8 Conversion Killers for Retail Store Owners
Every business invests in marketing to acquaint people with their brand and increase foot traffic to their store. Getting people to visit your shop is a top goal for every business, so it makes perfect sense to invest in resources that promote your business and help to put your brand out there.
But what happens after they visit your shop? Are you able to close the sale, or do customers leave without buying anything? If most of your customers don't complete a purchase even after looking around your displays, then it's high time to focus on your retail conversion rate optimization. A retail conversion rate is the percentage of people who visit your brick-and-mortar store and leave with a purchased product.
According to research, the typical conversion rate for brick-and-mortar businesses is between 20 and 40%. That's a good benchmark to compare. It's worth noting, though, that your retail conversion rate might vary depending on a variety of factors. You could observe an increase if you have a flash sale over the weekend, for example. On the other hand, if a sales associate calls in ill and you're down to one person, your retail conversion rate may suffer.
But the good thing is there are more straightforward ways you can boost your conversion rate. The first step in increasing your retail conversion rate is to become aware of the conversion killers and devise solutions to them. So in this post, we'll go through the eight most common conversion killers that every retail owner should be aware of.
1. They Found a Better Deal Somewhere Else
It's common for customers to decide not to purchase something from your store simply because they discovered that it is cheaper elsewhere. A customer may have seen a similar pipe or bong at a lower price in another smoke shop or on the internet.
Given the sudden increase of e-commerce sites selling glass pipes and bongs in recent years, it is unavoidable. However, dropping your prices to compete with competitor discounts is one of the worst things you can do, especially if you're a small-sized business.
For example, delivering the best customer service cannot be copied easily. What you can do instead is to draw attention to the benefits of your products or services over competitors. It allows you to persuade less price-sensitive buyers to select higher pricing and convenience over low prices and a terrible customer experience.
Furthermore, you can emphasize that purchasing at a smoke shop saves your clients money on delivery than buying online. Customers may have to take their money somewhere else, but when they want the product badly enough, it is your job to show them it is worth it.
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2. Customer Service Is Not Up To Par
A brick-and-mortar store's conversion rate depends heavily on the experience customers have in-store. While it may not appear that staffing significantly influences in-store conversions, sales and retail associates are the people responsible for giving those experiences. In the end, customers are the ones who decide if they're going to buy or not, so as a salesperson, don't be the negative determining factor that drives them away.
Consumers are always looking for convenience and can become easily frustrated if a salesperson is constantly hard selling or is too pushy, or isn't knowledgeable enough about the products they're offering. Shopping with someone hovering over you is difficult but having no salesperson to turn to for assistance when you need help is also a terrible customer experience.
Finding the proper balance in these customer service scenarios and understanding how to act/behave can improve sales and increase the likelihood that consumers will be satisfied with their purchases.
3. You Haven't Built Customer Trust Yet
Customers must know that your business has a history of reliability and that you are not a risky bet that will come back to bite them later. Most buyers will check out the star rating of a business to determine its reputation. And nowadays, customer reviews can be found easily on the internet on various sites such as Google and Yelp.
Reputation is a big part of the buying decision, and as a business, you need to be viewed as credible and trustworthy and must not ignore these customer reviews either. Despite any initial reservations customers might have about trying you as an unknown brand, many people will still take the risk and hope for a positive experience.
Giving customers a great experience will build that level of trust and will encourage them to do business with you again.
4. Poor Inventory Management
One of the most challenging aspects of having a brick-and-mortar business is keeping track of inventory, especially if you have a large selection of glass pipes and bongs to sell. And, as a business, you don't want to have too much inventory and no place to keep it, but you also don't want consumers to come in and find out that you're out of stock for a specific item or have nothing to sell them.
Having a central system to track inventory addresses this issue. Furthermore, ensure that you have enough stock of your best-selling glass pipes and bongs while simultaneously introducing a new variety/style of products to attract new customers.
5. Checkout process and options
Data by the National Retail Federation found the vast majority (97%) of shoppers have backed out of a purchase because it was inconvenient. And most of these inconveniences happen at the point of sale.
Long queues, no self-checkout alternatives, and typing in an email address in exchange for a printed receipt may deter customers from making a purchase. It's in the store's best interest to get sales transactions done as quickly as possible and promptly solve these kinds of inconveniences when it arises.
6. Lack of Payment Options
Some sales transactions do not go through because of the lack of payment options. Imagine a customer already in the checkout process but decides to cancel at the last minute because your store is only accepting certain credit cards or not accepting any credit cards at all.
To prevent this from happening, you can provide several payment methods available throughout the checkout process. The mode of payment is a critical area to focus on. Having multiple modes of payment is advantageous and makes sure that your customers' information is always protected.
7. Store layout and Operating hours
The store layout of your smoke shop also impacts its conversion rate, regardless of the area size. Particularly after the COVID-19 epidemic, in-store purchasing patterns have shifted. Some shoppers claim that social distancing helps them feel more at ease when buying in-store. That's bound to have a positive effect on your bottom line.
In addition, using visual merchandising displays to present your items in their most delicate light may persuade more in-store consumers to proceed to the checkout counter. Putting your best sellers in a prominent location in your store can also encourage consumers to purchase them. Sometimes even the operating hours can have an impact on your conversion rate.
Customers want to buy when it's convenient for them, not when it's suitable for you. As a result, your hours of operation and the days you are open are tangible reasons customers may frequent your business.
8. Not Optimizing Discounts or Promotions
Discounts and promotions effectively purchase incentives that every customer loves, so there's no reason not to use them to your advantage. Doing it once in a while, especially on special days or events, can help you increase your sales. Some of the promotions that you can do for your business are limited-time discounts, buy more, save more offers, and first-time or repeated customer discount coupons.
So there you have it. These are just some of the reasons why your customers might not be buying from you. Remove or solve these conversion killers between your customer's wallet and your products and notice your conversion rates skyrocket! To learn more tips on how to increase your sales, subscribe to Luxe Products USA*, the leading wholesale supplier of glass pipes and bongs. We have a great selection of wholesale glass pipes and bongs** that can guarantee twice the profit at a minimum!