The holiday of love is rapidly approaching and according to the National Retail Federation, consumers spend approximately $18 billion on Valentine’s Day. That’s an average of $136 per consumer, which means as a store owner, you should get a piece of that heartfelt pie.
The top categories to which lovers spend their money are candy (50%), greeting cards (47%), evening out (37%), flowers (35%), and jewelry (19%). However, other popular gift choices include clothing and accessories, gift cards, concert tickets and sporting event tickets.
Are You Ready for Valentine’s Day?
You may be the kind of shop that does well for Valentine’s Day like floral, jewelry, and candy stores. However, if you are not a primary go-to store for this particular holiday, then it is even more important that you capitalize on this popular event.
Take a good look at your inventory and find those ‘want that’ gifts. Choose three items to showcase using the good, better, best price method. No matter your target audience, someone will be buying a Valentine’s gift for that person. As an example, stores that sell home improvement, hardware, and auto supplies have plenty of great choices for Valentine’s Day. A hardware store could choose a hand tool set as a good gift, a power tool as a better gift, and a tool chest as a best gift.
3 Ways to Increase Sales
Merchandising for Valentine’s Day can have a big impact on your sales, but does not have to add big cost to your budget. Below are a few things you can do to increase your opportunities.
1. Use Your Window to Your Advantage
Let customers know that you have gift choices inside the store. Position some products in the window to entice potential buyers to come in and shop. Add hearts, cupids, and lots of red!
2. Decorate Inside Your Store
There are many props and decorations that can be purchased without a lot of expense. They can then be used both in the window and in the store. These might include heart garland, red corobuff, balloons, tissue paper, red tablecloths and runners, etc. Hang strands of twinkling white lights across the store to give it a romantic ambiance. Many of these props can be interchangeable for Christmas displays.
Arrange your products to attract customers to gift items. Many shoppers will wait until the last minute, so provide cards and impulse buys near the checkout counter.
3. Tweet and Post About Your Products
Lastly, take photos of those Valentine’s Day gift items and post them on Facebook. Tweet about them. Email your customers. Let them know you have gift items for sale. It will only cost your time, effort, and a little heart.