Small business owners have many responsibilities, one of which is probably acting as a retail buyer for your business. You are probably, like all other small business owners, always looking for ways to improve and increase sales. Naturally, one way to increase sales is to focus on the merchandise you stock your business with. This post will provide you with some tips on how to increase retail sales for your small business.
Shipment of Paired Items
Remember to make sure that any and all items that you plan on selling together such as a top, golf gloves and hats are actually set to arrive at the same time. You will be able to increase sales when the items are presented in the way you originally intended them. Customers are not only more likely to enjoy the combination together, but they are also much more likely to purchase both items together than they would be if they spotted each item on separate store visits. This is even true of office gifts items. Remember to ensure that shipment dates for both items match up. If they do not, then keep in mind it may be beneficial to wait for both items to arrive before displaying them in the store.
Limit Your Selection
Limit your in-store product offerings. Too many options has been scientifically proven to paralyze decision making abilities for shoppers. If you already have a ton of stock in-store, then consider using e-commerce fulfillment companies to help you move it. The more choices you give shoppers, the more likely they are to walk away without buying anything. Instead, offer a small number of products in your store. This will promote increased sales almost immediately.
Open An Online Store
If you want to increase sales volume for your small business, the best thing you can do is to open an online store. Over the last two years, online sales have grown by 14%. Clearly, the future of retail is online. You would be wise to learn about the conversion funnel right away to get started on the right foot. To increase sales quickly for your business, open an online store using Shopify, Amazon Marketplace or even Etsy. E-commerce can give your sales volume the increase it needs.
Keep in mind that there are many opportunities for free advertising from your suppliers. You may be able to increase sales by taking advantage of one of the many opportunities for supplier specific advertising. The signage and advertisements they offer would not be available if they were not proven effective. So use this to your advantage. Yes, your supplier benefits too, but you will not be complaining when advertising for them increases your sales as well. Reach out to any and all of your suppliers and see what they are offering. It cannot hurt to give it a shot and you may wind up enjoying the results.
Keep Bestselling Items In Stock
This point is absolutely necessary to maintain good sales and increase sales as well. Make absolutely certain to keep bestselling items in stock, at all times. Work with fulfillment companies to make this a reality. Order more than you think you will need one month, and you may be surprised to find that your sales take a jump. Customers will appreciate the constant availability of popular items and will return to your store regularly. How many times have you, as a customer, been frustrated when a hot item is no longer in stock or unavailable in your size? Countless times, I’m sure. Keep this in mind when buying merchandise for your small business and avoid that same mistake. If you continuously keep popular merchandise in stock, the sales of your small business will increase in no time.
One last quick tip: remember the value of add on items. These counter items, if you do not already have them, will immediately increase sales. Customers are very likely to impulse buy small, inexpensive items that are easily accessible near the checkout area. Whether you offer water, snacks, or phone accessories, remember the value of the impulse buy when arranging your POS system. When your customers buy on impulse, your sales will increase significantly.
Keep these merchandise tips in mind when buying for your small business, and remember to accept PayPal alternatives for payment. Your sales will increase as long as you make the right retail moves. Make sure that paired items will arrive within the same shipment window, use your supplier for some free advertising, keep bestselling items in stock at all times and remember the importance of add-on items. Implement one or more of these tips into your retail buying process and your small business will see an improvement in sales.
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