How Retail Stores Execute Effective Sales Promotion

                                        
Everyone loves sales promotion. 
 
As the retail market is slowly bouncing back, there is an increasing need for promotional offers that can compete against those online. The current time is quite advantageous for retail stores to investigate new consumer preferences in depth and on this basis execute effective sales promotions that will attract more customers. 
 
Below, XIMIVOGUE explores some effective retail sales promotion ideas to help you entice both new and existing customers. 
 
1. Buy One Get One (BOGO) promotions
 
One of the most common and popular forms of sales promotion is BOGO, which means “Buy One, Get One”. Because consumers perceive free products to be more valuable than discounts. Getting more for less is what entices them. 
 
Considered a part of a wider marketing strategy, BOGO is an effective sales promotion idea with a higher chance of conversions. It not only helps move inventory quickly but also allows retailers to run up and cross-selling offers. 
 
 
2. BOPIS promotions
 
BOPIS means “Buy Online Pickup In-Store”, which happens when customers order products online and decide to pick them up at one of their physical stores. 
 
As one of the most interesting new retail sales promotions, BOPIS caters to customers who prefer to shop online, but who are often live in the vicinity and can drop by to pick up their orders faster than by selecting a home delivery service. 
 
For retail brands with both online and offline presence, BOPIS is a perfect way to get customers from their websites to their physical stores in a single transaction, it may increase average transaction value and drive repeat sales. 
 
 
3. Flash sales
 
Flash sales are retail promotions or discounts offered for a short period. It is a great strategy for creating urgency, attracting new customers, clearing out inventory, and driving sales quickly. 
 
Retailers can keep such flash sales promotions once or twice a year but set a fixed schedule so that people are anticipating the event and prepared to make purchases on short notice. 
 
 
4. Gift cards, vouchers & coupons
 
One way to really get customers excited about their next purchase with you is to offer gift cards, vouchers, or coupons. 
 
Not only is it interactive, but it also makes for at least one good reason for customers to continue shopping with you. 
 
 
5. Referral promotions
 
A referral program is a strategy that encourages previous customers to recommend your products and services. 
 
And how do you do that? You can ask your existing customers to refer their family, colleagues, and friends to your store, or review your products on social media. In return, you can offer rewards or discounts. 
 
 
6. Loyalty program promotions
 
Creating a loyalty program will encourage repeat business and customers to buy more and build rapport with you. 
 
With loyalty program benefits, your existing customers remain loyal to your brand or store, and you attract them and make them feel special with discounts, free items, or perks.