Boost your revenue with impactful impulse items!

Posted on: March 5th, 2014 by Rob Baumhover

HME Retailers,

What’s on your customer service counter? Is there an array of small product items between $1 and $10? If not, there should be!  Customers LOVE to browse (and buy) these small, affordable point-of sale (POS) or “impulse” items while they are waiting to make a purchase. Just picture the items that line both sides of the checkout area in any Walmart or Target store. There is ALWAYS a selection of candies, mini-lotions, chap sticks, hand sanitizers, chewing gum etc. There are also many great options for HME “impulse items” such as; fashionable medical jewelry (VGM Vendor Fashion Alert has a great selection for men, women and children), mini massage rollers, mini hot/cold packs, (VGM Vendor Core Products has some great options for both of these products), fitness/wellness products such as bio-freeze or exercise bands, as well as ADL items such as button aids and zipper pulls. The options are endless!

Simply having these items in plain view of the customer while they are standing at the counter ready to pay can make a big difference to your bottom line, for example:

Imagine if every customer who walked into your store spent just $2 on impulse items.

Even if you only have 15 customers per day – That is $30 per day.

Over the course of a week that is $150.

Over the course of a year, those impulse items add up to $7,800 of additional revenue!

The article below from RetailMinded.com discusses three more reasons to buy inventory specifically your POS area, including tips for giving customers the extra “push” to spend a couple of additional dollars on these items, and ways to mix up your point-of-sale area with new and exciting impulse items.

 

3 Reasons to Buy Inventory Specifically for Your POS Area

By Nicole Reyhle, January 15, 2014, RetailMinded.com

POS – or point-of-sale – is often an overlooked category of an independent retailer’s store when buying inventory. However, these areas within larger retail spaces, such as Target or your local grocery store, are rarely overlooked. Instead, there areas carefully planned for, allowing merchants to capture additional sales from their customers. Which makes us wonder – why aren’t you applying the same strategy for your store?

Below, gain 5 reasons why specifically buying for your POS (or cash wrap) area can help your store sales strategy in reaching it’s money making goals.

1. Customers like to shop impulse, affordable items

Depending on your overall store assortment, your idea of affordable may vary. However, traditionally speaking items that make impulsive purchases are priced around $1, $3, $5 or $10. Once you go over $10, customers give more thought to their purchases. Generally speaking, though, if you introduce items that don’t require much thought from your customers – such as asking themselves if they really need it – you will be more likely to capture quick sales from them. This is why you see gum, candy and drinks often near cash wraps. They are fairly cheap and quick, impulsive buys. But don’t be fooled – lots of $1 price points add up!

2. Customers love seeing a wide variety of items

Candy and gum are obvious choices, but earrings, mirror compacts, pens, sewing kits, kids toys, magazines, novelty goods and other items only make sense if they are items your specific niche customer would enjoy. Consider who your customer is and if the item and the price point combined would equal quick buys for your customers. You may just find you enjoy this unique buying strategy for your store, as well, since often this varies greatly from other inventory selection processes.

3. Customers love engaging with merchandise while waiting to make a purchase

There’s nothing worse than buying items intended for one area of your store only to find they won’t fit there – literally. To avoid this, make sure you purchase small enough items to fit your cash wrap space. You’ll want to also use appropriately sized display fixtures to help you merchandise your products, as well, including counter top bowls, table top display racks or stand alone fixtures. A box of mints, for example, tossed in a decorative bowl or an assortment of earrings in a counter top display fixture both welcome customers to touch, engage and hopefully add to their purchase.

BONUS TIP: Customers need an extra “push” sometimes

When your customer has already decided they plan to spend money at your store, why not use this as an opportunity to have them spend MORE money at your store? There is no better time to do this then when they are standing in front of you with their credit card in their hand. To help make this happen, train your team – including yourself – to use suggestive selling techniques to help increase each purchase made in your store. This may include, “Do you need a bottle of water today?” or “Those earrings are a great match for nearly everything!”.

Finally, remember that this is an area of inventory in your store to make some quick cash. But that doesn’t mean you can’t have fun with it! Mix your items up often, consider introducing seasonal buys, offer surprising finds and introduce items that are both necessary and fun for your customers to choose from. Your reward? Increased sales, plain and simple.

 

To view the original article, click here.