Kavan Choksi Wealth Advisor Lists Tips to Increase Retail Sales

Increasing sales in retail is not just a business goal. It rather is a necessity for the survival and growth of a retail business. As Kavan Choksi Wealth Advisor says, the retail industry is fairly dynamic. It is an ever-evolving landscape where customer preferences and market trends change rapidly. Hence, retailers need to focus on boosting sales for staying ahead of the competition, generating higher revenue, and ensuring long-term success.

Kavan Choksi Wealth Advisor underlines a few vital pointers for increasing retail sales

Each and every retailer aims at boosting their sales. By implementing effective retail sales strategies, they can attract more customers and encourage them to spend more, leading to higher sales figures. Here are a few tips that can help boost retail sales:

Find the peak hours of the store: As per the 50/20 rule, about the half of the total sales of a retail store take place during its 20 busiest hours of the week. Hence, optimizing the peak hours would be vital to increase sales in the store. Retailers should identify the peak hours, and make staffing, inventory, and marketing decisions accordingly. For instance, they may double down on sales during peak hours or opt to run particular promotion campaigns at quieter times to improve overall revenue.

Provide effective sales training: Typically, the most experienced salespeople, with the highest sales closure rate, should be working during peak hours. Their detailed knowledge of the products sold at the store would make it easier to provide relevant product recommendations on the sales floor. Cross selling and up-selling are the two prominent techniques that salespeople may use to improve the order value of the customers. Up-selling ideally encourages customers to buy more expensive versions of the products or services they are already considering, while cross selling influences them to purchase additional products or services related to the ones they are considering.

Make loyalty an important part of the retail sales strategy:  It typically costs four to five times more to acquire brand new customers than retaining the existing ones. Customers prefer to make purchases from the brands they trust. However, cultivating loyalty takes time. Hence, to boost customer loyalty, it is vital to have certain loyalty programs in place. Retailers may provide existing customers with rewards so they purchase more or offer discounts when customers sign up for store memberships. First time costumers can also be enticed to return by promising rewards. Marketing messages via SMS or email, about birthday rewards, upcoming promotions and personalized incentives can also be effective in creating loyal customers.

As Kavan Choksi Wealth Advisor says, in addition to following the pointers mentioned above, retailers should also try to launch attention-grabbing promotions. The best in-store promotions tend to align with point-of-sale marketing and are usually time sensitive. Retailers, for example, may try to improve foot traffic and sales by offering exclusive discounts on minimum purchase amounts, in-store activations, as well as product sampling. They may also focus on certain sales opportunities to draw attention to specific products, such as buy one get one free.