When it comes to growing your business, it’s important to know what works and what doesn’t. When you’re in retail, it’s tempting to keep providing discounts to customers in hopes of returning patronage. But getting the price right can be difficult when you’re a small-medium business competing with bigger companies.
There are other ways small businesses can make their products more attractive without having to resort to discounts on your product or service. Instead, focus on building relationships with your customers to help them see how much value they’re getting from your business.
Here are three ways small-medium businesses can improve sales without discounts:
- Online presence keeps you visible
Online shopping is a norm. It is projected that the Southeast Asian internet economy (which includes e-commerce, online media and travel, as well as ride hailing) will reach USD363 billion in 2025. The statistics also revealed some interesting consumer behaviour – consumers like to pay through cash or via credit and debit cards, and that they either like comparing prices or reviews online before buying in-store, or go-instore to look at the product before buying an item online.
What does this mean for your business? Well, it’s evidence that if you’re not online, you’re not even an option to potential consumers. If you’re a small brand, it helps to tap on e-commerce marketplaces like Shopee or Lazada. It does not cost anything to put your business on these channels. Better still if you create a Shopify or WordPress website, which lets you collect payments with several options such as cash or credit and debit cards. If you’re worried that you won’t be able to track your inventory in-store, you can use a smart POS solution that instantly updates across online and offline channels.
Apart from a website, use social media and email marketing to build your brand, then build a community around it. Remember, it’s all about creating an online presence. Use the website to create content about your products or services that attracts visitors and makes them want to spend time there.
If you’re not on Instagram or TikTok, it’s time to rethink that decision. Social media is a great way to get the word out about your brand and products, especially if there’s a hashtag associated with them! For example, if you make children’s clothes, use #kidswear so people can find your products easier. Publish short videos and give your customers a peek behind the scenes, or talk about the benefits of what you offer. Consumers want to be able to research your product, and creating Omni sales channels allows maximum exposure for your brand.
- Create strategic partnerships with other stakeholders
Creating strategic partnerships with other businesses can help you improve your sales without discounts. By partnering with other companies, you can offer customers a variety of products and services that will meet their needs, while also expanding your reach and marketing channels.
For example, if you’re selling makeup, partnering with a local spa or salon could give you access to new customers who may not have thought about checking out your product before. In turn, partnering with the spa or salon would give them access to new clients and potential leads for their business.
When you’re working with another company, you have the opportunity to increase your brand awareness, while expanding your reach to different markets. This can be especially helpful if you’re trying to increase sales outside of your local market, or if you’re looking for a way to reach customers who may not already know about your brand.
A strategic partnership can also help you stand out from the competition by getting more exposure for your company, which can help attract new customers and make them more likely to purchase from you. You can also offer better experiences and promotions to your current customers. For instance, just take a look at Singapore yoga chain, Yoga Movement and its strategic partnership with cafe brand Common Man Coffee Roasters (CMCR). The partnership has resulted in coffee bars at two Yoga Movement outlets. So yogis who practice at YM can also get their caffeine fix at CMCR. This partnership benefits both businesses, differentiating them from other industry players out there.
Another way to create strategic partnerships is to develop relationships with influencers in your industry, who can help promote you on social media.
- Refine rewards program, increase customer engagement
When it comes to improving sales and growing your customer base, one of the most effective ways to do that is by creating a rewards program. Rewards programs are designed to reward customers for their repeated purchases at your business by providing them with discounts or other perks. You can create a reward program that offers discounts on future purchases to incentivise customers to spend more.
Another way is to provide a referral program, whereby customers can get an incentive through referring new customers, or sharing their experience online through social media channels like Facebook and Instagram. In addition, the promotion can be easily tracked by allowing customers to earn points toward future purchases.
You know your customers and your business best, so focus on what makes sense for your business and your customers.
Qashier smart POS solutions make it all so easy.
It’s so easy to implement loyalty programs when you use a smart POS solution like the QashierXS. You just need to key in the promotion of any campaigns or loyalty programs you’re running, and it registers your customers with the correct discount when they check out online or in-store.
Besides, you can keep a database of all your customers’ details, so if you’re looking to email them with the latest product launches, you can do so quickly.
That’s not all.
Qashier offers multiple digital solutions, including QR code table ordering, table management (F&B), employee management, customer relationship management (loyalty programs), inventory management, data analytics, and cashless payments, in an all-in-one device.
Additionally, you’ll be able to seamlessly set up within 10 minutes without any need for technical expertise. It boasts a user-friendly interface that is simple for anyone to learn and use. If you require assistance, you’ll find 7-days-a-week responsive technical support from the team.
One Qashier POS solution comes with integrated payment processing. With just one terminal, you’ll be able to accept an array of payment types, from major credit cards, e-wallets and EFTPOS. Speak to us to see how Qashier Smart POS can meet your business needs. Schedule a meeting with us here, or reach out via email [email protected].