When it comes time to develop strategies for a physical store, driving foot traffic to your retail outlet is only half the battle. Retail success also greatly depends on converting that traffic into customers.
Despite the increasing popularity of online shopping, the in-store shopping experience is still incredibly important for retailers that want to boost their sales. This article will explore some proven approaches to improving the conversion rate at your retail store.
Upselling is an effective technique that involves convincing the customer to buy other items related to their initial purchase or more expensive versions of the items they are interested in. This will often mean having your staff ask a series of questions to identify a need and suggest products that can fulfill the need.
This can be as simple as recommending a pair of pants to go with a certain t-shirt or proposing a better (i.e. more expensive) brand of toothpaste. Effective upselling will require properly training your staff in customer engagement.
In today’s highly competitive retail market, offering a personalized customer experience has become essential to success. However, in order to offer this highly personalized experience, you will need to understand your customers.
To this end, you should be collecting customer data and using the insights gained from it to tailor the in-store experience. Another effective way to implement personalization is with customer loyalty programs.
One sure-fire way to increase your conversion rate is by decreasing the amount of time customers spend making a purchase. This will incentivize consumers who are short on time to buy something.
A great way to achieve this is by implementing mobile self-checkout so that customers can skip the checkout line and complete transactions on their smartphone at their convenience.
Many retail business owners don’t have the time required to research the best strategies for their particular store. If this sounds like you, seeking outsider expertise in the form of retail consulting might be your best bet.
Retail consultants worth their salt have the industry experience needed to recommend the most efficient ways you can increase your conversions. While this will likely cost more, the new perspective a consultant brings can have a far greater long-term payoff.
Today’s consumers expect a great deal more than those of yesteryear. They don’t just want good deals, they want a fully immersive experience. As such, retailers need to increase their focus on captivating customers with a unique in-store experience.
The best way to deeply engage your in-store shoppers is by delivering a sensory experience. This means engaging your customers’ senses, whether through video content, pleasing scents, novel store layouts or stimulating music.
Store-only events and offers
Finally, another effective way to boost your store conversions is encouraging more consumers to visit your store and make a purchase. This can be accomplished by offering promotions that can only be claimed in-store or hosting events at your physical location.
As you can probably tell, there are boundless strategies that retailers can implement to start increasing their conversion rates. The hard part is finding the ones that work best for your specific store.
That said, personalization, upselling, faster checkouts, consulting, customer engagement and store-only offers will have you on the right track in no time.