Back Why wiring accessories are so important to your success.
In terms of overall revenues, it’s easy to overlook the importance of the category of wiring accessories in your store. However, once you take a closer look, you can see it has a dramatic impact on your business.
Store Traffic
A customer’s need for wiring accessories is often a chief reason why they visit a store. Are you perceived as having the best selection of this important category? If not, you could be losing valuable traffic.
Revenues
Although a purchase from the wiring accessories display seldom results in a big ticket item, what is important is that it’s the key to getting secondary purchases. When a customer comes to your store to purchase a wiring accessory, they will often spend on average an additional $22.48 worth of products. Can you afford to lose this revenue?
Retention
Will an 89¢ part be the difference between winning or losing a customer? If you don’t have what they want, they’ll go somewhere else. But, if your customers are able to find what they are looking for and if you consistently provide a broad selection of well-stocked wiring accessories, you will become their reliable source.
What’s At Stake?
Can a 79¢ part cost you $6,500 in revenues?
How important is the category of wiring accessories to your bottom line? Although this is a low price point category, choosing to compromise or to cut corners in this area puts you at great risk. This is a high volume, high customer service impact area of your business. You will win or lose customers based on your wiring accessories offering. What’s the value of a customer to your business? Based on information provided by industry experts, it is estimated that the lifetime value of your average customer is about $6,500 in sales! This number doesn’t even take into account the loss of referral revenue. The bottom line is that this is a category that demands your attention and the best supplier possible.
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