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 you understanding shopper behaviour today.
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 the Tower software the report is a 10×10 Report. This lists the top 10 items and the ten items selling with those 10 items. (You can set the number to anything besides 10.)
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. Consider these questions about the top selling items:
- 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.
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.
