It’s looking like this holiday season will be a merry one for retailers. If you haven’t started gearing up already, now’s the time to begin strategizing about how to make the most of the gifting months. Try these methods with your company and raise your sales performance to a new level:
- Price matching: Price matching can be a good way to attract customers and assure them that they’re getting the best deal. However, overly enthusiastic price matching can result in decreased brand esteem as well as profit loss. Unless you’re Walmart, it might be a better option to price-match rebates one product at a time, so that you can both deliver for the customer and stay in business.
- Showrooming: Even if your store sells some things exclusively online, you should still consider setting up a showroom where customers can touch and feel a product before ordering it. Although consumers appreciate the efficiency of ordering online, most still prefer to have an in-person experience of an item before committing.
- Use big data: Knowledge is power, especially in retail. Keep track of your customers’ purchases so you can recommend similar items to them in the future. If you know what is popular you can adjust your stock to include more of the in-demand inventory. Shoppers will be happy because you’ll be responding directly to their needs, and you’ll be happy because of increased sales.
Before you do any of this, though, be sure your point of sale and inventory system is up-to-date. You’ll need inventory and transactional tracking systems to implement these strategies, and Visual Retail Plus can deliver these services and more.