The Commerce Department reported that October ’10 sales for the retail industry jumped 1.2 percent from the previous month, the most important gain since March. The rise was driven by a 5 percent spike in auto sales, which analysts said was particularly encouraging because it showed consumers were ready to tackle big-ticket purchases. Moreover, September’s sales gain was revised upward coming from a 0.6 percent increase to 0.7 percent.
Still, consumers remained choosy about where they spent their dollars. Home furnishings stores and electronics retailers each suffered a 0.7 percent drop in sales. Department shop sales also declined 0.7 percent, while health-care stores dipped 0.1 percent.
Instead, consumers returned to restaurants and bars, sending sales up 0. 3 percent. On-line retailers, that have held up much better than their bricks-and-mortar counterparts, registered a 0.8 percent jump. Shoppers also bought more clothing, a 0.7 percent boost.
Excluding autos, retail sales rose a decent 0.4 percent, in spite of the mixed performance across sectors. Retailers are hoping that this momentum will fuel the all-important holiday season.
As outlined by a survey by the National Retail Federation, an industry trade group, nearly 11 percent of consumers have finished the vast majority of the holiday shopping, up from just a bit more than 9 percent a year ago. The group predicted shopper’s average spending would inch around $688.87 in 2010, a 1 percent increase over a year ago.
The NRF’s annual holiday survey found that more shoppers are expected to get gifts for family and friends – and also themselves. The quantity of consumers who said they planned to indulge themselves rose eight percentage points to 57 percent in 2010.
The forecasts, coupled with the brand new October data, paint an image of consumers treading carefully on their way back to the mall. Economists say that spending is unlikely to rebound, with no corresponding improvement in the employment market.
The unemployment rate remains stuck at nearly 10 %, data released from the Bureau of Labor Statistics showed hope. Mass layoffs have declined in size and frequency. And private-sector employment rose 0.3 percent during the third quarter, in comparison with last year, the 1st increase since 2008.
How may you increase add-on sales throughout the Holidays?
Below are a few solutions to boost the units per transaction, and increase the average transaction as a result.
If you want this, you should buy that – Creating feature areas within your store that have a number of major stuff you need to push for holiday, surrounded by complimentary products, helps sell more than just that one item. Use signage and have the workers talk with customers to assist them to know how these products interact.
Stuff the Stockings – I still push stocking stuffers for holiday as customers will almost always be looking for those unique, fun little goods that round out their holiday gift giving, without breaking the bank. Create an entirely stocking stuffer display and make it interactive, just like a stocking stuffer smorgasbord, to inspire customers to get one or more additional items.
Sample products – Whenever they check it out, they are going to buy it. Make sure you have products available for testing everywhere, and use signage, or have your employees interact, to get customers to attempt different products. The chance for a sale rises significantly when you can place the product inside the customer’s hand.
A warm drink is the way to get them to stay – offering a warm beverage like coffee or apple cider gets customers to linger longer. It provides them time and energy to scope out much more of your store as they walk around, enjoying their beverage. And this means they could find more gifts than they planned on, resulting in increased sales.
Wrap the Cash Wrap – You’ve created a number of different ways inside your store to get your visitors to buy more, and the cash wrap may be the final opportunity. Make sure you have impulse items at the cash wrap, that customers can grab and go. Products under $20 usually perform best. Bonuses for items that may be sampled as well as 8-10 of these available for purchase.
So you? Exactly what are your favourite sales techniques to increase Holiday sales?
Posted by Cornelia Ortega.
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