The Indian retail industry accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment. India is the world’s fifth-largest global destination in the retail space.
India’s retail market is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, driven by income growth, urbanisation and attitudinal shifts. While the overall retail market is expected to grow at 12 per cent per annum, modern trade would expand twice as fast at 20 per cent per annum and traditional trade at 10 per cent.
India’s Business to Business (B2B) e-commerce market is expected to reach US$ 700 billion by 2020. Online retail is expected to be at par with the physical stores in the next five years.
The Indian fashion accessories segment, the market was worth around US$ 3 billion in 2013 and is expected to grow at a CAGR of 12 percent touching US$ 6 billion by 2019.
Here are a few points to boost sales in retail store:
Advertisements can do wonders to the sales. It works as a constant reminder to the customers about things that they want to buy or about upcoming offers.
Hire a good advertising team to make appealing posters for newspapers, good video or audio commercials for radios and websites.
These days in every website there are zillion pop up ads offering discounts or just running a video commercial. It can be very helpful.
Moreover big banners in the cities or hoardings too help in boosting the sales.
Innovative ads on newspapers or television or radios, specifying the common dilemma attract customers to the stores, for example the season based products, and umbrella, raincoats, plastic covers, soups, soup bowls, coffee mugs and all that can be associated with rains and emotions of customers.
2. Examine Strategies:
Try and brain storm more strategies that can work for boosting the sales. Experiment all the strategies even if for short duration, this is a great way to keep the team motivated and opening options for customers.
Also keep in mind that too many options might back fire you. Thus keep the strategy experimentation limited to certain sections. Thus you can allot the teams and see which strategy worked well.
Never ever offer more than you can provide or supply, too many flavors often confuse the customer and as a result you might either end up selling nothing at all or disappointing customers by not keeping up to their expectations.
3. Create Offer Seasons:
As the season ends, there is plenty of offers come rushing along the ways for the customers. Thus create your own offer season, where you offer discounts or combos.
It will also avoid clashes with other companies or stores, resulting in giving your sales a solid push. Before declaring the offer or combos, be well equipped with staffs to handle billing counters and to help customers along the aisle.
Also keep the store stuffed with enough items to meet the needs of customers. Keep a good rapport with the suppliers.
Business is a mutual thing, where the supplier is dependent on the store and the store is dependent upon customers and vice versa. To keep everybody pleased and business running with profits need little hard work and exercise of brain.