You will never, ever meet a retailer who says, “I’m making enough money now, thanks! I don’t need additional revenue!” No, every retailer in business today – no matter how big or small – always wants their store to earn more.
By tapping into the Big Four Ways of Boosting Retail Sales, stores of all sizes can do just that – they can earn more. Here’s how:
#1: An Inviting Sales Environment, Inside and Out
First impressions matter. When potential customers walk up to your store, do they see a clean, inviting storefront? Are the sidewalk and parking areas well kept; free from litter, and dirt? And when customers come in the door, are your displays well-organized and eye-catching; your counters clear and clutter-free, and your floors swept and shiny?
“A top-quality retail appearance is vitally important to drawing in and retaining customers,” said Gautam Borooah, Senior Vice President, Marketing Leader, of Payment Solutions with Synchrony. Synchrony is one of the nation’s premier consumer financial services companies, and the largest provider of private label credit cards in the United States (based on volume and receivables*). “When a store offers an inviting sales environment, customers will feel comfortable shopping there; making them more likely to buy your goods and come back for more.”
*Nilson Report (June 2017, Issue # 1112) – based on 2016 data.
#2: Friendly, Knowledgeable Employees = More Sales per Customer
Want to prove that friendly, knowledgeable salespeople help drive sales? “Just recall the last time you dealt with a surly clerk who didn’t know anything about what their store had to offer – and didn’t care,” Borooah said. “Did you buy anything more than you absolutely had to, and did you go back afterwards if you could avoid it? Chances are you didn’t.”
Clearly, customers prefer to buy from friendly staff. Employees who are knowledgeable are preferred even more, because they help customers find what they need; as well as suggesting related products that can be of use (while driving up sales).
“If you want this kind of motivated sales staff, start by hiring people with positive, respectful, and outgoing personalities,” said Borooah. Don’t worry about their retail skills: “You can always teach them the details, but you can’t teach personality,” he said. As well, look for people who have a passion for what’s being sold, Borooah added, because their enthusiasm will inspire customer confidence, product interest, and more purchases.
#3: Have a Retail Website That Works
Synchrony’s research indicates that 80% of customers start research online, 24% read online reviews before buying, and 26% research financing options before making their purchase.
Since consumers are doing this much online research before entering a store, “it makes sense to have them do it on your website rather than anywhere else,” said Gautam Borooah. “To achieve this, your website must be easy to find through internet searching, eye-catching, easy to navigate, quick to load new pages, and consistently reliable time after time.”
Effective retail websites are constantly updated to keep consumers coming back. Smart retailers also build relationships with customers via social media (Twitter, Facebook, and others); alerting them to new products and sales. “Don’t forget to mention that you offer financing,” Borooah noted. “Once customers know this, big ticket purchases that seemed out of reach are now within their grasp when it is time to buy.”
#4: Offer Convenient Payment Options, including Consumer Financing
Credit is a vital part of American life. It drives our economy and the jobs it creates – while allowing consumers to buy the products/services they need and want.
Smart retailers know that financing options are important to their customers. So too are private-label credit cards tied to the brands that consumers love and identify with.
It’s not just about increasing store traffic and sales: “In a very real sense, buying something they want using a store’s branded credit card helps create a connection with the retailer’s brand; especially if the credit card comes with promotional financing and / or other incentives,” said Borooah.
The Bottom Line
Implementing the Big Four Ways of Boosting Retail Sales can increase any store’s revenues and profits. “It’s good business,” Borooah said.
Synchrony’s success is built upon the prosperity of the retailers it supports with financing options and private-label credit cards. This is why Synchrony has created free online tools to help retailers boost their revenues.
This site helps retailers gain the skills they need to confidently offer financing and better help their customers; from processing credit applications and transactions, to using financing as a tool to increase sales.
This Synchrony white paper explains how smartphones, online sales, and modern payment systems are changing retail sales, and how retailers can master them to increase revenues while improving customer service and engagement.
This content is subject to change without notice and offered for informational use only. You are urged to consult with your individual business, financial, legal, tax and/or other advisors with respect to any information presented. Synchrony Financial and any of its affiliates (collectively, “Synchrony”) makes no representations or warranties regarding this content and accept no liability for any loss or harm arising from the use of the information provided. Your receipt of this material constitutes your acceptance of these terms and conditions. © 2018 Synchrony Financial.