The retail world has undergone a significant transformation. It is becoming increasingly competitive for retail shops to find ways to give better offers to customers. E-commerce is a more thriving space today. Consumer surveys have revealed what customers really want from retailers and consumer experience from retail shops is the main area to be focused upon. Some key takeaways from these tips shared here can help retailers grow in the long run.
Tips For Better Offers To Give To Customers For Retail Shops
People pay for the experience
Whether customers themselves realise it or not, one of the main reasons some continue visiting brick-and-mortar stores is for the experience of it. While e-commerce has its advantages, it can never replace the true feel of shopping from retail shops. Customer service makes for a better offer for customers and adds to their experience of shopping. Skilled employees can empower their customers to make better choices.
The good old scheme of loyalty programs
Loyalty programs are one of the most popular ways of engaging new customers and building a better customer base while offering them a good experience. The majority of the people do not mind enrolling for loyalty programs. Following up on them with special discounts, early access to sales, point-based reward systems etc. are some of the most common offers that most customers enjoy using. It helps customers get the feel of an exclusive treatment encouraging new members to join and make them likely to shop again from the same retail shop. Customer data retrieved from loyalty programs also serve as a valuable database to analyse their shopping trends and preferences. Based on this, tailored recommendations can be made, thereby boosting sales in the long run.
The convenience of online presence
While retail shops have their advantages, customer experiences are made better with an online presence. Shoppers today will always want the convenience of being able to check a product online. Adding an e-commerce space with your retail shop will serve as an extension of the store.
Are you selling something exclusive?
Offers to customers are not limited to discounts and rewards alone. Think about what sets your products apart from the rest of the stores. What are the experiences that make you different? Selling exclusive products help build a brand value even with a retail store.
Clearance of stocks
When attempting to sell exclusive products, it is important to also update your inventory regularly. Clearing of old stocks helps clear up blocked finances. Clearance sales are also one of the most lucrative offers that customers find, especially at retail shops. These discounts are comparatively less damaging to your discount sales. So while you clear out your old stock, a fresh stock of new seasonal items are likely to catch their eye as well.
An option to sell out more products from your retail shop is by giving bundled offers to customers. Such offers are lucrative to customers because they are able to see greater gains with larger purchases. It decreases the cost per product for the customer. Bundling up products that otherwise aren’t selling well with commonly sold products usually works as a good combination. They also work well for the same product in larger numbers. People see the overall cost-benefit and a major chunk of products can be sold out by the retailer easily. Bundled offers are particularly popular in grocery and FMCG product sections.
Also Read: Best Practice For Mobile Shops
Store financing options
People with cash crunch or without credit cards might face issues while instantly paying for costly retail products. Like e-commerce, if retailers offer break payments that can be split up into smaller chunks, customers have the satisfaction of having the product in their hands right away and be able to afford it by paying for it over a longer period of time. Installment payment options for the younger generation, even for products as simple as clothing, is an attractive offer. Many surveys have also revealed that such financing options have helped customers in purchasing more expensive items which they would otherwise be unable to buy.
Discount pricing schemes are risky
Offers for customers may not always be in monetary terms and need not be at the cost of slashing profits. This is a mistake many retail shops do while expecting better returns in the long run. However, such strategies don’t always turn out to be successful. Discounts may temporarily attract some new customers. Many loyal customers will continue buying products from some retail stores. Discounted pricing may benefit customers but cause retailers to lose out on a better profit margin.
Customized schemes and financial offers have made Indifi a preferred choice for many retailers that help them focus on their business goals. It serves as an effective platform connecting newer businesses to financial organizations making loan approval hassle-free. Rest assured that with Indifi, you can float your business in no time and with ease.