10 Tips to add that extra bling to the festive season sales and profits

Add that extra bling to the festive season sales and profits

There is a lot retailers can do to bank more sales and boost profits during the festive season.

The key is to be proactively prepared.

Why Omni-channel is necessary?1. Have enough product on hand

Plan for sufficient buffer stock to meet the targeted sales volume for the season.

Keep the warehouse inventory handy and the display amply stocked so customers have feel spoilt for choice.

Why Omni-channel is necessary?2. Focus on cross-selling and upselling

Identify which potential products can be coupled for sales to add value to a sale (cross-selling) and products that have big-ticket or upgraded models that can be suggested for customers to consider (upselling).

Slow-moving items can be offered as complementary products or repackaged as a special buy in combination with best-sellers to get the slow movers out the door.

Why Omni-channel is necessary?3. Stand apart from the competition

Highlight the most distinctive features of the mainstream merchandise with the right communication or offer some new and unique products that cannot be found elsewhere, to attract the attention of curious customers looking for the latest in the season.

Why Omni-channel is necessary?4. Deck the stores to a “happy place” to encourage sales

Set the festive ambience at the stores with the right paraphernalia to match the season – merchandise displays, lighting, colours, music and such other means to delight customers.

Why Omni-channel is necessary?5. Collect all the customer data you can

The festive season will bring in new customers.

Capture every customer’s data.

Track and analyze their buying behavior and preferences to spot which products are trending up and which are getting eluded to be able to personalize offerings and boost loyalty.

Why Omni-channel is necessary?6. Know your customer

Know what customers are really looking for in terms of shopping experience in the festive season.

Take the time and effort to ask questions and receive actionable feedback from all channels.

Understand the demographics of the region and choose your product offerings accordingly.

Why Omni-channel is necessary?7. Keep product knowledge a priority

Make sure in-store salespeople know the product features and benefits thoroughly.

Store staff should be well versed with the technology at the counters to be able to service customers faster.

Ensure product features and USPs are clearly highlighted for easy reference.

Why Omni-channel is necessary?8. Improve customer service

Focus on customer centricity by understanding customers better and then servicing them accordingly.

Employ technologies to enhance customer service particularly during peak business periods and to ensure safe transactions.

Enhanced customer experience can help induce repeat purchases.

Why Omni-channel is necessary?9. Plan for the last-minute frenzy

Employ the right skills and technologies to handle in-store as well as online traffic on the e-commerce website.

Keep the supply chain engine running through the season to ensure sufficient stock is always handy through careful planning and allocation of stocks across all retail touch points.

Why Omni-channel is necessary?10. Manage finances to last the season

Plan the pre-season stock allocation and in-season procurement of inventory to last through the entire festive shopping season, which is starting earlier and lasting longer each year.

This makes it crucial to handle budgets accordingly.

Every year, 50,000 retail associates use ETP to serve 150,000,000 consumers, selling

USD 5,000,000,000 of merchandise. More than 300 brands in over 20 countries,

across 10 time-zones, in 200 cities, at 25,000+ stores, in 5 languages run on ETP.

Australia, Bahrain, China, Egypt, Hong Kong & Macau, India, Indonesia, Iraq, Jordan, Kingdom of Saudi Arabia, Kuwait, Malaysia, Oman, Qatar, Singapore, Thailand, The Philippines, Tunisia, U.A.E., Uzbekistan, Vietnam and Yemen

www.etpgroup.com