Today, companies in the retail industry are facing fierce and fast-moving competition. And to boost sales and stay ahead of your competition, you need to make sure that your website has the right products available – at the right time and at the right price. But sometimes, finding answers to retail merchandising and marketing questions becomes difficult. For this, retail firms need a rigid merchandising strategy. Retail merchandising services and strategies are a valuable component of the success of any retailer, but the approach of “one size fits all” doesn’t work in today’s hyper-competitive market. Each retail merchandising strategy should be crafted with the utmost care to target specific goals such as inviting new customers to try your brand, increasing foot traffic, increasing sales, or developing loyal customers. Retail merchandising services should be developed collaboratively by the retailer and the manufacturer. In this article, we have highlighted four strategies that retail merchandising companies must use to boost sales and stay ahead of their competitors.
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Retail Merchandising Strategies
The Layout of your Website
Online retail restricts some of the shoppers’ senses since for them touching the products or trying them on is not possible. Therefore, site layout plays an important role in driving conversions. This strategy can help your customers to find what they are searching for and add it to their bags easily. The products highlighted on the homepage of your website influences shoppers’ buying decision. Promoting bestselling and higher margin products is a strategy that most retail merchandising companies must adapt to make money.
Multiple Images of High Quality
Retail merchandising companies must adopt the strategy of using multiple images of high quality in their website. This gives an overall view of any product to the shopper and thus increases sales. Images play a big role in conversions as the sense of sight influences most of the buying decisions.
Your inventory list is important but even more important is what products your competitor is selling and at what price. Online shoppers, before buying any single product, compare it with your competitors. Customers want to get the top-notch quality product for the best price. So, it is your job to provide this. Mining inventory data of competitors and comparing it to your own forms an important part of merchandising strategy.
While shopping online, shoppers don’t have a companion who would suggest the products of their preference. But technology has made this possible. Cross-sells and up-sells are essential strategies that retail merchandising companies must adapt to boost average order value and ultimately increase sales.