Sales Promotions You Could Run Using POS & How to Do It
The point of sale (POS) system has seen a tremendous evolvement from cash registers to the modern hubs that manage sales, promotional offers, customer experience, and operational processes. Today almost every retail store has installed the POS to help in handling various business operations. Depending on the nature of your retail business, different convenience store POS systems can be an ideal choice, and sometimes you can integrate multiple systems to enhance your business effectiveness.
Sales promotions are vital to any business as they help in improving sales as well as moving the inventory. There are many reasons behind any sales promotion. However, with the right POS system, it will be easy for you to manage your business sales promotions without incurring any losses. Different sales promotions can be applied in both e-commerce and physical stores. Here are some of the best sales promotions that you can run with a POS system;
Rewarding your customers helps you to build solid loyal fans, and it entices the customers to make more purchases at your store. Alongside providing loyalty points to your customers, excellent service is essential in the success of your business. Although loyalty points are a popular way of rewarding customers, you can think of taking it a notch higher by providing a virtual card or great offers when customers redeem their points. The program helps in;
- Building a loyal customer base
- Providing better customer satisfaction
- The loyalty system entices customers always to come back
Sales competitions offer the best opportunity to make more sales within a specified period while you only reward a few customers. The POS system will help you in managing the competition as well as in choosing the right winners. On the other hand, anyone that registers for the competition you get email contact, and you can convert it into a sale. The competitions also help in building your customer base, especially for start-up retailers. Once you have a great POS system, it will manage the emails and take care of social media promotions. The sales competitions also help in raising your business profile.
Flash sale works best for e-commerce retail stores where customers can shop from the comfort of their offices or even at home. However, you can also implement it in your physical store as it raises the customer urgency of buying your products. Flash sale is a promotion tactic that only applies in certain hours in a day. Your POS will help you handle the flash sale promotion, and you will only have to set the hours that your business will have certain offers for customers. Many customers like flash sales and they will take advantage of the offers available, helping you increase your sales. However, you must make your customers aware of the flash sale promotions by either using other forms of creating awareness such as social media promotions, telemarketing, or sending direct mails that you gathered during sales competition.
Buy More, Pay Less
Another popular sales promotion is the buy more, pay less, here customers get more discounts as they buy more products. For instance, you can give a customer 2% off when purchasing 2nd product and the 3rd one 5% off. Your customers will be encouraged to make more purchases at your retail shop to enjoy more discounts. You will, therefore, need to install the right POS that can help you run this promotion smoothly without incurring any loses or encountering inconveniences.
Buy one Get one (BOGO)
This promotion can be applied in two ways, either buy one and get the 2nd item at a specific discount or completely buy one product and get the 2nd one free. It works well for both small and big retail shops, but you can only use it for specific products. Mostly, many retail stores use it to clear particular stock, and it helps in building a customer base or even encouraging customers to also buy other products in your store. Buyers always look for places where they can get different sales promotions, and once you have the BOGO offer, you will be sure of increasing your overall sales.
However, you don’t just wake up one day and start BOGO sales promotions; you must be very keen to understand how much you will give and gain at the same time. A proper POS system will help you come up with such a promotion. Also, engage your POS service provider to help you set the right sales promotion for your business.
- Holiday sales
Typically, customers make more purchases during holidays, and as a retail store investor, you should take advantage of the deals to make more profits and sales. You can decide to offer your customers with fantastic discounts or reasonable rates for the loyalty points they have gathered. Alternatively, the sales competition will also be an excellent idea during the holiday period. Many retailers use holiday sales to bond with their customers by giving gifts, giveaways coupons, and other amazing offers. Look for the best way that will make your store more attractive to customers during the holidays. Most likely, some customers will continue shopping at your retail store even after the holiday. Look for the best POS system or integrate different systems to get the best sales promotion strategies that will improve your business profile.
Celebrating small milestones
Every milestone your business makes is worth celebrating, and you should do it with your customers; it’s also another sales promotion option. For instance, you can decide to celebrate your business birthdays and offer amazing discounts and offers on that day or week. Five or even ten years anniversaries going forward can also be the best chance of rewarding your customers and build loyalty. Customers will feel valued and get a personal attachment to your business. Eventually, you will enjoy big sales and an improved customer base.
All in all, you will need to have the best POS system to help you implement all the above sales promotions. Talk to your system provider to help you get the best features that will help you improve your sales and build a customer base. Also, research other sales promotions that you can implement with your POS system and get the best out of it.