Increase the Average Transaction Size

Increasing the average transaction size will increase sales revenue. For example, a 20% increase in average transaction size will result in a 20% increase in total sales revenue.

To implement this strategy:

• Change the product or service mix – i.e. add higher priced products and/or reduce lower priced products.
• Bundle products or services that complement each other.
• Upsell – Do you want fries with that?
• Increase the amount of value you provide and increase your prices.
• Provide staff with training on why products or services go together and how they add value to the customer.
• Offer a premium version of your product or service.
• Provide employees with bonuses for meeting sales targets based on transaction size.
• Display impulse purchases and gift cards near the cash register.
  Offer quantity or bulk discounts.
• Educate customers on your full range of products or services.
• Limit the initial selling price increase to 10%, and monitor the effect on sales, gross profits, and net profit.