4 Simple Ways to Increase the Average Transaction
Whether a dine in restaurant, quick service or retail business one proven method of increasing revenue and profit is to sell more to those customers that are already there. A customer primed to buy is also primed to help you increase the average transaction size, right? It is your job to help them realize it! Here are 4 simple and no cost ways to entice your customer to add on just a little bit more and in the process increase the average transaction and your bottom line.
- Add on at the Point of Sale: You might think that a buyer is less likely to buy more, but it is just the opposite. In comparison to their current purchases, the addons feel relatively small. This is the same principle that applies to adding on dessert just before the check. What addons can your business offer to compliment your customer’s other purchases?
- Package Items Together: By doing the legwork to partner complimentary items together and assigning a flat price for the grouping, you reduce the friction in the decision making process. Less friction helps you sell more to each person and increase the average transaction.
- Increase Pricing: By providing a superior selling proposition you can demand higher prices. Pricing increases are often not even noticed by most customers, but will lead to a direct increase in transaction size and profit margin. This also gives you more room to offer discounts for those price conscious customers.
- Highlight Higher Cost Items: After browsing the higher end item, the item your customer is looking at seems a lot more affordable and like an even better deal. Try displaying the high end item near the less expensive versions to accentuate the value. Placing those items in a prominent position may also lead to more sales of the higher cost items.