In this article, Catherine Erdly highlights the four most pivotal strategies your company can implement in order to attract customers, grow sales and boost your business post-pandemic.
The last year or so has proved a huge challenge for retail and not least for bridal retail. With so many weddings cancelled and postponed due to COVID-19 restrictions, it’s been particularly hard for independent businesses navigating the new sphere and serving this area of retail.
The good news is that retail continually adapts to a changing shopping world. As restrictions begin to lift and larger weddings are within sight, bridal wear retailers should turn their attention to growing sales.
There are 4 key ways to grow sales - execute these well and results shall follow.
To increase sales, you need to attract more potential customers to come to you. More traffic to your website, more followers on your social media platforms, more email sign ups and ultimately more visits to your shop - on or offline.
You need a flow of fresh customers coming into a business at all times—though getting more people to come is not easy and can often be expensive.
However, there are lots of ways you can drive more people to your business! Get your name out there whether through PR campaigns, effective search optimisation or organising a collaboration with another business to get in front of their audience too.
The second way to grow your sales is to get more of the people who are coming to actually buy. In other words, increasing your conversion rate.
If you had 100 people visit your website and two of them made a purchase, that’s a conversion rate of 2% (the average for online shops).
For context, 30-50% is typical for a physical retail space. So if you have 100 people come into your shop, you would expect that between 30-50 of them would buy.
Aim for the average, and keep boosting that conversion rate!
There are lots of ways to improve conversation rates and it falls into two main categories.
1 - Is there enough information for the customer to easily see in order to make their purchase? It’s always a good idea to review your online shop user journey and/or your customer experience in your shop.
2 - People won’t convert to customers if you’re not selling what they want or your stock is not ’fresh’.
Reflect on who your customer is. Trial new products. Review your offering to ensure it meets the needs and wants of your customer - especially your loyal tribe.
Take a look at your average transaction value, or your units per transaction, or the average selling price of the product that you’re selling. If you can increase any, or preferably all, of these then you will grow your sales. If you have the same number of people coming to your shop, converting to purchasers at the same rate but spending 10% more, your sales will grow by 10% at no additional cost to you.
There are lots of tactics to do this. You can bundle products together, or come up with other ways to encourage multiple purchases.
However, offering great customer service should always come top. The personal touch that independent businesses can offer will set you apart and grow your sales.
The final way to grow your sales is to get your customers to refer you, to come back with a friend or family member for their shopping needs. Make your business the go-to buying option for your customer’s network.
Are you incentivising referrals? Are you coming up with some way of building loyalty into your business?
Concentrating on all four of these ways of growing sales will help you keep moving forward, and make the most of our move out of lockdown!