It’s that time of the year again when ‘love is in the air’ and this phenomenon doesn’t escape retailers either. With Valentine’s Day lurking around the corner, retailers are ready to shower ‘love’ on their customers, as well! According to the National Retail Federation, women spend over 75$ on Valentine’s Day gifts while men shell out twice as much. It is expected that the cumulative sales of Valentine’s Day would cross $21.8 billion in 2021. As a retailer, no matter where in the geography you are, it is one of the busiest times of the year and you must be thinking of ways to maximise your sales.
Here are a few tips on how you can utilise a POS in your retail marketing strategy and charm your customers with exciting offers and promotions.
Think Omnichannel Experiences
As a retailer, the shift towards phygital retailing compels the customers to look for products online and then visit the physical store. With the possibility of rush hour and crowded stores in the coming weeks, retailers must think of building innovative omnichannel experiences and leverage them. Omnichannel experiences also give you an added advantage of engaging your customers online. This can be executed by creating custom-made merchandise for V-Day shopping digitally, which can also be made available at your brick-and-mortar store. This will offer a cohesive and integrated shopping experience to your customers. You can further leverage the promotions and offers by tracking previous shopping behaviour and empirical data of engaged customers via POS. Shoot tailor-made promotional messages to your customers and cherish the footfall.
It also becomes equally important to set up signs at your physical store, as it enhances your customers’ shopping experience in finding the right gift. Alternatively, you can also use a catchy #tag and promote it on online and offline platforms to capture the attention of your customers.
Anticipate your inventory needs : A modular POS also helps you manage your inventory ahead of your busy sale days like Valentine’s. It also tracks the best-selling products or most preferred items of the season that will help you plan, organise and manage your inventory.
Track customer insights to understand popular items
Paying close attention to the trends and popular Valentine’s theme tactics will help increase your customer loyalty. After identifying and selecting the themes, find out what products are best suited for offers and promotional campaigns. Offering freebies to your customers such as Valentine’s Day gift cards and greeting cards will help you win their confidence and entice them to keep returning to your store. Collaborating with other retailers on such special occasions and cross-promoting each other is a great idea.
Expand beyond “Couples” gifting
‘Singles’ is yet another category that owns a huge market share globally. They also have an impulsive shopping behaviour, which is why retail brands should target them in their promotional marketing and communication campaigns. According to a report in 2012, single households in the U.S. spent more than $2 trillion on all goods and services. As stated by McKinsey in 2018, Chinese retailers witnessed one of the biggest shopping sprees on Singles’ Day, a day popular in the country also as Bachelors’ Day.
Cater to alternative audience groups for greater inclusivity
Segmenting audiences and targeting them in a personalised manner can go a long way for retailers. For example, treat your most loyal customers in a special way on Valentine’s Day by introducing loyalty reward programmes, along with their purchases.
Couples are going to be the main target audience, making multiple purchases. Introducing a buy one get one free offer, or offering a gift card along with each purchase are efficient ways to maximise sales and entice more customers. POS, when integrated with CRM, provides a detailed insight on pre-sales history, which helps you track those customers you haven’t seen in a while. Reach out to them by sending e-mailers and attractive offers to lure them to your store on Valentine’s Day. A free box of chocolates or a rose can be offered as a gift to your customers. After all, complimentary gifts and rewards never hurt anyone!
Shopping guide for Valentine’s Day
Everyone needs a little nudge and recommendations, especially from the experts while they are browsing for that perfect V-Day gift for their loved ones. Retailers can create the perfect bucket list for customers such as “21 Gifts to buy for your Husband/Wife/Mother/Pet this Valentine’s Day to show your love” and push them through online channels with relevant links to products. In this way, retailers can also manage and control their stock-flow during holiday seasons. Additionally, product categorising helps increase sales by luring customers to a potential product purchase.
Run contests or giveaways with the winners announced on Valentine’s Day
Valentine’s Day is a major gift-giving holiday in the year, where retail purchases are its peak. Engage your customers and the last-minute shoppers with fun, interactive games or contests on multiple platforms. Offering pre-set gift boxes are sure to excite them. These little gestures will go a long way in defining your brand, core values and customer service. Events, for example, can be hosted (there’s always a reason to throw a party!); and there’s never really a bad time to surprise or delight your employees.
As a retailer, it is most important to get smart about optimising your inventory to boost sales during Valentine’s Day. Request a demo for iRetail suite of services, which offers a seamless experience to your customers, better inventory management, customer insights and promotional campaigns.