Imagine being able to add thousands of dollars of profitability to a location per month without increasing any overhead. How, you ask? One word: accessories.
For many wireless retailer accessory sales are an afterthought—a category that provides some incremental sales and profitability, but one in which the true potential remains untapped. From a consumer standpoint, accessories are both needed and wanted. Utilitarian accessories such as car chargers, carrying cases and handsfree are basic necessities of operating a wireless phone and, in some cases, even mandated by state law. These are the type of accessories that customers need, but far too often retailers fail to fulfill this need, only to lose the sale to someone else later. The second major category is fashion accessories. Fashion items are purchased more out of an emotional want than a need. Consumers buy colored pouches, faceplates and all kinds of fashion accessories to dress up their phones and stand out from the crowd. Properly merchandised fashion accessories can sell themselves.
So where do you begin? Like any successful business, you’ll need a plan. Simply purchasing the accessories and hanging them on a wall will not get the job done. A well-thought-out accessory sales plan includes assortment planning, in-store merchandising, pricing, promotions, training, sales incentives, program launch and ongoing follow-up. To begin, it is best to take stock of what you are currently doing. What are your total accessory sales? What are your sales per location? What gross profit is generated from accessory sales? From there you can build your plan.