Many stores donâ€™t prioritize the display of their pricing. They want to showcase the product, which is completely understandable. But what about when something goes on sale? Is a photo, floor model, or demo of the product sufficient? Or would it be best to communicate as clearly as possible what the investment and savings are? Today, weâ€™ll consider how highlighting the price of something can actually pay off in business.
The Upper Hand
Most consumers consider themselves clever and price-conscious. While we wouldnâ€™t necessarily disagree with that, they think of pricing and money-based decisions as their territory.
Yet businesses are there to facilitate purchases, and as many purchases as they can handle. Shouldnâ€™t any business, in a manner of speaking, assert some sort of control in the decision to buy?
When we make pricing among the first things a prospective buyer notices, they are disarmed. No one was trying to conceal or downplay the cost – the business is owning the price. They are communicating – rather covertly – that the price is trustworthy, something the business is proud of.
If a customer has to hunt for the price, they will automatically be skeptical. Hard-to-find prices also kill any chance of last-minute purchases and impulse buys – two things many retailers count on to send them over the top into success.
The Rules of Attraction
How many departments does your business have? If itâ€™s anything like other retailers, there are at least several sub-niches within your niche.
Many shoppers come in with a plan. Youâ€™ve observed them before – they have a specific item, or number of items, that they need. Therefore, they tend to stick to the departments relevant to what they think theyâ€™re there for.
They only get sidetracked and make additional purchases thanks to their eyes, what they can see right in front of them. Far-flung items in other departments never meet their gaze.
Use signs to alert them to the sale price of something in a different department. Maybe they didnâ€™t come in to buy a toaster, but if they know thereâ€™s a brand new model on the other side of the store for a low price, who knows? Advertising that item with its price, right there in the store, is a business ownerâ€™s only chance to distract the hyper focused shopper.
Keeping It Clean
This is an easy point to drive home. Weâ€™ve all seen paper pricing pasted onto shelves or carelessly stamped onto products. Setting up retail sign holders to feature the price of many items in a display is just a cleaner look.
This can help you keep your displays neater over the course of the shopping day as well. No one is rifling around for the price – good, effective signage describes the item succinctly, and tells the customer precisely what they will pay for it.
As we can see, effectively displaying your prices provides control, engagement, and cleanliness in your retail space. Inspire customer confidence by displaying your prices more clearly than others, and youâ€™ll move more units than the competition.