Looking to increase sales in your fashion retail store? The retail industry can be very competitive, so you need to find something that makes you stand out from the crowd.
How can you provide more value to your customers? The answer is: by relying on technology. According to the National Retail Federation, more than 65% of customers say that shopping technologies and innovations improved their experience, In addition, 3 out of 5 consumers say that retail’s investment in technology is improving their experience both online and in-store.
In this article, we’re discussing how retail companies can use technology to increase sales and overall store performance.
1. Use Management Software
Software is one of the most important tools that every business needs to have. The fashion and apparel industry is quite complex, so the right software can provide significant support for your business.
There are different solutions that can manage different aspects of your retail business. When you have all of the information and tools in a single place, your retail business will be more organized, streamlined, and will use fewer resources.
All-in-one platforms such as ApparelMagic and Stitch Labs contain a variety of what you need to run your fashion retail business. Here’s a great resource that will help you learn more about the features of these software solutions and how they can help you drive your business towards success.
2. Provide a Personalized Experience
In today’s digital age when customers have more options than ever before, personalization is what will help you separate yourself from the crowd. In fact, 75% of buyers say they prefer to buy from brands that personalize the shopping experience.
By personalizing your customer experience, you provide your customers with value that is relevant to them and their specific needs.
Personalize your customer experience by providing offers and marketing messages specifically designed for each customer. Track your customers’ prior orders and purchases to learn about their preferences and target them with ads specific to the types of products they usually shop for.
3. Establish a Loyalty Program
Customer retention should be a top priority for any retail business. Take a look at these numbers:
- Your existing customers are 50% more likely to try new products you offer and to spend about 30% more money than new customers.
- The likelihood of selling your products to existing customers is between 60 and 70%, while the likelihood of selling to new customers is no more than 20%.
- Getting your customer retention rate increased by 5% can increase your profits by up to 95%!
If you want to boost your sales, you’ll need to convert every first-time sale into repeat business. The best way to gain loyal customers is by establishing a loyalty program.
Offering rewards, discounts, and special offers to loyal customers is a great way to stimulate repeat business. Such programs come in various styles, but they all have one common goal: keep customers coming back.
4. Know Your Competition
Tracking your customers isn’t enough – you also need to keep an eye on your competitors, especially those that are doing better than you!
Analyze your competitors’ tactics and figure out how you can use similar strategies in order to increase sales. See where they place their ads, how they craft their social media posts, how their store is structured, etc.
Even if your business is doing better, you still need to watch your competition because you wouldn’t want to wake up one day and find that their store has boomed and your business is falling behind.
5. Start Advertising
If people have no idea that your business exists, how can you expect them to buy from you? By advertising, you’re spreading the word about your business and creating a buzz.
Ideally, you should try to advertise both offline and online but, depending on the business, only one of these locations may be practical for you.
Whichever option you choose, it’s important to measure the success of your advertising strategy. You can achieve this by simply asking customers how they found out about your retail business or what ads they have seen. Use the insights to identify the best channels to advertise and how to craft the messages in order to attract more customers.
6. Build Email Lists
Email is still one of the most efficient channels when it comes to sending out marketing messages and special orders with an aim to re-engage customers. According to MailChimp, the average email open rate for all industries is 21.33% and the average click rate is 2.62%
People like emails because they can open them whenever it’s convenient, making email marketing less disruptive and invasive.
The most difficult task is getting customers to sign up for your email list. Here are a few things you can do:
- Make your CTA obvious
- Simplify your sign-up form
- Use popup forms for signup
- Offer an incentive like an ebook or white paper.
Figuring out how to increase retail sales is not an easy task. Hopefully, these 6 tips will help you get on the right track.
Of course, there is a lot to do and it can be overwhelming but it’s important to realize that you don’t have to implement all these ideas at once. Begin with the tactics that you’re already using and see if they can be enhanced. Then, you can start introducing some of the ideas on this list and take it slow.