Boost sales in retail: If you are a retailer, it's an unfortunate fact of life that sales will slump from time to time. Don't feel too disheartened though: read on to get some good ideas about how to successfully increase sales and push your sales statistics upwards.
The new year provides us all with an opportunity for a fresh start. Most people's personal new year resolutions tend to revolve around getting healthier or to get better organised. In retail it's also a good idea to think about starting afresh after the Christmas rush and making some positive new year resolutions around your pricing strategy. To make it more fit for purpose, because a reinvigorated pricing structure will drive revenue and profit growth for the whole year.
BlackCurve recently hosted its first Pricing Breakfast at Cargo Works, London. The topic under discussion was “How Pricing Software Can Help Your Retail Business”.
According to eMarketer.com, global eCommerce retail sales are expected to top $27 trillion in 2020 and the biggest eCommerce retailer by a mile is Amazon. Bryan Eisenberg recently published the book “Be Like Amazon: even a Lemonade Stand Can do It (co-authored by Jeffrey Eisenberg and Roy H. Williams). Perhaps you could experiment with some of Amazon’s most successful strategies?
Want to know how you grow your profit margins? Profit margin is a measure of your profitability. The figure varies from business to business but is a pretty good indicator of how successful you are. As author Doug Hall says, “If your profit margins aren’t rising, chances are your company isn’t thriving.” With retail, some of the biggest brands commonly achieve profit margins of 50-60%. In 2017, Ted Baker had a profit margin of 60%, Inditex 57%, and M&S 56%.
Topics: Profit Margins
If you’re having trouble coming up with new ideas to increase eCommerce sales, here are 10 ways to generate more sales.
According to Tim Walker writing for The Guardian, the days of fixed pricing appear to be coming to an end. The traditional concept of RRP or ticket price has gradually been eroded and now there are many exciting opportunities for dynamic, personalised pricing models.
Topics: Smarter Pricing
No matter what product or service you sell, the price you charge your customers or clients will have a direct impact on the success of your business.
A truly effective pricing strategy should:
- Communicate your value
- Position you in the market
- Reinforce your revenue strategy
- Allow you to invest in continuing innovation
Topics: Pricing Strategy