Since the dawn of retail times, brands have been trying to gain a deeper understanding of how and why their shoppers purchase products. So many tried to find clear answers and strategies by simply crunching numbers and data, but there is always one sticking point – no two buyers are the same.
Every shopper has a different agenda and shopping approach.
That means that there’s a real need to use special strategies and psychology to get inside buyers’ minds to try to boost sales. (Hint: this is where retail technology comes in.)
Tips to help you boost retail sales
We’ve talked before about different methods to increase retail sales, such as increasing prices. Yes, you read that correctly.
While all other in-store marketing solutions struggle to get a 30% increase in sales (which is pretty good, right?), clients who used Tokinomo reached up to 900%.
"While all other in-store marketing solutions struggle to reach a 30% increase in sales (which is pretty good, right?), clients who used Tokinomo reached up to 900%."
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Let’s see what other tricks you can use.
1. Update the placement regularly
Shopping is all about making choices. If the buyer can’t find what they want quickly and easily – they probably won’t buy it at all. Consumers are said to create expectations of where each item is within a ‘cognitive map’ with, for example, certain groups of products adjacent to one another.
At the same time, it’s a good strategy to, every once in a while, change the placement of these products. This way the buyers will be more attentive and may discover new products while looking for their favorites.
It’s all about finding the perfect balance: changing the placement while still keeping the store organised and the placement logical.
2. Excite and engage
Shopping often comes down to an emotional response rather than a rational examination of several different options. That means shoppers that are excited and engaged will usually purchase more. Aside from appealing visuals, think about other ways you could create an experience which aligns with your brand.
Shoppers are always looking for stories and ways to be entertained, so think about customer service, events and promotions that might engage your buyers.
For a beauty brand, this could be offering free mini manicures or treatments to the first customers of the day. For a toy brand, this might mean allowing customers to experience and use the product before they potentially make a purchase.
3. Don’t offer too many alternatives
Our brains can only process a certain amount of information because our attention span is limited. While people think they like having more choices, too many options can be overwhelming.
It can even make consumers dissatisfied and stressed. Experts refer to this phenomenon as ‘paradox of choice’, that can plunge buyers into ‘analysis paralysis’. Therefore, sometimes, less is more and a more curated approach is the key to success.
4. Offer a rewards programme
Depending on the type of products you sell, a rewards programme can prove to be a useful and effective tool. More sophisticated systems can provide useful insights into consumer preferences and choice but even the simplest reward programmes increase loyalty and make customers feel satisfied and happy.
A 2017 customer loyalty study shows that the easier the rewards for shopping with a certain brand are to obtain, the more motivated a shopper will be. So when designing any type of loyalty or rewards programme, factor this in.
5. Engage the senses
As well as looking appealing, brands are constantly looking to the other senses to convert footfall into sales. Part of driving retail sales is making the consumer feel something, and that involves one of their 5 senses.
For example, smell has a unique effect on consumer behavior and can not only attract more people into a store but also stimulate them to purchase more.
Likewise, a perfectly selected sound is sometimes all you need to get a customer’s attention. It can be used to elicit emotions and improve the customer experience. That’s what Tokinomo does – if you haven’t seen it ‘in action’ yet, check out the latest retail technology innovation in this quick video.
And let’s not forget the sense of touch. Sometimes, having the option to touch a product with a special texture or feel is enough to convince the customer to take it home with them.
What has worked best for your store so far? What in-store marketing campaigns have you done? Have you used any of the latest technology to boost retail sales? We’d love to hear about your experience, so drop us a line in the comments section below.