June 13, 2023 By: JK Tech
Do you want to boost your retail and CPG sales? Well, hop in the boat you are not the only one around.
Though there are many stories of exponential growth in the past decade, there is also the bitter truth of many firms failing to match their sales and revenue targets. This topic may not concern many as at the micro level only the company working is involved. But at the macro level, it is not just about one company it is about the whole industry.
The above-mentioned correlation is quite easy to understand. At the micro level, only a company can fail and shut down its operations, but at the industry level, but at the industry level, the scenario is different. The widespread effect can be felt by everyone in it or around it.
Even a simple state of panic can create apocalyptic destruction in the market. Thus, it is natural that many players in the market are trying to achieve the key elements of the changing landscape in this space. Retail analytics not only gives you an edge, but miles in return to take the best choices and data and demand-driven decisions.
It is not only now that the Retail & CPG industry is facing the challenge of declining sales. Most of the time these issues are faced in two formats. They are:
- Seasonal Shifts: Change in the aggregate output levels, income, employees, etc.
- Structural Shifts: Changes in productivity, product, or services, market structure, etc.
Also, 3 fundamental issues are the core of concerns in the Retail and CPG industry. They are:
- Inaccurate demand forecast and high inventory cost.
- Ineffective and non-competitive pricing of products and services.
- Poor quality product leading to failure in sales retention and lower sales generation.
Thus, anyone with hindsight in mapping and planning will vouch for the constant efforts that need to be made to boost the sales in retail and CPG Industry. Let’s dive in to learn 10 secret tips to boost sales in the retail and CPG industry. They are:
- What does the Market have to say?
The market’s voice provides valuable insights into consumer preferences, purchasing patterns, and emerging opportunities. To succeed in the dynamic Retail and CPG industry, players must observe to how the market is evolving, adapt to its fluctuations, and strategically position themselves to meet the needs and desires of their target audience.
Automation in Retail and CPG is not a new thing anymore. Most of the key players in the market are using it. Hence, missing out on upgrading for automation, is not just a mistake but a grave mistake!
- Do not offer too many options
It is said that the consumer is the king. So, let the king make his own choices. Well, not all choices, but be sure that you are not giving out too many options. Such that the consumer gets overwhelmed or uninterested to make anyone.
Another important statement is that it distorts the USP. This can result in severe consequences.
- Use the popularity of a product or service to sell it
This point works like affiliate marketing, where you are affiliating different products and services with the one that is in the trend or more popular. For most consumers, it is quite hard to come up with the choice of purchase on their own. They tend to choose what is popular or what is related to the popular.
- Don’t Sell a Product, Sell a Whole New Way of Thinking
In an era where consumers have access to a plethora of choices, simply promoting features and benefits is no longer enough to capture their attention and loyalty. By offering a transformative perspective, businesses can tap into the desires, aspirations, and values of their target audience. By embracing this approach, brands can become catalysts for change, inspiring customers to adopt new behaviors, make conscious choices, and align with a fresh mindset.
When businesses sell a whole new way of thinking in the retail and CPG industry, they not only differentiate themselves from competitors but also foster a deeper emotional connection with customers, ultimately driving sales and building long-term brand loyalty.
- Mimic your customer base but don’t disrespect them
This doesn’t mean you have to maim your consumers. It simply means getting in the shoes of your consumers. So that, through your content, product, or services you can form a bond between you and your consumers.
This will help you in the long run as the consumers will be you predominantly in the end.
- Don’t manipulate, but sell the expensive thing
You cannot build a fortune with pennies. For having those big bucks, you will have to sell in big bucks too. This does not mean that you have to increase your selling price, it just means selling what will gain you the most marginal returns.
- Build up trust with your consumer base
For any brand to serve in the long or short run, it needs to have relevant brand awareness. Having a loyal consumer base means that you don’t have to strike the cord with the audience every time. There is always some section of the audience, which will vouch for you even if you don’t perform well. This approval by consumers on a mass level can highly impact the perception of any retailer in the market.
This approval by consumers on a mass level can highly impact the perception of any retailer in the market.
- Invest in Social media marketing
There is a genuine reason why you should give social media a serious thought. Because the ‘Social’ in social media has become ‘surreal’ in the present world we live/reside in. It can turn governments, and nation’s upside-down, and industries too.
- Build up a solid website
If you have a business, it must have a physical space, or how else will it work? Similarly, if you have a business, then it must have a website too. Why? Because we are decades into globalization and just like a physical entity, the website is your virtual entity.
An entity, which has far limited restrictions if done right. Having a solid website means, you are acing in the storms of market fluctuations with the sail of globalization, with the winded efforts of digitalization.
- Have realistic sales and revenue target
Underestimating is a mistake, and overestimating can turn out to be a bigger mistake. Just ask the flourishing startups/ businesses that as to shut down because of the said reason. Sales and revenue planning is a critical part of forming a budget and expanding it. But if things are not kept under track, soon it can exploit too. Do not be under the wrong impression of anything. Use reality not as just a fact in this case, but as a desire, need, and truth.
So, now the end is near time for the final tip, invest in supply chain analytics. Because most of the time, the problem is not just when things are not available. But most of the issues a business face in terms of sales is the inappropriate distribution of resources available. With supply chain analysis, you will know all the What’s? How’s? And Why’s it?
Finally, if you are thinking of taking over the world by storm, be it any form of business. Retail & CPG and retail IT solutions can make a difference in the whole world, and a rainbow for you in the dusk sky.