We are currently living through a pandemic, and times are tough for everyone.
Many have lost their jobs as a result of coronavirus and the rising cost of living is putting a strain on people’s wallets. As a result, it is understandable that consumers might want to be more cautious with their money and refrain from unnecessary or impulse purchases.
But businesses are also struggling, and retailers need to make money if they are to stay afloat. If you stock numerous high end, expensive products, such as electronics, designer clothing, or more niche products like Lotus Laser engraved jewellery, you might be finding it more difficult than before to flog these items to your customers. Businesses are having to be a little more innovative and creative to get around the changing attitudes and behaviours of consumers in 2022. To help you maintain your profits and keep your business successful, here are five tips for selling your high end retail products.
Solve a problem
People often buy expensive products because they are fashionable or they are a sign of status. But nowadays, this messaging is a little outdated. Rather than appealing to their ego, you need to promote your products by showing consumers that they can solve their problems. For example, if you’re selling a 75-inch television you should steer your promotional messaging and sales strategy away from extravagance. Instead, tell the consumer how this will help them make the most of the rise in streaming content we have been seeing recently.
Don’t be tempted by discounts
It can be tempting to offer discounts and promotions on high end products in order to lure customers in and sell more items. But this strategy will keep chipping away at your profit margins. Stand firm with your pricing, and focus on other methods of getting customers through the door.
There are numerous psychological tricks that retailers can use to persuade customers to make purchasing decisions. For example, positioning a high priced product next to an even more expensive one can make it seem cheaper by comparison. Using odd prices like £499.99 instead of £500 has a similar effect. Other factors such as the colour of a display or a product’s location within the store can also make a difference so read up on the psychology of retail and experiment with different techniques to see what works.
Offering additional items and accessories to accompany a high end product can make it seem much more appealing to a customer and increase their chances of buying. Offering free video games with an Xbox or a half price bluetooth headset with a mobile phone will draw in more customers.
Offer flexible payment plans
Choosing to part with several hundred pounds in one go is a big decision for someone to make, so why not help them out with their payment. Consider offering them a flexible payment plan that lets them spread the cost of their purchase over several months instead of paying all at once.