Grocery and FMCG stores stock thousands of SKUs and unpackaged goods and are constantly looking for ways to improve profit margins. They are always trying to find better ways to bring in more customers, drive revenue growth and improve profits. While modern trade chains can leverage bulk orders to rationalize costs, smaller stores can keep profits higher by rationalizing SKUs. Independent Retail Stores cannot buy in bulk to compete with modern trade stores.
With such challenges, independent stores need to get creative and leverage technologies and innovative strategies to boost profits. Shoppers tend to take advantage of a trip to the grocery store as an opportunity to stock up on everything they will need for the next week or longer. The first Covid-19 wave saw a typical supermarket’s revenue shooting upto 50% while the subsequent waves resulted in smaller increases. While shoppers are in your store, there are some best practices you can follow that will encourage them to buy more.