The retail store business is detailed and complicated. It involves several finer elements and tweaks for better returns. There are several practices which the retail store owners consider to better customer store experience and boost sales by making customers spend more. These practices have been studied and developed over a while and help increase retail sales.
“Retail stores are designed to make the customers spend more time in it and attract the customers encouraging them to buy more. Everytype of retail business have their strategy and they implement it after through studies”.
Here is a list of a few such tips and tricks used in the retail industry for you to spend more.
- Store Layout.
- Product Pricing.
- Sensory Appeals.
- In-store sale techniques.
Store Layout:
The store layout is made in such a way to encourage customers to spend more time in the store. The buyer’s traffic is encouraged to move through the entire store. So, they have maximum interaction with the products. Researchers indicate that customers tend to buy more if the store traffic is in a counter-clockwise direction.
Keeping the customers within the stores for a longer time requires the aisles to be designed narrower for slow traffic movement. Several stores like Walmart, instead have breaks within the aisle, such as product display stands to slow down the buyer traffic. Research has shown that rounded aisle encourages more buying.
The size of the shopping carts has also tripled in the last four decades.
“Retail store managers say that bigger shopping carts encourage shoppers to fill it up and buy more”.
Product positioning also plays a vital role in increasing sales. The expensive products are displayed at eye-catching locations and are highlighted with decorations. Also, certain products like daily consumables are kept well within the store for the customer to go right inside it. Several products that complement the main product are kept nearby to encourage the buyer to take it.
For example, cells and batteries in the electronic goods section or socks and shoe polish in the shoe section are kept near the main products for them to sell more.
Many times, low priced products are kept near the checkout counter to encourage impulse buying. Low costing products tempt the buyers at the checkout counter to purchase a few of them. At times, the shops even restrict the number of checkout counters to encourage the buyers to form a line near the low-cost display sections. Toys, candies, magazines, and small gift items are a few such articles.
Product Pricing:
Product pricing is an important factor in convincing the customers to buy it thereby directly contributing to increased sales. Two strategies – Anchor pricing and Goldilocks pricing are used in this context.
Anchor Pricing.
In anchor pricing, an expensive and not so expensive product are displayed nearby encouraging the buyers to think that the not so expensive product is right for them.
Goldilocks Pricing.
In Goldilock’s pricing, They are three types of a product. An expensive, high-quality product, a cheap, low-quality product, and not so expensive, moderate quality products. These are displayed nearby inciting the customer towards the not so expensive product. These techniques are used to boost the sales of certain products.
Shops provide several deals and offer to consumers to attract them. Coupons are circulated to attract buyers and increase sales. Limited time offers also bring in customers who fear the chance of losing out on the sale. Buy one get one free offer or freebies with products also increase product sales.
The price figures also affect sales. It is known that a product with a price ending with .99 sells more than a similar product with a round figure price. Certain products, however, sell more with pricing other than .99 at its tail.
It gives the impression that the prices have been discounted to the minimum encouraging the buyer to think it is the best deal around.
For luxury products, round figure pricing has shown to sell more. Products like Caviar, Champaign, perfumes fall in this category. Also, a study by Cornell University has shown that spending at restaurants increased by up to 8% when the menu did not have the dollar sign.
Sensory appeals:
Retail stores apply this tactic to invite customers and persuade them to buy more. To attract buyers inside a store, many multi-product stores place the floral section at its entrance. Bright colors trigger 60 to 90 percent of customers to make their purchase decisions.
Stores use bright and florescent colors to trigger different reactions.
For example, pink color helps calm down and relax aggressive customers, the orange color gives an impression of affordability and fairness, yellow color increases craving for food, green color triggers eco-friendliness sentiments and blue color depicts dependability and trustworthiness.
By using the right color, store owners can increase the shopping experience and stimulate the buyer to purchase more.
“Depending on the product line of a store, proper music can uplift the mood of the visitors encouraging them to buy more”.
Fragrances can improve sales and customer experience. Stores that have obnoxious smell can use room fresheners to neutralize it. Restaurants and food joints attract hungry customers with the smell of food cooking in the kitchen. Appetizing smell increases the sale of non-consumable articles. Free samples can also appeal to the senses of a customer and encourage them to buy the product.
In-store sales techniques:
There are several in-store techniques to improve sales. The customers are encouraged to handle a product increasing their sense of ownership towards it. Once the customers settle for a product, the salesperson at times points them towards the complementing merchandise.
For example, the salesman may give you a discount for taking a pair of socks with a pair of selected shoes. Also at times, the salesman may copy your style of speaking and communicating to win over your confidence.
To sum it up:
The brick and mortar stores have evolved into highly planned units for maximizing their sales. These tips and tricks not only increase sales but improve customer experience. These techniques help keep the customers in the stores and bring them back every time ensuring the ever existence of the retail sector.
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