Retailers are continuously innovating their sales strategies to generate higher revenue. The way stores sell products is persistently changing. Failing to keep up with the latest sales tactics can negatively impact store potential. So selling products the traditional way have a good chance of stagnating retail prospects.
Leading retail stores take great efforts to go beyond traditional product sales. That’s what sets them apart from mediocre retail establishments. Figuring out novel ways of satisfying customer demands translates to a boost in overall store performance and sales.
In this article, we go over five tips that help go beyond traditional product sales. A powerful tool that helps maximize profits with the tips we discuss in this article is a Point of Sale software solution. Let’s get started.
What is traditional product selling?
Many stores have adopted creative ways of selling products, but many of them lag behind in this regard. Retail businesses that only acquire items, stack them up on shelves, and hope for customers don’t perform too well. Running and succeeding as a retail store involves more than merely existing. It is also known as traditional product sales.
To beat the competition and raise store profits, retailers need to break away from the traditional approach. By tapping into groundbreaking sales techniques, stores can witness more customer footfalls.
How to go beyond traditional product sales
Here are five ways that will help you effectively break the monotony of traditional retail selling. They lead to more customer footfalls, higher customer retention, and finally, improved profits. These tactics slay the competition and enable you to fare better than your rivals. Let’s look at what they are.
Customers are constantly looking for stores that can provide them with the best value. Your store can offer that instead of the usual sale of products at their MRP prices. By creating promotions, customers will go out of their way to choose your retail business over others. Discounting the prices off of popular products and offering combo offers are effective promotion strategies.
Open pop-up stores
Establishing your brand in geographical locations besides where your store is, improves sales. You can achieve this by opening up pop-up stores. They allow you to sell a wide range of products in temporary spaces without long-term leasing expenses. And with a mobile POS system, you can manage all store operations right from inventory management to billing on your smartphone device.
Sell environment-friendly products
Consumers are becoming increasingly aware of the detrimental impact certain products have on the environment. Consequently, they prefer green, eco-friendly products at present. Your store can align with this development by prioritizing the sale of sustainable goods. Reselling items as second-hand goods also help establish your store as environment-friendly.
Offer goods for rent
The market for rentals is booming. Renting products is far easier on the pockets of customers than purchasing them. There is a wide range of goods your store can rent out to patrons. They can range from clothes, bicycles to furniture and more. The cost-effectiveness of renting goods keeps customers returning to your store to try out different items. Tracking rentals is easy when you use a POS billing software solution.
Due to the pandemic, customers are choosing to shop online to minimize exposure to the novel coronavirus. Besides that, shopping online has its advantages over purchasing items at a brick-and-mortar store. If you run just a physical store, implementing eCommerce into your retail business is highly recommended. As a result, your sales can shoot up significantly.
Why you need a POS system
Technology is enabling organizations across several industry domains to perform more efficiently, with accuracy, and speed. In the retail segment, POS systems are the technology store owners are rapidly investing in. Because it provides holistic, easy controls over retail operations from a single software application. A POS system is a critical retail management tool that significantly boosts the prospects of your store with its versatile functionalities.
Spreadsheet software or paper-based tools have numerous limitations. To mention one of the many shortcomings, they do not provide real-time visibility. Such tools are cumbersome to use and maintain. Besides, they are not designed specifically for retail management. On the contrary, Point of Sale software applications are dedicated to streamlining and improving store activities. By purchasing one you gain control of inventory, accounts, customers, employees, and more with just a few clicks of a button.
POS systems pack a plethora of features for facilitating seamless store management. In addition to that, they can integrate with a number of devices for added capabilities. For example, the software solutions can link up with barcode scanners for instant billing. They can connect with Bluetooth printers for wireless invoice printing, and more.
Purchasing a POS solution is a long-term investment. So when you buy one, it is critical to make sure that you choose the right software. Key characteristics that ensure it is reliable and will last a long time include cloud compatibility, regular updates, multiple payment modes, mobile-friendly, and top-notch security.
Advantages of using a POS billing software application include:
- Effective inventory management
- Seamlessly monitoring of employee activities
- Higher customer satisfaction
- Faster billing
- Business insights
- Reduction in expenses
Is the POS system profitable?
POS system is an additional investment. Retailers may argue that it is an optional purchase, especially for small-scale retail stores. That said, stores can operate without a POS. The downside is that those establishments cannot compete with stores that make use of the retail management software. Are you wondering if purchasing a POS is worth the money, if it will improve your business? We answer that in detail.
Point of Sale applications have a sizable price tag to them. The cost varies depending on the version of the software. Lite or basic versions are less expensive than advanced or enterprise versions. And different versions of the software have and don’t have certain retail management features. By carefully researching what POS is best suited for your retail business, the profits you generate using the application will exceed the initial purchase cost in no time.
In addition to allowing you to go beyond traditional product sales, there are other ways in which POS systems increase store revenue. The inventory management module in them prevents you from buying redundant inventory. That is items that barely sell or don’t sell at all. The seamless billing functionalities promote faster checkout time for customers. And the reports feature helps optimize store activities for higher customer satisfaction. All of these collectively boost profits.
Most Point of Sale software systems, especially the cloud-based ones, are flexible. Meaning you can upgrade the software at the click of a button at any time. These retail management applications are also highly customizable, allowing you to tailor them to your specific retail needs. So if you’re looking to enhance store profits and expand your business, then a POS application is the aptest solution.
Are you ready to take your store to the next level? Going beyond traditional sales unlocks a plethora of opportunities to raise the earning potential of your retail business. The most effective way to ensure they are successful is to use a POS software system.
We recommend purchasing our highly acclaimed POS solution called SmartPOS. It streamlines retail management by giving you complete control over all store activities from a single software application.
SmartPOS is cloud-enabled, fast, powerful, and secure. We offer exceptional, responsive support at all times. Embrace better operational efficiency in your store. Reach out to us to book a live demo of SmartPOS today.