The international consultancy company Analyticalways, which specializes in predictive analytics technologies for store inventory management, has produced a report with the keys to good store management in the sales season.
“They are the times of the year in which stores play a large part of their turnover, especially fashion, jewelry or accessories. For many, success or failure in this sales season will be a turning point in their business, “said Managing Director of Analyticalways, Amancio Junior.
Amancio Junior states that “red signs with ‘SALE’ signs and discounts of 40%, 50% or 70% are no longer enough,” while adding that “seek maximum efficiency in all processes and generate a better customer experience will provide a plus to win customers against the competition. For this, it is necessary to take into account numerous variables, from a good strategy of prices to efficient management of the stock, among others. ”
The six keys that Analyticalways proposes for the sales season are:
1. Plan the offers in advance:
Plan discounts, promotions, products and even involve employees in this process. Set actual sales targets by product families, delimit actions to achieve those objectives and establish mechanisms to be able to measure them at the end of each campaign.
2. Stock management:
Always count with the precise stock for each circumstance. It is no longer necessary to have all sizes available for all products. Stock management technologies use algorithms designed specifically for the needs of retailers and let you know in detail how sales evolve.
3. Use visual merchandising to attract customers:
A shop window is the best weapon to generate exposure traffic since the emotional factor is responsible for the purchasing decisions of customers up to 80% of the time. The good management of these are summarized in having at any time controlled each SKU, for example, from a mobile device.
Related: 15 Key Benefits of Trade Advertising to Improve Sales
4. Prepare the vendors:
Collaboratively manage the objectives of the stores of the same brand and organize employees based on these sales targets through technological tools. If the salesperson has a statistically based view on what he has to sell and how to do it he can optimize the management of his time so as not to reduce the average basket at times with more flow of customers in the store.
5. Loyalty to your customers:
Getting new customers is one of the maximum offers, but it is also a good opportunity to retain and reward the regular customers. To do this, it works to apply special offers to recurring customers, with personalized discounts on products specially recommended for them.
6. Develop a good pricing strategy:
Study the market and analyze the price systems of the competition without losing sight of the margins of business. Be creative in pricing strategy: offering 2×1, additional discounts if the customer buys several products, give a reduced product if the customer buys a new collection product, or apply a rebate depending on the amount spent by the customer.