BDO has recently released a survey that indicates that the retail sector may enjoy a significant sales increase this year. The survey focused on 100 retail CFO predictions that indicate a 3.9% increase for total sales throughout the year. In 2014, the projection was slightly higher at 4.9%, but retailers are pleased with the growth prediction that includes a positive outlook for online sales.
Retailers can expect to see improved consumer confidence arising from better jobs outlooks, fuel prices, and purchasing convenience. So how can your retail business take advantage of the predictions?
- Improve your marketing strategy. If you haven’t already, take a look at the marketing methods that were successfully last year. Keep the ones that performed well, and ditch the rest. Online marketing including social media engagement and ad re-targeting are two successful marketing methods in the retail industry.
- Invest in driven retail employees. The retail has one of the highest turnover rates for sales associates. Whether you need a floor team or great management, Lifestyle Retail Recruiters can help you find the motivated individuals needed to drive your sales and help the BDO prediction come true this year.
- Consider updating payment systems. People prefer to pay for their purchases in a number of different ways. Whether your customers want to shop online use saved credit card information or use Apple pay, having several, convenient methods in place will encourage consumers to go ahead and make a decision.
If the end of 2014 is any indication of sales success, 2015 promises to be a great year for the retail industry. The economy is finally back at pre-recession levels and consumers are enjoying their ability to spend more in stores and online. Since consumers are willing to purchase, retail strategies in 2015 will focus on streamlining business processes and finding ways to improve company branding to gain traction over competitors.