22 May Retail Selling Strategies
Retailers face an intense competitive environment. With the growing availability of retail space there are more stores joining the marketplace. At the same time there is also a great deal of money to be made at the retail level.
Consumers have more disposable income to spend, and have become accustomed to experience shopping as a form of recreation.
Here are some strong selling strategies that can be used by retailers to produce more sales.
Retail Selling Strategy #1
Display the original retail price, or manufacturers suggested retail price, next to your price. Make the two prices very clear so that shoppers will realize what a great bargain they are receiving.
Retail Selling Strategy #2
Offer free promotional items. If you want to increase your retail sales you should strongly consider using promotional items. Promotional items should have a high perceived value, such as a free DVD or CD. Give them away with every purchase over a certain amount. You can offer a higher priced value giveaway for larger purchases.
A clever retail idea is to figure out what your average retail sale is, then offer a give away for sales higher than that average. This strategy should increase your average sale since people will want the giveaway.
Retail Selling Strategy #3
Offer a loss leader. A loss leader is a product which you sell to bring attention to your store. If customers are used to paying $1 for a pair of socks, but you sell them for .05 each, you will have customers lining up to buy them from you.
You will be losing money on the socks, but think of how many other items your customers will buy once they are in your store.
By Donny Lowy