Sales Strategy

How to Maximize Accessory Sales in Your Retail Store November 28, 2023 (0 comments)

San Juan Capistrano, CA--In the competitive world of retail, achieving sales goals is often the top priority. Fashion accessories encompass planned and impulse buys and are versatile sales drivers.

[Photo by Greta Hoffman via Pexels]

ASD Marketweek highlights in a report that the accessory market generated a remarkable $109 billion in the US in 2023, with predictions indicating consumers will spend an average of $999 annually on fashion items.

The report also noted the Shopify State of E-Commerce Report, which anticipates accessories and jewelry to be e-commerce fashion's top segments by 2025, with accessories constituting 12.3% and jewelry 20.9% of consumer purchases.

The article highlights the following points.

Consumer Attraction to Accessories

Accessories are popular for their affordability and convenience. They don't require fitting rooms, are budget-friendly compared to high-end apparel, and serve as ideal last-minute gifts. This flexibility allows retailers to significantly boost overall store sales.

Strategic Pricing for Increased Profit

Effective inventory pricing is crucial for high profit margins. While a 50% markup is standard (doubling the wholesale cost), leveraging various accessory vendors can yield even more substantial markups. When setting prices, retailers should consider factors like overhead costs, competition pricing, sales volume, and product novelty.

Diverse Product Range

Knowing your customer base is essential in stocking both timeless and trendy items. Post-pandemic trends suggest a potential surge in luxury item spending. Offering a wide range, from affordable staples to high-end luxury pieces, keeps your inventory appealing and varied.

Sales-Driven Merchandising

Utilize every opportunity to display accessories alongside apparel. Showcasing accessories on mannequins and within easy reach encourages additional purchases. Avoid inaccessible display methods that hamper customer interaction.

Conversational Selling and Customer Engagement

Combine eye-catching displays with proactive customer service. Train your staff in conversational selling techniques, focusing on accessory recommendations that complement customers' selections. This approach not only enhances the shopping experience but also boosts sales.

The Power of Inquiry

Encourage your sales team to ask customers about their preferences and needs. This helps in identifying suitable accessories, enhancing customer satisfaction, and ultimately increasing sales.

The Complete Selling Recipe

A successful strategy involves a combination of appealing displays, engaging customer service, varied inventory, and competitive pricing. Each element is integral to the overall success of your accessory sales strategy.

Check out the entire article on ASD Marketweek.