of my more expensive products on display.
I never tell anyone that I am selling these items. Instead, I carefully hide them until the customer walks by and I can then casually point to one of my more expensive products and say “This is an example of our most expensive product. Can I help you with something in your store?”
These are just three simple suggestions. Of course, there are lots of ways in which you can use these techniques to improve retail store sales. You may be surprised at just how many different ways there actually are.
Just be creative, keep track of your successes and failures, and consider all your options before dismissing a potential tactic. Think of it as a way of exploring possibilities and seeing which ones would be best for you.