How to get customers to spend more without increasing your prices.

You don’t need to be a genius to know that you will make a higher profit on a widget that you sell for $5 than you would if you let the same bauble go for $2. However, as a savvy entrepreneur, you also recognize that inflating your prices beyond what the market will bear is one of the fastest ways to send shoppers running into the arms of your competition. So just how can you bring in more millennial customers who are willing to open their wallets wider — without raising your prices?

Make your products more appealing.

If you make your wares more desirable, people will flock to your business to obtain them. To that end, upping your social media game can turn a lackluster item into the next must-have fad. If you’re skeptical, just ask the numerous sellers who profited from the fidget spinners that captivated teens just a few years back.

Use intentional product layout to boost sales.

Without elevating any price tags, you can incentivize buyers to supplement one purchase with additional buys that complement it. For instance, augment your display of electric kettles with a tasteful selection of gourmet teas, coffees, and even French press pots. A customer intent on providing their guests with a complete entertainment experience might well leave your store with much more than the inexpensive kettle they had originally planned to purchase.

Harness the power of your employees’ expertise.

The reporting system that is embedded in your point of sale system can be a godsend to business owners interested in making the most of their stock without raising prices. Use your POS system’s data to tell you which workers are excelling at selling a particular line of products, and also find out when your busiest store hours are. Once you have this data available, you can tweak your schedule to ensure that you have sufficient expert staff on hand (and stationed in just the right places throughout your store), to meet demonstrated customer needs.

Personalize each customer’s shopping experience.

More than ever before, today’s buyers value a shopping experience that has been customized just for them. When they feel like they are a part of a select group of patrons, they will be more likely to spend their hard-earned dollars with you. 

To that end, your point of sale system should contain database capabilities that allow you to create an individual record for each valued customer. That’s valuable data you can use to send targeted emails highlighting products compatible with each customer’s buying history, or time-sensitive promotions that entice these prized patrons to visit your brick-and-mortar store or website.

It goes without saying that making a profit should be one of your key priorities as a business owner. However, that does not mean you need to elevate your product prices. With a little creativity and a dash of personalization that comes thanks to your point of sale system and payments software, you can succeed without ever subjecting your buyers to sticker shock!