Develop a strategy for the cash wrap.
Cash wraps are the “heart” of our retail stores — they are the command center where every single customer converges to pay for their goods. They are also wonderful opportunities for impulse sales.
But it’s important to note that not everything can be placed at your cash wrap. How can retailers decide what merits placement on the cash wrap?
Cramming a cash wrap so full of products might mean that there’s no room for customers to place their goods or to make transactions.
Placing slower moving items that customers might be missing at the cash wrap will let you know whether the item is worth carrying at all.
Start by looking at your top-selling products. These items are more likely to have a broader customer attraction, meaning more customers may opt to add those featured cash wrap items to their purchases.
Next, factor in a few things when considering your top-selling products:
- Does the purchase of the item not require much decision-making? If the purchase of the item requires serious thought or is a higher ticket item, it probably does not belong on the cash wrap.
- Is it something people “need,” but they don’t know they “need” it until they see it? For seaside retailers this may be something like an SPF lip balm or waterproof lanyard for your ID.
- If the item meets number 1 and number 2 criteria, you may want to ask whether you get a decent profit on the item. If you have one style of an item that has a higher cost but sells for a similar price to an item that has a much higher margin, I always suggest going for the more profitable item.
A cash wrap is also a good place to give an item its final push. Placing slower moving items at the cash wrap will let you know whether the item is worth carrying at all.
Determining what you feature at your cash wrap involves strategy. Always think before placing an item on that focal space.
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