Independent Pharmacy Store business is one of the fastest-growing businesses in the United States. It has been evolved a lot in the last few years.
Prescription based drugs are the primary source of revenue for the majority of Pharmacy Stores. However, apart from prescription, it is crucial for Pharmacy businesses to sell non-prescription products as well.
Over the last few years, the profits of prescribed medicines are decreasing and on the other side, the profits of OTC and other pharmacy products are increasing exponentially.
Whether you are running an Independent pharmacy store or planning how to start a pharmacy store, it’s your primary source of revenue and retail sales.
Therefore, in this blog, we are going to provide seven ways to increase pharmacy product sales for independent pharmacy stores. Before that, let’s look at the statistics about the Pharmacy stores.
Independent Pharmacy Business Statistics:
- As of 2019, 22,000+ pharmacy stores dispense 36% of the retail prescription medicines in the US.
- The above image clearly indicates that the average growth of prescribed medicines in the US from 2014-2018 has remained stagnant.
- The Independent pharmacy marketplace accounts for around the US $81.5 billion.
- Independent Pharmacy prescriptions that are dispensed every year is the US $1.34 billion.
Now, let’s dive deep into the different ways to enhance pharmacy product sales in pharmacy stores:
1. Deep Market Research
You like a specific product that doesn’t mean your customers will love it too. Never follow your intuition to identify new ways to increase your pharmacy product sales.
Review the information available in the market and conduct in-depth research to identify OTC and retail products that are doing well.
Secondly, you should check your sales figures to view different product categories famous among your audience and take sufficient steps to locate all the products at an effective place in your store.
2. Focusing on Upselling
Having sufficient stocks is essential for the bottom line while training your employees about upselling can help you earn good revenue. Moreover, one of the simplest ways to motivate your team members to interact well with customers is by providing suggestions or upselling.
Upselling is one of the core business strategies through which employees can engage with customers to buy more products. Also, employees have an excellent opportunity to offer potential helpful product services.
For instance, restaurants sell alcohol and other drinks along with the food to increase the bill. Similarly, pharmacy stores can recommend some relevant products to customers.
3. Business Model
The business model determines how you can serve customers in the best possible manner. It also concerns different products and services offered, from which things you earn money and how you earn money. Various leading pharmacies consist of different things in their business model as follows:
Natural Medicines: Better quality and wider varieties of sets are available at chains and leading pharmacy stores
Compounding: Providing personalized medications for their disease. It is better than a common solution for all medication.
Charge for services: As soon as you have deeper knowledge about chronic illness, you will get paid for your mastery, similar to the doctor getting paid for his/her knowledge.
4. Place Related Products Nearby
Having knowledge about how different products related to each other can help you generate more revenue. For instance, a person who is searching for hair shampoo is likely to purchase a conditioner.
You need to place related products nearby, by which customers can instantly find the things they want.
5. Build Strong Customer Relationships
Based on the HRG Research, pharmacy store owners who have built strong & trusted relationships with their consumers have more possibilities to get repeat customers because of the personal connection. Moreover, shoppers don’t hesitate to provide their personal information to the pharmacy stores.
To achieve this, you can train your highly experienced team to build an environment of trust, kindness, and comfort where they can interact well with the customers and build personal connections with them. Moreover, also direct your staff to identify the repeat customers with ease and call them with their first or ask them some personal questions about their families, jobs, etc.
Lastly, HCG identified that people remain loyal to the pharmacy stores that build an amazing personal relationship with them.
6. Efficient Stocking
In a Pharmacy store, apart from organizing things properly, you need to check what actually you are putting in. Because the majority of people love to compare products of similar types and then purchase, they love to distinguish products of various brands and then pick the one that suits their price.
Here, keep the same type of products in one passage. In case a customer wants to purchase a cough syrup, then all the options should be available on that passage. By doing this, they can compare different products along with their ingredients and select the best one immediately.
7. Create a Web or Mobile Application
One of the best ways to improve your pharmacy products’ sales is to develop a pharmacy store app or a website.
From this website or app, users can compare, check a wide variety of products along with all the details, make payments, and schedule the time for pickup of the products from the pharmacy store.
For developing a website or an app, you can reach out to a professional pharmacy app development company. Share your pharmacy store business idea and they will deliver you the best solution at the best possible price.
These were some of the most proficient ways to increase pharmacy product sales for Independent pharmacy stores. If you follow the methods mentioned in this post, you can take your pharmacy sales to the next level.