Probably you are a trader of some sorts, petty or commercial and you have been experiencing very low sales, and this makes you unhappy. You are wondering how this will meet your bills and badly need ways to make it better. Pause for a second and look point your touch inward. Have you ever wondered where you missed it before concluding your problems might be external?
Here’s a few things to check out :
1. Current Economy : the current economy of the country your business is operated may promote or decline profit in business. Inflation and deflation are examples, depreciating currency value etc. may promote or cause a fall in trade.
2. Poor Communication: Often sales are negatively affected by poor communication. In retail, it’s important to have a seamless relationship between marketing and merchandising to make well informed strategic decisions to maximize sales.
3.Wrong Assortment: When a customer comes into a store and they cannot find what they’re looking for, it creates a poor shopping experience and potentially loses you sales. While retail stores cannot carry endless inventory, optimizing your assortment will decrease the chances of your customer walking away empty handed. Always look thoroughly at what you are lacking and timely restock.
4.Lack Additional Value: Not providing enough additional value, can be another reason your sales are declining. Perhaps, your competitors are providing more incentives than you, such as free shipping or discounts etc. To ensure you never miss out on an opportunity to increase retail sales, keep an eye on what competitors are offering, to help you match that.
5. Price: Price has a big influence on sales. In essence, a high price can maximize short-term profit, while a low price can maximize long-term profit, as it generally attracts more customers and helps the business gain market share. Price can also be a determinant of a brand’s positioning and quality.
6. Promotions Aren’t Aligned: Sales promotions are an effective way of increasing sales and building customer satisfaction but if you’re not promoting the right items at the right time, it can be hindering your sales.Looking at the historical purchasing habits of your consumers can uncover which past promotions performed well and resonated better.
“A successful trader studies human nature and does the opposite of what the general public does” William Gana
Did they above pose some suitable solutions to your trading? If yes, leave a rapid response or reaction