By making the most of the products you have on display and where they’re positioned in the store, you can effectively sell more. Take a look at the below actions on how you can position and analyse product performance in your store.
Merchandising, Store Environment and Product Knowledge
Your Sales team members are key to gathering and sharing qualitative data and feedback on how your customers perceive your store and how your products are merchandised.
Sit them down and discuss things such as: which areas of the store do customers gravitate to most? Where are your high/low traffic areas? Where do people queue or hover? Using this information, you can re-merchandise slow-moving inventory with new displays and place them in busy areas for maximum cut-through.
The aesthetic of your store should be very specific and tailored to the content and products sold, and the type of customer you serve. Ensure each area of the store is well thought out, planned, and organized. Make sure products look and feel curated; items are not clustered or grouped too closely together; and that they have visual “breathing room.”
A well-informed sales team is essential for creating a positive sales experience and driving increased sales. Customers will always want to know about the product, such as who designed it, where it was made, and how it should be used. Ensuring your sales team knows at least three key features of your top-selling products not only develops your team’s confidence but also boosts their selling capacity.
Introduction to reports.
Managing your products
Retailers need to assess how their products are performing and understand if they have the correct tools set-up to track their store’s performance.
Using a tool such as the Vend Dashboard offers an at-a-glance summary of your store’s performance including sales history and targets, popular products, and frequently used reports. The Dashboard can also be customized for single or multiple outlets.
Key reports in Vend that are beneficial to look at are:
- Reviewing historical product trends by product category, type, or style to assess product performance and assist in future purchasing decisions.
- Reviewing products by subcategory to view trends on a specific item/product performance.
- Sales reports by time of year for seasonal items to determine which season-specific items should be purchased and when to place the order.
- A listing of your store’s top 10 products; these items drive the bulk of business so it is important to monitor what comprises your store’s best movers to ensure your stock is managed efficiently.
- Sales reports by supplier; how fast is inventory moving, what are the best selling items, and what are the trends in type, style, etc?
Sales and markdowns
Running accurate and frequent reports on your store’s performance allows you to know which items are slow-moving, and assists you in making future product purchases. Inventory that is well-controlled means that there is less overstock to move, and less being “sat on.”
First, try remerchandising products that are low sellers. Choose the right places to move and re-merchandise products based on where customers spend the most time in your store. Then, analyze the product’s performance to make more informed stock and display decisions, which items to markdown, put on sale, clearance out, and restock.