Tag: Retail sales

Shake The Status Quo – Boost Retail Conversions

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If retail was to be summarized in numbers, the key statistic would be the sale conversion rate. While determining the financial health of the retail business, it is vital to ascertain the conversion rate out of the total incoming traffic in the store. A steady incline in conversions is usually linked with increased in-store traffic in the future. The challenge lies in mastering the sophisticated combination of attracting more foot traffic and delivering personalized attention to individual customers.

Store display – How many times have you entered a store just because it looked intriguing and just too appealing? It happens. And it can happen for your store, if you put your best out in a spectacular display. Creative brand and product imagery can help a small kiosk win over a sprawling showroom. Excite passing customers with interesting display and incentivizing signage. Keep them changing as per seasons, occasions and promotions, to counter visual fatigue. In an overcrowded marketplace, if you could manage to get the prospects into your store – half the battle is won!

Sales training – This might sound very basic and an existent part of retail business, in varying degrees. But in the customer-centric retail arena, just warm greetings and polite pointing don’t make the cut. Your in-store sales staff and customer support agents need to be groomed, trained and empowered with the right technology to consult customers with confidence. When a customer is treated with a truly personable experience, it becomes the key distinguishing factor for her to return to the store instead of using other channels to make the purchase, next time.

Customer feedback – One of the best trends followed in the present social media age is being vocal about your likes and dislikes. Customers vociferously review, critique and comment on various subjects, including their retail experiences. Online/offline surveys work to an extent but it can’t be your only medium of accumulating customer feedback. A substantial, savvy and trustworthy multi-channel presence wins favor with all kinds of customers. It induces and initiates conversations that engage customers and prospects alike. Through this, retailers derive actionable feedback which helps fulfilling customer expectations and nurtures brand loyalty.

Do Not Discount The Power Of Promotions

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Failing to plan is planning to fail – Alan Lakein

The retail industry is a competitive arena where mature players try to maintain steady growth and new players attempt to gain a stronger foothold. It’s no surprise that the customer regularly finds himself surrounded by promotions of all shapes and sizes! Also, gone are the days when these campaigns were linear and narrowly thought. Daily, scores of brands contest for the attention of the customer – who is getting increasingly demanding.

ETP blog promotions

Retailers need to delve deeper into customer behavior and understand the three Ts – Temptation, Triggers and Turn-offs. The temptation route can be utilized for a promotion strategy with considering and evaluating the past purchase history of a customer. They are attuned to a more personalized offering style, as the products and services being promoted cover the ‘comfortable’ and ‘familiar’ ground. The trigger strategy contains a more philosophical approach – from basic human nature to specific target demographic group. As the term suggests, turn-offs are the promotion-product/service mix that have been, through a set elimination and deduction appraisal, deemed unsuccessful. In an overcrowded market place, where mismatched or irrelevant promotions may result into opportunity loss or customer defection, it is equally crucial to determine what is NOT working.

At this juncture, it is safe to say that analytics – both descriptive and predictive, form a big part of promotion strategy and management. Technology in various forms is the biggest carrying force to gain insights on customer preferences and expectations. At the retailer’s side, there are multidimensional tools like Business Intelligence modules, feedback programs, etc. and customers are quickly adopting smartphone technology and social media platforms. The latter feeds the former in this case, with customers sharing, visiting, buying on mobile phones and discussing, reviewing, connecting through social media. Data is collected across all these channels to collate and convert into logical patterns and advantageous acumen.

Post implementing the promotional campaign, retailers should create set processes to track the productivity and effectiveness of the campaign. Setting KPIs to key people, processes and products involved is a proven practice that ensures the different promotions running simultaneously are meeting their respective objectives. Adaptive contingency plans help support, sustain and streamline any changes required to deal with expected and unexpected situations. This saves time, operational costs and possible damage to the overall customer experience. It also creates necessary fail-safes to avoid hemorrhaging campaign expenditure, add to the bottom line and deliver value that boosts sales.

Market leaders in retail have been effectively using ETP Accelerator, across all their stores. They agree to have acquired better insight into customer demand and a covetable promotions trajectory. ETP Accelerator is a powerful marketing and promotions engine. It manages marketing campaigns in sync with customer/market trends – reducing implementation time drastically. It supports promotional strategies and business rules to be set and rolled out across operations instantly. This proactive solution allows multiple promotions and business rules to run concurrently without affecting process efficiencies. More importantly, the retailer can monitor the performance of each promotion strategy and redefine them as required.