For many customers, price plays a key role in determining the purchase of a product. Just as important, storeowners, like you, aim to garner higher profits and generate growth to increase the well-being of your business. But just how can you increase profit and serve your customers? Well, my friends, the answer is pricing.
Retailers usually lease their retail spaces because the cost of owning, developing and maintaining real estate is beyond the budget of most. With limited capital, most retailers rightly focus on “Job No. 1”: retailing.
As retailers, you may be known for the brands and products that are not carried in the mainstream—but you are also known as the reliable source for quality lifestyle enhancement. This means not just product education, but tips to improve quality of life, overall and every single day.
According to the HerbalGram, sales of herbal supplements have grown from $4.1 billion in 1999 to $5 billion in 2009 (1). Retailers, it is vital that you stock the supplements that are in high demand so you can achieve optimal sales.
People often have specific health goals in mind when walking into a whole food or supplement store, so it makes sense for storeowners to aid them in their search for products suited to their needs. This usually is accomplished with signage and store sections, pointing the customer in the direction of, say, the whole-grains section, or the aisle containing vitamin D supplements. Taking things a step further, though, can often lead to more satisfied customers and better sales.
If you are like most natural products retailers, you believe you give good customer service. If so, you should be seeing a steady flow of new customers into your store. Why? Because good customer service creates good word-of-mouth.