Retail Store Tip #5: Have 3 Step Transactional Plan!

A transactional plan is key to any business but it is especially important in retail.  There are 3 steps to a solid, retail  Transactional Plan.  Every level of the 3-step plan is an open opportunity to create a fabulous shopping experience and improve your offering!

The first is "Pre-transaction", so anything that happens prior to your customer engaging with your business.  Second is "Transactional", the moment when the sales is beginning to unfold and the third is "Post-transactional", the sale has been completed and these are the services, situations and offerings that you can tweak to keep your customer engaged and coming back as a loyal customer.

What items would be considered PRE-Transactional?
Anything that becomes a part of the shopping experience prior to the actual purchasing is pre-transactional. Some examples would be:

• Offering convenient shopping hours (post them!)
  
• Ample and easy-to-use parking
• Informational Posters, signage
• Engaging Social Media
• Word-of-Mouth

An item that is considered "Transactional" is something directly related to the hands-on moment of purchasing.  Your client has made the decision to buy and has now started the procurement process with your staff.  

Transactional Services would be:

• Sales transaction at the till  (Is your software quick and efficient?  Are your PLU codes up-to-date?)
• In-store Credit or Layaway (encourages larger purchases and emotional buy-in)
• Personal Shopping service  (higher end stores can make this an add-on service)
• Gift Wrapping (free instore gift wrapping is simple) 
• Delivery Service (for market friendly fee)
• Ample merchandise and inventory (are you well stocked?  Are you tracking your Open-To-Buy?)
• Personal and experienced staff selling

Last but not least is the "Post-transaction" experience.  This after the sale has been rung through and the customer has paid.  There are still opportunities to create positive experience as they leave the store.  Don't miss out on these super easy to implement ideas because every good retailer knows that the sale is NOT over when the cash register closes!

Post-Transactional Opportunities include:

• Complaint management  (Do you have a written process for staff to follow? Are they trained in it?)
• Effective return and exchange program  (Do a market comparison, are you on par?)
• Delivery service (For a fee or for free, depends on margins)
• Product Knowledge sessions or classes  (Teach customers about your products AND earn $$$)
• Bag carry to vehicle (this is a no brainer for seniors, pregnant women and in bad weather)
• Engage and solicit emails for newsletters, announcements and product warranties

All 3 of these phases are opportunities for your business to shine!  Think outside the box, find ways to make YOUR business stand out in the sea of competitors vying for YOUR customer!


Leah Chevallier ~ Retailpreneur, Award winning Retail Consultant
www.leahcveallier.com

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