Question.1- How to maximize impulse sales inside a retail store ? Question 2- What are the...

Question.1- How to maximize impulse sales inside a retail store ?

Question 2- What are the trends to maximize impulse sales inside a retail store ?

Question 3- Provide an example of a best practices operator ,with relavent information.

Expert Solution

1. Ways to maximize impulse sales inside retail store:

A. Discounts: One way to drive impulse sales is to provide additional discount to the customers which creates an instant sales increase.

B. Quality: Another way is to take customer feedback and improve the quality of the product do that customer satisfaction happens and repeat sales are driven through it.

C. Marketing: Third way is to go for online and offline marketing of the retail store and it's products so that more number of customers are made aware about the entire range.

2. Trends to maximize impulse sales inside a retail store are:

A. Seasonality: Seasonality factor creates a major impact on the impulse sales since the clothes are worn according to seasons. So people are more inclined to buy clothes which are in season than out of season. Hence in season clothes must be sold only.

B. Demand consideration: Any particular demand trend must be kept in mind and sales must be forecasted based on that. Impulse sales of the items whose demand is more will increase.

3. Example of best practices operator is Walmart. Walmart takes into consideration the demand trends, seasonal variations, discount structures to be offered to the customers, quality of the items, customer feedback etc. It is one of the most successful chain of retail stores and it has been possible due to customer focus and competitive rates offered by Walmart.

keosha answered 10 months ago

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