Increase In-store Sales this Holiday Season
October 30, 2018 | by StoreAdvise
It’s the most wonderful time of the year for retail businesses, the holiday season! According to the National Retail Federation, 174 million Americans shopped during the 2017 Thanksgiving holiday weekend alone and we all know a few people who are late holiday shoppers and will spend the rest of December getting gifts.
During the holiday season foot traffic into stores typically increases, and although that means an increase in sales, it also means there is precious data walking in and out of your business every day. Data that you may not be collecting that could help you make more sales throughout the year.
What Data can You Gather During the Holiday Season?
Every consumer that walks into your store has some information to share with you whether it be their demographics or their buying patterns. What are they shopping for? Who are they shopping for? What is it in your store that they want to purchase? Are they a repeat customer or will they become one?
There is also data to collect about the items consumers are purchasing, especially during the holiday season. What item(s) in your store are consumers purchasing the most? Do you have enough items in stock? Are those items easy to find for consumers? This information is vital to help you predict what consumers are going to buy next week, next month, and even next year.
Your workers also offer data that can help you store run more efficiently! Where do they spend most of their time in the store? Are they spending more time stocking items, replacing items, or helping customers? How long does it take them to run a price change during a holiday sale, and is that being done efficiently?
As you can see there is a lot of information that you can gather from all the activities occurring in your store, but now the question is how?
RFID Technology Provides Answers
In a recent blog post, we broke down Radio Frequency IDentification (RFID), a small electronic device that consists of a small chip and an antenna. The chip carries tons of information that we use to help our clients better understand their business. Our platform works with RFID technology to help you gather all the data that was previously mentioned, and with this data you can increase your sales.
Kurt Salmon reported in 2015 that retailers that implemented RFID tagging saw an increase in sales anywhere from 3-10%. Through RFID retailers were better able to predict stock problems, inventory accuracy, and item location. This allowed retailers to save more time, which saved more money, and helped sales associates focus on making more sales.
In fact, according to Salmon, “Researchers have found out that using RFID-based interactive systems can increase the sales of retail stores by even 30%” and can improve conversion rates up to 60% while increasing cross-sell opportunities up to 25%.
Transforming the Customers Experience
While RFID technology, through the StoreAdvise platform, will give you access to data that will help you increase your sales it will also help you create a better customer experience for your shoppers.
During the holiday season, customers can get frustrated while they are shopping in stores. Items that customers are shopping for are out of stock or misplaced in the store and the store can become disorganized. Salmon found, in 2016, that 8.7% of sales will be lost due to inventory disorganization and that customers will leave a store if they cannot find what they came for.
“The consumer’s mindset and shopping habits have changed, so being prepared is key.”
If a consumer is shopping at your store, you have already done much of the heavy lifting and now it’s time to find their item so that they can make a purchase. With the holiday season, shoppers have a lot of items to buy, and time is always against them. Being able to offer your customers an organized shopping experience, during the busiest time of the year, will have your customers leaving with a purchase, happy, and returning.
If you don’t have that item in stock, or it’s missing, it is very likely a customer will use their mobile to order it elsewhere. The consumer’s mindset and shopping habits have changed, so being prepared is key.
How the StoreAdvise Platform Can Help
Our platform was designed to help retailers better manage their stores and sometimes that means using RFID. During the holiday season or any time of year, the StoreAdvise platform will help you better understand your customers, streamline your sales associates tasks, and help you manage your inventory.
The holiday season isn’t over, and you can still use our platform to capture all the data from this year’s holiday shopping or, if you are crunched for time, why not make using RFID technology part of your business’ 2019 goal?