As the online stores and e-commerce brands for almost every commodity and service have started to take over the retail industry, the brick and mortar stores are having a tough time drawing customers. While many brick and mortar retail stores still think of discounts and offers as their holy grail for attracting customers, it could even lead to losses if the promotional strategies are not carried out efficiently. Don’t do that to your retail store. While you strategically offer discounts to increase sales on the one hand and improve margins on the other, there are several promotional ideas that you can offer and adopt this year to give your store the much-needed boost.
Brick and mortar stores work with a great advantage of connecting with customers, which their online counterpart fails to enjoy. Therefore, brick and mortar stores have the opportunity to give customers a great experience to increase the chances of them choosing your retail store over other stores and e-commerce options.
According to research, 86% of customers are willing to pay more for a better experience. Now that is some good news coming your way. Below we have mentioned some full-proof promotional ideas that will answer all your eternal quandaries about increasing your sales this year.
1. Offering markdowns
You do not want to miss on this sheer winner when it comes to promotional ideas to move out all the slow-moving items and make space for new trendy products. Customers love discounts, and some even wait until their favorite products go down on sale.
However, throwing away too many discounts can be harmful to your store, and it may adversely affect your brand and average order size. Hence, the question arises, ‘when to offer strategic markdowns?’ You can offer a markdown on products once they start becoming slow stock, probably after a specific season or when something stays in stock for a long time.
For example, if you are dealing with apparel items, you must check on the current trends and replace them from time to time with new ones. You can then put the old stock on sale after the season ends, and this way, you get more shelf space as well.
2. Deriving advantages from social media
Technology is not just for e-commerce and online stores, but even you, as a brick and mortar store, can enjoy its advantages. Various Social media platforms have turned out to be a lucrative option for small and medium-sized businesses to grow and increase their audience. They can use this platform to promote their services and products.
desired results. Therefore, you must always be careful and precise with your research before you get into the social media frenzy.
3. Go local
Be it renting a stand at the local annual fair or choosing locally grown organic products to be placed on the shelves, being a brick and mortar store; your first focus should be attracting and supporting the locals. This way, you can increase the audience base, and with their word-of-mouth publicity, you can mount your customer base.
customers have started to go local, they try to purchase products that are locally made, and they tend to stay loyal to such products as well.
4. Loyalty programs
Loyalty programs are extremely underrated yet exceptionally effective promotional tools to make your customers choose you over and again. For this, you can use the personal data and purchasing history of your customers that you can easily pull off from your POS system.
Using this information, you can create attractive and customized promotions for all your existing customers. As soon as your customers receive the messages or e-mails, they would want to purchase from your store to avail the offers or discounts.
To make this promotional idea even more effective, try sending them interesting offers that are different from those you sent via other channels. This way, your customers enter the loyalty club, and they will feel special when they receive offers according to their preferences and needs, making them choose your retail store in the blink of an eye.
We have mentioned a few promotion ideas above that you can always try for your retail business, but the fact remains, it all comes down to what suits your business type and how you are willing to try and experiment with new things. As there is no rule book on what you should try and what you should not, the more you are willing to widen the horizon, the better results you can expect from the store. Nevertheless, the key is your business is everything about your customers, how you treat them, and the services and products you offer them. Therefore, make sure you keep their interest first and meet all their expectations.