How Your Smallest Products Can Become Your Biggest Revenue Boosters
When you work in retail, you can never have enough tips and tricks for meeting your sales goals. Fortunately, there are countless ways to help you get there, but few offer better return for your effort than sales of accessories. Positioned as both planned and impulse purchases, accessories are the chameleons of retail stores.
Consumers are attracted to accessories for a variety of reasons, led by convenience and price. You don’t need to wait for a changing room to try on a new pair of sunglasses, and a new statement necklace or seasonal scarf is less likely to break your bank than a pair of designer jeans. Retailers can use the versatility of accessories to increase their total store sales.
Below, gain 5 tips to create the perfect recipe for accessory selling success in your store.
1. Price accessories to sell.
Lowering your price point starts with the inventory you buy. You must purchase fashion accessories at a price that yields high margins even at a low retail rate. Using many accessory vendors allows you to do this – including vendors with wholesale price points of less than $1, $3 and even $5 in the accessory categories. The best part, however, is that you can retail these items for 500% or more. With margins like this, your sales are bound to soar. What you can’t overlook, however, are the mix of accessories you offer in your store. This leads us to point number two…
2. Offer something for everyone.
No one knows your customer better than you, so aim to please when it comes to offering your customers what they both need and want. Stocking classic accessories like cubic zirconia earring studs or black satchels can help keep accessory sales steady. However, introducing trend pieces each season is important for most merchants to reach their sales goals. Variety is vital here, as you want to offer items that will keep your customers engaged and wanting to spend money in your store. Additionally, you should aim to provide enough assortment that customers look forward to returning again and again to your shop, always curious as to what they will discover next.
3. Merchandise accessories with sales in mind.
While this may seem obvious, many merchants overlook the value of a strategic sales strategy. One way you can do this is to include accessories in all store displays. Layer clothing with accessories both on hangers and on mannequins, creating outfit displays that inspire your customers – encouraging them to buy accessories along with their planned apparel purchases. Another way to incorporate more accessories into your store is to display them within easy-to-reach, easy-to-touch locations. Avoid displays that eliminate customer engagement, such as under a display glass or on a high shelf, as this will also eliminate product engagement for your customers.
4. Incorporate accessories into your conversational selling strategy.
Strong merchants know that great displays alone won’t help you reach your sales goals, but great displays combined with strong customer service absolutely can. Train your sales team to incorporate conversational selling into their day-to-day strategy, with accessories topping their priority list. Give them tips on how to encourage “add-on sales” to existing purchases, such as earrings to complement a V-neck sweater or a handbag to match a fantastic pair of new shoes. You get the idea; after all, you know your customer best. The idea here is to use your product knowledge to engage and inspire your customers. Conversational sales training can help accomplish this.
5. Ask questions.
Building on conversational sales, of the simplest ways to help increase your accessory sales is to have your sales team ask customers if they’re looking for anything specific. Are there any upcoming events they may be preparing for? What kind of style or trends are they most attracted to? This can lead your associates to identifying products in your store specifically that you customers may enjoy – and ultimately helping to increase sales. Without asking these questions, however, your team can’t fully support your customers and lead them to accessories that make sense for them.
One final tip?
All great recipes only come together with the right ingredients, so don’t overlook one tip and think the others alone can do the trick. Incorporate smart displays, engaging conversations, inquisitive questions, strong product variety and high margin accessories to create the perfect selling recipe for your store.
To meet hundreds of accessories vendors that allow you to achieve Tip #1 get your free ticket to the next ASD Market Week, in Las Vegas!
By Nicole Leinbach Reyhle
Nicole Leinbach Reyhle is co-founder of the Independent Retailer Conference, columnist for Forbes, and publisher of online magazine Retail Minded.