Retail can be a tough business to be in. While it can be incredibly lucrative, it’s also fickle and difficult to manage. There is a delicate balance between having too much product to offer somebody and not having enough. People like variety, but when faced with too many choices, they often get overwhelmed and sometimes don’t even buy anything at all.
If you’re in the retail business, you’re probably always bombarded with the fact that you have product to push, sales numbers to meet, and not enough people coming in the door and actually making a purchase. If you want to know how to improve this, here are some tricks you can implement:
The world of retail is making steady headway to being almost entirely online. People don’t really like to go out and shop anymore. If you want to combat this, you have to change with the times. This means that you must get online with your product and figure out a way to make it sell. It doesn’t have to be an extravagant ordeal. It could be as simple as doing your own product marketing, putting it up on a social media page, and selling items via invoice through email.
Give People Sales
As a business, it’s natural that you want to make as much on your product as possible. The typical sales rule is to triple what it cost you to buy the product and present it to the market. This means if you spent six dollars to get a product, you should put it on the rack for $18. Some things can be marked up greater than 3X, others, less, so it balances out, but that’s the general rule of thumb.
When you mark things up, it gives you the ability to present sales and promotions to the public to boost sales, without losing money in the process. Sales is a mental game more than anything. People will drop money so fast on some things, while other times, they hold tight. You have to be the one to show them that your promotion is the perfect time to buy.
Implement Customer Appreciation
Customers are the reason you’re in business in the first place. If you’re not doing what you’re doing for them, you’re missing out on half of the point. When customers feel appreciated, they’ll develop a bond with your business and support you long term. This is gold to you. Happy, loyal customers gush about your business to their friends.
When the customer is happy, the business is happy, so think of ways you can say thank you to your clients often. It will go a long way.