To increase both sales and customer satisfaction in retail, it’s imperative to have a solid strategy in place. You need to understand your customers’ wants and needs, the use cases of the products you’re selling and where the two intersect.
This isn’t as complicated as it may sound and, in many cases, can boil down to implementing a cross selling strategy. This is arguably one of the most effective methods for increasing sales and is perhaps most easily summed up in six words: Would you like fries with that? By effectively bundling complementary products, you’re making the purchase decision easier for customers, increasing perceived value, customer satisfaction — and overall sales while you’re at it.
In retail, cross selling can be as simple as bundling related products so customers don’t have to spend time working out and looking for what they need in store. For example, a customer purchasing a camera would very likely be interested in a bundle that included a memory card, camera case and (depending on the camera) even a tripod. Offering a discounted price makes the offer even more compelling.
Effective cross selling will not only help to increase sales and category profitability, but you’ll also drive customer loyalty by offering them a great shopping experience. This will in turn strengthen your brand reputation, differentiate you from your competition, and increase foot traffic to your store.
Dynamic displays that tell the story of the central product and clearly demonstrate how the other products in the bundle work together, are key to successful cross selling. And when implemented correctly, they can be used as a psychological draw to bring customers in and guide them through your store – increasing conversions further while making the shopping experience more exciting and satisfying for the customer.
These displays essentially work as ‘silent sales staff’, communicating the product’s value proposition in a simple, appealing way. Counter spaces, sales registers, end caps on aisles, and high traffic areas within the relevant category are perfect places to install this kind of display.
Engaging displays are an incredibly effective part of any retail cross selling strategy as they not only educate the customer on what’s available but explain why an add on product is desirable. What’s more, they do this passively, so the customer feels more in control of their purchase decision as opposed to having sales staff ‘push’ another product on them.
When implemented well, cross selling is extremely effective in helping customers discover products they weren’t looking for but do actually need. It also helps customers save time by placing everything they need in one place. You’re essentially helping the customer find what they need to make the most of the central product they’re planning to purchase — and that’s a win for you and your customers alike.