Aside from apparel, fashion accessories such as jewelries and bags among others are seen to have the most promising potential as a retail business in the following years, merely due to people’s fascination with convenience and affordable prices when shopping these. Aside from the fact that they don’t need fitting rooms, they can also be bought quickly making them perfect gifts causing a boost not only the sales of physical stores but also of e-commerce businesses. But the potential of these products must still be converted to actual numbers. So, here are some steps on how to boost the sales of accessories in your store.
Aim for Optimal Profit Margins
Many retail store owners think that doubling an accessory’s wholesale price is the best deal that they could ever get. But they don’t know that there’s no rule saying you can’t be more ambitious as long as you have the right strategy. So, take note of that partnering many accessory vendors allows you to retail items for up to 500%. Your competitors are most likely to settle at 50 percent margin which could keep them a light to moderate flow of income while yours could be bigger but not necessarily slower. Again, you just have to look for the right partners that will allow you to yield large margins.
However, aside from your competitors offered prices, certain expenses such as wages and rent, the product’s quality, and its sales volume must also be considered before you set your final price. This could change overtime depending on what strategy will allow you make the most out of the opportunity.
Always Keep Up with the Trends
Another thing that will make accessory sales steady is knowing what to stock depending on what the customers need and want. This means you have to invest on a variety of trendy pieces that will hook your buyers to spending more. Giving them more choices will motivate them to buy again with a never-ending curiosity of what they can uncover next.
Use a Sales-driven Merchandising Strategy
Display pattern and location is a very important element of this tip. It is valuable that you are able to match jewelries with other items such as clothing and other accessories and give a visual representation of it through the use of images or mannequins. This will give the shoppers a vision of what your products would make them look.
Also, it is crucial that your accessories are displayed on easily accessible to maintain engagement and interest. Giving them a closer glimpse and even a touch of the actual products makes them more likely to buy it because it is already within their grasp.
Maintain Strong Customer Service
Great displays alone won’t do all the work to boost your sales goals. But combining it with a strong customer service absolutely will. Give priority on training your sales team to apply conversational selling into their day-to-day accessory-selling strategy.
Guide your sales team in encouraging “add-on sales” to existing purchases such as complementary items that will make as a perfect addition to any outfit. Use your knowledge both on your customers and on the products to engage and inspire sales. Proper training can help achieve this in no time.