Are you a clothing store owner looking for ways to maximize sales and profits? New clothing stores seem to be popping up almost daily, making it hard to make your store stand out. But it is imperative that you adapt and are geared to the times. Innovating new strategies, while ensuring you don’t stretch yourself out too thin is important. Well, it’s not as hard as it might seem in this competitive market. One of the main ways to do so is to know your customers and your products! All of this is made even easier through a clothing store POS system! But what exactly is a POS system?
A Point of Sales system (POS) provides a way in which one could complete in-store customer transactions in a timely and efficient manner. As a business owner, using a POS system will help you limit money mistakes and make it much easier to keep track of inventory. Here are 5 ways in which a POS system could be utilized to maximize profits in your store.
One way in which you could increase sales without utilizing extra human resources is by implementing a customer loyalty program. Creating a customer base with contact details, preferences and buyer trends is important as it will help you gain an understanding of the type of sales and regular customers. This data could also be utilized to implement a loyalty program which is point-based and could reward repeat purchases, discount purchases above a certain total or allow customers to redeem points. Although it might seem counterproductive as there are many discounts, it would build a loyal customer base that would incentivize more people to visit your store over other stores. Studies have also found that 84% of consumers are more likely to stick to a business that offers a loyalty program.
Although promotions might impact your overall profit, similarly to the previous point, they will drive upsells. You must pay attention to the various signs inside and outside your store as it could be a key factor in attracting customers. Customers may enter the store because they saw a promotion on a particular item but might see other items that they are interested in and purchase them as well. Additionally, adding POS displays in the checkout area, and offering new promotions or limited edition products to the customers, could be highly advantageous. This could be in the form of a countertop display, which will persuade customers to buy yet another product.
Impulse buying is an unplanned purchase that a customer makes based on irrational thinking. Studies have shown that an astounding 75% of buyer decisions are made in-store, giving a lot of weight to impulse buying which is spurred by the emotional and self-gratifying side. There are multiple techniques that you could employ to boost impulse buying. One of the main tips we could give you is to ensure that your marketing is clear, easily understandable and strategically placed. It would also help to understand the emotional needs of the customers and play into that instead of putting out a rational offer. This could be in the form of interactive signage, group bundles, placement of products in an aesthetically pleasing manner or even powerful and creative packaging.
There is a higher chance of customers returning to your store if they found the initial buying experience to be easy and smooth. One way this could be ensured is to allow multiple payment options. Customers have various preferences for their payments. An easy way to cater to their preferences is to accept payments by cash, card, QR scan, banking apps/online transfer and even instalment payments. POS systems will allow you to manage sales seamlessly and accept payment from any method quite efficiently.
One of the biggest steps you could take in boosting your sales is going back to the drawing board and analyzing your sales data regularly to identify trends. This would help you understand the demand and supply, manage products better and also figure out the reasonable pricing for the products. POS systems allow owners to track daily sales revenue and net profit, get insights into best-performing categories, understand the movement of goods, trace the expiry of goods and monitor fast-selling goods.
Just like new trends in fashion, clothing stores have to keep up with the new advancements in technology, in order to offer more than their competitors. A Point-of-Sale system will make this job much easier for you.
