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Retailers are constantly checking things off their to-do list that involve everything from inventory planning to employee staffing to creating window displays. The one thing that should never be removed from a retailer’s to-do list is to increase sales. Among the best ways to accomplish this is to strengthen opportunities for impulse purchases from customers. Helping to strengthen impulsive buys doesn’t come without some strategy, however. For brick and mortar merchants in particular, merchandising tops the list of how to achieve stronger sales in direct response to impulse purchases. To help accomplish this in your own store, consider our top tips.
If a customer has already decided to make a purchase and has made their way to a retailer’s check-out area, this is one of the best places to capture additional dollars from consumers. Strategically merchandising the space both on and around a cash wrap can help merchants increase not only their average units per sale, but also their overall revenue. More specifically, when merchandising items that are seasonal or trendy – or both – retailers welcome the opportunity to increase sales thanks to the novelty that these items present to customers. Whether it’s a small plush toy or an affordable fashion accessory, the key is to feature items that speak to current market trends while also being affordable for consumers to not have to think twice about when adding to their purchase.
Customers love to be entertained. They also love to show off what they’re up to. With Instagram, SnapChat, Tik Tok and Facebook, all popular social media destinations for consumers, why not extend the opportunity from your store to their social feeds as a way to both strengthen sales and increase store visibility? Through merchandising, retailers can create selfie stations in their stores that feature inventory as part of the display – ultimately encouraging customers to engage with these items. Using impulsive products that are currently for sale in your store (like scarves, hats, sunglasses, necklaces, plush toys, etc.), customers will be presented with the opportunity to get engaged with store inventory while also having some fun. This combined experience can help lead to impulsive item sales in addition to strengthening in-store merchandising experiences. Don’t forget to encourage customers to share their photos via social media and to tag your store when they do so, as well!
Retailers of all kinds – including fashion, home décor, novelty, children’s and more – benefit from incorporating low-cost, high margin items in their stores that appeal to price conscious customers. In fact, eight out of ten impulse buys are made at a brick and mortar stores – which means most stores benefit by having an impulsive item selling strategy. Among the ways to do this is to display bins that feature inventory for $1, $3, $5 or even $10. The key is to divide low-priced impulsive items into bins based on their value and function. An example of this would be featuring a bin designated to $2 reels of ribbon and another bin allocated to $5 bracelets. Keeping your value bin items organized is key to enticing shoppers and to strengthen sales. To further support this, use these bins as central features of your store displays.
81% of consumers making impulsive purchases at least once a month. There’s no better time than now to be among the stores that capture these dollars.
Finally, with a reported 81% of consumers making impulsive purchases at least once a month, there’s no better time than now to be among the stores that capture these dollars. Discover high-margin, impulsive inspired inventory at ASD Market Week to help your store strengthen sales – and to help your store shine in merchandising opportunities. Learn more here.
By Nicole Leinbach Reyhle of RetailMinded.com. Select images courtesy of pexels.com