Operating a profitable business on a perpetual basis is one of the toughest things, whether operating a brick or mortar store or an online store. Strategies to increase sales may lead to rise in the quantity sold by a retailer; however this doesn’t imply that the percentage profit rises in the same proportion as of sales.
Additionally, generating the same level of profits is again a cumbersome process. There are various factors that have an effect on the sales. Retailers can manage the factors internal to their businesses; however, it’s not always possible to forecast those aspects that are outside the purview of their businesses.
Nonetheless, there are a few commandants that retailers should keep in consideration to influence customers:
• Reciprocate – Retailers can reciprocate to customers by offering by offering those gifts with their purchases. Additionally, they can offer free samples to customers who are purchasing for a certain amount of goods. Companies are experimenting with different types of offerings to influence customers with their purchase decisions. Using content is one of the ways where companies engage with the prospective customers by offering a certain type of puzzle or a game to complete.
The basic idea is to associate them with the specific goods or brands to increase the brand recall & ultimately sales.
• Impeccable Customer Service – It is one of the biggest decisive points in the whole process of sales; whether it’s sales through physical stores or an online store. Making a commitment to customers beforehand holds a certain kind of responsibility that compels retailers to perform up to the marks to keep their word.
Retailers even offer certain products to their interested customers to use before making final purchases. Similarly, an easy return policy without any friction offers a positive user experience.
• Liking –Associating yourself to a certain thing develops your liking towards it. The basic idea is to develop a certain level of association for products; either by endorsing that product by a celebrity or offering them at a discounted price initially. There are several ways retailers are conforming about how to get more likes for their stores or products:
- Associating with a story – Generating audio-visual formats for narrating specific idea helps in creating a certain type of instant affiliation. Components such as colors, fonts, photo styles or even a basic idea delivered simply prompts customers to pursue the products.
- Social Links – Social links definitely help in converting a potential customer. However, online retailers should be careful while using social links on the product pages. Customers definitely want to share things on the social pages that add some value in the lifestyle.
- Displaying related products – Stores resort to displaying the related products on the product pages to urge online customers to go through those products while deciding for the final purchases. Similar products or even accessories related to the main products helps in increasing likes about the main products.
Scarcity: - Online retailers use ‘Sales’ as a strategy to create an environment where the customer feels pressurized to purchase because of the scarcity of the products or because certain products are offered at discount. A limited period offer, limited stock announcements, season end bargains attracts customers to opt for such offerings.