Retail strategies

Retailers facing an intense competitive environment. With the increasing availability of retail space, there are more stores joining the market. At the same time, there is also a lot of money to be made at the retail level.

Consumers have more disposable income to spend and have grown accustomed to experiencing shopping as a form of recreation.

Here are some solid selling strategies retailers can use to drive more sales.

Retail Strategy #1

Show the original retail price, or the manufacturer’s suggested retail price, next to your price. Make both prices very clear so buyers realize what a great bargain they are getting.

Retail Strategy #2

Offer free promotional items. If you want to increase your retail sales, you should seriously consider using promotional items. Promotional items should have a high perceived value, such as a free DVD or CD. Give them away with every purchase over a certain amount. You can offer a higher value gift for larger purchases.

A smart retail idea is to find out what your average retail sale is, and then offer a gift for sales above that average. This strategy should increase your average sale since people will want the gift.

Retail Strategy #3

Offer a loss leader. A loss leader is a product you sell to draw attention to your store. If customers are used to paying $1 for a pair of socks, but you sell them for 0.05 each, you will have customers lining up to buy them from you.

You’ll lose money on socks, but think about how many other items your customers will buy once they’re in your store.