One of the main reasons that brands and every retail merchandiser lose customers is when they fail to provide the ultimate shopping experience. Customers can change their minds based on something they might have seen, learnt or done while interacting with a product in-store. The following retail store merchandising strategies will help to tip the scales in your favour:
Follow recent retail merchandising trends
The average traffic in retail stores all across the globe has decreased from 2019 to 2021. It has been identified that 36% fewer customers will visit retail stores in 2022. In-store shopping is even slower for apparel and fitness. It is easy to get stuck as a retail merchandiser in such an industry. But how can you satisfy your customers when you don’t know who you compete against? Follow industry leaders to stay updated about the current popular trends in retail merchandising.
Stock up your shelves
It does not feel great when one walks into a store only to find their product out of stock. 30% of out-of-stock products are purchased from other retail stores. Moreover, you are allowing your customers to try out competing products. You need to ensure it is not an ordering schedule issue. Improve your supply chain instead of leaving suppliers with empty shelves.
Keep the customer’s journey in mind.
In an age where purchasing products is just a few clicks away, customers are not required to step inside a retail store to buy products. So, why do they still go to retail stores? To interact with the product. This interaction needs to bring value to their experience for them to purchase. Add physically interacting components to your product as a part of your retail store merchandising strategy. It may be the product packaging or the product placement in the store.
Stand by your product’s narrative.
Product branding and storytelling are important components of retail merchandising. Displaying the products on shelves in a way that they look appealing to the customers could drive sales of your product. You can also play into customers’ expectations by providing sales executives to help educate the customers regarding the product.
Traffic building strategies
This aims to draw your customer’s attention into the store, the aisle, or a specific category. This strategy is specifically effective for products that are price sensitive, frequently purchased and have a higher degree of household penetration. Place the products from such a category at eye level, which is the prime position as it generates the most sales.
Transaction building strategy
The transaction building strategy will help you increase the average category transaction size by encouraging your customers to purchase complementary products. You can use 3 for the price of 2 offers as a transaction strategy.
Get people talking about you.
This strategy will help to generate excitement around your product by communicating a sense of urgency or opportunity for the customer. You can create an aura of “exclusivity” around the category and control how people think by getting creative with your product. This will also help you drive sales in the store.