Is it not sad and frustrating to go into the shop and not find the product you were looking for? Look at the other side of the story. It is as saddening and frustrating for the companies and retailers to see a customer coming in and going out without buying anything. It results in decreased profit.
Nothing is impossible to achieve especially when we are here to help you out with such problems.
To understand the problem, it is essential to understand what it is and from where it arises. Conversion rate is the percentage you get when you divide the number of people who get in touch with your product, interact with it but do not purchase it. Lower the rate means lower the profit.
The factors that affect the conversion rate at retail rages from the packaging to the placement and the price or the store you choose to put your product in. To check and improve the conversion rate, it is essential to check all the factors and see which one needs any changing.
These tips will help you increase your conversion rate.
One of the most important steps is to understand customer behavior. Observe reaction of the customers that why they do not buy the product and walk by seeing it. What is it that other products have and yours do not? What is lacking that does not attract the customers and make them purchase. Look at the products the same as yours, why someone would prefer the other product over yours.
The reason that your product is not doing good in the market and among people is that you do not have attractive and convincing packaging that attract more audience and lure them into buying the product. Custom packaging allows you to create striking packaging that will help in getting more attention among other products. Bright and vivid colors with attractive logo design and pretty patterns help in increasing the worth of the brand. Quality matters the most. Most of the people switch brands because of the quality they get in the same of the slightest price difference. Custom boxes can be laminate to give the final finish and the smooth, lavish touch to the product packages.
A study shows that 75% of the purchase decisions are made on the basis of the price. People really take into notice the price of a product in comparison to other product. To increase the conversion rate, the helpful measure is to review your expenses, offer discount or maybe offers like buy one get one free. People are more attracted to deals or discounts and will readily switch to your product.
Another factor that is really important for a product to have a great conversion rate is the better placement of the product in relation to the other same product higher in price. It will raise price comparison, and customers will automatically be attracted toward your product. Another thing to look upon is the placement in the retail store and the aisle that has related products so that if people go to check a specific product, they must see your product clearly.
Social media has a great influence on people, especially the younger generation. It is the best advertising platform. One post on social media leads to two and then million. People want to upload each and every moment on social media. Pretty, attractive, and, interactive boxes make it to the platform. When people go into the shop and walk around to look something and see that one particular product form the social media and they will be convinced to buy it because seeing the liking of other people gives them a feeling of satisfaction.
The best and straightforward way to increase sales is to advertise the product to the target audience. Reaching the target audience is necessary. Making them feel that there is something for them, specifically for them. Â It is not possible to get more if people do not even know about your product. The more people know about it, the better.
This is a proven trick to increase the demand of the item if it is said to be a limited edition and it told that it is the last one left in the store. People are always willing to pay any price for the last and rare products. Creating a limited sale or offers can lure people into buying the products as on black Friday, people go crazy to buy the discounted items in a limited amount of time.
This seems a bit off-the-wall, but who does not like to get something for free?
Introducing the offers like free samples or testing of the products or discount vouchers for other famous brands can help to increase the interest of people in buying your products.
There is no need to worry about increasing the sales of your company with these tips that will really help boost the sales and pleasant experience. Checking and tweaking a little bit of things here and there in the product, and the strategies that are currently in use can make a huge difference. The most promising factor that affected the sales is custom packaging in USA especially has created an enormous difference in market and purchase trends too.
Better placement, pricing, and attractive custom packaging are the useful tools to increase conversion rate in retail. Set yourself a goal and follow the techniques that help to get there.