February 14th is right around the corner and there is still time to consider how you can strengthen your store sales this Valentine’s Day. With the National Retail Federation identifying that 92 percent of the customers they surveyed would be willing to spend an extra $10 on their Valentine’s Day shopping and 49 percent stating that a “really good sale or promotion” is an effective incentive for laying down the extra cash, there is no better time than now to begin to prepare and capture these consumer dollars. To help, consider how value-based selling – such as offering incentives – can offer your retail business an appealing reason for customers to spend money on their favorite people during the season of love. But also, consider what other ways you can capture customers this festive time of year.
Below, gain three tips on ways to enhance your Valentine’s Day sales.
Tip #1: Choose the Right Price Points
As we touched on earlier, pricing is a key differentiator for Valentine’s Day shoppers. How you price items can make or break a sale, so it’s important to have an understanding of how much the average customer is looking to spend on their Valentine’s Day gifting before you choose which inventory to highlight in your store. NRF’s poll found that the average customer planned to spend around $85.21 on their significant other last Valentine’s Day, and an additional $26.59 on other family members.
Keep in mind that candy (49.7 percent), greeting cards (46.9 percent) and flowers (34.7 percent) are still key add-on items and leaders in the Valentine’s Day purchases category, so most customers aren’t looking to spend all of their significant other money on one item alone. This means that products around the $40 to $70 range will be the most eye-catching to customers shopping for the Queen of Hearts, so it’s high time to start thinking about what indulgences you can sell at these price points.
Tip #2: Focus on Uniqueness and Quality
Curious which categories are reaping the most in Valentine’s spend? Jewelry came in as NRF’s segment leader last year, with 19 percent of customers intending to spend 4.3 billion big ones on jewelry in 2017. An additional 19 percent of those surveyed reported setting aside 1.9 billion for apparel purchases for their significant other or family members, helping to identify that customers are drawn to stylish pieces that can help their loved ones look slick on the big day… and beyond.
Quality and perceived value are key differentiators when it comes to Valentine’s Day adornments, so be sure to wring out every last detail you can about your inventory from your supplier or wholesales. Then communicate that brand or product information to your customers through your product packaging, seasonal displays and online marketing. The key takeaway here is this: Information adds value when it comes to closing a sales and every customer wants to feel like they’re buying their loved ones something worth spending their dollars on.
Tip #3: Don’t Forget Your Sense of Humor
Next generation customers are inherently skeptical of… well, everything, so keep in mind that not all customers will come to your store looking for gifts of the gooey variety. Single’s Day in China, the anti-romantic Eastern shopping holiday, is already the world’s biggest shopping event. Rebelling against the greeting card romance of Valentine’s Day is a growing trend for many young customers, since V-Day is infamous for dredging up a heavy bout of scorn – or unadulterated satire – from the unenthused or unattached.
Humorous products offer customers a happy alternative to the drippy romance of the season. Witty greeting cards and other sellable satire are smart options for impulse sales near the register. And tickle your customers’ funny bone by encouraging them to buy low-price point gifts such as candy or face masks to share with their friends… or even their cats. There’s no shortage of whom deserves a little extra love this Valentine’s Day!
Valentine’s Day means something different to everyone, but by selling universal – yet still unique – products that are priced to move, you’ll appeal to the broadest possible range of your target customers. Prominently display your accessories, apparel and novelty items to help encourage your customers to shop for their favorite loved ones… but don’t overlook the value of having funny stuff on hand, as well, for a welcomed alternative.
Curious what items may be best for your store shelves? Explore ASD Market Week this upcoming March 11-14, 2018. Learn more here.
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By Jasmine Glasheen, RetailMinded.com