It’s easy to tell what is running in retailers’ minds: how to improve retail sales performance online and in-store. Most retailers fight to increase their store’s foot traffic and bring customers back to their store, but within this, they forget the bigger picture: what good are more customers if they are not making the most of your in-store sales? A wise man once said that quality over quantity matters.
However, getting customers into your store is a battle you do not have to play. In-store shopping outranks e-commerce shopping by a far margin. Nonetheless, it would help if you had a strong marketing strategy in line for both areas to stay ahead of the competition and learn how to improve retail sales performance.
You also have to do some work to convince customers that spending more money in your store is worth it. It is not enough to have a store and your doors open, waiting for them to visit. Everyone is doing that. You need to understand what will drive customers to your store when there is a line of multiple other stores. What will be the pulling factor that will make them walk to your store? You will need a strategy to optimize your service level and marketing campaigns. Shopper Value by Confiz will give you clear footfall and in-store analytics.
If any of the above points align with your 2023 priorities, you have come to the right place! This blog will focus on how you can do just that with 5-expert backed strategies.
1. Find your store’s peak hours
To sell more during your peak hours is only possible if you know when your peak hours are. Historical data can help you identify what days and time windows your store has more customers coming in. Data before 2021 should be kept from being relied on because shopping habits have taken a huge turn since Covid-19 hit the markets. Even with workers returning to the office, their lives and shopping patterns have changed, so you should double-check what customers are doing now. Keep a close eye on these things to learn how to improve retail sales performance and be ahead of competitors in no time.
Point of sales system and employee reports tell times customers are coming in and in what volume. Looking at your sales by hour day report will give you a clear view of the percentage of total sales each hour of the day accounts for.
Comparing online and in-store sales every week is also a good idea. See what works better for you and what else you can do. For example, you could run exclusive in-store promotions for discounts or offer free delivery for customers ordering from your website. You should also know when your online store is most active. Look out for when customers are surfing your website, when their bounce rate is low, and when the maximum purchases occur.
