Outperform the Competition Time-Tested Measures to Increase Sales

Gurugram, India--The pandemic has put a dent in the purchasing power of many people. A McKinsey report highlighted that the pandemic weaved a web of disruption worldwide, impacting supply chains across segments and affecting sales and growth.

Experts, however, believe that the market will perform better. The online jewelry shopping market is expected to grow at a CAGR of 15.5% and reach almost $59 billion. This period brings just the right opportunity for retail shop owners to develop ways to outperform their competitors and increase their sales. Mirrar highlights some practical tips for retail stores to grow their sales:

1. Focus on specific segments

Trying to sell to everyone is a big strategic mistake. Different segments have different needs. For instance, a woman in her late 20s, earning $47,000 a year would have different considerations when buying jewellery as compared to a 45-year old woman who makes $125,000 a year. So, with the same strategy and approach, you cannot approach both of them, can you?

This is why targeting “everyone” is a mistake. Instead, pick a few select segments and then direct all your resources to target those segments. The conversion would be so much better. In a way, carve for yourself a niche in the jewellery industry, wherein you specialize in catering to select segments.

2. Offer attractive discounts

This is very simple and straightforward. Introduce jewellery shop sales on your collection for new and old customers. Make the discounts “urgent”; meaning, make them live for a limited-time period. Thereon, make sure your target audience is aware of such discounts through marketing campaigns.

3. Train your sales team

Selling is an art. If you are looking out for how to increase jewellery sales? simply asking customers what they want and showing them that piece of jewellery doesn’t necessarily qualify as selling.

It’s much more tactical than that, which strives for a high close rate, better upsell, and a fantastic customer experience. So, train your sales team to be better at selling; train them to be better at delivering customers a great offline as well as an online jewellery shopping experience. This will generate greater benefits for you.

4.

Listen more (and better)

What are your customers saying? Do they not like your collection of necklaces or have an opinion on necklace online shopping? Do they wish for more discounts? Did they have trouble finding your store? Were they talking about the difficulty they had finding a parking spot outside your store?

Listening to customers can provide you with rich insights. You can translate these insights into actions and improve the different aspects of your jewellery business to scale your sales.

5. Don't Forget Existing Customers

Retaining an existing consumer is cheaper than engaging a new one. As per a survey, the success rate of selling to a current consumer is 60-70 per cent, while it’s just 5-20 per cent in the case of a new consumer. Sadly, so many jewellery retailers focus too much on newer acquisitions, forgoing their existing customer base. Don’t be one of them!

Have a defined customer retention strategy that aims to keep the existing customers hooked to your brand and engaged with your offerings. Make sure they feel appreciated. Delivering a good experience to your existing customers can exponentially boost your conversion. Further, this can also trigger word-ofmouth marketing, bringing you greater rewards.

Read the full article here: https://tinyurl.com/MissionSalesMeasures

BY HEDDA SCHUPAK, CONTRIBUTING EDITOR, THE CENTURION