5 tactics for boosting consignment sales
March 21, 2019
Boosting consignment sales may be easier than you think
Sometimes, it’s the little things. Seemingly insignificant actions that make all the difference to a customer. Oftentimes, boosting consignment sales can even be pretty easy. Try a few of these and see if they don’t make a difference in your overall sales next month.
1.) Snobby salespeople required?
What is it that brick and mortar stores have that online retailers don’t? People! You can’t make a day of it with friends by shopping online. Boosting consignment sales starts with the right customer service. For most of you, your staff should greet everyone with a smile and a genuine “Hello!” A friendly sales staff in the right environment can increase sales by as much as 23%! However, research has shown that if you sell luxury items, “the ruder the sales staff the better the sales.” Train your staff to sell according to your merchandise and your brand.
The Whizbang! Tip of the Week #617 suggests adding a little something special to your sales experience. He sites several examples. One is as easy as the way Nordstroms hands you your purchase when the transaction is finished. They come around the counter rather than schlepping the bag over the top.
2.) A captive audience
Take a good look at your Point of Sale (POS) area. Is it neat and tidy? Do you offer smaller, impulse items for sale? This is the fastest way to increase store sales. Whether you’re offering jewelry and accessories at a clothing store, wood cleaning products at a furniture store or small toys at a children’s shop, make sure you take advantage of this captive audience. Change it up so regular shoppers are always surprised. The quicker you can complete the sale, the better. Younger generations get extremely frustrated if the checkout process takes too long. Make sure you have an updated POS system that runs quickly and easily.
3.) Somewhere between the floor and ceiling
Consignment and resale are in a very unique position when it comes to pricing. Since most of your merchandise is used, the value is arbitrary. Brand, quality and age all determine an item’s price. Many retail stores use cost-based pricing and most experts suggest anyone selling physical merchandise should do the same. Cost-based pricing begins with the manufacturing cost of an item. Then, a range is set for the selling price. The range is referred to as the floor amount (the lowest possible price) and the ceiling amount (the highest). Value-based pricing is determined by a customer’s perceived value of an item. The perception changes according to rarity, brand name or even the amount of personal service a customer receives. Make sure your price points maximize your profit. Read 4 tips for setting correct price points.
4.) Engage the eyes, ears and nose
E-commerce, at least at this point, cannot give consumers the full shopping experience. Physical contact is still the #1 advantage for brick & mortar shops. Let customers experience your store fully. Free up rack space and floor space so shoppers can move around and easily touch the merchandise. Make your store memorable with a delightful smell too. Did you know that scent is the strongest sense influencing memory recall and emotions? Emotions happen to drive 80% of decision making. Hello! Buying! When a store wants to sell its most important items quickly, they are always placed at eye level. Whether it’s shelving or wall racks, make sure you’ve placed them at a median height, 57″ from the floor. Lastly, play music that appeals to your target market. If I walk into a store and hear Chicago, The Doobie Brothers or Earth, Wind and Fire, I’m not only dancing, I am shopping!
5.) It’s time to give back
In 2017, Forrester released their findings on the impact of customer loyalty programs. They stated, “loyalty program members on average spend $42.33 more with traditional retailers than shoppers not in a loyalty program.” Boosting consignment sales means giving back to your most loyal customers. Make your loyalty or rewards program easy to enter. The points or rewards need to accumulate quickly. In fact, one study found that if shoppers are given points when they enter the program, they’re likely to spend more in a shorter amount of time. Remember, those happy program members are often tremendous store ambassadors too. Many POS systems such as SimpleConsign have a built-in Rewards Points program. Check a box, set your values and let the program do the rest.
