While smartphones were once a luxury a few could afford, today more than 68% of Americans own one, and that number is steadily increasing. If you own a cellphone business, you’ve chosen a career in an industry that continues to thrive.
Here are 5 ways you can ensure your wireless business keeps up with changing demand:
#1 – Stop Buying Dead Stock
It’s easy to get into a habit of buying a certain number of each device, but the truth is that stock in the cellphone industry “dies” quickly. Simply put, what was hot yesterday may not sell again tomorrow. It’s vital to keep track of the latest models and when they’re due to be released so you can plan your stock accordingly. Once a device’s sales slow down, it’s time to be wary of how much quantity you buy of that model.
#2 – Offer Recycling and Refurbishing Options
Most cell phone stores today exist to do one thing – sell phones. While that’s certainly important, you can add value to the services you provide by offering cellphone recycling and refurbishing programs, too. For example, you may offer discounts to customers who trade their older-model phones for newer ones; then, you can refurbish those older models and sell them as inexpensive alternatives for out-of-insurance or out-of-warranty replacements.
#3 – Put Emphasis on Your Employees
All too often, cellphone store owners hire employees and simply hope for the best. Your employees are the driving force of your business, so make sure they are knowledgeable, well-trained and empowered with all the tools of the trade so they can do their work faster and better. If you want to really grow your wireless business in 2017, consider implementing regular employee training sessions. Also, welcome feedback and suggestions from your employees to make them more involved in the success of the business.
#4 – Upsell
Each and every customer that walk through your door to purchase a device or make a bill payment provides you with a valuable opportunity to upsell. Your employees should be asking each buyer open ended questions regarding their needs, showcase the latest accessories and protection programs.
#5 – Don’t Put Reports on the Back Burner
Knowledge is power, and it is even truer when running your wireless business. Be sure to look at your business with a “bird’s eye” view reports that show the fast moving devices as well as the slow ones, employees’ sales activities and your revenue and expenses. A good cell phone store point-of-sale software, such as CellSmart POS, can give you real time reports with easy to analyze data to help you make more informed decisions and grow your business in 2017.