How to Grow Retail Sales at Your Wellness Business
‘Tis the season for giving! And if you’re not giving your clients ample opportunity to purchase merchandise, gear, and products at your studio, you could be missing out on the valuable revenue stream from retail sales.
Offering retail for purchase at your business allows you to supply products you recommend to make life easier for your members, encourage clients to rep your studio with branded gear, and, of course, create an additional, hassle-free revenue stream for your business. And we can show you how to make retail sales more successful than ever at your studio.
Pay attention
What types of clothing are your members wearing to class? What brands do they sport on their way to an appointment at your studio? People are creatures of habit, so supply the types of products they’re going to buy. If your members are always wearing breathable tank tops, don’t expect to sell hundreds of cotton T-shirts. Knowing what your members are currently using, buying or asking for will ensure you’re stocking the right stuff.
Sell online
8 in 10 Americans nowadays are shopping online. Put your merchandise where people are looking for it by setting up an online store. Allowing your members to purchase merchandise directly from your website gives them the power. They can see a shirt in your studio one morning, daydream about it all day, and then order it online when they get home from work.
With the right software, setting up an online story doesn’t have to be a hassle. A full-service software solution like WellnessLiving allows you to easily build an online store right onto your website, where you can sell not only retail items, but also memberships, gift cards, and more.
(WellnessLiving can even help you make your online store a success! Just check out our previous post, Learn What to Sell (And How) With Your New Online Store.)
Promote
Get creative with how you showcase the retail items at your business. Make sure your trainers are modeling your newest clothing items when they arrive. Offer samples of new nutrition bars during the morning rush. You can even rotate a product spotlight poster in the locker rooms.
Outside the club, you can get the word out via email, text and social media. Keep people up-to-date on new merchandise, current sales and the benefits associated with supplements or nutrition products you sell. Get people excited about the newest arrival of gear with a customized email blast, or organize a one-day flash sale you can text members about to get them in the door. Don’t expect merchandise to fly off the shelves if it’s just sitting on the hangers. Proactively put the word out there!
Leverage your rewards program
If you have your rewards program set up through WellnessLiving, you can use points to incentivize members to purchase retail items. Offering points for every dollar a member spends on retail can get them excited about finally making that purchase with your studio.
You can also offer merchandise as the reward to get the word out. i.e. Once members get to a certain number of points, they get a free branded tank (which they can then wear to class to get your other members talking).
Know your numbers
To make sure the retail side of your business is staying profitable, it’s important to keep up-to-date with incoming retail revenue and projected sales. Knowing how much you’re selling each month will help you to accurately predict how much product you’ll need to order in future months. And, it allows you to set measurable goals for growth — like increasing retail sales by 10% by the new year.
While that may sound like a lot of manual work, a software like WellnessLiving can automate most of that for you. With one simple click, you can pull all the reports you need to keep an eye on your growing retail sales.
Get the retail side of your business ready for the holiday rush! The average American will spend almost $1,000 in holiday gifts this year, so rake in additional revenue through retail sales by paying attention to what your clients want, proactively promoting your items, and paying attention to monthly sales.
If you don’t already have a full-service business management software to help you build out your studio’s retail sales (or if you work with a different software provider), we’d love to show you how WellnessLiving can automate most of the buying, selling, and tracking process to give you even more time back in your day.
