To increase sales offer more than just low pricing...

How long have you been retailing? Are you working to open your first store? The science of retailing is fascinating. The mind of the casual shopper experiences several emotional sensations throughout any shopping experience. There have been in depth studies completed showing how the average person reacts emotionally to retail store layouts, merchandising and pricing.
Walk through a big box retail giant like Walmart or Target and whether you realize it or not your experience has been well thought out through the science of retail merchandising. Aisle layout, product placement, merchandise displays and overall color schemes are carefully planned. There are consulting firms which specialize in watching shoppers shop. They watch you browse, they track how many times you read a label and they record your every move while in the store.
Some of the more interesting consumer attributes tracked are:
-Amount of time spent reading labels
-Ratio of generic products purchased versus name brand
-Average time spent in a particular store Entry to Exit
Are signs being read?
What signs are attracting the most attention?
Upon entering a store, which direction/path are shoppers drawn to?
Ratio of “Window Shoppers” versus sales
Average number of shoppers per day?
Average dollar figure of impulse products sold at checkout
There are literally hundreds upon hundreds of different ways to analyze a customer and the way a store merchandises product. There is an insightful book which outlines retail behavior called, “The Science of shopping” by Paco Underhill. Underhill and his consulting firm, Envirosell, have observed over 900 aspects of interaction between the shopper and store providing detailed information that can be literally translated into increased sales for any retailer.
From the data that is collected important decisions relating to store design/layout, merchandising and product pricing can be carefully controlled to offer better product sell-through, higher average register transactions and an overall increase of customer loyalty. If you desire to know more about your customer base and the clients that stroll through your door each day I recommend this fascinating read.
There are several areas to consider in the successful retailing equation; sourcing excellent wholesale suppliers, merchandising your inventory and understanding the emotional aspects of a retail transaction. Researching all aspects of your business will determine how successful you become and will directly relate to greater cash flow and profit margins.