Retail Planning & Best Practices

Specialty Store Services Hosting the Whizbang! Training Retail Success Summit

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whizbang

At Specialty Store Services, building your business is our business. Our service to you doesn’t stop with the purchase of your store fixtures and displays; that’s just the beginning! We are here to help provide you with the tools for success each step of your journey. As business owners, we know that it’s important to be continually educating yourself on the changing retail environment.

Specialty Store Services is excited to be hosting the Wizbang! Training Retail Success Summit, July 29th & 30th in Grand Rapids, Michigan. We want to invite our customers to join us in this exciting and informative event, so we asked WhizBang! to offer a special super low price for Specialty Store Services customers. Go to www.retailsucesssummit.com and use coupon code STORE to save $500 on your registration.

The Retail Success Summit is an annual conference that provides high-level strategic thinking, in-depth explorations of retail tactics, case studies, best practice ideas, and two-minute success tips. The Summit begins at 8:00 am on Monday, June 29 and ends at 5:00 pm on Tuesday, June 30, 2015.

Attendees will benefit from a panel of expert guest speakers and their choice of focused sessions. Topics from which to choose include: 3 Ways to Maximize Your Facebook Marketing, How To Talk to Vendors, Ideas & Inspiration For Great Promotion & Events, and more. To get more of a feel what the Retail Success Summit is all about, click here.

Whether you are looking for guidance on how to improve your store’s current performance, ways to build your customer base and audience, or even looking to open up a new store, there’s sure to be something for you at this event.

We recommend early registration as past Retail Success Summits have sold out months in advance. We will be in attendance at the summit, and hope to see you there!

How Color Impacts the Retail Environment

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The psychology and subconscious power of color is a topic that has been heavily tested and studied over the years. According to the Color Marketing Group, color plays a part in 85% of total sales. Here are a few ways you can incorporate color into your store!

Snap Judgment

As customers walk into a store, they form a subconscious judgment within the first 90 seconds. Experts say that roughly 62% to 90% of this judgment is based on color alone. Warm colors, such as oranges and browns, are calming and encourage customers to linger in your space. Orange is especially proven to make people happy. Cooler shades, like blues and greens, create a calming environment. Pink is relaxing and provides relief from tension and stress.

Pink Glossy Mannequin

Add color to your store by incoporating colorful accents or painting your walls; you can even purchase paint-grade slatwall for a totally customizable look. Another option is adding colorful mannequins, which is a new trend for making your merchandise pop while also tying your store’s color scheme together. Look for colorful accent pieces that are also functional for displaying merchandise.

Build Your Brand

Color plays a vital role in establishing your brand identity in the customer’s mind. Store logos, signage, and advertisements work best when tied together with a signature shade. This concept isn’t limited to the colors you have within your store. Think of the items customers take with you when they leave your store. Brightly colored bags that match your store’s colors are a great silent advertisement for your brand. Many successful retail store are easily identifiable by their signature bags, such as Victoria’s Secret pink striped bags or Forever 21’s bright yellow bags.

If purchasing an entire new inventory of bags isn’t in your store’s budget, adding colored tissue paper is another easy and affordable way to incorporate color into your store’s packaging. Coordinating hangtags, ribbon, and other small touches will help build your brand in the customer’s eye.

Signage

Ever wonder why most sale signs are red? Red is associated with warnings and danger, so the human mind is trained to perceive messages in this color as urgent and important, making red the perfect color to capture a customer’s attention.

Yellow is the first color perceived by the retina and a time-tested color for getting a customer’s attention. Like red, yellow is associated with stopping. Customers brains are wired to stop when they encounter these colors. Be careful not to overuse bright reds and yellows, however, as too much of these colors can be jarring to the eye.

Remember, elements of color are meant to visually enhance your product and shouldn’t be too distracting. A little goes a long way! With the proper design, branding and execution, though, color can work with your product instead of against it.

The Power of Attractive Point of Sale Displays

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921ff0493d2766a2_135163128.xxlargeIn surveys with both men and women, participants admitted to making impulse, or unplanned purchases often while shopping. In fact, more than 53% of sales now come from impulse buys!

Impulse sales can be captured by any type of retail store. Regardless of store type, the psychology of the impulse buy is the same: certain items at the right price point appeal to your customer’s impulsive side. Impulse buys are rarely items one needs; instead they are items that make us feel good, or at least better than we did. Partaking in an impulse buy can relieve stress, improve self-esteem, or make customers feel empowered. Specific stores and merchandise may vary, but these basic principles will help you to make the most of this retail opportunity.

Location, Location, Location

Items merchandised at eye level are the most profitable impulse items. Retail countertop displays are effective for capturing this customer, both at the register and throughout your store. By the register is an effective location, as are the walkways. We recommend placing more expensive, destination items towards the back of the store, with impulse items scattered along the way. Make your impulse displays eye-catching.

Merchandise Markdowns

Do your impulse items not seem to be moving? Try running a special sale. Choose an item that appeals to a large segment of your customers. Maybe scarves or sunglasses if you’re an apparel shop, or candy and energy bars if you’re a convenience store. These are typically impulse items anyway, so running a special sale, even if it’s only a small percentage off, will catch your customer’s attention. Sometimes a discount is all it takes to convert a browser into a purchasing customer.

Limited Time Only

Today’s customers harbor a fear of missing out, so strategically placed promotions can help to capture the sale. Specials like 2-for-1 deals and 1-day only sales appeal to your customer’s sense of urgency. For stores with an online presence, advertising that a featured item is running low in stock can also encourage a customer who just came to browse to make a purchase. Impulse buys are not thought about before or after leaving the store, they are captured in the heat of the moment.

Choosing the Right Display

Customers’ emotional drive to purchase is highly influenced by their senses, so putting your merchandise in areas they can see, touch, and smell makes them more appealing. Spinning displays, open showcases, baskets and bins can all contribute to increased impulse sales. The more likely your customer is to pick up the product and touch it, the more likely he or she will be inclined to make the purchase, even if it wasn’t something they had originally planned on purchasing. Fixtures and displays that allow your customers to interactively engage with your product will increase your sales.

Spring Cleaning

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spring cleaning

It’s that time of year again: spring cleaning! For most people, this is an annual ritual in their homes to purge unneeded items and clutter; however, this is an important idea for retailers to remember, too!

Take inventory of the fixtures in your store; evaluate your best sellers vs. the fixtures that may not be serving much of a purpose. More isn’t always better! Make sure that each fixture is working with you to sell your merchandise, otherwise it may just be creating excess clutter. If you’re short on space in your store, consider using a multi-purpose merchandiser or a double bar rack to display double the merchandise.

Is the look of your store cohesive? Perhaps, over the years, you have purchased various fixtures for your store. Evaluate if they are working together. It may be time to decide on a new look. Matching fixtures provide a strong backdrop for your merchandise. By creating a clean and cohesive environment, your products will take center stage.

If you’re using wooden fixtures, such as tables, countertops, or slatwall displays, it looks best to stick to the same color family. That’s why we make sure that each of our fixtures comes in as many different colors as possible. With almost every wooden fixture we sell available in black, maple, and white, it’s easier than ever to coordinate your store to fit your brand aesthetic and style.

pipe display

For trendier stores and boutiques, we recommend our new Pipe Collection. The pipe collection adds a sleek, industrial element to any store. Pipe displays have a matte black finish, which will work well any existing fixtures. Consider adding two or three of a trendier fixture to jazz up the feel of your store.

This spring, as you prepare for the influx of new merchandise in your store, having updated fixtures and displays will excite your customers and keep your store looking current.

Candy Displays From Specialty Store Services

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Candy Displays

Even for retailers who don’t primarily market themselves as candy stores, candy can become an enormous profit maker with the right candy store supplies in your store. On some level, candy essentially sells itself. Candy appeals to the customers’ most basic impulse needs. Effectively merchandising your candy, however, can allow sales to soar, driving candy purchases to become a major source of revenue for your business.

As with all impul2507bkse items, it’s important to keep candy in a customer’s line of vision. At Specialty Store Services, we recommend using countertop candy displays. Countertop candy displays are especially great if your store is short of floor space to merchandise the candy. Near the register is a very effective place to merchandise candy, as it allows the customer minimal time to peruse, leading them to make a quick decision to buy.

Many of our countertop candy displays include sign channels, which is an easy and effective way to communicate your pricing to the customer. Whether you’re selling candy bars for $1 each, or pricing them with a deal such as 2 for $1.50, it’s important that the customer gets your message loud and clear. The more time they have to spend searching for the price, the more time they have to reconsider the purchase.

Of course, some customers love to browse and it’s important for your displays to give them access to peruse your selection of treats. Our FDA approved jar displays, tilted at an angle to give customers easy access, work well for individual candies. For bags of candy, chips, or cookies, we recommend using a clip display. Spinning clip displays are a customer favorite, but if that won’t work for your store, we have stationary versions available.

At its low price point, it’s easy to underestimate the purchasing power of candy, but once you begin to merchandise effectively, you will see sales rise and savor in the sweetness of your success.

Specialty Store Services Chicago Showroom

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Showroom 2015 2

Since 1984 Specialty Store Services has been the leading provider of retail store supplies and fixtures in the Chicago area and beyond. When customers order from our catalog or website, we ship their orders to every corner of the nation, in as little as 1 to 2 business days. Our friendly, helpful customer service reps are available to take your questions and talk you about our merchandise selection 5 days a week, during normal business hours. For businesses in the Chicago area, however, we offer another unique resource: the option of visiting and picking up from our store supply and fixture showroom.

Whether you’re starting from scratch and opening your first business, or simply giving your existing store a makeover, picking out retail display fixtures and displays isn’t easy. Our team of trained professionals has worked with many local leading retailers to give them the store supplies to effectively merchandise their products. In short, from magnetic sign holders to mannequins, we know what works.

Located conveniently next to O’Hare Airport, our location is just a quick drive north of Chicago. Bring your questions and concerns and drop into our showroom and see the product for yourself. Our team of experts will answer any questions you have and help select the product that best fits your need.

Step inside our showroom and you’ll instantly notice that it’s clean and beautiful; it may even evoke the vision of how you want your store to look! Our merchandising team takes the time to effectively lay out our products just like a real store, so you don’t have to imagine our products in action—you can see them for yourself! We use props and styling tricks to show the best ways to use our store fixtures and displays.

Unlike some of our competitors, we keep 98% of our catalog items in stock—at all times. This means that, if you see something in our catalog you want, we can pull it from our warehouse and have it ready for you that day. Enjoy a warm cookie or a nice cup of coffee while you chat with our sales team about the latest store trends. Before you know it, we’ll have brought your item out to your car or truck and it’s ready to go, that day.

For businesses in the Chicago area, Specialty Store Services is your only destination for your retail store displays and merchandising supplies. We have the best products, the most competitive prices, and a knowledgeable staff ready to help. Step into our warm environment and see why the top stores around the city stop in at Specialty Store Services on a regular basis.

Green Business: Federal Tax Incentives Impact Your Environment and Your Bottom Line

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137590-Woman-recyclingThe concept of ‘going green’ has become more than a tagline. For businesses, there are some excellent advantages for choosing ‘eco-friendly’ as a method for cost reduction, while also reducing a company’s carbon footprint. The American Recovery and Reinvestment Act of 2009 was signed by President Obama and allows both residential and businesses to take specific energy tax benefits. Depending upon which choices you make, there can be long-term bottom line savings and escalation of the company reputation as a green business.

There is a distinct benefit to a tax credit as opposed to a deduction. A deduction reduces the total amount that is taxed, while a tax credit is a direct dollar-for-dollar reduction on the tax bill itself. This is not to be confused with Section 179 deductions, which typically have a percentage amount allowed based on the type of business and includes a per-year cap. Section 179 deductions have benefited business, but the amount available for reduction has been reduced year after year.

As a company makes decisions on the types of changes they will be instituting to become a green business, the tax credit dollars are becoming one of the largest incentives and are an encouragement for companies to select eco-friendly options. Many states are offering tax incentives, as well, so as to escalate the value of the investment choice.

Businesses have a unique opportunity versus residential, because of higher budgets and renewable energy grants available for businesses (Section 1104). Tax credit decisions can encompass a variety of possible changes and can include:

  • building structure;
  • renewable and/or sustainable energy sources;
  • replacing standard company vehicles with hybrid, electric-powered vehicles;
  • the use of alternative fuels.

There have been some changes in the requirements that now allow a 50% credit and an increase to $50,000 for the per-location limit.

Renewable energy selections can include a variety of solar, solar-thermal, biomass, wind, landfill gas, fuel cells, geothermal heat, solar-hybrid lighting, municipal solid waste, hydrokinetic power, tidal and wave energy, anaerobic digestion, ocean thermal, photovoltaics, micro turbines, fuel cells that use renewable energy, and geothermal direct use. When thinking about renewable and sustainable energy options, businesses will have the tax credit and a savings in overall energy cost expenditures that will be carried year over year.

If you are considering changing your business structure to accommodate ‘green building,’ you will need to work with qualified and licensed contractors. The United States government has strict guidelines and requirements with which a contractor will be familiar. To qualify for a LEED certification, 75% of the square footage of the commercial building will need to be compliant. The laws governing ‘green construction’ may also be different from state-to-state, and this is where your contractor’s knowledge will be of best use.

Making a ‘green choice’ is an excellent way to receive tax credits, but there is another uptick that the marketing team will love. Representing your company as an ecologically conscious organization is an attractive position for the reputation of the organization. Potential customers are now reviewing the businesses that they want to invest in, and a green certification is a competitive advantage.

While tax credits for smart ecological choices in business have stayed, it is important for any company to confirm the up-to-date tax requirements with a tax professional before making green business decisions.

To get you started, we recommend you check out the following information:

Leveraging Your Website Data For In-Store Merchandising

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Beautiful woman smiling with her digital tablet and shopping bagsIn today’s net market, everyone has a website. For those that have a brick and mortar store or are a pure-play e-commerce company, a website can offer a plethora of information for an owner to ensure that inventory is available for sale. When used properly, a website can also be an asset upon which your customers and potential clients can rely.

Business analytics (BA) is a term that is being used quite extensively. Also known as business intelligence, BA is the ability to examine and analyze the information or data from a transaction list to determine future actions. The transactions can be tracked via a website and/or a point of sale. You don’t have to be a big corporation to accomplish business analytics, you just have to have access to (and be able to read and make use of) the technology at hand to see the signs.

There are a number of factors you need to consider for a product-centric website that can complement in-store merchandizing.

  1. You need to know what consumers are looking for and when.
  2. You need to have the items in stock when they want them.
  3. You need to be able to use the data from your website to anticipate purchasing trends.
  4. You need to stay up on overall net purchasing trends for your vertical.

The first move a savvy web owner makes is installing Google Analytics. This offers an opportunity to examine when consumers are viewing your site, what pages they are landing on, and how long they are staying on them. Your traffic patterns will give a bird’s eye view for popularity, elevation in searches and can allow you to make any adjustments to the site for increased traffic.

Most website platforms have a dashboard that is a goldmine of information. You probably have a list of the top 10 (or 20) search words and possibly the most viewed pages. Each of these areas are a priority to help you to understand what consumers are looking for and allows you to have the products in stock. Take heed of items that may be special or seasonal items.

Another recommendation is to use a product ordering technology. These include smart scanners that:

  • keep track of your inventory
  • automatically link to the manufacturer
  • keep track of the timing and amount of your past orders
  • prompt you when there are additional ‘deals’ available

Smart scanners can also link to your website to update inventory and set alert flags for products that are not available or are no longer offered, as well as those with a status change to available.

Depending upon what products you carry within your store, you will want to examine popular websites from your competition, social media search topics and the hot trending searches as they relate. Combining the technology tools for your own business analytics with the results from the Internet will give you a gauge for what will need to be on hand and in stock at the store.

Making use of your website data and the Internet to ensure the right products are available and the marketing message displayed can be an easy process, once you have all of the tools and steps in motion.

Addressing the Challenge of Holiday Demand versus In-Stock Merchandise

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holidayFor most retailers, monthly volume doubles or even triples during the holiday season. It also seems that every year, retailers are scrambling to make sure they have the items consumers want in stock. This is very apparent in the toy industry when every child wants that ‘special’ toy and hardly anyone is carrying it. There are a few guidelines retailers can use to help to ensure shelves are stocked during the oft-chaotic holiday season.

Preparing for high volume purchasing times, such as the holidays, requires a bit of analytics and a touch of luck. Every retailer should begin preparing at least eight months before the season. This may sound like it is too far ahead, but if you look at when the trade shows are held, you’ll see preparation is the key to success. If you have a trade show in your particular vertical, use some of their analytics expertise. In many cases, they already have some of the data that demonstrates the increase of specific product purchases in your industry.

A second rule of thumb is to use the Internet analytics to see what which products you carry are trending. What are some of the latest upgrades to newer technologies or the latest craze in flavor or color? These will be major factors for decisions in consumer purchases. Some items may have been experiencing a slow increase in popularity, while others will probably be favorites for just one season.

If you have a website that lists products, make use of your platform analytics to see what the most popular items were last year, as well as those that have maintained high volume over time. Remember: Gift buying is on everyone’s mind, but consumers will also be purchasing mainstay items they would normally buy. Use the search statistics from your website to view what consumers were searching for on your site and do an in-depth review of what some of your top competitors are carrying.

Preliminary review should be eight months before the season. Purchase decisions should be at least six months prior, with a final review and additions at the three-month mark. You will also want to contact your manufacturers to get confirmation on potential shipping delays that are almost always attributable to the holiday. If there are any items that have had a history of being out of stock, order these at the six-month review. Communication with your vendors will be most important three months prior to the onset of seasonal buying.

If your industry involves merchandise that has a limited shelf life, such as food, you will need to work with your manufacturer to place orders at least six months in advance, with guaranteed delivery one month before the launch of the holiday.

Once you have a majority of your product decisions and orders, begin focusing on your marketing. Work with all of the people involved in your in-store and website marketing to craft the messages, signage and special discount deals you are offering. This is the time you can get ahead of your competition through special incentives, such as free (or flat rate) shipping, gift wrapping for in-store and complimentary items for purchases over a certain amount. Typically BOGO’s do not do well during the season as consumers are usually buying gifts for others and do not need two of an item.

With just a few easy steps, a bit of planning, and a lot of observation, every retailer can establish a routine to reduce the stress of the season while helping to increase margins.

Scent Marketing Makes Business Sense

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wordsSuccess tastes sweet, but who knew its smells even better? Scent marketing research studies show that the use of scent in retail stores can have a significant and direct impact on business sales and profitability. Wondering how? Well, simply put, it helps deliver a better shopping experience to customers.

By using scent in your business outlet, you can make customers connect with brands on an emotional level and tug all emotional strings that help increase customer loyalty, brand engagement and, of course, the time consumers spend in stores; they tend to linger longer, thereby fetching retailers more sales.

The Science of Scent Marketing: How it Works?

Scents have a compelling and immediate effect on people. They are directly linked to the brain’s limbic system, which is the part of the brain that is responsible for our memories and emotions. Scents basically go beyond our rational perception, and have a strong impact on our emotions. According to Nobel Peace Prize Winners, Richard Axel and Linda Buck, our sense of smell is the most emotional sense we possess. Rather than interpreting the information we receive from a particular fragrance, we immediately get a feeling when we smell something.

For example, during the holiday season, there is a certain smell in the air which makes us jollier. Is it the spirit of Christmas? Well, not so much! It’s the smell of pine and oranges we associate with the holiday season. Make sense?

Scent Marketing Makes Business Sense: Let’s Talk Stats and Facts

It makes business sense both literally and metaphorically. Before we discuss some great tips for influencing shoppers with scent, let’s look at some stats and facts first. In a study conducted by the Smell and Taste Institute, it was discovered that 84% of consumers were more likely to buy a pair of Nike trainers in a scented room compared with a non-scented room. And what was even more surprising was that they were ready to pay more.

And did you know:

  • Consumers evaluate scented products as being of higher quality
  • 75% of human emotions are triggered by smell
  • Customers are more eager to buy and pay higher in a scented environment
  • Consumers remember scented shops more than the unscented ones
  • Tests show a 40% improvement mood when exposed to a pleasant scent

Cinnabon, the bakery chain, uses this marketing strategy. They place ovens in front to entice people into entering their establishment. The enticing smell of warm cinnamon rolls can make anyone salivate. They intentionally choose malls and airports (or closed spaces) to make the smell linger. This has worked for their business. Now it’s time you caught on to it!

Actionable Tips to Sniff Out Higher Profits with Scent

If you run a bakery or a restaurant, that doesn’t mean you can’t use this strategy to optimize sales. Here are great tips to help you leverage your business:

Use Simple Scents

First things first, make sure the scent you use is not a complex one. Studies show that consumers exposed to simple scents spent 20 percent more than those exposed to a complex blend.

Reinforce Branding with a Signature Scent

According to the Sense of Smell Institute, people remember scents better than photos. Develop a signature scent that people can associate with your brand. For example the tanned leather scent of ‘Fine Suede’ can be used to entice people into entering and making purchases in a leather goods store.

Make Sure it’s Not Off-Brand

Don’t go off-brand when choosing scents. For example, facts say that the aroma of lavender slows the perception of time and smelling it encourages shoppers to spend more time in a store. This scent would be beneficial in a grocery store. An amber scent or earthy wood notes, however, would be a good choice for a furniture store. These scents induce warmth, comfort and sometimes nostalgia. Such notes can help create brand association.