Holiday shoppers are making their final purchases and next week they'll start shopping for those "half-price" after Christmas deals.
If you've been following my previous suggestions, hopefully you won't have that much unsold merchandise. But no matter how good you are at assortment planning, there's bound to be a few items that still haven't sold like you hoped they would. It's time to take that final markdown!
You want to free up the cash in those slow-movers to buy new, better selling items for spring and you want to lower stock levels so you don't have as much to count during your physical inventory in a few weeks.
Suggestion for moving product quickly – A successful way used by other retailers. AND IT IS:
o BOGO: "buy-one-get-one-free". Shoppers like BOGO because it gives them a 50% discount. You'll like it because it moves twice as much merchandise to lower stock levels.
o Additional BOGO variations:
– Slow moving colors: Buy [slow moving color] and get [any color] free
– Slow moving sizes: Buy [overstocked size} and get [any size] free
– Unrelated slow movers – not enough quantity for individual BOGOs: Buy an item from this table
and get a 2nd table item free. (Customers love this one and you'll be surprised at the amount of
merchandise you'll clear).
NEXT WEEK: Starting preparations for the upcoming physical count. Learn how CounterPoint simplifies the process. UNTIL THEN, CCS WISHES YOU A WONDERFUL HOLIDAY