Monday, 22 July 2013

Tip of the Week and another Bonus!

Calculate your average dollars per transaction by dividing sales by the number of transactions.  This gives you an idea of how much each customer is buying and creates easy to understand goals.

For example: If your sales are $1000 (for simplicity's sake) and you had 20 customers that day, you would divide $1000 by 20. That means that the value of your average transaction was $50.00.

You can calculate your average transaction on a daily, weekly, monthly, quarterly, or annual basis! Its entirely up to you.

Want to know what to do with the information?

There are tons of things you can do! You can monitor your average transaction for things that seem to affect it or 
use it as a motivational selling tool! 

Having easily measurable targets to reach makes it easy to celebrate reaching your goals and breaking down those goals into small, manageable chunks makes for more celebration and more fun!

Happy selling!

Want more information on using your average transaction to your advantage? Click here to sign up and have the convenience of receiving the tip in your inbox as well as even more info on each tip!

Looking for more info, articles, and interaction? Follow us on facebook, twitter, and Pinterest, too!

Bonus Tip:

Whether in a display or in a store, customers need a focal point to look at first.

Thursday, 4 July 2013

Tip of the Week + Bonus!

Track your sales by category and use the information to help you when merchandising and buying.  It’s very valuable information.

© Anatoliy Babiychuk | Dreamstime Stock Photos | Image Link

When re-merchandising your store or purchasing new stock, it's so important to make educated decisions rather than taking shots in the dark, making guesses, or buying based simply on things you like.  Being informed will help you make better business decisions and help to prevent the need to clear out aged or stagnant inventory.

Track your sales by category, either using your POS system or keeping written records (contact your POS service provider or technical support to find out how).  You could do this weekly, monthly, quarterly, or annually.  

When it comes to visual merchandising, you can use your category sales in interesting ways, too.  It can help you to allocate the proper space and placement to best sellers and help you to beef up displays and promote weak sellers.  Also, if you know there's an item or category that people are shopping for in particular or coming in for, you can place it in a key area towards the back of the store to get them walking through.  Hopefully they'll see a great item they wouldn't have otherwise thought of on their way there!

Bonus tip to make up for the technical problems we had last week...

Emergency preparedness is key.  It's important to have a plan for every type of emergency that could come your way.

Check out this Red Cross page for some great info.

Happy selling!

Want the convenience of receiving the tip, sent directly to your inbox along with even more info?  Click here to sign up!

Looking for more info, articles, and interaction? Follow us on facebook, twitter, and Pinterest, too!