COVID may have disrupted businesses in many industries, but pharmacy is one sector that saw exponential growth. For pharma businesses, the pandemic was an opportunity to capitalise on the heightened demand for drugs and medical equipment.
Today, consumers are prioritising health and wellness like never before. If you run a pharma business, this is a good time to think about expansion and increase both prescription and non-prescription sales. Here is a quick guide on how to expand pharmacy business and boost sales.
Focus on cross-selling and upselling
In any business, upselling and cross-selling are golden rules for driving sales up. Train your staff on giving customers suggestions for buying complementary products. For instance, suggesting a cough syrup in addition to prescribed pills for flu. You can also upsell or offer a higher value version of the same product. Not only will these techniques improve the customer experience, they will also drive higher sales for your pharmacy business.
Your retail store’s layout and product placement matter a lot. Start being strategic about where and how you place products. For instance, place related products next to each other. This a simple yet time-tested way to drive sales. Customers tend to buy more if they easily find what they are searching for.
Say, a customer comes to your store looking for eye drops. If they quickly spot supplements or vitamins for eye health next to the drops, they’re likely to give you more business. Of course, you will need to maintain adequate stock to expand your business. In case you need financial aid for expanding your inventory, a business loan for pharmacy will come in handy.
Additional Read: Must Follow Rules before applying for a business loan in 2021
Perform detailed marketing research
Identify the retail and Over-The-Counter (OTC) medicines that are gaining popularity in the market. Carrying out market research and reviewing trends based on your own sales will help you do so. Then, take the necessary steps to aggressively market trending products to boost sales. You can even expand your reach by selling products digitally through a website or mobile application.
Forge strong business relationships
Invest in training your staff to build an environment of comfort, kindness, and trust. You must interact and form personal connections with your customers if you want to see them repeatedly. It’s a no-brainer that loyal customers are key to sustaining high sales for any business.
Over to you
Looking to expand your pharmacy? Experiencing a capital deficit? Say goodbye to your financial worries with an easy business loanfrom Tata Capital. Avail of amounts up to Rs. 75 lakhs without pledging any security!
With business loan interest rates starting at just 19%, you can finance your business with simple documentation at Tata Capital. Moreover, you can choose a loan tenure of up to 36 months and repay the amount in structured or fixed EMI options. So, what are you waiting for? Expand your pharma business by applying for a loan online today!