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Retail Industry Sales Growth Statistics
The global retail deals all over the world for the year 2021 would increment by 6.0% to simply more than $25 trillion, a critical rebound from 2020's lows which increases footfall tremendously.
All things being equal, the world delivered a 9.7% development rate, which kicked all out retail spending up to $26.031 trillion far surpassing the assumptions. In-store deals bounced back by 8.2% last year, to $21.094 trillion, a greater number than was spent in 2019. Repressed requests from face-to-face customers sped up the recuperation by two entire years. Strikingly, this fast progress back to stores didn't compel customers from matching our online business development assumptions. Wallets were completely open in 2021.
This rollercoaster ride in retail deals was widespread all over the globe. Retail deals went negative in 2020 all over the place; then, at that point, they bounced back to levels not found in year 2021; and they will get ahead of "typical" levels in 2022. Source: Statista
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Best ways to increase footfall at your retail store
In this competitive world, every retailer is facing the challenges of bringing customers into their stores. The shoppers of the modern era have become sophisticated and more progressive than ever before. If online shopping has become a trend then why do brick-and-mortar shops still exist? Why do retailers still prefer increased foot traffic in their retail stores?
To answer this, let’s further delve into more details of some creative ways for increasing retail sales!
Our highly proficient team has worked effortlessly to curate a useful list of some tried-and-tested methods to bring a measurable impact on their sales.
Shoppers want choice and flexibility when placing orders, and they want to complete or return purchases quickly and efficiently. Buy Online & Pickup In-Store is the creative way for retailers to increase sales by convenience, making it easy for customers to choose which products they want to buy immediately and which ones are worth the wait.
When it comes to BOPIS, retailers need to create convenience by allowing their customers to shop online or in-app and at the same time choose when and where to pick.
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2. Inventory visibility on all channels
Retailers are making greater use of inventory management software that gives them unparalleled visibility into their inventory levels by fully integrating the cross-channel operation. This allows retailers to improve the way they track inventory and allocate it towards orders received in any channel to increase footfall in a retail store. The cross-channel inventory visibility assists retailers to conveniently monitor the precise location of their stock, how much is available, and where demand is highest, and avoid scenarios like stockout hot selling products or having to incise the cost to offload slow-moving inventory.
XStak’s Omnichannel Engine(OE) is an all-in-one inventory management system for multi-channel retailers. The cloud-based system syncs offline and online inventory while providing real-time insights on stock levels. You get to monitor and manage inventory status across multiple locations and platforms on one system.
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3. Advertise your store and products through digital channels
Advertising is quite possibly the most seasoned stunt in the book, yet it works. Also, the magnificence of living in the present computerized age is that hearty publicized arrangements are more available than at any other time in recent memory.
Both Facebook and Google offer great focus on capacities that let you leverage accurate product targeting so that you can easily direct your marketing efforts to specific ages, locations, etc.
Utilize these devices in publicizing your endeavors to put your store on the radar of expected clients.
Point to ponder
70% of purchasers buy items they find via virtual entertainment. Destinations and applications like Facebook and Instagram can put your product and store before your ideal interest group.
Recognize the informal communities that your clients are utilizing and keep a functioning presence in those locales or applications. For best outcomes, stir up your substance by distributing numerous kinds of posts (a blend of images, advancements, client highlights, and so on) and by changing the substance design (video, pictures, text).
Digital Channels Integrations with XStak can help businesses and retailers intermingle their marketing campaigns with the popular social media platforms like Facebook, Instagram, etc.
Furthermore, XStak will assist enterprises in integrating their marketing programs with the Google Marketing Platform with its amazing email marketing and SMS automation approaches, which include Klaviyo and Mailchimp, etc.
XStak can drive your business growth in various ways:
Achieve results with desired data & analytics.
Enhance conversion rates.
Budget-friendly than other traditional marketing.
Generate higher revenues & ROI from your marketing campaigns.
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4. Improve presence in the local community
There are various ways to get involved in the local community and increase footfall in a retail store. But, like any business, retailers need a good idea to be successful. To have creative ways to increase retail sales, retailers need to work with organizations that match the company's vision or mission. If one manages a garden, support and maintains a famous park nearby to increase footfall. If one has a senior support center, partner with a veterans-related charity or support the health fair. If one has an auto repair shop, promote visibility near the highway and bring customers into your store.
XStak’s incredibly amazing product named, Omnichannel Engine (OE) is a cloud-based, distributed inventory, and multichannel order management system, that helps you automate multi-location, real-time inventory synchronization from offline to online channels. In addition, it also automates end-to-end order management from the second a customer makes any purchase, on any of your channels. OE is the best OMS you will ever come across, and that’s for sure.
Ponder the last time you pursued a major choice for your retail location. Did you depend on the educated guess?
Assuming this is the case, you shouldn't have. Regardless of whether your intuition ended up being exact, it's a hazardous method for maintaining a business.
Most retailers don't. The worldwide retail investigation industry, an industry worth $8.64 billion, helps retailers by furnishing them with the information they need to settle on more astute choices. From choosing where to open your next area to focusing on stock & restocks, depending on information removes the mystery of maintaining a productive retail business.
If you’re in search of an retail analytics, consider the XStak Omnichannel BI solution. XStak BI Have real-time, aggregated and actionable insights into operational metrics for commerce, marketing, and payments
This graphical representation makes it convenient for the eCommerce admins to easily record and analyze the data and take necessary steps accordingly to increase sales and returns.
Additionally, it increases smooth execution of operations across all digital channels by authorizing screen store-level requests continuously to assure best sellers stay in stock.
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6. Level up your customer service
The decreasing footfall is something that most retailers face at some point in their business. For this reason, it’s important to find useful ways to increase feet trekking to the multichannel retail outlets to make purchases.
In any case, on the subject of retail staffing, having the right number of workers in the store is insufficient. You ought to likewise guarantee that your colleagues wow each client who strolls in.
Endeavor to develop a standing that offers superb client care. It results in incrementing customer loyalty and drives positive word of mouth which can support people strolling through.
It additionally assists to keep your store following the seasons. Shoppers search for various things, contingent upon the season. If you have any desire to draw in occasional rush hour gridlock, your store ought to convey things that are pertinent to the necessities of customers.
Assuming it's the Christmas season, stock up on present things.
Is Halloween close to the corner? Think about selling sweets or a creepy stylistic layout.
Regardless, focus on what's happening all year then adjust.
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8. Keep your in-store merchandising updated & fresh
Talking about keeping things refreshed, do the same thing within your shop. Having the right outside components can draw in new guests, yet to continue to drive traffic, your store needs to feel new and refreshed.
Consistently bring out new products and turn your presentations around the store. Stir things up to guarantee that there's a new thing to find in your area.
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9. Offer a discount on their next visit
A successful method for empowering repeat visits is to give customers a deal they can reclaim on their next buy.
Many stores give out $5 and $10 gift vouchers on the off chance that you spend a specific sum on selected items. However, these gift vouchers are just initiated after the checkout interaction and imply that clients can recover them on a future buy.
Realizing that a markdown is sitting tight for them at the following store visit is sufficient to nudge individuals to return!
XStak loyalty management system Omniretain allows you to seamlessly create such offers and promotions for your customers in realtime. You can communicate such offers to your customers and they can redeem these offers when they visit the store.
Whew! We just walked through creative ways to increase footfalls. Always remember that all your money invested in foot traffic will go in vain if your visitors are not converted into paying customers. So, make sure to emphasize on the vitality of increasing your conversion rate as foot traffic & conversions always go hand-in-hand!
XStak is an absolute end-to-end retail operating system that caters to all core use cases that next-gen modern retailers need in order to power their commerce activities offline or online.
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