Every retail business can sell more to every customer. This is easy when you have good business data and use this to make good business decisions.
Making more money from every sale starts with good Point of Sale software. This will tell you what you are selling, how often and what your top selling items sell with.
Get a report from your Point of Sale software listing your top ten selling items, by unit sales for the last three months. Do not look at dollars. Unit sales is the far more valuable count since this is a discussion about leveraging volume.
In a typical retail store, the top ten selling items will account for between 30% and 50% of revenue of the business.
Look at your top sellers report and concentrate on the top selling items. Answer these questions about the top ten selling items from the last three months:
- Do you have appropriate impulse purchase products located on either side of each top item?
- Are the top items spread through the store, to maximize customer throughput?
- How often do you move the top items?
- Do you have the top ten items in multiple locations?
- What impulse purchase items do you have at the counter which will appeal to customers who purchase any of the top ten items?
- Has the list of top ten sellers changed in the last year? If so, how have they changed and what can you learn from this.
- Are there products which you do not currently carry which you could add to the store to sell with the top ten sellers?
- Do customers who purchase the top ten sellers ask for any other items?
The idea embedded in these questions is very simple. Use the top ten sellers, or top twenty or top thirty, to focus your attention on items with which you can work to achieve more sales in your business.
By focusing on the top sellers and what you can sell with them you can increase the size of the average shopping basket.
If you can’t see opportunities for achieving more sales by placing products next to or with the top sellers then speak with your team and speak with trusted customers. Don’t rest until you unlock suggestions to try.
If what you try does not work, try more products. I know of retail businesses which have spent months finding add on items to work with their top sellers.
The key to this project is proper use of your Point of Sale software. You need this to identify the top selling items and to track the success or otherwise of your project to sell more with your top performing stock lines.
There is plenty of additional money to be made from your top sellers. Invest time and attention on this project and get ready to bank the results.