With the last part of the year so inundated with holidays, you should be making the most of this retail spending boom!
Quarter four is upon us and, as you know, this is the most important quarter of the year for the retail industry. Kicking off with in the introduction of fall and Halloween, then following with Thanksgiving, Black Friday, Cyber Monday, Christmas and New Year’s Eve, the stores are sure to be flooded with shoppers over the next three months. Consumer financing and in store financing should be at the top of your list for the holiday season, but there’s several other things you could be doing to maximize revenue. Here’s a few tips to maximize your sales during this fruitful season.
Create your own in store financing program
If your customers knew that they can purchase from your retail store now and pay next year, do you think this would affect their shopping behavior? Of, course it will! Now is the time to offer in store financing as part of your overall consumer financing program. Here at Financing Your Way, we specialize in creating in-store financing options for your business. This will surely maximize your sales with little to no risk to your business. When customers are approved, you receive funding within a few days. In-store Financing is a must for your retail business during the fourth quarter.
Carry seasonal products for more upsells
Major corporations like Starbucks, change their product line up to embrace the seasonal holidays. Follow suit and offer a few seasonal themed based products to your clients. These are great upsell items so be sure to advertise and place these products them near the register.
Expand hours on your busier days
To meet the demands of increased traffic, consider staying open later on the weekends when shoppers are actively hunting for retail. You can’t maximize sales during this time if you’re closed. Major malls stay open to midnight on Black Friday and during the week of Christmas. If you are adequately staffed you should too! Also consider bringing in holiday help for the added hours.
Have a few special holiday sales
Encourage consumers to purchase items that haven’t sold throughout the year by putting them on sale. You don’t want have to have to bring these old items in the new year, especially if they have been collecting dust throughout the year. Place these items on a rack near the front of your store and advertise them at 40-50% off.
Increase prices on your best sellers
Obey the laws of pricing for high demand products. Don’t sell your short your highly demanded products. But also don’t go too high, or your customers will end up exploring your competition.