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10 Ways to Increase Your Retail Store's Sales
Retail-Store-Sales

10 Ways to Increase Your Retail Store's Sales

Owning a retail store can be challenging. Most retail businesses have a strong seasonal element to them, and a multitude of factors outside your control can impact sales. Let’s face it, some months are just slow.

On the bright side, you can generate interest in your products and boost sales at any time, simply by adjusting your approach. To help you access your creative side, we’ve compiled a list of the top 10 ways you can increase sales during those inevitable slow periods.

How to Increase Your Retail Store’s Sales:

1. Hire More Sales Associates

Although adding to your payroll may seem counterintuitive, hiring qualified sales associates can help you close more sales. The key is to offer your customers an exceptional experience to keep them coming back. Having a well-staffed store can also help reduce wait times. This is a huge benefit if you tend to lose customers due to slow service and checkout lines.

2. Give Your Store a Makeover

The atmosphere you create and the way you present your merchandise can affect numerous factors, from the type of customers you attract to the products you sell. If foot traffic has been persistently low, consider redesigning your store’s interior to create a more welcoming environment. Or, if you’ve had trouble selling certain items, you may want to think about displaying them more prominently to grab your customers’ attention.

3. Incorporate Technology

If you haven’t gone digital yet, consider building a website or creating an app to sell your products virtually. E-commerce now accounts for over 14 percent of total retail sales, according to Digital Commerce 360.

In addition, online retail sales jumped 15 percent from 2017 to 2018 — a trend that’s expected to continue well into the future. To drive more customers to your site or app, you could even offer a discount code for first-time users.

4. Host a Flash Sale

Who doesn’t love a flash sale? Sales that offer rare discounts and have an imminent expiration date can create a sense of urgency for your customers, leading them to act now instead of later. With flash sales, it’s essential to spread the word quickly, so be sure to consider your communication strategy when planning your flash sale.

5. Offer a Loyalty Program

A great way to earn repeat business is to reward your customers periodically for their loyalty. Indeed, 71 percent of consumers who are members of loyalty programs say membership is a meaningful part of their relationships with brands. How you structure your loyalty program is completely up to you. Some stores allow customers to fill a punch card for a reward, while others give exclusive discounts and perks to their best customers.

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6. Have a Sidewalk Sale

If you’ve been having trouble getting passersby to enter your store, consider having a sidewalk sale to attract more attention to your merchandise. Better yet, coordinate with other stores nearby to benefit from each other’s foot traffic.

7. Offer Upgrades or Add-ons

Offering an upgrade at no additional cost or a gift with purchase can make customers feel like they’re getting more bang for their buck. Alternatively, you can run a buy-one-get-one free sale, which customers tend to perceive as a better deal than an equivalent percentage discount.

8. Step Up Your Marketing Efforts

With so many choices available today, it’s natural for customers to forget about you if they haven’t heard from you in a while. To get back on their radar, consider developing a buzz-worthy marketing campaign. Email, social media, coupons, and newspaper ads are just a few of the ways you can direct attention to your brand.

9. Run a Contest

A contest is a great way to generate interest in your store and increase sales. As an example, you could enter all customers who spend a certain amount over a set period in a drawing to win a free shopping spree. A valuable reward may incentivize some customers to spend more than they would have otherwise to qualify for the drawing.

10. Celebrate a Holiday

Presidents’ Day sales are a given these days, but you don’t need to wait for an official holiday to celebrate. If sales aren’t your thing, consider offering customers free champagne and hors d’oeuvres while they shop if they come celebrate with you. Regardless of the event you’re celebrating, customers will be excited to join in if there are fun perks!

Conclusion: Invest in Your Retail Store’s Sales Strategy

If your sales have slowed down or you’re simply looking for ways to generate more revenue (and what business owner isn’t?), these ideas may help you hit your goals. However, the possibilities are endless. Get creative, and don’t be afraid to experiment to find the best ways to boost sales given your unique brand and customer base.

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].