Up Your Game: How to Sell More Toys In-Store
Customers are out there shopping, but what causes them to make a purchase at your store? And what can you, as a marketing manager or e-commerce director do to encourage them to spend more?
E-commerce is one solution. There’s plenty of evidence that online shopping is taking bigger bite out of retail, each and every year.
But as a store manager, you’re looking for real strategies and executable tactics to sell more product in your store.
By replicating the best practices of high performing startups, such as technological automation and “Smart” marketing, brick and mortar toy stores can achieve the same results.
Due to the growth of powerful marketing and inventory tools, toy stores now have access to the same efficiencies as Fortune 500 companies.
Here are some ideas on how to deploy new platforms and execute the best practices of a modern startup.
Don’t Engage In Toy Price Wars
It may be tempting to lower prices, but in a sense, you’ve already lost those customers. The ease and convenience of online shopping is irresistible to some specific customer personas. Here’s what to try instead:
- Focus on Target Customer Personas that Value In-Store Benefits: Target and maintain the customers that value what you have to offer inside the store; the ability to try out games in person and in-store recommendations, for example.
- Differentiate. There is value in positioning your store as unique. Advertise what sets you apart.
- Charge More. It’s ok charge for extra benefits your clientele values. For example, add a “Premium Loyalty Program” that costs $10/year but includes free gift wrapping.
And as for those price competitive shoppers? You can still attract them.
- Use a Doorbuster. Source inventory you can use doorbuster items, such as these Sanrio Socks, which were successfully used to entire shoppers at Cheers & FairPrice Xpress stores
- Discount Selectively. Offer a discounted shopping day on a specific category.
This allows you to capture more price sensitive customers and maintain good margins without having to wage across the board discounting.
Increase Experiential Marketing of Toy Products
Experiential Marketing connects your products and your customers via an event or activity. In other words: Let Them Play! The gaming and toy industry has plenty of opportunity just within reach; open the boxes.
The rise in popularity of experiential marketing continues to impact retailers, so work it into your marketing plan. Forbes has declared it a marketing trend on the rise for 2017. Add flat screens to your in-store marketing efforts that can broadcast event information and introduce the experience. Which leads us to our next tip:
Increase Toy Sales by Aligning Marketing & Inventory
When you think of in-store marketing what come to mind? Flyers? Catalogs? Video is the next big thing in in-store marketing. Gamers flock to see the latest games in action and nothing catches a child’s eye faster than a great video.
By aligning online and in-store marketing retailers have the opportunity to catch the attention of shoppers twice and reel them in. Employing streaming video promotions and optimized engagement campaigns will increase sales of the products they promote in-store. A content delivery platform makes digital marketing affordable, easy and irresistible to your customers.
Use Clever Merchandising Tricks in Your Toy Store
Rotate products and place the right product in the right place at the right time. Sounds easier than it looks, perhaps. However, a retail content platform such as the one delivering content to your store also helps retailers know exactly when and how to order and merchandise top sellers. And selling more, faster is exactly what retailers like yourself are looking for.
Pinpoint New Trends
Content delivery platforms deliver content and data on the hottest, newest games and toys as soon as they hit the market, which means you can pinpoint “winners” with less legwork and research.
Increase Customer Loyalty of Toy Shoppers
A customer loyalty program is a proven strategy for retailers. A recent study found that study 62% of all US consumers would consider joining a fee-based rewards program if their favorite retailer offered one, and 47% believe rewards in premium programs are better than those in free programs.
This recent Business.com article reiterates the importance of customer loyalty, writing, “20 percent of your customers will generate 80 percent of your revenue.”
Remember customer loyalty depends on more than the program. Delivering compelling reasons to enter the store and to return, needs to occur, delivered to them by the service, products and marketing you employ.
Increase Incremental Toy Sales with “Smart” Selling Tools
Fortune Magazine recently reported on the strength of franchise toy sales, such as the Star Wars franchise that drove an industry wide uptick in 2016 saying, “The online channel continues to grow at the expense of brick-and-mortar, and the toy industry needs to address how to make up for the volumes tied to in-store impulse purchases — an important sales generator.”
These impulse buys are a key driver of extra profits:
- Franchise toys
- Add-On sales of complementary items
But with so many launches and product announcements, how can a retailer keep up? Missing a new product or getting the data wrong can lead to lower sales and customer service problems.
To increase incremental sales, toy retailers should follow these guidelines:
- Employ “smart” technology that saves time and reduces legwork by highlighting inventory suggestions that will increase sales.
- Increase in-store access to your e-commerce offering and online content by using in-store tablets to improve the customer experience
- Access enhanced, up to date product sheets to provide the best information to your sales staff and customers.
A Retail Content Platform will do all of this for you. By taking the hassle and costs out of product information management, toy retailers can increase their incremental sales.
To increase profits, you’ve got to find new strategies for sales and get lean. Introducing a loyalty program and increasing e-commerce promotions can help but to increase in-store sales, retailers need to take advantage of new technology that decreases overhead and increases sales at the same time. Researching if a Content Delivery Platform is right for your company is the next step.
You may be wondering if a platform will really work for you and at Cedemo, we want you to find out. Sign up for a FREE trial here; the first step to increased sales.