Below are a few tips for retailers to ace the GSS 2019.
Instead of relying on store-wide sales such as “20% discount on all items”, retailers can come up with something that’s more unique to attract customers. When all the shops are running promotions that are similar, what makes you different from the others during the SG Sale?
The main aim to run a promotion is to entice customers to purchase. By giving a store-wide discount, the reason why customers are buying may just be due to the price point itself. But when you bundle the promotions together, customers purchase based on the value instead of the price point.
For example, if you set the promotion as “buy cleansing foam and get free moisturizer”, consumers are more likely to purchase as they see the value of buying it. Hence rather than setting the promotion as “20% off cleansing foam” and “20% off moisturizer”, which customers may just purchase one item and not both, promote the related products together so that customers get the most value out of the sale.
The outcome of running sales is to lower the barrier to get customers try out a variety of your products. Unless you are trying to clear stocks, giving out pure discounts may not be the wisest thing to do to promote your brand. You want to make use of promotions to get consumers to encounter more of your products, try it out, and re-purchase in the future.
Of course, there is nothing wrong with 20% discount sales or lower prices for The Great Singapore Sale – it’s the simplest way to have a sale. But if you want to be creative with your promotional strategy, try mix-and-match to optimize your sales this GSS Sale.
Ari has ready-made promotion templates for retailers to play around and set the time period for sale. Offering a wide variety of options, Ari helps retailers to be creative yet able to manage their sales at the same time. Automatically set rules so that promotions do not conflict each other and save the painful manual work to set up creative promotions.
This is quite an old-school but effective method to boost sales and improve branding. During this GSS - Singapore Promotion, there will be organizers who run events or road shows in shopping malls and around shopping districts. If you have the budget, you can organize your own event or road show as well.
The advantage of participating in such events/road shows is that you are literally shifting to locations that generate the most traffic. Consumers who might not know your brand previously, either because it’s not located near their area or marketing efforts failed to reach them, will be exposed to your brand. Furthermore, event organizers will promote and market their event to consumers, which means you got extra help in the marketing area as well.
The only downside of participating in such events is the storage of inventory. Due to the limited space and high traffic, you might encounter issues such as running out-of-stock at the booth when extra stocks are lying in the warehouse/shop.
Ari allows you to access your inventory via laptop and arrange delivery. Simply treat the road show location as an additional store and manage multi-store stocks transfer. With Ari, you can easily record and manage sales made and stocks sold during the event, to calculate your profit and determine if such events are beneficial to attend again.
As cliché as it sounds, bundle deals and packages are never out of fashion. You can bundle different items together and sell it as a set to customers. An example will be Sephora, which always have small to medium size packages ready for customers to pick up as they shop.
Consumers are interested in bundle deals mainly because it allows them to try a variety of product without spending a bomb. If you do not have a pre-purchased set to sell, you can always make your own using the products you have. Another idea is to push out mystery boxes where customers are unsure of what they are buying and be surprised by what they’ve got.
Yet, for bundle deals and mystery boxes, you’ll need to manage the cost and price carefully. It is not advisable to put everything together and ended up selling at low profit. Especially when it comes to mystery boxes where different items are at different costs and you have to sell them at the same price, you need to determine the most reasonable price and profit range that you can accept.
Another challenge is to manage those inventories. Since after GSS, you will have to disassembly those items and reconcile the leftover stocks, total sales, costing and profit earned. Only with such information at hand, you can have a clear idea whether such promotional strategy is worth it or not.
Make use of Ari to help manage your bundle deals / mystery boxes inventories, costing and profit. Ari allows you to keep track of each item at each stage (before and after sale) for you to know how you are performing this GSS.
Looking into the long-term, you want to build relationships and not just engage in one-time transaction with customers. Take advantage of GSS to boost your sales but at the same time, encourage customers to sign-up for your membership program to continuously engage them in the future.You can also offer vouchers / gift cards to entice them to come for a second visit. Ari helps to manage your customer data for targeted marketing and helps you manage your date-sensitive vouchers as well. If you are looking at a Retail POS Software Solution to help you handle your retail business better, simply try Ari for Free or contact us for more details!