The Luxury Retail sector is a rapidly growing business and it’s not only the business that is growing but also the competition is growing stiffer and stiffer. Where everyone is vying for the attention of potential customers. It is more than hard to establish and drive growth as a Luxury Retail Store. Mostly many people are more focused on typical buyer and business tactics. And it is sensible to take a buyer-first stance or use tactics like scarcity to attract customers and increase sales. But we can go one step ahead and also imply various other critical components of selling retail goods that are the following.
Focusing on the experience, not the sales:
We need to make sure that our customer has a good experience and a pleasing time in our store. Which will leave an impact on them that will last with them throughout the day, from the store before they leave a retail stylist would be employed to take a session from which they can get knowledge and advice. From which the stylist will make a huge amount of sales ironically, but that isn’t the focus.”
Apart from this, we should also have the key ingredient in developing a luxury sales environment that is an atmosphere that is peaceful, calm, soothing, and not like the high-pressure and hectic sales floors which are common in mass merchants and big-box stores.
- We can use some of these tips for increasing the experience of the store:
- We can keep it simple and sober by going for quality furniture with a simple, clean look. Which is made of natural materials and steel.
- We need to keep it open palatial by designing our inventory layout and displays in such a way that it gives a spacious feeling.
- We should keep it about the merchandise. The same can be achieved by the use of discreet price tags and small, carefully lettered signs.
- Music can make all the difference in the world. We can play soothing music or female jazz vocalists in the background which will ease the mind of the customer and help them focus on the merchandise.
- Light is very essential and hence we must keep it well lit. We must try to allow in natural lighting as it is the best, but also be careful About using enough energy-efficient lighting to highlight special features or items.
Don’t make it all about the salesperson, hire a stylist:
We can employ a retail stylist whose job is not offering a selection of jeans but more about telling and showing how to wear those jeans. He can style a look according to various factors important while determining the need of the customer or the best look according to his/her personality. This extra level of advice goes a long way in ensuring the customer has an amazing experience. We can look out for someone like. Sammie Moussallam a stylist and designer in Toronto for the past seven years. Sammy Moussallam stories have been published in the hottest magazines including Zink Magazine, Dress to Kill, Spade, Fantastik mag, and many more. I’ve worked with many high profile photographers such as Josh Cornell, and David Ho for collaborations with BCBG, Herve Lege, Nine West, and Dean Davidson.”
Understand the Psychology of Sales Associates, Not Just Customers:
We often invest most of our time and also we know a great deal about customer’s buying habits, thoughts, and wants, and needs. And we neglect the psychology of the salespeople which is also the other most important thing about sales. Sales associates are the backbone of any retailer be it luxury or mass market
According to Business anthropologist and psychoanalyst G. Clotaire Rapaille’s research discovered: “Money is not what drives [salespeople] to get back in there and keep trying. It’s the value they place on the struggle”
Hence we can take Benefit from this value of the struggle by being more effective and proper communication. One way to do it is by showing transparency into incentives and quota to aid this struggle effectively.
Increasing sales in retail won’t come from simply. We have to regularly monitor and update accordingly with the trends and hiring setting of the right environment where the customers will be at peace of mind and employing the right employees such as retail stylists and salespeople and understanding and leveraging from their psychology can go a long way in increasing sales. And will help us to be on top of the business.