Retail businesses spend a sizable chunk of their marketing budget on in-store promotion activities. FMCG companies, in particular, have greatly benefitted from visual merchandising and store-level promotions. But, it is impossible to magically attain higher footfall, sales, and brand loyalty from mediocre planning and implementation. Brands must master the art and science of retail merchandising to create an exceptional customer experience. Here are some in-store promotion tricks to increase retail sales.
Entrusting In-Store Promoters to Induce Higher Sales
In-store promoters are directly responsible for shaping the consumer experience. Despite myriad online shopping options, the customer steps into a retail store for a holistic shopping experience. Passionate and knowledgeable brand representatives are vital in convincing them to make the right purchase. Aside from demonstrating the product and highlighting its features/benefits, in-store promoters ensure attractive rack display and optimal inventory control. While focussing on positive rapport-building with customers, brand promoters specialise in upselling, cross-selling, and impulse selling to boost retail sales.
Offering Periodic Discounts based on the Current Inventory and Business Goals
Nothing lures shoppers more than exciting discounts. Whether distributing 20% off coupons, buy one get one free offer, or festive deals, each endeavour required meticulous planning. For instance, if the current stock of a slow-moving product is high, BOGO will encourage first-time shoppers, thus boosting footfalls. Likewise, discount coupons for the next visit will enhance repeat sales and loyalty program enrollment. Of course, hardcore in-store promotions include yearly clearance sales and festive offers.
Converting Consumer Data and Insights into Meaningful Action
Legacy-driven retail operations have lost their relevance. Today, big data and in-store retail analytics are powering companies to foster profitability, growth, and brand recognition. Even before the inception of in-store retail analytics, most retail businesses have focussed on consumer data collection. Today’s key differentiator is AI and data analytics, enabling the utilisation of these databases efficiently.
Implementing a Rewarding yet Fuss-Free Loyalty Program
Most retail businesses have loyalty programs to reward repeat buyers and enhance brand loyalty. But do these loyalty initiatives translate into higher sales? Unfortunately, most companies have been unable to achieve this crucial feat. The primary reason for this failure is not efficiently utilising in-store retail analytics, intent data, and structured customer feedback. Hiring a retail analytics expert can help businesses formulate a seamless, customer-centric loyalty program. The end motive should be to ensure business profitability whilst encouraging maximum customers to sign up and become repeat shoppers.
Working on Compelling In-Store Visuals and Creating a Holistic Shopping Experience
Visual merchandising is the primary differentiator that determines how well retail businesses fare against their competitors. From the showcase window to in-store signage, merchandise presentation, and festive displays, creating strong visual appeal is non-negotiable. Even regular store layout planning is crucial, such as walking space between racks, the trolley area, and checkout counter visuals. Retail store merchandisers are responsible for creating visually enticing, clutter-free planograms that efficiently utilise every inch of the shop floor. The advent of cutting-edge retail software and visual merchandising automation help create automated planograms to maximise the store’s sales potential. Creating a robust sensory experience coupled with efficient in-store services is the key to enticing shoppers to higher sales.
RWA Events and Tie-Ups with Popular Local Establishments.
Very often, newly opened brick-and-mortar stores can significantly benefit from collaborating with popular businesses in the vicinity. Handing out attractive flyers or discount coupons at a nearby restaurant, for instance, can be a method to increase store foot traffic. Similarly, organising RWA events at residential complexes and housing societies nearby will make potential shoppers aware of the store. Of course, these are traditionally not in-store promotions. However, in the wake of the pandemic, many retail brands have initiated these activities. The focus is to improve sales and beat the massive competition from e-commerce by appealing to shoppers in the vicinity.
The changing times add fresh challenges to the retail landscape. It permanently alters consumer expectations and requirements. As a result, many conventional sales strategies fail to invoke the desired response. Industry stalwarts are in the process of propounding a strategic mix of traditional and modern promotional tactics to appeal to the consumer base. The higher the customer-centricity in the store layout, operations, and service standards, the higher the in-store promotions ROI.
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