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By Sunil Param | November 06, 2020
Sunil Param is the Head of Content and Communications at Pine Labs.
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It is that time of the year when retail sales tend to skyrocket. With more consumers looking to loosen their wallets, the festive season is your opportunity to make a beeline for profits. A well decorated store, focus on physical distancing norms, using social media to create a buzz, are few of the many ways to woo customers to your stores.
What is most important, however, is to convert the store footfalls into sales.
Here are three simple tweaks you need to consider for selling fast and selling more this Diwali and the rest of the festive season ahead:
The data is telling! From our own internal analysis, we have observed a pent-up demand from shoppers who are keen to buy post-lockdown. For instance, the average card spends per customer across industries has risen as can be seen from the following graph:
Our analysis also reveals that Pay Later EMI option is attracting consumers in the new normal. In fact, a Q2 FY21 comparison of our Pay Later business over pre-COVID-19 levels shows an uptick of nearly 50% in EMI-led purchases in the consumer durables segment.
So, if you're still not offering your consumers the ease and convenience of buy now, pay later, you are definitely missing out.
In the age of social media, crowded stores and long checkout queues can quickly tarnish your brand reputation in addition to impacting customer experience. Effective management of footfalls in-store calls for the use of a reliable payment processing PoS terminal which is built for speed and accepts multiple modes of payments with ease. Contactless payment modes like QR and tap-and-pay are being preferred by customers in times of COVID-19 where there is somewhat of a reluctance to physically exchange cards for payments. Enabling contactless payment modes quickens the checkout process and will help you effectively manage the footfalls during festive season.
Festive season is the perfect time to remind your most loyal customers what offers are you running. That can only happen if you have a PoS integrated loyalty program running at your store(s). Knowing who your most loyal customers are and targeting them with personalised offers is one good way to drive sales in this most crucial business period of the year.
To know more about any of these offerings, do reach out to us.
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