How to Increase your Cellphone Store’s ROI
When you want to increase sales for your mobile phone dealership business, you often get lost in the fray of many complicated things – inventory audits, tax payrolls, stock levels, balance sheets; the list goes on and on. Saying that it’s an easy job is wrong.
But that does not mean it is impossible.
In fact, with e-commerce becoming a lot more common, it’s becoming a lot more dynamic to raise your store’s worth – that is, it’s ROI or Return on Investment. It is the ratio of net profit and cost of investment, and it is a great way to measure how well your store is running; the bigger this number, the happier you’ll be.
With new techniques and marketing tricks, you can improve your bottom line while simultaneously skyrocket your business through competition.
But where do you start?
Eliminate Dead Stock
It’s always good to keep a range of options for your customers – but do you really need every single colour of a certain mobile set?
Accumulating dead stock for long periods of time result in dusty inventory. Not only do they take up precious space, but mobile phones happen to be pricey commodities – losing them to obsoleteness means you’ve lost money. So the next time you revisit your inventory, make sure to check how much of your stock is dead – unpopular or outdated, it’s time you removed them to make room for fresh new items.
Take advertisements to a personal level
Targeted marketing has always been the quickest bullet to reach the bullseye – but marketing on a personal level creates leaps worth of positive change.
Use personalization technology like Customer Relationship Management (CRM) software to deliver the right message to the right customers – all at the best timings. ROI has been known to increase from 180% to 540% for brands when they teamed personalized mobile advertisements and CRM systems.
Investing in cell phone point of sale (POS) systems like Oscar POS let you do all this and more through its Loyalty Program. Furthermore, you can create customer profiles, so that launching personalized schemes like drip campaigns via email becomes a lot easier.
Have an application
As the e-commerce world grows bigger and busier by the day, you need to make sure your cell phone store also adapts to those changes. Going AWOL while everyone else excels isn’t something you’d want.
The best thing you can do is launch an app for your own store. Apps have proven to be the most popular software loyal customers want to use. Therefore, it can enhance the overall customer experience in different ways – optimize buyer flows, introduce innovative and interesting modes of purchasing, and inevitably maximise sales.
Dig a little deeper into your data
You’ve launched all your marketing strategies, discarded your unwanted inventory, and successfully opened your store – now what?
Now comes the most important part: analysing data.
That involves asking important questions: how much revenue did your warranty program earn? Which mobile phone sold the best, and which the worst? What is costing you more than you can afford? Get the answers to these golden questions through your data. Cellphone POS software like Oscar POS make this job easier by providing all the important statistics, facts and figures in the form of reports and graphs. A user-friendly dashboard helps to access these insights easy – because only once you have access to data, can you gain control over your business, and make powerful decisions.
As mobile phones grow more popular in our Internet-savvy age, cell phone stores will face growing competition – there is no doubt about that. But through strategic focus and smart practices, you can certainly take your humble store and turn it into a booming business with skyrocketing ROI values.