Nothing says the end of the summer like back-to-school shopping, (even) hotter weather and, unfortunately, slower sales for many merchants. Despite the off-season struggles your business might be experiencing, there are steps you can take to turn things for the better.
Improve Your In-Store Experience
Summer is a good time to work on improving your in-store shopping experience and prepare for the busy holiday season ahead. Begin with your checkout counter — a place where sales that are so important to your revenue and cash flow actually happen.
Do you use up-to-date payment devices? Are they PCI-compliant and EMV-ready? Have you considered upgrading to a mobile POS system that can boost your sales like they did for Nordstrom? You can easily find answers to these and other key payment processing questions by collaborating with your merchant services provider.
Rethink Your Pricing Structure
Great product and service alone aren't always enough to get your customers through the door, so it could be time to tackle your pricing. Fortunately, you can do this without undermining your bottom line.
When deciding which payment processor to partner with, check if they offer interchange plus pricing. Flat or tiered models may seem simpler or even cheaper, but only at first. Interchange plus continues to be the most desired and transparent pricing structure that'll let you pass the savings onto your customers and make you stand out from the competition.
Expand Your Online Presence
The dog days of summer may prompt your customers to travel to cooler places or simply stay indoors with the AC on. Either choice makes it less likely for them to frequent your location. But what if they didn’t have to visit your store at all to make a purchase? At least your physical store, that is. Considering the popularity of online shopping, there’s never been a better time to venture into e-commerce.
No matter whether you’re still working on your online presence or already operate a successful online store, you need to ensure that you’re maximizing your sales while limiting shopping cart abandonment. One way to accomplish this is to find a payment gateway that properly integrates with your current platform and offers the flexibility needed to grow your business.
Already looking for this type of solution? Explore online payment processing options from TransNational Payments today!