When it comes to increasing retail sales, ‘one’ percent can be a very powerful change. Big increases in sales are exciting, but those increases are difficult to sustain over the long term, and they are not necessarily more effective than a small, steady improvement in sales. Increasing in-store sales by one percent compounded annually is much more achievable than a 25 or 30 percent leap all at once—and can still lead to significant gains in revenue and profit.
Four Ways To Increase In-Store Sales
Every retailer is unique, and the perfect recipe for increasing sales will be different for every store, and perhaps every location. The beauty of a one percent increase is that it only takes small steps to get there. Here are some actionable ideas that retailers can use to increase in-store sales this year:
1. Strategically Raise Prices at the Right Time.
Responding quickly to changing conditions is essential when it comes to effective pricing. A price change can quickly increase revenue and profit, as long as that increase does not negatively impact in-store sales. Retailers must time price increases correctly to minimize impact on customer satisfaction. Small, incremental increases in prices implemented at just the right time can have a significant effect on the bottom line—your data can tell you when that right time is.
2. Create Product Bundles.
Pairing complimentary products is not only an effective strategy for increasing in-store sales, but it can also improve the customer experience and strengthen customer loyalty. Women often like to pair their shoes with a matching handbag, for example, and many men like to pair neckties with matching socks. Offer a discount when complimentary products like these are purchased together in order to give the customer an incentive to buy more.