The End of the Financial Year (EOFY) is a great time for sales and to get rid of dead stock.

More details here.

The clock is ticking right now, so this EOFY presents a window of opportunity that retailers should not miss.

Why Now?

Consider these factors:

• Tax Refunds: People expect tax refunds, providing extra disposable income.

• Accountant Recommendations: Accountants will often advise their clients to make purchases before the end of the financial year to maximise deductions.

• Crucially, for the End Financial Year (EOFY)/ Mid-Year Sales, which have now commenced, is that the ‘Instant Asset Write-off Extension’ for purchases of up to $20,000 is set to end on Sunday, June 30.

Planning Your EOFY Sale

Here's how you can make the most of your EOFY sale:

Assess Your Inventory: Take stock of your inventory, particularly items sitting idle now. These items will serve as attractive loss leaders to draw customers in. Most of us are sitting on a heap of old (dead) stock. It tends to be pretty noticeable this time of year because we are looking at counting it. This stock, if unsold, sits uselessly on the shelf, so tying up cash unless you do something.

Our POS software has an extensive system to help you identify this old stock.

Click here for a training video on the identification of such stock.

As a tip, it's best to work with each department separately.

Instead of discounts, also consider bundles. Use the unsellable item as a discount to sell more sellable items.

Consult Your Suppliers: Reach out to your suppliers for insights and ideas. This is what we are doing now, I am telling them now. You may be able to sell it now or count it later. What would you prefer to do? Also, many of them are now budgeting for the end of the year, and they often need a lot of money now. 

Research Competitors: See what other retailers like you do for EOFY sales. This can inspire you. Try to differentiate your offerings.

Crafting Your Strategy

• Discounts: Look for dead stock and consider using it as a loss leader to entice customers. A simple stand in front of the shop with cheap items works well.

• Business Section: Create a business section in your shop that people can review. Post a sign over it stating that everything you buy there may be tax deductible. 

• Promote your sale: Some in-store signage will be used to promote your EOFY sale. It would be best if you created a sense of excitement to encourage immediate action.

Conclusion

This EOFY season presents a unique opportunity for retailers to boost sales and clear out excess inventory. You can make the most of this lucrative period by planning your sale. Don't let the EOFY pass you by!
 

If you want a simple, easy, and free way to sell more, an effective strategy to boost your revenues is making a good hamper pack name. One often overlooked aspect that can make a significant difference is the naming of your hamper packs. In real estate, it is said a house with a name is worth more. This is because a well-crafted name will entice people and so increase sales by making your offerings more memorable. So, ultimately, drive your business growth.

Key Principles for Effective Hamper Pack Naming

1. Balance Creativity and Clarity: While you want a unique name that stands out, it should still clearly convey the contents of the hamper pack. Strike a balance between creativity and clarity to capture the essence of your offering.

2. Avoid Ambiguity: Ensure that the name leaves no room for ambiguity about the type of items included in the hamper. Clarity is crucial in avoiding confusion and lost sales opportunities.

3. Easy to Remember: A memorable name is essential for word-of-mouth marketing and repeat business. Opt for simple, catchy names that stick in customers' minds and are easily recalled.

4. Distinctiveness: Aim for a name that sets your hamper packs apart.

5. Positive Imagery: Choose words that evoke positive feelings about gifting, celebration, creativity, productivity, and organisation. 

6. Avoid Legal Issues: We do not need this. Avoid names that are too similar to existing major brands or trademarks. I had a client who got in trouble with central management for doing that in his shop.

Examples of Simple and Effective Hamper Pack Names 

Say for stationery

- Home Office Pack

- Kindergarten Pack

- Starter Pack

- Small Pack

- Medium Pack

- Large Economy Pack

When naming a lotto syndicate, try to make it an exciting game. Finding the right name can set the tone for your group.

- Gold Rush Syndicate

- Dream Big Syndicate

- Millionaire Maker

- Jackpot Gold Alliance

These names are informative and memorable and evoke positive imagery related to their respective target audiences and intended uses, making them ideal choices for hamper packs.

Remember to take high-quality photos of your hamper packs! These images can showcase your hamper names on social media platforms and marketing materials, further enhancing brand recognition and driving sales.

How to get Brainstorm Hamper Pack Names

I suggest using online name generators like BrandCrowd's hamper name generator to kickstart brainstorming captivating hamper pack names. This tool not only provides a wide range of name suggestions but also offers you an accompanying logo design for your hamper.

Here's how you can leverage BrandCrowd to brainstorm hamper pack names:

1. Visit the BrandCrowd and enter relevant keywords related to your hamper pack offerings, such as "gift," "kids stationery", "bulk dog food," etc.
2. Browse through the generated name suggestions, paying attention to those you think will resonate with your customers.
3. Shortlist names that balance creativity and clarity evoke positive emotions and are memorable and easy to recall.
4. Consider mixing and matching different name and logo combinations to find the perfect fit for your hamper.
5. After finding a few, I recommend seeking feedback from potential customers to gauge their reactions and refine your selection further.

Now, you have an appealing name and logo for your hamper.

Remember, the correct name and visual identity can significantly impact customer perception and drive sales, so it's worth investing time and effort into finding the perfect combination for your hamper packs.

Entering into the computer the info

It would be best to control your hampers to get sales and stock control by putting them into your POS Software.

In stock pricing, you will find this under hamper packs. See the green arrow.

The same idea applies to syndicates.

Final Thoughts

An excellent hamper pack name should resonate with your target audience, be easy to remember, and align with your brand's overall image and values. By following these principles and exploring various options, you can find the perfect name that captivates customers, boosts sales, and sets your business apart.

Remember, simplicity and clarity are essential to effective hamper pack naming. Strike the right balance between creativity and understanding, and you'll be well on your way to crafting memorable and impactful names that elevate your brand and drive customer engagement.

In today's retail, product knowledge can make or break a customer's experience. Imagine taking walks into a store, uncertain of what you want, and locating a salesperson who understands the goods inside out and takes the time to signify options and provide personalized pointers. This degree of provider can transform a casual vacationer into a faithful consumer. You are no longer a product shop but a destination spot.

The Importance of Knowledgeable Staff

Let's take a page from what I have seen at Bunnings. I have walked into Bunnings with a vague idea of what I need. Once inside, I always find a helpful former tradesperson, now a salesman, who can guide me to the right product. I find this invaluable. Why do I go to Bunnings? It is not just their large stock holding but their knowledgeable staff.

If your retail staff is well-trained and deeply familiar with your products and services, this knowledge empowers them to assist customers effectively, just like the tradesperson at Bunnings.

Having alternate products in your POS System can help. A simple stock search in your system can show similar stock products in your shop with stock quantities.

Critical Benefits of Knowledgeable Staff:

• Enhanced Customer Experience: Customers feel valued and understood, fostering trust and building lasting relationships.
• Improved Sales: Staff can suggest additional products, alternatives, or complementary items, increasing average order value.
• Customer Loyalty: Excellent service and valuable insights encourage repeat business and positive word-of-mouth.

Active Listening

Another critical skill is active listening. Encourage your staff to actively listen to customers and ask questions to clarify their needs. This will help the customer and make them feel heard and appreciated.

Active Listening:

1. Maintain Eye Contact: Show that you are focused on the customer and engaged in the conversation.
2. Ask Clarifying Questions: Ensure you understand their needs fully by asking follow-up questions for clarification.
3. Paraphrase: Repeat what the customer said in your own words to confirm your understanding.

Personalized Recommendations: A Touch of Magic

Train your staff to provide personalized recommendations. By understanding customers' preferences, needs, and shopping history, your team can suggest products tailored to each individual. This personal touch can significantly enhance the shopping experience and make customers feel truly valued.

Give Personalized Recommendations:

• Know Your Products: Know all available options, including features, benefits, and use cases.
• Understand Your Customers: Use previous interactions, purchase history, and any provided information. Information gained from one customer can be helpful with the next.
• Be Empathetic: Show genuine interest in helping the customer find the best solution for their unique needs.

Customer Feedback

Encourage your customers to provide feedback. You will not learn if you do not ask. When I complained that his cold tablets had been useless since then, my pharmacist always asked me to come back and tell him how the product he recommended worked. It certainly gives me a reason to come back.

Using Customer Feedback Effectively:

• Listen and Act: Carefully review feedback and implement changes or improvements based on customer suggestions.
• Share Success Stories: Highlight positive reviews and customer testimonials in-store and online to showcase your commitment to customer satisfaction.
• Engage with Customers: Thank customers for their feedback, inform them of any changes made based on their input, and continue to solicit their opinions.

Real-Life Experience: Learning from the Best

Reflecting on my grandfather's shop, I remember picking up many sales by suggesting related magazines and books even if we didn't have the specific item a customer wanted. I knew my books. This approach not only helped in making sales but also in building a solid rapport with customers. As customers, we sometimes don't see what products exist or what alternatives are available. That's why we need knowledgeable retail salespeople who can guide us and provide valuable insights.

Conclusion

Investing in product knowledge and training your staff can significantly elevate your retail business. Ensuring your team is well-informed, actively listens, provides demonstrations, and offers personalised recommendations creates a shopping experience that keeps customers returning. Embrace the power of product knowledge, and watch your retail business thrive!

This is risky, and be cautious. Price rises are signals to people to drop you.

People leap after they see a fee rise. However, the fact is that during the business, there can also come a time when you want to elevate your fees. A price increase is often required to maintain profitability and your operations, whether due to inflation, multiplied provider costs, or a strategic shift for your commercial enterprise version. Here are a few ideas that will help you do it.

Understand the Reasons for a Price Increase

Before diving into the method, it's essential to understand the different factors that may necessitate a price adjustment. Here are a few common motives why groups choose a charge increase:

Rising Costs: If your providers have raised their costs or are facing extended operational charges, such as rent or utilities, price growth can be necessary to maintain your earnings margins.

Inflation: As the price of goods and services rises due to inflation, you could want to alter your costs to keep up with the changing economic climate.

Product Enhancements: Perhaps you're transferring your commercial enterprise closer to a more premium market section. A consumer decided to drop many cheap motorcycles and focus on more expensive bikes. With this technique, he lost all his clients.

Conduct Market Research

Before imposing a price rise alternate, it is vital to apprehend your competitive landscape and client perceptions. Consider the subsequent study steps:

Analyse Competitor Pricing:

Examine the prices of similar services or products your competitors provide. This will help you gauge the marketplace fee and ensure your new costs remain competitive.

Survey Your Customers: 

Gather feedback from your customers. This will offer insights into their willingness to pay more for your offerings and assist you in expecting capacity reactions to a growth rate.

Review Historical Data: 

Analyze your sales statistics and purchaser behaviour from preceding fee adjustments. This can help you identify patterns and predict the ability impact of the approaching rate exchange. In your POS System call up the product and see the effect of price increase on these prodycts.

Prepare a Plan B:

Consider what to do if your clients reject the new rate upward push too strongly. 

Develop a Pricing Strategy

Once you have accumulated the critical information, expanding a properly-idea-out pricing approach is time. Consider the subsequent methods:

Gradual Increase:

Instead of enforcing an extensive charge hike, you could choose a more minor, incremental increase over time. This technique may be much less jarring in your customers and extra handy for them to adapt. It works nicely if only a few items pass up at a time.

Bundle Offerings:

Remember to bundle complementary products or services at a reduced fee rather than increasing the rate of personal objects. This approach can lower your clients' perceived price while growing overall sales.

Communicate

 There are two views here. 

Option 1: Provide notice

This allows your clients to regulate their budgets and expectations. It also demonstrates transparency and builds acceptance as true among your consumer base. Explaining the reason behind the charge boom is allowed, but it gives your clients time to consider alternatives. In my experience, most customers do not pay much interest until it happens.

One massive plus is that it can set off a few customers to buy before the rate increases, quickly impacting your revenue. This is why so many humans do it.

Option 2: Provide no warning

This permits you to implement the trade swiftly without a prolonged notification period, but it risks unexpected or alienating customers who feel blindsided during the exchange. If not treated cautiously, it could damage purchaser trust and loyalty. It also leaves less time for customers to alter their budgets or expectations.

Whatever approach you take, it's important to explain the motives behind the charge boom simply and transparently. Highlight the cost and blessings your products or services offer your clients, and remember to offer loyalty rewards or reductions to your current customer base as a gesture of appreciation for their patronage.

Monitor and Adapt

After enforcing the price change, closely monitoring the impact on your income and consumer pride is critical. Be prepared to make modifications if necessary:

Analyze Sales Data:

Track and compare your sales figures to pre-growth ranges. You can also reevaluate your pricing method if you note a sizable decline.

Gather Customer Feedback:

Encourage your clients to provide remarks at the price trade through surveys, social media, or in-man or woman conversations. This treasured input will let you perceive regions for development and make essential adjustments.

Remain Flexible:

If your initial pricing approach is not yielding the preferred results, be open to adjusting it. Based on the information you have gathered and client remarks, adapt and refine your technique.

Implementing an increase can be delicate, but you can navigate this transition efficiently with cautious planning, effective communication, and a patron-centric technique. Remember, a nicely completed charge growth can enhance your profitability and strengthen the perceived price of your services in your clients' minds.

This is a simple, fresh idea to implement that works as we are always on the hunt for ways to excite our customers and drive sales. Well, have you considered celebrating your shop's birthday? This unique occasion presents a fantastic opportunity to transform your store into a festive extravaganza! Large brands do, so why not you?

• Stand Out from the Crowd: Unlike conventional holiday sales like Mother's Day, a shop birthday sale sets you apart. This unique approach gives you a novelty factor that grabs customer attention.
• Low Competition: No other shop will celebrate your shop's birthday sale, giving you a distinct advantage and avoiding competition from run-of-the-mill holiday sales. Mother's Day, for example, is an excellent marketing day, but everyone has Mother's Day sales. Only you have your shop birthday sale. 
• Easy to set up: You do not need any data, just a few signs and balloons.

First tip: Do not celebrate a day. Make it a month's celebration. - If it works for one day, why stop for one day?

Do this, and you'll create a buzz, foster customer loyalty, and boost your sales seriously.

The Novelty Factor

One of the biggest draws of a shop's birthday sale is its novelty. Unlike typical holiday promotions, a birthday bash offers the traditional sales event an exciting spin. It immediately captures attention and sets you apart from competitors. Customers recognise birthdays as legitimate reasons to celebrate, so they're far more receptive to the fantastic offers you'll be dishing out.

Flexibility Galore with a Full Month of Fun

Your sales options are limited to a single day or week. But stretch that to a month-long fiesta, and you have flexibility in spades! You can switch up the weekly promotions, keeping things fresh and enticing customers to return for more. One week, offer a special deal on slash prices on one product. Next, offer a gift with a purchase over a certain amount. The possibilities are endless when you've got an entire month to play with!

Remember, it starts with a big promotion and then ends with a grand finale bang to get the last big shot at it.

Make it a Party! Creative Ideas for Epic Celebrations

What's a birthday without balloons, banners and big festive fun? To make your sale sizzle:

There are many creative ways to ensure your shop's big celebration is one customers won't forget!

How Your POS Provides a Serious Assist

Want some ideas for what you can use as giveaways that cost you very little? Look at your slow and dead stock.

Both cost you money, take up cash flow, and take up space that should have stock that sells better.

To identify such products, go to register reports > stock titled "Old Stock on hand by Date last received."

I tend to do it in two parts. First, I check the overall problem in the shop to see the scale of the problem. Then, I go by the department in detail, as its people find it better to examine this way.

This gives you a stock listing based on when you received it. This stock rarely does you much good. As I stated, it costs you to keep it.

Now, once you have identified it, what will you do about it, why not use them as specials for your shop's birthday sale.

Time to Start Planning Your Store's Biggest Celebration!

With the power to boost sales, strengthen loyalty, and set your shop apart, a month-long birthday extravaganza is a no-brainer for entrepreneurial small retailers. By leveraging your POS, channelling creativity into festive promos, and giving customers what they want, you'll have all the ingredients for an epic bash! So start brainstorming killer deals, rally the troops, and prepare to make your store's big day one for the books.

Mother's Day is an excellent opportunity for retailers. It is now the third-largest retail season of the year!

Australians are expected to spend $995 million on Mother's Day this year, up 7.5% from the previous year, which also set a record. We can anticipate fewer customers overall due to the current cost-of-living pressure, but those who do plan to buy will be spending more, as the projected gift purchase is set to jump from $92 to $102 per person.

People will buy candles, books, clothes, personalized items, etc.

Here's How to Use Your POS System for Mother's Day Success:

Prioritize Convenience & Inspiration

25% of Mother's Day shoppers cite convenience as their top priority when selecting gifts. Many are short on time and looking for ready-to-go options and ideas. Cater to these needs with:

• Dedicated Mother's Day Display: Create an eye-catching, centralized display showcasing your giftable Mother's Day merchandise. Clear signage guides hurried shoppers straight to this "grab-and-go" section.

• Pre-Bundled Gift Sets: Offer assembled gift sets (e.g. a plush robe with slippers and a candle) to reduce decision fatigue for stressed shoppers. This also increases the average order value.

• Diverse Gift Options: While many buy for their mothers, around 19% gift maternal figures like partners, friends, in-laws, grandmothers, sisters, or daughters. Ensure a wide assortment to serve all customers.

Data-Driven Product Assortment

Let your POS data guide your product selections and purchase quantities by analyzing what historically sold well for Mother's Day:

1. Access Historical Sales Reports: Look for "Top N Stock Sales for a Given Period" or a similar report in your POS backend.

Go to Register reports.

Now pick "Top N Stock Sales for a Given Period."

In the form, put the date a late year for now to Sunday, 14 May 2023. These are the items that worked for you then. Hopefully, you have them now.

Check Pre-Pandemic Sales: Generate this report for the week leading up to Mother's Day 2019 to understand pre-COVID buying patterns.

Find the Sales Sweet Spot: This year's sales will likely blend 2019 and 2023 patterns. 

Stock accordingly while leaving buffer room for demand fluctuations. Make data-driven purchases to ensure you have the right gift assortment and volumes.

Maximize Your Promotions & Operations

Even with its short sales cycle, Mother's Day can significantly impact your bottom line if well-executed. Prepare with these strategies:

• Promote Early & Often: A simple sign on the window can do wonders in practice.

• Highlight This Year's Gift Trends: People tell me that recipe books are expected to be good sellers.

• Offer Gift Services: Consider simple add-ons like gift wrapping, which saves customers time and increases your transaction value.

• Staff Appropriately: Schedule enough sales staff. Use your traffic reports, as this will tell you how busy you were last year. 

Please go to Traffic analysis, which you will find in register reports > Sales.
 

Now, here, select "Traffic Analysis by Trading Hour."
 

Put in here the week before that includes Mother's Day

Now out pops a chart, which shows by customers how busy the shop was per day. This will tell you how busy the till operators were with colour coding.

By combining strategic planning, operational readiness, and leveraging your POS data, you can deliver outstanding service while capturing maximum Mother's Day profits.

The Payoff of Prioritizing Mother's Day

Mother's Day is not only a chance to delight your customers and honour maternal figures. It's also an enormous money-making opportunity for retailers willing to put in the work.

With some upfront analysis of your POS data, an assortment of giftable products tailored to trends, convenient shopping experiences, and well-promoted offerings, you can transform this spring occasion into a massive revenue windfall.

So start preparing your business for Mother's Day! 

In the ever-evolving retail landscape, businesses need every edge to stand out, connect with customers, and boost their bottom line. Digital signage is a key to unlocking a new level of in-store engagement, adaptability, and brand impact that static signs can't compete.

Dazzle Customers and Drive Engagement

People today are trained to look at screens. If we see a screen, we look. This is partly why digital signage makes your business shine. Also, the vibrant colours, captivating animations, and immersive videos help. This draws customers in and leaves a lasting impression.

Setting Up Your Digital Signage: What You'll Need

While digital signage offers benefits, let's break down the key steps:

• Look at what others are doing:  The best way to get ideas is to go to other shops, look at the signs, and see what digital signs you like there. If you like it, I am sure others will too.
• Measure out the area in your shop: Try to get an idea of the size that suits your space.
• Screens: This is the centrepiece of your setup! If you have an old TV at home or a spare computer screen, consider using that. Otherwise, you can get a relatively cheap screen or digital photo framer. A digital photo framer starts at about $85.
• Computer or USB: Some screens need a computer to run, while others, such as a digital photo framer, can use a USB stick. 
• Slideshow Maker: This is the heart of your signage system. Look for some user-friendly software that lets you create media content. I am not recommending one now, as the only one I know is Proshow, and it's off the market. If you use a professional photographer, you do not need this.
• Mounting and Installation: Consider professional installation for a polished look and safe, secure screen placement.
• Picture of your shop and goods: A good smartphone today can do this. You can take many photos and permanently delete the bad ones. You are not going to complain if you have too many images. For a five-minute presentation, you need about 40 images.  For information how to do this click here.
• Some time: On the first few, it does take some time to learn, but after that, it is really quick.

Advantages of doing it yourself

You can change to fit your retail trends, sales, weather, etc. Everything can influence what messages your customers need. You can update your displays based on your latest products, promotions, and seasonal content or even react to the news. This gives you both adaptability and keeps your store's message dynamic and relevant.

Your Brand, your control

You control the message. The screen sells your products.

It works Day and Night selling your products and services

You can put a screen in the window and it can market your goods and services 24x7.

Gaining a Competitive Edge

In a crowded marketplace, digital signage advertises your shop. Its dynamic nature and ability to wow customers give you a serious advantage over traditional, static displays. People looking at your window will take a few seconds to look at a static sign and much longer looking at a dgital one.

The Time is Now

Keep your company from falling behind! Digital signage is the way of the future, not a fad. You may modernise your business, provide customers with a shopping experience, and make more sales by utilising this technology.

If you run a shop, one of the best ways to make more sales is by mastering cross-selling, which suggests extra related items to your customer's purchase. Doing this can help you make each sale worth more.

I can assure you that this woman above did not come to this centre knowing what she would buy in all these bags.

Why Suggesting Extra Items Works Well

Suggesting extra, related items to customers as they buy or browse can help because it:

Makes Shopping Better: When you suggest items that fit your customer's needs or likes, you show you understand them. 
Raises Sale Value: Customers buying more items means each sale brings in more money, which is great for your shop.
Keeps Customers Coming Back: Offering a shopping experience that feels special and tailored just for the customer makes them want to return to your store, building loyalty.

Digging Into the Good Stuff About Suggesting Extras

Suggesting extras can do wonders, but let’s look at some real examples of how it helps small shops:

More Money Made: Research shows that shops selling extra items can see a big jump in sales. 
More Profit: Suggesting items with higher profit margins as extras can mean more money in the bank. Most profit is made not on the items that the customer came on, but the add-on sales.
 

How to Be Great at Suggesting Extras

Use Your POS System

Go to Cash Register Reports > Sales Register > Stock Companion Sales by Period. See the green arrow below.

Choose a stock item, add its past year's data, and receive a full report on earnings, sales, and more.

This report will give you details on how much money the item made, how many were sold, and additional information. With this information, you can determine whether an item that sells slowly and doesn't bring in much money by itself draws in customers who then buy other items that make more money.

Pick Best Pairs: Find what items are often bought together and suggest these combos to customers.
Keep Getting Better: Always check how well your selling tactics work and tweak them based on what the numbers tell you.
 

Train Your Team

Your staff plays a big part in successful extra selling. Make sure they are:

Well-trained: Teach your team to ask for a related item, e.g. they brought a kid's game. Do they need a card?

Know Your Products Well: Help your team learn all about what you sell so they can suggest items that go well together.
 

Build People Skills: Teach your staff to really listen and talk in a way that feels real and helpful, making shopping fun for customers.
 

Know What Buyers Like: Understand what your shoppers prefer and use it to make your suggestions feel personal.

Easy Ways to Do It:

Scripts: Work out some lines that work with your customers to get them to consider other products and services you offer.
Lists: This works well. Make a list of your shop's top sellers and display it prominently; people will look at the products after seeing this list.

Make Your Shop Inviting

The way your shop looks and feels can help sell more, too. Try these ideas:

Put Things Together: Place items that go well together in the same spot so buyers can spot and grab them.
Make Displays Pop: Use eye-catching setups to draw attention to items that go together, nudging folks to buy more.
Signs and Tags: Clear signs can highlight special deals and suggest items that add value to their buy.
 

By using these ways to sell more, you will increase sales for your small shop, improve customer shopping, and turn them into loyal fans.

How Taylor Swift Concerts Rocked Retail Sales: Over 600,00 fans going to see her sent up retail sales alright! It turns out these "Swifties" (that's what her fans call themselves) bought big.

What does this mean for you?

It is said, " The best preparation for good work tomorrow is to do good work today." – Elbert Hubbard.

As this case shows, in the bustling world of retail, retail fervour unfolds if you are prepared and able to capitalise on it in some way.

There was plenty to capitalise on as Ben Dorber, Australia Bureau of Statistics head of retail statistics, highlights out here in their Feb 2024 report that while he was looking at the figures, "Seven sold-out Taylor Swift concerts in Sydney and Melbourne boosted retail spending this month, with over 600,000 Swifties flocking to these events. This increased spending on clothing, merchandise, accessories and dining out", a national increase of 0.2%.

So, as a retailer, here's the deal:

• Plan Ahead: Check calendars for big concerts, sporting matches, and festivals that will get wide media attention. 
• Get Creative: Tap into the excitement of those events. Offer event-themed merchandise or promotions that capture the excitement.

A Real-World Win 

I read how one clothing boutique near a concert venue offered "Swiftie Style" t-shirts and discounts for anyone showing a concert ticket. The result, their sales did well.

The Big Takeaway

Even if your business isn't a direct match with the event, don't miss the opportunity! The right planning and creativity can help boost your sales when a big event is staged. Remember, even a slight increase in sales or getting your shop's name in front of new customers can have a lasting positive impact on your business!

Do you ever wish you could read your customers' minds? Knowing what they like and what they're interested in would help you sell them exactly what they want! Well, one of my clients asked me this. What could I say so? I said, "Well, that we all do."

Do not think that because you like it, your customers do. I had a client who had a clothing store. His daughter told them that she knew what young girls wanted. So, based on her recommendation, they brought some stuff, and their customers did not like those items.

Still, I can tell you that some tools are available to help you discover more. There's no magic trick; there are several ways modern retailers can find out what makes their customers excited. Big businesses spend a lot of money on research, but smaller retailers have a secret weapon—they can talk directly to their customers!

Let's Get Chatty

The best way to find out what interests your customers is to ask! It's often as easy as talking to them. You can start with "Got any fun plans for the weekend?" or "What do you like to do in your spare time?" You'd be surprised at what people share!

Run informal focus groups.

When a few people come in to buy a product in a group, and you are helping them, ask them what they are looking for, what they want from the product, etc. Once they have brought it up, maybe ask them a few open-ended questions like: “What do you like and dislike about the products?” "What other similar products have you seen?" "What factors influence your purchase decisions?" Details here.

The Digital Detective

The internet now is a treasure trove of information about your customers. Here's where to look:

Social Media

Why not check some of your customer's Facebook pages? See what they share, like, and comment on. Look at the groups they're in and the events they RSVP to. Do a little 'detective' work on their profiles. Of course, be respectful of privacy, but public posts often give you great clues about their interests.

Google Trends

This fantastic (and free!) tool tells you what people are searching for. You can even narrow it down to your local area. Search for products you sell and see what else pops up. Are they searching for recipes? Maybe you've got a bunch of foodies coming into your store. Check here for some details on how to do it.

POS Systems sales reports

See if any patterns emerge. Do you sell heaps of gardening stuff in spring? Maybe your customers are green thumbs! What sells well before the Grand Final? What happens about Easter? Details here.

Experiment

The simple fact is that most ideas do not work. You need a thick skin. You will fail many times more than you succeed. Not every idea will be a winner. That's okay! Do not reinforce a defeat. Stop and go elsewhere. Look at the ideas that work and then look for ideas around the concept that works. I had a client who did well-selling phone cases. They then looked for other products they could sell to the customers who were buying these cases and decided to increase their range to include some mobile accessories; what went well were the charging cables.

The trick is to try different things and pay attention to what gets customers buzzing.

Success! How Do You Know It's Working?

If it's not measured, how do you know what is happening? There are a few ways to tell your customer sleuthing is paying off:

Happy Customers = More Sales

If people buy it, you promote the right stuff!

Loyal Friends

Customers feel special when you stock what they love. They'll keep coming back.

Buzz and Excitement

A great sign is if your products produce this buzz and excitement.

Wrapping It Up

Understanding your customers doesn't have to be complicated. Use a mix of these ideas, and don't forget to have fun along the way. The more you know what makes your customers tick, the better you can give them what they want.

While buy now, pay later options have surged in popularity, layby is still a traditional form of credit retailers offer. Although it has been on a decline, particularly with BNPL, it is still in use and is a lifesaver for many people. So though layby may seem outdated to many in our instantly gratifying world, it remains a lifeline for budget-conscious consumers and can be a savvy tool for retailers looking to boost sales and build loyalty.

Why offer layby to your customers?

Some people want it, and no one wants to reject a customer.

• More customers: Layby helps you reach people who want to budget their spending, don't like credit cards, or can't get traditional loans.
• Bigger sales: Customers are far more likely to splurge on pricier items when they can break up the cost into manageable payments. Layby removes the sticker shock factor that deters many from bigger purchases.
• More loyalty: Unlike one-and-done transactions, layby creates an ongoing relationship with shoppers as they return to make their instalment payments,
• More traffic: As people using layby have to keep coming back to your shop to finish their payments, if so, they may buy more!

Setting up layby in your store

Here's the important stuff you must figure out:

• Play by the rules: The Australian Competition and Consumer Commission (ACCC) has some of the layby requirements on its website. 

• Check out how others do it; here are some samples to look at:

  • Big W
  • Target

I would suggest that you cut and paste one of the majors' pages on their layby terms and conditions you like and then modify it for your shop on the grounds that they probably have had it checked out by lawyers and experts. Make sure you pick a major that talks about your state. I have known people to get in trouble with the state authorities.

• Now make your policy:  This is important to make a policy for things like:

  • How big the deposit has to be
  • How often customers make payments (weekly, fortnightly, etc.)
  • What happens if someone cancels (do they lose some money?)
  • What happens if the layby is cancelled?

• Layby system: How are you going to keep track of everything?

  • Small shops: Pen and paper might work just fine.
  • Bigger shops: You'll want some special layby software like our POS system with layby built-in.

• Train your crew: Ensure your staff knows how layby works, the shop's rules, and how to use your system.

Tell people about your layby program.

There is no point in having it if your customers do not know you offer layby both in-store. It would be best if you told them. Get the word out there:

• Advertise special deals: Consider offering a layby with no fees during holidays!

Wrapping it up

Layby can help you reach more customers, help make more extensive sales and keep your regulars happy. Today it does let you stand out from the crowd.

Do you need help setting up laybys? Our POS software can make managing laybys much easier.

Every shop owner knows the feeling—you've got dead stock that needs to be moved. Maybe it's out-of-season, or perhaps it just hasn't been as popular as you hoped. Enter the mighty dump bin—make it your weapon to turn that dead inventory into quick cash!

What Are Dump Bins, and Why Do They Work?

They're not about rubbish but rather about smart retailing! Dump bins are those big baskets, countertop tubs, or end-of-aisle displays filled with sale and clearance items. Here's the magic:

The Treasure Hunt Factor:

Customers can't resist a good rummage, and dump bins tap into that bargain-hunting instinct. When I pass a shop with a dump bin and I have time, I admit I will look. Do you?

Deals = Excitement:

Something about those jumbled bargains feels exciting, encouraging impulse buys. Clearance Made Easy: Dump bins quickly get slow-sellers out the door, freeing space for fresh, full-priced items.

Pinpointing Your Problem Stock:

The facts do not lie.

Before filling those dump bins, you need to understand the scope of your slow-moving inventory. Your POS software is your ally here:

The Big Picture: Run a "Stock on Hand by Date Last Received" report. This will give you a snapshot of your holdings of old stock.

Department Deep-Dive: Break down the report by department. Often, certain areas have more slow-sellers than others and one set of criteria in a department does not necessarily apply to another department.

What's 'Dead' to You?: Your POS System has its own metrics, but you may not agree. That is why it's worth going over the list by how long the stock has sat in your shop. Consider how long the items have been on the shelf and also how much space and money they're taking up.

Top Tips for Dump Bin Domination

Prime Real Estate???:

It does not have to be in the Prime Real Estate of your shop. Many majors put it in a corner and put up a big sign and red light to show it exists. The point is that your dump bins need to be seen wherever you put them! The shop entrance, just outside, is also popular for the dump bin. It certainly draws in customers. Since the stock is not worth much, the shop theft 

Shout About Those Sales!

Big, bold "SALE" signage is a must. Few can resist a bargain sign!

Organised Chaos is Key:

A little disarray is fine (it shows interest), but don't let it get too messy. Aim for pops of colour and interesting textures.

Keep Things Fresh:

Change the items regularly! If stuff does not work in the dump bin, consider moving it out or trying a lower price; there is no point in reinforcing a retreat. Customers love seeing something new each time.

Cross-Merchandise Like a Pro:

Think of complementary products. Use your companion reports to find out what items sell with the stuff you put in the dump bin.

Real-World Win

We had a gift shop stuck with slow-selling novelty mugs out of season. They created a bright dump bin by the checkout with 50% off. The mugs flew out, and the owner told me she felt it was money she found on the street. It also helped to make room for profitable new inventory!

Embrace the Dump Bin, Embrace the Sales!

Dump bins are more than just stock clearance; they create a dynamic shopping experience. Your customers will love the surprise deals, and you'll love the boost to your bottom line. So, get those bins ready, and let the sales begin!

Hey there, store owners! Easter is coming up fast this year. Are you ready for the chocolate rush? With a little planning, Easter 2024 can be a big win. Let's get those gears turning! With less time to prepare, your smart point-of-sale (POS) system can be your best Easter helper. Let's see how!

Challenge: Early Eggs and Smaller Baskets?

Easter Sunday lands on March 31st this year. That's earlier than usual, which could mean:

• Tighter deadlines: Less time to order all those Easter goodies.
• Smaller budgets: Customers might be watching their wallets this year.
• Kids: What is clear now is that people are not reducing their spending on kids now.

Solution: A Smoother, Smarter POS

A great POS system is like hiring extra hands during the holiday rush. Here's how it saves the season:

• Fast, Easy Inventory:
• Know exactly what's in stock and what you need to order now.
• See what you sold out last year!

Ready to Level Up?

A modern POS system isn't just about the tech; it's about making this Easter smoother and more profitable, no matter what challenges come your way. Want to explore options that fit your store? 

People Want to Celebrate

Yes, money might be tighter for some folks this year. But remember, holidays like Easter are special. By being prepared, your store can make the season awesome for everyone – and make some extra sales too!

I've been in business since I was five, working in my grandfather's store. Since then over the years, I noticed one key factor set thriving businesses apart: a compelling unique value proposition (UVP) or an EDGE.

For example, I had a client selling fishing tackle and bait. Anglers knew his store was the place for their gear - that niche gave him an edge that other shops in the same shopping centre missed.

So, what makes a value proposition? Here's how I break it down but first let me say that it clearly communicates the specific value in your customer's image that your business has; it’s your special sauce.

For Small Retailers, A Strong UVP is a Secret Weapon

Without a stand-out value proposition, independent shops blend into the background—just another store.

An effective UVP grabs attention, builds loyalty, and gives customers a reason to choose you. It takes you from forgettable to unforgettable.

For example, a local pet supply store touted its extensive dog food range. Since people who buy dog food are used to going to a pet shop to get it, they have less hesitation about going into this local pet shop.

This actually is one of the reasons, I think the advise of a newsagency calling themselves a gift shop is wrong. A newsagency still in many shoppers has an appeal. It does project trust.

Put Yourself in Your Customers’ Shoes

When crafting a UVP, think like your ideal customers. Consider the types of stores ingrained in their routine.

Most people are accustomed to regular visits to newsagencies for papers and convenience items. The familiarity makes them more likely to pop into a new newsagency than other shops.

Understand your audience’s habits, and you can better position your niche.

How to Craft Your Retail UVP: 5 Key Steps

Creating a value proposition that works takes effort. In my experience, you'll need to:

1. Analyze competitors: Study their offerings closely.

2. Assess your strengths: Take stock of your genuine advantages; selection, service, location, expertise, etc. That highlights your “wow” factor.

3. Understand your customers: Dig into their values, needs and pain points. 

4. Distill your message: Boil your learnings into a crisp, unique statement.

5. Test and refine: Try out messaging with objective parties. Adjust based on feedback.

Crafting an effective UVP requires work but pays off tenfold. For retail survival, define your edge and shout it loudly. It can skyrocket you from average to exceptional in customers’ eyes.

I did like this video on this subject.

Welcome to 2024! As a retailer, having a solid marketing calendar is crucial for planning promotions, sales, and events throughout the year, in my experience good retailers plan well in advance. Here is an overview of some of the most significant retail marketing opportunities in 2024 that you won't want to miss.

As there are a few amendments I had to do so we are starting from now here.

February

February 10 - Chinese New Year (Year of the Dragon)

A good sign is that dragons are associated with power, leadership and wealth; this is a very promising year where business and career ventures should thrive. Make sure to use some red and gold  like display prominently red envelopes, decorations with dragons, etc. If you sell cards, these suppliers will have such products.

February 14 - Valentine's Day

Valentine's Day is an opportunity to boost sales of cards, candy, flowers, premium chocolates, and more. Decorate with hearts and cupids and promote gifts for him and her.

March

March 29 - Good Friday

Good Friday signals the start of the Easter weekend. Promote Easter baskets, candy, egg decorating kits, gifts, spring apparel and more.

March 31 - Easter Sunday

On Easter, continue promoting Easter merchandise. Stores can host Easter egg hunts, brunches with the Easter Bunny, and spring flower shows.

April

April 25 - ANZAC Day

Poppies, Flag merchandise, Military memorabilia, Commemorative items, Cookbooks, Drinkware and books. One of the problems with such goods is that the items are often difficult to sell after  ANZAC Day.

March 31 - Easter Sunday

On Easter, continue promoting Easter merchandise. Stores can host Easter egg hunts, brunches with the Easter Bunny, and spring flower shows.

May

May 12 - Mother's Day

Mother's Day is a peak time for flowers, jewellery, brunch events, spa packages and gifts focused on moms, grandmothers, and mother figures.

June

End of Financial Year Sales

For many of my clients, this is one of the most important marketing seasons, tax benefits, clearing stock before new fiscal year, etc.

Start of Winter Sales

If you are doing anything in clothing, this is when people start to look for winter clothing.

July

Stocktake sales

This is a terrific time to get rid of unsellable stock. The public is looking for bargains then, and after the stocktake, the odds are that you have bargains for them.

July 24 - School Holidays Begin

The start of school holidays means increased family travel and focus on kids. Promote toys, children's apparel, family activities, luggage, and travel necessities.

September

September 1 - Father's Day

Target gifts to dads, grandfathers, husbands, and father figures. Promote grilling supplies, tech gadgets, apparel, sports merchandise, and experience gifts.

October

October 31 - Halloween

Halloween brings sales of costumes, candy, home decor, pumpkin carving kits, and more. Stores can host costume contests or trick-or-treating events.

November

People are buying Christmas presents today in November; in 2023, retail sales increased dramatically this month; click here. Please do not wait for Black Friday.

November 29 - Black Friday

Officially, this is the start of the Christmas shopping season. In 2023, Black Friday was one of the most significant retail events of the year, with major sales that started before and continued long after.

November 29 - Summer season begins

It is getting hot; people need to start getting summer goods.

December

December 24 - Christmas Eve

Highlight last-minute gift ideas for the holiday celebrations.

December 26 - Boxing Day

Boxing Day it was used to be big for post-holiday sales in Australia. It did go up in 2023, but not a lot. Still, there are good sales to be made here.

December 31 - New Year's Eve

You can promote party supplies and goods for the New Year's celebrations.

Additional

Depending on the people you serve, there will be more, e.g. if you sell books, consider promoting 2nd March – World Book Day and April 2: International Children’s Book Day.

 Anzac Day, worth having a chew about, I do know retailers that sell some goods then. 

I suggest you add the birthday of your shop, so make it as old as possible.  If you bought the shop from someone else, ring up some of your suppliers and ask them when your shop first got an account. Often an online search can help too. Once you have a date, make a shop birthday sale. Its a great excuse to have a sale.

Planning your promotions around these key retail events will help drive traffic and boost your bottom line in 2024.

Ring in the New Year with Inspiring Receipt Quotes

Adding an uplifting New Year's quote or message to your retail receipts is a creative way to spread cheer and goodwill this holiday season. Implementing this quick marketing tactic can help reinforce your brand image as one that cares about connecting with customers meaningfully.

Why Add a New Year’s Quote or Message?

• Spreads festive cheer and positive vibes during the holiday season

• Shows customers you appreciate their business and wish them well

• Sparks conversation about hopes and dreams for the new year

• Differentiates you from competitors

• Strengthens your reputation as a thoughtful, caring brand

How to Choose a Quote or Message

When selecting a New Year’s quote or message for your receipts:

• Do not worry about the length unless it is too long.

• Quotes that are hopeful, inspiring and forward-thinking work well.

• Avoid anything controversial or divisive

• Consider tying it back to your brand values or industry

Great options include:

• Famous New Year's quotes by people

• Upbeat messages about new beginnings and fresh starts

• New Year's resolutions that relate to your products or services e.g. lotteries

• Quotes about gratitude, optimism, or customer appreciation

Where to Display the Quote or Message

The receipt is the most direct place to put your New Year’s quote or message. But you can also display it:

• On your storefront window or door

• On your website or social media pages

• On signage in your retail space

• In email newsletters or print ads

Examples of a New Year’s Quote to Consider

"Cheers to a new year and another chance for us to get it right." - Oprah Winfrey

"The magic in new beginnings is truly the most powerful of them all.” ―Josiyah Martin

"New year—a new chapter, new verse, or just the same old story? Ultimately we write it. The choice is ours.” —Alex Morritt

I remember a time when a store slapped a Gandhi quote on my receipt. It sparked a discussion on the movie which a few in the queue participated. Nowadays, what about dropping some Oppenheimer or Barbie wisdom?

Need some inspiration? Check this site for quotes you can use. 

Spread Positivity in the New Year

Add a message to your receipts for this New Year to spark customer joy and appreciation. This simple marketing tactic can help set the right tone as consumers embark on a new year.

The holiday season is a busy time for retailers, with many customers doing last-minute shopping for gifts and holiday preparations. However, opening hours can be irregular during this period. As a business owner, you must communicate your holiday hours so customers know when you are open. Please do not assume that they think it will know magically. For a list of public holidays, click here.

Why Communication is Key

Without proper communication, customers may come, and at times, you are closed and have a poor experience. This can hurt your reputation and sales. It hurts more if they do not come because they do not think you are open.

Boost Loyalty & Sales

Informing customers shows you value them. People appreciate being updated on hours. This builds goodwill and loyalty.

Set Proper Expectations

Telling customers in advance about adjusted hours prevents frustration. They’ll know when to visit instead of finding you temporarily closed.

Promote Offerings

Communicating holiday offerings like gift items, sales, and curbside pickup promotes more business. People can’t buy if they don’t know what’s available!

Ways to Notify Customers

Use multiple channels to inform customers about holiday hours:

In-Store Signage

• Place visible signage at the entrance at least a week before, stating your opening times.

POS Software receipts

• Put your hours for this period on your receipts.

Social Media Pages

• Post adjusted hours on business Facebook pages and other social accounts.

Email/Text Alerts

• If you run a VIP loyalty marketing program, consider sending out your holiday hours announcements to your members via email.

Website/Online Listings

• Update hours are shown on your website, Google My Business, etc.

Consistent, advanced communication across channels helps customers know what to expect this season. They’ll appreciate you taking steps to avoid surprises.

If you need help managing holiday hours and communications with our point-of-sale software, POS Solutions can assist. Reach out for help.

Why not help the Last-Minute Shopper Grab Great Gifts? Here is a detailed analysis of the state of this market now.

Today, in the middle of this holiday season, many shoppers have left buying gifts to the last minute. As a brick-and-mortar shop, you can capture sales from these busy procrastinators with innovative merchandising strategies. This post covers ideas for enticing last-minute shoppers into your store and sending them away happy with gift purchases.

Create a Festive Storefront Display

You only have seconds to grab the attention of rushed shoppers passing by. It would help if you created an eye-catching display showcasing your goods. It does not have to be much, but it needs to be noticeable.

• Bright, festive colours and lights
• Best-selling gift items
• Sale signs and promotions

You need clear Signage 

These last-minute shoppers are not planners, they are desperate, they want instant solutions. So place eye-catching signs advertising your Gifts. Include calls to action like “Easy Gifts Inside!”

Set Up a Gift Solution Center

Clear prime floor space near the entrance to set up a small “Gift Solution Center.” This designated area should display the following:

Top-Selling Gifts

Showcase 8-12 of your absolute best-selling and universally gifted items. This removes the stress of choosing for frazzled shoppers. Some ideas:

• Candles
• Gift baskets
• Sets of something.

If you want to know how to get the top ten selling items in the shop at this period well, its easy in our point-of-sale system to do it.

Go to Register reports.

Now select "Top N Stock Sales for a Given Period."

You will want about 100 items with the last three months of sales on our listing, which will look like this because not all the items will be suitable. Like always you need to use some intelligence.  

Start at the top and build your stand.

Offer Gift Add-Ons

Do not stop there often. You can get a bit more to get full value for the impulse spending with these time-pressed shoppers. Make it easy for them to grab useful add-ons by displaying these items together near registers:

• Gift bags
• Tissue paper
• Gift tags
• Ribbons and bows
• Gift wrap

Small treats like chocolates or gift soaps also invite impulse buys.

Be Their Gift Hero

This holiday season, take advantage of busy, time-crunched gift shoppers by making your store the easiest place to grab quality presents fast.  

Implement eye-catching displays showcasing your top-selling, universally gifted items. Designate a unique gift solution centre right up front. Stack impulse add-ons like gift bags and wraps near registers.  

With convenient offerings and locations, your shop can become your community's go-to last-minute gift destination. Reduce holiday stress while ringing in sales! Become the gift hero for harried shoppers this Christmas.

Give it a shot and see how you go. 

Drawing in customers is the key for any small retail business. Doing this often costs money, which will drain your marketing budget. In our marketplace, two different methods are popular.

Discount vouchers and loyalty programs.

Now, let us quickly review how these work.

Broadly, a discount voucher, often after the purchase but not always, offers a discount on their next visit.  A loyalty program provides your customer with some points that, over time, can be redeemed on a future purchase.

Let's contrast these two different types of promotions.

Discounts: A Direct Way to Boost Sales

Marking down prices piques buyer interest quickly. It is a no-fuss tactic to move stock. Benefits of discounts include:

• Universal Appeal: Price cuts attract deal-seekers and even casual shoppers.

• Great with one-off customers: Many people, like in shopping centres, have heaps of customers they will never see again. If they do not make a pitch for them now, they will never sell to them again.

The main problems?

> You gain only discount-driven customers who buy on price.

> No data

> Easy to run

> No long-term relationship is made with the client. They are in it for the discount and will only remain if it continues.

> Discount vouchers are expensive. I once determined that a discount voucher system costs the retailer over three times as much as a points-based system. See here. There are good reasons why major retailers in Australia run point systems.

Loyalty Points: Investing in Repeat Customers

While discounts provide instant sales, loyalty programs focused on points accrual emphasize long-term retention. For small retailers, benefits include:

• Builds Customer Loyalty: Earning points for purchases incentivizes choosing your store.

• Valuable Data on Buying Habits: Informs decisions around stock and promotions.

• More flexibility: Allow better redemption on high-margin items.

• Tiered Rewards System: Personalize program levels and benefits based on spending.

• Australians like points: We are big users of VIP points

The main risk?

> The main obstacle is the amount of work and maintenance required over time to keep the program running.

> Although the cost is less, it is still there. As a rule, a loyalty program is only sustainable in retail at 1% of turnover without the supplier's help. So for example, say your shop does $500,000 a year turnover. The maximum a loyalty program should cost you is 1% or $5,000 by the book, which is based on a 30% margin. 

Something to chew on

If a customer spends $100 with a retailer and that retailer rewards them with 1 per cent of the total spend, then the member will receive $1 of value back, which may not sound very rewarding to the member. But if it is part of a loyalty program, the member can earn one hundred points (at 1c per point, which is equal to $1). By applying the representativeness heuristic, ‘one hundred’ points may be perceived as significantly bigger than ‘one’ dollar, making the member feel that the reward they have received is bigger than in reality.

Call to action

Let us know if you want to learn more about the loyalty program options available in our POS software. If there's enough interest, I'll write a follow-up article comparing the systems.