4 Tips To Maximize Your Retail Sales For Father’s Day

4 Tips To Maximize Your Retail Sales For Father’s Day

Father’s Day is fast approaching right after Mother’s Day. According to the NRF, Americans are expecting to spend around $20 billion this year. Are you using the right strategies to increase Father’s Day spending? Here are 4 great ways to take advantage of this annual celebration to maximize your sales with your customers.

Don’t forget to check out our recent Mother’s Day post for other ideas: 4 Ways Retailers Can Sell More This Mother’s Day.

Image of gift father's day gift

Power of referral marketing

Marketing can be a tough nut to crack, but there’s one technique that’s been proven time and time again to be incredibly effective: word-of-mouth (WOM). People trust the recommendations of their friends and family more than any other form of advertising. So, why not harness the power of this approach with a referral program?

Offering your loyal customers a unique link to share with their loved ones rewards their loyalty and helps you expand your customer base by tapping into the power of their personal networks, creating a win-win situation. You don’t need to limit WOM to your online store. You can offer customers coupons to share with their friends and family. This way you can drive customers into your physical store as well.

Image of referral card from eko.
Here a great example from eko. ceramics

Exclusive items

Looking to give your brand a boost and stand out in a crowded market? One strategy you might consider is offering exclusive items. These products can help differentiate you from your competitors, but they can also create a sense of urgency for customers.

For example, imagine releasing a limited-edition Father’s Day item that’s only available for a short time. This creates a “must-have” mentality among your customers who know they need to act fast if they want to get their hands on the exclusive product.

And the data backs up the effectiveness of this approach: 49% of consumers said they were more likely to make a purchase if an item is marketed as exclusive or limited edition.

The exclusive strategy isn’t limited to just a single product either. You could offer exclusive/limited-time bundles or promotions as well.

So don’t miss out on the potential benefits of offering exclusive items. Create a unique selling proposition and offer limited-edition products to drive sales and grow your brand. This taps into customers’ desires for exclusive products. Ultimately, you can drive more sales and grow your brand in exciting new ways.

Zing's limited run seasoning combo

Create a gift guide

Looking for a way to help your customers find the perfect gift for Father’s Day? Consider creating a gift guide! Not only does this showcase your products in a unique way, but it also provides customers with personalized options to choose from.

For example, if your store specializes in outdoor gear, you might create a gift guide for “Adventure-loving Dads”. This guide could feature items such as hiking boots, camping gear, and portable grills. Or if your store focuses on tech products, you might create a guide for “Tech-savvy Dads”, featuring the latest gadgets and accessories. With the right approach, a gift guide can be a powerful tool for driving sales.

Detox market gift guide sorted by price
Here’s a great example from the detox market, sorting gifts by price

Themed contest

If you’re looking for a way to generate buzz around your brand and engage your customers, consider running a themed contest. This is a fun and exciting way to get your customers involved with your brand, and offers them a chance to win a prize.

For example, a Father’s Day-themed contest, where customers are asked to like and share your post to win. Or, if your store specializes in a particular type of product, you could run a contest that encourages customers to get creative and show off their skills using those products.

A themed contest helps create more exposure for your brand, but it also shows your company’s commitment to the community. By offering customers the chance to win a prize, you’re demonstrating that you value their loyalty and are willing to reward them for it.

Example of companies instagram post contest

Hopefully you can make use of these unique ways to increase your sales this Father’s Day. For more helpful tips, you can subscribe to our blog. TAKU wishes you and your family a happy Father’s Day!

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4 Ways AI can improve your retail business

4 Ways AI can improve your retail business

In 2023, AI (artificial intelligence) has already made significant progress in the retail industry. Besides AI chatbots like ChatGPT and AI-generated visuals like those created by Midjourney, there are many more ways AI can be used in retail. For instance, AI-powered recommendation engines can help retailers personalize the shopping experience for each customer by analyzing their browsing and purchase history.

AI has the potential to revolutionize the retail industry and in this blog we’ll introduce to you 4 great ways AI will change the retail industry.

ChatGPT screenshot

1. Automation

Artificial Intelligence (AI) has various benefits, among which automation stands out as a significant advantage. AI is capable of automating tasks, leading to cost reduction, improved efficiency, and accuracy. By implementing AI-powered systems, businesses can free up their employees’ time to focus on more complex and creative tasks, resulting in a more productive and efficient workforce. An example of automation is the use of chatbots and virtual assistants, which can help customers with their queries at any time of day or night, reducing the workload of customer service staff while improving response time.

Projected impact of automation by core of merchandising activity by McKinsey & Company

We will definitely be seeing a wave of tools designed to automate more retail processes in the coming years. It’ll start with big box brands having access to these tools. However, in time—these tools will become accessible to smaller businesses.

2. Personalized recommendations

AI can continuously analyze customer data, such as purchase history, browsing behavior and demographics. It can provide product recommendations, choose the most attractive products and make every customer’s experience more enjoyable. Here are some examples of how AI can help with personalized recommendations

  • Contextual recommendations: The AI analyzes customer data such as location, time of day, and the weather. It then provides recommendations that are right for the customers currents needs.
  • Collaborative filtering: The AI makes recommendations based on other users preferences, it compares similarities between customers purchase history’s and preferences.
An example of how AI product recommendation could look

3. Fraud protection

AI is a great tool when it comes to security. AI systems can analyze patterns that show signs of fraudulent activities that may be difficult for humans to detect. It can detect abnormal transactions that differ from normal purchasing patterns. For example if a customer suddenly uses a new device, at a new location, or purchases larger quantities, AI can automatically flag such behavior as fraudulent activity. Fraud can be found in both e-commerce and brick and mortar stores, with theft an increasingly costly problem for retailers. A report in late 2022 states that shoplifting has become a $100 billion dollar problem. Here are a few examples of how AI can prevent shoplifting in your store.

  • Video surveillance: AI-powered video surveillance can be used to monitor the store and identify suspicious behaviors. By identifying patterns such as how long a customer stays in a specific part of a store, unusual body language or repeated visits to the same section.
  • Sensor technology: Some stores use sensors to track the movement of merchandise. AI can be used to analyze unusual patterns in product movement. For instance, if an item is misplaced or repeatedly picked up and returned to the same location.
  • Predictive analytics: AI can also be used to analyze historical data about shoplifting incidents in your store. It can identify patterns or trends that may have resulted in a higher likelihood of shoplifting. By identifying these patterns you can prevent shoplifting by increasing security in an area that has a higher pattern of shoplifting, or changing the layout of the store.
Vector art of a hacker behind a laptop with a lock symbol on it

4. Lowering business costs

AI can greatly lower the operational costs at your business by making it easier to automate and collect large amounts of data to automate routine tasks. Some examples of how retailers use data to lower business costs include:

  • Optimizing operations: AI can identify various inefficiencies in business operations. Then it can streamline the processes, reduce waste and improve overall efficiency.
  • Supply chain management: AI can also analyze the data from suppliers, transportations providers and other sources. This can help with reducing transportation costs, improve delivery times and the overall cost of carrying inventory.

Not only can AI reduce business cost, but it can also increase business sales. AI can help with demand forecasting, allowing you to better understand your customers’ buying behaviors and to anticipate their needs. This can lead to improved inventory management and more effective marketing strategies, resulting in increased sales and customer loyalty.

Vector art of predictive analytics

AI has already made significant progress in the retail industry and has the potential to revolutionize it in the coming years. AI-powered automation, personalized recommendations, fraud protection, and lowering business costs are just a few examples of how AI can benefit retailers. With AI’s ability to collect and analyze large amounts of data, it can greatly improve operational efficiency and customer experience, ultimately leading to increased sales and customer loyalty. As AI technology continues to evolve, it will be interesting to see how it transforms the retail industry and the shopping experience for consumers.

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