Now that the holidays are over and people are getting back into the swing of things, your store is bound to see some returns or exchanges from holiday gifts. But how do you turn these returns or exchanges into additional sales for your store? Check out these three tips for turning customer returns into dollars for your store.
Host a sale
A sale may seem counter intuitive to making money after the holidays, but this can encourage those returning or exchanging gifts to put their return to use in the store and purchase additional inventory. If someone comes in to return an item, make sure to mention the sale right away. A simple, “our entire store is 25% off today, would you like to look around before I ring you out?” could entice the shopper to spend a few minutes perusing the store. Even if someone is exchanging sizes, it gives you the opportunity to encourage them to buy a second item in your store.
Offer coupons with returns
If you’re not interested in hosting a sale, or your customers aren’t interested in shopping around, staple a coupon good for their next in-store visit to their receipt. Coupons can go a long way with new and returning customers. A simple $5 or $10 off your next purchase coupon that can only be used in-store by a certain date encourages customers to return to your store and potentially spend more than the return was worth.
Gift card promotions
Similar to coupons, gift cards are a great way to encourage people to return to your store to spend additional money. If someone makes a return, give them a $10 gift card to use in-store in the next month. The idea is exactly the same as offering a coupon, but the perceived value of gift cards is higher for shoppers than coupons. It makes shoppers feel like they are getting a reward for just coming into your store, which is a great way to turn one-time shoppers into loyal customers.
Interested in learning more about increasing your profits? Check out our Cash Flow: How to Make More Now guide!