Boosting the Profit of Your Retail Store

In the world of retail industry, retaining and acquiring customers is one aspect of growing, businesses also follow numerous strategies to increase their revenue. 

Let’s find out what popular retail outlets are doing to give a boost to their sales:

Tag Exclusive Products

Some retail outlets limit the sale of certain products by not tagging products as “2 products per patron”. This works in reverse psychology for customers and makes them believe that they will probably not find this product in future. This marketing strategy increases the average purchase of a customer leading to increase in the sales. 

Run Standard Sales Every Now & Then

Businesses follow standard promotions because it always falls in their favor. For instance: when you offer customer a “Buy 1 Get 1” promotion, most customers do fall for it and end up spending more money they thought they would. 

You can use a Web Based Loyalty Solution to send offers and push notifications to customers.

Offer Reduced Prices on Few Products

Putting some products on reduced prices is good way of grabbing customers attention. You can offer more discounts on these products than all other products in the store. You can achieve two things through this strategy. The products that went unnoticed by the customers at the time of the launch can be out in limelight during the sales period. Additionally, most of these products are old and are no longer in demand by the customers. 

Create Urgency in Your Patrons

Customers will feel panicked if you lead them to believe that the promotional period is active only for two days. Additionally, you can also instantly motivate your customers to engage in the sale period by launching an add that says “limited products left”. Your customers will certainly feel panicked products that are limited. 

Invest in A Web Based Loyalty Solution

Investing in loyalty software for your retail outlet serves as a great tool for marketing strategies. Good loyalty programs help retailers customize their loyalty programs as per the requirements. 

You can send push notifications, emails and text messages to customers to engage more customers during the sales period. 

Loyera is one of the best loyalty solutions that is helping businesses boost their sales, retain customers and acquire new customers as well. 




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