Shopping psychology is now an actual science. It is essentially, a form of anthropology that studies how people behave when shopping. Based on this data, research firms draw conclusions, which retailers use to develop strategies that ensure people buy more than they planned to. Thus, from strategically positioning your merchandise on slatwall panels and other display systems, to choosing the right piped in music to play, you can use these to significantly increase your revenues.
Researchers have found that where you position your merchandise is vital. It is generally advisable to have the most expensive items—or those you would rather see sold over their cheaper counterparts—just below eye level. This is because people tend to look right in front of them first. It takes a while before they will consider looking above or below. And products on the bottom shelf tend to take quite a bit longer to sell. And in relation to this, consider that a woman's eye level is at approximately 1.5 m, while a man's is around 1.65 m, then you should have a rough idea of about where to place the merchandise you want to fly off your shelves.
Of course, this does not mean that the items placed on the bottom shelves will never sell; you can avoid this by strategising what items you place there. Generally, you want to place items that are meant for kids at this level because if it is within reach of their little hands, they are more likely to beg mummy and daddy to get it for them.
A slatwall panel is one of the best shop fittings for this approach because it allows you to place items at different heights quite easily. And unlike fixed shelving systems, you can easily change the height of your shelves for different items, ensuring those targeting men are higher than those for women and so on and so forth.
Pricing Should Not Be Simple
As many large retailers have discovered, marking down their prices and keeping them low on a regular basis instead of offering sales and coupons does not attract more customers. In fact, this strategy backfired on at least two major retail chains when they found their sales had dipped significantly. When they did their research, they discovered that consumers prefer the thrill of getting a good deal, even if it is only an illusion. So, the retailers in question returned to their previous pricing model, which included marking-up prices so they could offer significant discounts through sales and coupons. And their sale numbers shot back up.
So instead of trying a simple price model, even if it would make your life easier, consider running sales and issuing coupons. Use notice boards to announce special sales and advertise coupons electronically. The more people get hold of those coupons, the more people will shop in your store.
Remember that while you are applying these tips and tricks of the trade, you should not lose sight of your store’s overall aesthetics. Even if you use every strategy in the book, if the overall effect is an ugly store, people will not even come in. So make sure to use Advanced Display System’s quality display systems – such as slatwalls, cable systems or acrylic displays. As long as the final effect is one that entices customers to walk in, you are all set to watch your revenues increase.