Generating enough sales at the end of the month to have enough money in the till is the goal of every retailer. But increasing sales is more difficult than ever these days. Due to shutdowns in the wake of the coronavirus crisis, the growth of online retailing and concentration in competition, not to mention critical and extremely price-conscious customers, it is difficult to increase sales. We reveal helpful tips on how to take advantage of all opportunities and achieve higher margins.

1. adapt product range / product range design

Product range design is an important aspect of achieving more profit and higher margins. You should ensure that you generate sufficient profit with your products. To do this, it is important to have an overview of individual and fixed costs in order to calculate prices optimally. When selecting products, the rotation of a product and the absolute level of the margin are decisive for an increase in turnover. The broader the product range, the more likely it is that customers will buy from you. Complementary products that supplement other products in the range can also ensure this. You should also keep an eye on current trends and competitors’ products.

If you would like to find out more about product range design, our article “Product range design in retail” can help you.

2. additional sales through cross-selling

Increasing per capita sales per customer is another way of boosting retail sales. This can be achieved through additional sales, among other things. These include, for example, complementary products, as already mentioned in the product range design. To generate additional purchases, you can train your staff so that your customers are made aware of suitable products. It is also a good idea to group products together and put together product packages for suitable occasions. Attractive offers can also generate more sales. “Products of the day, products of the week, products of the month”, for example, are ideal for this, as they draw the customer’s attention.

You can also find more information on cross-selling in our article “E-commerce marketing: 9 helpful strategies“

3. place advertising

Attractive window displays, advertising stands, flyers or posters will arouse the curiosity of potential customers for your product range. In addition to local advertising placed offline, social media offers a wide reach for attracting interested customers. Depending on the target group and advertising strategy, various platforms such as Facebook, TikTok, Instagram or LinkedIn can be used for this. Here you can achieve a great effect at low cost, increase your brand awareness and inform your community about new products and promotions. You can also create a Google Business profile or place paid advertisements on Google or on social media.

4. sales promotions

Discounts attract the most customers. You can boost your sales with discount and special promotions. However, it is important to carefully calculate the promotions in advance so that not only sales increase, but also profits. You should ask yourself questions such as:

• How much higher must the number of products sold be to compensate for a smaller margin?
• What goals do I want to pursue with the sales campaign? Do I want to sell old goods, increase customer loyalty or raise awareness?

For sales promotions, you can use certain anniversaries to run creative and profitable promotions to increase sales.

5. train staff

Convincing customers to make a purchase, steering them in the direction of a sale and marketing additional products are the desired skills of a good salesperson. Many salespeople are afraid of pushing customers to make a purchase. However, this results in the customer leaving the store without a product, possibly looking at the competition or buying the product online and thus missing out on the sale. Train your staff accordingly so that they are passionate about your offer and sales talks and consultations are positive and authentic, but do not come across as pushy. The selection of staff is crucial, as they are the figurehead of a business. You can also train your staff directly on the subject of cross-selling or upselling. Only in bricks-and-mortar retail can personal advice for customers be implemented effectively and easily to increase customer satisfaction and sales at the same time.

Measures to increase retail sales

In addition to the tips mentioned so far, there are many other aspects that you can consider in order to increase sales and generate more profit.
Try to increase your brand awareness and reach many new customers who are enthusiastic about your products.
Adjusting or increasing prices is also a way to generate more sales. Here it makes sense to orientate yourself towards your competitors. Do not assume that higher prices will result in fewer products being sold. This is because very low prices are often associated with lower quality. However, you should communicate and justify your price increase in the best possible way, for example by offering new services or improving products.
In this way, you can already achieve a change through many small adjustments and position yourself in the best possible way.