With the holiday season just around the corner, you likely already have a plan for how you want to boost your sales in the coming months. Regardless of the plan you’ve come up with, the bottom line is that you want to improve your bottom line by getting more sales, and the holidays are the perfect time to do just that. To help your business make even more money this year, here are three tips for getting your customers to spend more money at your store.
Offer Sale and Discount Prices
One of the best ways to get people in your door initially is to promote sales or discounted prices you’re offering. According to Alison Griswold and Gus Lubin, contributors to Business Insider, once people have been drawn into your store by a large “Sale” sign, they are likely to purchase items that aren’t on sale as well, making you more money with their additional purchases. Along this same vein, providing coupons to customers is another great way to get them into your store for a specific item and then entice them into purchasing other items as well.
Accept Cards, Not Just Cash
Although not a lot of businesses fall under the “cash only” umbrella anymore, it’s worth stating that if you haven’t yet equipped your company to process credit or debit card payments, you’re missing out on a huge piece of the monetary pie. According to Francesca Fenzi, a contributor to Inc.com, people are less willing to spend their cash than to put a purchase on a card. This means that by allowing customers to make purchases with debit or credit cards at your store, you’re setting yourself up for getting larger purchases from those customers.
However, Fenzi also shares that when people use cash for their food purchases, they tend to spend more than those who use cards. This phenomenon may take place due to making more impulse purchases to make yourself feel better after you’ve spent too much of the cash on your wallet. But regardless of your industry, giving your customers the option to use cash or card will make them feel more comfortable spending more money with you.
Deal in Gift Cards
Another way to get people to spend more per transaction with you is to offer gift cards for your store. According to Morgan Quinn, a contributor to CBSNews.com, about half of the people who use gift cards will make purchases over the initial gift card amount. And for those who don’t, you were still paid the full price for the gift card by the initial purchaser, creating a double scenario where you could make more money per transaction than you otherwise would have. If your store doesn’t currently sell gift cards, you may want to make this change before the holidays come around, which is when millions of dollars worth of gift cards are sold each year.
The holidays are when people are more than willing to come into your store and make purchases for their friends and loved ones. By using some of the strategies mentioned above, you should be able to increase the size of the purchases made at your store this year.