Customers are exposed to over 10,000 advertising messages a day. In such an environment where the competition is so intense, how can small retailers compete? How can you increase customer spending and expand sales, while competing with other retailers? Through judicious use of retail EPOS systems, brick and mortar stores can drive up sales without spending too much on advertising or inundating customers with messages.
Small retailers cannot drive up customer spending without first knowing what their customers want. Small retailers should have detailed customer profiles to know who is buying from them, what they are buying, why they are buying and what they want in the future. Hence, to drive up sales, you need to create detailed customer profiles.
Retail EPOS systems allow you to build sophisticated customer profiles. EPOS systems collect data on purchases, stock inventory, and sales volume, and generate reports using data analytics capabilities. This information forms the bedrock of your customer profiles, which makes it easier to become familiar with your customer’s wants. Building familiarity customers allow you to discern what is popular with whom.
Knowing your customers through EPOS-generated reports has another sub-benefit: The efficient use of resources. Small retailers cannot afford to waste money on stock no one is going to buy. You can use the reports to see what is selling with customers and order accordingly.
Cross-selling is the process of selling a different product to a customer, usually something that complements what they have already purchased. Amazon uses this tactic too – for example, when you scroll down a product page, you will see a section titled, “People who bought this also bought…” just above the display of complementary products. Your business could benefit from this practice too.
Cross-selling is used to increase customer spending and demonstrates the scope of the product/service offering. Cross-selling will also encourage loyalty to a retailer. In a study done in 2016, 75% customers said they bought from the same retailer. The reason? By using customisation, through cross-selling, the retailer demonstrated they could cater to the individual needs of each customer, which prompted them to come back for repeat purchases.
You can conveniently engage in cross-selling with the right EPOS systems. Using the information collected, you can look at what customers have bought. You can observe trends, predict what they are likely to buy and develop a plan to cross-sell. You can send them an email to inform them about the latest offerings.
Cashiers can also pull up their purchasing history when they are at the checkout kiosk and offer them complementary products. You can even have display signs on certain shelves advertising discounts on complementary products. Cross-selling opportunities are endless with retail EPOS systems.
Visual merchandising refers to how the store is arranged to encourage people to walk in and buy products from you. You can use EPOS systems to improve product placement and boost customer spending. Most EPOS systems, like eposEX, come with a camera integration feature. Cameras are placed in strategic areas of the retail store to monitor movement in and out of the store. However, camera integration can also be used to study the flow of foot traffic across the retail store and place products appropriately.
You can discover ways to sell products that are not hot-sellers or make sure your most popular brands are flying off the shelf. You can even experiment with the shelf arrangement to see if you can boost customer spending. According to a study, done by Retail Dive, the number one reason shoppers visit stores is to touch and examine products for themselves. Therefore, look for ways to boost sales through visual merchandising.
Retail EPOS systems provide many opportunities for small retailers to boost customer spending. From creating detailed customer profiles to expanding cross-selling, owners of small retail stores have plenty of opportunities to boost sales volume, without increasing advertising costs. Brick and mortar stores may not be able to spend millions on advertising, but they can still enjoy high sales volume, if they understand their customers and develop ways to cater to their every need, using EPOS systems.
If you are interested in using retail EPOS systems to boost customer spending, then have a look at the EPOS system from eposEX. The system comes with data analytics tools, email marketing, camera integration and so much more.