How Can Retailers Increase Profits During the Holidays & After?
Over the weekend I went shopping and although we have not hit Thanksgiving and Black Friday, the Christmas music was already playing. Most stores do not start putting in the Christmas CDs until late November, it was a reminder that gift buying season is right around the corner.
For retailers this time of year usually means the greatest sales and profits due the the larger number of people out shopping for both themselves, loved ones, friends and family members. The ultimate goal is to convert as ,many of those opportunities as possible info money for your business.
By this time you are hiring seasonal employees, training them, and trying to make sure that they have the product knowledge to both convert store traffic into sales as well as have the ability to upsell them. But how do you ensure the highest conversion rates and have the ability to sell unsold customers?
The most important aspect to being able to maximize profits based on increased store traffic is to be properly staffed to handle the heavy and light flow periods. You want the perfect optimization of employees on the floor and number of clients they can handle. If you have too many employees then you are wasting money on payroll and if you have too few then customers are not being attended to in a professional manner.
Secondly, not everyone that comes into your store is going to buy, at least not on their first visit. You need a way to bring them back in through promotions and touching base with them with follow up emails. Those customers that visit you for the second time are much more likely to make a purchase.
Now that you know what you have to do, how can that be accomplished? I am sure many of you say “we use a point of sale system”, that helps us track client data……not the ones that did not buy.
The solution to this is easy and the products are currently on the market today. What would you say to someone that offered you a traffic counter that linked to a CRM that pulled data from your POS system so you could see all data and analytics in one place at one time? Would that intrigue you?
Many retail businesses use traffic counters. Many businesses use CRMs. Most businesses use some sort of point of sales (POS) system. But how many of them interact with each other in perfect harmony? Most likely you need to take the traffic numbers, put them into excel, pull the sales data and compare the two
The solution is already on the market and costs less than $190 a month for the total system. Pricing Seen Here.
Make as much money as possible this holiday season and bring those customers back to buy for other holidays, birthdays, and other specials days.