How Can Retailers Maximise the 'EoSS' Benefits?
India’s retail market is expected to grow at a CAGR of 10 per cent to US$ 1.6 trillion by 2026 from US$ 641 billion in 2016.BY Nibedita Mohanta | Jan 05, 2018 | comments ( 0 ) |
Big retail brands declare 'End of Season Sale' (EoSS) so that they can flaunt huge profits and big sales figures at the end of the financial year. Earlier people save for the year end sale but now the e-commerce has made the competition tough for the brick and mortar brands because the customers can buy easily online at anytime of the year.
India’s retail market is expected to grow at a Compound Annual Growth Rate (CAGR) of 10 per cent to US$ 1.6 trillion by 2026 from US$ 641 billion in 2016. While the overall retail market is expected to grow at 12 per cent per annum, modern trade would expand twice as fast at 20 per cent per annum and traditional trade at 10 per cent. Indian retail market is divided into “Organised Retail Market” which is valued at $60 billion which is only 9 per cent of the total sector and “Unorganised Retail Market constitutes the rest 91 per cent of the sector.
So how do these EoSS can be made more desirable for the customers to attract more and more of them. Here are a few points how retailers can be able to maximize the EoSS benefits:
1. Social Sharing:
Share the EoSS advertisements, mails and marketing ads on the sites most visited by maximum customers such as social media sites. Also personally mail the existing customers about the special offers you have reserved for them or share the coupon codes to avail maximum discounts.
Also the e-commerce giants or retail brands can sell the coupons for the customers and give them free gifts or discounted gift items in purchase of so and so product. Such offers keep the customers always on the look for their desirable product.
2. Create Anticipation for Audience:
There is a cut throat competition among the big retail players in the market, which is why to keep the audience anticipated plays a key role in bring more and more customers on board.
Customers might forget about the sale by simply deleting the mails in hurry or close the ads but if you place a timeout deals banner, which won’t occupy much space and is not even annoying but it will constantly tick the anticipation button in the customer’s mind.
3. By Offering Special Discounts:
It is basic human nature that they want to be felt special, and customers are very much human so psychologically you can massage their special demands by letting them know through mail or so that only they are being offered special discounts for being loyal customers.
This way you can keep the customer-company relationship healthy and pushing a couple of free products won’t be too much of a loss. Moreover the customer would like to buy more if you give free gifts, especially commonly used items, which can be pushed forward to their friends and relatives.
4. Cross Sale or Sale per Demand:
How about making a combination of products as per the customer’s need or desire, this will help in selling out a lot of products if neatly clubbed together.
How about taking a survey of the locality, where the retail store is placed along with offices in the area and colleges nearby, then making an exclusive offers based on their choice of products or making it ‘Sale per Demand’ sort of offer. A minimal change in the way of selling the products will bring in a lot of business and sales profit.
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