Retail experts agree that good retail success is dependent on three key strategies which, when combined, can deliver above average business growth.
- Increased traffic. The two most successful ways of attracting new traffic into any retail business is to have a visually compelling offer on shop from the shop front and to proactively promote the business outside its four walls. While one could argue that word of mouth drives traffic, this takes more time than a great window display or professional out of store marketing can do. Our software can help by helping you identify stock items which could work well in such a campaign. Remember, success is easier with successful products.
- Increased shopper efficiency. This is about getting more from each shopper visit. This is achieved with compelling counter offers, good offers located near your most popular products and using your software to promote efficiently to existing customers: ads on receipts, ads on customer statements, email marketing, mobile phone marketing, customer loyalty program … there are many ways our Point of sale software can help retailers gain increased shopper efficiency. Getting existing customers to buy more is easier than winning new customers.
- Increased margin. Retailers often apply a standard margin which they set by department or category. Some items successfully carry an above average margin. Using our software you can easily adjust margin and experiment, finding the sweet spot for you which does not slow sales of an item. The key to achieving better margin is to leverage your point of difference. If your customers shop with you for convenience, you can charge more. Retailers train their customers what to expect to pay through brand focus, range, visual merchandising and employee training. By reporting on margin, we help you identify opportunities.
Improve each of these by small steps and you are building sustainable growth for the business.
If you are a retailer, ask yourself what you want from your business. If it is growth, as it should be, each of the three steps need to be followed to leverage current traffic and build success for the future.
Tower Systems’ Point of Sale software can help in each area. Further, as a company we can help develop business growth strategies built around a series of small steps. We have done this for many retailers.