Tag: Festive

So the holiday season is right around the corner. Before we know it, we will have Christmas decorations in every store, holiday music will soon be playing on every radio station and we will resume  feeling that unmistakable jolly tingle. Not forgetting all the holiday parties, food prepping, money spending & much more. It can definitely be an overwhelming time for retailers. That is why we have prepared a write up about how you can ensure to maximize sales and customer satisfaction this festive season. 

• Brand Image

Consumer confidence and consumer spending are among the two leading indicators of retail earnings. The two usually go hand-in-hand. If confidence is strong, spending could be too. If spending dips, it might mean confidence is waning. Hence in the months leading up to the festive season, it is important that retail maximize customer satisfaction and take care of their brand image, thus instilling confidence amongst buyers

• Create a Strategy for the big dates

Friday 23 November 2018 – Black Friday

Monday 26 November 2018 – Cyber Monday

Wednesday 26 December – Boxing Day 

Having a clear plan about how to boost sales during these days is important. A cross-selling/upselling strategy can help increase sales by over 40%

ETP Connect could help in customer creation across channels to have a common Customer Master, in pushing promotions from the ETP Accelerator to the e-commerce portal, in pushing e-commerce sales into ETP V5.5 so you can have a centralized repository of sales and in offering an Omni-channel experience to your end customers

• Staffing 

One of the biggest challenges during a busy period is staffing. Retailers must ensure that they have the right amount of staff to cope with an increase in demand. 

Arming your staff with the right training is also vital. For example, ETP’s mPOS would enable in-store mobility. At Christmas time especially, there are a number of opportunities to up-sell, cross-sell and offer alternative products, which can significantly increase average profit per transaction.

• Be Prepared to Handle the Logistics

Usually, the festive season is very busy for retailers. But with an increase in the number of orders comes an increase in exchange and return requests. 

Seamlessly managing cross-channel returns and exchanges is integral and can be done with the help of  the Return/Exchange function of the ETP Omni-channel Store Solution 

Black Friday was started in the US and quickly spread to Europe and Asia. 

So why are Asian Retailers missing out on this Big Discount Day? 

The most effective way of growing your business is by expanding your services to your existing clients. As competition increases in your relevant market, the cost of acquiring a customer is constantly rising and companies have to come up with a way to find new markets within their given customer base. 

Cross-selling and Up-selling are a huge part of the retail game because your customers already love you. If they didn’t then they wouldn’t be buying your product in the first place. A study says you’re 14 times more likely to sell to an existing customer then you are to a new customer.

What is Upselling?

Upselling involves encouraging a buying customer to add to his purchases by offering an incentive to do so. For example, a fashion store can offer  30% off on a 3rd shirt for customers buying 2 shirts.

What is Cross-Selling?

Selling a different service of yours to a customer or prospect. For example, a sales representative at an electronics retailer suggests that the customer purchasing a digital camera also buys a memory card.

So how can you implement Upselling or Cross-Selling this festive season?

•  Be Result-Oriented: It’s important not to overwhelm your customers with offers. Up-selling and Cross-Selling are limited opportunities so using the right technique is important. Keep in mind, these are your existing customers, so you need to deliver the same quality and standard as before.
• Value: Your clients need to see value in the additional purchase. Using testimonials or customer reviews may go a long way in convincing a customer to take the extra step
• Offer a Discount or Incentive Program: Once you have the client database as well as the product or service that you’d like to sell, you can start the process of upselling or cross-selling. Start by offering a discount to your customers or maybe even a free trial

Conclusion 

Upselling/Cross-selling is one of the best tools for a business owner to increase basket size and thereby his sales, and it involves no extra marketing costs. So don’t miss out on this opportunity.