Travel Retail Knowledge volume 1 : Growing Retail Sales In A Challenging Market

Frankfurt Airport: Digitalization of Airports & Travel Retail
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There should be a welcoming atmosphere that invites people in and encourages your staff to interact with potential customers. Going forward, remember this: Happy employees equal happy customers equals an increase in retail sales. So how do you produce happy employees? The best way to ensure that your employees love coming to work is to understand their personal goals.

The primary responsibility of a successful manager is to help their employees achieve their professional objectives. To unlock the highest potential of your employees, show that you care about them and that you genuinely want to help them realize their goals. By creating the proper alignment, you will have happy, motivated employees who will reward you with hard work and who will be excited to take care of your customers.

Why is this so important? Well, who would you rather buy something from? Someone that hates their job and is miserable or someone that loves their job and has a smile on their face? Ultimately, your employees are responsible for creating the in-store experience for your customers. If they love what they do, it will reflect in their demeanor and the level of customer service they provide, ensuring the highest possible lifetime revenue per customer.

You want — no need — to have everyone on the same page and know what to expect from each other. Outline their roles and responsibilities and walk them through every step. Each employee should have a high-level orientation as well as at least one training that is more specific to their role. If in doubt, spell it out. Define the most common customer types, questions, conflicts, and issues that they will face each day. Then, role-play different scenarios.

Give feedback and repeat as necessary until you feel that your staff has an adequate grasp on how to properly represent your business.

Meetings and touching base with employees are important not just for CEOs but also small business merchants. Each employee should be laser-focused on doing their job better each day than they did the last. Lastly, sales train and role-play with your customer-facing staff on a regular basis. Each time that you receive a new product, sign on with a distributor or switch up your pricing strategy, you need to train your staff on how to communicate this to your customers.

Customer communication is key to creating a great experience and is integral to learning how to increase sales in retail. Now, have you ever been to an Apple Store? In addition to the beautiful store design and layout of Apple, they have friendly smiling staff who greet you immediately. This is crucial.

Each person comes into your store for a reason, and each person could potentially purchase something and support your business, so smile and greet them. Ask them if they are visiting your store for a specific reason or if they just came into browse.

An Industry Stuck in Analog

But, regardless of their intentions, each customer should be treated the same, because every person who walks through your doors could turn into a loyal customer. Remember, each interaction is an opportunity for you to serve your customers, nurture a relationship, and make a sale.

The key is to test new greetings and new opening lines when welcoming customers. Find out what works for your store and constantly iterate based on sales data and customer feedback.

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Value Before Price The number one factor to increasing sales in retail is explaining the value of your offering before the price is revealed. We understand that this is difficult to do when prices are displayed all over your store. How many times do you ask the price of a restaurant special before ordering? Many times you simply order the special because it sounds delicious. Well, it sounded delicious and therefore the value was communicated to you immediately.

The first step is to train your staff to be able to communicate to any potential customer why paying a certain amount for an item in your store is indeed a smart move. But before they can do that, your employees themselves need to understand the value of the products your business sells. This all comes back to proper training and making sure your staff is familiar with the brand and mission of your business. To keep your staff on their toes, we recommend role playing. Take 15 minutes before each shift and run through hypothetical buying situations with your employees, having them pitch you on exactly why a certain product is worth your investment.

They should be able to explain to you why you should buy that item and why the price point is right on target. Increasing the Order Size Upselling is one of the best ways to increase revenue in your store.

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If you feel at a loss for exactly how to increase sales in your retail establishment, mastering the art of the upsell is a must. By definition, upselling is selling more product to a customer who already has intentions to buy. Since the individual is already in the purchasing mindset, upselling to a person, opposed to nurturing a new sale, is significantly easier. But how exactly do you upsell someone? This suggestive sell technique is a great way to bundle items together and increase the number of items purchased. The important thing to remember is to be making connections between like or similar items.

Your customer will be caught off guard and it will be obvious that you are recommending products simply for the sake of hoping they will make an additional purchase. This tactic works best when you have a well-trained and knowledgeable staff, one that builds rapport with your customer.

The key here is to train your staff on what items you should recommend together. Have you thought about this one? If you like this dress you might also like this one. It has a similar cut and is extremely flattering. The product that you recommend at this point should be priced slightly higher around 25 percent higher than the original item — test the exact figure with your customer base. At this point, one of three things will happen. Not Bad, huh? This works perfectly in a couple of different scenarios. If you have a customer that simply cannot decide what they want, recommend two options.

Which do you prefer? No longer do they have to analyze an endless array of different options which can be overwhelming and lead to decision paralysis. Combining this with one of the upsell techniques above is a great way to increase money spent per customer. This also works very well when someone already has decided to purchase from you. You could train your staff to ask:.

Or maybe you have a customer that just ordered a burger and fries. Please keep in mind that this a more assumptive closing technique and must be trained properly. The key is to ask this in a very friendly and personable manner. Use wisely! Creating Urgency! There are three main ways of creating urgency. You incentivize your staff to sell more, you incentivize the customer to buy more, or you train your staff on uncovering pain points.

The better you know your employees, the better you will know what they respond to. Provide a coupon for a certain percentage off for whatever they purchase that day. You could also offer a free item with a purchase. Remember, this works best in conjunction with a friendly, outgoing, and happy staff. Three: Pain points are problems that your customers are trying to solve. Your goal then is to simultaneously increase your sales while helping them solve their individual obstacles.

The goal with each new customer is to figure out ways to increase their lifetime value LTV to your business.

Shiseido’s nine-month sales growth driven by Japan, China and travel retail

You can only really do this in two ways: Increase their average order value upselling in store or increase the frequency of how often they purchase from you. We recommend first snagging their precious email.

Most quality POS systems allow you to build your customer database by collecting email addresses at the point of sale. Each transaction will be tied to an email so you can start to build up a picture of what each specific customer comes to you to buy. What sort of personalizations are you able to offer? How many people that come into your store could you actually recommend something to without first speaking with them first?

Most independent brick-and-mortar stores have very little data on who their customers are and what they buy. Grabbing an email address is your first step to changing this. Once you have their email, you can start to communicate with these customers to increase their engagement with your store, encourage them to return, and ask them questions that will improve your business.

Your first post-purchase communication should be an email thanking them for choosing to spend their hard-earned money in your store. I recommend that you also take the opportunity to ask them to rate their in-store experience. SurveyMonkey provides some easy tools that you can use to collect this kind of data via email. Alternatively, you could drive them to leave you a review on Yelp. As with all things, the key here is that you try different calls-to-action CTA and assess which works best for your business. Even though the returns on email marketing are astronomical, nobody likes to be spammed.

So, make sure to communicate sparingly and with an emphasis on quality content. Getting them to like your page gives you another way to communicate with your customer and collect data on customers including basic demographics, the location of your customers, and information on what their favorite products are. Here are a few basic metrics to help you do just that:. Number of Shoppers or Customers It almost goes without saying, but one of the key ways to increase sales in retail is to grow the number of shoppers that enter your store.

Calculating your number of customers is straightforward, simply add up the number of transactions from unique customers that occurred during the day. Calculating the number of shoppers is a little more manually intensive. There are also smartphone apps designed for this purpose. You could also look at your total sales for the day, week, etc. To calculate this metrics use this formula:.

Tactics like in-store signage, engaging product displays, and sales training for you staff can all improve your sales per square foot. Sales Per Employee This metric is particularly valuable if you have employees that actively sell to shoppers in your retail store. If you roll out sales training for your staff, this can also be a way to measure its effectiveness.

To calculate this metric, use this formula:.

How to Start a Retail Business

First, establish a baseline value for average sale per customer, then begin implementing your upselling and cross-selling program. After some time passes The amount of time you wait depends on your transaction volume. The opposite is true is you transact at a high volume. There are, of course, dozens of different metrics you can use to measure the effectiveness of your sales and marketing strategies, but the ones above are a good starting point.

This gives you a baseline number to compare against as you adopt new sales tactics.

If your financial situation allows for it, try to test a single tactic at a time instead of making several changes at once. This makes it harder to optimize things going forward. Lastly, the modern, sleek look of an iPad POS is an easy way to improve the aesthetic of your store when compared to a clunky, old fashioned cash register. Integrated Marketing Tools Outside of improving the customer experience, a POS system gives you a variety of tools that help you grow sales.

For example, you can use your POS to collect customer email addresses that you feed into your email marketing platform and send promotional messages, driving repeat purchases. It really depends on the POS you use, but many offer you ways to promote your social media channels on emailed receipts. You might even have the ability to sell gift cards, which is a great way to increase purchases. Powerful Analytics Reports Perhaps most importantly, a modern POS system will give you powerful analytics and reports that offer you deep insight into your business.

This allows you to make informed decisions that lead to smarter investments and increased sales. Here are a few examples:. Staff reports — Easily identify your top salespeople and schedule them during peak hours to drive increased sales for your business. This means that you can access all of your transaction history, sales data, and reporting wherever you are, as long as you have an internet connection.

For a busy retail store owner, that flexibility is hard to beat. You might even be feeling a little overwhelmed about taking on all of these tactics at once. But that is where we are going to step in and stop you. As a small business owner, you know that there are only so many hours in each day, and each of one of these hours is precious. So take some time, read through our recommendations again, and choose one or two tactics to begin with. Implement these tactics, evaluate the outcome of each, then rinse and repeat.

When you have time, implement a few more. But regardless of where you are in your business, know that these tactics are there to fall back on. Applied correctly, they can be your key to a healthier and more prosperous business. In a minute, your free guide will be sent to the email address you provided. In a minute your free guide will be sent to email address you provided. The Small Business Sales Funnel Before you can execute on how to guide customers through their journey and understand how to increase sales in retail, you need to have a general grasp on what a sales funnel is and how it applies to your business.

Online Awareness The first and most obvious job you have as a small business owner is to manage your online presence. Location, Location, Storefront The second stage of the funnel is the first engagement customers have with your physical location. Inside Your Store No discussion of the in-store retail experience is going to be deemed complete without a mention of Apple. The overall goal of this section of the small business sales funnel is simple: Every single person who walks through your doors should spend money in your store.

Here are a few key elements to consider: Counter Position and First Impressions For most stores, the counter remains the central, beating heart of the store. At the Point of Sale Small business owners obsess about bringing new customers through the door, but the fact is, the customer standing right in front of you is probably your most underexploited resource.

The Challenge: Digital Transformation of the Airport

How fast do you expect someone to ring up a transaction? What is the process of ringing up transactions? How much revenue is each employee expected to generate? What are the performance expectations of each role? Does staff have the potential to earn bonuses for excellent performance? If not, how will you reward awesome performance? Thanks to Whole Foods, Amazon now had guaranteed and predictable volume for its grocery infrastructure. Along with scale, Amazon was buying credibility. Instead, we decide where to buy our broccoli and tomatoes based on our trust in the retailer.

Whole Foods supplied it—as well as providing Amazon shoppers with a more appealing story about where their food originated. Warehouses, where random products are stacked next to each other to make the most of the space, are much more efficient. Right now, Amazon seems to be trying it all. That model could be a good stepping-stone in smaller cities until the company reaches enough volume to build out a dedicated warehouse. The future may be a hybrid approach: bigger stores that have a space carved out for putting together online deliveries.

Or a store where the selection of packaged goods is automated but customers can pick out their own fresh goods. What makes Amazon such a threat is that the same math just does not apply. Investors have accepted that Bezos is uninterested in short-term profitability. Food delivery is a strange reversion to an old way of doing business. The supermarket was invented in the early 20th century to replace the full-service store of the past, where a clerk behind the counter would pull products off the shelves for the customer.

The new supermarket model required shoppers to push the carts and do the heavy lifting themselves in exchange for lower prices. The stakes are incredibly high. When Walmart reported in February that its e-commerce sales growth had slowed, the stock took its biggest one-day dive in three decades. In April, Amazon announced that the membership service had exceeded a whopping million paid subscribers and that it would increase its annual fee.

Sales Training Videos in Hindi, Competitive Advantage in Business Marketing by Vivek Bindra

The Whole Foods deal was a case in point. Already, the symbiosis is at work. The goal, say insiders, is for Amazon to be the place where you start all of your searches. Capturing search means capturing data. The Seattle store uses overhead cameras and weight sensors in shelves to track shoppers so closely that they can simply leave the store when done shopping—no need to check out.

Might Amazon have something similar planned for Whole Foods stores? Prime members in some locations can already get packages delivered inside their homes with Amazon Key, which includes a security camera, smart lock, and app. Whether this sounds utopian or dystopian is a matter of perspective.

But there is no small risk to Amazon that people eventually begin to feel like the company knows too much or controls too much of their lives, that they become uncomfortable with the consequences of all of this convenience. Food could be part of that tipping point for Amazon. For the past few years, as the tech world has been making strides with artificial intelligence and machine learning, foodies have been moving in the opposite direction, pushing to deindustrialize the agricultural system.

Convenience, price, and speed—those are not the right values or core competencies of food. Can Amazon learn to walk that delicate line between convenience and care? All Rights Reserved. Fortune may receive compensation for some links to products and services on this website. Offers may be subject to change without notice. Quotes delayed at least 15 minutes. Market data provided by Interactive Data. All rights reserved. Powered and implemented by Interactive Data Managed Solutions.

EU Data Subject Requests. Skip to Content. Rank 8 Company Profile: Amazon. In , Whole Foods invested in Instacart and the two signed a five-year partnership. What happens post-Amazon? Prime members can get a selection of Whole Foods products in two hours in certain zip codes for no additional charge. In some markets, Amazon makes these deliveries directly from Whole Foods stores. There are reports that AmazonFresh and Prime Now could merge. Available in 48 states.

Apparel Morgan Stanley estimates that Amazon will surpass Walmart to become the biggest seller of apparel in the U.