Unused space in retail – a crime?
What would it mean if every customer that visited your retail outlet spent one additional £5? Or if they spent an extra £10 or £15? Obviously, the impact on your bottom line would be significant since these numbers would quickly add up. Now, what if you were told that there is an efficient and cost-effective way of doing this and that the process of making it happen would involve turning a previously unused and unexploited asset into an opportunity for generating more sales and revenue?
To be successful in any retail business, it is imperative that you maximise the revenue generated per square foot of space within your store. Unused spaces in your store represent a lost opportunity that would have been used to build sales and generate more revenue. Aside from this, unproductive space within your store is unattractive. However, with a little creative touch and just the right amount of expertise and technical know-how, these unattractive spaces can be converted into beautiful spots that will lend an ambience to your store and help to pull in more sales.
With the e-commerce industry diversifying and gradually gaining more foothold, traditional retail stores may find it hard to maintain current levels of sales and profit margins. It is becoming more attractive for consumers (especially millennials) to order products from e-commerce sites since many of them find it difficult to take out time from their busy schedules to go shopping. This is more convenient for them since they can place their orders from any location and have it promptly delivered to their preferred location.
As such, retail store owners should amp up their marketing to ensure that they retain the patronage of their customers. They need to create an enticing and captivating in-store atmosphere and make the shopping experience an exciting one for their customers. One of the best ways of doing this is by deploying captivating POS display solutions. One of the additional benefits of deploying these solutions within your store is that it is an ideal way of turning a liability (i.e. previously unproductive in-store space) into a revenue-generating asset.
Strategic placement of POS display solutions can mean the difference between declining sales and soaring profits. Research has shown how in-store POS display solutions can provide your consumers with a richer shopping experience while influencing them to make impulsive and unplanned purchases. These solutions are highly effective for brand awareness and promotional campaigns and can be used to draw the attention of shoppers to discounts and special offers.
Aside from the resulting financial benefits and potential sales opportunities offered by POS display solutions, they are also a practical way of covering up unused and unproductive in-store space. Even in retail shops where the excess space is minimal, you can make use of versatile POS display solutions (such as the Tic-Tac unit) to maximise the store’s merchandising potential.
Such units fit neatly in corners, around queuing systems and at the end of aisles without blocking your store’s passageways. The creative deployment of unique and captivating POS display units is the best way to turn unproductive in-store space into revenue-generating spots, and their flexibility makes them ideal for the ever-changing landscape of the retail industry. Even if there are no obvious spaces within your store, a bit of clever thinking and creative rearrangement of your shelves and overall floor plan can produce some extra space which you may not realise was even there.
A lot of store owners may find it difficult to handle the everyday management of their stores while simultaneously looking for better ways to connect with their customers and provide them with a unique in-store experience. However, by partnering with a POS manufacturer, you can create a superb shopping experience for your customers while converting your unused in-store space into a revenue-generating asset.