Have you just opened a new business? If so, you may be interested to know that 30,000 SKUs are launched every year. Since that figure is according to 2014 data, chances are that even more products are being introduced on an annual basis.
Depending on what type of business you own and operate, you may use clear price tag sleeves or other types of price tags on your products. Other options include label display stands that indicate the price as well as floor pedestal sign holders that guide your customers to the different types of products that you offer.
As you’re aware, most customers want to know how much an item costs. When they’re unable to determine this because displays aren’t appropriately labeled, they may decide not to purchase these items. Quite a few sales will obviously be lost in this manner.
Rather than attempting to track down a sales associate or find out how much something costs at the register, many customers may just put these items back on the shelf. Furthermore, when a customer does decide to find out how much an item costs at the register, if it’s more than they want to pay, then this means more go-backs. Needless to say, this can reduce work productivity due to the number of items that need to be put back on the shelves.
A 2011 consumer report found that 86% of shoppers will actually pay more for products when they have a more positive experience. While this may include having increased access to assistants on the floor, clear signage and pricing can also accomplish this goal.
When they go shopping, people tend to make 82% of their purchase decisions while they are actually in a store. While some people may plan ahead and make lists, when they encounter new products or a unique display, they may change their minds. A 2014 Mass Merchant Study found that 16% of these unplanned purchases were made because shoppers noticed a display, such as a floor pedestal sign holder.
How often do you run sales or provide special offers to your customers? Were you aware that when you promote full-priced items with signs, such as a floor pedestal sign holder, that these will usually sell better than those without? In fact, recent data shows that this is the case 18% of the time. While you may still want to encourage customers to shop at your store by offering special deals, you also want them to purchase full-priced merchandise.
Impulse buys are common, and account for 6 to 10 of the items your customers may purchase at a given time. When you provide unique displays of full-priced items close to specials, it can potentially increase the purchase of both.
While your online and print advertising may draw customers into your store, it’s important to note that the average consumer is barraged with advertising every day. Recent figures indicate that this amounts to 3,000 ads and promotional messages on a daily basis. As a result, once customers come into your store, you want to keep them there. An effective way to accomplish this is by providing a unique and positive customer experience that they will associate with your store. This is what keeps customers returning and being loyal to your brand.