You arrive at your store on a Saturday morning and are greeted by a handful of waiting customers. Store traffic picks up around your store quickly on this day, and the air is filled with excitement as your staff, customers, and you are all rushing from place to place. Eating lunch today is a marathon, as you don’t want to miss a single moment. But when the day ends, and you tally the sales for the day, the final numbers look far too light for the volume of traffic your store had. What gives?
Too often, retail shop owners go through this scenario. A steady stream of customers walks through the door, only to leave empty-handed. Nobody appears to look disappointed, but yet promotional and sale items sit on shelves in bins, fondled but not sold. Is it the products you are selling, or are your staff just not good at closing? How can you reverse this, and maximize the sales conversions in your store?
Translating foot traffic into sales is a vital element of achieving long-term success. Building a strong business model that retains the customer’s attention and draws them to your registers is an achievable goal, but only with the right support infrastructure in place. You need to have the right tools in place to understand what motivates your customers to make their purchasing decisions. These tools will be a necessity when trying to understand the three key factors that lead to higher conversion rates.
Understand What Initially Draws Customers Through your Doors
For many small retailers, getting customers through the doors is a challenge from day one. But even when your store traffic is up, there is still important work to be done on your part. Closing the gap between visitors and sales requires you to understand what brought your customers into your store in the first place. In other words, what is it about your presence and brand that draws attention from consumers when they feel like hitting the stores?
The short answer to this question is data. You acquire it, and you must have the ability to harness the power of the information you acquire daily. Another must-have ability is to be able to sort and analyze this information in easy to read reports. Taking this to the next level is best accomplished by implementing a cutting-edge set of point of sale tools. Here is an example of what the perfect data mining scenario looks like for a small retailer.
Our example client reviewed a variety of business tools and opted for an all-inclusive POS solution. This enabled the owner to easily translate data from all areas of the business into one, easy to manage data repository. Reports could then be customized and generated easily from the convenience of a smartphone app. This allowed the owner to monitor customer traffic patterns, sales, and staff production, in near real-time.
The store owner in this example was able to mine customer information from sales transactions and customer information that can be gathered through event sign-ups or promotional loyalty programs. The later forms of data, while seemingly tricky to obtain, can be done so by taking advantage of the mobility options that a top-notch POS platform can offer to you. In addition to setting you ahead of the competition, it gives your sales staff the power to thoughtfully engage any customer that strolls through the doors.
Build up Customer Relationships Using Empowered Staff
Part of the sales process will be highly dependent on how well you and your staff are at closing. Turning what appears to be a fairly average customer-store interaction into one that is stimulating can create a level of trust between a consumer and your store. Additionally, what appears to be idle chit-chat can quickly evolve into a pointed discussion, resulting not only in the customer purchasing items they were looking for but also generating sales due to impulse buys.
A great way that an innovative POS solution can aid in this process is through the use of a provided app, installed on a smartphone or tablet. We have found that tablets provide the greatest impact, especially iPad-based tablets, due to their portability, ease of visibility and use, and the simple cool factor that can boost your reputation. And, the power that your staff can hold in their hand gives them, and your store, definite advantages in improving your retail conversion rate.
Staff can roam the aisles and product display cases and have quick access to assist customers in performing product lookups or comparisons. They can also use their mPOS tablets to order on-demand sizes, colors, or varieties of items you do not typically carry. The use of POS tablets gives you the option to process payments right there in the aisle, removing any anxieties about long lines or a lengthy checkout process.
Line up Inventory and Product Placement to Match Consumer Expectations
The blend of customer interactions, sales data, and customer traffic trends will present you with a clear picture of the overall attractiveness of the products you carry. The concise data monitoring that comes with a highly capable POS solution presents you with near real-time product performance metrics. This provides you with the opportunity to quickly change orders in accordance with the evolving tastes of the customer.
Inventory information can also be utilized to deepen customer relationships and boost your sales conversion rates. In-depth sales information can be matched with customer information for the creation of highly personalized sales and promotional events. Also, the data you acquire from throughout your store can be utilized to accurately identify new trends, giving you a leg up thanks to your newfound advanced predictive ordering.
Partner with an Expert to Improve Retail Conversion in your Store
The complexities that the data-driven retail world must overcome requires that you have the best cutting-edge technology as a foundational element of your business. While business tools are extremely helpful, only the tools that seamlessly work together can give you the ideal solution you need. These give you a competitive edge through next-gen data analytics and give you the missing pieces you need to improve your retail conversions.
Taking on these complexities head-on requires a high level of not only technical knowledge but of experience blending technology into small retail operations. The level of expertise you need will be readily available with the right partner working with you. While at your side, they will take great care in understanding how your business works so that the solution that is implemented builds a solid path for future growth.
When you partner with talech for your retail technology needs, we devote our time to identify your business challenges and work with you to apply a scalable technical solution that drives your business goals forward. Our goal is to leave you feeling confident that our feature-rich platform makes you a trendsetter. Reach out to us today to sign up for a demo and to learn more about how talech can be your valued POS partner.