Five Tips to Add More Value to Your Cash Wrap

July 1, 2020 04:31

Five Tips to Add More Value to Your Cash Wrap

Five Tips to Add More Value to Your Cash Wrap

The cash register area, or cash wrap, can be one of the most overlooked areas of the store to capitalize on impulse buys. Oftentimes, shop owners don’t know what to put at the register, they tend to overwhelm the counter, or don’t put anything at all. There are a few great things you can do to increase your UPT or units per transaction, a key metric all retailers should be using. Today we’re going to talk about the register as one.

Currently, some 77% of shoppers say they’ve made a spontaneous impulse purchase in the last 3 months,1 and roughly 79% of those take place within a physical retail store.2 This is a key difference between ecommerce and physical retail that needs to be a focus for small stores. Here are five tips to execute impulse buying at the register.

  1. Make sure the price point is right. You don’t want to have any extremely high priced items at the register, because it will immediately turn customers off. Price point is relative to the product assortment sold in store, so it's impossible to speak of a specific range, but it should be a manageable amount for the customer. It should also have a fairly high margin, because in case you lose any, it should be able to be covered.

  2. Offer products that people wouldn’t come in needing, but are inspired to purchase. You’ll want to have a well curated product selection that will appeal to your customers. I tend to think accessories work particularly well at the register. Think wallets, socks, jewelry, hair accessories, and phone cases.

  3. Don’t overwhelm your customer with too many options. Your register still needs to be a functional part of your store, so you don’t want to offer anything and everything in one place. I think a minimum of three options and a maximum of five is a good range, though it can depend on the size of the space.

  4. Think about the use of the product and the fixturing you have. Products require a way to display them, and interact with them, so for example, if you’re interested in putting sunglasses at the register, you’ll need a little mirror nearby, for your customers to try them on. If you can’t provide the proper fixturing to make a sale, it’s just not worth putting the product there.

  5. Don’t forget about gifting. It’s easy to forget about what you need to purchase in the future, while you’re out and about running errands. Placing great gift options at the register might be just what your client needs to remind them of the future birthday/dinner/event they’re planning to attend.

As ecommerce continues to grow, impulse purchasing is just one of the many advantages brick and mortar stores have, so make sure you’re capitalizing on it as much as possible. Try to offer items at your register that can be used personally or as a gift, and remember that your customers are there to find new things. When sourcing products, try to select items that will cover those bases — just like these.

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