In today’s wireless climate, independent wireless retailers are facing the same old issues: shrinking margins, competition from online retailers, consolidation, and cost per square foot.
These issues are not specific to the wireless industry, however, wireless retailers have a unique opportunity to take advantage of a plethora of industry-leading partners that will help generate revenue at the POS.
Before the customer even enters the store
First and foremost, if you want to maximize revenue potential you need to ensure the people doing the selling know what they are doing. Customers typically know what they want when they enter the store, however, even if they know it, they will still have questions and it’s paramount that the store associates can answer these questions. Whether it’s device specifications, rate plans, or something as simple as price, a sales associate’s ability to answer these questions can make or break the sale
This leads to the first way you can ensure revenue at the point of sale. Train your staff. It sounds like a no brainer but how many times have you been in a store, wireless or otherwise, and you ask a sales representative a question but they don’t know the answer or they need to look it up? We have all been there and it can be an extremely frustrating experience.
The nice thing is that in addition to your store's training policies and processes, companies like iQmetrix partner, SellPro, have created training tracks to solve problems unique to the wireless industry; allowing sales associates to be prepared for anything that may come up and ensure the best experience for the customer when they enter your store.
While they are browsing
As you know, the process of buying a phone takes a bit longer than buying clothes or other consumer electronics, so often you will have customers browsing while they are waiting for the next available sales associate.
You can increase revenue at the point of sale by giving them something to do. Keeping them in your store is half the battle. It's important to keep them comfortable and occupied while they wait in order to keep those customers from walking out the door. Digital signage showing engaging videos and product demos can capture their attention while an endless aisle solution can give them the opportunity to browse your full product line until the sales associate can assist them.
At the point of sale
At the point of sale, in an ideal situation, your sales associate is fully knowledgeable and ready to assist the customer who has already done a bit of browsing and knows what they want. But the customer may not fully know what else they need.
The next way to increase revenue at the point of sale is to upsell. This can go beyond accessories, of course. Two of iQmetrix’s consumer-facing partners, Hyla and Phobio, offer trade-in programs that provide customers instant rebates for trading in their old devices. iQmetrix’s data shows that over 95% of customers will trade in their old phone when given monetary value in return, and 30% of those customers will use that money to purchase additional items in your store.
After the sale
At this point, we have hopefully made the sale and maximized revenue in the store. Purchasing a cell phone truly is a unique buying experience, where, for the most part, your customers only need to come to the store whenever their contract expires or they want to upgrade their device. This makes it important for you to make sure your store remains top of mind for customers. iQmetrix partner, Chatterspot, allows for after-sale marketing with the ability to provide incentives to come back by notifying customers of upcoming sales, deals, or simply providing after-sale support to ensure they enjoyed their shopping experience.
For more information on the partners listed above, as well as the entire iQmetrix partner network, check the iQmetrix Partner page. You can also learn more about RQ, our POS system for cell phone stores.